Federal Reserve Bulletin, 1984-12

VOLUME 70 • NUMBER 12 • DECEMBER 1984 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 • S. David Frost 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 843 UNION SETTLEMENTS AND AGGREGATE Al FINANCIAL AND BUSINESS STATISTICS WAGE BEHAVIOR IN THE 1980S A3 Domestic Financial Statistics Since 1979, one of every six union workers A45 Domestic Nonfinancial Statistics in the United States has accepted contract A53 International Statistics modifications that freeze or reduce wage and fringe benefits or alter work rules. A69 GUIDE TO TABULAR PRESENTATION, STATISTICAL RELEASES, AND SPECIAL 857 SURVEY OF CONSUMER FINANCES, TABLES 1983: A SECOND REPORT A70 BOARD OF GOVERNORS AND STAFF This article presents highlights of the debts and net worth of families and their selection A72 FEDERAL OPEN MARKET COMMITTEE and use of financial services. AND STAFF; ADVISORY COUNCILS 869 INDUSTRIAL PRODUCTION A74 FEDERAL RESERVE BOARD Output declined 0.6 percent in September. PUBLICATIONS 871 ANNOUNCEMENTS A79 INDEX TO STATISTICAL TABLES Amendments to Regulation E. A81 INDEX TO VOLUME 70 Publication of changes in the official staff commentary on Regulation Z. A97 FEDERAL RESERVE BANKS, BRANCHES, AND OFFICES Publication of the revised list of OTC margin regulations. A98 MAP OF FEDERAL RESERVE SYSTEM Change in Board staff. Admission of two state banks to membership in the Federal Reserve System. 873 LEGAL DEVELOPMENTS Amendments to Regulation E; various bank holding company, bank service corporation, and bank merger orders; and pending cases. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Union Settlements and Aggregate Wage Behavior in the 1980s This article was prepared by Robert S. Gay of ditional bargaining and how much did it contribthe Board's Division of Research and Statistics. ute to the unusually sharp reduction in wage Anne Peters and Maura Shaughnessy helped inflation during the past several years? Similar prepare the data. contract modifications have occurred with some regularity in the past, but the recent episode Since 1979, at least 3 million union members in clearly involved unprecedented numbers of the United States, one out of every six, have workers and industries. Under some conservaaccepted labor contracts that freeze or reduce tive assumptions, aggregate wage inflation would wages and fringe benefits or alter work rules. have been at least Vz percentage point higher in Initially, such deviations from traditional union 1983 and 1984 in the absence of pay cuts and wage practices were confined to a few financially freezes. This estimate could be substantially troubled firms. But as the economy went through larger if nontraditional bargaining had a major back-to-back recessions during the early 1980s influence on other wage decisions. For the most and unemployment climbed to postwar record part, however, the evidence suggests that spilllevels, deviations from customary practices ap- overs outside of traditional channels have not peared with increasing frequency in union con- been widespread. In industries that were less tracts and often were negotiated on an industry- severely affected by the recession, both unionwide basis. By 1982, wage freezes and pay cuts ized and nonunionized, wage changes generally had become as commonplace as wage increases have shown fairly typical cyclical responses to in major collective bargaining settlements. More- rising unemployment and lower inflation. over, despite the rebound in economic activity Second, what factors contributed to the recent and in profits since late 1982, managements have changes in union wage practices? Exceptionally continued to press for cost-reduction measures, large and prolonged declines in output and emand wage cuts and freezes remained prominent ployment in many unionized industries often features of union negotiations in 1984. precipitated unscheduled reopenings of contracts These developments coincided with an unusu- and modifications to traditional wage formulas. ally large reduction in aggregate wage inflation. That adversity was not solely cyclical. It As recently as mid-1981, the rate of wage in- stemmed also from longer-term influences, such crease averaged close to double digits, whereas just three years later, wage adjustments had 1. Union settlements and aggregate wage change dropped on balance to less than 4 percent—the Percent chan ge smallest rate of increase since the mid-1960s. The change in the size of union settlements has First-year adjustments in union settlements been even more dramatic. Average wage adjust- Average hourly ments exclusive of cost-of-living payments dur- .earnings index ing the first year of new union contracts dropped from about 10 percent in 1981 to 2XH percent during 1983 and the first nine months of 1984 (chart 1). In summarizing recent union wage develop- Hourly earnings index is the change from four quarters earlier; firstments, the discussion will focus on three issues. year adjustments are annual data, except 1984, which represents the first nine months. First, what were the nature and extent of nontra- SOURCE. Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

844 Federal Reserve Bulletin • December 1984 as the secular rise in the relative wage of union These wage-setting practices often were cited workers and intensified competition from domes- as a major factor underlying the persistence of tic nonunion or foreign firms, and from the wage inflation in the United States. In particular, relaxation of barriers to entry under deregulation three-year contracts with staggered expiration of the transportation and communications indus- dates, often buttressed by escalator clauses, tries. were viewed as building inertia into the wage- Third, what aspects of recent settlements may determination process, thereby limiting the rereflect permanent changes in union wage deter- sponse of inflation to aggregate demand policies mination and what aspects may prove transitory? designed to reduce it. Some observers extended Unions have shown no tendency to abandon the inertia argument beyond union agreements certain key features of traditional contracts— by noting contract-like regularities in nonunion multiyear settlements and escalator clauses. wage practices. However, many union workers appear to have One rationale for attributing a central role in scaled back their expectations for annual im- the inflation adjustment process to overlapping, provements in real wages and have shown a multiyear contracts rests on the presumed imporwillingness to experiment with profit-sharing and tance of wage comparisons. In this view, workvarious cooperative labor-management pro- ers' notions of an equitable wage have a major grams to enhance productivity. These innova- influence on wage-setting practices. Such notions may endure if competitive pressures per- tions may be based on wages paid to other, sist. similar workers or on expectations of real wage gains that have been ingrained by experience. Given workers' perceptions of equity, union UNION WAGE PRACTICES AND leaders feel pressure to emulate other settle- DISINFLATION ments or to retain traditional guaranteed wage increases in escalated contracts; otherwise, they By the 1970s, the basic institutional features of risk a rejection of the contract by their memberunion wage determination were well established. ships. Thus key contracts reached in a bargaining Multiyear contracts had become the predomi- round often appeared to set the tone for subsenant format for labor negotiations, and formal quent settlements, especially in related induscost-of-living adjustment (COLA) provisions had tries, even if economic conditions had changed in spread to cover a majority of union workers. the interim. Prospective wage settlements were fairly pre- Factors other than wage comparisons also dictable as many large unions adhered to a policy influence union settlements. Negotiators ultiof negotiating identical fixed increases in each mately must take into account current and procontract year—often referred to as the annual spective macroeconomic conditions as well as improvement factor—plus COLAs. When annual longer-run trends in their own industries. Eviimprovement factors were established during the dence from the postwar period up to the 1980s 1950s and 1960s, they were perceived as parallel- indicated an asymmetric sensitivity to macroecoing productivity trends, but by the 1970s they nomic conditions: union wages were highly rehad become more a matter of custom than a sponsive to inflation but relatively insensitive to projection of current or future productivity per- slack demand. formance. To the extent that COLA formulas did A closer look at the traditional features of not pass the full increase in prices through to multiyear contracts discussed above reveals why wage increases, first-year wage increases in suc- union wages were not very responsive to cyclical ceeding contracts were adjusted to make up the fluctuations in demand. First-year negotiated diflference—a so-called catch-up adjustment. In wage changes under new settlements, which contracts without escalator provisions, negotia- dictate only a portion of all union wage adjusttors had to build into future adjustments their ments in any given year, are fairly sensitive to expectations for inflation over the course of the unemployment. But that cyclical responsiveness contract or include contingency clauses for re- is overwhelmed by the rigidities introduced by opening the agreement. fixed wage increases that were scheduled under Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Union Settlements and Aggregate Wage Behavior in the 1980s 845 contracts negotiated in previous years, when EMERGENCE OF NONTRADITIONAL economic conditions may have been decidedly BARGAINING different. In contrast, COLA clauses generate far less wage inertia than deferred adjustments. The deceleration in union wage changes since Many COLA formulas call for frequent reviews, 1980 has differed from past patterns in two key making union wages highly responsive to price respects. First, the reduction in the size of firstchanges. Thus to the extent that macroeconomic year adjustments was exceptionally large after policies designed to curb inflation in fact do so, 1981, primarily because an unprecedented num- COLAs help to moderate wage adjustments with ber of union workers accepted freezes on base only a brief delay. wage rates or pay cuts. Second, the COLA Important aspects of the cyclical response of component also declined sharply. Most of the union wages have changed in the 1980s. To reduction in COLAs can be traced to the general illustrate the changes that have occurred, chart 2 deceleration in price increases rather than to displays data on the components of union wage deferred or forgone payments under some union changes—first-year adjustments, deferred ad- contracts. justments, and COLAs. For most of the period Even though a contraction in activity in some since 1968, the data relate the traditional story unionized industries began as early as mid-1979, told above. First-year adjustments under new relatively few workers agreed to contract resettlements show the greatest cyclical variance, openings or deviations from traditional patterns albeit with some delay, while the deferred com- until late 1981. According to data from the Buponent displays relatively little variance. The reau of Labor Statistics on major settlements inertia generated by deferred increases under that cover only bargaining units of 1,000 or more earlier settlements can be seen most vividly in workers, about 35,000 workers took wage cuts or the years when total effective wage change decel- freezes in 1980. A separate tally from press erated sharply, as it did in 1972 and 1982; in those reports and other published sources that was years, deferred increases accounted for an un- made by the Federal Reserve Board staff put the usually large proportion of the average change in figure at 67,000 workers; this estimate includes union wages. The contribution of COLAs rose salaried employees who agreed to terms similar dramatically during the 1970s—from only 5 per- to those granted by their union coworkers and cent of wage changes received by union workers other workers at nonunion firms. Often these in the late 1960s to about one-third in 1977-78. early contract modifications took the form of a Part of that secular trend was attributable to a temporary deferral of scheduled wage adjusthigher average inflation rate during the 1970s; ments or COLAs, and they generally were conbut, more important, COLA provisions were fined to financially troubled firms with recent added to many contracts early in the decade so records of poorer profitability than other compathat the proportion of union workers covered by nies in their industries. As the period of slack such provisions rose from about 25 percent to demand lengthened, however, wage cuts and around 60 percent. freezes not only became pervasive but also were frequently negotiated on an industry-wide basis 2. Effective union wage change and its components and extended over the life of multiyear contracts. Percent change In 1981, roughly 190,000 union workers, or 8 percent of those reaching new settlements in the private sector, accepted first-year wage cuts or freezes, according to the data from the Bureau of Labor Statistics shown in table 1. By 1982, that figure had climbed to almost 1.5 million. The corresponding figures from the tally by the Federal Reserve Board staff were 365,000 workers in 1981 and 2.3 million workers in 1982. Many of Annual data; 1984 represents first nine months at annual rates. the larger agreements broke with traditional Shaded areas denote recessions. wage-setting practices by eliminating guaranteed SOURCE. Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 Federal Reserve Bulletin • December 1984 1. Distribution of workers by first-year wage adjustment in major collective bargaining settlements, 1980-84 Percent except as noted Wage adjustment 1980 1981 1982 1983 1984 (first nine months) Decrease 0 5 2 15 6 No change 0 3 42 22 21 Increase 0-4 percent 4 3 9 14 33 4-8 percent 25 9 23 39 37 8 percent and over 71 81 24 10 3 MEMO: Mean adjustment (percentage change) 9.5 9.8 3.8 2.6 2.5 Number of workers (thousands) 3,790 2,382 3,257 3,089 1,447 SOURCE. Bureau of Labor Statistics, Current Wage Developments, various issues. annual increases over the life of the contracts. during the Great Depression, the experience with This new format became the standard for union distressed bargaining after World War II is more workers in the automobile, trucking, and rubber instructive because by that time modern instituindustries in 1982, and was adopted in 1983 by tions of collective bargaining were well estabthe aluminum, metal container, shipbuilding, lished. Two other episodes of distressed bargaincopper mining, and farm machinery industries. ing occurred during the postwar era: one during Significant deviations from the industry standard the 1953-54 recession and another in the late were negotiated at companies with particularly 1950s and early 1960s. Both episodes were highacute financial problems. All told, more than lighted by the spread of wage cuts or freezes to a two-fifths of workers covered by large new set- substantial portion of the unionized workforce in tlements accepted first-year wage freezes in a few select industries. Usually, these industries 1982, and in manufacturing the proportion was were undergoing extensive structural change at one-half. the same time. In 1983, the distribution of first-year union In the early 1950s, the textile industry faced settlements shifted even more dramatically to- considerable excess capacity, largely as a result ward wage cuts. Settlements in the steel, airline, of foreign competition, technological advances, and meatpacking industries called for initial wage and the introduction of synthetic fibers. To forereductions ranging from 10 to 20 percent. In stall plant closings, union workers accepted pay addition, half of unionized construction workers cuts. Despite these revisions to pay scales, insigned new agreements calling for pay reductions dustry employment continued to decline over the or freezes. Altogether, about 1.1 million workers next two decades. During the late 1950s and under large union contracts in the private sector early 1960s, the meatpacking industry also expeaccepted wage cuts or freezes in 1983. The tally rienced structural upheaval. Nonunion firms by the Board staff found that at least 1.3 million employees were subject to new wage cuts or 3. Union workers receiving no wage increase or freezes in 1983. Modifications to past wage prac- a wage cut tices continued to be a prominent feature of union negotiations during the first nine months of 1984, despite the strong rebound in overall economic activity and profits over the preceding year. About one-fourth of the 1.5 million workers negotiating new contracts accepted initial wage cuts or freezes. In the construction industry, the average wage adjustment was about 1 percent, the lowest figure recorded for the industry since 1955 1960 1965 1970 1975 1980 1984 the Bureau of Labor Statistics began publishing these data in 1968. Annual data for collective bargaining agreements covering 1,000 or more workers; 1984 represents first nine months. Shaded areas denote Chart 3 puts the recent period in historical recessions. SOURCE. Bureau of Labor Statistics, Current Wage Developments, perspective. Although wage cuts were common various issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Union Settlements and Aggregate Wage Behavior in the 1980s 847 paying wages below the union scale had entered before 1982 were specific to individual firms or the market by building highly efficient produc- plants. Almost invariably, these situations intion facilities. Unionized companies, which had volved financially weak firms, and managements once dominated the market, generally failed to were able to convince workers that changes in keep abreast of technological and marketing ad- labor contracts were necessary to assure the vances, and cost disadvantages threatened their firm's survival or to avoid plant closure. Cyclical long-term viability. Contracts eventually were layoffs even on a large scale generally did not reopened in 1962 and 1963, and pay and work provoke extensive modifications to traditional rules were changed. wage formulas. A prime example is the experi- Wage cuts were rare outside the meatpacking ence during the 1974-75 recession. Negotiations industry in the early 1960s, but decisions not to for most major multiyear settlements were comincrease negotiated rates for base wages were pleted before the severity of the recession was fairly common. Some observers viewed the prev- evident. Yet, although employment and output alence of moderate settlements at that time as fell sharply in many industries, existing contracts evidence of success of the wage-price guideposts were not reopened, as they have been recently. program or attributed it to a tougher stance taken The reason for the sharp contrast between the by management after a period when unions had experiences of 1974-75 and 1980-84 apparently extracted fairly generous wage increases. Con- was that in the earlier period, union workers did cern arose among union workers about the im- not perceive job losses to be permanent. pact of automation and the employment prob- As discussed earlier, the COLA component of lems caused by closures of outmoded plants. effective union wage changes also has declined Despite all the factors restraining wage adjust- precipitously since 1981 after a decade of inments, the extent of pay cuts and freezes in crease. The observed contributions of COLAs to union settlements did not approach that recorded total effective union wage changes are the prodduring the past three years. uct of three factors: (1) the proportion of union Apart from a few instances, most situations of workers covered by COLAs; (2) the recovery distressed bargaining during the postwar period rate—the extent to which COLA formulas pass 2. Factors affecting COLA components of effective union wage changes, 1968-84 Percent, except as noted Portion of total Proportion of Year due to COLAs union workers Recovery rate1 Price change2 (percentage points) covered by COLAs 1968 .3 23.6 34 4.7 1969 .3 25.0 26 6.1 1970 .6 25.9 67 5.5 1971 .7 27.8 92 3.4 1972 .7 40.6 59 3.4 1973 1.3 39.4 47 8.8 1974 1.9 39.2 48 12.2 1975 2.2 51.5 68 7.0 1976 1.6 59.4 73 4.8 1977 1.7 61.2 58 6.8 1978 2.4 60.4 55 9.0 1979 3.1 58.9 51 13.4 1980 2.8 58.1 58 12.5 1981 3.2 58.2 67 8.7 1982 1.4 56.7 70 3.9 1983 .6 57.6 53 3.3 1984; first nine months3 1.1 57.3 53 4.1 1. The data for 1968-80 are Federal Reserve Board staff estimates 2. December-to-December change in the CPI-W. of the passthrough of price changes into wage adjustments under 3. Nine-month change at a compound annual rate. COLA clauses based on data on the average size of cost-of-living adjustments for workers who actually received payments during the SOURCES. COLA contribution and recovery rates after 1980 are calendar year as a percent of the December-to-December change in from Current Wage Developments, various issues; COLA coverage is the consumer price for urban wage earners and clerical workers (CPI- from Monthly Labor Review, vol. 107 (January 1984), p. 31, and W). After 1980, the data are estimates by the Bureau of Labor previous January issues; price change data are from the Department of Statistics, which are based on the change in consumer prices over the Labor. actual period of the COLA review. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

848 Federal Reserve Bulletin • December 1984 the change in consumer prices through into wage ployers' total costs. In addition, some settleincreases; and (3) the rate of change in consumer ments, notably in the steel industry, set limitaprices. Historical data on these factors affecting tions on COLAs so that payments are based only the COLA contribution are presented in table 2. on increases in consumer prices in excess of a Note that the diminished role of COLAs in total threshold inflation rate. Most of the alterations to union wage adjustments recently cannot be at- COLAs appear to be temporary and are often tributed to union workers giving up COLA provi- scheduled to terminate before the expiration of sions in their collective bargaining agreements. the contracts. COLA coverage has remained fairly stable at just All of these modifications to COLA provisions under 60 percent since 1976. Even in distressed should affect the recovery rate. Estimates of the situations, union workers showed little willing- recovery rate are shown in column 4 of table 2. ness to eliminate entirely contractual provisions In the early 1980s, COLA formulas on average indexing wages to movements in the general compensated workers for roughly two-thirds of price level. The only major exceptions to this the rise in consumer prices. Modifications to generalization have appeared in contracts negoti- COLA formulas lowered the recovery rate to ated for airline and food store workers, in which around one-half in 1983. These data suggest that abandonment of escalator clauses has reduced modifications to COLAs accounted for perhaps COLA coverage from around 70 percent of the Vi percentage point, or one-fifth of the deceleraunion workforce in these industries to less than tion in the COLA component of total effective 20 percent over the past four years. union wage changes. The remainder was attribut- Instead of abandoning COLA provisions alto- able to the general slowdown in price increases. gether, some unions agreed to defer or forgo some payments (as in the auto and steel con- IMPACT OF CONTRACT MODIFICATIONS tracts), or to divert payments to help defray the ON AGGREGATE WAGE INFLATION rising costs of fringe benefits (as in the Master Freight Agreement), or to lengthen the period The unprecedented number of wage cuts and between reviews, which in effect reduces em- freezes after 1981 coincided with a halving of the 3. The deceleration of wages, 1979-84 Percentage change 1984 (first Measure 1979 1980 1981 1982 1983 nine months) Employment cost index, wages and salaries1 Private nonfarm 8.7 9.0 8.8 6.3 5.0 3.9 Union 9.0 10.9 9.6 6.5 4.6 3.3 Nonunion 8.5 8.0 8.5 6.1 5.2 4.2 Manufacturing 8.6 9.4 8.7 5.6 4.3 4.1 Union 9.4 11.0 8.9 5.8 3.6 3.9 Nonunion 7.9 7.9 8.3 5.6 4.7 4.3 Nonmanufacturing 8.8 8.8 9.0 6.5 5.5 3.9 Union 8.5 10.8 10.2 7.1 5.5 2.7 Nonunion 8.8 8.1 8.6 6.2 5.5 4.2 Hourly earnings index2 Private nonfarm 8.0 9.6 8.3 6.1 3.9 3.1 Manufacturing 8.7 10.9 8.8 6.0 2.7 3.3 Construction 6.9 7.7 8.3 5.4 1.5 1.2 Transportation and public utilities . 9.0 9.3 8.5 6.1 4.3 3.1 Trade 7.5 8.7 6.9 5.4 4.7 2.4 Services 7.6 9.3 9.1 7.0 4.9 4.1 Finance, insurance, and real estate 7.7 10.1 8.0 7.7 6.0 3.9 Major collective bargaining agreements3 Total effective wage change. private sector 9.1 9.9 9.5 6.8 4.0 44..00 First-year adjustments under new settlements, private sector 7.4 9.5 9.8 3.8 2.6 2.5 1. December to December; data for 1984 are from December 1983 2. Fourth quarter to fourth quarter; data for 1984 are from 1983:4 to to September 1984 at a compound annual rate, not seasonally adjust- 1984:3 at a compound annual rate. ed. 3. Wage adjustments put in place during the calendar year, except for 1984, which covers only the first nine months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Union Settlements and Aggregate Wage Behavior in the 1980s 849 average rate of wage inflation from 9 percent in and freezes were confined largely to trucking that year to around 4 percent recently (table 3). firms and airlines. At least two aspects of this wage deceleration Distressed bargaining also appeared to have contrast with the experience in previous postwar some limited influence on other wage decisions. downturns. First, union wage change actually For example, many union contracts contained began to decelerate long before there was any provisions requiring "equality of sacrifice" from sign of a slowdown in nonunion wages. Second, nonunion counterparts at the same firm. Also, wage inflation fell more rapidly in the union once wage cuts or freezes were negotiated in sector than elsewhere—from 11 percent in 1980 certain key contracts, other, similar settlements to about VA percent thus far in 1984. soon spread to industries in the same "sphere" As indicated by the data from the employment of union wage setting, in a pattern that has been cost index, the slowdown in union wage inflation evident for many years. The automobile settlebegan in 1981. Even so, wage adjustments for ments set precedents for revised agreements in union workers on balance exceeded those re- automotive parts, truck manufacturing, and farm ceived by nonunion workers, as they had and construction equipment; the master steel throughout most of the past decade. By 1982, settlement influenced negotiations in nonferrous however, union wages on average were rising at metals and metal containers; and intercity truckabout the same rate as nonunion wages. Much of ing settlements were imitated in local trucking this early deceleration probably was attributable agreements, by truckers at retail food stores, and to smaller COLAs in contracts with escalator at bus companies. clauses, as consumer price increases slowed Even in these examples, it is difficult to distinfrom 12V2 percent in 1980 to just 4 percent in guish whether the behavior followed a pattern set 1982. Not until mid-1982 did a substantial num- by one industry or was the independent responsber of union workers actually forgo scheduled es of the individual industries to acute financial wage adjustments or COLAs. As the cumulative problems all of them faced. The contracts negotitotal of workers negotiating wage cuts and ated within traditional spheres of influence clearfreezes rose, the average change in union wages ly were tailored to fit the economic conditions of fell below that for nonunion workers and has each industry. The steel contracts, for example, remained below it over the first three quarters of cut pay substantially (although the reductions are 1984. During the past two years, changes in to be restored over the contract term) and limited union wages have averaged about Vi to 1 percent- COLAs for two and a half years, whereas related age point less than those in nonunion wages. settlements merely froze base wage rates. Settle- The direct influence of distressed bargaining ments for truck and bus drivers also have varied also can be seen in wage data by industry. Wage widely according to market conditions and comcuts and freezes were particularly prevalent in panies' fortunes. In short, even within traditional manufacturing, construction, and transportation; spheres of imitation, there has been considerably and these industries also showed the greatest greater diversity of wage settlements than in the deceleration in average wage changes, especially past. after 1981. According to the hourly earnings Outside distressed industries, union settleindex, wage adjustments in manufacturing fell ments also moderated after 1981, but the decelerfrom 11 percent in 1980 to around 3 percent ation appeared to be no greater than might be during the past two years. In construction, where expected during a period when inflation dropped wage cuts and freezes in union contracts were sharply and unemployment rose. For those widespread in 1983 and 1984, wage changes have workers who received wage increases, first-year averaged only 1 percent lately, compared with adjustments under new settlements exclusive of about 8 percent in 1981. The direct influence of COLAs dropped from 11 percent in 1981 to 4.2 distressed bargaining is less noticeable in the percent in the first nine months of 1984. This aggregate wage index for transportation, commu- slowdown can be explained largely by reduced nications, and public utilities—probably because inflationary pressures, which mitigated demands wage settlements at public utilities were well for catch-up increases and moderated expectaabove average in recent years while wage cuts tions of future inflation. With consumer prices Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

850 Federal Reserve Bulletin • December 1984 rising less than 4 percent annually during the past average wage change for all workers reported in two and a half years, union workers who re- the employment cost index would have been 51/2 ceived wage increases enjoyed, on balance, fair- percent rather than 5 percent in 1983. In other ly substantial gains in real wages. Indeed, the words, recent modifications to traditional wage rise in real wages over the life of contracts formulas may have held down overall wage inflaexpiring recently is a key factor in the virtual tion since 1982 at least Vi percentage point per disappearance of initial wage increases in excess year. This estimate understates the impact on of 8 percent in 1984. Thus the unionized work- aggregate wage inflation because the definition of force divided into two camps during the early contract modifications used here is confined to 1980s: in industries afflicted by sweeping freezes on base wage rates and pay cuts. changes in product market conditions, heightened competition spurred employers and unions to reduce labor costs; in industries facing less FACTORS INFLUENCING RECENT stringent product market pressures, negotiators SETTLEMENTS stuck with traditional wage-setting practices. Wage decisions in unrelated, nonunionized Developments leading up to the recent wave of industries also did not appear to be influenced wage cuts and freezes were complex in their greatly by the extraordinary developments in the origins and varied across industries, but many of union sector. Nonunion wages rose less rapidly these situations had common characteristics. than union wages in 1980 and 1981, as was the Frequently, the affected industries were among case throughout most of the 1970s. If strong those hardest hit, in terms of sales and profits, by spillovers from union to nonunion wages existed, the prolonged slump in economic activity. Yet the persistent widening of union-nonunion wage the problems facing financially troubled firms differentials over more than a decade could not were not solely cyclical in nature. At least three have occurred. After 1981, when pay cuts and developments that evolved during the 1970s freezes became widespread for union workers, probably would have forced unions to modify increases in nonunion wages declined, but the their traditional wage formulas even in the abreduction was far less than that for union work- sence of the back-to-back recessions during the ers. Apparently, nonunionized employers did not early 1980s. feel that product market conditions warranted First, wage dispersion across industries widdrastic measures to cut costs; indeed, employ- ened dramatically over the past decade as averment in many nonunionized industries in the age union wage increases consistently exceeded service-producing sector continued to rise during average nonunion wage increases. By the early the back-to-back recessions of the early 1980s. 1980s, the union-nonunion wage differential had A crude calculation may be made of the impact reached a historic high. Second, productivity of distressed bargaining on aggregate wage infla- trends deteriorated markedly across a wide range tion. Roughly 3 million union workers were of industries, particularly after 1973. As a result, directly covered by wage cuts or freezes. Spill- real wage increases for many union workers overs to nonunion workers might double the tended to outstrip productivity gains, exacerbatnumber of workers affected to 6 million, or about ing cost pressures on prices. Third, new competi- 8 percent of private nonfarm payroll employment tion emerged. For heavily unionized "smokein 1983. A realistic assumption is that these stack" industries, the challenge came from workers received no increase in wages on bal- foreign suppliers that made dramatic inroads into ance. (Small wage adjustments generated by U.S. markets. In several highly unionized indus- COLAs in many contracts that froze base wage tries less subject to import competition, domestic rates probably were counterbalanced by steep nonunion firms paying lower wages captured an wage cuts in some other contracts.) If, instead of increasing share of the market. For the airline having their wages frozen, these workers had and trucking industries, the new competition has received wage increases of 514 percent, commen- been the result of deregulation, which effectively surate with traditional formulas (a 3 percent removed barriers to entry into basically competiannual improvement factor plus COLAs), the tive markets. The twin recessions of the early Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Union Settlements and Aggregate Wage Behavior in the 1980s 851 1980s and the strengthening value of the dollar tries, the overall declines in employment unrelative to foreign currencies clearly added to doubtedly understate the adversity faced by these burgeoning market pressures on unions union workers, because the number of nonunion and hastened modifications to traditional wage jobs expanded or at least contracted less than the practices. number of union jobs. By 1982, many union workers had been separated from their former jobs for nearly three years, and prospects for Layoffs and Plant Closings regaining them were highly unfavorable. Indeed, by mid-1984, after one and one-half years of Almost invariably, unions have accepted major economic recovery, employment in these induscontract modifications only when bankruptcy, tries generally was still well below prerecession extensive plant closings, or massive layoffs were levels. an immediate threat. Job losses were particularly A puzzling question is why crisis situations widespread among union workers during the must develop before unions are willing to modify early 1980s. Table 4 shows cumulative declines traditional wage practices. One possible explanain employment from peak levels (usually in 1979) tion is that unions do not perceive the wageto the recession lows for numerous heavily employment tradeoff, especially in the short run. unionized industries in which wage cuts and Under some circumstances, this lack of percepfreezes became widespread. In many cases, in- tion is understandable. If the short-run elasticity cluding automobiles and steel, more than one- of demand for union labor is low, as some third of the prerecession workforce was laid off. evidence suggests, employed workers must sac- In the meatpacking, trucking, and airline indus- rifice a lot in wages to generate a small gain in employment for their unemployed counterparts. Elasticities of labor demand tend to be low when 4. Job losses in selected industries receiving wage unions effectively control their jurisdictions and concessions when the ratio of labor costs to total costs is low. Percent For many of the industries in which wage formulas ultimately were altered, including steel, au- Cumulative change in employment tos, meatpacking, and tires, the ratio of labor Prerecession Prerecession costs to total costs is one-third or less. A sizable peak to re- peak to wage cut, even if fully passed through into cession trough1 July 1984 prices, would translate into only a moderate Copper ores -50.4 reduction in product prices, which in turn would Construction .... -29.8 Metal cans -28.8 stimulate output and employment only a little in Primary aluminum -37.7 the near term. Thus low short-run elasticities of Fabricated structural metal -29.5 labor demand may account in part for the reluc- Farm machinery -48.4 Construction machinery.. -59.6 tance of unions to accept cost-reduction mea- Metalworking machinery -28.6 Motor vehicles and sures until they saw clear signs of a long-term equipment -35.7 •17.' crisis. Blast furnace and basic Institutional considerations also can forestall steel products -43.7 -41.2 Meat packing plants -17.2 or even preclude contract modifications during Tires and inner tubes -27.9 Trucking and trucking recessions. Workers often distrust their compaterminals -17.3 nies' claims of financial distress. Lacking mem- Air transportation — 5.4 Food stores bership support, union leaders are reluctant to Ship and boatbuilding.... -20.7 Total private nonfarm -4.4 recommend pay cuts that would alienate their members and threaten their leadership within the 1. Peaks and troughs are specific to the individual industries. The union. Moreover, revisions to customary wage absolute decline in employment totaled about 4 million in the industries listed; private nonfarm employment fell 1.9 million between formulas in even one firm often are viewed by February 1980 and December 1982. union leaders as undermining union strength 2. There was no trough for this industry. because they can subject the union to demands SOURCE. U.S. Department of Labor, Supplement to Employment and Earnings (July 1984), and recent monthly issues of Employment for equal treatment by other organized firms. and Earnings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 Federal Reserve Bulletin • December 1984 A key role in union decisionmaking is played 5. Import penetration ratios by senior workers, who generally constitute a Percent majority and whom seniority systems insulate to Industry 1968 1981 some extent from layoffs. Unless the job security of senior workers is threatened, a consensus in Food and kindred products 1.0 4.2 Tobacco manufacturers .3 2.0 favor of contract reopenings and revised settle- Textile mill products 5.2 5.9 Apparel and related products 4.2 13.7 ments is unlikely to emerge. The jobs of senior Lumber and wood products, except furniture .. 8.3 8.7 workers rarely were threatened during the post- Furniture and fixtures 1.6 4.8 Paper and allied products 5.8 6.4 war period before the 1980s, and the responsive- Printing, publishing, and allied products .6 1.0 Chemicals and allied products 2.3 4.4 ness of wages under multiyear contracts to cycli- Petroleum and coal products 3.9 6.8 cal changes in economic conditions was sharply Rubber and miscellaneous plastic products 3.0 7.7 Tires and inner tubes2 2.3 11.7 limited. By contrast, crisis situations that threat- Leather and leather products 8.9 24.7 ened senior workers—imminent threats of bank- Stone, clay, and glass products 3.0 5.1 Primary metal products 8.8 14.5 ruptcy or permanent plant closings—extended SteeP 1122..22 2211..88 far beyond marginal firms during the early 1980s Fabricated metal products, except machinery and afflicted a much greater number of indus- and transportation equipment 1.7 3.9 tries. Machinery, except electrical 4.0 3.9 Metalworking machinery2 4.8 16.3 Machine tools2 14.6 29.4 Electrical machinery, equipment, and supplies... 4.0 8.0 Long-Run Influences Transportation equipment 5.7 14.8 Motor vehicles and parts2 5.7 21.7 Measuring, analyzing, and controlling Although massive layoffs were the catalyst for instruments; photographic and optical recent changes in collective bargaining, a conflu- goods; watches and clocks 4.9 11.3 ence of developments during the 1970s had add- Miscellaneous manufactured commodities 10.6 23.6 ed to market pressures on unions and probably All manufacturing industries 4.3 8.4 would have forced modifications to traditional wage formulas in any event. These difficulties 1. Import penetration ratios are defined as imports divided by total industry shipments plus imports. Changes in industry classifications included high domestic labor costs, a narrowing as of 1972 affected import penetration ratios in a few industries, or even the elimination of the U.S. productivity notably petroleum; basic trends for most two-digit industries, however, are not distorted by comparing figures for 1968 and 1981. advantage, and the failure of some unionized 2. Data are from the Census of Manufactures, 1967 and 1982. industries to adapt quickly to changes in technol- 3. Data are from the American Iron and Steel Institute, 1967 and 1982. Exports are netted out in this volume-based data. ogy and in consumer preferences. As these prob- SOURCE. Bureau of Labor Statistics, except as noted. lems evolved, numerous unionized industries became increasingly vulnerable to import and nonunion competition, which in turn eroded strong recovery of aggregate demand has bolunion bargaining power. stered sales of domestic producers but has not In key manufacturing industries, the new com- stemmed the tide of imports. Indeed, the U.S. petition came from imports. During the 1970s, merchandise trade deficit reached record levels foreign suppliers made steady inroads into U.S. during the first three quarters of 1984. markets formerly dominated by domestic firms. In a number of industries in which imports are For example, by 1982, foreign cars accounted for not a factor, the emergence of nonunion competi- 28 percent of total U.S. auto sales, compared tion eroded union bargaining power. Unionizawith only 9 percent in 1968. The import share for tion in construction, meatpacking, and retail steel almost doubled over the same period to 22 food stores shrunk during the 1970s, and the percent (table 5). Likewise, imports of apparel, deterioration appeared to accelerate during the tires, leather goods, and machine tools rose early 1980s. For the highly unionized airline and sharply as a share of domestic sales. The sharp trucking industries, deregulation effectively reincrease in the foreign exchange value of the moved barriers to entry into basically competidollar beginning in late 1980 put added pressure tive markets, and new low-cost nonunion firms on domestic producers by reducing the relative offering discount rates have thrived. Whatever price of imported goods. Since late 1982, the its source, the heightened competition exacer- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Union Settlements and Aggregate Wage Behavior in the 1980s 853 6. Ratio of hourly earnings in selected industries to 7. Productivity growth in selected industries, average for private nonfarm production workers selected periods Average annual percentage change Industry 1969 1973 1977 1981 1983 Productivity growth1 Trucking1 1.31 1.59 1.63 1.73 1.63 (Master Freight Earlier period Agreement) IIInnnddduuussstttrrryyy 11997733--8811 A St u e t e o l3 s 2 1 1. . 3 3 4 9 1 1 . . 4 4 5 2 1 1 . . 6 5 4 7 1 1 . . 8 7 1 0 1 1 . . 6 6 7 7 Change co Y v e e a r r e s d 2 Rubber4 1.38 1.33 1.38 1.53 1.54 Motor vehicles and 1. Straight-time hourly wage rates are specified in Master Freight equipment 3.7 1957-73 1.9 Agreements. Steel 1.8 1947-73 .8 2. SIC 3711, motor vehicles and car bodies. Tires and inner tubes 4.0 1947-73 2.9 3. SIC 3312, blast farmers and steel mills. Primary aluminum 4.4 1947-73 -.3 Farm and garden 4. SIC 301, tires and inner tubes. machinery 2.5 1958-73 .5 SOURCE. U.S. Department of Labor and Master Freight Agree- Intercity trucking 2.7 1954-73 .3 ments for various years. Air transportation 7.5 1947-73 2.6 Metal cans 2.3 1947-73 3.8 Copper mining, crude ore 3.7 1955-73 2.2 bated the cyclical decline in union employment Retail food stores 2.8 1958-73 -.6 Construction machinery... 2.1 1958-73 .1 and undoubtedly was a major influence on work- Machine tools 1.5 1958-73 -.7 Meatpacking 3.2 1967-73 3.2 ers' perceptions of their firm's long-term pros- Fabricated structural metal 2.3 1958-73 -.4 pects. More important, greater competition in Total private nonfarm .... 2.5 1947-73 .6 product markets made it more difficult for businesses to pass on higher costs into prices. 1. Output per employee hour. 2. The period covered was determined by the availability of data. Underlying these fundamental changes in SOURCE. Productivity Measures for Selected Industries, 1954-81, product markets were marked cost differences Bureau of Labor Statistics Bulletin 2155 (December 1982). between union firms and their competitors. During the 1970s, wage increases varied considera- example, union wage scales in autos, steel, rubbly across industries, and the dispersion of wage ber, and trucking—industries recently marked by rates widened dramatically after a decade of wage cuts and freezes—climbed from a level 30 relative stability (chart 4). The causes of the to 40 percent higher than the average wage for all increased dispersion in wages are open to de- private nonfarm production workers in the late bate, but it is clear that many of the union 1960s to a level 50 to 80 percent higher in 1981 workers granting wage cuts or freezes in the (table 6). In the meatpacking industry, older early 1980s were among those who had received unionized plants paid substantially higher wages the largest wage increases during the 1970s. For than the new nonunion plants with advanced technology, and large settlements in the con- 4. Dispersion of average hourly earnings struction industry during the early 1980s unacross industries doubtedly widened the wage gap between union and nonunion workers. Many industries in which labor contracts were modified recently also experienced a slowdown in productivity growth after 1973 (table 7). One consequence of that slowdown was a compounding of cost disadvantages for unionized firms in these industries relative to foreign or domestic nonunion competitors. Before the 1970s, strong productivity gains appeared to warrant annual 1950 1960 1970 1980 1984 increases in real wages of 2 to 3 percent that were The summary statistic plotted is the coefficient of variation for embedded in union wage formulas. For nearly a average hourly earnings in 44 three-digit industries for which data are available since 1947; data are indexed to equal 100 in 1966. A similar decade after 1973, however, few heavily unionwidening in interindustry wage differentials during the 1970s was ized industries experienced productivity gains of evident for a larger sample of 120 three-digit industries for which data are available since 1958. Weighting the earnings data by industry that magnitude, yet traditional annual improveemployment also did not change the basic pattern of dispersion. ment factors remained largely intact. At the same SOURCE. U.S. Department of Labor. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

854 Federal Reserve Bulletin • December 1984 time, foreign producers, particularly in Japan, consequences that higher labor costs have for were able to raise productivity substantially, employment—a development that could presage thereby narrowing or even eliminating the U.S. longlasting changes in traditional union wage advantage in production efficiency. practices. One fundamental change could be the scaling back of annual improvement factors. The ab- LONG-RUN PROSPECTS sence of this factor from so many contracts FOR COLLECTIVE BARGAINING during the past several years suggests that workers no longer automatically expect real wage Traditional union practices governing wage de- improvements of 3 percent annually and will termination and other key outcomes of collective accept more modest goals in order to preserve bargaining underwent sweeping changes during jobs. Other joint efforts by labor and managethe early 1980s in response to heightened compe- ment to curb costs can be seen in recent contract tition in many unionized markets. This response provisions that diminish the economic impact of was the inevitable result of the significant widen- published wage scales. Such cost-saving proviing of union-nonunion wage differentials or, in sions include two-tier wage systems under which the case of import-sensitive industries, the wors- new hires are paid less than incumbent employening of labor cost disadvantages vis-a-vis for- ees for doing the same job, measures to hold eign producers during the 1970s. Union wage- down the rapid rise in benefit costs, and the setting practices remained stable as long as trend elimination of costly work rules. productivity growth matched the annual im- A survey by the Bureau of National Affairs provement factor built into traditional wage for- found that nearly 6 percent of the 1,800 nonconmulas. But when productivity gains slowed, the struction agreements reached between January use of mechanistic formulas resulted in settle- and July 1984 specified some sort of dual pay ments that were at odds with the market condi- plan. The potential savings from lower pay for tions facing individual firms or industries. After new hires will vary depending on the size of the the longer-term consequences became evident in wage differential, on labor turnover rates, and on the form of declining market shares, affected the extent to which new hires remain at the lower unions began to modify traditional wage formu- pay scales. Some observers of industrial relalas and to experiment with alternate approaches tions fear that two-tier schemes could affect to wage administration in an effort to lower morale and productivity adversely if they create costs. Which modifications in recently negotiat- animosity between new hires and incumbents. ed contracts are likely to be enduring features of Perhaps for that reason, many of these plans are union settlements during the remainder of the temporary or graduated systems that allow new 1980s? What are the implications for union wage employees to progress to top-tier or regular wage behavior? scales over a specified period of time. If the only change in union wage determination Negotiators also have sought to curtail the were that workers did not recoup traditional rapid rise in benefit costs, particularly the costs wage adjustments that were forgone, then the of medical plans. Union contract provisions covmoderation in wage inflation would be transi- ering medical plans often are specified in terms tory. Wage levels would be indefinitely lower of benefit coverage rather than benefit costs. As than they would have been without the recent medical costs rose, they were absorbed automatwage cuts and freezes, but future wage changes ically by employers in addition to any negotiated would be indistinguishable from those in the improvements in benefit coverage. To curb rising past; that is, the past relationship between union costs, negotiators have turned to such measures wage behavior and its basic determinants—infla- as employee-paid deductibles and so-called cafetion and unemployment—would reemerge as teria plans, under which employees are offered a modified contracts expire. There are some indi- choice of medical plans varying in cost and cations, however, that the structural upheaval in coverage while employers pay for a fixed dollar many unionized markets has redirected the at- amount of their cost. These provisions are meant tention of union workers to the long-run adverse to encourage workers to avoid unnecessary med- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Union Settlements and Aggregate Wage Behavior in the 1980s 855 ical expenditures and excessive insurance cover- workers who are laid off because of plant closage. Improvements in benefits also have been ings. Over the longer term, preserving jobs will scaled back or eliminated, and in some contracts depend on remaining competitive; so managea portion of COLAs has been diverted to help ments often have offered new job security provicover benefit costs. sions in return for union commitments to negoti- A potentially more far-reaching change may be ate improvements in productivity. found in union agreements to lift work rulesHhat Whether profit-sharing plans will have a major have evolved over the past five decades. There is influence on the cyclical behavior of union wages a growing consensus that many contractual rules depends on (1) the proportion of the union workgoverning the performance of work are no longer force covered by profit sharing; (2) the size of appropriate, particularly for industries faced bonuses as a share of total compensation; and (3) with rapid technological change or increased the extent to which bonuses replace other feacompetition. tures of union settlements such as guaranteed Two major types of work-rule changes are wage increases and COLAs, which contributed being negotiated. One type leaves the existing to wage inertia in the past. Although the number organization of work intact but makes it more of plans indexing compensation for union workefficient. Examples include allowing manage- ers to company performance has increased ment greater flexibility in scheduling work, re- sharply since 1980, overall coverage under these laxing the use of seniority in job assignments, plans is still fairly low. Only about 10 percent of and reducing the number of separate job classifi- the workers in large bargaining units were covcations by combining duties and eliminating su- ered by profit-sharing plans as of late 1983. perfluous jobs. Generally, work-rule changes of Moreover, the size of bonuses under existing this type give only a one-time boost to the level plans has yet to become a substantial proportion of productivity, unless they signal an ongoing of total compensation. Thus, unless more unioneffort to increase flexibility in the workplace. ized industries adopt profit-sharing plans and More fundamental changes involve revamping unions continue to accept bonuses in lieu of the organization of work entirely. An example is guaranteed wage increases, the impact of such the introduction of team work, whereby workers plans on the cyclical behavior of aggregate union learn all of the jobs in their work areas rather wages will be limited. than perform narrow job functions, the usual Although unions and management may continpractice. These developments may mark an ue to experiment with alternative forms of wage emerging trend away from the traditionally ad- administration, there is no evidence of either a versarial atmosphere of U.S. labor-management permanent move toward shorter contracts or a relations toward a more cooperative framework willingness to abandon COLA clauses. A recent with a long-term commitment to enhancing pro- survey found that management would strongly ductivity. oppose any legal restrictions on the duration of Other innovations negotiated recently include collective bargaining agreements. The disadvanprofit-sharing arrangements and new job security tages of short-term contracts cited by manageprovisions. Both of these innovations may be ment include an increase in the time and money viewed as evidence of the new emphasis that spent on negotiations, an increase in the inciunions are placing on preserving jobs. Because dence of strikes, and adverse consequences on profits are heavily influenced by cyclical fluctua- employee morale and productivity. Some of tions in demand, profit-sharing plans tend to these objections may not be warranted, but it is make labor compensation more sensitive to the clear that U.S. employers still feel that multiyear ups and downs of the business cycle. Greater contracts are extremely important to maintaining flexibility in compensation and prices could tend stability in labor-management relations. At the to smooth out cyclical fluctuations in sales, pro- same time, unions have been very reluctant to duction, and employment. More stable employ- eliminate COLA provisions, even during a periment in turn could reduce the costs of job od of duress. Thus wage changes under mulsecurity provisions such as lifetime employment tiyear agreements probably will remain highly guarantees or income maintenance plans for sensitive to inflation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

856 Federal Reserve Bulletin • December 1984 5. Wage changes balance has averaged only Vi to 1 percentage point less than the rise in nonunion wages. That compares with a widening of the overall unionnonunion wage differential of perhaps 10 percentage points during the 1970s (chart 5). Given remaining cost disadvantages, the highly competitive conditions in many product markets are likely to persist. In unionized markets subject to foreign competition, domestic firms still have incentives to shift production abroad. In other unionized industries, recent inroads by nonunion Change from four quarters earlier. firms have reduced the ability of unions to main- SOURCE. Employment cost index, Bureau of Labor Statistics. tain wage premiums for their members. Barring Nevertheless, the secular developments that any concerted actions to raise protectionist barriled to the unprecedented wave of wage cuts and ers or toward the reimposition of regulation, freezes recently may keep downward pressure which merely would postpone market adjuston union wage changes. Apart from a few cases ments, these factors imply a sustained moderaof steep wage cuts, recent modifications to tradi- tion in the rise of union labor costs in the years tional wage formulas have not yet substantially ahead and perhaps some reversal of the widening narrowed labor cost disadvantages. During the in union-nonunion wage differentials that took past two years, the rise in union wages on place during the 1970s. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

857 Survey of Consumer Finances, 1983: A Second Report This article was prepared by Robert B. Avery, for September 1984. This article presents high- Gregory E. Elliehausen, and Glenn B. Canner, of lights from the survey covering family debts, net the Board's Division of Research and Statistics, worth, and the selection and use of financial and Thomas A. Gustafson, of the U.S. Depart- services. Where appropriate, comparisons are ment of Health and Human Services. Neil Brisk- made between results obtained from the 1983 man, Bryan Davis, Julie Rochlin, Robert Seifert, survey and similar surveys conducted in 1970 and Julia Springer helped prepare the data. This and 1977.3 The appendix describes the 1983 article is the second in a series of three reports survey design and data preparation. on the 1983 Survey of Consumer Finances. The first article appeared in the FEDERAL RESERVE BULLETIN for September 1984. MORTGAGE AND CONSUMER CREDIT OUTSTANDING Information on the financial position of American households is available from a variety of Changing economic conditions and rapid develsources. Few of these sources, however, provide opments in financial markets since 1970 have information on the distribution of assets and substantially influenced both the magnitude and liabilities among families with various character- the composition of the outstanding debt of Ameristics. Surveys of consumers, such as the 1983 ican families. In view of these changes, the 1983 Survey of Consumer Finances, are a source of Survey of Consumer Finances collected detailed these data.1 The 1983 Survey of Consumer Fi- information on all types of debts owed by famnances, jointly sponsored by the Board of Gover- ilies. This section presents survey results on nors of the Federal Reserve System, the United mortgage and consumer debt outstanding. Mort- States Department of Health and Human Ser- gage debt includes both first and second mortvices, and five other federal agencies, collected a gages.4 Consumer credit includes credit card and comprehensive inventory of the assets and liabil- other open-end debt, installment debt, and nonities of 3,824 randomly selected American house- installment credit from all sources. Family debts holds.2 The survey also obtained information on associated with businesses and with real estate the use by consumers of financial services, on other than primary residences are not included in their reactions to consumer credit regulations, either of these categories. For installment credit, and on consumer pension rights and benefits. respondents were asked to report the terms of Results from the income and asset sections of their outstanding debts. The responses on paythe 1983 Survey of Consumer Finances were described in the FEDERAL RESERVE BULLETIN 3. George Katona, Lewis Mandell, and Jay Schmiedes- 1. Copies of the questionnaire, code book, and data tape kamp, 1970 Survey of Consumer Finances (University of containing responses to the survey may be obtained from Michigan, Institute for Social Research, 1971) (2,317 respon- Robert Chamberlin, Board of Governors of the Federal dents); and Thomas A. Durkin and Gregory E. Elliehausen, Reserve System, Washington, D.C. 20551. 1977 Consumer Credit Survey (Board of Governors of the 2. The five other agencies are the Federal Deposit Insur- Federal Reserve System, 1977) (2,563 respondents). ance Corporation, the Comptroller of the Currency, the 4. Data on mortgage debt reported in this article include Federal Trade Commission, the U.S. Department of Labor, farm families and owners of mobile homes, which are often and the U.S. Treasury, Office of Tax Analysis. not included in mortgage debt figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

858 Federal Reserve Bulletin • December 1984 1. Distribution of mortgage debt outstanding for homeowners, selected years Percentage distribution of homeowners with such debt except as noted1 Current dollars Constant (1983) dollars AAmmoouunntt ooff mmoorrttggaaggee ddeebbtt oouuttssttaannddiinngg ((ddoollllaarrss))22 1970 1977 1983 1970 1977 1983 None 45 44 43 45 44 43 1-14,999 42 28 22 16 16 22 15,000-24,999 10 15 12 11 13 12 25,000-49,999 3 12 15 22 20 15 50,000-74,999 * 1 6 6 6 6 75,000 and more * * 2 1 1 2 Total 100 100 100 100 100 100 MEMO (dollars)3 Mean 10,480 17,523 27,147 26,862 28,732 27,147 Median 10,000 15,080 21,010 25,632 24,727 21,010 1. Includes farm families and owners of mobile homes. SOURCES. George Katona, Lewis Mandell, and Jay Schmiedes- 2. Consists of first and second mortgage debt outstanding. First kamp, 1970 Survey of Consumer Finances (University of Michigan, mortgages include land contracts. Institute for Social Research, 1971), and Thomas A. Durkin and 3. Mean and median values are for families with outstanding Gregory E. Elliehausen, 1977 Consumer Credit Survey (Board of mortgage debt, including mobile home debt. Governors of the Federal Reserve System, 1977). *Less than 0.5 percent. ment size, maturity, and amount borrowed were sumer credit obligations in 1983 (table 2). A used to calculate the amounts still outstanding on somewhat higher fraction of families had such each loan. For credit card and other noninstall- debt in 1983 (62 percent) than in 1977 (59 perment credit, respondents were asked to report cent).5 The proportion of families with at least outstanding balances. $2,000 in outstanding consumer debt rose from Mortgage debt continues to be the largest 28 percent in 1977 to 34 percent in 1983. But, financial obligation of many American families. after the data are adjusted for price changes, the In 1983, 64 percent of families were homeown- proportion of families owing more than $2,000 ers; of these homeowning families, 57 percent was about the same in both years. Mean real owed mortgage debt. The mean mortgage debt of consumer debt outstanding for families with such homeowners in 1983 was $27,147 and the median debt increased from $4,450 in 1977 to $5,400 in was $21,010. 1983, while median real consumer debt declined The amount of mortgage debt outstanding per from $2,622 to $2,382. homeowning family, measured in current dollars, Table 3 presents the proportion of families increased substantially from 1970 to 1983 (table owing debt and the mean and median amounts 1). In 1983, 23 percent of homeowners owed outstanding for mortgage and consumer debt in $25,000 or more on mortgages (both first and 1983 according to certain family characteristics. second mortgages); the proportion was 13 per- The 1983 results reveal that as in previous years, cent in 1977 and only 3 percent in 1970. Howev- the proportion of homeowning families owing er, when mortgage debts in 1970 and 1977 are mortgage debt increases steadily from the lowest expressed in 1983 dollars (using the consumer to the highest income groups, as do both mean price index), the proportion of homeowning fam- and median mortgage debt. Of the homeowning ilies whose mortgage obligations were $25,000 or more was 29 percent and 27 percent in 1970 and 1977 respectively, and then decreased to the 23 5. The data on 1970 consumer debt are not entirely compapercent in 1983 noted above. These data are also rable because the survey for that year asked only about credit presented in table 1. Both mean and median real card and installment debt outstanding and not about outmortgage debt were lower in 1983 than in 1977: standing noninstallment consumer debt. As a consequence, information in table 2 on outstanding consumer debt in 1970 the mean dropped 6 percent and the median 15 understates the proportion of families owing and the total percent. amount of consumer debt outstanding in that year. In 1983, 59 percent of families had credit card or installment debt out- According to the 1983 survey, a large proporstanding, compared with 56 percent in 1977 and 54 percent in tion of American families had outstanding con- 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Consumer Finances, 1983: A Second Report 859 2. Distribution of consumer debt outstanding, selected years Percentage distribution of families with such debt except as noted Current dollars Constant (1983) dollars AAmmoouunntt ooff ccoonnssuummeerr ccrreeddiitt oouuttssttaannddiinngg ((ddoollllaarrss))11 1970 1977 1983 1970 1977 1983 None 46 37 38 46 37 38 1-499 20 15 13 11 12 13 500-999 9 10 6 5 6 6 1,000-1,999 12 11 9 9 10 9 2,000-2,999 6 8 6 5 6 6 3,000-4,999 5 11 9 9 10 9 5,000-7,400 2 5 7 6 9 7 7,500 and more 1 4 12 8 11 12 Total 100 100 100 100 100 100 MEMO (dollars)2 Mean 1,438 2,713 5,400 3,686 4,450 5,400 Median 858 1,599 2,382 2,199 2,622 2,382 1. Consists of credit card and other open-end debt, installment 2. Mean and median values are for families with outstanding debt, and noninstallment consumer debt from all sources (except consumer debt. 1970, which does not include noninstallment consumer debt). SOURCES. Katona and others, 1970 Survey, and Durkin and Elliehausen, 1977 Survey. 3. Mean and median mortgage and consumer debt outstanding of families owing such debts, by selected family characteristics, 1983 Mortgage debt outstanding (dollars)1 Consumer debt outstanding (dollars)2 CChhaarraacctteerriissttiicc Percent of Percent of home- Mean Median Percent of Mean Median families (dollars) (dollars) families (dollars) (dollars) owners Family income (dollars) Less than 5,000 7 18 18,611 11,925 33 2,834 677 5,000-7,499 12 27 14,751 8,620 40 1,919 573 7,500-9,999 12 27 17,173 13,488 48 4,152 1,006 10,000-14,999 22 40 17,201 13,470 54 3,452 1,451 15,000-19,999 32 53 17,375 12,943 66 4,295 1,639 20,000-24,999 36 57 18,606 16,097 72 4,149 2,336 25,000-29,999 48 70 23,690 21,095 72 4,632 2,929 30,000-39,999 59 72 27,836 24,041 77 5,138 3,594 40,000-49,999 68 76 30,031 25,242 80 7,079 4,365 50,000 and more 69 78 45,233 36,411 75 12,772 5,529 Age offamily head (years) Under 25 12 61 24,577 20,049 64 3,584 2,263 25-34 40 87 32,266 27,137 77 4,781 2,265 35-44 58 84 31,871 25,268 79 6,673 3,030 45-54 52 67 23,767 16,167 71 5,780 3,152 55-64 34 43 18,334 12,100 57 6,325 1,700 65-74 16 20 14,703 10,067 31 3,537 943 75 and over 3 5 11,029 9,981 15 1,117 308 Race of family head Caucasian 39 57 28,116 22,162 63 5,577 2,503 Nonwhite and Hispanic 27 60 20,838 13,839 60 4,578 1,830 Life-cycle stage of family head Under 45 years Unmarried, no children 17 69 34,304 25,540 64 4,864 1,900 Married, no children 46 86 34,448 30,143 86 4,877 2,949 Married, with children 60 87 32,039 26,079 83 5,922 3,076 45 years and over Head in labor force 45 56 21,828 13,780 66 6,403 2,949 Head retired 14 18 15,787 9,981 27 2,967 677 All ages Unmarried, with children 27 68 22,304 17,308 65 4,433 1,135 AH families 37 57 27,147 21,010 62 5,400 2,382 1. Consists of first and second mortgage debt outstanding. Includes 2. Consists of credit card and other open-end debt, installment farm families and owners of mobile homes. debt, and noninstallment consumer debt from all sources for all families. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

860 Federal Reserve Bulletin • December 1984 4. Ratio of monthly mortgage and installment debt payments in 1983 to family income in 1982, by selected family characteristics1 Percentage distribution, selected groups Ratio of mortgage debt to income2 Ratio of installment debt to income2 CChhaarraacctteerriissttiicc 20 20 No 1-9 10-19 percent No 1-9 10-19 percent Total Total debt percent percent or debt percent percent or more more Family income (dollars) Less than 5,000 83 3 3 12 100 84 3 3 10 100 5,000-7,499 73 3 6 17 100 79 7 4 10 100 7,500-9,999 73 2 10 14 100 65 14 12 9 100 10,000-14,999 60 10 16 14 100 66 14 13 7 100 15,000-19,999 48 21 19 13 100 56 21 17 6 100 20,000-24,999 43 28 21 7 100 51 27 18 5 100 25,000-29,999 31 33 25 12 100 50 31 16 3 100 30,000-39,999 28 41 24 7 100 44 45 10 1 100 40,000-49,999 24 50 21 6 100 42 47 9 2 100 50,000 and more 23 56 17 5 100 53 39 8 1 100 Age of family head (years) Under 25 38 18 26 17 100 55 21 16 9 100 25-34 13 31 38 19 100 45 34 15 7 100 35-44 16 42 27 14 100 45 36 14 6 100 45-54 33 42 16 9 100 51 31 12 5 100 55-64 57 29 8 6 100 68 18 9 4 100 65-74 80 10 6 3 100 86 7 4 3 100 75 and over 96 3 1 1 100 94 2 2 2 100 Race offamily head Caucasian 43 29 18 9 100 59 26 11 5 100 Nonwhite and Hispanic . 40 33 16 11 100 57 21 13 9 100 All families 43 29 18 10 100 59 25 11 5 100 1. Family income before taxes. 2. Covers homeowners with regular monthly payments including farm families and owners of mobile homes. families whose head is under 25, 61 percent owe but then begins to decline; in 1983, only 15 mortgage debt; the proportion rises to 87 percent percent of families whose head was over age 75 for those whose head is 25 to 34, but then had outstanding consumer debt compared with declines for the older groups, reaching 5 percent 79 percent of families whose head was 35 to 44. for the group with a head of 75 and over. Of those Because repayments of debts are generally who owe mortgage debt, the mean and median made out of current income, the ratio of monthly amounts outstanding are highest for families debt payments to monthly income is a useful whose head is under 45. Homeowning white indicator of the debt burden. To estimate debt families are less likely to owe mortgage debt but burdens, scheduled monthly mortgage and nonhave larger debt than homeowning nonwhite and mortgage installment payments in 1983 were Hispanic families. divided by 1982 monthly family income, which is More families owe consumer debt than mort- the family's total before-tax income from all gage debt, but the distribution and dollar sources. Table 4 presents the ratios of monthly amounts of the two types of debt generally follow mortgage payments to monthly income and of the same income and life-cycle patterns. Up to monthly payments on nonmortgage installment an income of $20,000 to $24,999, the higher the debt to monthly income for various family income, the higher the proportion of families that groups. It reveals that although homeowners owe consumer debt; above that income the pro- with lower incomes were less likely than those portion remains relatively stable. However, with higher incomes to owe mortgage debt, they above that level, as income rises so do mean and were more likely to have higher mortgage paymedian dollar amounts of consumer debt out- ment ratios when they owed debt. Homeowning standing. Outstanding consumer debt generally families with younger heads were more likely increases with the age of the family head until 44, than those with older heads to owe mortgage Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Consumer Finances, 1983: A Second Report 861 debt, and they had higher ratios of mortgage As defined above, net worth, measured in payments to income. Table 4 also shows that current dollars, increased substantially between mortgage debt burdens were substantially similar 1970 and 1983 (table 5).7 For example, the profor white and nonwhite and Hispanic families. portion of families with net worth of more than Differences among groups in the proportion of $25,000 expanded from 22 percent in 1970, to 38 families owing installment debt are similar to percent in 1977, and then to 50 percent in 1983. those for all types of consumer debt although the Adjusted for price changes, the net worth figures levels are somewhat lower. Ratios of monthly still show significant, if smaller, increases. Real installment payments to monthly income de- mean and median net worth rose 30 percent and crease as family income rises and as the family 18 percent respectively from 1977 to 1983; from head ages. Installment payment ratios were gen- 1970 to 1977, in contrast, median real net worth erally higher for nonwhites and Hispanics than rose only 12 percent and mean real net worth fell. for whites. The proportions of families having various amounts of net worth were substantially the same in the three survey years after accounting NET WORTH for price changes. The growth in real net worth between 1977 and Like income, consumers' wealth or net worth is 1983 reflects the net effects of the economic important both because it influences savings, expansion in the late 1970s—which had a particuconsumption, and financial behavior and be- larly heavy impact on home equity, a large cause it serves as an indicator of economic well- component of consumers' balance sheets—and being. Gathering current information on net of the recession in the early 1980s. The stability worth was one of the major objectives of the 1983 of the distribution of net worth is particularly Survey of Consumer Finances. Collecting accu- striking in light of major changes in family comrate data on net worth and its components for position over these years. The number of oneany population is a substantial challenge. Only a and two-person families increased at almost few other nationally representative surveys have twice the rate for all families: such families are attempted it. predominantly young (with heads under 35) or Net worth is the difference between gross old (with heads over 65).8 As noted in the earlier assets and liabilities. The 1983 Survey of Con- article, these demographic changes contributed sumer Finances contains a highly detailed inven- to the decline in real family income. The effect of tory of components on both sides of consumers' these shifts on net worth is different, however. balance sheets; these components have been Older families tend to have relatively high net summed to produce estimates of net worth for worth, and the expansion in this group has each family. The estimates discussed here ac- counterbalanced that of young families, who count for all financial assets, and equity in homes tend to have relatively low levels of net worth. and in other real property, as well as all financial liabilities such as consumer credit and other sets. They are excluded from the estimates of net worth debts. These estimates exclude the value of presented here because of the independent interest in this consumer durables such as automobiles and concept of net worth and to facilitate comparisons with earlier surveys that did not investigate this area. Results on home furnishings, the cash value of life insurpensions and social security will be reported elsewhere. ance, equity in small businesses and farms, and 7. In these surveys, net worth was measured as of the date the present value of expected future benefits of the survey, in contrast to income amounts, which referred from pensions or social security.6 to the previous calendar year. In the 1977 survey, asset values were measured with an interval scale rather than as exact amounts. To aggregate assets, interval midpoints were 6. Expectations of future retirement benefits can be a used for bounded intervals, and the lower limit ($200,000) of significant element of consumers' economic situation be- the open interval was used. This technique may have yielded cause the benefits are potentially very large relative to other underestimates of the value of the largest assets and conseassets. The 1983 Survey of Consumer Finances included quently underestimates of average net worth. questions on these expectations, and a special supplement— 8. U.S. Department of Commerce, Bureau of the Census, not yet complete—addressed to pension providers should Current Population Reports, Series P-20, various issues, afford better measurement of these notoriously elusive as- 1970-83. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

862 Federal Reserve Bulletin • December 1984 5. Distribution of families by net worth, selected years Percent except as noted Current dollars Constant (1983) dollars NNeett wwoorrtthh ((ddoollllaarrss))'' 1970 1977 1983 1970 1977 1983 Less than 5,000 45 39 33 36 35 33 5,000-9,999 11 7 5 6 5 5 10,000-24,999 23 17 12 14 12 12 25,000-49,999 11 17 16 17 15 16 50,000-99,999 7 13 17 14 16 17 100,000-249,999 3 7 12 9 12 12 250,000-499,999 1 1 3 2 2 3 500,000 and above * * 2 1 * 2 Total2 100 100 100 100 100 100 MEMO (dollars) Mean 22,154 31,039 66,050 56,781 50,895 66,050 Median 7,189 12,656 24,574 18,425 20,752 24,574 1. Excludes major consumer durables such as automobiles and *Less than 0.5 percent. home furnishings, and other items mentioned in the text. SOURCES. Katona and others, 1970 Survey, and Durkin and Ellie- 2. Detail may not add to totals because of rounding. hausen. 1977 Survey. 6. Alternative measures of net worth, selected years Percentage distribution Survey of Flow of Survey of Flow of Survey of Flow of Net worth category1 Consumer funds Consumer funds Consumer funds Finances, accounts, Finances, accounts, Finances, accounts, 1983 19822 1977 19772 1970 19692 Assets Liquid 19 26 24 29 17 24 Bonds 4 6 2 6 4 6 Equities 12 19 12 19 18 36 Home value plus land 63 47 62 45 61 32 Mortgages and notes 2 2 n.a. 1 n.a. 1 Total assets 100 100 100 100 100 100 Liabilities Home mortgages 15 16 18 16 17 13 Other credit3 5 9 4 9 4 8 Net worth 80 75 78 75 79 79 Total liabilities and net worth 100 100 100 100 100 100 1. For the purposes of this table, asset and liability components flow of funds data are end-of-year estimates and hence closer in time from both sources have been computed on as comparable a basis as to the surveys, which started in January 1970 and February 1983 possible. Consequently, the concept of net worth employed here is respectively. somewhat narrower than that used elsewhere in this article. 3. Includes consumer credit, securities credit, bank loans not 2. Includes assets and liabilities of personal trusts and nonprofit elsewhere classified, and other loans (U.S. government and life organizations. Flow of funds figures for 1969 and 1982 were chosen for insurance policy loans), and excludes mortgages on multifamily and comparison with the 1970 and 1983 surveys respectively because the commercial property, n.a. Not available. Aggregate figures on components of net worth assets and liabilities. Several reasons may underderived from the flow of funds accounts furnish lie this problem: lack of knowledge of asset an interesting comparison with these data. But values, intentional misreporting, and failure to direct comparison is difficult for two reasons. secure interviews with wealthy families.9 While First, the household sector of the flow of funds this limitation may reduce the reliability of suraccounts includes personal trusts and nonprofit vey-based wealth measures, aggregate measures organizations; it is not possible to fully separate the activities of these units from those of consumers. Second, survey-based measures of net 9. To address this problem, the 1983 survey included a special sample of high-income families. Results from analysis worth generally suffer from reporting errors, of this sample will be presented in a forthcoming issue of the which may be substantial for some categories of FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Consumer Finances, 1983: A Second Report 863 also have flaws. In particular, many of the com- and tend to reduce the inequality in the distribuponents reported in the household sector of the tion of wealth. But often this contribution is flow of funds accounts are not direct observa- offset by the debt people incur to acquire such tions but are residuals derived from deducting assets. Thus financial wealth is more highly the activity of other sectors from national totals. concentrated than is net worth. In 1983, 54 Consequently, the household sector of the flow percent of the total net financial assets were held of funds accounts shows large and volatile statis- by the 2 percent of families with the greatest tical discrepancies. amount of such assets and 86 percent by the top Table 6 compares the distributions of components of net worth revealed by Surveys of Con- 7. Mean and median net worth, by selected family sumer Finances in 1983, 1977, and 1970 and characteristics, 1983 recorded in comparable flow of funds accounts. The asset and liability distributions are reason- PPeerrcceenntt Net worth (dollars) ably similar. Figures from the two sources are CChhaarraacctteerriissttiicc ooff ffaammiilliieess Mean Median generally close at each point in time, and intertemporal movements are also similar. The major Family income (dollars) Less than 5,000 9 12,051 514 differences between the results of the two 5,000-7,499 8 20,146 2,725 sources are in the valuation of home equity and 7,500-9,999 7 27,832 2,140 10,000-14,999 14 36,277 11,575 other major asset categories: the surveys esti- 15,000-19,999 13 36,816 15,383 20,000-24,999 11 45,564 22,820 mate more home equity in consumers' asset 25,000-29,999 9 60,513 28,876 portfolios and less liquid assets, bonds, and 30,000-39,999 13 69,083 45,981 40,000-49,999 7 95,658 63,941 equities than do the flow of funds accounts.10 The 50,000 and more 10 262,254 130,851 explanation of these divergences is likely to lie Age of family head (years) Under 25 8 4,218 5 partly in the inclusion of nonprofit institutions in 25-34 23 20,391 3,654 the flow of funds accounts. The portfolios of 35-44 19 51,893 28,721 45-54 16 81,350 43,797 those institutions include large holdings of stocks 55-64 15 119,714 55,587 65-74 12 125,284 50,181 and bonds but naturally not owner-occupied 75 and over 7 72,985 35,939 housing. Education of family head The survey data indicate that wealth is more 0-8 grades 16 37,419 16,152 9-11 grades 13 40,791 12,489 heavily concentrated in a small number of fam- High school diploma 32 52,968 23,671 Some college 20 71,754 20,418 ilies than is family income (this information is not College degree 19 122,842 54,805 shown in the tables). For example, 28 percent of Occupation of family head the total net worth of the survey sample is held Professional, technical 14 81,094 40,079 Manager 11 109,147 57,129 by the 2 percent of families with the highest net Self-employed manager 5 231,773 87,399 Clerical or sales 13 65,321 24,452 worth and 57 percent by the top 10 percent. Craftsman or foreman 18 48,928 26,402 Moreover, almost 20 percent of survey families Operative, labor, or service worker 29 26,574 8,338 had a zero or negative net worth. This distribu- Farmer or farm manager 2 121,710 69,735 Miscellaneous 8 52,044 4,027 tion is in marked contrast with that for income: only 14 percent of the total income of the survey Housing status Own 64 97,239 50,125 sample is received by the 2 percent of families Rent or other 36 10,603 15 Race of family head with the highest income and 33 percent by the Caucasian 82 74,743 31,904 Nonwhite and Hispanic 18 27,605 1,353 top 10 percent. Excluding real assets from net worth, one can Life-cycle stage offamily head examine the overall financial position of families. Under 45 years Unmarried, no children.... 12 16,289 1,075 Real assets—homes and other real estate—con- Married, no children 7 24,948 7,540 tribute heavily to the net worth of many families Married, with children .... 23 41,371 17,864 45 years and over Head in labor force 26 107,124 54,527 Head retired 22 103,041 43,213 All ages 10. If the effect of different valuation of housing is re- Unmarried, with children... 9 22,765 477 moved, however, the two sources report substantially the All families 100 66,050 24,574 same distribution of the other categories of assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

864 Federal Reserve Bulletin • December 1984 8. Selected characteristics of families, by net worth, 1983 Mean mortgage Mean consumer Mean age of Mean family Percent Percent debt credit Net worth (dollars) family head in income in 1982 nonwhite and homeowners outstanding outstanding 1982 (years) (dollars) Hispanic (dollars)1 (dollars) Less than 5,000 .... 39 14,584 31 13 2,457 2,928 5,000-9,999 41 19,352 19 65 11,593 3,011 10,000-24,999 47 20,663 20 83 12,682 3,079 25,000-49,999 49 24,232 14 91 13,695 2,876 50,000-99,999 52 29,682 9 94 14,268 3,092 100,000-249,999.... 56 39,237 6 95 14,325 4,085 250,000-499,999.... 58 63,652 8 95 15,508 5,048 500,000 and more... 61 125,652 6 95 15,790 13,875 1. Mean debt for all families. 10 percent; 55 percent of the families in the families that use different financial institutions sample had zero or negative net worth. Viewed and services. Sources of loans and the institufrom another perspective, these data imply that tions at which the families hold their financial fewer than 10 percent of families provided more assets were identified. Information on the balthan 85 percent of the net lending by consumers, ance sheets for each family provides a basis for and more than half of all families were net much of this analysis. Detailed information was borrowers. also collected on the use the family made of the Tables 7 and 8 reveal how net worth varies financial institution where it had its main checkaccording to the characteristics of families.11 Net ing account. For example, did the families have worth increases with family income, with later access to an automatic teller machine, and if so, stages in the life cycle, and with the education how frequently did they use it? How often did and age of the family head, though it dips for the they visit the institution? What other services of oldest age group. Whites have substantially larg- the institution did they use? Why did they select er net worth than nonwhites and Hispanics (table the institution? In addition, all families were 7): while the latter two groups account for 18 asked a series of questions about their attitudes percent of the families, they account for 31 toward credit, their knowledge of credit terms, percent of those with net worth of less than and their attitudes toward investment risk and $5,000 and no more than 9 percent of families liquidity. with net worth over $50,000 (table 8). Homeown- The principal, regular contact with financial ership is nearly universal for families with net institutions of most families is through their main worth of more than $50,000, but it is much less checking account (that is, the account on which common among those with lower net worth. they make the most transactions). Table 9 pre- Conversely, mean consumer debt outstanding sents responses to the question on the reasons has no strong relationship to net worth, though for choosing an institution for the main checking mean home mortgage debt outstanding is highest account. Whatever the family income, convefor families with the highest net worth. Finally, nience of location was mentioned most frequentthose who are retired or nearing retirement have ly as the most important reason for the choice. the greatest wealth, while unmarried persons, of Availability of many services at one location whatever age, have the least (table 7). came in second as the most important reason.12 SELECTION AND USE OF FINANCIAL a substantial proportion of many families' assets. Debts SERVICES incurred to purchase these durables, however, are included as liabilities. These assets are likely to account for an The 1983 Survey of Consumer Finances is useful especially large share of the assets of families that do not own for developing a profile of the characteristics of homes and of those of other groups of families with relatively low net worth. 12. Similar results were found in the 1977 Consumer Credit 11. The estimates of net worth shown here exclude the Survey, in relation to savings accounts; see Durkin and value of consumer durables such as automobiles, which form Elliehausen, 1977 Consumer Credit Survey. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Consumer Finances, 1983: A Second Report 865 9. Reason for selecting institution where main checking account is held, by family income, 1983 Percent of families Family income (dollars) Most important reason Less than 10,000- 20,000- 30,000- 50,000 10,000 19,999 29,999 49,999 and more Convenient location 47 40 39 38 41 Availability of multiple services 11 17 19 20 20 Low service charges or low minimum balance requirements 10 14 14 13 10 High deposit interest rates 6 9 9 9 6 Safety 17 15 15 17 18 Other1 9 5 4 3 5 Total 100 100 100 100 100 1. For example, access to automatic teller machine and personal or friendly service. 10. Other services obtained at institution where main checking account is held, by family income, 1983 Percent of families Family income (dollars) SSeerrvviiccee Less than 10.000- 20,000- 30,000- 50,000 10,000 19,999 29,999 49,999 and more Other checking accounts 4 8 11 16 27 Individual retirement or Keogh accounts 1 3 6 9 17 Certificates of deposit 11 14 14 15 18 Money market or savings accounts 22 34 34 37 34 Credit cards 11 18 21 27 34 Mortgage loans 2 5 10 14 13 Other loans 7 14 16 20 13 Brokerage or trust accounts 1 1 * 15 *Less than 0.5 percent. For all family income groups, a money market ment or Keogh accounts, yet only 17 percent of or savings account was the most frequently used them kept these accounts at the institution at service offered by the financial institution at which they had their main checking account.14 which they maintained their main checking ac- The survey data reveal the kinds of families counts (table 10). In all but the lowest income that use various financial services. Table 11 group, roughly the same proportion of families presents selected characteristics for the followhad certificates of deposit, money market depos- ing groups: (1) families with main checking acit accounts, and savings accounts at that institu- counts at banks, savings and loan associations tion. On the other hand, higher-income consum- and savings banks, and credit unions; (2) families ers were more likely than lower-income with low and high balances in their main checkconsumers to obtain credit cards and loan ser- ing account (defined as less than and more than vices where they have their main checking ac- $2,500 respectively); (3) families with money counts. Eighty percent of families who earned market deposit, money market mutual fund, and more than $50,000 in 1982 had bank credit cards, brokerage accounts; (4) families with stocks or but only about one-third received them from the bonds; (5) families who seek investment advice institutions where they maintained their main from professionals; (6) families who hold differchecking accounts.13 Similarly, 55 percent of these high-income families had individual retire- 14. For a description of asset holdings by selected family characteristics, see Robert B. Avery and others, "Survey of 13. Bank credit cards include Mastercard, Visa, and other Consumer Finances, 1983," FEDERAL RESERVE BULLETIN, credit cards issued through a financial institution. vol. 70 (September 1984), table 10, p. 686. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

866 Federal Reserve Bulletin • December 1984 11. Selected characteristics of families using financial services, 1983 Percent of families using services except as noted Holders of selected credit cards HHaavvee HHaavvee HHaavvee mmoorrtt-- ccoonn-- HHaavvee MMeeaann CCrreeddiitt mmoonneeyy PPeerrcceenntt ggaaggee ssuummeerr mmoonneeyy aaggee ooff HHoommee-- uunniioonn mmaarrkkeett IItteemm ooff aallll ddeebbtt ddeebbtt mmaarrkkeett ffaammiillyy ffaammiilliieess Travel oowwnneerrss'' mmeemm-- oouutt-- oouutt-- ddeeppoossiitt mmuuttuuaall hheeaadd Bank a te n r d t a e in n - - bbeerrss sstt ii aa nn nn gg dd -- sstt ii aa nn nn gg dd -- aaccccoouunntt aacc ff cc uu oo nn uu dd nn tt ((yyeeaarrss)) ment Institution where main checking account is held Commercial bank 64 51 12 73 20 42 65 10 7 48 Savings and loan or savings bank 11 50 13 67 22 43 69 12 8 46 Credit union 4 53 5 62 100 51 80 8 6 37 Average balance in main checking account Less than $2,500 71 50 11 70 25 44 69 9 6 46 $2,500 or more 8 56 21 84 14 29 39 17 15 58 Other financial characteristics of families Has money market deposit account 8 65 17 80 23 41 48 100 11 54 Has money market mutual fund account 6 80 30 75 24 49 70 14 100 47 Has brokerage account 7 82 30 80 22 54 64 25 34 49 Has nonliquid financial assets 23 68 20 78 29 49 64 16 17 49 Obtains advice on what kinds of savings and investments to make 26 52 15 69 19 40 62 13 11 48 Type of credit card held Gasoline 28 77 22 78 27 51 74 13 13 49 Bank 42 100 18 77 29 53 77 13 11 47 Travel and entertainment 10 80 100 74 23 62 80 14 19 43 National retailer6 48 65 14 79 28 52 76 11 9 47 Other retailer 37 69 18 74 28 50 75 13 11 47 Other7 5 80 40 70 28 54 81 17 17 46 Source of outstanding credit Commercial bank 19 54 14 68 21 51 100 6 7 40 Savings and loan or savings bank 3 56 16 74 27 60 100 13 5 41 Credit union 7 60 13 74 100 63 100 8 5 39 Finance company 12 44 9 62 23 46 100 4 5 39 Store 7 37 9 56 21 40 100 3 4 41 All families 100 42 10 64 21 37 62 8 6 47 For notes, see opposite page. ent types of credit cards; and (7) families who loan associations or savings banks.15 These rehave outstanding consumer debt from various sults suggest that while all the various kinds of institutional sources of credit. institutions attracted customers from all income The table reveals many similarities between groups, the families with the highest income and families who had their main checking accounts at the greatest wealth tended to patronize commercommercial banks and families who had them at cial banks. savings and loan associations or savings banks. A comparison between the characteristics of Income and financial asset holdings of these 15. Financial assets include liquid assets (checking accustomer groups differed, however: commercial counts, savings accounts, money market accounts, certifibank customers had lower median but higher cates of deposit, individual retirement and Keogh accounts, and savings bonds), stocks, other bonds, nontaxable holdings mean values for family income and financial (municipal bonds and shares in other mutual funds), and asset holdings than customers of savings and trusts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Consumer Finances, 1983: A Second Report 867 11. Continued Balance in main Consumer debt 1 c 9 o 8 m 2 e fa ( m do i l l l y a r i s n ) - check (d in o g ll a a r c s c ) ount Li ( q d u o id ll a a rs s ) s 2 e ts Fina (d n o c l i l a a l rs a ) s 3 sets ou (d ts o t l a la n r d s i ) n 4 g nn MM uumm eeaa bb nn ee rr ooff ootthheerr IItteemm ffiinnaann-cciiaall Mean Median Mean Median Mean Median Mean Median Mean Median sseerr-vviicceess''** Institution where main checking account is held Commercial bank 30,178 22,600 1,251 500 16,061 3,478 31,513 4,355 6,144 2,905 1.13 Savings and loan or savings bank 28,515 23,152 825 495 14,351 4,128 21,069 5,231 5,253 2,262 1.05 Credit union 27,289 25,000 522 363 7,481 2,138 14,281 2,640 5,456 3,379 1.26 Average balance in main checking account Less than $2,500 26,932 22,070 558 400 10,621 2,614 17,567 3,200 5,466 2,751 1.10 $2,500 or more 55,979 30,800 6,697 4,500 58,664 28,248 134,653 39,375 14,305 4,011 1.36 Other financial characteristics of families Has money market deposit account 38,705 29,479 1,804 750 40,929 19,715 72,308 26,274 7,266 3,175 1.60 Has money market mutual fund account 59,860 40,000 1,980 1,000 44,306 19,900 94,526 31,300 12,370 4,000 1.30 Has brokerage account.... 66,950 47,627 2,577 1,000 42,493 20,686 145,757 50,320 10,635 4,000 3.09 Has nonliquid financial assets 43,317 32,000 1,665 616 28,628 10,765 76,452 21,400 8,047 3,648 2.70 Obtains advice on what kinds of savings and investments to make . 35,011 23,737 1,455 500 21,357 5,858 47,617 7,935 7,525 2,614 2.32 Type of credit card held Gasoline 40,520 31,000 1,330 500 22,548 7,988 50,738 10,425 7,667 4,002 2.68 Bank 38,314 30,000 1,225 500 18,879 5.509 39,798 7,325 6,873 3,321 2.63 Travel and entertainment. 58,053 40,000 1,904 800 27,086 9,711 80,008 11,975 11,147 5,345 2.97 National retailer6 33,493 27,000 1,096 500 15,700 4,253 27,546 5,380 5,778 3,100 2.50 Other retailer 36,394 28,000 1,222 500 18,719 5,613 36,498 7,913 6,164 3,000 2.62 Other7 61,743 39,500 2,289 618 31,732 8,605 73,545 10,706 9,436 3,391 3.01 Source of outstanding credit Commercial bank 30,160 24,200 653 300 7,445 1,398 14,622 1,800 7,869 4,430 2.46 Savings and loan or savings bank 32,389 26,800 579 300 10,991 3,863 17,612 4,300 6,409 4,365 2.82 Credit union 35,960 32,200 672 300 8,451 2,453 11,818 2,815 6,274 4,705 2.88 Finance company 29,099 23,080 544 200 6,322 950 11,983 1,000 6,927 4,183 2.09 Store 23,551 19,546 401 150 5,983 664 8,637 693 5,533 1,940 1.89 All families 26,154 19,410 918 300 12,727 1,968 23,774 2,300 5,400 2,382 .90 1. Includes owners of mobile homes and families residing on farms. 5. Includes these services obtained at the institution where the 2. Includes checking accounts, savings accounts, money market main checking account is held, another checking account, an IRA or accounts, certificates of deposits, IRA and Keogh accounts, and Keogh account, a money market certificate, certificates of deposit, savings bonds. any other money market or savings account, a credit card, a mortgage 3. Includes liquid assets plus stocks, other bonds, nontaxable loan, any other loan, and a brokerage or a trust account. holdings (municipal bonds and shares in certain mutual funds), and 6. Includes Sears, Roebuck and Co., J.C. Penney, and Montgomtrusts. ery Ward. 4. Covers only families that have such debt. 7. Includes airline and automobile rental cards. holders of the two types of money market ac- groups appear to have very similar holdings of counts reveals interesting differences. On aver- liquid assets. Perhaps because holders of money age, holders of money market mutual fund ac- market mutual fund accounts had greater financounts (in brokerage firms) were younger and cial assets, they were more likely to have had had substantially higher incomes and financial relationships with brokers and therefore more assets than did owners of money market deposit likely to have opened that kind of money market accounts (in depository institutions); yet the account. Many money market deposit account Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

868 Federal Reserve Bulletin • December 1984 holders, on the other hand, probably did not credit cards. As expected, owners of these credit have relationships with brokers and transferred cards were also more likely to hold other types of funds from savings accounts when money mar- credit cards, such as bank cards. ket deposit accounts became available. Families More families obtained credit from commerwith stockbrokerage accounts had holdings of cial banks and finance companies than from liquid assets similar to those of families with both other sources.16 Borrowers from credit unions kinds of money market accounts, yet—not sur- had higher mean family incomes than borrowers prisingly—substantially higher average levels of from other sources, but borrowers from commertotal financial assets than either of those groups. cial banks, savings and loan associations and Table 11 also shows, for example, that families savings banks, and finance companies had higher holding travel and entertainment, and "other" holdings of mean financial assets. credit cards (airline and automobile rental cards) are more likely to owe consumer debt, owe larger amounts of consumer debt, and have high- 16. Families appear in every category (commercial bank, savings and loan association or savings bank, credit union, er incomes and higher holdings of financial assets finance company, and store) from which they had an outthan their counterparts who held other types of standing loan in 1983. APPENDIX: SURVEY DESIGN spondents were encouraged to consult other family members and financial records in an effort to The 1983 Survey of Consumer Finances was obtain complete and accurate responses. Baljointly sponsored by the Board of Governors of ance-sheet items reported in the article are as of the Federal Reserve System, the United States the date of the interview; income is reported for Department of Health and Human Services, the the previous calendar year. Federal Deposit Insurance Corporation, the Data presented in this article are appropriately Comptroller of the Currency, the Federal Trade weighted so that they represent estimates for all Commission, the United States Department of families and for each of the various groups Labor, and the United States Department of the shown. A series of statistical procedures was Treasury, Office of Tax Analysis. Interviewing employed to impute missing values in instances for the 1983 survey was carried out by the in which respondents failed to provide complete Survey Research Center of the University of responses on dollar values of either assets or Michigan from February through July 1983. liabilities. Altogether, 3,665 families, weighted to The unit of observation for the survey is the account for any nonrandomness, were used in family, which is defined to include all persons the preparation of the tables. A detailed discusresiding together in the same dwelling who are sion of the imputation techniques will appear in a related by blood, marriage, or adoption. Families forthcoming, comprehensive report on the reinclude one-person units as well as units of two sults of the 1983 Survey of Consumer Finances. or more persons. The sample for the survey was Because the data in this article are based on a designed to be representative of all families re- sample, rather than a census of the entire populasiding in the coterminous United States, exclu- tion, they are subject to sampling variability. sive of those on military reservations. A total of Consequently, care should be exercised in the 3,824 families voluntarily participated and com- interpretation of figures based on relatively small pleted personal interviews during the survey. numbers of cases in some subgroups as well as Within each family the individual selected as small differences between data items. Like all respondent was either the head of the family or, surveys, the figures reported are also subject to in the case of a married couple, the person most errors of response and nonresponse. knowledgeable about the family finances. Re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

869 Industrial Production Released for publication October 16 average, the index for September was 7.3 percent higher than a year earlier. The average for Industrial production declined an estimated 0.6 the third quarter was 1.6 percent higher than the percent in September following a revised gain of second quarter. 0.1 percent in August. Production of business In market groupings, output of total consumer and defense equipment increased during the goods decreased 1.0 percent. Production of autos month. Reductions in output occurred in various and lightweight trucks was reduced sharply by a groupings but were concentrated in metals and one-week strike and by inadequate supplies of motor vehicles. At 165.1 percent of the 1967 quality parts. The combined effect—about equal- 1967=100 1967 = 100 - ^ ^ TOT — AL IND v EX / —V - 170 170 150 130 1 1 1 1 1 1 1978 1980 1982 1984 1978 1980 1982 1984 All series are seasonally adjusted and are plotted on a ratio scale. Auto sales and stocks include imports. Latest figures: September. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

870 Federal Reserve Bulletin • December 1984 1967 = 100 Percentage change from preceding month PPPeeerrrccceeennntttaaagggeee ccchhhaaannngggeee,,, Grouping 1984 1984 SSSeeepppttt... 111999888333 tttooo SSSeeepppttt... Aug. Sept. May June July Aug. Sept. 111999888444 Major market groupings Total industrial production 166.1 165.1 .4 1.0 .9 .1 -.6 7.3 Products, total 167.5 167.0 .5 1.2 1.3 .1 -.3 7.8 Final products 165.6 164.9 .6 1.2 1.3 .2 -.4 8.4 Consumer goods 163.2 161.6 .2 .8 .6 -.5 -1.0 2.7 Durable 162.6 159.0 -.5 1.4 .1 -.7 -2.2 1.0 Nondurable 163.5 162.6 .4 .6 .9 -.4 -.6 3.4 Business equipment .. 188.0 188.5 1.7 2.6 2.3 1.5 .3 18.8 Defense and space ... 136.4 137.7 -.1 .3 1.8 .4 1.0 13.1 Intermediate products .. 174.9 174.7 .4 1.1 1.2 -.4 -.1 5.6 Construction supplies. 161.3 160.7 -.1 .9 .3 -.1 -.4 6.1 Materials 163.9 162.1 .3 .6 .4 .2 -1.1 6.5 Major industry groupings Manufacturing 167.8 166.7 .5 .9 1.0 .2 -.7 7.5 Durable .... 157.8 156.5 .5 1.0 1.4 .5 -.8 10.5 Nondurable. 182.2 181.5 .4 .8 .6 -.1 -.4 4.0 Mining 128.7 128.7 1.4 1.6 2.0 -.7 .0 9.9 Utilities 182.3 181.7 -.2 1.1 -1.3 .2 -.3 1.3 NOTE. Indexes are seasonally adjusted. ly shared by the strike and other production Output of materials fell 1.1 percent following a shortfalls—was to reduce assemblies almost 1 small gain in August. Reflecting the continued million units to an annual rate of 6.9 million production cutbacks in metals, such as steel, and units. October assemblies are scheduled by the the temporary effect of the auto strike on parts industry at a rate of 7.9 million units. Among for consumer durables, output of durable materiother consumer products, output of nondurable als was reduced sharply during September. Nongoods was down 0.6 percent, but production of durable materials output edged down 0.3 percent goods for the home changed little. Business further, and production of energy materials was equipment continued to expand in September reduced again. although at a slower rate than during the past five In industry groupings, manufacturing output months. Defense equipment output also grew declined 0.7 percent, with durables down 0.8 further in September. Production of construction percent and nondurables down 0.4 percent. Total supplies declined following little change in Au- mining output was unchanged during the month, gust. but output by utilities was reduced 0.3 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

871 Announcements AMENDMENTS TO REGULATION E tary on Regulation Z (Truth in Lending) regarding the disclosure of fees for the use of automated The Federal Reserve Board has adopted amend- teller machines. The Board withdrew a proposed ments to Regulation E (Electronic Fund Trans- change to the official staff commentary that perfers) to expand the regulation's coverage, modify tains to the application of the securities transacits error resolution requirements, and provide tion exemption. additional flexibility in the disclosure of charges for electronic fund transfer services. The amendments become effective on November 16, 1984. REVISED LIST OF Financial institutions have until April 16, 1985, OTC MARGIN STOCKS however, to comply with certain requirements relating to transfers resulting from debit card The Federal Reserve Board has published a transactions that do not involve electronic termi- revised list of over-the-counter (OTC) stocks, nals. effective November 13, 1984, that are subject to The amendments make the following provi- its margin regulations. sions: The list includes, for the first time, all securi- • Expand coverage to all transfers resulting ties qualified for trading in the National Market from debit card transactions, including transac- System (NMS) portion of NASDAQ (National tions that do not involve an electronic terminal at Association of Securities Dealers Automated the point of sale. Quotations) as well as other over-the-counter • Extend time periods for resolution of errors securities designated by the Board pursuant to its resulting from point-of-sale debit card transac- established criteria. tions. On September 5, 1984, the Board adopted an • Exempt consumer asset accounts, subject to amendment to its margin regulations (G, T, and the Board's Regulation T, from provisional re- U) that would automatically permit brokers and crediting requirements. dealers to lend on any security designated as an • Provide more flexibility for the disclosure of NMS security. After November 13, 1984, any charges for electronic fund transfers on periodic addition to the NMS group will be immediately statements. marginable upon designation by the National A debit card is one that allows consumers to Association of Securities Dealers. For the convepurchase goods or services and to have the nience of the public, however, the additions to amount debited directly to a checking or other the NMS group will be incorporated into the transaction account (as distinguished from the Board's list, which will be published hereafter on use of a credit card, which results in a promise by a quarterly basis. the consumer to pay for a purchase at a future This List of Marginable OTC Stocks supertime). sedes the revised List of OTC Margin Stocks that The Board has also published an update of the was effective on June 18, 1984. Changes that official staff commentary on Regulation E. have been made in the list, which now includes 2,071 OTC stocks, are as follows: 265 stocks CHANGES IN OFFICIAL have been included for the first time, 127 under COMMENTAR Y ON REGULATION Z NMS designation; 34 stocks previously on the list have been removed for substantially failing to The Federal Reserve Board has published, in meet the requirements for continued listing; 57 final form, changes in the official staff commen- stocks have been removed for reasons such as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

872 Federal Reserve Bulletin • December 1984 listing on a national securities exchange or in- in connection with the list or any stocks thereon volvement in an acquisition. in any advertisement or similar communication is In addition to securities in the NMS group, the unlawful. Board will continue to monitor the market activi- The list is published by the Board for the ty of other OTC stocks to determine which information of lenders and the general public. stocks meet the requirements for inclusion and continued inclusion on the list. Margin regulations generally limit the amount CHANGE IN BOARD STAFF of credit a person or firm may obtain to buy or carry stock. Stocks on the List of Marginable The Board of Governors has announced the OTC Stocks are subject to the same margin appointment of Annette P. Fribourg as Special requirements (currently 50 percent) as stocks Assistant to the Board for Congressional Liaison listed on national securities exchanges. This in the Office of Board Members, effective Octomeans a person or firm buying a stock on credit ber 15, 1984. must make a downpayment equal to at least 50 Ms. Fribourg came to the Board in February percent of the purchase price of the stock and 1984 as Congressional Liaison Assistant followmay obtain credit for the remaining 50 percent. ing three years as Legislative Counsel to Senator These margin requirements are only applicable John H. Chafee. Ms. Fribourg has a B.A. from to credit extended on OTC stocks after they are Tufts University and a J.D. from George Washplaced on the list and the list has become effec- ington University. tive, or after they are designated as NMS securities. No credit may be extended by brokerdealers on OTC stocks not on the list or in the SYSTEM MEMBERSHIP: NMS group. Credit extended by banks and other ADMISSION OF STATE BANKS lenders on the remaining OTC stocks need only conform to the good faith lending limitation The following banks were admitted to membercontained in Regulations G and U. ship in the Federal Reserve System during the It is unlawful for any person to cause any period October 5 through November 1, 1984: representation to be made that inclusion of a stock on this list indicates that the Board or the Virginia Securities and Exchange Commission has in any Norfolk .... First Virginia Bank of Tidewater way passed upon the merits of any such stock or Oklahoma transaction therein. Any references to the Board Weatherford Security State Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

873 Legal Developments AMENDMENTS TO REGULATION E (g) "Electronic fund transfer" means any transfer of funds, other than a transaction originated by check, The Board is adopting amendments to Regulation E draft, or similar paper instrument, that is initiated (Electronic Fund Transfers) to: (1) cover, within the through an electronic terminal, telephone, or computdefinition of electronic fund transfer, all transfers er or magnetic tape for the purpose of ordering, resulting from debit card transactions, including trans- instructing, or authorizing a financial institution to actions that do not involve an electronic terminal at debit or credit an account. The term includes, but is the time of the transaction; (2) extend the time periods not limited to, point-of-sale transfers, automated teller for error resolution with respect to transfers resulting machine transfers, direct deposits or withdrawals of from point-of-sale transactions; (3) provide an excep- funds, and transfers initiated by telephone. It includes tion from the provisional recrediting requirement all transfers resulting from debit card transactions, when a consumer asset account is subject to the including those that do not involve an electronic Board's Regulation T; and (4) provide more flexibility terminal at the time of the transaction. The term does for the disclosure of charges for electronic fund trans- not include payments made by check, draft, or similar fers on periodic statements. paper instrument at an electronic terminal. Effective October 16, 1984, the Board amends sections 205.1(a), 205.9(b)(3), 205.11(c)(3), and 205.11(c)(4); effective November 16, 1984, sections 205.2(g), 205.6, and 205.5 are amended; and April 16, Section 205.9—Documentation of Transfers 1985, is the effective date for purposes of all other requirements of the regulation that are applicable to transfers resulting from debit card transactions that do (b) Periodic statements not involve electronic terminals at the time of transac- (3) The amount of any fees or charges, other than a tion; as set forth below: finance charge under 12 C.F.R. 226.7(f), assessed against the account during the statement period for Electronic Fund Transfers electronic fund transfers or the right to make such transfers, or for account maintenance. Part 205 Section 205.1—Authority, Purpose, and Scope Section 205.11—Procedures for Resolving (a) Authority. This regulation, issued by the Board of Errors Governors of the Federal Reserve System, implements title IX (Electronic Fund Transfer Act) of the Consumer Credit Protection Act, as amended (c) Investigation of errors (15 U.S.C. 1601 et seq.). Information collection re- (3) A financial institution shall comply with all quirements contained in this regulation have been requirements of this section except that it need not approved by the Office of Management and Budget provisionally recredit the consumer's account if— under the provisions of 44 U.S.C. 3501 et seq. and (i) It requires but does not receive timely written have been assigned OMB No. 7100-0200. confirmation of oral notice of an error ; or (ii) The notice of an error involves an account that is subject to the margin requirements or other aspects of Regulation T (12 C.F.R. Part 220). Section 205.2—Definitions and Rules of (4) If a notice of an error involves an electronic fund Construction transfer that was not initiated in a state as defined in section 205.2(k), or involves an electronic fund transfer resulting from a point-of-sale debit card Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

874 Federal Reserve Bulletin • December 1984 transaction, the applicable time periods for action in control 5.9 percent of the total deposits in commercial subsections (c), (e), and (f) shall be 20 business days banks in Georgia. The proposed merger thus would in place of 10 business days, and 90 calendar days in not have a significantly adverse effect on the concenplace of 45 calendar days. tration of banking resources in Georgia. In addition, because Applicant and Bancshares do not compete directly in any market, consummation of this proposal would not eliminate existing competition in any relevant market. BANK HOLDING COMPANY, BANK MERGER, AND The Board has considered the effects of the pro- BANK SERVICE CORPORATION ORDERS ISSUED posed merger upon probable future competition in the BY THE BOARD OF GOVERNORS relevant markets in light of the Board's proposed Market Extension Guidelines.2 In evaluating the effects of a proposed merger or acquisition upon proba- Orders Issued under Section 3 of Bank Holding ble future competition, the Board considers market Company Act concentration, the number of probable future entrants into the market, the size and market position of the Bank South Corporation firm to be acquired, and the attractiveness of the Atlanta, Georgia market for de novo or foothold entry. Bancshares' subsidiary banks operate in four bank- Order Approving the Merger of Bank. Holding ing markets in which Applicant is not represented: the Companies Macon market and the Houston County, Ben Hill County, and Jasper County markets.3 The Houston Bank South Corporation, Atlanta, Georgia, a bank County, Ben Hill County, and Jasper County banking holding company within the meaning of the Bank markets have total deposits of less than $250 million, Holding Company Act of 1956, as amended (12 U.S.C. and thus are not considered attractive for entry and are §§ 1841 et seq.) ("Act"), has applied for the Board's not subject to intensive analysis under the Board's approval pursuant to section 3(a)(5) of the Act Guidelines. In addition, neither the Ben Hill County (12 U.S.C. § 1842(a)(5)), to merge with Georgia Banc- nor the Jasper County market is located within a shares, Inc., Macon, Georgia ("Bancshares"), and Metropolitan Statistical Area. thereby indirectly to acquire Bancshares' four subsid- In the Macon market, Bancshares is the third largest iary banks. of 8 commercial banking organizations and holds de- Notice of the application, affording interested per- posits of $118 million, representing 19 percent of the sons an opportunity to submit comments, has been deposits in commercial banks in the market.4 The given in accordance with section 3(b) of the Act. The market is highly concentrated, with the three largest time for filing comments has expired, and the Board commercial banking organizations controlling 87 perhas considered the application and all comments re- cent of the total deposits in commercial banks in the ceived in light of the factors set forth in section 3(c) of market. In addition, the market is considered attracthe Act. tive for entry, and there are only four other Georgia Applicant, the fifth largest commercial banking or- banking organizations with assets of over $1 billion ganization in Georgia, controls five subsidiary banks with total deposits of $1.3 billion, representing 5.0 percent of the total deposits in commercial banks in the state.1 Bancshares, the tenth largest commercial banking organization in Georgia, controls five banks 2. "Policy Statement of the Board of Governors of the Federal with total deposits of $238.2 million, representing 0.9 Reserve System for Assessing Competitive Factors Under the Bank percent of the total deposits in commercial banks in Merger Act and the Bank Holding Company Act." 47 Federal Register 9017 (March 3, 1982). Although the proposed policy statethe state. Upon consummation of the proposed transment has not been adopted by the Board, the Board is using the policy action, Applicant would remain the fifth largest com- guidelines in its analysis of the effects of a proposal on probable future mercial banking organization in the state and would competition. 3. The Board does not view Bancshares as a potential entrant into the four markets in which Applicant's banking subsidiaries operate (the Atlanta, Savannah, Columbus, and Forsyth County banking markets) because of Bancshares' relatively small size. The Board notes, however, that if Bancshares were regarded as a potential entrant into these markets, none of the four markets would meet all of the criteria necessary to trigger intensive analysis under the Board's 1. Banking data are as of December 31, 1983, unless otherwise Market Extension Guidelines. indicated. 4. Deposit data for the Macon market are as of June 30, 1983. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 875 that do not operate in the Macon banking market. In have been in operation 5 years or more. All except light of these factors, the Board has carefully exam- Bancshares' subsidiary bank, however, are already ined the proposed merger to determine its effects on subsidiaries of the four largest bank holding companies probable future competition in the Macon market. in Georgia. With respect to the possibility of an Two factors mitigate the anticompetitive impact of acquisition by Applicant elsewhere in the Macon mar- Applicant's entry into the Macon market by means of ket, Applicant could, under Georgia law, acquire any the acquisition of Bancshares. First, the Board has of the three banks that operate in Twiggs County and considered the effect of thrift institution competition in Jones County, rural counties on the periphery of the the market. The Board has previously indicated that, market. These banks, however, hold a total of approxas a result of the Garn-St Germain Depository Institu- imately $21 million in deposits, representing less than tions Act of 1982, which expanded the commercial 5 percent of the deposits in commercial banks in the lending powers of federal thrift institutions, and vari- Macon market. Because of their location and size and ous state statutes, thrift institutions have become, or the fact that they are precluded from branching into at least have the potential to become, major competi- Bibb County,8 these banks are not regarded as attractors of banks.5 The four thrift institutions that operate tive vehicles for entry into the Macon market. in the Macon market control $447 million in deposits, Accordingly, based on the importance of thrift instirepresenting approximately 45 percent of the total tutions as competitors or potential competitors of deposits in the market. The market's largest deposi- banks in the Macon market and on the limitations of tory institution is a thrift institution, and the other state law on bank holding company entry into the three thrifts represented in the market are the first, market, the Board concludes that consummation of second, and fourth largest thrift institutions in Geor- the proposed merger would not have such adverse gia. In addition, all four thrift institutions offer NOW effects on probable future competition in the Macon accounts and are active in consumer lending. Further- market as to warrant denial of this application. more, two of these institutions are preparing to offer The financial and managerial resources and future commercial loans and to take commercial deposits in prospects of Applicant, Bancshares, and their subsidthe Macon market. In this connection, the second and iary banks are satisfactory and consistent with approvfourth largest thrift institutions in the market have al of this application. Considerations relating to the converted to federal savings banks and hold themconvenience and needs of the communities to be selves out as full service banks. Based upon this and served also are consistent with approval. Based on other evidence of record, the Board believes that these and other facts of record, it is the Board's substantial weight should be given thrift institutions as judgment that consummation of the proposed transaccompetitors or potential competitors in the Macon tion would be in the public interest and that the banking market.6 application should be approved. Limitations imposed by Georgia law on bank hold- On the basis of the record, the application is aping company expansion are a second factor mitigating proved for the reasons summarized above. The transthe anticompetitive effects of this proposal in the action shall not be consummated before the thirtieth Macon market. Applicant is precluded by state law day following the effective date of this Order or later from expansion into the Macon market except by than three months after the effective date of this acquisition of a bank that has been in operation 5 years Order, unless such period is extended for good cause or more.7 In Bibb County (the only urban county in the by the Board, or by the Federal Reserve Bank of Macon market), there are five commercial banks that Atlanta pursuant to delegated authority. By order of the Board of Governors, effective October 10, 1984. Voting for this action: Chairman Volcker and Governors Wallich, Partee, Rice, Gramley, and Seger. Absent and not voting; Governor Martin. 5. See, e.g., First Railroad and Banking Company, 70 FEDERAL RESERVE BULLETIN 436 (1984); NCNB Corporation, 70 FEDERAL RESERVE BULLETIN 225 (1984); General Bancshares Corporation, 69 JAMES MCAFEE FEDERAL RESERVE BULLETIN 802 (1983). [SEAL] Associate Secretary of the Board 6. If 50 percent of the deposits held by thrift institutions are included in the calculation of concentration in the market, the market's three largest depository institutions would control 65 percent of the total deposits in the market. 7. Ga. Code Ann. § 7-1-608 bars bank holding companies from acquiring any bank, whatever its location, that has been in operation less than 5 years. In addition, Ga. Code Ann. § 7-1-602 prohibits a bank from branching across country lines. 8. See n.7, supra. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

876 Federal Reserve Bulletin • December 1984 BT Financial Corporation including the making of commercial and industrial Johnstown, Pennsylvania loans.4 In addition, a total of 26 other banks and thrifts would remain in the Johnstown market after consum- Order Approving Acquisition of Bank mation of the proposed transaction. On the basis of all facts of record, the Board concludes that consumma- BT Financial Corporation, Johnstown, Pennsylvania, tion of the proposed transaction would not substantiala bank holding company within the meaning of the ly lessen competition in the Johnstown banking Bank Holding Company Act ("Act") (12 U.S.C. market. § 1841 et seq.), has applied for the Board's approval The Board has also considered the effects of this under section 3(a)(3) of the Act (12 U.S.C. proposal upon probable future competition in the § 1842(a)(3)) to acquire the successor by merger to relevant markets in light of the Board's proposed Laurel National Bank, Ebensburg, Pennsylvania. Market Extension Guidelines.5 As a result of this Notice of the application, affording opportunity for proposal, both Applicant and Bank will be eliminated interested persons to submit comments, has been as potential entrants into markets where one currently given in accordance with section 3(b) of the Act. The operates but the other does not. time for filing comments has expired and the Board Under the Board's guidelines for market extension has considered the application and all comments re- mergers, Bank is too small to be considered a probable ceived in light of the factors set forth in section 3(c) of future entrant into Applicant's markets. The two marthe Act (12 U.S.C. § 1842(c)). kets in which Bank is located but Applicant is not do Applicant is the 46th largest banking organization in not satisfy the criteria for intensive examination under the State of Pennsylvania, controlling one bank with the guidelines because in neither market is Bank a deposits of $319.2 million, representing 0.41 percent of market leader and a large number of potential entrants deposits in commercial banks in the state.1 Bank is the exist. Based on these and other facts of record, the 70th largest bank in Pennsylvania, controlling $171.1 Board concludes that consummation of this proposal million in deposits, representing 0.22 percent of depos- would not have any significant adverse effects on its in commercial banks in the state. Accordingly, probable future competition in any relevant market. consummation of this proposal would not result in any The financial and managerial resources and future significant adverse effects on the concentration of prospects of Applicant and Bank are consistent with banking resources in Pennsylvania. approval. Considerations relating to the convenience Applicant and Bank both operate in the Johnstown and needs of the community to be served are also banking market2 and respectively control 16.3 percent consistent with approval. and 9.1 percent of the total deposits in commercial Based on the foregoing and other facts of record, the banks in the market.3 Applicant ranks second in the Board has determined that consummation of the transmarket; Bank ranks third. After consummation of this action would be in the public interest and that the proposal, Applicant would continue to rank second in application should be approved. On the basis of the the market with a combined market share of 25.4 record, the application is approved for the reasons percent, and the Herfindahl-Hirschman Index summarized above. The transaction shall not be con- ("HHI") would increase 297 points to 1533. Thus, the summated before the thirtieth calendar day following market would appear to be moderately concentrated the effective date of this Order or later than three following consummation of this proposal. months after the effective date of this Order unless Although consummation of the proposal would elim- such period is extended by the Board or by the Federal inate some existing competition between Applicant Reserve Bank of Philadelphia, acting pursuant to and Bank, the Board considers the presence of thrifts delegated authority. in the market as a mitigating factor. Eight thrifts operate in the market and hold 30 percent of market deposits. Several of the thrifts are competing aggressively with commercial banks in several product lines, 4. The Board has determined that thrift institutions have become, or at least have the potential to become, major competitors of banks, e.g., NCNB Corporation, 70 FEDERAL RESERVE BULLETIN 225 (1984). If 50 percent of the deposits held by thrift institutions were 1. All banking data are as of March 31, 1984. included in the calculation of market concentration, Applicant would 2. The Johnstown banking market is approximated by the Johns- hold 13.4 percent of market deposits, Bank would have 7.4 percent of town MSA, which consists of Cambria and Somerset Counties in total deposits, and their combined market share would be 20.8 Pennsylvania. percent. The HHI would rise by 198 points to 1156. 3. Bank also operates in two other markets, the Altoona MSA 5. "Proposed Policy Statement of the Board of Governors of the banking market, which consists of Blair County, Pennsylvania, and Federal Reserve System for Assessing Competitive Factors Under the the Indiana County banking market, consisting of Indiana County, Bank Merger Act and the Bank Holding Company Act," 47 Federal Pennsylvania. Register 9017 (March 3, 1982). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 877 By order of the Board of Governors, effective The Board has indicated on previous occasions that October 29, 1984. a bank holding company should serve as a source of financial and managerial strength to its subsidiary Voting for this action: Vice Chairman Martin and Gover- bank and that the Board would closely examine the nors Wallich, Partee, Rice, Gramley, and Seger. Absent and condition of an applicant in each case with this considnot voting: Chairman Volcker. eration in mind. In connection with this proposal, Applicant would incur a sizeable amount of debt. JAMES MCAFEE Applicant projects that it will reduce its acquisition [SEAL] Associate Secretary of the Board debt to below 30 percent of equity within 12 years, while maintaining adequate capital in the Bank. In light of Bank's condition and performance in recent Central Minnesota Bancshares, Inc. years and the absence of sufficient evidence indicating Cold Spring, Minnesota a significant improvement in that performance, Applicant's projections appear to be overly optimistic. Order Denying Formation of Bank Holding Company Using less optimistic projections based upon Bank's historic record of performance, the Board concludes Central Minnesota Bancshares, Inc., Cold Spring, that Applicant does not have sufficient financial flexi- Minnesota, has applied for the Board's approval under bility to be able to reduce its indebtedness to 30 percent within a reasonable period while maintaining section 3(a)(1) of the Bank Holding Company Act of adequate capital levels at Bank.3 Based on these and 1956, as amended (12 U.S.C. § 1842(a)(1)) ("Act"), to other facts of record, the Board concludes that finanbecome a bank holding company by acquiring all of the cial considerations with respect to this application are voting shares of First National Bank of Cold Spring, adverse and weigh against approval of this application. Cold Spring, Minnesota ("Bank"). The Board's conclusions are based upon the present Notice of the application, affording opportunity for facts of record. Should Bank's operations continue to interested persons to submit comments, has been improve, however, the Board would be receptive to given in accordance with section 3(b) of the Act. The consideration of an application at some time in the time for filing comments has expired, and the Board future. has considered the application and all comments received in light of the factors set forth in section 3(c) of Because one of Applicant's principals has been the Act (12 U.S.C. § 1842(c)). involved with management of Bank for only a brief Applicant, a nonoperating Minnesota corporation period of time, there is not enough of a record upon with no subsidiaries, was organized for the purpose of which the Board can assess Applicant's managerial becoming a bank holding company by acquiring Bank, resources with regard to Bank, particularly in light of which holds deposits of $25.3 million.' Upon acquisi- Applicant's principal's financial and management retion of Bank, Applicant would control the 160th largest cord at other depository institutions.4 As a result, the commercial bank in Minnesota, holding 0.09 percent Board is unable at this time to conclude that manageriof deposits in commercial banks in the state. al considerations are sufficiently favorable to outweigh Bank is the 10th largest of 27 commercial banking the adverse financial factors connected with this organizations in the St. Cloud banking market and proposal. holds 2.9 percent of total deposits in commercial banks No significant changes in Bank's operations or in in the market.2 Applicant's principals are not affiliated the services offered to customers are anticipated to with any other banking organization in the relevant follow from consummation of the proposed acquisimarket, and consummation of the proposed transac- tion. Consequently, convenience and needs factors tion would not result in any adverse effects upon lend no weight toward approval of this application. competition or increase in the concentration of banking resources in any relevant area. Accordingly, the Board concludes that competitive considerations are consistent with approval. 3. The Board's Policy Statement for Formation of Certain One- Bank Holding Companies, 66 FEDERAL RESERVE BULLETIN 320 (1980), which is designed to facilitate the change of ownership of small banks, permits a higher level of acquisition debt than would be permitted for larger holding companies. In addition, the policy statement provides, among other things, that the holding company's debtto-equity ratio be reduced to no more than 30 percent within 12 years. 1. Deposit data are as of September 30, 1983. 4. The Board has previously stated that it is reasonable to expect an 2. The St. Cloud banking market is approximated by Benton and applicant to demonstrate a record of satisfactory managerial perform- Stearns Counties and the western three-fifths of Sherburn County, all ance. See, e.g., American National Sidney Corp., 66 FEDERAL in Minnesota. RESERVE BULLETIN 159 (1980). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

878 Federal Reserve Bulletin • December 1984 On the basis of the circumstances concerning this Notice of the applications, affording opportunity for application, the Board concludes that the banking interested persons to submit comments, has been considerations involved in this proposal are adverse given in accordance with section 3(b) of the Act. The and are not outweighed by any relevant competitive or time for filing comments has expired, and the Board convenience and needs considerations. Accordingly, it has considered the applications and all comments is the Board's judgment that approval of the applica- received in light of the factors set forth in section 3(c) tion would not be in the public interest and the of the Act (12 U.S.C. § 1842(c)). application should be denied. Applicant is the seventh largest commercial banking On the basis of the facts of record, the application is organization in Florida, having eleven subsidiary denied for the reasons summarized above. banks that control $2.6 billion in deposits, which By order of the Board of Governors, effective represents 4.5 percent of total deposits in commercial October 24, 1984. banks in the state.2 Company is one of the smaller commercial banking organizations in the state, con- Voting for this action: Governors Wallich, Partee, Rice, trolling $154 million in deposits, representing 0.3 per- Gramley, and Seger. Absent and not voting: Chairman cent of total deposits in commercial banks in the state. Volcker and Governor Martin. Upon consummation of the proposed acquisition, Applicant would remain the seventh largest commercial JAMES MCAFEE banking organization statewide, controlling 4.7 per- [SEAL] Associate Secretary of the Board cent of total deposits in commercial banks in the state. The Board has considered the eifect of the proposal on the structure of banking in Florida and has concluded First Florida Banks, Inc. that consummation of this transaction would not have Tampa, Florida a significant adverse effect on the concentration of banking resources in the state. 7L Corporation Applicant and Company compete directly in only Tampa, Florida one market, the Hernando County banking market.3 Applicant is the second largest of three commercial Order Approving Acquisition of Bank Holding banking organizations in the market, controlling 43.8 Company percent of total market deposits in commercial banks. Company, which opened a de novo bank in the market First Florida Banks, Inc. ("Applicant"), and 7L Cor- in December, 1983, is the smallest commercial banking poration ("7L"),1 both of Tampa, Florida, and both organization in the market, controlling 0.4 percent of bank holding companies within the meaning of the total deposits in commercial banks. Upon consumma- Bank Holding Company Act of 1956, as amended tion of the proposal, Applicant would remain the ("Act")(12 U.S.C. § 1841 etseq.), have applied for the second largest commercial banking organization in the Board's approval under section 3(a)(3) of the Act market controlling 44.2 percent of total deposits in (12 U.S.C. § 1842(a)(3)) to acquire 85 percent of commercial banks in the market. Financial Growth Systems Incorporated, Inverness, While consummation of the proposal would elimi- Florida ("Company"), a bank holding company, and nate some existing competition in the Hernando Counthereby to acquire indirectly Company's four subsid- ty banking market, the Board believes that this comiary banks, Citizens 1st National Bank of Citrus Coun- petitive effect is not significant. The Board notes that, ty, Inverness, Florida; Citizens 1st National Bank of although the market is highly concentrated and would Crystal River, Crystal River, Florida; Lake County remain so upon consummation, the Herfindahl- Bank, Leesburg, Florida; and Citizens 1st National Hirschman Index ("HHI") would increase by only 27 Bank of Hernando County, Spring Hill, Florida. Com- points to 5057 after consummation of the acquisition.4 pany also has a wholly owned subsidiary that provides data processing services exclusively for its subsidiary banks. 2. All banking data are as of December 31, 1983. 3. The Hernando County banking market is approximated by the limits of Hernando County. 4. Under the U.S. Department of Justice Merger Guidelines 1. 7L is a party to this application only because it owns 35 percent (June 14, 1982), a market in which a post-merger HHI is over 1800 is of the voting shares of First Florida. Its assets consist of investments highly concentrated. Although any additional concentration in such a in three bank holding companies and an investment in a company, the market would be of significant competitive concern, generally, the sole activity of which is to lease an office building to a subsidiary bank Department of Justice has stated that it would not be likely to of First Florida. 7L's investment in First Florida represents 98.6 challenge any merger producing an increase of less than 50 points in percent of its banking investments and 85.4 percent of its total assets. the HHI. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 879 The Board also has considered the influence of thrift The financial and managerial resources of Appliinstitutions in evaluating the competitive effects of this cant, Company and their subsidiaries are satisfactory proposal.5 The substantial presence of thrift institu- and their prospects appear favorable. Thus, banking tions in the market and the similarity of the portfolios factors are consistent with approval of these applicaand services of the banks and thrifts mitigate the tions. Applicant proposes to introduce improvements Board's concern about the elimination of existing and additional services in the market to improve competition. Seven thrift institutions operate in the service to present and potential customers of Compa- Hernando County banking market, controlling over 37 ny's subsidiary banks. For example, through Applipercent of total market deposits. These thrifts are cant, Company will be able to expand the lending significant competitors of commercial banks in this activities of its subsidiary banks and provide expertise market as reflected in the similar asset and liability in real estate lending transactions, industrial developcomposition of their portfolios.6 ment credits and leasing services. Applicant also origi- On the basis of these factors, the Board believes it nates and packages residential mortgages for resale in appropriate to take thrifts into account in evaluating the secondary market, a product that is in demand in the competitive effects of the proposed acquisition. In Company's service area. Other services to be offered view of the competition afforded by thrifts in this that Company does not now offer are trust services, a market and the other facts of record, the Board has statewide ATM network through the HONOR system, determined that consummation of this proposal would and specialized financing assistance to local governnot have a significant adverse effect on existing com- ments. Accordingly, convenience and needs considerpetition in the Hernando County banking market.7 ations are consistent with, and lend some weight toward, approval. The Board has considered the effects of the proposed acquisition upon probable future competition in Based upon the foregoing and all the facts of record, the relevant markets in light of the Board's proposed it is the Board's judgment that the proposed transac- Market Extension Guidelines.8 Company's subsidiary tion should be, and hereby is, approved. The transacbanks operate in two markets in which Applicant is not tion shall not be consummated before the thirtieth represented: the Citrus County banking market and calendar day following the effective date of the the North Lake County banking market.9 Because of Board's Order or later than three months after the the large number of potential entrants into each of effective date of the Board's Order, unless such period these markets, the Board concludes that consumma- extended for good cause by the Board or by the tion of this proposal would not have any significant Federal Reserve Bank of Atlanta pursuant to delegatadverse effect on probable future competition in any ed authority. relevant market. By order of the Board of Governors, effective October 25, 1984. 5. The Board has previously determined that thrift institutions have Voting for this action: Governors Wallich, Partee, Rice, become, or at least have the potential to become, major competitors of Gramley, and Seger. Absent and not voting: Chairman commercial banks. E.g., NCNB Corporation, (Ellis), 70 FEDERAL Volcker and Governor Martin. RESERVE BULLETIN 225 (1984); Comerica (Pontiac State Bank), 69 FEDERAL RESERVE BULLETIN 911 (1983); First Tennessee National Corporation 69 FEDERAL RESERVE BULLETIN 298 (1983). JAMES MCAFEE 6. For example, the commercial banks make relatively few commercial loans. The largest bank in the market devotes only 3 percent [SEAL] Associate Secretary of the Board of its portfolio to commercial loans, and Applicant's subsidiary bank devotes less than 9 percent. The thrifts are competing for the small amount of commercial business that exists in the market. Four of the seven thrifts make commercial loans, and five offer commercial NOW First Illini Bancorp, Inc. accounts. Galesburg, Illinois 7. If the deposits of thrift institutions were taken into account in computing market shares, Applicant's market share would be 28 percent, Company's would be 0.2 percent and the HHI would fall to Order Approving Acquisition of a Bank 2441 from 5030. Upon consummation, First Florida's share would increase a de minimis amount and the HHI would increase by only 11 points. First Illini Bancorp, Inc., Galesburg, Illinois, a bank 8. "Policy Statement of the Board of Governors of the Federal holding company within the meaning of the Reserve System for Assessing Competitive Factors Under the Bank Merger Act and the Bank Holding Company Act." 47 Federal Bank Holding Company Act ("Act")(12 U.S.C. Register 9017 (March 3, 1982). Although the proposed policy state- § 1841 et seq.), has applied for the Board's approvment has not been adopted by the Board, the Board is using the policy guidelines in its analysis of the effects of a proposal on probable future al under section 3(a)(3) of the Act (12 U.S.C. competition. § 1842(a)(3)) to become a bank holding company by 9. The Board does not view Company as a potential entrant into acquiring all of the voting shares of Abingdon Bank any of the markets in which Applicant's subsidiaries operate because of Company's relatively small size. and Trust Company, Abingdon, Illinois ("Bank"). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

880 Federal Reserve Bulletin • December 1984 Notice of the application, affording an opportunity largest depository organizations in the market.4 Both for interested persons to submit comments, has been thrift institutions operate statewide and are aggressive given in accordance with section 3(b) of the Act. The competitors. The thrift institutions offer a full range of time for filing comments has expired, and the Board transaction accounts (including NOW accounts and has considered the application and all comments re- commercial transaction accounts) and offer both comceived in light of the factors set forth in section 3(c) of mercial and consumer lending services. In view of the Act (12 U.S.C. § 1842(c)). these facts, the Board considers the presence of thrift Applicant controls one bank, First Galesburg Na- institutions a significant factor in assessing the comtional Bank, Galesburg, Illinois ("Galesburg Bank"), petitive effects of this proposal and has determined which is the 128th largest commercial bank in Illinois that consummation of the proposal will not have a with total deposits of $122 million, representing ap- significant adverse effect on existing competition in proximately 0.1 percent of total deposits in commer- the relevant banking market.5 cial banks in the state.1 Bank is one of the smallest The financial and managerial resources of Applibanks in Illinois with total deposits of $10.8 million. cant, Galesburg Bank, and Bank are satisfactory and Consummation of this proposal would not result in any their future prospects appear favorable. Bank's loan increase in concentration of banking resources in volume has decreased dramatically over the past five Illinois. years and its loan-to-deposits ratio is the lowest of any Both Galesburg Bank and Bank operate in the Knox financial institution in the market. Acquisition of Bank County banking market.2 Galesburg Bank is the larg- by Applicant should improve Bank's lending performest of eight commercial banking organizations in the ance and make it an improved competitor. Applicant market controlling 38.7 percent of total deposits in plans to offer new services to Bank's customers, commercial banks. Bank is the sixth largest commer- including business cash management accounts, retail cial banking organization in the market controlling 3.4 purchase agreement services, personal credit line/ percent of total deposits in commercial banks. Upon overdraft protection services, estate planning and esconsummation of this proposal, Applicant would con- tate and trust administration services, and employee trol 42.1 percent of the total deposits in commercial benefit plan services. Accordingly, the Board has banks. concluded that factors relating to the convenience and needs of the communities to be served lend substantial The Knox County banking market is considered to weight toward approval of this proposal and outweigh be highly concentrated with a four firm concentration any adverse competitive effects of this proposal. ratio of 87.7 percent and a Herfindahl-Hirschman Index ("HHI") of 2534. Upon consummation of this Based on the foregoing and other facts of record, the proposal, the four firm concentration ratio would Board has determined that approval of the application increase to 91.1 percent and the HHI would increase would be consistent with the public interest and that by 263 points to 2797. While consummation of this the application should be and hereby is approved. The proposal would eliminate existing competition be- transaction shall not be consummated before the thirtween Galesburg Bank and Bank, the Board has tieth calendar day following the effective date of this concluded that the anticompetitive effects of this pro- Order, or later than three months after the effective posal are mitigated by the extent of competition af- date of this Order, unless such period is extended for forded by thrift institutions in this market and by good cause by the Board or the Federal Reserve Bank Applicant's commitment to improve Bank's lending of Chicago, acting pursuant to delegated authority. record.3 By order of the Board of Governors, effective Two thrift institutions in the market hold total October 17, 1984. deposits of $301 million, representing 48.8 percent of total deposits in commercial banks and savings and Voting for this action; Chairman Volcker and Governors loan associations, and rank as the largest and second Martin, Wallich, Partee, Rice, Gramley, and Seger. JAMES MCAFEE [SEAL] Associate Secretary of the Board 1. Banking data are as of December 31, 1983. 2. The Knox County banking market is defined as Knox County, Illinois. 4. Savings and loan data are as of June 30, 1984. 3. The Board has previously determined that thrift institutions have 5. If 50 percent of the deposits held by thrift institutions were become, or at least have the potential to become, major competitors of included in the calculation of market concentration, the pre-acquisibanks. NCNB Corporation, 70 FEDERAL RESERVE BULLETIN 225 tion four firm concentration ratio would decrease to 76.1 percent and (1984); Sun Banks, Inc., 69 FEDERAL RESERVE BULLETIN 934 (1983); the HHI would decrease to 1688. Upon consummation of this propos- Merchants Bancorp, Inc., 69 FEDERAL RESERVE BULLETIN 865 al, the four firm concentration ratio would increase to 78.4 percent and (1983); First Tennessee National Corporation, 69 FEDERAL RESERVE the HHI would increase by 121 points to 1809. The resulting market BULLETIN 298 (1983). share of Applicant would decrease to 28.5 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 881 Fleet Financial Group, Inc. Section 3(d) of the Act prohibits the Board from Providence, Rhode Island approving any application by a bank holding company to acquire any bank located outside of the state in Order Approving Acquisition of Banks which the operations of the bank holding company's banking subsidiaries are principally conducted, unless Fleet Financial Group, Inc., Providence, Rhode Is- such acquisition is "specifically authorized by the land, a bank holding company within the meaning of statute laws of the State in which such bank is located, the Bank Holding Company Act of 1956, as amended by language to that effect and not merely by implica- (12 U.S.C. § 1841 etseq.) ("Act"), has applied for the tion." (12 U.S.C. § 1842(d)). Based upon its review of Board's approval under section 3(a)(3) of the Act the Massachusetts and Connecticut interstate banking (12 U.S.C. § 1842(a)(3)) to acquire all of the voting statutes,4 the Board concludes that Massachusetts and shares of Fleet National Bank of Boston, Boston, Connecticut have by statute expressly authorized, Massachusetts ("Fleet Boston"), and Fleet National within the meaning of section 3(d) of the Act, a Rhode Bank of Connecticut, Hartford, Connecticut ("Fleet Island bank holding company, such as Applicant, to Connecticut"), both proposed new banks. acquire a bank or bank holding company in the autho- Notice of the applications, affording opportunity for rizing state.5 interested persons to submit comments, has been These applications raise a question under the United given in accordance with section 3(b) of the Act. The States Constitution concerning the constitutionality of time for filing comments has expired, and the Board provisions of the Massachusetts and Connecticut inhas considered the application and all comments re- terstate banking statutes that bar bank holding compaceived in light of the factors set forth in section 3(c) of nies located outside of New England from acquiring the Act (12 U.S.C. § 1842(c)), including the comments banks in Massachusetts or Connecticut.6 The Board of Citicorp, New York, New York, challenging the has addressed the constitutionality of the Connecticut constitutionality of the Massachusetts and Connecti- and Massachusetts statutes in its Orders concerning cut statutes under which the proposed acquisitions are three previous interstate acquisitions under these statto be made. utes.7 In its Bank of New England Corporation Order, Applicant, the largest banking organization in the Board concluded that, while the issue was not free Rhode Island, has one banking subsidiary with total from doubt, there was no clear and unequivocal basis deposits of $3.3 billion, representing 39.7 percent of for a determination that the Connecticut statute is the total deposits in commercial banks in Rhode inconsistent with the Constitution.8 Island.1 Both Fleet Boston, which will compete in the Subsequent to the Board's approval of the three Boston banking market,2 and Fleet Connecticut, prior applications under the Connecticut and Massawhich will compete in the Hartford banking market,3 chusetts interstate banking laws, protestants in each are proposed new banks. Applicant currently com- case sought judicial review of the Board's Orders on petes in neither the Boston nor the Hartford banking the sole ground that the Connecticut and Massachumarket. In light of the de novo nature of these propos- setts interstate banking laws are unconstitutional. Folals, consummation of the proposed transactions would lowing review of the issues, the United States Court of have no adverse effects on competition or the concen- Appeals for the Second Circuit issued an opinion tration of banking resources in any relevant area. The financial and managerial resources and future prospects of Applicant, Fleet Boston, and Fleet Con- 4. Mass. Ann. Laws Ch. 167A, § 2; 1983 Conn. Acts 411, § 2. necticut are consistent with approval of the applica- 5. See Hartford National Corporation, 70 FEDERAL RESERVE BUL- LETIN 353, 354 (1984) (Massachusetts statute); Bank of New England tions. As de novo institutions, the two proposed banks Corporation, 70 FEDERAL RESERVE BULLETIN 374, 375 (1984) (Conwill provide additional full service banking facilities, necticut statute); and Bank of Boston Corporation (Colonial Bancorp, and thus considerations relating to convenience and Inc.), 70 FEDERAL RESERVE BULLETIN 524, 525 (1984). 6. New England bank holding companies include those located in needs of the community to be served lend weight Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, toward approval. and Vermont. 7. Hartford National Corporation, supra; Bank of New England Corporation, supra; and Bank of Boston Corporation (Colonial Bancorp, Inc.), supra. 8. Bank of New England Corporation, 70 FEDERAL RESERVE BULLETIN at 376. It is the Board's policy that it will not hold a state law unconstitutional in the absence of clear and unequivocal evidence 1. Banking data are as of March 31, 1984. of the inconsistency of the state law with the United States Constitu- 2. The Boston banking market includes all of Suffolk and Essex tion. See NCNB Corp., 68 FEDERAL RESERVE BULLETIN 54. 56 Counties, most of Middlesex, Norfolk, and Plymouth Counties, and (1982). The Board repeated these constitutional findings with respect part of Worcester and Bristol Counties, Massachusetts. It also in- to the Massachusetts statute in Hartford National Corporation, 70 cludes 13 towns in southern New Hampshire. FEDERAL RESERVE BULLETIN at 354, and with respect to the closely 3. The Hartford banking market is defined as Hartford County, parallel Rhode Island statute in Bank of Boston Corporation (R1HT Connecticut. Financial Corporation), 70 FEDERAL RESERVE BULLETIN 737 (1984). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

882 Federal Reserve Bulletin • December 1984 rejecting the petitioners' constitutional challenges to the voting shares of Equitable, the third largest bankthe New England statutes and affirming the Board's ing organization in Maryland, with assets of $2.9 Orders.9 The constitutional issues involved in Fleet's billion.1 Applicant proposes to acquire additional votcurrent applications are the same as those involved in ing shares of Equitable as a result of a stock dividend the Second Circuit decision. plan initiated by Applicant.2 The shares to be distrib- Based on the foregoing and other facts of record, the uted through the stock dividend would be a new class Board has determined that the applications should be of shares ("Class B shares") with substantially greater and hereby are approved. The transactions shall not be voting rights than Equitable common stock,3 but the consummated before the thirtieth day after the effec- new shares would be subordinate to common stock tive date of the Order, or later than three months after with respect to dividends.4 Existing shareholders the effective date of this Order, and the banks to be would receive as a dividend one share of Class B for acquired shall be opened for business not later than six every ten shares of common stock. months after the effective date of this Order, unless Immediately following the distribution of the stock such latter periods are extended for good cause by the dividend, the holders of Class B shares will be identi- Board, or by the Federal Reserve Bank of Boston cal to and will hold shares in exactly the same proporpursuant to delegated authority. tion as holders of common stock. Subsequently, hold- By order of the Board of Governors, effective ers of Class B shares may convert these shares to October 4, 1984. common stock on the basis of one share of common stock for two shares of Class B stock. Applicant has stated that it does not intend to convert its Class B Voting for this action: Chairman Volcker and Governors Wallich, Partee, Rice, and Gramley. Abstaining from this shares. Other stockholders may be inclined to convert action: Governor Martin. Absent and not voting: Governor the new shares to common stock in order to receive Seger. dividends on these shares. In that event, Applicant's control of voting shares of Equitable would increase to JAMES MCAFEE as much as 85 percent. This plan was devised by [SEAL] Associate Secretary of the Board Equitable's board of directors to maintain control by existing stockholders even if large amounts of addi- The Maybaco Company tional shares of common stock are issued. Baltimore, Maryland The Board has previously indicated that an application to acquire additional shares through a stock Order Approving Acquisition of Control of dividend does not require the Board's prior approval Additional Shares of a Bank Holding Company where the stock dividend does not alter the bank holding company's proportional share of any class of The Maybaco Company, Baltimore, Maryland, a bank voting securities.5 The record indicates that as a result holding company within the meaning of the Bank of the stock dividend plan, Applicant's proportional Holding Company Act (the "Act") (12 U.S.C. § 1841 share will increase to more than its current 38.9 et seq.), has applied for the Board's approval under percent share. Accordingly, the Board has determined section 3(a)(3) of the Act (12 U.S.C. § 1842(a)(3)), to that the prior approval requirement of section 3(a)(3) acquire control of additional voting shares of Equita- of the Act applies to Applicant's acquisition of shares ble Bancorporation, Baltimore, Maryland ("Equita- through the proposed stock dividend. ble"), and its banking subsidiaries. Notice of the application, affording an opportunity for interested persons to submit comments and views, has been given in accordance with section 3(b) of the 1. Banking data are as of June 30, 1984. Act. The time for filing comments has expired and the 2. In addition to controlling 38.9 percent of the voting shares of Board has considered the application and all com- Equitable, Applicant's general partner is the chairman of the board of Equitable. ments received in light of the factors set forth in 3. Each share of Class B stock entitles the holder to 100 votes on all section 3(c) of the Act (12 U.S.C. § 1842(c)). matters coming before the shareholders, while a share of common stock gives the holder one vote. Applicant, a limited partnership, is a bank holding 4. Equitable's board of directors does not presently intend to company by virtue of its ownership of 38.9 percent of declare any dividends on the Class B shares. Holders will be entitled to receive dividends if and when such dividends are declared by the board of directors. Such dividends as may be declared may not exceed 50 percent of the dividends per share declared on common stock, 9. Northeast Bancorp, Inc. v. Board of Governors of the Federal reflecting the conversion rate of one share of common stock for two Reserve System, Nos. 84-4047, 84-4051, 84-4053, and 84-4081 (2d shares of Class B stock. Cir. Aug. 1, 1984), petition for cert, filed. 52 U.S.L.W. 3189 (U.S. 5. Section 225.11(c) of Regulation Y, 12 C.F.R. § 225.11. See also Sept. 6, 1984) (No. 84-363). 1957 FEDERAL RESERVE BULLETIN 1131 (12 C.F.R. § 225.103). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 883 The financial and managerial resources and future total deposits in commercial banks in Illinois.1 Bank is propects of Applicant and Equitable are consistent the 46th largest commercial bank in Illinois, with total with approval, particularly in light of certain commit- deposits of $191.5 million, representing less than 0.2 ments made in connection with this application. Al- percent of total deposits in commercial banks in the though the proposal will not affect the existing services state. Upon consummation of this proposal, Applicant offered by Equitable's subsidiaries, considerations re- would control total deposits of $271.1 million, reprelating to the convenience and needs of the communi- senting less than 0.3 percent of total deposits in ties to be served are also consistent with approval of commercial banks in the state. Accordingly, consumthe application. mation of this proposal would have no significant The Board has determined that consummation of the effect on the concentration of banking resources in proposal is consistent with the public interest and Illinois. should be approved. On the basis of record, the Bank operates in the Decatur banking market,2 application is approved for the reasons summarized where it is the largest of 17 commercial banking above. The transaction shall not be consummated organizations, controlling 23.5 percent of the total before the thirtieth calendar day following the effective deposits in commercial banks in the market. Applicant date of this Order or later than three months after the does not operate in the Decatur banking market; thus, effective date of this Order, unless such period is this proposal would have no significant effect upon extended for good cause by the Board or by the existing competition. The Board has considered the Federal Reserve Bank of Richmond, acting pursuant effects of this proposal upon probable future competito delegated authority. tion in this market in light of its proposed market- By order of the Board of Governors, effective extension Guidelines.3 The Decatur banking market is October 15, 1984. not considered to be highly concentrated, nor is Applicant considered a probable future entrant into this market absent this proposal. Accordingly, the Board Voting for this action: Chairman Volcker and Governors Martin, Wallich, Partee, Rice, Gramley, and Seger. has concluded that consummation of this proposal would have no significant adverse effect on potential JAMES MCAFEE competition in this market. [SEAL] Associate Secretary of the Board The Board has stated on previous occasions that a bank holding company should serve as a source of financial and managerial strength to its subsidiary Singer & Associates, Inc. banks, and that the Board would closely examine the Mattoon, Illinois condition of an applicant and its subsidiaries in each case with this consideration in mind.4 The Board has Order Denying Acquisition of a Bank Holding cautioned against the assumption of substantial Company amounts of debt by a bank holding company because of concern that the holding company would no longer Singer & Associates, Inc., Mattoon, Illinois, a bank have the financial flexibility to meet any unexpected holding company within the meaning of the Bank problems at its subsidiary banks and could be forced to Holding Company Act ("Act")(12 U.S.C. § 1841 place substantial demands on its subsidiary banks to et seq.), has applied for the Board's approval pursuant meet its debt servicing requirements. to section 3(a)(3) of the Act (12 U.S.C. § 1842(a)(3)), to The Board notes that Applicant is attempting to acquire 50.16 percent of the voting shares of Millikin acquire a company more than twice its size in terms of Bancshares, Inc., Decatur, Illinois, and thereby indi- assets. Applicant proposes to fund this proposal mostrectly to acquire The Millikin National Bank of Decatur, Decatur, Illinois ("Bank"). Notice of the application, affording opportunity for interested persons to submit comments, has been given in accordance with section 3(b) of the Act. The 1. Banking data are as of June 30, 1984. time for filing comments has expired and the Board 2. The Decatur banking market is defined as Macon County plus has considered the application and all comments re- the township of Moweaqua in Shelby County, Illinois. ceived, including comments from the Office of the 3. 47 Federal Register 9017 (March 3, 1982). Although the proposed policy statement setting forth these Guidelines has not been adopted Comptroller of the Currency, in light of the factors set by the Board, the Board is using the Guidelines in its analysis of the forth in section 3(c) of the Act (12 U.S.C. § 1842(c)). effects of a proposal on probable future competition. 4. Corporation for International Agricultural Production Limited, Applicant controls one bank with total deposits of 70 FEDERAL RESERVE BULLETIN 39 (1984); Holcomb Bancshares, $79.6 million, representing less than 0.1 percent of Inc., 69 FEDERAL RESERVE BULLETIN 804 (1983). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

884 Federal Reserve Bulletin • December 1984 ly through debt. As a result, its initial pro forma debt- 3(a)(1) of the Bank Holding Company Act ("Act") to-equity ratio would more than double to a level (12 U.S.C. § 1842(a)(1)), to become a bank holding substantially above that considered prudent for a company by acquiring all of the voting shares of banking organization of Applicant's size, thereby im- McHenry State Bank, McHenry, Illinois. mediately reducing Applicant's ability to serve as a Notice of the application, affording an opportunity source of strength to its subsidiaries. Applicant pro- for interested persons to submit comments, has been jects that it would be able to reduce this ratio to a more given in accordance with section 3(b) of the Act. The manageable level within four years, relying primarily time for filing comments has expired, and the Board upon Bank's earnings. In light of the facts of record, has considered the application and all comments rehowever, Applicant's earnings projections appear ceived in light of the factors set forth in section 3(c) of overly optimistic and do not provide Applicant with the Act (12 U.S.C. § 1842(c)). the necessary financial flexibility. The high initial debt Applicant is a nonoperating corporation formed for level, in combination with Applicant's questionable the purpose of acquiring Bank. This proposal involves ability to service the debt, would strain the ability of a restructuring of Bank's ownership from individuals Applicant's subsidiary banks to provide adequate in- to a corporation owned by the same individuals. Bank, come to meet Applicant's debt servicing requirements with total deposits of $174.3 million, representing less and would bring into question Applicant's ability to than 0.1 percent of total deposits in commercial banks serve as a source of strength. Based upon the above in Illinois, is one of the smaller banks in the state.1 and other facts of record, the Board concludes that Consummation of this proposal would not result in the financial factors associated with the proposal are so concentration of banking resources in Illinois. adverse as to warrant denial.5 Bank operates in the Woodstock banking market,2 Applicant has proposed no new services for Bank. where it is the largest of nine commercial banks, However, there is no evidence in the record that the controlling 36.3 percent of total deposits in commerbanking needs of the community to be served are not cial banks.3 Consummation of this proposal would not being met. Accordingly, considerations relating to the result in any significant effects on competition in any convenience and needs of the community to be served relevant market. are consistent with, but lend no weight toward, ap- In evaluating the financial factors in this case, the proval of the application. Board notes that as a result of consummation of this Based on the foregoing and other facts of record, the proposal, Applicant's pro forma consolidated primary Board believes that approval of this application is not and total capital ratios would be below the levels set in the public interest, and that this application should forth in the Board's current Capital Adequacy Guidebe, and hereby is, denied. lines.4 Further, if the Board were to exclude intangible By order of the Board of Governors, effective assets from Applicant's primary and total capital, October 24, 1984. Applicant's primary and total capital ratios would be below both the Board's current and proposed Capital Voting for this action: Governors Wallich, Partee, Rice, Adequacy Guidelines. Gramley, and Seger. Absent and not voting: Chairman The Board views with concern any proposals in Volcker and Governor Martin. which an applicant's pro forma capital will be close to or below the level specified in the Board's Capital JAMES MCAFEE Adequacy Guidelines, or where intangibles will be a [SEAL] Associate Secretary of the Board significant factor in an applicant's capital base.5 In response to the Board's concerns, Applicant has committed that it will cause its primary capital-to- SparBank, Incorporated McHenry, Illinois Order Approving Formation of a Bank Holding 1. Banking data are as of June 30, 1984, unless otherwise indicated. Company 2. The Woodstock banking market is defined as the northern onehalf (Chenung, Alden, Hebron, Richmond, Burton, Durham, and McHenry townships) of McHenry County, Illinois, including the town SparBank, Incorporated, McHenry, Illinois, has apof Woodstock. plied for the Board's approval, pursuant to section 3. Competitive data are as of June 30, 1982. 4. Capital Adequacy Guidelines, 12 C.F.R., Part 225, Appendix A, Proposed Minimum Capital Guidelines for Bank Holding Companies, 49 Federal Register 30322 (July 30, 1984). 5. The Board received one protest during the processing of this 5. National City Corporation, 70 FEDERAL RESERVE BULLETIN 743 application. The protestant questioned Applicant's ability to finance (1984); Eagle Bancorporation 70 FEDERAL RESERVE BULLETIN 728 this acquisition. (1984). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 885 assets ratio to meet or exceed the Board's current and options on those futures to nonaffiliated customers proposed Capital Adequacy Guidelines, respectively, throughout the world. Applicant proposes to offer such on or before consummation of this proposal. Applicant services through its wholly owned subsidiary, BA has also committed that its primary capital-to-assets Futures, Incorporated ("BAFI"), San Francisco, Caliratio on a tangible basis will meet the Board's pro- fornia. posed Capital Adequacy Guidelines on or before con- Notice of the application, affording interested persummation of this proposal. Based on the foregoing, sons an opportunity to submit comments on the relaand other commitments made by Applicant in connec- tion of the proposed activities to banking and on the tion with this application, the managerial and financial balance of the public interest factors, has been duly resources of Applicant and Bank are considered gener- published (49 Federal Register 30,243 (1984)). The ally satisfactory and their future prospects appear time for filing comments has expired, and the Board favorable. has considered the application and all comments re- Applicant has proposed no new services for Bank. ceived in light of the public interest factors set forth in However, there is no evidence that the banking needs section 4(c)(8) of the Act. of the community to be served are not being met. Applicant, with consolidated assets of $121.5 bil- Accordingly, considerations relating to the conve- lion, is a bank holding company by virtue of its control nience and needs of the community to be served are of Bank of America, N.T. and S.A., San Francisco, consistent with approval. California, the largest banking organization in Califor- Based on the foregoing and other facts of record, the nia, and Seafirst Corporation, Seattle, Washington, Board has determined that approval of the application the largest banking organization in Washington.1 would be consistent with the public interest and that BAFI is a futures commission merchant ("FCM") that the application should be and hereby is approved. The engages in the execution and clearance of futures transaction shall not be consummated before the thirti- contracts in bullion, foreign exchange, government eth calendar day following the effective date of this securities, and money market instruments, and op- Order, or later than three months after the effective tions on such futures contracts on major commodities date of this Order, unless such period is extended for exchanges for nonaffiliated persons. Applicant progood cause by the Board or the Federal Reserve Bank poses to provide advisory services through BAFI both of Chicago, acting pursuant to delegated authority. as an independent service on a separate fee basis and By order of the Board of Governors, effective as a package of FCM services on a non-fee basis. October 17, 1984. The advisory services would consist of general research and advice on market conditions, trading, Voting for this action: Chairman Volcker and Governors hedging and investment strategies, client account in- Martin, Wallich, Partee, Rice, Gramley, and Seger. formation, reconciliation of trades, and communication linkage between clients and commodity exchange JAMES MCAFEE floors. The advisory services may also involve the [SEAL] Associate Secretary of the Board development and marketing of computer software applications for use by clients in designing or measuring hedging performance and generating related accounting entries. Orders Issued under Section 4 of Bank Holding The proposed advisory services are substantially Company Act similar to those previously approved by the Board by order.2 In addition, the Board has previously deter- BankAmerica Corporation mined by order that the provision of such investment San Francisco, California advice, both as a separate service for a fee and as part of an integrated package of FCM services on a nonfee Order Approving Application to Engage in Certain basis, is closely related to banking.3 Futures Commission Merchant Advisory Activities In order to approve this application, the Board is also required to determine that the performance of the BankAmerica Corporation, San Francisco, California, a bank holding company within the meaning of the Bank Holding Company Act, has applied pursuant to section 4(c)(8) of the Act (12 U.S.C. § 1843(c)(8)) 1. Banking data are as of March 31, 1984. and section 225.21(a) of the Board's Regulation Y 2. Manufacturers Hanover Corporation, 70 FEDERAL RESERVE (12 C.F.R. § 225.21(a)), to provide investment advisory BULLETIN 369 (1984). 3. J. P. Morgan & Co., Incorporated, 70 FEDERAL RESERVE services with respect to certain financial futures and BULLETIN 780 (1984). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

886 Federal Reserve Bulletin • December 1984 proposed activities by Applicant "can reasonably be ("Company").1 Applicant would operate Company expected to produce benefits to the public . . . that under the name First Interstate Commercial Alliance outweigh possible adverse effects . . . ." (12 U.S.C. Corporation. Company is engaged in installment sales § 1843(c)(8)). The Board concludes that Applicant's financing and full-payout leasing of commercial, indusproposal can reasonably be expected to produce bene- trial, office, and professional equipment and machinfits to the public in that it would provide an additional ery, primarily through two subsidiaries, Credit Alliservice to corporations and financial institutions that ance Corporation and Leasing Service Corporation. may wish to utilize futures markets in their operations. Another of Company's subsidiaries, C-A Financial There is no evidence in the record that consummation Corporation, provides corporate financing secured by of the proposal would result in any effects that would various types of collateral.2 Each of these activities be adverse to the public interest. has been determined by the Board to be closely related Based upon a consideration of all the relevant facts, to banking. 12 C.F.R. § 225.25(b)(1) and (5). the Board concludes that the balance of the public Notice of the application, affording interested perinterest factors it is required to consider under section sons an opportunity to submit comments, has been 4(c)(8) is favorable. Accordingly, the application is duly published (49 Federal Register 33,171 (1984)). hereby approved. This determination is subject to all The time for filing comments has expired, and the of the conditions set forth in Regulation Y and the Board has considered the application and all com- Board's authority to require such modification or ments received in light of the public interest factors set termination of the activities of a bank holding compa- forth in section 4(c)(8) of the Act. ny or any of its subsidiaries as the Board finds Applicant is a multi-bank holding company with 21 necessary to assure compliance with the provisions subsidiary banks holding total domestic deposits of and purposes of the Act and the Board's regulations approximately $29.6 billion.3 Applicant's lead bank, and orders issued thereunder, or to prevent evasion First Interstate Bank of California, is the fifth largest thereof. banking organization in California with total domestic The transaction shall be made not later than three deposits of approximately $12.6 billion, representing months after the effective date of this Order, unless 7.4 percent of the total deposits in commercial banks such period is extended for good cause by the Board or in the state. Applicant is also engaged in various by the Federal Reserve Bank of San Francisco pursu- nonbanking activities, including leasing and commerant to delegated authority. cial finance, through nonbank subsidiaries. By order of the Board of Governors, effective In acting on Applicant's proposal to acquire Compa- October 26, 1984. ny, the Board must, in addition to determining whether Company's activities are closely related to banking, Voting for this action: Governors Wallich, Partee, Rice, consider whether the performance of the proposed Gramley, and Seger. Absent and not voting: Chairman activities by Company can reasonably be expected to Volcker and Governor Martin. produce benefits to the public that outweigh possible adverse effects. 12 U.S.C. § 1843(c)(8). WILLIAM W. WILES [SEAL] Secretary of the Board First Interstate Bancorp 1. Applicant currently owns 4.9 percent of Company's voting Los Angeles, California shares and, therefore, would own 100 percent of Company's shares upon consummation of this proposal. 2. Incidental to its leasing and commercial finance activities. Com- Order Approving Acquisition of Company Engaged pany offers financial, advisory and administrative services to third parties, such as manufacturers, leasing companies, and depository in Commercial Finance and Leasing Activities institutions, solely as a marketing technique through which Company purchases the receivables that are generated by these other compa- First Interstate Bancorp, Los Angeles, California, a nies. Company does not enter into written agreements or receive any fee in connection with any of these incidental services. All leases bank holding company within the meaning of the Bank purchased by Company conform to the requirements of section Holding Company Act ("Act"), has applied for the 225.25(b)(5) of Regulation Y. Board's approval pursuant to section 4(c)(8) of the Act Company owns a number of inactive corporations, including two insurance companies which have offered, but currently are not (12 U.S.C. § 1843(c)(8)) and section 225.21(a) of the offering, credit indemnity insurance policies covering installment sales Board's Regulation Y (12 U.S.C. § 225.21(a)), to contracts and equipment leases. Should Applicant desire to reactivate acquire 95.1 percent of the voting shares of Commer- any of Company's inactive operations, the Board's prior approval must first be obtained pursuant to section 4(c)(8) of the Act. cial Alliance Corporation, New York, New York 3. Banking data are as of December 31, 1983. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 887 Applicant engages in commercial finance activities Guidelines. Applicant's tangible primary capital ratio through its subsidiary, First Interstate Commercial alone, while declining somewhat after this acquisition, Corp. ("FICC1'), which maintains offices in Portland, will still be at a level consistent with the Board's Oregon; Denver, Colorado; Chicago, Illinois; and St. current and proposed Capital Adequacy Guidelines.4 Louis, Missouri. As of June 30, 1984, FICC had $129 Based upon these and other facts of record, the Board million in receivables outstanding. Company engages concludes that financial factors are consistent with in commercial finance activities principally through approval of this application. Credit Alliance Corporation from offices in Anaheim Applicant's acquisition of Company would be likely and Emeryville, California; Atlanta, Georgia; Des to result in the strengthening of Company's competi- Plaines, Illinois; Glen Burnie, Maryland; Houston, tive position both geographically and with respect to Texas; Orangeburg, New York; Altamonte Springs, product lines. In addition, the acquisition will enable Florida; Pittsburgh, Pennsylvania; and Portland, Ore- Applicant and Company to benefit from economies gon. As of April 30, 1984, Company had total commer- from the elimination of duplicative systems and facilicial finance receivables of approximately $429 million. ties. On the basis of these and other facts of record, The market for commercial finance has been desig- the Board concludes that the benefits to the public that nated as either regional or nationwide in scope. In this would result from Applicant's acquisition of Company case, it appears that Company and Applicant, through lend some weight toward approval. Moreover, there is FICC, compete in a national market. On this basis, no evidence in the record to indicate that consumma- Applicant and Company would control less than 1.0 tion of the proposal would result in any undue concenpercent of the commercial finance market upon con- tration of resources, decreased or unfair competition, conflicts of interests, unsound banking practices, or summation of this acquisition. other adverse effects. Applicant engages in leasing activities through First Interstate Leasing Company ("FILC") from offices in Based upon the foregoing and other considerations Pasadena, Mission Viejo, and San Francisco, Califor- reflected in the record, the Board has determined that nia, and New York, New York. As of June 30, 1984, the balance of the public interest factors it is required FILC had net lease receivables of approximately to consider under section 4(c)(8) is favorable. Accord- $236,000. Company engages in leasing activities prin- ingly, the application is hereby approved. This detercipally through Leasing Service Corporation from the mination is subject to all the conditions set forth in the same offices at which it engages in commercial finance Board's Regulation Y, including those in sections activities. As of April 30, 1984, Company had net lease 225.4(d) and 225.23(b), and to the Board's authority to receivables of approximately $265 million. The market require such modification or termination of the activifor commercial leasing activities has been designated ties of a bank holding company or any of its subsidiaras nationwide. On this basis, Applicant and Company ies as the Board finds necessary to assure compliance would control less than 1.0 percent of the leasing with the provisions and purposes of the Act and the market upon consummation of this proposal. Board's regulations and orders issued thereunder, or There are numerous firms engaged in both commer- to prevent evasion thereof. cial finance and leasing activities, and the markets for The transaction shall be consummated not later than these activities are unconcentrated. In view of the three months after the effective date of this Order, number of commercial finance and leasing firms com- unless such period is extended for good cause by the peting nationwide and the small market shares that Board or by the Federal Reserve Bank of San Franciswould result from consummation of this proposal, the co, acting pursuant to delegated authority. Board concludes that consummation of the proposal By order of the Board of Governors, effective would not have a significantly adverse effect on exist- October 25, 1984. ing competition. In evaluating this case, the Board has carefully Voting for this action: Governors Wallich, Partee, Rice, considered the financial and managerial resources of Gramley, and Seger. Absent and not voting: Chairman Volcker and Governor Martin. Applicant, including its capital position, and the effect the proposed acquisition would have on these re- JAMES MCAFEE sources. As the Board has previously stated, capital [SEAL] Associate Secretary of the Board adequacy is an especially important factor in the analysis of bank holding company expansion proposals, particularly, as in this case, where a significant acquisition is proposed. Applicant's primary and total 4. Capital Adequacy Guidelines, 12 C.F.R., Part 225, Appendix A. capital ratios significantly exceed the minimum levels Capital Adequacy Guidelines for Bank Holding Companies, 49 Federspecified in the Board's proposed Capital Adequacy al Register 30,322 (July 30, 1984). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

888 Federal Reserve Bulletin • December 1984 First Moore Bancshares, Inc. closely related to banking within the meaning of sec- Moore, Oklahoma tion 4(c)(8) of the Act.2 However, while the activity as proposed by Appli- Order Approving Application to Engage in Insurance cant is closely related to banking, the Board must also Activities determine that the performance of the proposed activity by Applicant "can reasonably be expected to pro- First Moore Bancshares, Inc., Moore, Oklahoma, a duce benefits to the public, such as greater convebank holding company within the meaning of the Bank nience, increased competition, or gains in efficiency, Holding Company Act ("Act"), has applied for the that outweigh possible adverse effects, such as undue Board's approval under section 4(c)(8) of the Act concentration of resources, decreased or unfair com- (12 U.S.C. § 1843(c)(8)) and section 225.25 of the petition, conflicts of interests, or unsound banking Board's Regulation Y (12 C.F.R. § 225.25), to engage practices." 12 U.S.C. § 1843(c)(8). Upon a review of de novo, through a proposed indirect subsidiary, First the record of this application, the Board views Appli- Property and Casualty Insurance Agency of Moore, cant's proposal as procompetitive and in the public Inc., Moore, Oklahoma, in general insurance agency interest because de novo entry will provide greater activities (except the sale of life insurance and annu- convenience to the public and increased competition ities) in a community with a population greater than in the provision of insurance services in the geographic 5,000. Applicant, as a bank holding company with total area to be served. Furthermore, there is no evidence in assets under $50 million, relies on the statutory lan- the record to indicate that consummation of this guage contained in section 601(F) of the Garn-St proposal would result in undue concentration of re- Germain Depository Institutions Act of 1982 as autho- sources, unfair competition, conflicts of interests, rization for this activity.1 unsound banking practices, or other adverse effects. Notice of the application, affording interested per- Based upon the foregoing and all the facts of record, sons an opportunity to submit comments on the pro- the Board has determined that the public benefits posal, has been duly published. (49 Federal Register associated with consummation of this proposal can 31,493 (August 7, 1984)). The time for filing comments reasonably be expected to outweigh possible adverse has expired, and the Board has considered the applica- effects, and that the balance of the public interest tion and all comments received in light of the public factors favors approval of this application. Accordinterest factors set forth in section 4(c)(8) of the Act. ingly, the application is hereby approved. Applicant, with total assets of approximately $32 This determination is subject to all of the conditions million as of June 30, 1984, proposes to engage in set forth in Regulation Y, including sections 225.4(d) general insurance agency activities in Moore, Oklaho- and 225.23(b), and to the Board's authority to require ma, a community with a population of approximately such modification or termination of the activities of a 35,000 as of the 1980 census. Applicant states that the bank holding company or any of its subsidiaries as the activities would be conducted from offices to be locat- Board finds necessary to assure compliance with the ed in Applicant's subsidiary bank, The First National provisions and purposes of the Act and the Board's Bank of Moore (total deposits of $28 million as of regulations and orders issued thereunder, or to pre- June 30, 1984), and that its service area would be the vent evasion thereof. city of Moore and the surrounding north-central por- The proposed activities shall commence not later tion of Cleveland County, Oklahoma. than three months after the effective date of this In order to approve an application under section Order, unless such period is extended for good cause 4(c)(8) of the Act, the Board is required to determine by the Board or by the Federal Reserve Bank of that a proposed activity is "so closely related to Kansas City, acting pursuant to delegated authority. banking or managing or controlling banks as to be a By order of the Board of Governors, effective proper incident thereto. . ." 12 U.S.C. § 1843(c)(8). In October 26, 1984. this regard, the Board has previously found that the sale of general insurance by bank holding companies Voting for this action: Governors Partee, Rice, Gramley, with total assets of $50 million or less is an activity and Seger. Abstaining from this action: Governor Wallich. Absent and not voting: Chairman Volcker and Governor Martin. WILLIAM W. WILES 1. Section 601(F) is now codified as section 4(c)(8)(F) of the Bank Holding Company Act. The legislative history of that section states [SEAL] Secretary of the Board that insurance activities authorized on the basis of section 601(F) must be terminated if the bank holding company's assets exceed $50 million. See Senate Report 97-536, at 41-42. In this regard, Applicant 2. Whitewater Bancorp, Inc., 69 FEDERAL RESERVE BULLETIN 815 has committed to divest itself of such activities if its assets exceed $50 (1983); A.S.B. Bancshares, Inc., 70 FEDERAL RESERVE BULLETIN 363 million. (1984). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 889 First National Cincinnati Corporation continue to be owned (or leased) and operated, not by Cincinnati, Ohio MSI, but by the participating institutions. The participating institutions, not MSI, issue the cards used for BancOhio Corporation access to ATMs in the Switch. Columbus, Ohio MSI also proposes to offer, through the Switch, data transmission and processing services in connection Society Corporation with point-of-sale ("POS") transactions. Such POS Cleveland, Ohio transactions would involve the transfer of funds from the checking, savings, or credit card account of a National City Corporation participating institution's customer to a merchant's Cleveland, Ohio account. The proposed POS services would be the subject of agreements between merchants and partici- Fifth Third Bancorp pating institutions, and the POS terminals would be Cincinnati, Ohio owned and operated by merchants or participating institutions, not by MSI. Order Approving Joint Venture to Engage in Data MSI currently provides switching services for finan- Processing and Related Activities cial institutions located in Ohio, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia. It pro- First National Cincinnati Corporation, Cincinnati, poses to expand into other states in its region and Ohio ("First Cincinnati"), BancOhio Corporation, plans eventually to offer its services to institutions Columbus, Ohio ("BancOhio"), Society Corporation, throughout the United States. Cleveland, Ohio ("Society"), and National City Cor- The proposed data processing and related activities poration, Cleveland, Ohio ("National City"), all bank have been determined by the Board to be closely holding companies within the meaning of the Bank related to banking and are permissible under Holding Company Act (12 U.S.C. § 1841 et seq.) section 225.25(b)(7) of Regulation Y (12 C.F.R. ("Act") , have applied for the Board's approval under § 225.25(b)(7)(i) and (ii)). Notice of these applications, section 4(c)(8) of the Act (12 U.S.C. § 1843(c)(8)) and affording opportunity for interested persons to subsection 225.23 of the Board's Regulation Y (12 C.F.R. mit comments, has been duly published. 49 Federal § 225.23), to acquire shares of Money Station, Inc., Register 29,848 (July 24, 1984). The time for filing Cincinnati, Ohio ("MSI"), a joint venture to engage in comments has expired, and the Board has considered data processing and related activities. Fifth Third the applications and all comments received in light of Bancorp, Cincinnati, Ohio ("Fifth Third"), which the public interest factors set forth in section 4(c)(8) of currently operates MSI as a wholly owned operating the Act. subsidiary, has applied to participate in the joint The co-venturers represent the second, fourth, fifth, venture through retention of its shares.1 ninth, and twelfth largest commercial banking organi- MSI, established in 1983, operates an electronic zations in Ohio.2 Each of the co-venturers presently funds transfer ("EFT") system for interchanging fi- operates a proprietary ATM network for its affiliated nancial transactions of depository institutions that banks. In addition, four of the co-venturers—Fifth contract for MSI's services. MSI's interchange system Third, BancOhio, First Cincinnati, and Society—oper- (the "Switch") operates as a neutral clearing house for ate shared proprietary ATM networks for non-affiliatelectronic funds transfer, payment, and withdrawal ed as well as affiliated institutions. Following consumtransactions at automated teller machines ("ATMs") mation of this proposal, MSI's Switch would provide operated by any participating institution, and enables interchange services for transactions within each of customers of participating institutions to complete such EFT transactions at ATMs operated by any member of the system. These ATMs are and will 2. BancOhio, with aggregate deposits of $4.9 billion, controls 9.4 percent of commercial bank deposits in the state. National City controls aggregate deposits of $4.3 billion, representing 8.3 percent of 1. Upon consummation of this proposal, Fifth Third, First Cincin- commercial bank deposits in Ohio. Upon the merger of BancOhio into nati, Society, and BancOhio each would hold 24 shares in MSI and National City, National City would be the state's largest commercial National City would hold 28 shares. As provided in BancOhio's banking organization with approximately 17.2 percent of the deposits agreement to subscribe to shares of MSI, MSI will repurchase in commercial banks in Ohio. Society, with aggregate deposits of $4.3 BancOhio's shares upon the consummation of the recently-approved billion, controls 8.2 percent of commercial bank deposits in the state. merger of BancOhio with National City (National City Corporation, First Cincinnati, with total deposits of $1.6 billion, controls 3.2 70 FEDERAL RESERVE BULLETIN 743 (1984)). If that merger takes percent of commercial bank deposits in Ohio. Fifth Third holds total place before consummation of this proposal, MSI will not issue any deposits of $1.3 billion, representing 2.5 percent of deposits in shares to BancOhio. commercial banks in Ohio. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

890 Federal Reserve Bulletin • December 1984 these networks3 as well as acting as the central switch ATM terminals in local markets that no other switches among the individual networks. In addition, MSI could successfully compete. Furthermore, as noted would offer its switching services to institutions not above, MSI's participating institutions will not be currently affiliated with any of the co-venturers' ATM prohibited from simultaneous membership in other networks. switching networks, and each participating institution Inasmuch as the co-venturers would no longer pro- may cancel its membership contract with MSI with 120 vide EFT switching services for unaffiliated financial days prior written notice. In light of this and other institutions after consummation of this proposal, some evidence of record, the elimination of the co-venturers existing competition among the co-venturers in pro- as potential operators of regional switching networks viding data processing services would be eliminated. does not raise any serious concern. Accordingly, the The anticompetitive effects of this proposal are, how- Board concludes that consummation of the proposed ever, mitigated by the fact that the co-venturers' joint venture would not have a significant adverse existing proprietary ATM networks would all continue effect on probable future competition. to operate, as MSI will merely interface between those The Board has reviewed this proposal to ensure that systems. Each co-venturer will retain complete con- no unfair competitive practices, violations of law, or trol over expansion of its own ATM networks, pricing other substantially adverse effects would result from and selection of ATM services, and placement of consummation of the proposal. In this regard, the terminals, and thus will continue to compete with the Board notes that all depository institutions would have other co-venturers in the operation of ATM networks. equal access to membership in MSI, and that the terms Furthermore, the terms of the agreements between of the proposed contracts between MSI and participat- MSI and the participating institutions permit the co- ing institutions are non-restrictive.4 After review of venturers and all other participating institutions to join the application and other facts of record, the Board other switching networks. In light of these and other concludes that consummation of this proposal would facts of record, the Board concludes that consumma- not result in unfair competition, conflicts of interest, tion of this proposal would not have a significant or unsound banking practices. adverse effect on existing competition in the provision The Board also has considered the effect of consumof ATM services in any relevant market. mation of this proposal in light of state and federal The Board also has considered the effects of con- laws governing the establishment of branches and the summation of this proposal on probable future compe- use of ATMs in a network. As described above, the tition in the provision of EFT switching services, MSI network would only provide data processing particularly in light of the fact that this application services for the interchange and would neither own involves the use of a joint venture to engage in the nor operate ATMs. Moreover, Applicant has stated relevant activities. As noted above, the co-venturers that it will comply with all applicable state and federal are five of the largest bank holding companies in Ohio laws in offering its switching services to depository and four of the co-venturers currently operate EFT institutions. switches for unaffiliated institutions. The joint venture It is the Board's view that approval of these applicasignificantly reduces the possibility that these four tions can reasonably be expected to produce substanswitches would expand on a regional basis or that tial benefits to the public. Consummation of this National City would form its own switching network. proposal would give individuals in Ohio and the sur- Upon consummation of the joint venture proposal, rounding region access to a larger number of ATM however, two other large Ohio-based EFT switches terminals and would increase the availability of POS and at least two national networks would remain as services to consumers. In addition, the economies of competitors of MSI. Moreover, since numerous Ohio scale that would result from the expanded network financial institutions, including three with deposits in would accrue to all participating institutions. Finally, excess of $1 billion, do not participate in a shared the greatly expanded resources provided by the joint ATM network, it appears likely that additional nation- venture would enable MSI to improve and expand its al or regional EFT switches will enter MSI's market EFT services to compete effectively with other regionarea. The existence of these current and potential al and national switches. entrants mitigates concerns that the MSI interchange system may represent so large a proportion of possible 4. These contracts impose no restrictions on the geographic location of an institution's ATMs and give participating institutions the option of keeping 20 percent of their ATMs outside the network. 3. At present, the co-venturers contract with MSI for switching Furthermore, the membership contracts are written for a term of one services for their affiliated institutions, but provide switching services year and. as noted above, may be cancelled with 120 days prior independently for their shared proprietary networks. written notice. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 891 Based upon the foregoing and other facts of record, Colorado; Central Bank of Broomfield, Broomfield, the Board has determined that the balance of public Colorado; Central Bank of Chapel Hills, N.A., Colorainterest factors it is required to consider under section do Springs, Colorado; Central Bank of Chatfield, 4(c)(8) favors approval of these applications. In addi- Littleton, Colorado; Central Bank of Greeley, Greetion, the financial and managerial resources and future ley, Colorado; Central Bank of Inverness, N.A., Enprospects of the Applicants and MSI are considered glewood, Colorado; Central Bank of North Denver, consistent with approval. Accordingly, these applica- Denver, Colorado; Central Bank of Pueblo, N.A., tions are hereby approved. This determination is sub- Pueblo, Colorado; Central Bank of Stapleton, N.A., ject to all of the conditions set forth in Regulation Y, Denver, Colorado; First National Bank in Aspen, including those in sections 225.4(d) and 225.23(b), and Aspen, Colorado; First National Bank in Battlement to the Board's authority to require such modification Mesa, Battlement Mesa, Colorado; First National or termination of the activities of a bank holding Bank in Craig, Craig, Colorado; First National Bank of company or any of its subsidiaries as the Board finds Glenwood Springs, Glenwood Springs, Colorado; necessary to assure compliance with the provisions First National Bank of Grand Junction, Grand Juncand purposes of the Act and the Board's regulations tion, Colorado; First National Bank-North in Grand and orders issued thereunder, or to prevent evasion Junction, Grand Junction, Colorado; and Rocky Ford thereof. National Bank, Rocky Ford, Colorado; and the follow- This transaction shall not be consummated later ing banks in organization: Central Bank of East Aurothan three months after the effective date of this ra, N.A., Aurora, Colorado; Central Bank of Centen- Order, unless such period is extended for good cause nial, N.A., Littleton, Colorado; Central Bank of by the Board, or by the Federal Reserve Bank of Garden of the Gods, N.A., Colorado Springs, Colora- Cleveland pursuant to delegated authority. do; and, Central Bank of Westminster, N.A., West- By order of the Board of Governors, effective minster, Colorado. C.C.B., Inc. and New Central October 15, 1984. Colorado Company have also applied for the Board's approval under section 4(c)(8) of the Act to acquire Voting for this action: Chairman Volcker and Governors indirectly Central Bancorp Life Insurance Company, Martin, Partee, Rice, and Seger. Abstaining from this action: Denver, Colorado, a wholly owned subsidiary of Ban- Governors Wallich and Gramley. corporation that reinsures credit life and accident and health insurance related to extensions of credit made JAMES MCAFEE by Bancorporation's subsidiary banks. [SEAL] Associate Secretary of the Board Notice of the applications, affording an opportunity for interested persons to submit comments, has been Orders Issued under Sections 3 and 4 of Bank given in accordance with section 3(b) of the Act. The Holding Company Act time for filing comments has expired, and the Board has considered all comments received in light of the C.C.B., Inc. factors set forth in section 3(c) of the Act. Denver, Colorado In 1980, the Board approved a divestiture proposal involving shares of Bancorporation in which D. H. New Central Colorado Company Baldwin Company, Cincinnati, Ohio ("Baldwin"), Denver, Colorado transferred its ownership of voting shares of Bancorporation to a limited partnership for the purpose of Order Approving the Acquisition of a Bank Holding removing the control and economic benefits of owner- Company ship of Bancorporation from Baldwin and providing for the orderly sale of Baldwin's interest. C.C.B., Inc., C.C.B., Inc., Denver, Colorado, and New Central which is owned and controlled primarily by the man- Colorado Company, Denver, Colorado, have applied agement of the bank subsidiaries of Bancorporation, for the Board's approval under section 3 of the Bank became the general partner of the limited partnership Holding Company Act ("Act") to acquire Central formed by Baldwin. As part of the proposal, Baldwin Bancorporation, Inc., Denver, Colorado ("Bancor- was permitted to retain a class 2 limited partnership poration"), a registered bank holding company. Ban- interest that was under all circumstances nonvoting. corporation owns the following bank subsidiaries: The proposal also involved the sale of the voting Central Bank of Denver, Denver, Colorado; Central shares of Bancorporation and dissolution of the part- Bank of Academy Boulevard, Colorado Springs, Colo- nership through the exercise of warrants sold to inderado; Central Bank of Colorado Springs, Colorado pendent investors at the time of the implementation of Springs, Colorado; Central Bank of Aurora, Aurora, the divestiture plan, or through a sale conducted by an Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

892 Federal Reserve Bulletin • December 1984 independent trustee.1 The Board was persuaded by the AmeriTrust proposes to acquire, and the commitments particular facts and circumstances of that case, includ- offered by AmeriTrust not to exercise or attempt to ing numerous commitments made by Baldwin, that the exercise a controlling influence over the New Central arrangements under the original divestiture plan by Colorado Company, Bancorporation, or its subsidiary Baldwin were appropriate to effect the divestiture by banks. The Board has also taken into account the Baldwin of its interest in Bancorporation. uncertainties engendered by the Baldwin bankruptcy Baldwin is currently the subject of Chapter XI proceedings with respect to the prospects for Bancorbankruptcy proceedings. The instant proposal repre- poration and its subsidiary banks. In light of these and sents an effort on the part of various participants in the all of the other facts of this case, the Board has original Baldwin divestiture plan to resolve a number determined that AmeriTrust is not required at this time of issues raised in the Baldwin bankruptcy proceeding to file an application for Board approval under the Act related to the continued implementation of the divesti- as a result of its proposed acquisition of an interest in ture plan. The proposal involves a reorganization of New Central Colorado Company. the original partnership formed under the Baldwin New Central Colorado Company, a nonoperating divestiture plan into New Central Colorado Company. limited partnership with no subsidiaries, was orga- Under the proposal, AmeriTrust Corporation, Cleve- nized for the purpose of acquiring the voting shares of land, Ohio, which acquired debentures issued by Bald- Bancorporation. C.C.B., Inc., the general partner of win under the original divestiture plan, would replace New Central Colorado Company, is a nonoperating Baldwin as owner of the nonvoting class 2 limited corporation with no subsidiaries and is a registered partnership interest under substantially the same bank holding company with respect to Bancorporation terms and conditions as in the original Baldwin divesti- and its subsidiary banks under the original divestiture ture plan approved by the Board. AmeriTrust itself plan approved by the Board for Baldwin. Bancorporacannot convert or transfer the class 2 interest it tion, with consolidated assets of $1.8 billion, is the proposes to acquire. Instead, the proposal provides fifth largest commercial banking organization in Colothat the voting shares of Bancorporation acquired by rado.2 Based on the record it appears that consumma- New Central Colorado Company must be sold by an tion of this proposal would not result in any adverse independent trustee in a public offering or auction. effects upon competition or the concentration of bank- This public auction, as in the original divestiture plan ing resources in any relevant market. Accordingly, the approved by the Board, must be completed no later Board concludes that competitive considerations are than December 31, 2000. As in the original divestiture consistent with approval of the applications. plan approved by the Board, C.C.B., Inc., would be The financial and managerial resources and future the sole general partner of New Central Colorado prospects of Applicants and Bancorporation and its Company. subsidiary banks are generally satisfactory. Accord- The Board would not ordinarily approve a limited ingly, the Board has determined that considerations partnership arrangement such as proposed here be- relating to banking factors are consistent with approvcause of the problems that such a device raises regard- al. While Applicants do not expect any immediate ing consistency with the policies and objectives of the changes in Bancorporation's operations or services, BHC Act. The Board has considered, however, that the proposed transaction is expected to terminate the this case raises unique facts and circumstances arising affiliation of Bancorporation and its subsidiary banks out of a divestiture plan originally approved by the with Baldwin and to resolve the issues of their owner- Board in 1980. This proposal is now before the Board ship and operation raised in the Baldwin bankruptcy because of doubts that have been raised by the Bald- proceeding. Accordingly, the Board has determined win bankruptcy proceeding regarding continued imple- that consummation of the proposed transaction would mentation of the Board's previously approved divesti- be consistent with the public interest. ture plan. In addition, the Board has considered that Applicants have also applied pursuant to section the proposed transaction involves substantially the 4(c)(8) of the Act to acquire indirectly the Central replacement of Baldwin with AmeriTrust under sub- Bancorp Life Insurance Company, which engages in stantially the same terms and conditions as in the permissible credit-related insurance activities under original divestiture plan approved in 1980, as well as section 4(c)(8)(A) of the Act and section 225.25(b)(9) of the limitations imposed on the class 2 shares that the Board's Regulation Y (12 C.F.R. § 225.25(b)(9)). Applicants do not propose to engage in any nonbank- 1. See Central Colorado Company and C.C.B., Inc., 66 FEDERAL RESERVE BULLETIN 655 (1980). 2. All banking data are as of June 30, 1984. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 893 ing activities directly and seek approval to conduct the ("Bank"), under the charter of Applicant and under proposed activity only to the extent previously ap- the new title of Commerce America Banking Comproved by the Board for Bancorporation and Central pany.1 Bancorp Life Insurance Company. There is no evi- Notice of this application, affording interested perdence in the record to indicate that approval of this sons an opportunity to submit comments, has been proposal would result in any undue concentration of given in accordance with the Bank Merger Act and the resources, decreased or unfair competition, conflicts Board's Rules of Procedure (12 C.F.R. § 262.3(b)). As of interest, unsound banking practices, or other effects required by the Bank Merger Act, reports of the adverse to the public interest. Accordingly, the Board competitive effects of the merger were requested from has determined that considerations relating to the the United States Attorney General, the Comptroller public interest factors under section 4 of the Act are of the Currency, and the Federal Deposit Insurance consistent with approval of this application. Corporation. The time for filing comments has ex- Based on the foregoing and all of the facts of record pired, and the Board has considered the application and commitments by AmeriTrust, the Board has deter- and all comments received, including those submitted mined that the applications under sections 3 and 4 of by the First National Bank of Clark County and Ms. the Act should be and hereby are approved. Linda K. Dornbush ("Protestants"), in light of the The transaction shall not be consummated before factors set forth in section 18(c) of the Act.2 the thirtieth day following the effective date of the Applicant is the 41st largest commercial bank in Board's Order or later than three months after the Indiana, with total deposits of $144.2 million, repreeffective date of the Board's Order, unless such period senting approximately 0.5 percent of the total deposits is extended by the Board or by the Federal Reserve in commercial banks in the state.3 Bank is the 91st Bank of Kansas City, pursuant to delegated authority. largest commercial bank in Indiana, controlling $80 The determinations herein regarding nonbank activi- million in total deposits, which represent approximateties are subject to the conditions stated herein as well ly 0.3 percent of the total deposits in commercial as all of the conditions set forth in Regulation Y, banks in the state. Upon consummation of the proincluding sections 225.4(d) and 225.23(b), and to the posed merger, Applicant's share of total statewide Board's authority to require such modification or deposits would increase to approximately 0.8 percent termination of the activities of a holding company or and Applicant would become the 23rd largest commerany of its subsidiaries as the Board finds necessary to cial banking institution in the state. Accordingly, conassure compliance with, or to prevent evasion of, the summation of the proposed merger would not have an provisions and purposes of the Act and the Board's appreciable effect upon the concentration of commerregulations and orders issued thereunder. cial banking resources in Indiana. By order of the Board of Governors, effective Applicant is located in Clark County, Indiana, and October 12, 1984. operates 10 banking offices therein: five offices in Jeffersonville, four offices in Clarksville, and one Voting for this action: Chairman Volcker and Governors office in Hamburg, Indiana. Bank is also located in Martin, Wallich, Partee, Rice, Gramley, and Seger. Governor Clark County and operates four offices in Jefferson- Wallich abstained from the insurance portion of this action. ville and one office in Clarksville, Indiana. Clark County is located directly across the Ohio River from JAMES MCAFEE Louisville, Kentucky; the southern portion of Clark [SEAL] Associate Secretary of the Board County, including the communities of Jeffersonville, Clarksville, and Hamburg, is included in the Louisville Ranally Metro Area. The Federal Reserve Bank of St. Orders Issued under Section 18 of Bank Merger Act Citizens Bank and Trust Co. Jeffersonville, Indiana 1. Applicant has also applied under section 9 of the Federal Reserve Act for permission to establish branches at the five locations in Clark County, Indiana, where Bank has its main office and its four Order Approving the Merger of Banks branches. In acting to approve the application under the Bank Merger Act, the Board also hereby approves Applicant's application under section 9 of the Federal Reserve Act. Citizens Bank and Trust Co., Jefferson ville, Indiana 2. First National Bank of Clark County is a bank operating in Clark has applied for the Board's approval under the Bank County, Indiana. Ms. Dornbush is a shareholder of Clark Financial Corporation, Bank's parent. Merger Act (12 U.S.C. § 1828(c)) to merge with The 3. Unless otherwise noted, all banking data are as of September 30, Clark County State Bank, Jeffersonville, Indiana 1983. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

894 Federal Reserve Bulletin • December 1984 Louis has previously determined that the southern to evaluate the competitive effects of this proposal portion of Clark County, where Applicant and Bank includes Jefferson County, Kentucky; portions of Bulare located, is part of a banking market that is closely litt County and Oldham County, Kentucky; all of approximated by the Louisville Ranally Metro Area.4 Floyd County, Indiana; and, portions of Clark County Protestants claim that the relevant banking market and Harrison County, Indiana. This area closely apin this case consists solely of Clark County, Indiana. proximates the Louisville, Kentucky, RMA, which On the basis of this definition, Protestants argue that includes that part of Clark County in which Applicant the proposed merger would have a significantly ad- and Bank are located. verse effect on competition, and that the Board there- The Board believes that the Protestants' definition fore should deny this application. Protestants base of the relevant banking market as Clark County, their contention on several factors, including general Indiana, is unduly narrow and disregards the signifiassertions that Applicant and Bank derive "substan- cant commercial interaction that exists between Jeffertially all" of their customers from Clark County, and sonville, Clarksville, and Hamburg, Indiana, where that there is little significant primary service area Applicant and Bank are located, and Louisville, Kenoverlap between banking institutions located in Clark tucky, and the surrounding area. Jeffersonville and County, Indiana, and those located outside of Clark Louisville are located directly across the Ohio River County.5 from one another and are connected by an easily The Board has previously indicated that the relevant accessible bridge with a span of about one mile. banking market must reflect the commercial and bank- Clarksville is only about two miles from Jeffersonville, ing realities and should consist of the localized area while Hamburg is approximately seven miles from where the banks involved offer their services and Clarksville and ten miles from Louisville. where local customers can practicably turn for alterna- The close proximity of Jeffersonville, Clarksville, tives.6 As the Supreme Court has stated, the proper and Louisville and the surrounding commercial and question "is not where the parties to the merger do industrial area has resulted in a substantial amount of business or even where they compete, but where, commuting across counties in this area. Data from the within the area of competitive overlap, the effect of the 1980 Census indicate that approximately 34.5 percent merger on competition will be direct and immediate."7 of the working population of Clark County commute to This area "must be charted by careful selection of the work in Louisville, Kentucky, or Jefferson County, market area in which the seller operates and to which the county in which Louisville is located.8 the purchaser can practicably turn for supplies." Phil- Based upon these commuting patterns, the above adelphia National at 359. mentioned counties, or portions of counties, in Indiana Applying these principles to the facts of this case, and Kentucky are included in a single Ranally Metro and after carefully considering the submissions by the Area. An RM A is defined generally as a compact area Protestants and the facts of record, the Board con- with relatively high population density that is linked by cludes that the relevant banking market within which commuting and retail and wholesale trade patterns.9 By definition, an RMA includes a central city or cities and all adjacent continuously built-up areas. In addition, the RMA includes those areas from which a 4. See, Federal Reserve Bank of St. Louis News Release No. 82-33 minimum of 20 percent of the labor force of the area or (April 12, 1982). 8 percent of the total population of the area commute The relevant banking market is comprised of Jefferson County, to the central city and its adjacent built-up areas. In Kentucky; portions of Bullitt County, Kentucky; portions of Oldham County, Kentucky; all of Floyd County, Indiana; portions of Clark the Board's judgment, an RMA usually designates a County, Indiana; and portions of Harrison County, Indiana. defined geographic locality that is demographically 5. Protestants also requested a hearing on the application. The and commercially integrated. On this basis, the Board Board notes that there is no statutory requirement in the Bank Merger Act that the Board conduct such a hearing. Moreover, the Board has has in many cases used RMA's as guides in defining examined the written submissions by Protestants and is unable to relevant geographic banking markets.10 conclude that a hearing would significantly supplement the record or resolve issues that are already discussed in the written submissions. Thus, the Board concludes that the record in this case is sufficiently complete to render a decision and, on this basis, denies the request for a hearing. 8. These data reveal that about 34 percent of the working popula- 6. See, Dacotah Bank Holding Company, 70 FEDERAL RESERVE tion of Floyd County, Indiana, and 28.9 percent of Harrison County, BULLETIN 347 (1984); Wyoming Bancorporation, 68 FEDERAL RE- Indiana's, working population commute to work in Louisville or SERVE BULLETIN 313 (1982); affd sub nom., Wyoming Bancorpora- Jefferson County, Kentucky. tion v. Board of Governors, 729 F.2d 687 (10th Cir., 1984); Indepen- 9. Rand McNally and Company, 1981 Commercial Atlas & Marketdent Bank Corporation, 67 FEDERAL RESERVE BULLETIN 436 (1981). ing Guide, p. 2 (1981). 7. United States v. Philadelphia National Bank 374 U.S. 321, 357 10. See, e.g., Ellis Banking Corporation 64 FEDERAL RESERVE (1963); United States v. Phillipsburg National Bank, 399 U.S. 350, BULLETIN 884 (1978); St. Joseph Valley Bank, 68 FEDERAL RESERVE 364-65 (1970). BULLETIN 673 (1982). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 895 Available data on shopping patterns also support the of the proposal. Upon consummation, Applicant's Board's delineation of the relevant banking market in share of the total deposits in commercial banks in the this case. According to information submitted by market would increase by only 1.5 percentage points Applicant, customers of Greentree Mall, located in to 4.0 percent, the share of deposits held by the four Clark County, Indiana, are almost as likely to live in largest commercial banking organizations in the mar- Jefferson County, Kentucky (24 percent), as in Clark ket would remain unchanged at 83.6 percent, and the County (27 percent). Similarly, the major Jefferson Herfindahl-Hirschman Index ("HHI") would in- County, Kentucky, shopping centers draw anywhere crease by only seven points to 2152.11 Twenty-three from 10 percent to 37 percent of their traffic from the commercial banking alternatives would remain in the same customers who shop at Greentree Mall. Appli- market after consummation of the transaction. cant has also pointed out that the area's television Finally, in its evaluation in previous cases of the stations, dominant radio stations, and major newspa- competitive effects of a proposal, the Board has indipers are located in Louisville, Kentucky, and that cated that thrift institutions have become, or at least Indiana banks advertise in the Louisville newspapers, have the potential to become, major competitors of as well as in the local newspapers. commercial banks.12 In this case, the small increase in The Board has also considered the areas from which concentration in the Louisville banking market is Applicant derives its business. Applicant has indicated further alleviated by the presence of eight thrift instituthat it derives 6.2 percent, 4.4 percent, and 3.0 percent tions in the market, controlling approximately $2.2 of the total dollar amount of its demand deposits, billion in deposits, which represents 27.6 percent of certificates of deposit, and savings deposits, respec- the total deposits in commercial banks and thrift tively, from Louisville and surrounding areas in Ken- institutions in the market. Accordingly, the Board tucky. Moreover, 34 percent of Applicant's install- concludes that consummation of the proposed merger ment loans originate from Louisville, Kentucky. would not have a significantly adverse effect on exist- These statistics demonstrate that some customers in ing competition in the Louisville, Kentucky, RMA. the Louisville, Kentucky, area have found it practica- The financial and managerial resources of Applible to do banking business in Jeffersonville, Indiana, cant, Bank, and their respective parents are regarded and that there is existing competition between banks as satisfactory and their future prospects appear favorlocated in the two areas. able. As a result, considerations relating to banking Accordingly, on the basis of the facts of record, factors are consistent with approval. Although no new including the demographic and commercial integration banking services would be introduced to the relevant of the Louisville, Kentucky, RMA, the proximity and banking market as a result of the proposed transaction, easy accessibility of Clarksville, Jeffersonville, Ham- the customers of Applicant and Bank would benefit burg, and Louisville and other towns in the RMA, the from a greater selection of branch locations and autosubstantial commuting patterns throughout the area, matic teller machines. Thus, considerations relating to the employment of area-wide marketing techniques, the convenience and needs of the community to be and the evidence of record regarding shopping pat- served are consistent with approval. Based upon the terns by customers in the RMA, the Board has deter- foregoing and other considerations reflected in the mined that the relevant geographic market in this case record, it is the Board's judgment that consummation is approximated by the Louisville, Kentucky, RMA. of the transaction would be consistent with the public interest. Within the relevant banking market, Applicant is the fifth largest of 25 commercial banking organizations, On the basis of the record and for the reasons controlling approximately 2.5 percent of the total discussed above, the application is hereby approved. deposits in commercial banks in the market. Bank The transaction shall not be consummated before the ranks as the market's ninth largest commercial bank- thirtieth calendar day following the effective date of ing organization and holds approximately 1.5 percent of the total deposits in commercial banks in the market. Upon consummation of the proposed merger, Applicant would remain the market's fifth largest commercial banking organization and would control 11. Under the United States Department of Justice Merger Guideabout 4.0 percent of the total deposits in commercial lines (June 14, 1982), a market in which the post-merger HHI is above banks in the market. 1800 is considered highly concentrated. In such markets, the Department is unlikely to challenge a merger that produces an increase in the While consummation of the proposed merger would HHI of less than 50, as in this case. eliminate some existing competition in the relevant 12. Comerica Inc. (Bank of the Commonwealth), 69 FEDERAL banking market, the Board believes that certain fac- RESERVE BULLETIN 797 (1983); General Bancshares Corporation, 69 FEDERAL RESERVE BULLETIN 802 (1983); First Tennessee National tors substantially mitigate the anticompetitive effects Corporation, 69 FEDERAL RESERVE BULLETIN 298 (1983). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

896 Federal Reserve Bulletin • December 1984 this Order, or later than three months after the effec- rently engaged in various data processing and other tive date of this Order, unless such period is extended information businesses. Among the assets to be acfor good cause by the Board or by the Federal Reserve quired is a proprietary switching software system Bank of St. Louis, acting pursuant to delegated ("MiniHost") that was developed by Quadstar Corauthority. poration. By order of the Board of Governors, effective Section 4(f) of the BSCA, 12 U.S.C. § 1864(f), October 25, 1984. provides that a bank service corporation may perform at any geographic location any service, other than Voting for this action: Governors Wallich, Partee, Rice, deposit taking, that the Board has determined, by Gramley, and Seger. Absent and not voting: Chairman regulation, to be permissible for a bank holding com- Volcker and Governor Martin. pany under section 4(c)(8) of the Bank Holding Company Act.2 Company would provide data processing JAMES MCAFEE services only to the extent permissible for bank hold- [SEAL] Associate Secretary to the Board ing companies under the Board's Regulation Y, 12 C.F.R. § 225.25(b)(7). Section 5(c) of the BSCA, 12 U.S.C. § 1865(c), authorizes the Board, in acting upon applications to Orders Issued under Section 5 of Bank Service invest in or provide services as a bank service corpora- Corporation Act tion, to consider the financial and managerial resources of the institutions involved, their prospects, Citibank, N.A. and possible adverse effects, such as undue concentra- New York, New York tion of resources, unfair or decreased competition, conflicts of interest, or unsafe or unsound banking Citicorp (BSC), Inc. practices. The Board finds that considerations relating Wilmington, Delaware to these factors are consistent with approval and that there is no evidence of adverse effects. Order Approving Investment in a Bank Service Accordingly, on the basis of the record, the applica- Corporation tions are approved for the reasons summarized above. This determination is subject to the Board's authority Citibank, N.A., New York, New York, has applied for to require such modification or termination of the the Board's approval under section 5(b) of the Bank activities of a bank service corporation as the Board Service Corporation Act, as amended ("BSCA") finds necessary to assure compliance with the BSCA (12 U.S.C. § 1861 et seq.), to acquire all of the capital or to prevent evasions thereof. The transactions shall stock of a bank service corporation, Citicorp (BSC), be consummated within three months after the date of Inc., Wilmington, Delaware, ("Company").1 this Order, unless such period is extended for good In addition, Company has applied under section 5(b) cause by the Board or the Federal Reserve Bank of of the BSCA for permission to engage in an activity New York. that would be permissible for a bank holding company By order of the Board of Governors, effective under section 4(c)(8) of the Bank Holding Company October 17, 1984. Act (12 U.S.C. § 1841 et seq.) and section 225.25 of Regulation Y (12 C.F.R. § 225.25). Company proposes Voting for this action: Chairman Volcker and Governors to provide data processing services, including elec- Martin, Partee, Rice, and Seger. Abstaining from this action: tronic funds switching and processing, throughout the Governors Wallich and Gramley. United States. In connection with this proposal, Company would acquire certain assets and liabilities of JAMES MCAFEE Quadstar Corporation, Dallas, Texas, which is cur- [SEAL] Associate Secretary of the Board 2. Under section 4(c)(8) of the Bank Holding Company Act, 1. The BSCA defines a "bank service corporation" as a corpora- 12 U.S.C. § 1843(c)(8), a bank holding company may engage in tion organized to perform services authorized by this Act, all of the activities determined by the Board to be closely related to banking and capital stock of which is owned by one or more insured banks. a proper incident thereto. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 897 ORDERS APPROVED UNDER BANK HOLDING COMPANY ACT By the Board of Governors During October 1984 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) Triad Bancshares, Inc., Triad Bank, N.A., October 22, 1984 Tulsa, Oklahoma Tulsa, Oklahoma By Federal Reserve Banks Recent applications have been approved by the Federal Reserve Banks as listed below. Copies of the orders are available upon request to the Reserve Banks. Section 3 Reserve Effective Applicant Bank(s) Bank date American Bancshares, Inc., Peoples Bank of Crossville, Atlanta October 15, 1984 Cooke ville, Tennessee Crossville, Tennessee B.M.J. Financial Corp., Mount Holly State Bank, Philadelphia October 17, 1984 Bordentown, New Jersey Mount Holly, New Jersey Banque of Maringouin Holding Bank of Maringouin, Atlanta October 19, 1984 Company, Maringouin, Louisiana Maringouin, Louisiana Bartow Bancshares, Inc., CBA Bancshares, Inc., Atlanta October 19, 1984 Carters ville, Georgia Americus, Georgia Biltmore Bank Corp., Biltmore National Bank, San Francisco October 16, 1984 Phoenix, Arizona Phoenix, Arizona Carlos Bancshares, Inc., First State Bank of Carlos, Minneapolis October 12, 1984 Carlos, Minnesota Carlos, Minnesota Citizens of Hardeman County Whiteville Savings Bank, St. Louis October 11, 1984 Financial Services, Inc., Whiteville, Tennessee White ville, Tennessee Citadel Bancorp, Inc., First National Bank of Burleson, Dallas October 19, 1984 Burleson, Texas Burleson, Texas Civic Bancorp, CivicBank of Commerce, San Francisco October 12, 1984 Walnut Oak, California Walnut Oak, California Coastal Bend Bancshares, Inc., Coastal Bend National Bank, Dallas October 5, 1984 Corpus Christi, Texas Corpus Christi, Texas Comfort Bancshares, Inc., Comfort State Bank, Dallas October 5, 1984 Comfort, Texas Comfort, Texas Cottonport Bancshares, Inc., The Cottonport Bank, Atlanta October 19, 1984 Cottonport, Louisiana Cottonport, Louisiana Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

898 Federal Reserve Bulletin • December 1984 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date Crown Bancorp, Capital Bank of Carlsbad, San Francisco October 18, 1984 Coronado, California Carlsbad, California Cumberland Valley Financial Corbin Deposit Bank & Trust Cleveland October 11, 1984 Corporation, Company, London, Kentucky Corbin, Kentucky Dundas Holding Company, Inc. Dundas State Bank, Minneapolis October 12, 1984 Dundas, Minnesota Dundas, Minnesota Edmonton Bancshares, Inc., Peoples Bank of Tompkinsville, St. Louis October 22, 1984 Edmonton, Kentucky Tompkinsville, Kentucky Fairmont Farmers State Farmers State Bank, Kansas City October 19, 1984 Company, Fairmont, Nebraska Fairmont, Nebraska First/Martha's Vineyard Ban- The Martha's Vineyard National Boston October 5, 1984 corporation, Bank, Vineyard Haven, Massachu- Vineyard Haven, Massachusetts setts First Mazon Bancorp, Inc., Mazon State Bank,' Chicago October 5, 1984 Mazon, Illinois Mazon, Illinois FNB Bancorp, First National Bank of Fenton, Chicago October 5, 1984 Fenton, Michigan Fenton, Michigan First Holdings, Inc., First National Bank of Macomb, Chicago October 5, 1984 Omaha, Nebraska Macomb, Illinois Frankson Investment Cor- The First National Bank of Minneapolis October 15, 1984 poration, Waseca, Waseca, Minnesota Waseca, Minnesota Garden State Bancshares, Inc., Garden State Bank, Philadelphia October 19, 1984 Jackson, New Jersey Jackson, New Jersey Golden Pacific Bancorp, Golden Pacific National Bank, New York October 12, 1984 New York City, New York New York City, New York Golden Sands Bankshares, Inc. Farmers Exchange Bank of Chicago October 5, 1984 Neshkoro, Wisconsin Neshkoro, Neshkoro, Wisconsin Hartwick Bancshares, Inc., Hartwick State Bank, Chicago October 17, 1984 Hartwick, Iowa Hartwick, Iowa Harvard Bancshares, Inc., Harvard Tower Holding Cor- Kansas City October 18, 1984 Tulsa, Oklahoma poration, Tulsa, Oklahoma Harvard Bank, Tulsa, Oklahoma Hibernia Corporation, Metro Shares, Inc., Atlanta October 17, 1984 New Orleans, Louisiana Metairie, Louisiana Landmark Financial Group, The Belvidere National Bank and Chicago October 24, 1984 Inc., Trust Company, Belvidere, Illinois Belvidere, Illinois The State Bank of Kirkland, Kirkland, Illinois Missouri Valley Financial Peoples State Bank, Chicago October 18, 1984 Services, Inc., Missouri Valley, Iowa Council Bluffs, Iowa Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 899 Section 3—Continued . .. r> w ^ Reserve Effective Applicant Bank(s) ^ B&nk Meade Bancorp, Inc., Meade County Bank, St. Louis October 12, 1984 Brandenburg, Kentucky Brandenburg, Kentucky New Ulm Financial Cor- Lexington State Bank, Dallas October 17, 1984 poration, Lexington, Texas New Ulm, Texas Norstar Bancorp Inc., Discount Brokerage Corporation New York October 10, 1984 Albany, New York of America, New York, New York Tweedy Browne Clearing Corporation, New York, New York Oak Park Bancshares, Inc., Oak Park National Bank, Kansas City October 19, 1984 Overland Park, Kansas Overland Park, Kansas Pontiac Bancorp, Inc., Odell State Bank, Chicago October 11, 1984 Pontiac, Illinois Odell, Illinois Ralston Bancshares, Inc., Ralston Bank, Kansas City October 18, 1984 Kansas City, Missouri Ralston, Nebraska Rigler Investment Co., Security State Bank, Chicago October 11, 1984 New Hampton, Iowa New Hampton, Iowa Salem Bancorp, Inc., Salem Bank, Inc., St. Louis October 9, 1984 Salem, Kentucky Salem, Kentucky Standard Bancshares, Inc., Heritage Standard Bank and Chicago October 4, 1984 Evergreen Park, Illinois Trust Company, Evergreen Park, Illinois The Sylvania BanCorp, Inc., The Sylvania Savings Bank Cleveland October 15, 1984 Sylvania, Ohio Company, Sylvania, Ohio Tarpon Financial Corporation, First National Bank, Atlanta October 9, 1984 Tarpon Springs, Florida Tarpon Springs, Florida TPB Bancorp, The Peoples Bank, St. Louis October 10, 1984 Brownstown, Indiana Brownstown, Indiana Union Central Corporation, The First State Bank, Dallas October 23, 1984 Temple, Texas Granger, Texas United Bankers, Inc., Texas Southwest Bancorp, Inc., Dallas October 9, 1984 Waco, Texas Waco, Texas United Banks of Colorado, Inc., Garden of the Gods Bank, Kansas City October 5, 1984 Denver, Colorado Colorado Springs, Colorado Village Financial Corporation, Village Bank & Trust Company, Boston October 18, 1984 Gilford, New Hampshire Gilford, New Hampshire Volunteer Bancshares, Inc., First Selmer Bancshares, Inc., St. Louis October 15, 1984 Jackson, Tennessee Selmer, Tennessee Waldorf Bancshares, Inc., Waldorf State Bank, Minneapolis October 10, 1984 Waldorf, Minnesota Waldorf, Minnesota Williamson County Bancorp, Citizens Central Bank, Atlanta October 4, 1984 Inc., Murfreesboro, Tennessee Franklin, Tennessee Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

900 Federal Reserve Bulletin • December 1984 Section 4 Nonbanking Reserve Effective Applicant company Bank date Fairbank Bancshares, Inc., Bellis Insurance Agency, Inc., Chicago October 11, 1984 Fairbank, Iowa Fairbank, Iowa First Bank System, Inc., Mouw Enterprises, Inc., Minneapolis October 18, 1984 Minneapolis, Minnesota Vermillion, South Dakota First Charter Corporation, Carolina Finance Company, Richmond October 12, 1984 Concord, North Carolina Charlotte, North Carolina Sections 3 and 4 Bank(s)/Nonbanking Reserve Effective Applicant Company Bank date Community Bancorp, Inc. First Missouri Banks, Inc., St. Louis October 10, 1984 Manchester, Missouri Manchester, Missouri First Data Service, Creve Coeur, Missouri First Missouri Insurance Group, Inc., Phoenix, Arizona ORDERS APPROVED UNDER BANK MERGER ACT By Federal Reserve Banks Reserve Effective Applicant Bank(s) Bank date The Citizens Bank, First Citizens Bank of Etowah, Atlanta October 12, 1984 Oneonta, Alabama Glencoe, Alabama Norstar Bank of Long Island, Bank of Long Island, N.A., New York October 12, 1984 Hempstead, New York East Islip, New York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 901 PENDING CASES INVOLVING THE BOARD OF GOVERNORS This list of pending cases does not include suits against the Federal Reserve Banks in which the Board of Governors is not named a party. Seattle Bancorporation v. Board of Governors, No. Financial Institutions Assurance Corp. v. Board of 84-7535 (9th Cir., filed Aug. 15, 1984). Governors, No. 84-1101 (4th Cir., filed Jan. 27, Old Stone Corp. v. Board of Governors, No. 84-1498 1984). (1st Cir., filed June 20, 1984). First Bancorporation v. Board of Governors, No. Citicorp v. Board of Governors, No. 84-4081 (2d Cir., 84-1011 (10th Cir., filed Jan. 5, 1984). filed May 22, 1984). Dimension Financial Corporation v. Board of Gover- Lamb v. Pioneer First Federal Savings and Loan nors, No. 83-2696 (10th Cir., filed Dec. 30, 1983). Association, No. C84-702 (D. Wash., filed May 8, Oklahoma Bankers Association v. Federal Reserve 1984). Board, No. 83-2591 (10th Cir., filed Dec. 13, 1983). Girard Bank v. Board of Governors, No. 84-3262 (3rd The Committee for Monetary Reform v. Board of Cir., filed May 2, 1984). Governors, No. 84-5067 (D.C. Cir., filed June 16, Melcher v. Federal Open Market Committee, No. 1983). 84-1335 (D.D.C., filed, Apr. 30, 1984). Association of Data Processing Service Organizations Florida Bankers Association v. Board of Governors, v. Board of Governors, No. 82-1910 (D.C. Cir., filed No. 84-3269 and No. 84-3270 (11th Cir., filed Aug. 16, 1982); and No. 82-2108 (D.C. Cir., filed Apr. 20, 1984). Aug. 16, 1982). Northeast Bancorp, Inc. v. Board of Governors, No. First Bancorporation v. Board of Governors, No. 84-4047, No. 84-4051, No. 84-4053 (2d Cir., filed 82-1401 (10th Cir., filed Apr. 9, 1982). Mar. 27, 1984). Wolfson v. Board of Governors, No. 83-3570 (11th Huston v. Board of Governors, No. 84-1361 (8th Cir., Cir., filed Sept. 28, 1981). filed Mar. 20, 1984); and No. 84-1084 (8th Cir. filed First Bank & Trust Company v. Board of Governors, Jan. 17, 1984). No. 81-38 (E.D. Ky., filed Feb. 24, 1981). De Young v. Owens, No. SC 9782-20-6 (Iowa Dist. 9 to 5 Organization for Women Office Workers v. Ct., filed Mar. 8, 1984). Board of Governors, No. 83-1171 (1st Cir., filed First Tennessee National Corp. v. Board of Gover- Dec. 30, 1980). nors, No. 84-3201 (6th Cir., filed Mar. 6, 1984). Securities Industry Association v. Board of Gover- State of Ohio v. Board of Governors, No. 84-1270 nors, No. 80-2614 (D.C. Cir., filed Oct. 24, 1980), (10th Cir., filed Jan. 30, 1984). and No. 80-2730 (D.C. Cir., filed Oct. 24, 1980). Ohio Deposit Guarantee Fund v. Board of Governors, A. G. Becker, Inc. v. Board of Governors, No. No. 84-1257 (10th Cir., filed Jan. 28, 1984). 80-2614 (D.C. Cir., filed Oct. 14, 1980), and No. Colorado Industrial Bankers Association v. Board of 80-2730 (D.C. Cir., filed Oct. 14, 1980). Governors, No. 84-1122 (10th Cir., filed Jan. 27, A. G. Becker, Inc. v. Board of Governors, No. 81-1493 1984). (D.C. Cir., filed Aug. 25, 1980). 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 in New York City A21 Balance sheet memoranda MONEY STOCK AND BANK CREDIT A22 Branches and agencies of foreign banks A23 Gross demand deposits—individuals, A3 Reserves, money stock, liquid assets, and debt partnerships, and corporations measures A4 Reserves of depository institutions, Reserve Bank credit FINANCIAL MARKETS A5 Reserves and borrowings—Depository institutions A24 Commercial paper and bankers dollar A5 Federal funds and repurchase agreements— acceptances outstanding Large member banks A24 Prime rate charged by banks on short-term business loans A25 Terms of lending at commercial banks POLICY INSTRUMENTS A26 Interest rates—money and capital markets A27 Stock market—Selected statistics A6 Federal Reserve Bank interest rates A28 Selected financial institutions—Selected assets A7 Reserve requirements of depository institutions and liabilities A8 Maximum interest rates payable on time and savings deposits at federally insured institutions A9 Federal Reserve open market transactions FEDERAL FINANCE A30 Federal fiscal and financing operations FEDERAL RESERVE BANKS A31 U.S. budget receipts and outlays A32 Federal debt subject to statutory limitation A10 Condition and Federal Reserve note statements A32 Gross public debt of U.S. Treasury—Types and All Maturity distribution of loan and security ownership holdings A33 U.S. government securities dealers— Transactions A34 U.S. government securities dealers—Positions MONETAR Y AND CREDIT AGGREGATES and financing A35 Federal and federally sponsored credit A12 Aggregate reserves of depository institutions agencies—Debt outstanding and monetary base A13 Money stock, liquid assets, and debt measures A15 Bank debits and deposit turnover A16 Loans and securities—All commercial banks COMMERCIAL BANKING INSTITUTIONS 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

All Federal Reserve Bulletin • December 1984 SECURITIES MARKETS AND International Statistics CORPORATE FINANCE S UMMAR Y S TA TIS TICS A36 New security issues—State and local governments and corporations A53 U.S. international transactions—Summary A37 Open-end investment companies—Net sales and A54 U.S. foreign trade asset position A54 U.S. reserve assets A37 Corporate profits and their distribution A54 Foreign official assets held at Federal Reserve A37 Nonfinancial corporations—Assets and Banks liabilities A55 Foreign branches of U.S. banks—Balance sheet A38 Total nonfarm business expenditures on new data plant and equipment A57 Selected U.S. liabilities to foreign official A38 Domestic finance companies—Assets and institutions liabilities and business credit REPORTED BY BANKS IN THE UNITED STATES REAL ESTATE A57 Liabilities to and claims on foreigners A39 Mortgage markets A58 Liabilities to foreigners A40 Mortgage debt outstanding A60 Banks' own claims on foreigners A61 Banks' own and domestic customers' claims on foreigners CONSUMER INSTALLMENT CREDIT A61 Banks' own claims on unaffiliated foreigners A62 Claims on foreign countries—Combined A41 Total outstanding and net change domestic offices and foreign branches A42 Terms REPORTED BY NONBANKING BUSINESS FLOW OF FUNDS ENTERPRISES IN THE UNITED STATES A43 Funds raised in U.S. credit markets A63 Liabilities to unaffiliated foreigners A44 Direct and indirect sources of funds to credit A64 Claims on unaffiliated foreigners markets SECURITIES HOLDINGS AND TRANSACTIONS Domestic Nonfinancial Statistics A65 Foreign transactions in securities SELECTED MEASURES A66 Marketable U.S. Treasury bonds and notes— Foreign holdings and transactions A45 Nonfinancial business activity—Selected measures A45 Labor force, employment, and unemployment INTEREST AND EXCHANGE RATES A46 Output, capacity, and capacity utilization A47 Industrial production—Indexes and gross value A67 Discount rates of foreign central banks A49 Housing and construction A67 Foreign short-term interest rates A50 Consumer and producer prices A68 Foreign exchange rates A51 Gross national product and income A52 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

Money Stock and Bank Credit A3 1.10 RESERVES, MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES Monetary and credit aggregates (annual rates of change, seasonally adjusted in percent)1 IItteemm 1983 1984 1984 Q4 Q1 Q2 Q3 May June July Aug. Sept. Reserves of depository institutions2 1 Total .8' 7.6' 8.5' 6.6' 11.0' 26.7' -1.5' 4.6' -8.9 2 Required .y 5.2' 10.3' 6.5 8.3' 21.0' 3.5' 2.3' -7.1 3 Nonborrowed 8.2' 8.9' -10.8' -44.7' -47.2' 18.2' -91.5' -72.1' -19.4 4 Monetary base3 7.8 9.3' 7.1' 7.3' 10.3' 11.8' 5.5' 7.6' -.3 Concepts of money, liquid assets, and debt4 5 Ml 4.8 7.2 6.1 4.6 12.8 11.5 -1.3 1.5' 5.9 6 M2 8.5 6.9 6.8 6.1 8.4 7.2 4.9 4.7' 7.9 7 M3 9.8 8.9 10.4 8.0 11.1' 9.0 8.4 4.6' 7.7 8 L 8.8 11.2' 10.2' n.a. 11.3' 14.8' 12.4 n.a. n.a. 9 Debt 10.8 12.8 12.1' 12.9 13.6 11.4 13.3' 13.9 n.a. Nontransaction components 10 In M25 9.7 6.8 7.1 6.6 7.0 5.9' 7.0' 5.6' 8.5 11 In M3 only6 15.8 17.5' 24.6' 15.5 22.2' 16.6 22.5' 4.4' 6.9 Time and savings deposits Commercial banks 12 Savings7 -6.4 -16.2 -6.4 -5.6 -3.7 -1.9 -5.6 -10.4' -3.8 13 Small-denomination time8 19.3 4.4 8.6 18.4 15.2 17.3 20.0 19.4 14.0 14 Large-denomination time910 -.2 10.0 24.2 21.2 37.6 29.0 26.(K 1.9' 11.7 Thrift institutions 15 Savings7 -4.4 -5.1 .5 -5.4 2.7 -.7 -8.1 -12.3 -2.1 16 Small-denomination time 18.8 11.8 9.0' 22.6 9.8 18.9 25.6 27.1' 20.6 17 Large-denomination time9 58.1 59.0 46.4 35.1 43.2 54.3 42.7 20.6 -12.3 Debt components4 18 Federal 14.3 16.7 12.7 14.7' 15.5 7.4 15.8 21.1' n.a. 19 Nonfederal 9.8' 11.7' 12.9 12.4' 13.0 12.6 12.5' 11.8' n.a. 20 Total loans and securities at commercial banks" 10.2 14.0 10.0 7.5 13.9 1.7 8.7 8.2 7.2 1. Unless otherwise noted, rates of change are calculated from average funds (general purpose and broker/dealer), foreign governments and commercial amounts outstanding in preceding month or quarter. banks, and the U.S. government. Also subtracted is a consolidation adjustment 2. Figures incorporate adjustments for discontinuities associated with the that represents the estimated amount of demand deposits and vault cash held by implementation of the Monetary Control Act and other regulatory changes to thrift institutions to service their time and savings deposits. reserve requirements. To adjust for discontinuities due to changes in reserve M3: M2 plus large-denomination time deposits and term RP liabilities (in requirements on reservable nondeposit liabilities, the sum of such required amounts of $100,000 or more) issued by commercial banks and thrift institutions, reserves is subtracted from the actual series. Similarly, in adjusting for discontin- term Eurodollars held by U.S. residents at foreign branches of U.S. banks uities in the monetary base, required clearing balances and adjustments to worldwide and at all banking offices in the United Kingdom and Canada, and compensate for float also are subtracted from the actual series. balances in both taxable and tax-exempt, institution-only money market mutual 3. The monetary base not adjusted for discontinuities consists of total funds. Excludes amounts held by depository institutions, the U.S. government, reserves plus required clearing balances and adjustments to compensate for float money market funds, and foreign banks and official institutions. Also subtracted is at Federal Reserve Banks plus the currency component of the money stock less a consolidation adjustment that represents the estimated amount of overnight RPs the amount of vault cash holdings of thrift institutions that is included in the and Eurodollars held by institution-only money market mutual funds. currency component of the money stock plus, for institutions not having required L: M3 plus the nonbank public holdings of U.S. savings bonds, short-term reserve balances, the excess of current vault cash over the amount applied to Treasury securities, commercial paper and bankers acceptances, net of money satisfy current reserve requirements. After the introduction of contemporaneous market mutual fund holdings of these assets. reserve requirements (CRR), currency and vault cash figures are measured over Debt: Debt of domestic nonfinancial sectors consists of outstanding credit the weekly computation period ending Monday. market debt of the U.S. government, state and local governments, and private Before CRR, all components of the monetary base other than excess reserves nonfinancial sectors. Private debt consists of corporate bonds, mortgages, conare seasonally adjusted as a whole, rather than by component, and excess sumer credit (including bank loans), other bank loans, commercial paper, bankers reserves are added on a not seasonally adjusted basis. After CRR, the seasonally acceptances, and other debt instruments. The source of data on domestic adjusted series consists of seasonally adjusted total reserves, which include nonfinancial debt is the Federal Reserve Board's flow of funds accounts. Debt excess reserves on a not seasonally adjusted basis, plus the seasonally adjusted data are on an end-of-month basis. Growth rates for debt reflect adjustments for currency component of the money stock plus the remaining items seasonally discontinuities over time in the levels of debt presented in other tables. adjusted as a whole. 5. Sum of overnight RPs and Eurodollars, money market fund balances 4. Composition of the money stock measures and debt is as follows: (general purpose and broker/dealer), MMDAs, and savings and small time Ml: (1) currency outside the Treasury, Federal Reserve Banks, and the vaults deposits less the estimated amount of demand deposits and vault cash held by of commercial banks; (2) travelers checks of nonbank issuers; (3) demand deposits thrift institutions to service their time and savings deposit liabilities. at all commercial banks other than those due to domestic banks, the U.S. 6. Sum of large time deposits, term RPs, and Eurodollars of U.S. residents, government, and foreign banks and official institutions less cash items in the money market fund balances (institution-only), less a consolidation adjustment process of collection and Federal Reserve float; and (4) other checkable deposits that represents the estimated amount of overnight RPs and Eurodollars held by (OCD) consisting of negotiable order of withdrawal (NOW) and automatic transfer institution-only money market mutual funds. service (ATS) accounts at depository institutions, credit union share draft 7. Excludes MMDAs. accounts, and demand deposits at thrift institutions. The currency and demand 8. Small-denomination time deposits—including retail RPs—are those issued deposit components exclude the estimated amount of vault cash and demand in amounts of less than $100,000. All IRA and Keogh accounts at commercial deposits respectively held by thrift institutions to service their OCD liabilities. banks and thrifts are subtracted from small time deposits. M2: Ml plus overnight (and continuing contract) repurchase agreements (RPs) 9. Large-denomination time deposits are those issued in amounts of $100,000 issued by all commercial banks and overnight Eurodollars issued to U.S. residents or more, excluding those booked at international banking facilities. by foreign branches of U.S. banks worldwide, MMDAs, savings and small- 10. Large-denomination time deposits at commercial banks less those held by denomination time deposits (time deposits—including retail RPs—in amounts of money market mutual funds, depository institutions, and foreign banks and less than $100,000), and balances in both taxable and tax-exempt general purpose official institutions. and broker/dealer money market mutual funds. Excludes individual retirement 11. Changes calculated from figures shown in table 1.23. Beginning December accounts (IRA) and Keogh balances at depository institutions and money market 1981, growth rates reflect shifts of foreign loans and securities from U.S. banking funds. Also excludes all balances held by U.S. commercial banks, money market offices to international banking facilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A4 Domestic NonfinancialS tatistics • December 1984 1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT Millions of dollars Monthly averages of Weekly averages of daily figures for week ending daily figures Factors 1984 1984 July Aug. Sept. Aug. 15 Aug. 22 Aug. 29 Sept. 5 Sept. 12 Sept. 19 Sept. 26 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit 176,910 175,604 179,643 176,122 174,924 174,371 178,243 178,304 178,922 180,950 2 U.S. government securities' 152,628 150,145 154,137 149,443 150,378 149,332 152,830 153,058 153,650 156,106 3 Bought outright 152,050 149,890 152,532 149,443 150,378 149,332 148,815 152,195 152,579 154,044 4 Held under repurchase agreements.... 578 255 1,605 0 0 0 4,015 863 1,071 2,062 5 Federal agency obligations 8,540 8,512 8,674 8,494 8,494 8,494 8,805 8,622 8,679 8,724 6 Bought outright 8,500 8,494 8,493 8,494 8,494 8,494 8,494 8,494 8,493 8,493 7 Held under repurchase agreements.... 40 18 181 0 0 0 311 128 186 231 8 Acceptances 0 0 0 0 0 0 0 0 0 0 9 Loans 6,023 8,095 7,251 8,692 7,935 8,356 8,007 7,503 7,323 6,896 10 Float 822 417 462 583 286 106 382 714 779 -113 11 Other Federal Reserve assets 8,897 8,435 9,119 8,910 7,831 8,083 8,219 8,407 8,491 9,337 12 Gold stock 11,099 11,099 11,098 11,099 11,099 11,099 11,098 11,098 11,098 11,097 13 Special drawing rights certificate account.... 4,618 4,618 4,618 4,618 4,618 4,618 4,618 4,618 4,618 4,618 14 Treasury currency outstanding 16,147 16,186 16,251 16,177 16,192 16,207 16,222 16,237 16,252 16,267 ABSORBING RESERVE FUNDS 15 Currency in circulation 176,358 176,182 176,468 176,767 176,117 175,468 177,057 177,521 176,590 175,382 16 Treasury cash holdings 514 475 465 476 475 472 465 466 465 465 Deposits, other than reserve balances, with Federal Reserve Banks 17 Treasury 3.966 3,528 6,117 3,120 3,348 3,615 4,140 3,933 5,602 8,410 18 Foreign 227 214 234 205 208 206 252 210 252 236 19 Service-related balances and adjustments .... 1,526 1,462 1,339 1,378 1,452 1,504 1,392 1,258 1,346 1,353 20 Other 329 339 476 275 322 436 435 495 580 432 21 Other Federal Reserve liabilities and capital 6,128 5,986 6,253 6,067 6,039 5,979 6,114 6,339 6,269 6,320 22 Reserve balances with Federal Reserve Banks2 19,726 19,321 20,258 19,728 18,871 18,614 20,327 20,036 19,786 20,334 End-of-month figures Wednesday figures 1984 1984 July Aug. Sept. Aug. 15 Aug. 22 Aug. 29 Sept. 5 Sept. 12 Sept. 19 Sept. 26 SUPPLYING RESERVE FUNDS 23 Reserve Bank credit 176,127 178,938 182,641 174,186 174,939 173,944 176,442 179,849 182,600 179,737 24 U.S. government securities' 150,705 153,183 155,018 144,689 150,392 149,054 151,118 153,936 156,630 153,748 25 Bought outright 150,705 148,356 155,018 144,689 150,392 149,054 151,118 153,936 152,332 153,480 26 Held under repurchase agreements.... 0 4,827 0 0 0 0 0 0 4,298 268 27 Federal agency obligations 8,499 8,863 8,493 8,494 8,494 8,494 8,494 8,493 9,042 8,519 28 Bought outright 8,499 8,494 8,493 8,494 8,494 8,494 8,494 8,493 8,493 8,493 29 Held under repurchase agreements.... 0 369 0 0 0 0 0 0 549 26 30 Acceptances 0 0 0 0 0 0 0 0 0 0 31 Loans 7,238 8,276 6,633 12,787 7,826 8,166 7,500 7,409 7,683 4,786 32 Float 671 326 289 264 38 -24 595 1,525 465 165 33 Other Federal Reserve assets 9,014 8,290 12,208 7,952 8,189 8,254 8,735 8,486 8,780 12,519 34 Gold stock 11,099 11,098 11,097 11,099 11,099 11,098 11,098 11,098 11,098 11,097 35 Special drawing rights certificate account ... 4,618 4,618 4,618 4,618 4,618 4,618 4,618 4,618 4,618 4,618 36 Treasury currency outstanding 16,145 16,220 16,280 16,190 16,205 16,220 16,235 16,250 16,265 16,280 ABSORBING RESERVE FUNDS 37 Currency in circulation 175,606 176,852 175,383 176,667 175,837 176,005 177,823 177,429 176,152 175,442 38 Treasury cash holdings 497 465 465 475 473 465 463 465 465 465 Deposits, other than reserve balances with Federal Reserve Banks 39 Treasury 3,972 4,029 8,514 4.393 3,358 3,783 4,533 3,521 11,710 8,814 40 Foreign 215 242 206 205 233 215 254 198 261 196 41 Service-related balances and adjustments .... 1,158 1,147 1,139 1,145 1,141 1,142 1,147 l,148r 1,155 1,155 42 Other 309 413 383 289 485 428 435 407 490 402 43 Other Federal Reserve liabilities and capital 6,035 6,140 6,073 5,842 5,863 5,792 5,850 6,060 6,213 6,068 44 Reserve balances with Federal Reserve Banks2 20,197 21,586 22.473 17,077 19,470 18,051 17,888 22,587 18,135 19,190 1. Includes securities loaned—fully guaranteed by U.S government securities 2. Excludes required clearing balances and adjustments to compensate for pledged with Federal Reserve Banks—and excludes (if any) securities sold and float. 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

Money Stock and Bank Credit A5 1.12 RESERVES AND BORROWINGS Depository Institutions Millions of dollars Monthly averages8 RReesseerrvvee ccllaassssiiffiiccaattiioonn 1981 1982 1983 1984 Dec. Dec. Dec. Mar. Apr. May June July Aug. Sept. 1 Reserve balances with Reserve Banks' 26,163 24,804 20,986 19,484 20,351 19,560 20,210 19,885 19,263' 20,141 2 Total vault cash2 19,538 20,392 20,755 20,396 20,152 20,446 20,770 21,134 21,688 21,232 3 Vault cash used to satisfy reserve requirements3 . 15,755 17,049 17,908 16,794 16,802 16,960 17,308 17,579 17,995 17,897 4 Surplus vault cash4 3,783 3,343 2,847 3,602 3,349 3,486 3,461 3,555 3,694 3,336 5 Total reserves5 41,918 41,853 38,894 36,278 37,154 36,519 37,518 37,464 37,258r 38,038 6 Required reserves 41,606 41,353 38,333 35,569 36,664 35,942 36,752 36,858 36,575 37,414 7 Excess reserve balances at Reserve Banks6 312 500 561 709 490 577 767 607 683' 624 8 Total borrowings at Reserve Banks 642 697 774 952 1,234 2,988 3,300 5,924 8,017 7,242 9 Seasonal borrowings at Reserve Banks 53 33 96 133 139 196 264 308 346 319 10 Extended credit at Reserve Banks7 149 187 2 27 44 37 1,873 5,008 7,043 6,459 Biweekly averages of daily figures for weeks ending 1984 June 6 June 20 July 4 July 18 Aug. 1 Aug. 15 Aug. 29 Sept. 12 Sept. 26 Oct. 1C 11 Reserve balances with Reserve Banks' 19,329 20,603 20,189 20,546 19,079 19,690 18,722 20,158' 20,038 20,451 12 Total vault cash2 20,570 20,604 21,121 20,708 21,597 21,533 21,981 20,782 21,522 21,571 13 Vault cash used to satisfy reserve requirements3 . 17,023 17,284 17,513 17,404 17,789 17,923 18,166 17,405 18,232 18,198 14 Surplus vault cash4 3,547 3,320 3,608 3,304 3,808 3,610 3,815 3,377 3,290 3,373 15 Total reserves5 36,352 37,887 37,702 37,950 36,868 37,613 36,887 37,563' 38,270 38,649 16 Required reserves 35,865 37,208 36,645 37,499 36,233 36,914 36,211 36,929r 37,744 37,715 17 Excess reserve balances at Reserve Banks6 487 679 1,058 451 635 699 677 634' 527 934 18 Total borrowings at Reserve Banks 3,070 2,965 3,909 5,358 7,155 7,987 8,146 7,755 7,110 6,165 19 Seasonal borrowings at Reserve Banks 239 257 289 284 340 338 360 309 328 315 20 Extended credit at Reserve Banks7 16 1,974 2,846 4,614 6,098 6,976 7,184 7,001 6,369 5,147 1. Excludes required clearing balances and adjustments to compensate for computation period by institutions having required reserve balances at Federal float. Reserve Banks plus the amount of vault cash equal to required reserves during the 2. Dates refer to the maintenance periods in which the vault cash can be used to maintenance period at institutions having no required reserve balances. satisfy reserve requirements. Under contemporaneous reserve requirements, 6. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy maintenance periods end 30 days after the lagged computation periods in which reserve requirements less required reserves. the balances are held. 7. Extended credit consists of borrowing at the discount window under the 3. Equal to all vault cash held during the lagged computation period by terms and conditions established for the extended credit program to help institutions having required reserve balances at Federal Reserve Banks plus the depository institutions deal with sustained liquidity pressures. Because there is amount of vault cash equal to required reserves during the maintenance period at not the same need to repay such borrowing promptly as there is with traditional institutions having no required reserve balances. short-term adjustment credit, the money market impact of extended credit is 4. Total vault cash at institutions having no required reserve balances less the similar to that of nonborrowed reserves. amount of vault cash equal to their required reserves during the maintenance 8. Before February 1984. data are prorated monthly averages of weekly period. averages: beginning February 1984, data are prorated monthly averages of 5. Total reserves not adjusted for discontinuities consist of reserve balances biweekly averages. with Federal Reserve Banks, which exclude required clearing balances and NOTE. These data also appear in the Board's H.3 (502) release. For address, see adjustments to compensate for float, plus vault cash used to satisfy reserve inside front cover. requirements. Such vault cash consists of all vault cash held during the lagged 1.13 FEDERAL FUNDS AND REPURCHASE AGREEMENTS Large Member Banks1 Averages of daily figures, in millions of dollars 1984 week ending Monday BByy mmaattuurriittyy aanndd ssoouurrccee Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24' Oct. 1 Oct. 8 Oct. 15 Oct. 22 One day and continuing contract 1 Commercial banks in United States 56,960 60,528 66,324 64,434 56,625 54,888 61,252 61,830 58,666 2 Other depository institutions, foreign banks and foreign official institutions, and U.S. government agencies . 21,724 22,200 24,055 24,982' 24,865 23,998 24,649 25,128 26,160 3 Nonbank securities dealers 5,073 4,972 4,728 4,250 4,109 3,758 3,901 4,965 4,856 4 All other 27,710 26,723 26,446 26,768 27,082 26,926 26,210 25,751 26,481 All other maturities 5 Commercial banks in United States 9,236 9,469 9,226 9,415 9,496 9,468 9,345 9,766 9,691 6 Other depository institutions, foreign banks and foreign official institutions, and U.S. government agencies . 9,626 9,867 9,440 9,224 8,972 9,034 9,587 9,138 8,532 7 Nonbank securities dealers 6,117 6,246 5,969 5,960 6,732 6,576 6,841 6,762 7,187 8 All other 10,413 10,937 10,324 10,888 10,885 10,706 10,458 10,588 10,904 MEMO: Federal funds and resale agreement loans in maturities of one day or continuing contract 9 Commercial banks in United States 24,220 27,189 28,407 28,540 26,809 26,947 28,013 28,777 28,598 10 Nonbank securities dealers 3,987 4,011 4,898 5,519 4,906 5,037 5,259 5,432 4,864 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

A6 Domestic Nonfinancial Statistics • December 1984 1.14 FEDERAL RESERVE BANK INTEREST RATES Percent per annum Current and previous levels Extended credit1 SShhoorrtt--tteerrmm aaddjjuussttmmeenntt ccrreeddiitt FFFeeedddeeerrraaalll RRReeessseeerrrvvveee aanndd sseeaassoonnaall ccrreeddiitt First 60 days Next 90 days BBBaaannnkkk of borrowing of borrowing After 150 days EEffffeeccttiivvee ddaattee ffoorr ccuurrrreenntt rraatteess Rate on Effective Previous Rate on Previous Rate on Previous Rate on Previous 10/31/84 date rate 10/31/84 rate 10/31/84 rate 10/31/84 rate Boston 9 4/9/84 81/2 9 8'/2 10 9'/2 11 10'/2 4/9/84 New York 4/9/84 4/9/84 Philadelphia 4/9/84 4/9/84 Cleveland 4/10/84 4/10/84 Richmond 4/9/84 4/9/84 Atlanta 4/10/84 4/10/84 Chicago 4/9/84 4/9/84 St. Louis 4/9/84 4/9/84 Minneapolis 4/9/84 4/9/84 Kansas City .... 4/13/84 4/13/84 Dallas 4/9/84 4/9/84 San Francisco... 9 4/13/84 81/2 9 81/2 10 91/2 11 10'/2 4/13/84 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. In effect Dec. 31, 1973 71/2 71/2 1978— July 3 7-7'/4 7'/4 1981— May 5 13-14 14 1974— Apr. 25 7 '/2—8 10 7'/4 71/4 8 14 14 3 0 8 Aug. 21 m 7% Nov. 2 13-14 13 Dec. 9 7V4-8 7'/4 Sept. 22 8 8 6 13 13 16 73/4 7'/4 Oct. 16 8-81/2 81/2 Dec. 4 12 12 20 8'/2 81/2 1975— Jan. 6 7'/4-73/4 7'/4 Nov. I 8'/2-9l/2 91/2 1982—July 20 111/2-12 Hi/2 10 7l/4-73/4 71/4 3 9'/2 91/2 23 11 1/2 11 '/2 24 71/4 v/i Aug. 2 1 1 — 1 11/2 11 Feb. 5 63/4-7'/4 63A 1979—July 20 10 10 3 11 11 7 6-3/4 6% Aug. 17 10-10'/2 101/2 16 101/2 10'/2 Mar. 10 6'/4-6'/4 6'/4 20 10'/2 101/2 27 10-101/2 10 14 6'/4 6'/4 Sept. 19 IO'/:-l 1 11 30 10 10 May 16 6-61/4 6 21 11 11 Oct. 12 91/2-10 9'/2 23 6 6 Oct. 8 11-12 12 13 9'/2 9'/2 1976— Jan. 19 51/2 10 12 12 Nov. 2 2 2 6 9-9 9 1 /2 9 9 23 5£6 51/2 1980— Feb. 15 12-13 13 Dec. 14 8'/2-9 9 Nov. 22 5 i/4-51/: 51/4 19 13 13 15 8'/2-9 8'/2 26 51/4 51/4 May 29 12-13 13 17 81/2 81/2 1977— Aug. 30 5I/4—543/ 5'/4 June 1 3 3 0 11 1 - 2 1 2 1 1 2 1 1984— Apr. 9 8'/2-9 9 31 5'/4—53/4 53/4 16 11 11 13 9 9 Sept. 2 53/4 55/4 July 28 10-11 10 Oct. 26 6 6 29 10 10 Sept. 26 II 11 1978—Jan. 9 6-61/2 61/2 Nov. 17 12 12 20 61/2 61/2 Dec. 5 12-13 13 May 11 61/2-7 7 13 13 12 7 7 In effect Oct. 31, 1984 9 9 1. Applicable to advances when exceptional circumstances or practices involve In 1980 and 1981, the Federal Reserve applied a surcharge to short-term only a particular depository institution and to advances when an institution is adjustment credit borrowings by institutions with deposits of $500 million or more under sustained liquidity pressures. Where credit provided to a particular that had borrowed in successive weeks or in more than 4 weeks in a calendar depository institution is anticipated to be outstanding for an unusually prolonged quarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7, period and in relatively large amounts, the time period in which each rate under 1980. There was no surcharge until Nov. 17, 1980, when a 2 percent surcharge was this structure is applied may be shortened, and the rate may be established on a adopted: the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and more flexible basis, taking into account rates on market sources of funds. See to 4 percent on May 5, 1981. The surcharge was reduced to 3 percent effective section 201.3(b)(2) of Regulation A. Sept. 22, 1981, and to 2 percent effective Oct. 12. As of Oct. 1, the formula for 2. Rates for short-term adjustment credit. For description and earlier data see applying the surcharge was changed from a calendar quarter to a moving 13-week the following publications of the Board of Governors: Banking and Monetur\ period. The surcharge was eliminated on Nov. 17. 1981. Statistics, 1914-1941, and 1941-1970; Annual Statistical Digest, 1970-1979, 1980, 1981, and 1982. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A7 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1 Percent of deposits Member bank requirements Depository institution requirements before implementation of the after implementation of the TTyypp dd ee ee pp oo oo ff ss ii dd tt eepp iinn oo tt ss ee ii rr tt vv ,, aa aa ll nndd Monetary Control Act TTyy dd pp ee ee pp oo ooff ss ii dd tt ee ii pp nn oo ttee ssii rr tt vv ,, aall aa 55 nn dd Monetary Control Act6 Percent Effective date Percent Effective date Net demand2 Net transaction accounts7 8 7 12/30/76 $0-$28.9 million 3 12/29/83 9'/2 12/30/76 Over $28.9 million 1122 1122//2299//8833 $10 million-$100 million 113/4 12/30/76 $100 million-$400 million 123/4 12/30/76 Nonpersonal time deposits9 Over $400 million 16'/4 12/30/76 By original maturity Less than 1 !/2 years 3 10/6/83 Time and savings2^ 1'/: years or more 0 10/6/83 Savings 3 3/16/67 Eurocurrency liabilities Time4 AAllll ttyyppeess 3 11/13/80 $0 million-$5 million, by maturity 30-179 days 3 3/16/67 180 days to 4 years 2'/2 1/8/76 4 years or more 1 10/30/75 Over $5 million, by maturity 30-179 days 6 12/12/74 180 days to 4 years 2Vi 1/8/76 4 years or more 1 10/30/75 1. For changes in reserve requirements beginning 1963, see Board's Annual 5. The Garn-St Germain Depository Institutions Act of 1982 (Public Law 97- Statistical Digest, 1971-1975, and for prior changes, see Board's Annual Report 320) provides that $2 million of reservable liabilities (transaction accounts, for 1976, table 13. Under provisions of the Monetary Control Act, depository nonpersonal time deposits, and Eurocurrency liabilities) of each depository institutions include commercial banks, mutual savings banks, savings and loan institution be subject to a zero percent reserve requirement. The Board is to adjust associations, credit unions, agencies and branches offoreign banks, and Edge Act the amount of reservable liabilities subject to this zero percent reserve requirecorporations. ment each year for the next succeeding calendar year by 80 percent of the 2. Requirement schedules are graduated, and each deposit interval applies to percentage increase in the total reservable liabilities of all depository institutions, that part of the deposits of each bank. Demand deposits subject to reserve measured on an annual basis as of June 30. No corresponding adjustment is to be requirements were gross demand deposits minus cash items in process of made in the event of a decrease. Effective Dec. 9, 1982, the amount of the collection and demand balances due from domestic banks. exemption was established at $2.1 million. Effective with the reserve maintenance The Federal Reserve Act as amended through 1978 specified different ranges of period beginning Jan. 12, 1984, the amount of the exemption is $2.2 million. In requirements for reserve city banks and for other banks. Reserve cities were determining the reserve requirements of a depository institution, the exemption designated under a criterion adopted effective Nov. 9, 1972, by which a bank shall apply in the following order: (1) nonpersonal money market deposit accounts having net demand deposits of more than $400 million was considered to have the (MMDAs) authorized under 12 CFR section 1204.122: (2) net NOW accounts character of business of a reserve city bank. The presence of the head office of (NOW accounts less allowable deductions): (3) net other transaction accounts: such a bank constituted designation of that place as a reserve city. Cities in which and (4) nonpersonal time deposits or Eurocurrency liabilities starting with those there were Federal Reserve Banks or branches were also reserve cities. Any with the highest reserve ratio. With respect to NOW accounts and other banks having net demand deposits of $400 million or less were considered to have transaction accounts, the exemption applies only to such accounts that would be the character of business of banks outside of reserve cities and were permitted to subject to a 3 percent reserve requirement. maintain reserves at ratios set for banks not in reserve cities. 6. For nonmember banks and thrift institutions that were not members of the Effective Aug. 24, 1978, the Regulation M reserve requirements on net balances Federal Reserve System on or after July 1, 1979, a phase-in period ends Sept. 3, due from domestic banks to their foreign branches and on deposits that foreign 1987. For banks that were members on or after July 1, 1979, but withdrew on or branches lend to U.S. residents were reduced to zero from 4 percent and 1 percent before Mar. 31. 1980, the phase-in period established by Public Law 97-320 ends respectively. The Regulation D reserve requirement of borrowings from unrelated on Oct. 24. 1985. For existing member banks the phase-in period of about three banks abroad was also reduced to zero from 4 percent. years was completed on Feb. 2, 1984. All new institutions will have a two-year Effective with the reserve computation period beginning Nov. 16, 1978, phase-in beginning with the date that they open for business, except for those domestic deposits of Edge corporations were subject to the same reserve institutions that have total reservable liabilities of $50 million or more. requirements as deposits of member banks. 7. Transaction accounts include all deposits on which the account holder is 3. Negotiable order of withdrawal (NOW) accounts and time deposits such as permitted to make withdrawals by negotiable or transferable instruments, pay- Christmas and vacation club accounts were subject to the same requirements as ment orders of withdrawal, and telephone and preauthorized transfers (in excess savings deposits. of three per month) for the purpose of making payments to third persons or others. The average reserve requirement on savings and other time deposits before However. MMDAs and similar accounts offered by institutions not subject to the implementation of the Monetary Control Act had to be at least 3 percent, the rules of the Depository Institutions Deregulation Committee (D1DC) that permit minimum specified by law. no more than six preauthorized, automatic, or other transfers per month of which 4. Effective Nov. 2, 1978, a supplementary reserve requirement of 2 percent no more than three can be checks—are not transaction accounts (such accounts was imposed on large time deposits of $100,000 or more, obligations of affiliates, are savings deposits subject to time deposit reserve requirements.) and ineligible acceptances. This supplementary requirement was eliminated with 8. The Monetary Control Act of 1980 requires that the amount of transaction the maintenance period beginning July 24, 1980. accounts against which the 3 percent reserve requirement applies be modified Effective with the reserve maintenance period beginning Oct. 25, 1979. a annually by 80 percent of the percentage increase in transaction accounts held by marginal reserve requirement of 8 percent was added to managed liabilities in all depository institutions determined as of June 30 each year. Effective Dec. 31, excess of a base amount. This marginal requirement was increased to 10 percent 1981, the amount was increased accordingly from $25 million to $26 million; and beginning Apr. 3, 1980, was decreased to 5 percent beginning June 12. 1980, and effective Dec. 30, 1982, to $26.3 million; and effective Dec. 29, 1983, to $28.9 was eliminated beginning July 24. 1980. Managed liabilities are defined as large million. time deposits, Eurodollar borrowings, repurchase agreements against U.S. 9. In general, nonpersonal time deposits are time deposits, including savings government and federal agency securities, federal funds borrowings from non- deposits, that are not transaction accounts and in which a beneficial interest is member institutions, and certain other obligations. In general, the base for the held by a depositor that is not a natural person. Also included are certain marginal reserve requirement was originally the greater of (a) $100 million or (b) transferable time deposits held by natural persons, and certain obligations issued the average amount of the managed liabilities held by a member bank, Edge to depository institution offices located outside the United States. For details, see corporation, or family of U.S. branches and agencies of a foreign bank for the two section 204.2 of Regulation D. reserve computation periods ending Sept. 26, 1979. For the computation period beginning Mar. 20, 1980, the base was lowered by (a) 7 percent or (b) the decrease NOTE. Required reserves must be held in the form of deposits with Federal in an institution's U.S. office gross loans to foreigners and gross balances due Reserve Banks or vault cash. Nonmembers may maintain reserve balances with a from foreign offices of other institutions between the base period (Sept. 13-26, Federal Reserve Bank indirectly on a pass-through basis with certain approved 1979) and the week ending Mar. 12, 1980, whichever was greater. For the institutions. computation period beginning May 29, 1980, the base was increased by 71/: percent above the base used to calculate the marginal reserve in the statement week of May 14-21, 1980. In addition, beginning Mar. 19, 1980, the base was reduced to the extent that foreign loans and balances declined. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A8 Domestic NonfinancialS tatistics • December 1984 1.16 MAXIMUM INTEREST RATES PAYABLE on Time and Savings Deposits at Federally Insured Institutions' Percent per annum Commercial banks mut S ua a l v i s n a g v s i n a g n s d b l a o n a k n s a ( s t s h o r c if i t a t i i n o s n t s i tu a t n io d ns)1 In effect Oct. 31, 1984 In effect Oct. 31, 1984 Type of deposit Effective date Effective date 2 1 N Sa e v g i o n t g ia s ble order of withdrawal accounts 5 51 '/ / : 4 12/ 1 3 / 1 1 / /8 8 4 0 551'/2/ 4 12 7 /3 /1 1 / / 7 8 9 0 3 Negotiable order of withdrawal accounts of $2,500 or more2 1/5/83 1/5/83 4 Money market deposit account2 12/14/82 12/14/82 Time accounts by maturity 5 7-31 days of less than $2,5004 5'/: 1/1/84 5'/2 9/1/82 6 7-31 days of $2,500 or more2 1/5/83 1/5/83 7 More than 31 days 10/1/83 10/1/83 1. Effective Oct. 1, 1983, restrictions on the maximum rates of interest payable period is required for this account, but depository institutions must reserve the by commercial banks and thrift institutions on various categories of deposits were right to require seven days notice before withdrawals. When the average balance removed. For information regarding previous interest rate ceilings on all catego- is less than $2,500. the account is subject to the maximum ceiling rate of interest ries of accounts see earlier issues of the FEDERAL RESERVE BULLETIN, the for NOW accounts; compliance with the average balance requirement may be Federal Home Loan Bank Board Journal, and the Annual Report of the Federal determined over a period of one month. Depository institutions may not guarantee Deposit Insurance Corporation before November 1983. a rate of interest for this account for a period longer than one month or condition 2. Effective Dec. 1, 1983, IRA/Keogh (HR10) Plan accounts are not subject to the payment of a rate on a requirement that the funds remain on deposit for longer minimum deposit requirements. than one month. 3. Effective Dec. 14, 1982, depository institutions are authorized to offer a new 4. Deposits of less than $2,500 issued to governmental units continue to be account with a required initial balance of $2,500 and an average maintenance subject to an interest rate ceiling of 8 percent. balance of $2,500 not subject to interest rate restrictions. No minimum maturity Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A9 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS Millions of dollars 1984 TTyyppee ooff ttrraannssaaccttiioonn 11998811 11998822 11998833 Feb. Mar. Apr. May June July Aug. U.S. GOVERNMENT SECURITIES Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 13,899 17,067 18,888 368 3,159 3,283 610 801 0 187 2 Gross sales 6,746 8,369 3,420 828 0 0 2,003 0 897 1,491 3 Exchange 0 0 0 0 0 0 0 0 0 0 4 Redemptions 1,816 3,000 2,400 600 0 3,283 2,200 801 600 800 Others within 1 year 5 Gross purchases 317 312 484 0 0 198 0 0 0 0 6 Gross sales 23 0 0 0 0 0 0 0 0 0 7 Maturity shift 13,794 17,295 18,887 -2,488 1,012 347 2,739 1,069 427 3,811 8 Exchange -12,869 -14,164 -16,553 -4,574 0 -2,223 -1,807 0 -2,606 -2,274 9 Redemptions 0 0 87 0 0 0 0 0 0 0 1 to 5 years 10 Gross purchases 1,702 1,797 1,896 0 0 808 0 0 0 0 11 Gross sales 0 0 0 0 0 0 0 0 0 0 12 Maturity shift -10,299 -14,524 -15,533 2,488 -1,012 -273 -2,279 -1,069 -345 -3,811 13 Exchange 10,117 11,804 11,641 2,861 0 2,223 1,150 0 2,606 1,443 5 to 10 years 14 Gross purchases 393 388 890 0 0 200 0 0 0 0 15 Gross sales 0 0 0 0 0 0 0 0 0 0 16 Maturity shift -3,495 -2,172 -2,450 97 0 -75 -383 0 -83 52 17 Exchange 1,500 2,128 2,950 1,000 0 0 400 0 0 500 Over 10 years 18 Gross purchases 379 307 383 0 0 277 0 0 0 0 19 Gross sales 0 0 0 0 0 0 0 0 0 0 20 Maturity shift 0 -601 -904 -97 0 0 -77 0 0 -52 21 Exchange 1,253 234 1,962 713 0 0 257 0 0 332 All maturities 22 Gross purchases 16,690 19,870 22,540 368 3,159 1,484 610 801 0 0 23 Gross sales 6,769 8,369 3,420 828 0 0 2,003 0 897 187 24 Redemptions 1,816 3,000 2,487 600 0 0 2,200 0 600 800 Matched transactions 25 Gross sales 589,312 543,804 578,591 55,656 66,827 72,293 79,313 61,017 81,799 79,087 26 Gross purchases 589,647 543,173 576,908 47,310 73,634 71,754 79,608 61,331 81,143 78,842 Repurchase agreements 27 Gross purchases 79,920 130,774 105,971 0 4,996 15,313 8,267 23,298 14,830 4,992 28 Gross sales 78,733 130,286 108,291 0 4,9% 8,220 12,199 26,460 14,830 166 29 Net change in U.S. government securities 9,626 8,358 12,631 -9,407 9,966 11,321 -7,228 -2,047 -2,154 2,478 FEDERAL AGENCY OBLIGATIONS Outright transactions 30 Gross purchases 494 0 0 0 0 0 0 0 0 0 31 Gross sales 0 0 0 0 0 0 0 0 0 0 32 Redemptions 108 189 292 38 10 2 40 15 -I 5 Repurchase agreements 33 Gross purchases 13,320 18,957 8,833 0 609 1,247 616 1,819 958 381 34 Gross sales 13,576 18,638 9,213 0 609 820 744 2,117 958 12 35 Net change in federal agency obligations 130 130 -672 -38 -10 424 -169 -313 -1 364 BANKERS ACCEPTANCES 36 Repurchase agreements, net -582 1.285 -1,062 0 0 305 122 -426 0 0 37 Total net change in System Open Market Account 9,175 9,773 10,897 -9,444 9,956 12,050 -7,275 -2,786 -2,155 2,842 NOTE: Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A10 Domestic Nonfinancial Statistics • December 1984 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements Millions of dollars Wednesday End of month AAAccccccooouuunnnttt 1984 1984 Aug. 29 Sept. 5 Sept. 12 Sept. 19 Sept. 26 July Aug. Sept. Consolidated condition statement ASSETS 1 Gold certificate account 11,098 11,098 11,098 11,098 11,097 11,099 11,098 11,097 2 Special drawing rights certificate account 4,618 4,618 4,618 4,618 4,618 4,618 4,618 4,618 3 Coin 462 444 451 464 477 444 454 485 Loans 4 To depository institutions 8,166 7,500 7,409 7,683 4,786 7,238 8,276 6,633 5 Other 0 0 0 0 0 0 0 0 Acceptances—Bought outright 6 Held under repurchase agreements 0 0 0 0 0 0 0 0 Federal agency obligations 7 Bought outright 8,494 8,494 8,493 8,493 8,493 8,499 8,494 8,493 8 Held under repurchase agreements 0 0 0 549 26 0 369 0 U.S. government securities Bought outright 9 Bills 63,123 65,187 68,005 66,401 66,949 64,774 62,425 68,487 10 Notes 63,894 63,894 63,894 63,894 64,494 63,870 63,894 64,494 11 Bonds 22,037 22,037 22,037 22,037 22,037 22,061 22,037 22,037 12 Total bought outright1 149,054 151,118 153,936 152,332 153,480 150,705 148,356 155,018 13 Held under repurchase agreements 0 0 0 4,298 268 0 4,827 0 14 Total U.S. government securities 149,054 151,118 153,936 156,630 153,748 150,705 153,183 155,018 15 Total loans and securities 165,714 167,112 169,838 1173,355 167,053 166,442 170,322 170,144 16 Cash items in process of collection 6,130 10,231 9,105 6,090 6,700 9,747 6,808 7,052 17 Bank premises 556 555 555 563 564 555 554 564 Other assets 18 Denominated in foreign currencies2 3,651 3,673 3,713 3,715 3,727 3,638 3,672 3,522 19 All other3 4,047 4,507 4,218 4,502 8,228 4,821 4,064 8,122 20 Total assets 196,276 202,238 203,596 204,405 202,464 201,364 201,590 205,604 LIABILITIES 21 Federal Reserve notes 160,712 162,495 162,095 160,816 160,104 116600,,440022 116611,,555511 116600,,005533 Deposits 22 To depository institutions 19,192 19,035 23,735 19,290 20,345 21,355 22,733 23,612 23 U.S. Treasury—General account 3,783 4,533 3,521 11,710 8,814 3,972 4,029 8,514 24 Foreign—Official accounts 215 254 198 261 196 215 242 206 25 Other 428 435 407 490 402 309 413 383 26 Total deposits 23,618 24,257 27,861 31,751 29,757 25,851 27,417 32,715 27 Deferred availability cash items 6,154 9,636 7,580 5,625 6,535 9,076 6,482 6,763 28 Other liabilities and accrued dividends4 2,356 2,391 2,625 2,753 2,583 2,463 2,591 2,593 29 Total liabilities 192,840 198,779 200,161 200,945 198,979 197,792 198,041 202,124 CAPITAL ACCOUNTS 30 Capital paid in 1,558 1,559 1,560 1,563 1,566 1,545 1,557 1,597 31 Surplus 1,465 1,465 1,465 1,465 1,465 1,465 1,465 1,465 32 Other capital accounts 413 435 410 432 454 562 527 418 33 Total liabilities and capital accounts 196,276 202,238 203,596 204,405 202,464 220011,,336644 220011,,559900 220055,,660044 34 MEMO: Marketable U.S. government securities held in custody for foreign and international account 118,930 121,136 118,667 119,244 115,836 115,318 119,421 115,174 Federal Reserve note statement 35 Federal Reserve notes outstanding 189,348 189,209 189,455 189,866 189,991 188,428 189,217 189,882 36 LESS: Held by bank 28,636 26,714 27,360 29,050 29,887 28,026 27,666 29,829 37 Federal Reserve notes, net 160,712 162,495 162,095 160,816 160,104 160,402 161,551 160,053 Collateral held against notes net: 38 Gold certificate account 11,098 11,098 11,098 11,098 11,097 11,099 11,098 11,097 39 Special drawing rights certificate account 4,618 4,618 4,618 4,618 4,618 4,618 4,618 4,618 40 Other eligible assets 0 0 0 0 0 0 0 0 41 U.S. government and agency securities 144,996 146,779 146,379 145,100 144,389 144,685 145,835 144,338 42 Total collateral 160,712 162,495 162,095 160,816 160,104 160,402 161,551 160,053 1. Includes securities loaned—fully guaranteed by U.S. government securities 4. Includes exchange-translation account reflecting the monthly revaluation at pledged with Federal Reserve Banks—and excludes (if any) securities sold and market exchange rates of foreign-exchange commitments. scheduled to be bought back under matched sale-purchase transactions. 2. Assets shown in this line are revalued monthly at market exchange rates. NOTE: Some of these data also appear in the Board's H.4.1 (503) release. For 3. Includes special investment account at Chicago of Treasury bills maturing address, see inside front cover. within 90 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks All 1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security Holdings Millions of dollars Wednesday End of month TTTyyypppeee aaannnddd mmmaaatttuuurrriiitttyyy gggrrrooouuupppiiinnngggsss 1984 1984 Aug. 29 Sept. 5 Sept. 12 Sept. 19 Sept. 26 July 31 Aug. 31 Sept. 28 1 Loans—Total 8,166 7,500 7,409 7,683 4,786 7,238 8,276 6,633 2 Within 15 days 8,109 7,295 7,262 7,651 4,736 7,135 8,111 6,546 3 16 days to 90 days 57 205 147 32 50 103 165 87 4 91 days to 1 year 0 0 0 0 0 0 0 0 5 Acceptances—Total 0 0 0 0 0 0 0 0 6 Within 15 days 0 0 0 0 0 0 0 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 149,054 151,118 153,936 156,630 153,748 150,705 153,183 155,018 10 Within 15 days1 7,293 7,901 7,489 12,499 8,223 3,013 8,544 7,125 11 16 days to 90 days 29,081 31,308 32,723 30,279 31,434 33,317 33,105 35,452 12 91 days to 1 year 44,519 43,773 45,588 45,716 45,955 44,702 44,040 44,305 13 Over 1 year to 5 years 33,985 33,960 33,960 33,960 33,960 36,329 33,318 33,960 14 Over 5 years to 10 years 14,808 14,808 14,808 14,808 14,808 14,256 14,808 14,808 15 Over 10 years 19,368 19,368 19,368 19,368 19,368 19,088 19,368 19,368 16 Federal agency obligations—Total 8,494 8,494 8,493 9,042 8,519 8,499 8,863 8,493 17 Within 15 days1 202 121 25 709 260 85 571 234 18 16 days to 90 days 523 591 724 589 490 613 523 563 19 91 days to 1 year 1,754 1,794 1,736 1,736 1,794 1,719 1,754 1,721 20 Over 1 year to 5 years 4,304 4,323 4,343 4,343 4,310 4,371 4,304 4,310 21 Over 5 years to 10 years 1,312 1,266 1,266 1,266 1,266 1,312 1,312 1,266 22 Over 10 years 399 399 399 399 399 399 399 399 1. Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A12 Domestic Nonfinancial Statistics • December 1984 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE A Billions of dollars, averages of daily figures 1984 1980 1981 1982 1983 item Dec. Dec. Dec. Dec. Feb. Mar. Apr. May June July Aug. Sept. Seasonally adjustec ADJUSTED FOR 1 Total reserves2 31.07 32.14 34.34 36.21 37.09 37.16 37.18 37.52 38.35 38.30 38.45 38.17 2 Nonborrowed reserves 29.38 31.50 33.70 35.44 36.52 36.21 35.94 34.53 35.05 32.38 30.43 30.92 3 Nonborrowed reserves plus extended credit3 29.38 31.65 33.89 35.44 36.53 36.24 35.99 34.56 36.92 37.39 37.48 37.38 4 Required reserves 30.55 31.82 33.84 35.65 36.15 36.45 36.68 36.94 37.58 37.70 37.77 37.54 5 Monetary base4 150.38 158.15 170.21 185.57 189.38 189.50 190.44 192.06 193.94 194.84 196.07 196.02 Not seasonally adjusted 6 Total reserves2 40.66 41.92 41.85 38.89 36.36 36.28 37.15 36.52 37.52 37.46 37.26 38.04 7 Nonborrowed reserves 30.08 32.22 34.43 36.16 36.11 35.73 36.31 33.85 34.56 31.99 29.74 30.66 8 Nonborrowed reserves plus extended credit3 30.08 32.37 34.62 36.16 36.11 35.75 36.35 33.88 36.43 37.00 36.79 37.12 9 Required reserves 31.25 32.54 34.56 36.37 35.73 35.97 37.05 36.26 37.10 37.31 37.08 37.28 10 Monetary base4 153.08 161.00 173.24 188.84 186.94 188.21 190.73 191.40 194.31 195.98 196.20 196.10 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS5 11 Total reserves2 40.66 41.92 41.85 38.89 36.36 36.23 36.98 36.77 37.65 37.30 37.27 38.04 12 Nonborrowed reserves 38.97 41.29 41.22 38.12 35.80 35.30 35.73 33.79 34.46 31.27 29.22 30.88 13 Nonborrowed reserves plus extended credit3 38.97 41.44 41.41 38.12 35.80 35.33 35.77 33.82 36.22 36.38 36.28 37.29 14 Required reserves 40.15 41.60 41.35 38.33 35.42 35.53 36.67 35.81 36.85 36.93 36.54 37.42 15 Monetary base4 163.00 170.47 180.52 192.36 186.67 187.66 190.10 191.39 194.15 195.44 195.66 196.25 A Figures have been revised from 1959 to date. of vault cash holdings of thrift institutions that is included in the currency 1. Figures incorporate adjustments for discontinuities associated with the component of the money stock plus, for institutions not having required reserve implementation of the Monetary Control Act and other regulatory changes to balances, the excess of current vault cash over the amount applied to satisfy reserve requirements. To adjust for discontinuities due to changes in reserve current reserve requirements. After the introduction of contemporaneous reserve requirements on reservable nondeposit liabilities, the sum of such required requirements (CRR), currency and vault cash figures are measured over the reserves is subtracted from the actual series. Similarly, in adjusting for discontin- weekly computation period ending Monday. uities in the monetary base, required clearing balances and adjustments to Before CRR, all components of the monetary base other than excess reserves compensate for float also are subtracted from the actual series. are seasonally adjusted as a whole, rather than by component, and excess 2. Total reserves not adjusted for discontinuities consist of reserve balances reserves are added on a not seasonally adjusted basis. After CRR, the seasonally with Federal Reserve Banks, which exclude required clearing balances and adjusted series consists of seasonally adjusted total reserves, which include adjustments to compensate for float, plus vault cash used to satisfy reserve excess reserves on a not seasonally adjusted basis, plus the seasonally adjusted requirements. Such vault cash consists of all vault cash held during the lagged currency component of the money stock and the remaining items seasonally computation period by institutions having required reserve balances at Federal adjusted as a whole. Reserve Banks plus the amount of vault cash equal to required reserves during the 5. Reflects actual reserve requirements, including those on nondeposit liabilmaintenance period at institutions having no required reserve balances. ities, with no adjustments to eliminate the effects of discontinuities associated 3. Extended credit consists of borrowing at the discount window under the with implementation of the Monetary Control Act or other regulatory changes to terms and conditions established for the extended credit program to help reserve requirements. depository institutions deal with sustained liquidity pressures. Because there is NOTE. Latest monthly and biweekly figures are available from the Board's not the same need to repay such borrowing promptly as there is with traditional H.3(502) statistical release. Historical data and estimates of the impact on short-term adjustment credit, the money market impact of extended credit is required reserves of changes in reserve requirements are available from the similar to that of nonborrowed reserves. Banking Section, Division of Research and Statistics, Board of Governors of the 4. The monetary base not adjusted for discontinuities consists of total reserves Federal Reserve System, Washington, D.C. 20551. plus required clearing balances and adjustments to compensate for float at Federal Reserve Banks and the currency component of the money stock less the amount Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Monetary and Credit Aggregates A13 1.21 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES Billions of dollars, averages of daily figures 1984 1980 1981 1982 1983 DDeecc.. DDeecc.. DDeecc.. DDeecc.. JJuunnee JJuullyy AAuugg.. SSeepptt.. Seasonally adjusted 1 Ml 414.9 441.9 480.5 525.3 546.2 545.6 546.3 549.0 7 M2 1,632.6 1,796.6 1,965.3 2,196.2 2,272.0 2,281.3' 2,290.2' 2,305.3 M3 1,989.8 2,236.7 2,460.3 2,707.9' 2,836.5' 2,856.4' 2,867.4' 2,885.8 4 L 2,326.0 2,598.4 2,868.7 3,176.3' 3,366.9 3,403.2' n.a. n.a. 5 Debt2 3,946.9 4,323.8 4,710.1 5,224.8' 5,566.4 5,626.0 5,628.0' n.a. Ml components 6 Currency2 116.7 124.0 134.1 148.0 154.2 155.0 156.0 156.6 7 Travelers checks3 4.2 4.3 4.3 4.9 5.1 5.2 5.2 5.1 8 Demand deposits4 266.5 236.2 239.7 243.7 248.2' 247.1 245.5 246.5 9 Other checkable deposits5 27.6 77.4 102.4 128.8 138.6 138.3 139.6 140.7 Nontransactions components 10 In M26 1,217.7 1,354.6 1,484.8 1,670.9 1,725.8 1,735.8 1,743.9' 1,756.3 11 In M3 only7 357.2 440.2 495.0 511.8 564.5' 575.1' 577.2' 580.5 Savings deposits9 12 Commercial Banks 185.9 159.7 164.9 134.6 128.0 127.4 126.3 125.9 13 Thrift institutions 215.6 186.1 197.2 178.2 177.2 176.0 174.2 173.9 Small denomination time deposits9 14 Commerical Banks 287.5 349.6 382.2 353.1 365.7 371.8 377.8 382.2 15 Thrift institutions 443.9 477.7 474.7 440.0 463.3 473.2 483.9' 492.2 Money market mutual funds 16 General purpose and broker/dealer 61.6 150.6 185.2 138.2 148.9 150.5 150.5' 151.9 17 Institution-only 15.0 36.2 48.4 40.3 42.3 42.6 42.7 43.2 Large denomination time deposits10 18 Commercial Banks11 213.9 247.3 261.8 225.5 249.7 255.1' 255.5' 258.0 19 Thrift institutions 44.6 54.3 66.1 100.4 129.4 134.0 136.3 134.9 Debt components 20 Federal debt 742.8 830.1 991.4 1,173.1 1,260.2 1,276.8 1,299.3' n.a. 21 Non-federal debt 3,204.1 3,493.7 3,718.7 4,052.1 4,306.3 4,351.2' 4,394.0' n.a. Not seasonally adjusted 22 Ml 424.8 452.3 491.9 537.8 545.4' 547.3 542.4 546.4 23 M2 1,635.4 1,798.7 1,967.4 2,198.0 2,273.8' 2,286.4' 2,287.7' 2,298.9 24 M3 1,996.1 2,242.7 2,466.6 2,713.9' 2,835.2' 2,855.3' 2,865.5' 2,880.2 25 L 2,332.8 2,605.6 2,876.5 3,187.0' 3,364.6' 3,395.3' n.a. n.a. 26 Debt2 3,946.9 4,323.8 4,710.1 5,218.7' 5,544.4' 5,607.7' 5,674.9' n.a. Ml components 27 Currency2 118.8 126.1 136.4 150.5 154.9 156.3 156.5 156.5 28 Travelers checks3 3.9 4.1 4.1 4.6 5.4 5.8 5.7 5.4 29 Demand deposits4 274.7 243.6 247.3 251.6 247.0 247.5 242.9 245.4 30 Other checkable deposits5 27.4 78.5 104.1 131.2 138.1 137.7 137.3 139.1 Nontransactions components 31 M26 1,210.6 1,346.3 1,475.5 1,660.2 1,728.3 1,739.1 1,745.3' 1,752.5 32 M3 only7 360.7 444.1 499.2 516.1 561.4' 568.9 577.9' 581.3 Money market deposit accounts 33 Commercial banks n.a. n.a. 26.3 230.0 244.9 243.9 242.6 243.8 34 Thrift institutions n.a. n.a. 16.6 145.9 148.0 145.0 140.6 138.3 Savings deposits8 35 Commercial Banks 183.8 157.5 162.1 132.0 129.7 128.9 126.4 124.7 36 Thrift institutions 214.4 184.7 195.5 176.5 178.9 178.1 174.1 172.8 Small denomination time deposits9 37 Commercial Banks 286.0 347.7 380.1 351.0 365.4 370.7 377.5 381.5 38 Thrift institutions 442.3 475.6 472.4 437.6 463.6' 473.0 482.4' 490.2 Money market mutual funds 39 General purpose and broker/dealer 61.6 150.6 185.2 138.2 148.9 150.5 150.5' 151.9 40 Institution-only 15.0 36.2 48.4 40.3 42.3 42.6 42.7 43.2 Large denomination time deposits10 41 Commercial Banks11 218.5 252.1 266.2 229.0 247.3 251.8' 255.8' 259.0 42 Thrift institutions 44.3 54.3 66.2 100.7 128.2 132.8' 136.6 136.7 Debt components 43 Federal debt 742.8 830.1 991.4 1,170.2 1,255.8 1,270.8 1,295.8' n.a. 44 Non-federal debt 3,204.1 3,943.7 3,718.7 4,048.5' 4,288.6 4,336.9' 4.379.2' n.a. For notes see bottom of next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic NonfinancialS tatistics • December 1984 NOTES TO TABLE 1.21 1. Composition of the money stock measures and debt is as follows: 2. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of Ml: (1) currency outside the Treasury, Federal Reserve Banks, and the vaults commercial banks Excludes the estimated amount of vault cash held by thrift of commercial banks; (2) travelers checks of nonbank issuers; (3) demand deposits institutions to service their OCD liabilities. at all commercial banks other than those due to domestic banks, the U.S. 3. Outstanding amount of U.S. dollar-denominated travelers checks of nongovernment, and foreign banks and official institutions less cash items in the bank issuers. Travelers checks issued by depository institutions are included in process of collection and Federal Reserve float; and (4) other checkable deposits demand deposits. (OCD) consisting of negotiable order of withdrawal (NOW) and automatic transfer 4. Demand deposits at commercial banks and foreign-related institutions other service (ATS) accounts at depository institutions, credit union share draft than those due to domestic banks, the U.S. government, and foreign banks and accounts, and demand deposits at thrift institutions. The currency and demand official institutions less cash items in the process of collection and Federal deposit components exclude the estimated amount of vault cash and demand Reserve float. Excludes the estimated amount of demand deposits held at deposits respectively held by thrift institutions to service their OCD liabilities. commercial banks by thrift institutions to service their OCD liabilities. M2: Ml plus overnight (and continuing contract) repurchase agreements (RPs) 5. Consists of NOW and ATS balances at all depository institutions, credit issued by all commercial banks and overnight Eurodollars issued to U.S. residents union share draft balances, and demand deposits at thrift institutions. Other by foreign branches of U.S. banks worldwide, MMDAs, savings and small- checkable deposits seasonally adjusted equals the difference between the seasondenomination time deposits (time deposits—including retail RPs—in amounts of ally adjusted sum of demand deposits plus OCD and seasonally adjusted demand less than $100,000), and balances in both taxable and tax-exempt general purpose deposits. Included are all ceiling free "Super NOWs," authorized by the and broker/dealer money market mutual funds. Excludes individual retirement Depository Institutions Deregulation committee to be offered beginning Jan. 5, accounts (IRA) and Keogh balances at depository institutions and money market 1983. funds. Also excludes all balances held by U.S. commercial banks, money market 6. Sum of overnight RPs and overnight Eurodollars, money market fund funds (general purpose and broker/dealer), foreign governments and commercial balances (general purpose and broker/dealer), MMDAs, and savings and small banks, and the U.S. government. Also subtracted is a consolidation adjustment time deposits, less the consolidation adjustment that represents the estimated that represents the estimated amount of demand deposits and vault cash held by amount of demand deposits and vault cash held by thrift institutions to service thrift institutions to service their time and savings deposits. their time and savings deposits liabilities. M3: M2 plus large-denomination time deposits and term RP liabilities (in 7. Sum of large time deposits, term RPs and term Eurodollars of U.S. amounts of $100,000 or more) issued by commercial banks and thrift institutions, residents, money market fund balances (institution-only), less a consolidation term Eurodollars held by U.S. residents at foreign branches of U.S. banks adjustment that represents the estimated amount of overnight RPs and Eurodolworldwide and at all banking offices in the United Kingdom and Canada, and lars held by institution-only money market funds. balances in both taxable and tax-exempt, institution-only money market mutual 8. Savings deposits exclude MMDAs. funds. Excludes amounts held by depository institutions, the U.S. government, 9. Small-denomination time deposits—including retail RPs— are those issued money market funds, and foreign banks and official institutions. Also subtracted is in amounts of less than $100,000. All individual retirement accounts (IRA) and a consolidation adjustment that represents the estimated amount of overnight RPs Keogh accounts at commercial banks and thrifts are subtracted from small time and Eurodollars held by institution-only money market mutual funds. deposits. L: M3 plus the nonbank public holdings of U.S. savings bonds, short-term 10. Large-denomination time deposits are those issued in amounts of $100,000 Treasury securities, commercial paper and bankers acceptances, net of money or more, excluding those booked at international banking facilities. market mutual fund holdings of these assets. 11. Large-denomination time deposits at commercial banks less those held by Debt: Debt of domestic nonfinancial sectors consists of outstanding credit money market mutual funds, depository institutions, and foreign banks and market debt of the U.S. government, state and local governments, and private official institutions. nonfinancial sectors. Private debt consists of corporate bonds, mortgages, con- NOTE: Latest monthly and weekly figures are available from the Board's H.6 sumer credit (including bank loans), other bank loans, commercial paper, bankers (508) release. Historical data are available from the Banking Section, Division of acceptances, and other debt instruments. The source of data on domestic Research and Statistics, Board of Governors of the Federal Reserve System, nonfinancial debt is the Federal Reserve Board's flow of funds accounts. Debt Washington, D.C. 20551. data are on an end-of-month basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Monetary and Credit Aggregates 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. Bank group, or type of customer Apr. May July Aug. Sept. DEBITS TO Seasonally adjusted Demand deposits2 1 All insured banks 80,858.7 90,914.4 109,642.2 129,229.4 131,456.9 121,488.2 128,299.3 128,141.9 4 2 Major New York City banks 34,108.1 37,932.8 47,769.4 57,868.3 60,351.3 53,147.7 55,340.6 57,096.5 1 3 Other banks 46,966.5 52,981.5 61.873.1 71,361.1 71,105.6 68,340.4 72,958.7 71,045.4 n.a. 4 5 A Sa T v S in - g N s O d W ep o a s c i c t o s4 u nts3 6 76 7 1 9 . . 0 6 1, 7 0 2 3 0 6. . 2 3 1, 7 4 4 05 1 . . 5 4 1, 6 4 0 32 6 . . 1 5 1, 6 6 8 0 8 8 . . 8 9 1, 6 5 7 1 7 5. . 8 9 1, 6 6 8 5 2 8 . . 4 9 1, 6 8 9 5 4 1 . . 5 9 1 T DEPOSIT TURNOVER Demand deposits2 6 All insured banks 285.8 324.2 379.7 441.7 442.7 401.8 433.0 436.7 1 7 Major New York City banks 1,116.7 1,287.6 1,528.0 2,012.5 1,938.7 1,665.2 1,774.3 1,834.6 | 8 Other banks 185.9 211.1 240.9 270.5 267.5 252.7 275.2 270.9 n.a. 9 ATS-NOW accounts3 14.4 14.4 15.6 14.6 16.0 15.1 16.6 18.3 1 10 Savings deposits4 4.1 4.5 5.4 4.8 5.5 5.4 5.5 5.6 1 Not seasonally adjusted DEBITS TO Demand deposits2 i 1 All insured banks 81,197.9 91,031.8 109,517.6 121,514.4 132,521.7 128,522.3 124,604.3 133,844.2 12 Major New York City banks 34,032.0 38,001.0 47,707.4 53,514.4 60,214.5 57,168.1 54,060.5 59,743.8 13 Other banks 47,165.9 53,030.8 64,310.2 68,000.0 72,307.2 71,354.3 70,543.8 74,100.3 14 ATS-NOW accounts3 737.6 1,027.1 1,397.0 1,670.1 1,599.0 1,621.7 1,598.5 1,629.4 15 MMDA5 567.4 918.9 883.6 894.8 891.7 888.2 16 Savings deposits4 672.9 720.0 742.0 665.7 673.8 686.2 686.3 680.3 DEPOSIT TURNOVER Demand deposits2 17 All insured banks 286.4 325.0 379.9 410.8 456.8 428.6 418.1 465.7 18 Major New York City banks 1,114.2 1,295.7 1,510.0 ,770.2 ,997.1 1,792.0 1,738.1 2,008.0 2 1 0 9 AT O S t - h N er O b W a n a ks c counts3 18 1 6 4 . .0 2 21 1 1 4 . . 5 4 24 1 0 5 . . 5 5 25 1 6 6 . . 0 4 27 1 8 6 . . 1 1 26 1 6 6 . . 3 2 26 1 4 6 . . 3 0 28 1 7 6 . . 6 4 21 MMDA5 2.8 3.8 3.6 3.7 3.7 3.7 22 Savings deposits4 4.5 5.4 5.2 5.3 5.5 5.4 5.5 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 SMSAs 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 ac- July 1977. Back data are available on request from the Banking Section, Division counts authorized for automatic transfer to demand deposits (ATS). ATS data of Research and Statistics, Board of Governors of the Federal Reserve System, availability starts with December 1978. Washington, D.C. 20551. 4. Excludes ATS and NOW accounts, MMDA and special club accounts, such These data also appear on the Board's G.6 (406) release. For address, see inside as Christmas and vacation clubs. front cover. 5. Money market deposit accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 Domestic NonfinancialS tatistics • December 1984 1.23 LOANS AND SECURITIES All Commercial Banks' Billions of dollars; averages of Wednesday figures 1982 1983 1984 1982 1983 1984 category Dec. Dec. June' July' Aug.' Sept. Dec. Dec. June' July' Aug.' Sept. Seasonally adjusted Not seasonally adjusted 1 Total loans and securities3 4 . . 1,412.0 1,568.1 1,652.6 1,664.7 1,675.5 1,685.8 1,422.4 1,579.5 1,649.9 1,657.9 1,668.8 1,687.4 2 U.S. Treasury securities 130.9 188.0 181.7 182.8 184.8 183.7 131.5 188.8 182.3 181.4 182.7 183.0 3 Other securities4 239.2 247.5 248.2 247.7 249.6 251.0 240.6 249.0 247.9 246.4 248.8 251.1 4 Total loans and leases3-4 1,042.0 1,132.6 1,222.7 1,234.2 1,241.1 1,251.1 1,050.3 1,141.7 1,219.8 11,,223300..00 11,,223377..33 11,,225533..33 5 Commercial and industrial loans4 392.3 413.7 453.2 456.6 459.7 462.4 394.5 416.1 452.4 455.2 457.0 462.0 6 Real estate loans4 303.1 334.6 359.3 362.7 366.2 369.5 304.0 335.5 357.5 361.6 365.8 370.3 7 Loans to individuals 191.9 219.7 244.0 248.3 251.2 253.0 193.2 221.2 243.0 247.1 251.5 254.8 8 Security loans 24.7 27.3 24.4 24.6 22.3 25.6 25.5 28.2 25.7 24.0 23.0 25.3 9 Loans to nonbank financial institutions 31.1 29.7 32.5 32.1 31.0 31.0 32.1 30.6 32.1 31.5 30.9 31.1 10 Agricultural loans 36.3 39.6 41.0 41.1 41.4 41.6 36.3 39.6 41.2 41.6 41.9 42.2 11 Lease financing receivables... 13.1 13.1 13.7 13.8 14.1 14.3 13.1 13.1 13.7 13.8 14.1 14.3 12 All other loans 49.5 55.0 54.6 54.8 55.2 53.7 51.5 57.3 54.2 55.2 53.2 53.4 MEMO 13 Total loans and securities plus loans sold3'4'5 1,415.0 1,570.5 1,655.3 1,667.6 1,678.4 1,688.8 1,425.4 1,581.9 1,652.6 1,660.7 1,671.8 1,690.4 14 Total loans plus loans sold3'4'5 .. 1,044.9 1,135.0 1,225.3 1,237.0 1,244.1 1,254.1 1,053.3 1,144.1 1,222.4 1,232.9 1,240.3 1,256.3 15 Total loans sold to affiliates3.... 2.9 2.4 2.7 2.9 2.9 3.0 2.9 2.4 2.7 2.9 2.9 3.0 16 Commercial and industrial loans plus loans sold4 5 394.5 415.5 455.1 458.7 461.8 464.6 396.8 417.9 454.4 457.2 459.1 464.1 17 Commercial and industrial loans sold5 2.3 1.8 1.9 2.0 2.1 2.2 2.3 1.8 1.9 2.0 2.1 2.2 18 Acceptances held 8.5 8.3 9.6 10.0 10.0 9.4 9.5 9.1 9.6 10.0 9.7 9.4 19 Other commercial and industrial loans 383.7 405.4 443.6 446.6 449.7 453.0 385.1 407.0 442.8 445.2 447.3 452.6 20 To U.S. addressees6 373.4 395.2 430.6 434.1 437.3 440.9 372.6 394.4 431.2 433.2 435.2 440.7 21 To non-U.S. addressees.... 10.3 10.3 13.0 12.5 12.4 12.1 12.4 12.6 11.6 12.0 12.1 11.9 22 Loans to foreign banks 13.5 12.7 12.6 12.5 12.4 11.5 14.5 13.6 12.2 12.2 11.9 11.9 1. Includes domestically chartered banks; U.S. branches and agencies of 5. Loans sold are those sold outright to a bank's own foreign branches, foreign banks, New York investment companies majority owned by foreign nonconsolidated nonbank affiliates of the bank, the bank's holding company (if banks, and Edge Act corporations owned by domestically chartered and foreign not a bank), and nonconsolidated nonbank subsidiaries of the holding company. banks. 6. United States includes the 50 states and the District of Columbia. 2. Beginning December 1981, shifts of foreign loans and securities from U.S. NOTE. Data are prorated averages of Wednesday estimates for domestically banking offices to international banking facilities (IBFs) reduced the levels of chartered banks, based on weekly reports of a sample of domestically chartered several items. Seasonally adjusted data that include adjustments for the amounts banks and quarterly reports of all domestically chartered banks. For foreignshifted from domestic offices to IBFs are available in the Board's G.7 (407) related institutions, data are averages of month-end estimates based on weekly statistical release (available from Publications Services, Board of Governors of reports from large agencies and branches and quarterly reports from all agencies, the Federal Reserve System, Washington, D.C. 20551). branches, investment companies, and Edge Act corporations engaged in banking. 3. Excludes loans to commercial banks in the United States. These data also appear in the Board's G.7 (407) release. For address, see inside 4. Beginning Sept. 19, 1984, a reclassification of loans decreased commercial front cover. and industrial loans and increased real estate loans by $200 million. Beginning Sept. 26, 1984, a transfer of loans from Continental Illinois National Bank to the FDIC reduced total loans and investments and total loans $1.9 billion, commercial and industrial loans $1.4 billion, and real estate loans $.4 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions A17 1.24 MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS1 Monthly averages, billions of dollars 1981 1982 1983 1984 SSoouurrccee Dec. Dec. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total nondeposit funds 1 Seasonally adjusted2 96.3 82.9 96.3 100.3 98.2 102.3 108.1 111.7 116.7 105.3 105.9 109.8 112.8 22 98.1 8844..99 9999..66 110022..55 9999..33 110033..88 110099..55 111122..99 112211..00 110088..22 110066..33 111122..44 111133..66 Federal funds, RPs, and other borrowings from nonbanks3 3 Seasonally adjusted 111.8 127.7 140.8 140.7 139.4 143.0 141.8 142.3 142.4 136.8 137.5 142.7' 145.0 4 Not seasonally adjusted 113.5 129.7 144.1 142.8 140.4 144.5 143.3 143.5 146.7 139.6 137.8' 145.3' 145.8 5 Net balances due to foreign-related institutions, not seasonally adjusted -18.1 -47.7 -47.0 -42.7 -43.6 -43.2 -36.9 -33.8 -28.5 -34.1 -34.4 -35.8 -35.2 Loans sold to affiliates, not seasonally adjusted4 2.8 2.9 2.5 2.4 2.4 2.5 3.1 3.1 2.8 2.7 2.9 2.9 3.0 MEMO 7 Domestically chartered banks' net positions with own foreign branches, not seasonally adjusted5 -22.4 -39.6 -43.0 -39.8 -38.8 -39.0 -34.9 -33.2 -29.9 -32.9 -33.1 -35.0 -35.1 8 Gross due from balances 54.9 72.2 76.5 75.3 73.2 74.7 73.8 73.6 73.5 73.8 71.2 72.8 71.4 9 Gross due to balances 32.4 32.6 33.6 35.5 34.5 35.7 38.8 40.3 43.6 40.8 38.1 37.8 36.3 10 Foreign-related institutions' net positions with directly related institutions, not seasonally adjusted6 4.3 -8.1 -4.0 -3.0 -4.8 -4.2 -1.9 -.6 1.4 -1.1 -1.3 -.8 -.1 11 Gross due from balances 48.1 54.7 53.5 54.1 53.4 53.0 50.2 49.7 50.0 51.0 52.2 52.0 51.9 12 Gross due to balances 52.4 46.6 49.5 51.1 48.6 48.8 48.3 49.2 51.4 49.8 50.9 51.1 51.9 Security RP borrowings 13 Seasonally adjusted' 59.0 71.0 83.3 84.8 85.5 86.9 85.5 86.9 84.0 79.0 79.9 82.7' 84.2 14 Not seasonally adjusted 59.2 71.2 84.6 85.1 84.6 86.5 85.1 86.2 86.4 80.0 78.4 83.4' 83.0 U.S. Treasury demand balances8 15 Seasonally adjusted 12.2 12.8 12.0 13.1 16.5 20.6 16.7 15.9 12.2 12.9 11.7 12.7 16.6 16 Not seasonally adjusted 11.1 10.8 7.5 10.8 19.6 22.3 17.5 16.5 12.8 12.4 11.8 10.3 17.5 Time deposits, $100,000 or more9 17 Seasonally adjusted 325.4 347.9 280.7 283.1 284.4 283.8 289.2 292.4 302.9 312.8 315.7 313.2 312.5 18 Not seasonally adjusted 330.4 354.6 283.0 288.1 287.1 285.0 288.8 288.7 298.8 307.7 311.6 314.2 315.2 1. Commercial banks are those in the 50 states and the District of Columbia banks and averages of current and previous month-end data for foreign-related with national or state charters plus agencies and branches of foreign banks. New institutions. York investment companies majority owned by foreign banks, and Edge Act 4. Loans initially booked by the bank and later sold to affiliates that are still corporations owned by domestically chartered and foreign banks. held by affiliates. Averages of Wednesday data. 2. Includes seasonally adjusted federal funds, RPs, and other borrowings from 5. Averages of daily figures for member and nonmember banks. nonbanks and not seasonally adjusted net Eurodollars and loans to affiliates. 6. Averages of daily data. Includes averages of Wednesday data for domestically chartered banks and 7. Based on daily average data reported by 122 large banks. averages of current and previous month-end data for foreign-related institutions. 8. Includes U.S. Treasury demand deposits and Treasury tax-and-loan notes at 3. Other borrowings are borrowings on any instrument, such as a promissory commercial banks. Averages of daily data. note or due bill, given for the purpose of borrowing money for the banking 9. Averages of Wednesday figures. business. This includes borrowings from Federal Reserve Banks and from foreign NOTE. These data also appear in the Board's G. 10 (411) release. For address see banks, term federal funds, overdrawn due from bank balances, loan RPs, and inside front cover. participations in pooled loans. Includes averages of daily figures for member Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 Domestic Nonfinancial Statistics • December 1984 1.25 ASSETS AND LIABILITIES OF COMMERCIAL BANKING INSTITUTIONS Last-Wednesday-of-Month Series Billions of dollars except for number of banks 1982 1983 AAccccoouunntt Dec. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. DOMESTICALLY CHARTERED COMMERCIAL BANKS1 1 Loans and securities, excluding interbank 1,370.3 1,392.2 1,403.8 1,411.9 1,435.1 1,437.4 1,457.0 1,466.1 1,483.0 1,502.3 1,525.2 2 Loans, excluding interbank 1,000.7 1,001.7 1,005.1 1,007.5 1,025.6 1,029.1 1,043.4 1,049.7 1,060.3 1,075.5 1,095.1 3 Commercial and industrial 356.7 358.0 357.9 356.7 360.1 361.1 363.0 364.0 367.0 372.8 380.8 4 Other 644.0 643.7 647.2 650.8 665.6 668.0 680.4 685.7 693.3 702.7 714.4 5 U.S. Treasury securities 129.0 150.6 155.5 160.9 166.0 165.1 167.5 171.2 176.8 180.4 181.4 6 Other securities 240.5 239.9 243.3 243.5 243.5 243.3 246.1 245.2 245.9 246.4 248.7 7 Cash assets, total 184.4 168.9 170.1 164.5 176.9 168.7 176.9 160.0 164.0 179.0 190.5 8 Currency and coin 23.0 19.9 20.4 20.3 21.3 20.7 21.0 20.8 20.5 22.3 23.3 9 Reserves with Federal Reserve Banks 25.4 20.5 23.9 22.4 18.8 20.6 22.5 15.4 19.7 17.6 18.6 TO Balances with depository institutions . 67.6 67.1 66.1 65.6 69.7 67.1 69.0 66.7 67.1 70.9 75.6 11 Cash items in process of collection ... 68.4 61.5 59.6 56.3 67.1 60.3 64.4 56.9 56.6 69.0 73.0 12 Other assets2 265.3 257.9 252.4 248.3 253.2 254.5 257.2 252.3 253.0 261.9 253.8 13 Total assets/total liabilities and capital ... 1,820.0 1,818.9 1,826.3 1,824.8 1,865.2 1,860.6 1,891.0 1,878.4 1,900.0 1,943.9 1,969.5 14 Deposits 1,361.8 1,374.2 1,368.0 1,370.8 1,402.7 1,396.5 1,420.1 1,408.1 1,419.5 1,459.2 1,482.6 15 Demand 363.9 333.4 329.2 324.5 344.4 334.2 344.7 328.1 331.3 358.1 371.0 16 Savings 296.4 419.2 426.9 440.2 445.3 447.5 449.0 448.8 451.5 458.3 460.7 17 Time 701.5 621.6 611.9 606.1 613.1 614.8 626.4 631.2 636.8 642.8 650.8 18 Borrowings 215.1 211.3 224.0 214.1 221.2 217.5 217.2 217.8 226.8 219.7 216.3 19 Other liabilities 109.2 103.5 102.3 104.7 104.3 105.5 107.6 107.1 106.5 112.6 117.9 20 Residual (assets less liabilities) 133.8 130.0 132.0 135.1 137.0 141.0 146.1 145.4 147.2 152.4 152.8 MEMO 21 U.S. Treasury note balances included in borrowing 10.7 9.6 17.8 2.7 19.3 19.3 14.8 20.8 22.5 2.8 8.8 22 Number of banks 14,787 14,819 14,823 14,817 14,826 114,785 14,795 14,804 14,800 14,799 14,796 ALL COMMERCIAL BANKING INSTITUTIONS5 23 Loans and securities, excluding interbank 1,429.7 1,451.3 1,460.8 1,467.6 1,491.5 1,494.1 1,515.4 1,525.4 1,541.8 1,563.2 1,586.8 24 Loans, excluding interbank 1,054.8 1,054.5 1.055.7 1,056.4 1,075.2 1,078.8 1,094.9 1,102.5 1,112.2 1,129.2 1,149.3 25 Commercial and industrial 395.3 395.9 393.5 391.7 395.3 397.7 400.6 402.7 405.3 412.0 420.1 26 Other 659.5 658.6 662.2 664.7 679.9 681.2 694.3 699.8 706.8 717.2 729.2 27 U.S. Treasury securities 132.8 155.3 160.2 166.1 171.3 170.3 172.7 176.1 182.0 185.9 186.9 28 Other securities 242.1 241.5 244.9 245.2 245.1 245.0 247.8 246.9 247.7 248.1 250.6 29 Cash assets, total 200.7 185.5 186.3 180.3 193.5 185.2 193.3 174.7 178.4 195.0 205.0 30 Currency and coin 23.0 19.9 20.4 20.3 21.3 20.7 21.1 20.9 20.5 22.3 23.4 31 Reserves with Federal Reserve Banks 26.8 22.0 25.4 23.8 20.0 21.9 24.0 16.6 20.8 19.1 19.7 32 Balances with depository institutions . 81.4 81.0 79.8 78.9 84.0 81.2 82.8 79.3 79.5 83.6 88.0 33 Cash items in process of collection ... 69.4 62.6 60.7 57.3 68.2 61.4 65.4 58.0 57.6 70.0 74.0 34 Other assets2 341.7 325.4 317.8 309.5 318.1 318.7 324.6 320.9 318.8 329.7 321.3 35 Total assets/total liabilities and capital ... 1,972.1 1,962.2 1,964.9 1,957.4 2,003.2 1,998.0 2,033.3 2,021.0 2,039.1 2,088.0 2,113.1 36 Deposits 1,409.7 1,419.5 1,411.0 1,413.1 1,443.8 1,438.1 1,461.4 1,448.9 1,459.0 1,499.4 1,524.8 37 Demand 376.2 345.7 341.1 336.4 356.4 346.4 356.6 340.0 343.2 369.9 383.2 38 Savings 296.7 419.7 427.3 440.7 445.7 448.0 449.5 449.3 452.0 458.8 461.3 39 Time 736.7 654.1 642.6 636.0 641.6 643.8 655.3 659.5 663.8 670.6 680.4 40 Borrowings 278.3 269.9 281.3 269.5 278.2 277.9 280.5 282.6 289.6 282.5 275.1 41 Other liabilities 148.4 141.1 138.6 137.9 142.3 139.1 143.4 142.3 141.5 151.9 158.6 42 Residual (assets less liabilities) 135.7 131.9 133.9 137.0 138.9 142.9 148.0 147.3 149.1 154.2 154.7 MEMO 43 U.S. Treasury note balances included in borrowing 10.7 9.6 17.8 2.7 19.3 19.3 14.8 20.8 22.5 2.8 8.8 44 Number of banks 15,329 15,376 15,390 15,385 15,396 15,359 15,370 15,382 15,383 15,382 15,380 1. Domestically chartered commercial banks include all commercial banks in NOTE. Figures are partly estimated. They include all bank-premises subsidiarthe United States except branches of foreign banks; included are member and ies and other significant majority-owned domestic subsidiaries. Data for domestinonmember banks, stock savings banks, and nondeposit trust companies. cally chartered commercial banks are for the last Wednesday of the month. Data 2. Other assets include loans to U.S. commercial banks. for other banking institutions are estimates made on the last Wednesday of the 3. Commercial banking institutions include domestically chartered commercial month based on a weekly reporting sample of foreign-related institutions and banks, branches and agencies of foreign banks, Edge Act and Agreement quarter-end condition report data. corporations, and New York State foreign investment corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly Reporting Commercial Banks A19 1.26 ALL LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $1.4 Billion or More on December 31, 1982, Assets and Liabilities Millions of dollars, Wednesday figures 1984 AAccccoouunntt Aug. 22 Aug. 29 Sept. 5' Sept. 12 Sept. 19 Sept. 26' Oct. 3 Oct. 10 Oct. 17 1 Cash and balances due from depository institutions 82,438 81,090 93,437 93,142' 85,682 83,870 89,629 93,025 88,155 2 Total loans, leases and securities, net 765,327 767,771 779,288 780,814 780,956 779,441 779,901 786,892 779,448 Securities 3 U.S. Treasury and government agency 75,847 75,036 76,733 76,794 76,183 75.318 74,037 75,373 75,903 4 Trading account 12,440 11.612 13,281 13,340 12,961 12,031 11,148 12,499 12,663 5 Investment account, by maturity 63,408 63,423 63,452 63,454 63.222 63,287 62,889 62,874 63,239 6 One year or less 16,731'' 16,732' 17,492 17.476' 17,181' 17.283 18,308 18,349 18,548 7 Over one through five years 34,582' 34,527' 33,784 33,864' 33,765' 33,788 32.421 32,397 32,678 8 Over five years 12,095 12,164 12,176 12,114 12,277 12,216 12,160 12,128 12,013 9 Other securities 47,918 48,090 47,834 48,096 48,367 49,083 47,745 47,344 47,555 10 Trading account 5,318 5,438 5,065 5,159 5,274 5,872 4.714 4,155 4,388 11 Investment account 42,600 42,652 42,768 42,937 43,093 43,211 43,031 43,190 43,167 12 States and political subdivisions, by maturity 38,912 38,971 38,995 39,144 39,300 39,368 39,123 39,226 39,213 13 One year or less 4,470 4,454 4,440 4,503 4,586 4,686 4,642 4,599 4,497 14 Over one year 34,443 34.517 34,555 34,641 34,714 34,682 34,482 34,628 34,715 15 Other bonds, corporate stocks, and securities 3,688 3,681 3,773 3.793 3,793 3,843 3,907 3,963 3,954 16 Other trading account assets 2,759 2,902 3.457 2,859 2,910 3,027 2,811 2.500 2,862 Loans and leases 17 Federal funds sold1 42,631 44,774 48,546 49.803 47,820 47,733 47,463 52,620 45,826 18 To commercial banks 30,240 32,848 34,578 34,922 34,196 34,595 34,539 37,759 32,008 19 To nonbank brokers and dealers in securities 7,474 7,157 9,090 9,182 8,588 8,912 8,664 10,107 9,175 20 To others 4,916 4,769 4,878 5,698 5,036 4,226 4,260 4,755 4,642 21 Other loans and leases, gross2 611,662 612,512 618,352 618,970 621,412 619,505 623,200 624,430 622,741 22 Other loans, gross2 599,592' 600,386' 606,206 606,774' 609,202 607,290 610,925 612,175 610,459 23 Commercial and industrial2 242,930' 242,082' 243,992 244,381' 246,053' 244,030 246,290 246,476 245,490 24 Bankers acceptances and commercial paper 3,848 3,511 3,724 3,431 3,472 3,224 3,616 3,480 3,615 25 All other 239,082' 238,571' 240,268 240,950' 242,581' 240,806 242,674 242,996 241,875 26 U.S. addressees 232,648' 232,113' 233,725 234,477' 236,129' 234.283 236,018 236,391 235,323 27 Non-U.S. addressees 6,434' 6,458 6,543 6,474 6.452 6,523 6,655 6,604 6,552 28 Real estate loans2 153,081' 153,226' 153,366 154,203' 154.713' 154,842 154,983 155,402 156,032 29 To individuals for personal expenditures 102,265' 103,003' 103,281 103,692' 104,287' 104,736 105,126 105,205 105,738 30 To depository and financial institutions 40,066' 40,331' 41.260 41,509' 40,265' 39,874 39,843 39,813 39,791 31 Commercial banks in the United States 8,578 8,743 9,195 9,640 8,848 9,393 8,808 9,222 9,189 32 Banks in foreign countries 6,359 6.105 6,571 6,186 5,971 5,969 6,100 5,931 6,093 33 Nonbank depository and other financial institutions . 25,129' 25,483' 25,494 25,683' 25,446' 24,513 24,935 24,660 24,509 34 For purchasing and carrying securities 11,398 11,485 13,295 12,497 12,921 13,321 13,354 14,546 12,842 35 To finance agricultural production 7,531 7,532 7,520 7,503 7,480 7,427 7,445 7,408 7,326 36 To states and political subdivisions 25,730 25,815 25,703 25,591 25,693 25,874 25,499 25,462 25,532 37 To foreign governments and official institutions .... 4,062' 4,190' 4,157 4,212' 4,344' 4,465 4,343 4,440 4,377 38 All other 12,527' 12,720'' 13,632 13,186' 13,444' 12,721 14,042 13,421 13,329 39 Lease financing receivables 12,070' 12,126' 12,146 12,196' 12,210 12,214 12,274 12,255 12,281 40 LESS: Unearned income 5,158 5,178 5,147 5,167 5,191 5,161 5,126 5,130 5.148 41 Loan and lease reserve2 10,333 10,365 10,486 10,540 10,544 10,064 10,228 10,246 10,291 42 Other loans and leases, net2 596,171 596.969 602,718 603,262 605,676 604,280 607,845 609,053 607,302 43 All other assets 138,556 138,030 140,957 140,273' 139,598 138,328 139,388 138,096 134,644 44 Total assets 986,321 986,891 1,013,682 1,014,229' 1,006,237 1,001,639 1,008,918 1,018,013 1,002,246 Deposits 45 Demand deposits 171,056' 172,388' 191,026 185,166' 179,456 176,251 185,925 192,072 179,306 46 Individuals, partnerships, and corporations 131,064 131,679 144,041 142,494' 135,135 132,639 139,054 145,127 137,505 47 States and political subdivisions 4,445' 4,360' 4,962 4,218' 4,822 4,490 4,855 4,571 4,964 48 U.S. government 2,089 2,151 1,393 2,393 4,119 2,253 3,942 1,465 1,138 49 Depository institutions in United States 19,886 19,166 25,025 21,727' 20,352 21,201 22,537 25,507 20,924 50 Banks in foreign countries 5,585 6,099 6,262 5,866 5,847 5,664 6,278 6,238 5,828 51 Foreign governments and official institutions 998 782 913 868 963 1,016 752 859 803 52 Certified and officers' checks 6,988 8,150 8,430 7,599 8,218 8,988 8,506 8,305 8,142 53 Transaction balances other than demand deposits (ATS, NOW, Super NOW, telephone transfers).. 32,574' 32,242' 34,599 33,847' 32,832 31,800 33,857 33,703 33,052 54 Nontransaction balances 436,046 436,066 436,549 437,168' 436,966 439,731 440,679 441,544 442,469 55 Individuals, partnerships and corporations 403,528' 403,369' 404,168 404,528' 404,146' 405,950 407,433 407,911 408,458 56 States and political subdivisions 20,955' 21,159' 20,976 21,184' 21,398' 21,584 21,269 21,647 21,715 57 U.S. government 310' 327' 336 332' 331 332 338 356 371 58 Depository institutions in the United States 7,810' 7.779' 7,463 7,569' 7,569' 8,358 8,326 8,421 8,671 59 Foreign governments, official institutions and banks .. 3,444 3,432 3,606 3,556 3,522 3,507 3,312 3,209 3,254 60 Liabilities for borrowed money 183,221 185,222 190,717 195,897 195,335 192,758 188,381 189,938 184,495 61 Borrowings from Federal Reserve Banks 6,992 7,260 6,900 6,890 6,990 4,000 5,110 5,275 5,893 62 Treasury tax-and-loan notes 5,416 4,677 3,320 6,142' 14,446 16,569 7,973 2,925 2,440 63 All other liabilities for borrowed money3 170,814 173,285 180,497 182,865' 173,900 172,190 175,298 181,738 176,162 64 Other liabilities and subordinated note and debentures 96,126 93,805 92,969 94,374' 94,047 92,286 90,696 90,883 93,172 65 Total liabilities 919,024 919,723 945,862 946,453' 938,637 932,827 939,538 948,140 932,494 66 Residual (total assets minus total liabilities)4 67,298 67.168 67,820 67,776 67,600 68,812 69,380 69,873 69,752 1. Includes securities purchased under agreements to resell. 4. This is not a measure of equity capital for use in capital adequacy analysis or 2. Levels of major loan items were affected by the Sept. 26, 1984 transaction for other analytic uses. between Continental Illinois National Bank and the Federal Deposit Insurance NOTE. These data also appear in the Board's H.4.2 (504) release. For address, Corporation. For details see the H.4.2 statistical release dated Oct. 5, 1984. see inside front cover. 3. Includes federal funds purchased and securities sold under agreements to repurchase ; for information on these liabilities at banks with assets of $ 1 billion or more on Dec. 31, 1977, see table 1.13. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 Domestic NonfinancialS tatistics • December 1984 1.28 LARGE WEEKLY REPORTING COMMERCIAL BANKS IN NEW YORK CITY Assets and Liabilities Millions of dollars, Wednesday figures 1984 AAccccoouunntt Aug. 22 Aug. 29 Sept. 5 Sept. 12 Sept. 19 Sept. 26 Oct. 3 Oct. 10 Oct. 17 1 Cash and balances due from depository institutions 19,834 20,925 20,292 22,380 21,670 20,334 22,121 21,562 22,345 2 Total loans, leases and securities, net1 159,552 159,983 164,473 165,493 165,256 164,874' 165,072 168,071 164,272 Securities 33 4 5 Investment account, by maturity 9,639 9,538 9,604 9,468 9,549 9,598 9,547 9,608 9,584 6 One year or less 1,734 1,733 1,794 1,674 1,671 1,667 1,592 1,593 1,611 7 Over one through five years 6,749 6,648 6,558 6,542 6,531 6,580 6,608 6,671 6,706 8 Over five years 1,157 1,157 1,252 1,252 1,346 1,351 1,348 1,344 1,268 10 11 Investment account 9,380 9,429 9,520 9,563 9,650 9,685 9,679 9,712 9,642 12 States and political subdivisions, by maturity 8,710 8,762 8,824 8,865 8,948 8,970 8,937 8,954 8,856 13 One year or less 1,342 1,366 1,371 1,398 1,465 1,485 1,455 1,470 1,342 14 Over one year 7,368 7,396 7,454 7,467 7,483 7,485 7,482 7,484 7,514 15 Other bonds, corporate stocks and securities 670 667 696 698 701 715 741 758 786 1166 Loans and leases 17 Federal funds sold3 11,640 12,683 13,282 14,501 14,186 14,966 14,202 16,451 15,075 18 To commercial banks 6,440 7,372 7,098 7,750 7,798 8,811 8,094 9,311 8,313 19 To nonbank brokers and dealers in securities 2,652 2,585 3,589 3,688 3,605 3,701 3,869 4,596 3,980 20 To others 2,548 2,725 2,595 3,063 2,783 2,453 2,239 2,544 2,782 21 Other loans and leases, gross 133,469 132,935 136,736 136,652 136,598 135,260' 136,248 136,924 134,606 22 Other loans, gross 131,292 130,758 134,552 134,471 134,416 133,069' 134,055 134,744 132,424 23 Commercial and industrial 64,059 63,722 64,705 65,042 65,374 64,118 64,942 65,097 64,115 24 Bankers acceptances and commercial paper 909 700 809 665 637 511 590 550 622 25 All other 63,150 63,022 63,896 64,378 64,737 63,608 64,352 64,546 63,493 26 U.S. addressees 62,161 62,027 62,898 63,407 63,757 62,644 63,320 63,506 62,512 27 Non-U.S. addressees 990 995 998 971 980 964 1,032 1,040 982 28 Real estate loans 22,430 22,521 22,579 23,031 23,017 23,188 23,125 23,143 23,242 29 To individuals for personal expenditures 14,910 15,027 15,040 15,116 15,198 15,215 15,238 15,271 15,313 30 To depository and financial institutions 12,338 11,967 12,684 12,700 12,003 11,909' 11,746 11,703 11,734 31 Commercial banks in the United States 1,556 1,489 1,677 1,950 1,593 1,912' 1,487 1,486 1,521 32 Banks in foreign countries 2,372 2,037 2,473 2,148 1,987 2,063' 2,167 2,174 2,187 33 Nonbank depository and other financial institutions . 8,410 8,440 8,534 8,601 8,422 7,935 8,092 8,043 8,026 34 For purchasing and carrying securities 5,338 5,056 6,871 6,115 6,242 6,365 6,323 7,226 5,691 35 To finance agricultural production 334 338 334 343 342 342 357 356 379 36 To states and political subdivisions 8,180 8,160 8,146 8,081 8,097 8,150 7,963 7,860 7,843 37 To foreign governments and official institutions .... 46 (K 572r 492' 522' 635' 776' 734 876 849 38 All other 3,242' 3,395' 3,701' 3,521' 3,508' 3,005' 3,627 3,212 3,258 39 Lease financing receivables 2,177 2,178 2,184 2,181 2,182 2,191 2,193 2,180 2,182 40 LESS: Unearned income 1,497 1,501 1,498 1,507 1,546 1,506 1,484 1,480 1,485 41 Loan and lease reserve 3,079 3,102 3,171 3,184 3,180 3,128 3,120 3,144 3,151 42 Other loans and leases, net 128,893 128,333 132,067 131,961 131,872 130,626' 131,644 132,300 129,970 43 All other assets4 67,380 67,264 70,206 68,621 67,787 67,624 67,013 67,305 65,691 44 Total assets 246,766 248,172 254,972 256,494 254,712 252,832' 254,206 256,938 252,308 Deposits 4!5 Demand deposits 42,622 45,079 47,497 46,484 46,684 46,136' 46,223 48,347 45,496 46 Individuals, partnerships, and corporations 28,939 30,286 31,669 31,494' 31,099 29,686' 30,549 32,240 30,990 47 States and political subdivisions 534 512 553 575 620 658 838 725 657 48 U.S. government 403 460 211 539 785 452 850 225 135 49 Depository institutions in the United States 4,742 4,384 5,717 5,112' 4,805 5,406' 4,706 5,984 4,862 50 Banks in foreign countries 4,226 4,783 4,874 4,548 4,571 4,328' 4,910 4,790 4,471 51 Foreign governments and official institutions 790 573 678 635 743 744' 511 649 586 52 Certified and officers' checks 2,988 4,082 3,795 3,580 4,060 4,863 3,859 3,735 3,794 53 Transaction balances other than demand deposits ATS, NOW, Super NOW, telephone transfers) .. 3,491 3,453 3,685 3,632 3,565 3,418 3,599 3,626 3,513 54 Nontransaction balances 80,729 80,576 80,963 81,259 81,400 81,428 81,560 81,038 81,480 55 Individuals, partnerships and corporations 72,190 72,039 72,395 72,780 72,885 72,875 73,227 72,696 72,944 56 States and political subdivisions 3,959 4,026 4.011 4,050 4,107 4,139 4,258 4,325 4,371 57 U.S. government 35 35 25 25 25 24 23 27 29 58 Depository institutions in the United States 2,662 2,603 2,564 2,434 2,419 2,418 2,264 2,224 2,325 59 Foreign governments, official institutions and banks .. 1,882 1,873 1,968 1,969 1,965 1,972 1,788 1,765 1,811 60 Liabilities for borrowed money 58,338 59,040 61,991 64,048 61,963 61,362 61,935 62,752 59,033 61 62 Treasury tax-and-loan notes 1,239 1,024 723 1,304 3,677 4,084 1,816 582 484 63 All other liabilities for borrowed money5 57,100 58,017 61,268 62,744 58,285 57,278 60,118 62,171 58,548 64 Other liabilities and subordinated note and debentures.. 39,210 37,711 38,372 38,590 38,768 38,162' 38,287 38,444 40,092 65 Total liabilities 224,390 225,860 232,509 234,013 232,380 230,506' 231,604 234,206 229,613 66 Residual (total assets minus total liabilities)6 22,376 22,312 22,463 22,481 22,333 22,326 22,602 22,732 22,695 1. Excludes trading account securities. 6. Not a measure of equity capital for use in capital adequacy analysis or for 2. Not available due to confidentiality. other analytic uses. 3. Includes securities purchased under agreements to resell. NOTE. These data also appear in the Board's H.4.2 (504) release. For address, 4. Includes trading account securities. see inside front cover. 5. Includes federal funds purchased and securities sold under agreements to repurchase. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly Reporting Commercial Banks A19 1.29 LARGE WEEKLY REPORTING COMMERCIAL BANKS Balance Sheet Memoranda Millions of dollars, Wednesday figures 1984 AAccccoouunntt Aug. 22 Aug. 29 Sept. 5 Sept. 12 Sept. 19 Sept. 26' Oct. 3 Oct. 10 Oct. 17 BANKS WITH ASSETS OF $1.4 BILLION OR MORE 1 Total loans and leases (gross) and investments adjusted1 741,998 741,724 751,149' 751,960 753,648 750,679 751,909 755,288 753,690 2 Total loans and leases (gross) adjusted1-2 615,474 615,695 623,125' 624,211 626,188 623,250 627,316 630,070 627,370 3 Time deposits in amounts of $100,000 or more 157,783' 157,948' 156,474' 156,926' 157,098 159,700 159,180 159,416 160,065 4 Loans sold outright to affiliates—total3 2,945 3,015 3,024 2,996 3,042 2,972 2,992 2,961 2,982 5 Commercial and industrial 2,102 2,150 2,153 2,139 2,179 2,148 2,160 2,105 2,128 6 Other 842 864 871 857 863 824 832 855 853 7 Nontransaction savings deposits (including MMDAs)... 151,434 151,176 152,234 152,157 151,442 151,689 152,686 153,434 154,090 BANKS IN NEW YORK CITY 8 Total loans and leases (gross) and investments adjusted1-4 .. 156,132 155,724 160,367 160,484 160,590 158,785 160,096 161,898 159,074 9 Total loans and leases (gross) adjusted1 137,112 136,756 141,242 141,453 141,392 139,502 140,870 142,578 139,847 10 Time deposits in amounts of $100,000 or more 35,146 35,094 35,020 35,106 35,313 34,924 34,868 34,319 34,416 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, banks. nonconsolidated nonbank affiliates of the bank, the bank's holding company (if 2. Levels of major loan items were affected by the Sept. 26, 1984 transaction not a bank), and nonconsolidated nonbank subsidiaries of the holding company. between Continental Illinois National Bank and the Federal Deposit Insurance 4. Excludes trading account securities. Corporation. For details see the H.4.2 statistical release dated Oct. 5, 1984. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A22 Domestic NonfinancialS tatistics • December 1984 1.30 LARGE WEEKLY REPORTING U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS WITH ASSETS OF $750 MILLION OR MORE ON JUNE 30, 1980 Assets and Liabilities Millions of dollars, Wednesday figures 1984 AAccccoouunntt Aug. 22 Aug. 29 Sept. 5 Sept. 12 Sept. 19 Sept. 26' Oct. 3 Oct. 10 Oct. 17 1 Cash and due from depository institutions. 6,165 6,327 6,347 6,728 6,280 6,670 6,082 6,854 5,984 2 Total loans and securities 46,539 48,313 45,718 47,228 45,417 46,654 46,206 46,448 46,862 3 U.S. Treasury and govt, agency securities 4,300 4,292 4,335 4,408 4,330 4,281 4,141 4,229 4,080 4 Other securities 1,048 1,083 1,156 1,147 1,050 1,258 1,257 1,269 1,279 5 Federal funds sold1 3,985 5,680 2,299 3,484 2,262 3,358 2,780 2,938 3,436 6 To commercial banks in the United States 3,840 5,457 2,047 3,192 2,036 2,999 2,399 2,642 3,126 7 To others 145 223 252 292 225 359 381 296 310 8 Other loans, gross 37,206 37,258 37,928 38,189 37,775 37,758 38,028 38,011 38,067 9 Commercial and industrial 20,350 20,702 21,103 21,141 21,041 2211,,008800 2211,,446644 2211,,336622 2211,,333322 10 Bankers acceptances and commercial paper 3,271 3,417 3,498 3,590 3,354 3,264 3,213 3,178 3,019 11 All other 17,079 17,285 17,606 17,550 17,687 17,816 18,251 18,184 18,313 12 U.S. addressees 15,317 15,404 15,762 15,895 16,138 16,190 16,642 16,532 16,679 13 Non-U.S. addressees 1,762 1,881 1,843 1,656 1,550 1,625 1,608 1,651 1,634 14 To financial institutions 13,670 13,260' 13,274 13,668 13,111 13,227 13,018 13,169 12,934 15 Commercial banks in the United States . 11,361 11,066 10,814 11,165 10,644 10,673 10,536 10,584 10,409 16 Banks in foreign countries 1,603 1,488' 1,530 1,531 1,584 1,602 1,523 1,541 1,504 17 Nonbank financial institutions 707 705 930 971 882 951 959 1,044 1,022 18 To foreign govts, and official institutions.. 752 752' 732 720 725 721 699 709 716 19 For purchasing and carrying securities .. 589 655 899 806 1,067 857 934 791 1,103 20 All other 1,845 1,889 1,920 1,854 1,830 1,872 1,913 1,979 1,981 21 Other assets (claims on nonrelated parties).. 16,892 17,136 17,273 18,329 18,702 18,725 18,530 18,647 18,800 22 Net due from related institutions 10,518 10,298 11,068 10,665 11,074 10,667 10,336 10,791 9,717 23 Total assets 80,113 82,075 80,406 82,950 81,473 82,717 8811,,115544 8822,,774400 8811,,336622 24 Deposits or credit balances due to other than directly related institutions.... 21,010' 21,089' 20,829' 21,040 21,103 21,462 21,320 21,378 21,131 25 Credit balances 113 132 123 117 119 123 128 164 126 26 Demand deposits 1,564 1,707 1,833' 2,054 1,742 1,769 1,616 1,964 11,,663322 27 Individuals, partnerships, and corporations 808 811 808' 900 859 834 833 878 880 28 Other 757 897 1,024 1,154 883 935 783 1,086 752 29 Time and savings deposits 19,332' 19,250" 18,873' 18,868 19,242 19,570 19,577 19,250 19,373 30 Individuals, partnerships, and corporations 15,826 15,713 15,400 15,434 15,752 16,100 15,998 15,831 15,999 31 Other 3,506' 3,537' 3,473' 3,435 3,490 33,,447700 33,,557799 33,,441199 33,,337744 32 Borrowings from other than directly related institutions 33,764' 35,050' 33,844' 34,089 34,150 34,290 33,407 34,680 33,286 33 Federal funds purchased2 9,342 10,371 9,588 9,955 10,067 10,418 99,,885566 1111,,119988 1100,,114488 34 From commercial banks in the United States 6,344 7,233 6,888 7,208 7,668 7,697 7,487 8,760 7,103 35 From others 2,998 3,137' 2,700 2,747 2,398 2,720 2,369 2,438 3,045 36 Other liabilities for borrowed money.... 24,422' 24,680' 24,256' 24,134 24,084 2233,,887722 23,551 2233,,448811 2233,,113388 37 To commercial banks in the United States 20,072 20,292 19,783 20,278 20,302 20,122 20,028 19,884 19,598 38 To others 4,350 4,388' 4,473' 3,856 3,782 3,750 3,522 3,597 3,540 39 Other liabilities to nonrelated parties 17,522 18,024 18,042 19,145 19,470 19,433 19,196 19,440 19,368 40 Net due to related institutions 7,817 7,911 7,691 8,675 6,750 7,532 7,231 7,242 7,577 41 Total liabilities 80,113 82,075 80,406 82,950 81,473 82,717 81,154 82,740 81,362 MEMO 42 Total loans (gross) and securities adjusted3 31,338 31,790 32,857 32,871 32,736 32,981 33,271 33,221 33,327 43 Total loans (gross) adjusted3 25,990 26,415 25,366 27,316 27,355 27,443 27,873 27,723 27,968 1. Includes securities purchased under agreements to resell. NOTE. Data from tables 1.29 and 1.30 also appear in the Board's H.4.2 (504) 2. Includes securities sold under agreements to repurchase. release. For address, see inside front cover. 3. Exclusive of loans to and federal funds sold to commercial banks in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly Reporting Commercial Banks A19 1.31 GROSS DEMAND DEPOSITS Individuals, Partnerships, and Corporations' Billions of dollars, estimated daily-average balances Commercial banks TTyyppee ooff hhoollddeerr 1983 1984 1199779922 11998800 11998811 11998822 DDeecc.. DDeecc.. DDeecc.. DDeecc.. Mar. June Sept. Dec. Mar. June 1 All holders—Individuals, partnerships, and corporations 302.3 315.5 288.9 291.8 272.0 281.9 280.3 293.5 279.3 285.8 2 Financial business 27.1 29.8 28.0 35.4 32.7 34.6 32.1 32.8 31.7 31.7 3 Nonfinancial business 157.7 162.8 154.8 150.5 139.9 146.9 150.2 161.1 150.3 154.9 4 Consumer 99.2 102.4 86.6 85.9 79.4 80.3 77.9 78.5 78.1 78.2 5 Foreign 3.1 3.3 2.8 3.0 3.1 3.0 2.9 3.3 3.3 3.4 6 Other 15.1 17.2 16.7 17.0 16.9 17.2 17.1 17.8 15.9 17.4 Weekly reporting banks 1983 1984 11997799'' 11998800 11998811 11998822 DDeecc.. DDeecc.. DDeecc.. DDeecc.. Mar. June Sept. Dec.4 Mar. June 7 All holders—Individuals, partnerships, and corporations 139.2 147.4 137.5 144.2 133.0 139.6 136.3 146.2 139.2 145.3 8 Financial business 20.1 21.8 21.0 26.7 24.3 26.1 23.6 24.2 23.4 23.6 9 Nonfinancial business 74.1 78.3 75.2 74.3 68.9 72.8 72.9 79.8 76.4 79.7 10 Consumer 34.3 35.6 30.4 31.9 28.7 28.5 28.1 29.7 28.4 29.9 11 Foreign 3.0 3.1 2.8 2.9 3.0 2.8 2.8 3.1 3.2 3.2 12 Other 7.8 8.6 8.0 8.4 8.1 9.3 8.9 9.3 7.7 8.9 1. Figures include cash items in process of collection. Estimates of gross exceeding $750 million as of Dec. 31, 1977. Beginning in March 1979, demand deposits are based on reports supplied by a sample of commercial banks. Types of deposit ownership estimates for these large banks are constructed quarterly on the depositors in each category are described in the June 1971 BULLETIN, p. 466. basis of 97 sample banks and are not comparable with earlier data. The following 2. Beginning with the March 1979 survey, the demand deposit ownership estimates in billions of dollars for December 1978 have been constructed for the survey sample was reduced to 232 banks from 349 banks, and the estimation new large-bank panel; financial business, 18.2; nonfinancial business, 67.2; procedure was modified slightly. To aid in comparing estimates based on the old consumer, 32.8; foreign, 2.5; other, 6.8. and new reporting sample, the following estimates in billions of dollars for 4. In January 1984 the weekly reporting panel was revised; it now includes 168 December 1978 have been constructed using the new smaller sample; financial banks. Beginning with March 1984, estimates are constructed on the basis of 92 business, 27.0; nonfinancial business, 146.9; consumer, 98.3; foreign, 2.8; and sample banks and are not comparable with earlier data. Estimates in billions of other, 15.1. dollars for December 1983 based on the newly weekly reporting panel are: 3. After the end of 1978 the large weekly reporting bank panel was changed to financial business, 24.4; nonfinancial business, 80.9; consumer, 30.1; foreign, 3.1; 170 large commercial banks, each of which had total assets in domestic offices other, 9.5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A24 Domestic Nonfinancial Statistics • December 1984 1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING Millions of dollars, end of period 19843 IInnssttrruummeenntt 11 DD 99 ee 77 cc 99 .. '' DD 1199 ee 88 cc 00 .. DD 1199 ee 88 cc 11 .. DD 11 ee 99 cc 8822 ..22 DD 1199 ee 88 cc 33 .. Apr. May June July Aug. Sept. Commercial paper (seasonally adjusted unless noted otherwise) 11 AA1111 iissssuueerrss 112,803 124,374 165,829 166,670 188,057 210,865 214,431' 218,898' 221,431' 222,448' 226,474 FFiinnaanncciiaall ccoommppaanniieess44 DDeeaalleerr--ppllaacceedd ppaappeerr55 22 TToottaall 17,359 19,599 30,333 34,634 44,943 48,277 50,355' 51,101' 51,157' 52,695 54,283 33 BBaannkk--rreellaatteedd ((nnoott sseeaassoonnaallllyy aaddjjuusstteedd)) 2,784 3,561 6,045 2,516 2,441 1,865 1,696 1,944 1,799 2,010 1,959 DDiirreeccttllyy ppllaacceedd ppaappeerr66 44 TToottaall 64,757 67,854 81,660 84,130 96,548 109,376 110,791 109,026' 109,076' 108,109' 107,206 55 BBaannkk--rreellaatteedd ((nnoott sseeaassoonnaallllyy aaddjjuusstteedd)) 17,598 22,382 26,914 32,034 35,566 41,881 46,338 43,960 45,090 43,665 41,066 66 NNoonnffiinnaanncciiaall ccoommppaanniieess77 30,687 36,921 53,836 47,906 46,566 53,212 53,285' 58,771 61,198' 61,644 64,985 Bankers dollar acceptances (not seasonally adjusted) 7 Total 45,321 54,744 69,226 79,543 78,309 78,457 79,530 82,067 80,957 79,779 77,928 Holder 8 Accepting banks 9,865 10,564 10,857 10,910 9,355 11,160 9,927 10,877 10,708 10,743 11,065 9 Own bills 8,327 8,963 9,743 9,471 8,125 9,028 8,422 9,354 8,854 8,823 8,729 10 Bills bought 1,538 1,601 1,115 1,439 1,230 2,131 1,504 1,523 1,853 11,,992200 22,,333366 Federal Reserve Banks 11 Own account 704 776 195 1,480 418 305' 426 0 0 0 0 12 Foreign correspondents 1,382 1,791 1,442 949 729 834 679 697 611 632 686 13 Others 33,370 41,614 56,731 66,204 68,225 68,924 68,924 70,493 69,639 68,404 66,177 Basis 14 Imports into United States 10,270 11,776 14,765 17,683 15,649 16,579 16,687 17,301 17,947 17,647 17,196 15 Exports from United States 9,640 12,712 15,400 16,328 16,880 17,025' 15,938 16,421 15,485 15,871 15,985 16 All other 25,411 30,257 39,060 45,531 45,781 44,853' 46,906 48,345 47,525 46,260 44,747 1. A change in reporting instructions results in offsetting shifts in the dealer- 4. Institutions engaged primarily in activities such as, but not limited to, placed and directly placed financial company paper in October 1979. commercial, savings, and mortgage banking; sales, personal, and mortgage 2. Effective Dec. 1, 1982, there was a break in the commercial paper series. The financing; factoring, finance leasing, and other business lending; insurance key changes in the content of the data involved additions to the reporting panel, underwriting; and other investment activities. the exclusion of broker or dealer placed borrowings under any master note 5. Includes all financial company paper sold by dealers in the open market. agreements from the reported data, and the reclassification of a large portion of 6. As reported by financial companies that place their paper directly with bank-related paper from dealer-placed to directly placed. investors. 3. Correction of a previous misclassification of paper by a reporter has created 7. Includes public utilities and firms engaged primarily in such activities as a break in the series beginning December 1983. The correction adds some paper to communications, construction, manufacturing, mining, wholesale and retail trade, nonfinancial and to dealer-placed financial paper. transportation, and services. 1.33 PRIME RATE CHARGED BY BANKS on Short-Term Business Loans Percent per annum Effective Date Average Month rate 16.00 1982-—Nov.22 .. 1982—Jan. 15.75 1983—June 15.75 Feb. 16.56 July Mar. 16.50 Aug 1983--Jan. 11.. 11.00 Apr. 16.50 Sept 16.50 Feb. 28.. 10.50 May 16.50 Oct 17.00 Aug. 8.. 11.00 June 16.50 Nov 16.50 July 16.26 Dec 16.00 1984--Mar. 19.. 11.50 Aug. 14.39 15.50 Apr. 5.. 12.00 Sept 13.50 1984—Jan 15.00 May 8.. 12.50 Oct. 12.52 Feb 14.50 June 25.. 13.00 Nov. 11.85 Mar 14.00 Sept.27.. 12.75 Dec. 11.50 Apr 13.50 Oct. 17.. 12.50 May 13.00 29.. 12.00 1983—Jan. 11.16 June 12.00 Feb. 10.98 July Mar. 10.50 Aug Apr. 10.50 Sept May. 10.50 Oct NOTE. These data also appear in the Board's H.15 (519) release. For address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A25 1.34 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 6-10, 1984 Size of loan (in thousands of dollars) All Item sizes 11--2244 25-49 50-99 100-499 500-999 11 ,U(WUU) SHORT-TERM COMMERCIAL AND INDUSTRIAL LOANS 1 Amount of loans (thousands of dollars) 36,985,734 951,772 646,703 956,171 2,222,353 1,002,098 31,206,636 2 Number of loans 171,018 119,869 19,238 15,095 11,083 1,501 4.233 3 Weighted-average maturity (months) 1.2 4.0 4.4 3.9 3.6 4.3 .8 4 With fixed rates .9 3.6 4.3 3.3 1.7 2.5 .6 5 With floating rates 1.8 5.) 4.7 4.8 4.9 5.5 1.2 6 Weighted-average interest rate (percent per annum) .. 13.29 15.41 15.40 14.81 14.65 14.14 13.01 7 Interquartile range1 12.72-13.47 14.65-16.15 14.37-16.08 13.96-15.43 13.80-15.11 13.65-14.86 12.69-13.17 8 With fixed rates 13.18 15.26 15.29 14.51 14.70 13.65 12.96 9 With floating rates 13.46 15.69 15.54 15.14 14.61 14.35 13.09 Percentage of amount of loans 10 With floating rate 40.4 34.4 45.2 48.2 60.7 70.1 37.9 11 Made under commitment 69.4 30.4 45.0 40.5 50.8 67.8 73.4 12 With no stated maturity 9.7 10.3 19.4 15.3 37.4 34.0 6.5 13 With one-day maturity 38.7 .1 .1 .1 1.0 1.0 45.7 1-99 LONG-TERM COMMERCIAL AND INDUSTRIAL LOANS 14 Amount of loans (thousands of dollars) 3,982,434 471,238 350,926 213,024 2,947,246 15 Number of loans 26,744 24,143 1,679 322 601 16 Weighted-average maturity (months) 49.4 35.3 41.7 52.9 52.4 17 With fixed rates 41.6 29.5 45.4 60.9 46.9 18 With floating rates 51.2 41.4 40.8 51.3 53.2 19 Weighted-average interest rate (percent per annum) .. 13.81 16.05 14.68 14.01 13.33 20 Interquartile range1 12.89-14.48 14.75-16.65 13.80-15.50 13.65-14.75 12.82-13.80 21 With fixed rates 14.27 16.16 14.59 14.55 13.01 22 With floating rates 13.70 15.92 14.70 13.91 13.38 Percentage of amount of loans 23 With floating rate 81.5 48.0 80.8 84.0 86.7 24 Made under commitment 79.5 47.7 59.0 67.3 88.0 1-24 25-49 50-99 500 and over CONSTRUCTION AND LAND DEVELOPMENT LOANS 25 Amount of loans (thousands of dollars) 3,049,989 221,702 188,964 141,543 1,018,190 1,479,589 26 Number of loans 33,300 21,475 5,296 2,230 3,941 358 27 Weighted-average maturity (months) 9.2 8.8 8.7 18.1 10.1 7.8 28 With fixed rates 8.0 9.8 9.9 30.7 10.6 5.6 29 With floating rates 11.1 5.8 6.7 11.1 9.8 14.9 30 Weighted-average interest rate (percent per annum) .. 14.56 15.35 15.38 15.23 15.05 13.93 31 Interquartile range1 13.24-15.50 14.93-16.09 14.20-15.98 15.00-15.67 13.72-15.52 12.93-14.79 32 With fixed rates 13.96 15.12 14.89 15.52 14.05 13.58 33 With floating rates 15.44 15.97 16.39 15.08 15.68 14.91 Percentage of amount of loans 34 With floating rate 40.4 27.2 32.8 66.2 61.1 26.6 35 Secured by real estate 73.3 88.9 83.0 95.0 98.0 50.6 36 Made under commitment 71.6 61.0 37.7 91.1 82.4 68.3 37 With no stated maturity 4.0 61.8 83.0 79.0 6.3 5.1 38 With one-day maturity 2 .5 1.0 2.9 2.9 2.1 Type of construction 39 1- to 4-family 17.9 37.7 16.1 18.1 90.8 92.8 40 Multifamily 2.2 2.3 18.0 5.9 2.5 3.4 41 Nonresidential 79.9 .0 .0 .0 .0 .4 All sizes 1-9 10-24 25-49 50-99 100-249 250 and over LOANS TO FARMERS 42 Amount of loans (thousands of dollars) 998,347 186,662 122,404 146,481 125,457 152,701 264,643 43 Number of loans 67,803 51,876 8,086 4,675 1,793 929 445 44 Weighted-average maturity (months) 6.6 6.1 6.2 6.3 5.6 5.2 9.1 45 Weighted-average interest rate (percent per annum) .. 14.87 15.05 14.69 14.98 15.10 15.06 14.54 46 Interquartile range1 14.35-15.45 14.49-15.53 14.23-15.03 14.56-15.27 14.65-15.58 14.76-15.56 13.86-15.45 By purpose of loan 4 4 8 7 O Fe th e e d r e r l i l v i e v s e t s o t c o k c k 1 1 5 4 . . 1 6 7 3 1 1 5 4 . . 1 7 2 2 1 14 4 . . 5 1 7 6 1 1 5 4 . . 2 8 2 7 14.4 ( 72 ) 14.8 ( 52 ) 14. ( 522 ) 5 4 0 9 O Fa th rm er m cu a r c r h e i n n t er o y p e a r n a d t in e g q u e i x p p m e e n n s t e s 1 14 4 . . 9 9 9 6 1 1 4 5 . .2 8 4 8 1 14 4 . . 7 5 5 4 1 1 4 5. . 0 5 1 7 15.4 ( 12 ) 15.3 ( 22 ) 14. ( 662 ) 51 Other 14.38 16.77 15.11 14.90 14.50 14.50 13.84 1. Interest rate range that covers the middle 50 percent of the total dollar NOTE. For more detail, see the Board's E.2 (111) statistical release, amount of loans made. 2. Fewer than 10 sample loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A26 Domestic NonfinancialS tatistics • December 1984 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. 1984 1984, week ending IInnssttrruummeenntt 11998811 11998822 11998833 July Aug. Sept. Oct. Sept. 28 Oct 5 Oct. 12 Oct. 19 Oct. 26 MONEY MARKET RATES 1 Federal funds12 16.38 12.26 9.09 11.23 11.64 11.30 10.73 2 Discount window borrowing1-2 3 13.42 11.02 8.50 9.00 9.00 9.00 9.00 Commercial paper4 5 3 1-month 15.69 11.83 8.87 11.06 11.19 11.11 10.77 4 3-month 15.32 11.89 8.88 11.19 11.18 11.04 10.75 5 6-month 14.76 11.89 8.89 11.34 11.16 10.94 10.70 Finance paper, directly placed4 5 6 1-month 15.30 11.64 8.80 10.99 11.16 10.98 10.45 7 3-month 14.08 11.23 8.70 10.54 10.61 10.62 10.45 8 6-month 13.73 11.20 8.69 10.42 10.52 10.56 10.41 Bankers acceptances5 6 9 3-month 15.32 11.89 8.90 11.30 11.23 11.04 10.78 10 6-month 14.66 11.83 8.91 11.44 11.13 10.91 10.71 Certificates of deposit, secondary market7 11 1-month 15.91 12.04 8.96 11.28 11.32 11.20 10.90 12 3-month 15.91 12.27 9.07 11.56 11.47 11.29 11.00 13 6-month 15.77 12.57 9.27 12.08 11.71 11.47 11.22 14 Eurodollar deposits, 3-month8 16.79 13.12 9.56 12.02 11.81 11.67 11.40 U.S. Treasury bills5 Secondary market9 15 3-month 14.03 10.61 8.61 10.12 10.47 10.37 10.24 16 6-month 13.80 11.07 8.73 10.53 10.61 10.47 10.34 17 1-year 13.14 11.07 8.80 10.89 10.71 10.51 n.a. 10.38 n a. n a. n a. n a. Auction average10 18 3-month 14.029 10.686 8.63 10.13 10.49 10.41 10.27 19 6-month 13.776 11.084 8.75 10.58 10.65 10.51 10.39 2200 1133..115599 1111..009999 8.86 1100..9999 1100..7799 1100..8844 CAPITAL MARKET RATES U.S. Treasury notes and bonds11 Constant maturities12 21 1-year 14.78 12.27 9.57 12.03 11.82 11.58 11.42 22 2-year 14.56 12.80 10.21 12.88 12.43 12.21 12.06 ?3 12.10 24 3-year 14.44 12.92 10.45 13.08 12.50 12.34 12.27 25 5-year 14.24 13.01 10.80 13.28 12.69 12.53 12.46 26 7-year 14.06 13.06 11.02 13.35 12.75 12.60 12.53 27 10-year 13.91 13.00 11.10 13.36 12.72 12.52 12.46 28 20-year 13.72 12.92 11.34 13.36 12.71 12.42 12.36 29 30-year 13.44 12.76 11.18 13.21 12.54 12.29 12.26 Composite14 30 Over 10 years (long-term) 12.87 12.23 10.84 12.82 12.23 11.97 11.93 State and local notes and bonds Moody's series15 31 Aaa 10.43 10.88 8.80 10.10 9.58 9.58 9.72 9.55 9.70 9 80 9.80 9.60 32 Baa 11.76 12.48 10.17 10.61 10.30 10.40 10.51 10.40 10.60 10.65 10.50 10.30 33 Bond Buyer series16 11.33 11.66 9.51 10.42 9.99 10.10 10.25 10.15 10.34 10.36 10.24 10.05 Corporate bonds Seasoned issues17 34 All industries 15.06 14.94 12.78 14.32 13.78 13.56 k 13.46 13.47 13.40 13.32 13.15 35 Aaa 14.17 13.79 12.04 13.44 12.87 12.66 1 12.56 12.62 12.52 12.51 12.54 36 Aa 14.75 14.41 12.42 14.12 13.47 13.27 13.19 13.23 13.21 13.20 12.95 37 A 15.29 15.43 13.10 14.57 14.13 13.94 n a. 13.84 13.83 13.78 13.63 13.38 38 Baa 16.04 16.11 13.55 15.15 14.63 14.35 1 14.24 14.21 14.09 13.94 13.72 39 Ab ra o t n e d d s , 18 r ecently-offered utility 16.63 15.49 12.73 14.93 14.12 13.86 T1 13.84 13.81 13.70 13.29 13.24 MEMO: Dividend/price ratio19 40 Preferred stocks 12.36 12.53 11.02 12.13 11.77 11.65 11.64? 11.57 11.66 11.76 11.56 11.57 41 Common stocks 5.20 5.81 4.40 4.93 4.62 4.54 4.63? 4.53 4.67 4.68 4.62 4.54 1. Weekly and monthly figures are averages of all calendar days, where the 11. Yields are based on closing bid prices quoted by at least five dealers. rate for a weekend or holiday is taken to be the rate prevailing on the preceding 12. Yields adjusted to constant maturities by the U.S. Treasury. That is, yields business day. The daily rate is the average of the rates on a given day weighted by are read from a yield curve at fixed maturities. Based on only recently issued, the volume of transactions at these rates. actively traded securities. 2. Weekly figures are averages for statement week ending Wednesday. 13. Each biweekly figure is the average of five business days ending on the 3. Rate for the Federal Reserve Bank of New York. Monday following the date indicated. Until Mar. 31, 1983, the biweekly rate 4. Unweighted average of offering rates quoted by at least five dealers (in the determined the maximum interest rate payable in the following two-week period case of commercial paper), or finance companies (in the case of finance paper). on 2-'/2-year small saver certificates. (See table 1.16.) Before November 1979, maturities for data shown are 30-59 days, 90-119 days, 14. Averages (to maturity or call) for all outstanding bonds neither due nor and 120-179 days for commercial paper; and 30-59 days, 90-119 days, and 150- callable in less than 10 years, including several very low yielding "flower" bonds. 179 days for finance paper. 15. General obligations based on Thursday figures; Moody's Investors Service. 5. Yields are quoted on a bank-discount basis, rather than an investment yield 16. General obligations only, with 20 years to maturity, issued by 20 state and basis (which would give a higher figure). local governmental units of mixed quality. Based on figures for Thursday. 6. Dealer closing offered rates for top-rated banks. Most representative rate 17. Daily figures from Moody's Investors Service. Based on yields to maturity (which may be, but need not be, the average of the rates quoted by the dealers). on selected long-term bonds. 7. Unweighted average of offered rates quoted by at least five dealers early in 18. Compilation of the Federal Reserve. This series is an estimate of the yield the day. on recently-offered, A-rated utility bonds with a 30-year maturity and 5 years of 8. Calendar week average. For indication purposes only. call protection. Weekly data are based on Friday quotations. 9. Unweighted average of closing bid rates quoted by at least five dealers. 19. Standard and Poor's corporate series. Preferred stock ratio based on a 10. Rates are recorded in the week in which bills are issued. Beginning with the sample of ten issues: four public utilities, four industrials, one financial, and one Treasury bill auction held on Apr. 18, 1983, bidders were required to state the transportation. Common stock ratios on the 500 stocks in the price index. percentage yield (on a bank discount basis) that they would accept to two decimal NOTE. These data also appear in the Board's H.15 (519) and G. 13 (415) releases. places. Thus, average issuing rates in bill auctions will be reported using two For address, see inside front cover. rather than three decimal places. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A25 1.36 STOCK MARKET Selected Statistics 1984 IInnddiiccaattoorr 11998811 11998822 11998833 Jan. Feb. Mar. Apr. May. June July Aug. Sept. Prices and trading (averages of daily figures) Common stock prices 1 New York Stock Exchange (Dec. 31, 1965 = 50) 74.02 68.93 92.63 96.16 90.60 90.66 90.67 90.07 88.28 87.08 94.49 95.68 2 Industrial 85.44 78.18 107.45 112.16 105.44 105.92 106.56 105.94 104.04 102.29 111.20 112.18 3 Transportation 72.61 60.41 89.36 97.98 86.33 86.10 83.61 81.62 79.29 76.72 86.86 86.88 4 Utility 38.90 39.75 47.00 47.43 45.67 44.83 43.86 44.22 43.65 44.17 46.69 47.47 5 Finance 73.52 71.99 95.34 95.79 89.95 89.50 88.22 85.06 80.75 79.03 87.92 91.59 6 Standard & Poor's Corporation (1941-43 = 10)' ... 128.05 119.71 160.41 166.39 157.70 157.44 157.60 156.55 153.12 151.08 164.42 166.11 7 American Stock Exchange2 (Aug. 31, 1973 = 100) 171.79 141.31 216.48 224.83 207.95 210.09 207.66 206.39 201.24 192.82 207.90 214.50 Volume of trading (thousands of shares) 8 New York Stock Exchange 46,967 64,617 85,418 105,518 96,641 84,328 85,874 88,170 85,920 79,156 109,892 93,108 9 American Stock Exchange 5,346 5,283 8,215 7,167 6,431 5,382 5,863 5,935 5,071 5,141 7,477 5,967 Customer financing (end-of-period balances, in millions of dollars) 10 Margin credit at broker-dealers3 14,411 13,325 23,000 23,132 22,557 22,668 22t,83 0 22,360 23,450 22,980 t t t 11 Margin stock 14,150 12,980 22,720 22,870 22,330 22,460 12 Convertible bonds 259 344 279 261 226 208 13 Subscription issues 2 1 1 1 1 Free credit balances at brokers4 14 Margin-account 3,515 5,735 6,620 6,510 6,420 6,520 6,450 6,685 6,430 6,430 15 Cash-account 7,150 8,390 8,430 8,230 8,420 8,265 7,910 8,115 8,305' 8,125' 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^ 100.0 By equity class (in percent)5 17 Under 40 37.0 21.0 41.0 43.0 48.0 46.0 47.0 53.0 50.0 52.0 40.0 42.0 18 40-49 24.0 24.0 22.0 21.0 20.0 20.0 20.0 18.0 19.0 17.0 22.0 22.0 19 50-59 17.0 24.0 16.0 15.0 13.0 14.0 13.0 12.0 12.0 12.0 16.0 15.0 20 60-69 10.0 14.0 9.0 9.0 8.0 9.0 8.0 7.0 8.0 8.0 9.0 9.0 21 70-79 6.0 9.0 6.0 6.0 6.0 6.0 6.0 5.0 6.0 5.0 6.0 6.0 22 80 or more 6.0 8.0 6.0 6.0 5.0 5.0 6.0 5.0 5.0 6.0 7.0 6.0 Special miscellaneous-account balances at brokers (end of period) 23 Total balances (millions of dollars)6 25,870 35,598 58,329 62,670 63,410 65,860 66,340 70,110 69,410 70,588 71,840 72,350 Distribution by equity status (percent) 24 Net credit status 58.0 62.0 63.0 61.0 59.0 61.0 60.0 60.0 56.0 57.0 58.0 58.0 Debt status, equity of 25 60 percent or more 31.0 29.0 28.0 29.0 29.0 28.0 29.0 27.0 30.0 30.0 31.0 31.0 26 Less than 60 percent 11.0 9.0 9.0 10.0 12.0 J1.0 11.0 13.0 14.0 13.0 11.0 11.0 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 2. Beginning July 5, 1983, the American Stock Exchange rebased its index other collateral in the customer's margin account or deposits of cash (usually sales effectively cutting previous readings in half. proceeds) occur. 3. Beginning July 1983, under the revised Regulation T, margin credit at 7. Regulations G, T, and U of the Federal Reserve Board of Governors, broker-dealers includes credit extended against stocks, convertible bonds, stocks prescribed in accordance with the Securities Exchange Act of 1934, limit the acquired through exercise of subscription rights, corporate bonds, and govern- amount of credit to purchase and carry margin stocks that may be extended on ment securities. Separate reporting of data for margin stocks, convertible bonds, securities as collateral by prescribing a maximum loan value, which is a specified and subscription issues was discontinued in April 1984, and margin credit at percentage of the market value of the collateral at the time the credit is extended. broker-dealers became the total that is distributed by equity class and shown on Margin requirements are the difference between the market value (100 percent) lines 17-22. and the maximum loan value. The term "margin stocks" is defined in the 4. Free credit balances are in accounts with no unfulfilled commitments to the corresponding regulation. brokers and are subject to withdrawal by customers on demand. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A28 Domestic Nonfinancial Statistics • December 1984 1.37 SELECTED FINANCIAL INSTITUTIONS Selected Assets and Liabilities Millions of dollars, end of period 1983 1984 AAccccoouunntt 11998800 11998811 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.P Savings and loan associations 1 Assets 664,167 763,365 771,705 772,723 780,107 796,095 806,482 823,737 838,825 848,890 858,172 869,276 2 Mortgages 518,547 489,720 493,432 494,682 497,987 502,143 509,283 518,214 526,732 534,345 539,157 544,280 3 Cash and investment securities' 63,123 101,553 103,395 101,883 103,917 108,565 105,950 109.102 108,809 107,502 107,855 110,681 4 Other 82,497 172,259 174,878 176.158 178,203 185,387 191,249 196.421 203,284 207,043 211,160 214,315 5 Liabilities and net worth 664,167 763,365 771,705 772,723 780,107 796,095 806,482 823,737 838,825 848,890 858,172 869,276 6 Savings capital 525,061 625,013 634,076 639,694 644,588 656,252 660,262 670,259 681,532 687,396 691,279 699,405 7 Borrowed money 88,782 89,235 91,443 86,322 86,526 93,321 97,468 102,281 107,554 109,355 113,845 119,067 8 FHLBB 62,794 51,735 52,626 50,880 50,465 50,663 51,951 53,485 56,558 57,115 60,178 62,323 9 Other 25,988 37,500 38,817 35.442 36,061 42,658 45,517 48,796 50,996 52,240 53,667 56,744 10 Loans in process2 6,385 19,728 21,117 21,498 21,939 22,929 23,898 24,717 25,680 26,076 26,725 26,725 11 Other 15,544 19,179 15,275 15,777 17,520 14,938 16,904 19,207 16,957 19,332 19,957 17,419 12 Net worth3 28,395 29,938 30,911 30,930 31,473 31,584 31,848 31,990 32,782 32,807 33,091 33,385 13 MEMO: Mortgage loan commitments outstanding4 15,225 34,780 32,996 33,504 36,150 39,813 41,672 45,207 44,811 43,814 41,125 38,711 Mutual savings banks5 14 Assets 175,728 189,149 193,535 194,217 195,168 197,178 198,000 200,087 198,864' 199,128' 200,722 Loans 15 Mortgage 99,997 95,600 97,356 97,703 97,895 98,472 99,017 99,881 99,433' 100,091 101,211 16 Other 14,753 19,675 19,129 20.463 21,694 21,971 22,531 22,907 23,198' 23,213' 24,068 Securities 17 U.S. government6 9,810 15,092 15,360 15,167 15,667 15,772 15,913 16,404 15,448' 15,457 15,019 18 State and local government 2,288 2,195 2,177 2,180 2,054 2,067 2,033 2,024 2,037' 2,037' 2,055 19 Corporate and other7 37,791 42,629 43,580 43,542 43,439 43,547 43,122 43,200 42,479' 42,682 42,632 20 Cash 5,442 4,983 6,263 4,788 4,580 5,040 5,008 5,031 5,452' 4,896 4,981 21 Other assets 5,649 8,975 9,670 10,374 9,839 10,309 10,376 10,640 10,817' 10,752 10,756 22 Liabilities 175,728 189,149 193,535 194,217 195,168 197,178 198,000 200,087 198,864' 199,128' 200,722 n a. 23 Deposits 155,110 169,356 172,665 173,636 174,370 176,044 175,875 176,253 174,972' 174,823 176,085 24 Regular8 153,003 167,006 170,135 171,099 171,957 173,385 173,010 173,310 171,858' 171,740 172,990 25 Ordinary savings 49,425 38,448 38,554 37,992 37,642 37,866 37,329 37,147 36,322' 35,511 34,787 26 Time 103,578 93,073 95,129 96,519 96,005 97,339 96,920 97,236 97,168' 98,410 101,270 27 Other 2,108 2,350 2,530 2,537 2,413 2,659 2,865 2,943 3,114' 3,083 3,095 28 Other liabilities 10,632 9,185 10,154 9,917 10,019 10,390 11,211 12,861 12,999' 13,269' 13,604 29 General reserve accounts 9,986 10,210 10,368 10,350 10,492 10,373 10,466 10,554 10,404' 10,495' 10,498 30 MEMO: Mortgage loan commitments outstanding9 1,293 2.418 2,387 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Life insurance companies' 31 Assets 525,803 649,081 654,948 658,504 660,901 665,836 671,259 673,518 679,449 684,573 Securities 32 Government 25,209 48,341 50,752 51,328 51,762 52,504 52,828 53,422 53,970 54,688 33 United States10 8,167 26,293 28,636 29,179 30.130 31,056 31,358 31,706 32,066 32,654 34 State and local 7,151 9,925 9,986 9,995 9,426 9,259 9,192 9,239 9,213 9,236 35 Foreign11 9,891 12,123 12,130 12,154 12,206 12,189 12,278 12,477 12,691 12,798 36 Business 255,769 323,714 322,854 328,075 328,235 331,631 334,634 334,151 338,508 341,802 n.a. n a 37 Bonds 208,099 258,757 257,986 263,207 265,798 268,446 271,296 273,212 276,902 281,113 38 Stocks 47,670 64,957 64,868 64,868 62,437 63,185 63,338 60,939 61,606 60,689 39 Mortgages 137,747 148,487 150,999 151,085 151,020 151,445 152,373 152,968 153,845 154,299 40 Real estate 18,278 21,864 22,234 22,500 22,591 23,034 23,237 23,517 23,792 24,019 41 Policy loans 48,706 53,979 54,063 54,089 54,170 54,254 54,365 54,399 54,430 54,441 42 Other assets 40,094 52,696 54,046 51,939 53,123 52,968 53,822 55,061 54,904 55,324 Credit unions12 43 Total assets/liabilities and capital 60,611 81,203 81,961 82,496 83,726 85,789 86,594 88,350 90,276 90,145 90,503 44 Federal 39,181 53,801 54,482 54,770 55,753 57,569 58,127 59,636 61,316 61,163 61,500 45 State 21,430 27,402 27,479 27,726 27,973 28,220 28,467 28,714 28,960 28,982 29,003 46 Loans outstanding 42,333 49,235 50,083 50,625 51,435 52,269 53,247 54,437 55,915 57,286 58,802 47 Federal 27,096 32,304 32,930 33,270 33,878 34,510 35,286 36,274 37,547 38,490 39,578 n a. 48 State 15,237 16,931 17,153 17,355 17,557 17,759 17,961 18,163 18,368 18,796 19,224 1 49 Savings 54,152 74,202 74,739 75,532 76,556 78,487 79,413 80,702 82,578 82,402 82,135 50 Federal (shares) 35,250 49,400 49,889 50,438 51,218 52,905 53,587 54,632 56,261 56,278 56,205 1 51 State (shares and deposits)... 18,902 24,802 24,850 25,094 25,338 25,582 25,826 26,070 26,317 26,124 25,930 T Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A25 1.37 Continued 1983 1984 AAccccoouunntt 11998800 11998811 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.'' FSLIC-insured federal savings banks 52 Assets 61,717 64,969 69,835 72,143 75,555 77,374 78,952 81,310 83,989 87,209 88,599 53 Mortgages 37,166 38,698 41,754 43,371 44,708 45,900 46,791 48,084 49,996 52,039 53.054 54 Cash and investment securities' 9,653 10,436 11,243 11,662 12,552 12,762 12.814 13,071 13,184 13.331 13.393 55 Other 14,898 15,835 16,838 17,!!0 18,295 18,712 19.347 20,155 20,809 21.839 22,152 56 Liabilities and net worth 61,717 64,969 69,835 72,143 75,555 77,374 78,952 81,310 83,989 87,209 88,599 57 Savings and capital 50,384 53,227 57.195 59,107 61,433 62,495 63,026 64,364 66,227 68,443 69,567 58 Borrowed money 6,981 7,477 8,048 8,088 9.213 9,707 10,475 11,489 12,060 12,863 13,219 59 FHLBB 4,381 4,640 4,751 4,884 5,232 5.491 5,900 6,538 6,897 7,654 7,784 60 Other 2,600 2,837 3,297 3,204 3,981 4,216 4,575 4,951 5,163 5,209 5,435 61 Other 1,428 1,157 1,347 1,545 1.360 1,548 1,747 1.646 1,807 1,912 1,777 62 Net worth3 2,924 3,108 3,245 3.403 3,549 3,624 3,704 3,811 3,895 3,991 4,036 MEMO 63 Loans in process2 1,222 1,264 1,387 1.531 1.669 1.716 1,787 1.839 1,901 1.895 1,866 64 Mortgage loan commitments outstanding4 2,230 2,151 2,974 2,704 3,253 3,714 3,763 3,583 3,988 3,860 3,827 1. Holdings of stock of the Federal Home Loan Banks are in "other assets." 11. Issues of foreign governments and their subdivisions and bonds of the 2. Beginning in 1982, loans in process are classified as contra-assets and are International Bank for Reconstruction and Development. not included in total liabilities and net worth. Total assets are net of loans in 12. As of June 1982, data include only federal or federally insured state credit process. unions serving natural perons. 3. Includes net undistributed income accrued by most associations. 4. Excludes figures for loans in process. NOTE. Savings and loan associations: Estimates by the FHLBB for all 5. The National Council reports data on member mutual savings banks and on associations in the United States. Data are based on monthly reports of federally savings banks that have converted to stock institutions, and to federal savings insured associations and annual reports of other associations. Even when revised, banks. data for current and preceding year are subject to further revision. 6. Beginning April 1979, includes obligations of U.S. government agencies. jMutual savings banks: Estimates of National Council of Savings Institutions for Before that date, this item was included in "Corporate and other." all savings banks in the United States. 7. Includes securities of foreign governments and international organizations Life insurance companies: Estimates of the American Council of Life Insurance and, before April 1979, nonguaranteed issues of U.S. government agencies. for all life insurance companies in the United States. Annual figures are annual- 8. Excludes checking, club, and school accounts. statement asset values, with bonds carried on an amortized basis and stocks at 9. Commitments outstanding (including loans in process) of banks in New year-end market value. Adjustments for interest due and accrued and for York State as reported to the Savings Banks Association of the State of New differences between market and book values are not made on each item separately York. but are included, in total, in "other assets." 10. Direct and guaranteed obligations. Excludes federal agency issues not Credit unions: Estimates by the National Credit Union Administration for a guaranteed, which are shown in the table under "Business" securities. group of federal and federally insured state credit unions serving natural persons. Figures are preliminary and revised annually to incorporate recent data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A30 Domestic Nonfinancial Statistics • December 1984 1.38 FEDERAL FISCAL AND FINANCING OPERATIONS Millions of dollars Calendar year FFiissccaall FFiissccaall FFiissccaall Type of account or operation yyeeaarr yyeeaarr yyeeaarr 1983 1984 1984 11998822 11998833 11998844 HI H2 HI July Aug. Sept. U.S. budget 1 Receipts' 617,766 600,562 666,457 306,331 306,584 341,808 52,017 55,209 68,019 2 Outlays' 728,375 795,917 841,800 396,477 406,849 420,700 68,433 88,707 51,234 3 Surplus, or deficit (-) -110,609 -195,355 -175,343 -90,146 -100,265 -78,892 16,416 -33,498 16,785 4 Trust funds 5,456 23,056 30,565 22,680 7,745 18,080 441 -11,045 23,861 5 Federal funds2 3 -116,065 -218,410 -205,908 -112,822 -108,005 -96,971 -16,857 -22,453 -7,077 Off-budget entities (surplus, or deficit (-)) 6 Federal Financing Bank outlays -14,142 -10,404 -7,277 -5,418 -3,199 -2,813 -1,406 -755 -467 7 Other3 4 -3,190 -1,953 -2,719 -528 -1,206 -838 -330r -419 -1,507 U.S. budget plus off-budget, including Federal Financing Bank 8 Surplus, or deficit (-) -127,940 -207,711 -185,339 -96,094 -104,670 -84,884 -18,128 -34,673 -14,811 Source of financing 9 Borrowing from the public 134,993 212,425 170,817 102,538 84,020 80,592 24,540 25,340 4,167 10 Cash and monetary assets (decrease, or increase (-))4 -11,911 -9,889 5,636 -9,664 -16,294 -3,127 -3,264 -6,295 -18,978 11 Other5 4,858 5,176 8,885 3,222 4,358 7,418 -3,148 3,038 -1 MEMO 12 Treasury operating balance (level, end of period) 29,164 37,057 37,057 100,243 121,302 126,309 16,312 11,327 30,426 13 Federal Reserve Banks 10,975 16,557 16,557 19,442 35,959 40,044 3,972 4,029 8,514 14 Tax and loan accounts 18,189 20,500 20,500 72,037 85,343 86,263 12,340 7,298 21,913 1. Effective Feb. 8, 1982, supplemental medical insurance premiums and 5. Includes accrued interest payable to the public; allocations of special voluntary hospital insurance premiums, previously included in other insurance drawing rights; deposit funds; miscellaneous liability (including checks outstandreceipts, have been reclassified as offsetting receipts in the health function. ing) and asset accounts; seigniorage; increment on gold; net gain/loss for U.S. 2. Half-year figures are calculated as a residual (total surplus/deficit less trust currency valuation adjustment; net gain/loss for IMF valuation adjustment; and fund surplus/deficit). profit on the sale of gold. 3. Other off-budget includes Postal Service Fund; Rural Electrification and Telephone Revolving Fund; Rural Telephone Bank; and petroleum acquisition SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S. and transportation and strategic petroleum reserve effective November 1981. Government" Treasury Bulletin, and the Budget of the U.S. Government, Fiscal 4. Includes U.S. Treasury operating cash accounts; SDRs; gold tranche Year 1985. drawing rights; loans to International Monetary Fund; and other cash and monetary assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A31 1.39 U.S. BUDGET RECEIPTS AND OUTLAYS Millions of dollars Calendar year FFFiiissscccaaalll FFFiiissscccaaalll SSSooouuurrrccceee ooorrr tttyyypppeee yyyeeeaaarrr yyyeeeaaarrr 1982 1983 1984 111999888333 111999888444 H2 HI H2 HI July Aug. Sept. RECEIPTS 1 AH sources 600,563 666,457 286,337 306,331 305,122 341,808 52,017 55,209 68,019 2 Individual income taxes, net 288,938 295,955 145,676 144,551 147,663 144,691 22,398 25,820 31,541 3 Withheld 266,010 279,345 131,567 135,531 133,768 140,657 23,013 25,072 21,852 4 Presidential Election Campaign Fund ... 36 35 5 30 6 29 3 1 1 5 Nonwithheld 83,586 81,346 20,041 63,014 20,703 61,463 789 2,396 11,716 6 Refunds 60,692 64,771 5,938 54,024 6,815 57,458 1,407 1,649 2,027 Corporation income taxes 7 Gross receipts 61,780 74,179 25,660 33,522 31,064 40,328 3,376 1,936 12,332 8 Refunds 24,758 17,286 11,467 13,809 8,921 10,045 1,313 1,136 441 9 Social insurance taxes and contributions, net 209,001 241,902 94,277 110,520 100,832 131,372 21,361 21,932 18,639 10 Payroll employment taxes and contributions' 179,010 203,476 85,064 90,912 88,388 106,436 18,858 17,547 16,781 11 Self-employment taxes and contributions2 6,756 8,709 177 6,427 398 7,667 0 -269 1,209 12 Unemployment insurance 18,799 25,138 6,856 10,984 8,714 14,942 2,093 4,252 295 13 Other net receipts1 4,436 4,580 2,180 2,197 2,290 2,329 410 401 354 14 Excise taxes 35,300 37,361 16,555 16,904 19,586 18,304 3,298 3,221 3,120 15 Customs deposits 8,655 11,370 4,299 4,010 5,079 5,576 1,088 1,241 939 16 Estate and gift taxes 6,053 6,010 3,444 2,883 3,050 3,102 476 558 449 17 Miscellaneous receipts4 15,594 16,965 7,890 7,751 7,811 8,481 1,333 1,637 1,440 OUTLAYS 18 All types 795,917 841,800 390,847 396,477 406,849 420,700 68,433 88,707 51,234 19 National defense 210,461 227,405 100,419 105,072 108,967 114,639 18,870 20,059 18,942 20 International affairs 8,927 13,313 4,406 4,705 6,117 5,426 1,117 1,020 1,698 21 General science, space, and technology ... 7,777 8,271 3,903 3,486 4,216 3,981 745 762 646 22 Energy 4,035 2,464 2,058 2,073 1,533 1,080 309 213 -266 23 Natural resources and environment 12,676 12,677 6,941 5,892 6,933 5,463 1,232 1,247 1,293 24 Agriculture 22,173 12,215 13,259 10,154 5,278 7,129 503 507 145 25 Commerce and housing credit 4,721 5,198 2,244 2,164 2,648 2,572 559 -161 103 26 Transportation 21,231 24,705 10,686 9,918 13,323 10,616 2,322 2,272 2,331 27 Community and regional development .... 7,302 7,803 4,187 3,124 4,327 3,154 682 698 850 28 Education, training, employment, social services 25,726 26,616 12,186 12,801 13,246 13,445 2,075 2,710 1,839 29 Health 28,655] 30,435 39,072 41,206 42,150 15,748 2,536 2,736 2,337 30 Social security and medicare 223,311 > 235,764 133,779 143,001 19,656 34,145 4,084 31 Income security 106,21 LJ 96,714 135,579 65,212 7,047 8,271 7,615 32 Veterans benefits and services 24,845 25,640 13,240 11,334 13,621 12,849 1,243 3,287 936 33 Administration of justice 5,014 5,616 2,373 2,522 2,628 2,807 543 553 396 34 General government 4,991 4,836 2,323 2,434 2,479 2,462 290 546 468 35 General-purpose fiscal assistance 6,287 6,577 3,153 3,124 3,290 2,943 1,256 91 236 36 Net interest6 89,774 111,007 44,948 42,358 47,674 53,729 8,743 11,106 9,742 37 Undistributed offsetting receipts7 -21,424 -15,454 -8,332 -8,887 -7,262 -7,333 -1,296 -1,356 -2,160 1. Old-age, disability, and hospital insurance, and railroad retirement accounts. function. Before February 1984, these outlays were included in the income 2. Old-age, disability, and hospital insurance. security and health functions. 3. Federal employee retirement contributions and civil service retirement and 6. Net interest function includes interest received by trust funds. disability fund. 7. Consists of rents and royalties on the outer continental shelf and U.S. 4. Deposits of earnings by Federal Reserve Banks and other miscellaneous government contributions for employee retirement. receipts. 5. In accordance with the Social Security Amendments Act of 1983, the SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S. Treasury now provides social security and medicare outlays as a separate Government" and the Budget of the U.S. Government, Fiscal Year 1985. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A32 Domestic Nonfinancial Statistics • December 1984 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars 1982 1983 1984 IItteemm Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 1 Federal debt outstanding 1,147.0 1,201.9 1,249.3 1,324.3 1,381.9 1,415.3 1,468.3 1,517.2 n.a. 2 Public debt securities 1,142.0 1,197.1 1,244.5 1,319.6 1,377.2 1,410.7 1,463.7 1,512.7 1,572.3 3 Held by public 925.6 987.7 1,043.3 1,090.3 1,138.2 1,174.4 1,223.9 1,255.1 i 4 Held by agencies 216.4 209.4 201.2 229.3 239.0 236.3 239.8 257.6 1 5 Agency securities 5.0 4.8 4.8 4.7 4.7 4.6 4.6 4.5 n.a. 6 Held by public 3.7 3.7 3.7 3.6 3.6 3.5 3.5 3.4 1 7 Held by agencies 1.2 1.2 1.1 1.1 1.1 1.1 1.1 1.1 T 8 Debt subject to statutory limit 1,142.9 1,197.9 1,245.3 1,320.4 1,378.0 1,411.4 1,464.4 1,513.4 1,573.0 9 Public debt securities 1,141.4 1,196.5 1,243.9 1,319.0 1,376.6 1,410.1 1,463.1 1,512.1 1,571.7 10 Other debt1 1.5 1.4 1.4 1.4 1.3 1.3 1.3 1.3 1.3 11 MEMO: Statutory debt limit 1,143.1 1,290.2 1,290.2 1,389.0 1,389.0 1,490.0 1,490.0 1,520.0 1,573.0 1. Includes guaranteed debt of government agencies, specified participation NOTE. Data from Treasury Bulletin (U.S. Treasury Department), certificates, 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 1983 1984 TTyyppee aanndd hhoollddeerr 11997799 11998800 11998811 Q4 Ql Q2 Q3 1 Total gross public debt 845.1 930.2 1,028.7 1,197.1 1,410.7 1,463.7 1,512.7 1,572.3 By type 2 Interest-bearing debt 844.0 928.9 1,027.3 1,195.5 1,400.9 1,452.1 1,501.1 1,559.6 3 Marketable 530.7 623.2 720.3 881.5 1,050.9 1,097.7 1,126.6 1,176.6 4 Bills 172.6 216.1 245.0 311.8 343.8 350.2 343.3 356.8 5 Notes 283.4 321.6 375.3 465.0 573.4 604.9 632.1 661.7 6 Bonds 74.7 85.4 99.9 104.6 133.7 142.6 151.2 158.1 7 Nonmarketable1 313.2 305.7 307.0 314.0 350.0 354.4 374.5 383.0 8 State and local government series 24.6 23.8 23.0 25.7 36.7 38.1 39.9 41.4 9 Foreign issues2 28.8 24.0 19.0 14.7 10.4 9.9 8.8 .8 10 Government 23.6 17.6 14.9 13.0 10.4 9.9 8.8 .8 11 Public 5.3 6.4 4.1 1.7 0.0 0.0 0.0 0.0 12 Savings bonds and notes 79.9 72.5 68.1 68.0 70.7 71.6 72.3 73.1 13 Government account series3 177.4 185.1 196.7 205.4 231.9 234.6 253.2 259.5 14 Non-interest-bearing debt 1.2 1.3 1.4 1.6 9.8 11.6 11.6 12.7 By holder4 15 U.S. government agencies and trust funds 187.1 192.5 203.3 209.4 236.3 239.8 257.6 16 Federal Reserve Banks 117.5 121.3 131.0 139.3 151.9 150.8 152.9 17 Private investors 540.5 616.4 694.5 848.4 1,022.6 1,073.0 1,093.7 18 Commercial banks 88.1 112.1 111.4 131.4 188.8 189.8 183.8 19 Money market funds 5.6 3.5 21.5 42.6 22.8 19.4 14.9 20 Insurance companies 21.4 24.0 29.0 39.1 48.9 n.a. n.a. n a. 21 Other companies 17.0 19.3 17.9 24.5 39.7 45.4 47.9 22 State and local governments 69.9 84.4 85.6 113.4 n.a. n.a. n.a. Individuals 23 Savings bonds 79.9 72.5 68.1 68.3 71.5 72.2 72.9 24 Other securities 38.1 44.6 42.7 48.2 61.9 64.7 69.3 25 Foreign and international5 119.0 129.7 136.6 149.5 168.9 166.3 170.9 160.1 26 Other miscellaneous investors6 99.6 126.3 167.8 231.4 n.a. n.a. n.a. n.a. 1. Includes (not shown separately): Securities issued to the Rural Electrifica- 5. Consists of investments of foreign and international accounts. Excludes nontion Administration; depository bonds, retirement plan bonds, and individual interest-bearing notes issued to the International Monetary Fund. retirement bonds. 6. Includes savings and loan associations, nonprofit institutions, credit unions, 2. Nonmarketable dollar-denominated and foreign currency-denominated se- mutual savings banks, corporate pension trust funds, dealers and brokers, certain ries held by foreigners. U.S. government deposit accounts, and U.S. government-sponsored agencies. 3. Held almost entirely by U.S. government agencies and trust funds. SOURCES. Data by type of security, U.S. Treasury Department, Monthly 4. Data for Federal Reserve Banks and U.S. government agencies and trust Statement of the Public Debt of the United States; data by holder. Treasury funds are actual holdings; data for other groups are Treasury estimates. Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A33 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions Par value; averages of daily figures, in millions of dollars 1984 1984 week ending Wednesday IItteemm 11998811 11998822 11998833 July Aug. Sept. Aug. 22 Aug. 29 Sept. 5 Sept. 12 Sept. 19 Sept. 26 Immediate delivery1 1 U.S. government securities 24,728 32,271 42,134 47,328 44,537 50,317 37,354 35,585 38,793 49,390 52,341 51,055 By maturity 2 Bills 14,768 18,398 22,393 23,368 21,373 25,668 17,836 18,424 21,991 25,110 26.434 24,548 3 Other within 1 year 621 810 708 1,197 940 1,059 887 734 672 854 1,398 1,142 4 1-5 years 4,360 6,272 8,758 9,859 9,462 10,478 8,597 8,037 5,232 9,333 10,657 12,836 5 5-10 years 2,451 3,557 5,279 7,680 6,739 7,975 5,262 5,038 7,810 8,992 8,574 7,179 6 Over 10 years 2,528 3,234 4,997 5,224 6,023 5,138 4,773 3,352 3,088 5,101 5,278 5,350 By type of customer 7 U.S. government securities dealers 1,640 1,769 2,257 2,404 2,669 2,648 1,888 2,647 2,569 2,311 2,929 2,397 8 U.S. government securities brokers 11,750 15,659 21,045 23,521 21,499 24,448 19,388 16.547 17,688 24,622 25,287 24,791 9 All others2 11,337 15,344 18,832 21,403 20,370 23,220 16,078 16,391 18,536 22,456 24,124 23,867 10 Federal agency securities 3,306 4,142 5,576 7,962 7,039 8,966 5,146 5,192 6,177 8,839 11,517 8,122 11 Certificates of deposit 4,477 5,001 4,334 4,512 3,006 4,451 2,735 2,633 2,853 3,984 4,640 5,056 12 Bankers acceptances 1,807 2,502 2,642 3,185 2,533 3,792 2,359 2,250 2,725 3,522 4,104 3,829 13 Commercial paper 6,128 7,595 8,036 11.580 10,528 11,663 10,514 10,615 12,168 11,608 12,061 10,853 Futures transactions3 14 Treasury bills 3,523 5,031 6,655 7,126 5,523 5,097 4,092 4,179 3,467 5,347 5,407 5,751 15 Treasury coupons 1,330 1,490 2,501 4,235 4,385 5,144 4,467 3,427 3,090 4,979 6,639 4,128 16 Federal agency securities 234 259 265 221 284 254 381 311 103 206 494 243 Forward transactions4 17 U.S. government securities 365 835 1,492 1,138 1,443 1,092 1,671 1,181 1,091 673 1,417 1,410 18 Federal agency securities 1,370 982 1,646 2,711 3,176 2,454 2,489 1,590 2,381 2,305 3,314 1,900 1. Before 1981, data for immediate transactions include forward transactions. from the date of the transaction for government securities (Treasury bills, notes, 2. Includes, among others, all other dealers and brokers in commodities and and bonds) 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 Transactions are market purchases and sales of U.S. government securities exchange in which parties commit to purchase or sell securities for delivery at a dealers reporting to the Federal Reserve Bank of New York. The figures exclude future date. allotments of, and exchanges for. new U.S. government securities, redemptions 4. Forward transactions are agreements arranged in the over-the-counter of called or matured securities, purchases or sales of securities under repurchase market in which securities are purchased (sold) for delivery after 5 business days agreement, reverse repurchase (resale), or similar contracts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A34 Domestic Nonfinancial Statistics • December 1984 1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing Averages of daily figures, in millions of dollars 1984 1984 week ending Wednesday IItteemm 11998811 11998822 11998833 June July Aug. Aug. 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Positions Net immediate1 1 U.S. government securities 9,033 9,328 6,263 -6,387 -6,121 3,363 -1,513 50 4,634 3,679 4,378 2 Bills 6,485 4,837 4,282 -2,628 -2,362 4,546 0 2,696 4,487 5,258 5,282 3 Other within 1 year -1,526 -199 -177 -596 -604 -89 -275 18 -101 -252 -42 4 1-5 years 1,488 2,932 1,709 343 331 2,471 2,431 1,503 2,733 2,072 3,498 5 5-10 years 292 -341 -78 -1,341 -860 -1,167 -1,265 -1,436 -753 -945 -1,729 6 7 Fe O de v r e a r l 1 a 0 g e y n e c a y r s securities 2 2 , , 2 2 7 9 7 4 3 2, , 0 7 0 1 1 2 7,1 5 7 2 2 8 - 1 2 5 , , 2 9 5 9 0 6 - 1 2 6 ,7 ,0 1 4 5 0 - 1 2 6 , , 4 0 9 9 0 8 - 1 2 5 , , 4 7 9 9 6 1 - 1 2 7 , , 8 3 2 3 5 8 - 1 1 5 , , 8 8 2 4 6 1 - 1 2 4 , , 5 4 5 9 0 8 - 1 2 6 , , 7 4 1 2 7 3 8 Certificates of deposit 3,435 5,531 5,839 6,990 7,407 6,708 7,128 6,565 6,647 6,554 6,898 9 Bankers acceptances 1,746 2,832 3,332 3,498 4,693 4,371 4,826 4,349 4,653 4,804 10 Commercial paper 2,658 3,317 3,159 3,969 3,161 4,158 3,174 4,135 4,471 44,,336600 33,,880022 Futures positions 11 Treasury bills -8,934 -2,508 -4,125 2,613 -1,383 -7,158 -2,422 -2,614 -7,959 -9,903 -8,492 12 Treasury coupons -2,733 -2,361 -1,032 1,863 3,368 2,826 3,650 3,464 2,541 2,103 2,998 13 Federal agency securities 522 -224 170 826 622 610 632 675 735 588 469 Forward positions 14 U.S. government securities -603 -788 -1,935 -836 -1,794 -673 -1,138 -909 -1,249 -415 -124 15 Federal agency securities -451 -1,190 -3,561 -10,763 -10,272 -9,682 -9,702 -10,533 -9,142 -9,071 -9,734 Financing2 16 Overnight and continuing 14,568 26,754 29,099 44,990 42,412 41,845 41,542 40,639 43,152 41,707 41,103 IV Term agreements 32,048 48,247 52,493 65,225 69,221 71,733 70,975 71,176 70,889 7733,,334477 7722,,227722 Repurchase agreements4 18 Overnight and continuing 35,919 49,695 57,946 70,133 69,928 74,018 71,503 71,999 76,155 74,537 71,369 19 Term agreements 29,449 43,410 44,410 54,761 55,217 53,545 54,235 53,553 52,456 54,463 54,969 1. Immediate positions are net amounts (in terms of par valuesl of securities 2. Figures cover financing involving U.S. government and federal agency owned by nonbank dealer firms and dealer departments of commercial banks on a securities, negotiable CDs, bankers acceptances, and commercial paper. commitment, that is, trade-date basis, including any such securities that have 3. Includes all reverse repurchase agreements, including those that have been been sold under agreements to repurchase (RPs). The maturities of some arranged to make delivery on short sales and those for which the securities repurchase agreements are sufficiently long, however, to suggest that the securi- obtained have been used as collateral on borrowings, that is, matched agreements. ties involved are not available for trading purposes. Prior to 1984. securities 4. Includes both repurchase agreements undertaken to finance positions and owned, and hence dealer positions, do not include all securities acquired under "matched book" repurchase agreements. reverse RPs. After January 1984. immediate positions include reverses to maturi- NOTE. Data for positions are averages of daily figures, in terms of par value, ty, which are securities that were sold after having been obtained under reverse based on the number of trading days in the period. Positions are shown net and are repurchase agreements that mature on the same day as the securities. Before on a commitment basis. Data for financing are based on Wednesday figures, in 1981, data for immediate positions include forward positions. terms of actual money borrowed or lent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A35 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 1984 AAggeennccyy 11998811 11998822 11998833 Mar. Apr. May June July Aug. 1 Federal and federally sponsored agencies 221,946 237,085 239,716 244,691 247,148 252,044 255,376 258,957 251,918 2 Federal agencies 31,806 33,055 33,940 32,800 34,273 34,231 34,473 34,560 34,497 3 Defense Department1 484 354 243 206 197 188 181 172 162 4 Export-Import Bank2 3 13,339 14,218 14,853 15,347 15,344 15,344 15,604 15,611 15,606 5 Federal Housing Administration4 413 288 194 166 162 156 155 154 146 6 Government National Mortgage Association participation certificates5 2,715 2,165 2,165 2,165 2,165 2,165 2,165 2,165 2,165 7 Postal Service6 1,538 1,471 1,404 1,404 1,404 1,337 1,337 1,337 1,337 8 Tennessee Valley Authority 13,115 14,365 14,970 14,805 14,890 14,930 14,980 15,070 15,030 9 United States Railway Association6 202 194 111 111 111 111 51 51 51 10 Federally sponsored agencies7 190,140 204,030 205,776 211,891 212,872 217,813 220,903 224,397 217,421 11 Federal Home Loan Banks 54,131 55,967 48,930 48,594 49,786 52,281 54,799 57,965 62,116 12 Federal Home Loan Mortgage Corporation 5,480 4,524 6,793 8,633 8,134 9,131 8,988 7,822 9,068 13 Federal National Mortgage Association 58,749 70,052 74,594 77,966 78,073 79,267 79,871 80,706 79,921 14 Farm Credit Banks 71,359 71,896 72,409 73,180 73,130 73,138 73,061 73,297 61,628 15 Student Loan Marketing Association 421 1,591 3,050 3,518 3,749 3,996 4,184 4,607 4,688 MEMO 16 Federal Financing Bank debt9 110,698 126,424 135,791 137,707 138,769 139,936 141,734 143,322 144,063 Lending to federal and federally sponsored agencies 17 Export-Import Bank3 12,741 14,177 14,789 15,296 15,296 15,296 15,556 15,563 15,563 18 Postal Service6 1,288 1,221 1,154 1,154 1,154 1,087 1,087 1,087 1,087 19 Student Loan Marketing Association 5,400 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 20 Tennessee Valley Authority 11,390 12,640 13,245 13,080 13,165 13,205 13,255 13,345 13,305 21 United States Railway Association6 .' 202 194 111 111 111 111 51 51 51 Other Lending10 22 Farmers Home Administration 48,821 53,261 55,266 55,186 55,691 56,476 57,701 58,856 59,196 23 Rural Electrification Administration 13,516 17,157 19,766 20,186 20,413 20,456 20,611 20,671 20,742 24 Other 12,740 22,774 26,460 27,694 27,939 28,305 28,473 28,749 - 29,119 1. Consists of mortgages assumed by the Defense Department between 1957 7. Includes outstanding noncontingent liabilities: Notes, bonds, and debenand 1963 under family housing and homeowners assistance programs. tures. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 8. Before late 1981, the Association obtained financing through the Federal 3. Off-budget Aug. 17, 1974, through Sept. 30, 1976; on-budget thereafter. Financing Bank. 4. Consists of debentures issued in payment of Federal Housing Administration 9. The FFB, which began operations in 1974, is authorized to purchase or sell insurance claims. Once issued, these securities may be sold privately on the obligations issued, sold, or guaranteed by other federal agencies. Since FFB securities market. incurs debt solely for the purpose of lending to other agencies, its debt is not 5. Certificates of participation issued before fiscal 1969 by the Government included in the main portion of the table in order to avoid double counting. National Mortgage Association acting as trustee for the Farmers Home Adminis- 10. Includes FFB purchases of agency assets and guaranteed loans; the latter tration; Department of Health, Education, and Welfare; Department of Housing contain loans guaranteed by numerous agencies with the guarantees of any and Urban Development; Small Business Administration; and the Veterans particular agency being generally small. The Farmers Home Administration item Administration. consists exclusively of agency assets, while the Rural Electrification Administra- 6. Off-budget. tion entry contains both agency assets and guaranteed loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A36 Domestic Nonfinancial Statistics • December 1984 1.45 NEW SECURITY ISSUES State and Local Governments Millions of dollars 1984 TTyyppee ooff iissssuuee oorr iissssuueerr,, oorr uussee 11998811 11998822 11998833 Jan. Feb. Mar. Apr/ May' June' July' Aug. 1 All issues, new and refunding1 47,732 79,138 86,421 5,048 4,588' 5,492' 5,583 7,146 6,403 6,783 9,890 Type of issue 2 General obligation 12,394 21,094 21,566 1,121 1,847' 2,498 2,313 2,356 1,827 1,784 1,813 3 U.S. government loans- 34 225 96 0 2 2 3 3 3 3 5 4 Revenue 35,338 58,044 64,855 3,947 2,741 2,994' 3,270 4,790 4,576 4,999 8,077 5 U.S. government loans2 55 461 253 1 2 4 8 13 15 18 21 Type of issuer 6 State 5,288 8,438 7,140 327 935 584 886 497 447 452 691 7 Special district and statutory authority 27,499 45,060 51,297 3,502 2,139 3,015' 2,833 3,762 3,817 4,664 7,173 8 Municipalities, counties, townships, school districts 14,945 25,640 27,984 1,219 1,514' 1,893 1,864 2,887 2,139 1,667 2,026 9 Issues for new capital, total 46,530 74,804 72,441 4,045 4,001' 4,685' 4,451 6,047 5,835 5,899 8,916 Use of proceeds 10 Education 4,547 6,482 8,099 368 352' 592' 475 893 713 470 582 11 Transportation 3,447 6,256 4,387 126 336 56 517 403 655 88 391 12 Utilities and conservation 10,037 14,259 13,588 1,915 739 1,279 670 1,417 1,173 306 971 13 Social welfare 12,729 26,635 26,910 831 1,134 1,100 1,158 1,383 1,974 3,519 4,513 14 Industrial aid 7,651 8,349 7,821 128 288 79 358 477 335 746 854 15 Other purposes 8,119 12,822 11,637 677 1,152 1,579 1,273 1,474 985 770 1,605 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. 1.46 NEW SECURITY ISSUES Corporations Millions of dollars 1984 TTyyppee ooff iissssuuee oorr iissssuueerr,, 11998811 11998822 11998833 oorr uussee Jan. Feb. Mar. Apr. May June July Aug. 1 All issues1'2 70,441 84,638 98,550 7,690 7,629 5,442 6,047 4,048 7,266 7,565 10,852 2 Bonds 45,092 54,076 46,971 5,647 5,250 3,346 4,262 2,239 5,045 6,233 8,798 Type of offering 3 Public 38,103 44,278 46,971 5,647 5,250 3,346 4.262 2,239 5,045 6,233 8,798' 4 Private placement 6,989 9,798 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Industry group 5 Manufacturing 12,325 12,822 7,842 179 452 68 691 383 1,440 950 2,484 6 Commercial and miscellaneous 5,229 5,442 5,158 976 626 258 1.0% 221 531 865 776 7 Transportation 2,052 1,491 1,038 10 75 180 69 0 225 40 183 8 Public utility 8,963 12,327 7,241 325 385 521 495 100 475 650 765 9 Communication 4,280 2,390 3,159 210 0 200 94 0 0 31 0 10 Real estate and financial 12,243 19,604 22,531 3,947 3,712 2,119 1.911 1,535 2,375 3,697 4,590' 11 Stocks3 25,349 30,562 51,579 2,043 2,379 2,096 1.785 1,809 2,221 1,332 2,054 Type 12 Preferred 1,797 5,113 7,213 305 425 227 339 579 244 209 334 13 Common 23,552 25,449 44,366 1,738 1,954 1,869 1,446 1,230 1,977 1,123 1,720 Industry group 14 Manufacturing 5,074 5,649 14,135 427 299 387 165 442 584 204 258 15 Commercial and miscellaneous 7,557 7,770 13,112 465 616 486 732 718 316 382 558 16 Transportation 779 709 2,729 54 15 105 62 84 1 28 0 17 Public utility 5,577 7,517 5,001 225 45 134 188 116 282 136 44 18 Communication 1,778 2,227 1,822 30 20 18 94 16 II 0 123 19 Real estate and financial 4,584 6,690 14,780 842 1,384 966 544 433 1,027 582 1,071 1. Figures, which represent gross proceeds of issues maturing in more than one 2. Data for 1983 include only public offerings. year, sold for cash in the United States, are principal amount or number of units 3. Beginning in August 1981, gross stock offerings include new equity volume multiplied by offering price. Excludes offerings of less than $100,000, secondary from swaps of debt for equity. offerings, undefined or exempted issues as defined in the Securities Act of 1933, SOURCE. Securities and Exchange Commission and the Board of Governors of employee stock plans, investment companies other than closed-end, intracorpo- the Federal Reserve System. rate transactions, and sales to foreigners. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Securities Market and Corporate Finance A37 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Asset Position Millions of dollars 1984 IItteemm 11998822 11998833 Jan. Feb. Mar. Apr. May June July Aug. INVESTMENT COMPANIES' 1 Sales of own shares2 45,675 84,793 10,274 8,233 8,857 9,549 8,657 8,397 7,550 9,024 2 Redemptions of own shares3 30,078 57,120 5,544 5,162 5,339 7,451 5,993 6,156 5,777 6,499 3 Net sales 15,597 27,673 4,730 3,071 3,518 2,098 2,664 2,241 1,773 2,525 4 Assets4 76,841 113,599 114,839 111,068 114,537 116,812 111,071 115,034 115,481 128,208 5 Cash position5 6,040 8,343 8,963 9,140 10,406 10,941 10,847 11,907 11,620 12,677 6 Other 70,801 105,256 105,876 101,928 104,131 105,871 100,224 103,127 103,861 115,531 1. Excluding money market funds. 5. Also includes all U.S. government securities and other short-term debt 2. Includes reinvestment of investment income dividends. Excludes reinvest- securities. ment 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 comprise substantially all open-end investment companies registered with the another in the same group. Securities and Exchange Commission. Data reflect newly formed companies after 4. Market value at end of period, less current liabilities. their initial offering of securities. 1.48 CORPORATE PROFITS AND THEIR DISTRIBUTION Billions of dollars; quarterly data are at seasonally adjusted annual rates. 1982 1983 1984 AAccccoouunntt 11998811 11998822 11998833 Q3 Q4 Qi Q2 Q3 Q4 Qi Q2 1 Corporate profits with inventory valuation and capital consumption adjustment 189.9 159.1 225.2 163.3 151.6 179.1 216.7 245.0 260.0 277.4 291.1 2 Profits before tax 221.1 165.5 203.2 168.9 155.8 161.7 198.2 227.4 225.5 243.3 246.0 3 Profits tax liability 81.1 60.7 75.8 61.9 55.0 59.1 74.8 84.7 84.5 92.7 95.8 4 Profits after tax 140.0 104.8 127.4 107.0 100.8 102.6 123.4 142.6 141.1 150.6 150.2 5 Dividends 66.5 69.2 72.9 69.0 70.2 71.1 71.7 73.3 75.4 77.7 79.9 6 Undistributed profits 73.5 35.6 54.5 38.1 30.6 31.4 51.7 69.3 65.6 72.9 70.2 7 Inventory valuation -23.6 -9.5 -11.2 -10.1 -12.6 -4.3 -12.1 -19.3 -9.2 -13.5 -7.3 8 Capital consumption adjustment -7.6 3.1 33.2 4.5 8.4 21.7 30.6 36.9 43.6 47.6 52.3 SOURCE. Survey of Current Business (Department of Commerce). 1.49 NONFINANCIAL CORPORATIONS Assets and Liabilities Billions of dollars, except for ratio 1983 1984 AAccccoouunntt 11997788 11997799 11998800 11998811 11998822 Q2 Q3 Q4 QK Q2 1 Current assets 1,043.7 1,214.8 1,327.0 1,418.4 1,432.7 1,468.0 1,522.8 1,557.3 1,600.6 1,630.8 2 Cash 105.5 118.0 126.9 135.5 147.0 147.9 150.5 165.8 159.3 155.5 3 U.S. government securities 17.2 16.7 18.7 17.6 22.8 28.2 27.0 30.6 35.1 36.8 4 Notes and accounts receivable 388.0 459.0 506.8 532.0 519.2 539.3 565.0 577.8 596.9 612.6 5 Inventories 431.8 505.1 542.8 583.7 578.6 576.2 597.3 599.3 623.1 633.3 6 Other 101.1 116.0 131.8 149.5 165.2 176.4 183.0 183.7 186.3 192.5 7 Current liabilities 669.5 807.3 889.3 970.0 976.8 990.2 1,026.6 1,043.0 1,079.0 1,111.5 8 Notes and accounts payable 383.0 460.8 513.6 546.3 543.0 536.6 559.4 577.9 584.1 606.0 9 Other 286.5 346.5 375.7 423.7 433.8 453.6 467.2 465.2 495.0 505.5 10 Net working capital 374.3 407.5 437.8 448.4 455.9 477.8 496.3 514.3 521.6 519.3 11 MEMO: Current ratio' 1.559 1.505 1.492 1.462 1.467 1.483 1.483 1.493 1.483 1.467 1. Ratio of total current assets to total current liabilities. Statistics. Board of Governors of the Federal Reserve System, Washington, D.C. NOTE. For a description of this series, see "Working Capital of Nonfinancial 20551. Corporations" in the July 1978 BULLETIN, pp. 533-37. SOURCE. Federal Trade Commission and Bureau of the Census. 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A38 Domestic NonfinancialS tatistics • December 1984 1.50 TOTAL NONFARM BUSINESS EXPENDITURES on New Plant and Equipment • Billions of dollars; quarterly data are at seasonally adjusted annual rates. 1983 1984 IInndduussttrryy11 11998822 11998833 11998844'' Q1 Q2 Q3 Q4 Q1 Q2 Q31 Q41 1 Total nonfarm business 282.71 269.22 307.60 261.71 261.16 270.05 283.96 293.15 302.70 316.22 318.33 Manufacturing 2 Durable goods industries 56.44 51.78 62.73 50.74 48.48 53.06 54.85 58.94 60.20 64.82 66.98 3 Nondurable goods industries 63.23 59.75 67.66 59.12 60.31 58.06 61.50 63.84 67.46 69.64 69.69 Nonmanufacturing 4 Mining 15.45 11.83 13.11 12.03 10.91 11.93 12.43 13.95 12.13 13.24 13.14 Transportation 5 Railroad 4.38 3.92 5.19 3.35 3.64 4.07 4.63 4.41 5.64 5.31 5.41 6 Air 3.93 3.77 2.91 4.09 4.10 3.57 3.32 2.77 2.98 3.19 2.70 7 Other 3.64 3.50 4.36 3.60 3.14 3.36 3.91 4.28 4.33 4.36 4.47 Public utilities 8 Electric 33.40 34.99 34.78 33.97 34.86 35.84 35.31 35.74 35.30 34.20 33.88 9 Gas and other 8.55 7.00 9.55 7.64 6.62 6.38 7.37 7.87 9.30 9.86 11.15 10 Commercial and other2 93.68 92.67 107.30 87.17 89.10 93.79 100.62 101.35 105.35 111.60 110.92 ATrade and services are no longer being reported separately. They are included 2. "Other" consists of construction; wholesale and retail trade; finance and in Commercial and other, line 10. insurance; personal and business services; and communication. 1. Anticipated by business. SOURCE. Survey of Current Business (Department of Commerce). 1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities Billions of dollars, end of period 1983 1984 AAccccoouunntt 11997788 11997799 11998800 11998811 11998822 Q2 Q3 Q4 Ql Q2 ASSETS Accounts receivable, gross 1 Consumer 52.6 65.7 73.6 85.5 89.5 91.3 92.3 92.8 96.9 99.6 2 Business 63.3 70.3 72.3 80.6 81.0 84.9 86.8 95.2 101.1 104.2 3 Total 116.0 136.0 145.9 166.1 170.4 176.2 179.0 188.0 198.0 203.8 4 LESS: Reserves for unearned income and losses.... 15.6 20.0 23.3 28.9 30.5 30.4 30.1 30.6 31.9 33.4 5 Accounts receivable, net 100.4 116.0 122.6 137.2 139.8 145.8 148.9 157.4 166.1 170.4 6 Cash and bank deposits 3.5 ] 7 Securities 1.3 > 24.91 27.5 34.2 39.7 44.3 45.0 45.3 47.1 48.1 8 All other 17.3 J 9 Total assets 122.4 140.9 150.1 171.4 179.5 190.2 193.9 202.7 213.2 218.5 LIABILITIES 10 Bank loans 6.5 8.5 13.2 15.4 18.6 16.3 17.0 19.1 14.7 15.3 11 Commercial paper 34.5 43.3 43.4 51.2 45.8 49.0 49.7 53.6 58.4 62.0 Debt 12 Short-term, n.e.c 8.1 8.2 7.5 9.6 8.7 9.6 8.7 11.3 12.2 15.0 13 Long-term, n.e.c 43.6 46.7 52.4 54.8 63.5 64.5 66.2 65.4 68.7 67.6 14 Other 12.6 14.2 14.3 17.8 18.7 24.0 24.4 27.1 29.8 29.0 15 Capital, surplus, and undivided profits 17.2 19.9 19.4 22.8 24.2 26.7 27.9 26.2 29.4 29.6 16 Total liabilities and capital 122.4 140.9 150.1 171.4 179.5 190.2 193.9 202.7 213.2 218.5 1. Beginning Q1 1979, asset items on lines 6, 7, and 8 are combined. These data also appear in the Board's G.20 (422) release. For address, see NOTE. Components may not add to totals due to rounding. inside front cover. 1.52 DOMESTIC FINANCE COMPANIES Business Credit Millions of dollars, seasonally adjusted except as noted Changes in accounts Extensions Repayments receivable AAAccccccooouuunnntttsss rrreeeccceeeiiivvvaaabbbllleee TTTyyypppeee ooouuutttssstttaaannndddiiinnnggg 1984 1984 1984 AAAuuuggg... 333111,,, 111999888444111 June July Aug. June July Aug. June July Aug. 1 Total 103,012 973 544 3,032 24,412 25,961 30,274 23,439 25,417 27,242 2 Retail automotive (commercial vehicles) 26,234 660 452 489 2,336 2,108 2,232 1,676 1,656 1,743 3 Wholesale automotive 14,085 -587 -287 2,533 7,542 8,042 10,803 8,129 8,329 8,270 4 Retail paper on business, industrial, and farm equipment 30,518 634 -34 7 1,406 1,143 1,589 772 1,177 1,582 5 Loans on commercial accounts receivable and factored commercial accounts receivable 11,028 -79 197 107 10,776 12,036 13,168 10,855 11,839 13,061 6 All other business credit 21,147 345 216 -104 2,352 2,632 2,482 2,007 2,416 2,586 1. Not seasonally adjusted. NOTE. These data also appear in the Board's G.20 (422) release. For address, Digitized for FRASER see inside front cover. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Real Estate A39 1.53 MORTGAGE MARKETS Millions of dollars; exceptions noted. 1984 IItteemm 11998811 11998822 11998833 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) 90.4 94.6 92.8 94.0 92.4 93.9 93.4 98.3 94.3 ' 96.3 2 Amount of loan (thousands of dollars) 65.3 69.8 69.6 73.4 71.1 72.8 72.5 74.6 71.8 ' 71.8 3 Loan/price ratio (percent) 74.8 76.6 77.1 80.4 79.2 79.8 79.9 78.4 78.1 ' 77.6 4 Maturity (years) 27.7 27.6 26.7 27.9 28.0 27.6 28.1 28.2 28.0 27.6 5 Fees and charges (percent of loan amount)2 2.67 2.95 2.40 2.52 2.63 2.63 2.58 3.07 2.82' 2.64 6 Contract rate (percent per annum) 14.16 14.47 12.20 11.56 11.55 11.68 11.61 11.91 11.89 12.03 Yield (percent per annum) 1 FHLBB series5 14.74 15.12 12.66 12.02 12.04 12.18 12.10 12.50 12.43' 12.52 8 HUD series4 16.52 15.79 13.43 13.57 13.77 14.38 14.65 14.53 14.24 13.98 SECONDARY MARKETS Yield (percent per annum) 9 FHA mortgages (HUD series)5. 16.31 15.31 13.11 13.68 13.80 15.01 14.91 14.58 14.21 13.99 10 GNMA securities6 15.29 14.68 12.26 12.70 13.01 13.67 14.14 13.86 13.34 13.08 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 58,675 66,031 74,847 80,974 81,956 82,697 83,243 83,858 84,193 84,851 12 FHA/VA-insured 39,341 39,718 37,393 35,329 35,438 35,309 35,153 35,049 34,938 34,844 13 Conventional 19,334 26,312 37,454 45,645 46,518 47,388 48,090 48,809 49,255 50,006 Mortgage transactions (during period) 14 Purchases 6,112 15,116 17,554 2,030 1,775 1,379 1,209 1,226- 820 1,145 15 Sales 2 2 3,528 0 235 0 0 0 0 0 Mortgage commitments1 16 Contracted (during period) 9,331 22,105 18,607 1,626 1,561 1,233 1,995 1,976 1,227 1,142 17 Outstanding (end of period) 3,717 7,606 5,461 5,333 5,135 4,981 5,640 6,281 6,332 6,235 FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of periodfl 18 Total 5,231 5,131 5,996 8,980 9,143 9,224 9,478 9.154 9,331 19 FHA/VA 1,065 1,027 974 929 924 918 912 906 901 20 Conventional 4,166 4,102 5,022 8,050 8,219 8,306 8,566 8,248 8,431 Mortgage transactions (during period) 21 Purchases 3,800 23,673 23,089 1,291 983 987 2,204 1,288 1,821 n a 22 Sales 3,531 24,170 19,686 863 717 829 1,854 1,573 1,570 Mortgage commitments9 23 Contracted (during period) 6,896 28,179 32,852 1,874 1,701 1,966 2,712 3,929 3,130 24 Outstanding (end of period) 3,518 7,549 16,964 17,514 18,183 19,139 19,649 22,311 23,639 1. Weighted averages based on sample surveys of mortgages originated by 6. Average net yields to investors on Government National Mortgage Associamajor institutional lender groups; compiled by the Federal Home Loan Bank tion guaranteed, mortgage-backed, fully modified pass-through securities, assum- Board in cooperation with the Federal Deposit Insurance Corporation. ing prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying the 2. Includes all fees, commissions, discounts, and "points" paid (by the prevailing ceiling rate. Monthly figures are unweighted averages of Monday borrower or the seller) to obtain a loan. quotations for the month. 3. Average effective interest rates on loans closed, assuming prepayment at the 7. Includes some multifamily and nonprofit hospital loan commitments in end of 10 years. addition to 1- to 4-family loan commitments accepted in FNMA's free market 4. Average contract rates on new commitments for conventional first mort- auction system, and through the FNMA-GNMA tandem plans. gages; from Department of Housing and Urban Development. 8. Includes participation as well as whole loans. 5. Average gross yields on 30-year, minimum-downpayment. Federal Housing 9. Includes conventional and government-underwritten loans. FHLMC's mort- Administration-insured first mortgages for immediate delivery in the private gage commitments and mortgage transactions include activity under mortgage/ secondary market. Any gaps in data are due to periods of adjustment to changes in securities swap programs, while the corresponding data for FNMA exclude swap maximum permissible contract rates. activity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A40 Domestic NonfinancialS tatistics • December 1984 1.54 MORTGAGE DEBT OUTSTANDING Millions of dollars, end of period 1983 1984 TTyyppee ooff hhoollddeerr,, aanndd ttyyppee ooff pprrooppeerrttyy 11998811 11998822 11998833 Q3 Q4 Ql Q2 Q3 1 All holders 1,583,264 1,655,036 1,826,395 1,775,117 1,826,395 1,869,442 1,927,668 2 1- to 4-family 1,065,294 1,105,717 1,214,592 1,182,356 1,214,592 1,244,157 1,281,922 3 Multifamily 136,354 140,551 150,949 147,052 150,949 154,338 159,494 4 Commercial 279,889 302,055 351,287 336,697 351,287 360,888 375,275 5 Farm 101.727 106,713 109,567 109,012 109,567 110,059 110,977 6 Major financial institutions 1,040,827 1,023,611 1,109,963 1,079,605 1,109,963 1,136,168 1,180,558 7 Commercial banks' 284.536 300,203 328,878 320,299 328,878 338,877 351,246 8 1- to 4-family 170,013 173,157 181,672 178,054 181,672 184,925 190,727 9 Multifamily 15,132 16,421 18,023 17,424 18,023 19,689 20,548 10 Commercial 91,026 102,219 119,843 115,692 119,843 124,571 129,961 11 Farm 8,365 8,406 9,340 9,129 9,340 9,692 10,010 12 Mutual savings banks 99,997 97,805 136,054 129,645 136,054 143,180 148,756 13 1- to 4-family 68,187 66,777 96,569 92,467 96,569 101,868 105,985 14 Multifamily 15,960 15,305 17,785 17,588 17,785 18,441 18,928 15 Commercial 15,810 15,694 21,671 19,562 21,671 22,841 23,813 16 Farm 40 29 29 28 29 30 30 17 Savings and loan associations 518,547 483,614 493,432 482,305 493,432 502,143 526,838 18 1- to 4-family 433,142 393,323 389,811 381,744 389,811 395,940 413,831 19 Multifamily 37,699 38,979 42,435 41,334 42,435 43,435 45,308 20 Commercial 47,706 51,312 61,186 59,227 61,186 62,768 67,699 21 Life insurance companies 137,747 141.989 151,599 147,356 151,599 151,968 153,718 22 1- to 4-family 17,201 16,751 15,385 15,534 15,385 14,971 14,982 23 Multifamily 19,283 18,856 19,189 18,857 19,189 19,153 19,312 24 Commercial 88,163 93,547 104,279 100.209 104,279 105,270 106,774 25 Farm 13,100 12.835 12,746 12,756 12,746 12,574 12,650 26 Federal and related agencies 126,094 138.138 147,370 142,224 147,370 150,784 152,687 27 Government National Mortgage Association 4,765 4,227 3,395 3.475 3,395 2,900 2,715 28 1- to 4-family 693 676 630 639 630 618 605 29 Multifamily 4,072 3.551 2,765 2,836 2,765 2,282 2,110 30 Farmers Home Administration 2,235 1,786 2,141 600 2,141 2,094 1,344 31 1- to 4-family 914 783 1,159 211 1,159 1,005 281 32 Multifamily 473 218 173 32 173 303 463 33 Commercial 506 377 409 113 409 319 81 34 Farm 342 408 400 244 400 467 519 n a. 35 Federal Housing and Veterans Administration 5,999 5.228 4,894 5,050 4,894 4,832 4,771 36 1- to 4-family 2,289 1.980 1,893 2,061 1,893 1,956 1,846 37 Multifamily 3,710 3,248 3,001 2,989 3,001 2,876 2,925 38 Federal National Mortgage Association 61,412 71,814 78,256 75,174 78,256 80,975 83,243 39 1- to 4-family 55,986 66,500 73,045 69,938 73,045 75,770 77,633 40 Multifamily 5,426 5,314 5,211 5,236 5,211 5,205 5,610 41 Federal Land Banks 46,446 50,350 51,052 51,069 51,052 51,004 51,136 42 1- to 4-family 2,788 3,068 3,000 3,008 3,000 2,982 2,958 43 Farm 43.658 47,282 48,052 48,061 48,052 48,022 48,178 44 Federal Home Loan Mortgage Corporation 5,237 4.733 7,632 6,856 7,632 8,979 9,478 45 1- to 4-family 5,181 4,686 7,559 6,799 7,559 8,847 8,931 46 Multifamily 56 47 73 57 73 132 547 47 Mortgage pools or trusts2 163,000 216,654 285,073 272,611 285,073 296,481 305,051 48 Government National Mortgage Association 105,790 118.940 159,850 151,597 159,850 166,261 170,893 49 1- to 4-family 103,007 115.831 155,801 147,761 155,801 161,943 166,415 50 Multifamily 2,783 3.109 4,049 3,836 4,049 4,318 4,478 51 Federal Home Loan Mortgage Corporation 19,853 42.964 57,895 54,152 57,895 59,376 61,267 52 1- to 4-familv 19,501 42,560 57,273 53.539 57,273 58,776 60,636 53 Multifamily 352 404 622 613 622 600 631 54 Federal National Mortgage Association3 717 14,450 25,121 23,819 25,121 28,354 29,256 55 1- to 4-family 717 14,450 25,121 23,819 25,121 28,354 29,256 56 Farmers Home Administration 36,640 40.300 42,207 43,043 42,207 42,490 43,635 57 1- to 4-family 18,378 20,005 20,404 21.083 20,404 20,573 21,331 58 Multifamily 3,426 4,344 5,090 5,042 5,090 5,081 5,081 59 Commercial 6.161 7,011 7,351 7.542 7,351 7,456 7,764 60 Farm 8,675 8.940 9,362 9,376 9,362 9,380 9,459 61 Individual and others4 253,343 276,633 283,989 280,677 283,989 286,009 289,372 62 1- to 4-family5 167.297 185.170 185,270 185,699 185,270 185,629 186,505 63 Multifamily 27,982 30,755 32,533 31,208 32,533 32,823 33,553 64 Commercial 30,517 31,895 36,548 34,352 36,548 37,663 39,183 65 Farm 27,547 28,813 29,638 29,418 29,638 29,894 30,131 1. Includes loans held by nondeposit trust companies but not bank trust pension funds, credit unions, and U.S. agencies for which amounts are small or departments. for which separate data are not readily available. 2. Outstanding principal balances of mortgages backing securities insured or 5. Includes estimate of residential mortgage credit provided by individuals. guaranteed by the agency indicated. NOTE. Based on data from various institutional and governmental sources, with 3. Outstanding balances on FNMA's issues of securities backed by pools of some quarters estimated in part by the Federal Reserve in conjunction with the conventional mortgages held in trust. Implemented by FNMA in October 1981. Federal Home Loan Bank Board and the Department of Commerce. Separation of 4. Other holders include mortgage companies, real estate investment trusts, nonfarm mortgage debt by type of property, if not reported directly, and state and local credit agencies, state and local retirement funds, noninsured interpolations and extrapolations when required, are estimated mainly by the Federal Reserve. Multifamily debt refers to loans on structures of five or more units. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumer Installment Credit A41 1.55 CONSUMER INSTALLMENT CREDIT1 Total Outstanding, and Net ChangeA Millions of dollars 1984 HHoollddeerr,, aanndd ttyyppee ooff ccrreeddiitt 11998811 11998822 11998833 Jan. Feb. Mar. Apr. May June July Aug. Amounts outstanding (end of period) 1 Total 335,691 355,849 396,082 394,922 399,177 402,466 407,671 418,080 427,565 435,367 443,537 By major holder 7 Commercial banks 147,622 152,490 171,978 171,934 175,941 177,625 181,022 186,668 191,519 195,265 119999,,665544 3 Finance companies 89,818 98,693 102,862 101,680 101,702 101,619 101,119 102,967 104,460 106,219 106,881 4 Credit unions 45,953 47,253 53,471 53,882 54,851 55,892 56,962 58,517 59,893 61,151 62,679 5 Retailers2 31,348 32,735 35,911 34,505 33,455 33,208 33,327 33,730 34,206 34,022 34,294 6 Savings and loans 12,410 15,823 21,615 21,823 22,269 23,071 23,957 24,915 25,837 26,767 27,918 7 Gasoline companies 4,403 4,063 4,131 4,300 4,025 3,944 3,955 4,020 4,289 4,472 4,452 8 Mutual savings banks 4,137 4,792 6,114 6,798 6,934 7,107 7,329 7,263 7,361 7,471 7,659 By major type of credit 9 Automobile 125,331 131,086 142,449 143,186 146,047 146,047 147,944 152,225 155,937 159,649 116622,,003388 1 1 1 2 1 0 Co D I m n i d m re ir e c e r t c c t l i o a p l a a n b p s a e n r ks 2 3 58 4 3 , , , 0 3 7 8 7 0 1 5 6 2 5 3 9 3 4 , , , 5 4 7 5 7 5 5 2 5 67,55 ( ( 7 3 3 ) ) 68,74 ( ( 7 3 3 ) ) 71,32 ( ( 7 3 3 ) ) 71,23 ( ( 7 3 3 ) ) 73,01 ( ( 6 3 3 > ) 75,78 ( ( 7 3 3 ) ) 78,01 ((? 8 )3 ) 80,10 ( ( 3 3 3 ) ) 81,78 ( ( 6 3 3 ) ) 13 Credit unions 21,974 22,596 25,574 25,771 26,234 26,732 27,244 27,988 28,646 29,248 29,979 14 Finance companies 45,275 48,935 49,318 48,668 48.486 48,078 47,684 48,450 49,273 50,298 50,273 15 Revolving 64,500 69,998 80,823 78,566 77,671 79,110 80,184 82,436 84,598 85,588 87,788 16 Commercial banks 32,880 36,666 44,184 43,118 43,506 45,235 46,149 47,936 49,374 50,358 52,313 17 Retailers 27,217 29,269 32,508 31,148 30,140 29,931 30,080 30,480 30,935 30,758 31,023 18 Gasoline companies 4,403 4,063 4,131 4,300 4,025 3,944 3,955 4,020 4,289 4,472 4,452 19 Mobile home 17,958 22,254 23,680 23,668 23,571 23,661 23,850 24,104 24,427 24,751 25,178 20 Commercial banks 10,187 9,605 9,842 9,829 9,663 9,589 9,580 9,573 9,621 9,681 9,711 21 Finance companies 4,494 9,003 9,365 9,345 9,324 9,333 9,361 9,434 9,528 9,612 9,786 22 Savings and loans 2,788 3,143 3,906 3,923 4,003 4,147 4,306 4,478 4,644 4,811 5,018 23 Credit unions 489 503 567 571 581 592 603 619 634 647 663 24 Other 127,903 132,511 149,130 149,502 151,888 153,648 155,693 159,315 162,603 165,379 168,533 2.5 Commercial banks 46,474 46,664 50,395 50,240 51,445 51,564 52,277 53,372 54,506 55,123 55,844 26 Finance companies 40,049 40,755 44,179 43,667 43,892 44,208 44,074 45,083 45,659 46,309 46,822 27 Credit unions 23,490 24,154 27,330 27,540 28,036 28,568 29,115 29,910 30,613 31,256 32,037 28 Retailers 4,131 3,466 3,403 3,357 3,315 3,277 3,247 3,250 3,271 3,264 3,271 29 Savings and loans 9,622 12,680 17,709 17,900 18,266 18,924 19,651 20,437 21,193 21,956 22,900 30 Mutual savings banks 4,137 4,792 6,114 6,798 6,934 7,107 7,329 7,263 7,361 7,471 7,659 Net change (during period)4 31 Total 18,217 17,886 40,233 4,469 6,608 5,870 6,408 10,233 7,825 7,106 5,998 By major holder 32 Commercial banks 607 4,442 19,488 2,029 4,914 3,422 4,015 6,065 3,835 3,192 2,631 33 Finance companies 13,062 4,504 4,169 -66 258 -193 -350 1,304 1,353 1,402 1,111 34 Credit unions 1,913 1,298 6,218 916 712 1,230 1,529 1,453 962 1,566 844 35 Retailers2 1,103 651 3,176 422 325 355 278 476 471 -101 206 36 Savings and loans 1,682 2,290 5,792 364 414 813 868 979 1,069 847 1,124 37 Gasoline companies -65 -340 68 72 -172 2 2 46 89 -40 -51 38 Mutual savings banks -85 251 1,322 731 156 242 66 -90 46 240 133 By major type of credit 39 Automobile 8,495 4,898 11,363 2,106 2,799 326 2,158 3,689 2,897 3,422 1,777 4 4 4 4 0 2 3 1 C Cr o D I e m n d i d m i r t e i r e c u e r t c n c t l i i o a o p l a n a n s b p s a e n r ks - - 3 2 - , , 8 4 5 9 5 5 9 1 8 5 7 4 -2 6 2 - 3 2 2 9 4 2 5 8 2 , , 0 9 0 7 ( ( 3 2 8 ) 3 ) 1, 4 72 2 ( < 2 8 3 3 ) > 2,6 2 3 ( ( 7 3 5 6 ) 3 ) 4 6 3 ( ( 6 2 0 3 3 ) ) 1, 7 7 3 < 6 ( 4 6 3 3 ) ) 2,8 6 0 9 ( ( 7 5 3 3 ) ) 1, 4 9 6 0 ( ( 1 73 3 ) ) 1,8 7 5 5 ( ( 2 0 3 3 ) ) 1, 4 1 0 ( ( 5 5 03 3 ) ) 44 Finance companies 11,033 3,505 329 -44 -112 -766 -342 187 529 820 222 45 Revolving 4.467 4,365 10,825 505 1,273 2,962 1,868 2,817 1,569 640 1,314 46 Commercial banks 3,115 3,808 7,518 18 1,127 2,613 1,568 2,298 1,047 764 1,159 47 Retailers 1,417 897 3,239 414 318 347 298 473 433 -84 206 48 Gasoline companies -65 -340 68 72 -172 2 2 46 89 -40 -51 49 Mobile home 1,049 609 1,426 -92 -127 285 285 302 454 462 573 50 Commercial banks -186 -508 237 -15 -112 -85 27 -50 10 31 4 51 Finance companies 749 471 430 -104 -93 218 110 156 258 185 346 52 Savings and loans 466 633 763 18 68 141 132 183 174 230 214 53 Credit unions 20 14 64 9 10 10 16 13 12 16 9 54 Other 4,206 3,224 16,619 1,950 2,662 2,298 2,097 3,425 2,905 2,582 2,334 55 Commercial banks 1,133 372 3,731 304 1,264 463 653 1,010 871 545 318 56 Finance companies 1,280 528 3,424 82 463 355 -118 961 566 397 543 57 Credit unions 975 662 3,176 479 426 558 780 745 489 800 430 58 Retailers -314 -246 -63 8 7 8 -20 3 38 -17 0 59 Savings and loans 1,217 1,657 5,029 346 346 673 735 796 895 617 910 60 Mutual savings banks -85 251 1,322 731 156 242 66 -90 46 240 133 • These data have been revised from July 1979 through February 1984. 4. For 1982 and earlier, net change equals extensions, seasonally adjusted less 1. The Board's series cover most short- and intermediate-term credit extended liquidations, seasonally adjusted. Beginning 1983, net change equals outstandings, to individuals through regular business channels, usually to finance the purchase seasonally adjusted less outstandings of the previous period, seasonally adjusted. of consumer goods and services or to refinance debts incurred for such purposes, NOTE. Total consumer noninstallment credit outstanding—credit scheduled to and scheduled to be repaid (or with the option of repayment) in two or more be repaid in a lump sum, including single-payment loans, charge accounts, and installments. service credit—amounted to, not seasonally adjusted, $80.7 billion at the end of 2. Includes auto dealers and excludes 30-day charge credit held by travel and 1981, $85.9 billion at the end of 1982, and $96.9 billion at the end of 1983. entertainment companies. These data also appear in the Board's G.19 (421) release. For address, see 3. Not reported after December 1982. inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A42 Domestic Financial Statistics • December 1984 1.56 TERMS OF CONSUMER INSTALLMENT CREDIT Percent unless noted otherwise 1984 IItteemm 11998811 11998822 11998833 Feb. Mar. Apr. May June July Aug. INTEREST RATES Commercial banks1 1 16.54 16.83 13.92 13.32 13.53 14.08 ? 18.09 18.65 16.68 16.16 16.35 16.75 3 17.45 18.05 15.91 15.45 15.54 15.72 4 1177..7788 1188..5511 1188..7733 1188..7733 1188..7711 1188..8811 Auto finance companies 5 New car 16.17 16.15 12.58 14.11 14.05 14.06 14.17 14.33 14.68 15.01 6 Used car 20.00 20.75 18.74 17.59 17.52 17.59 17.60 17.64 17.77 17.99 OTHER TERMS3 Maturity (months) 7 New car 45.4 46.0 45.9 46.4 46.7 47.1 47.7 48.2 48.6 49.2 8 Used car 35.8 34.0 37.9 39.4 39.4 39.5 39.7 39.8 39.8 39.8 Loan-to-value ratio 9 New car 86.1 85.3 86.0 87 87 88 88 88 88 88 10 Used car 91.8 90.3 92.0 91 92 92 92 92 92 93 Amount financed (dollars) 11 New car 7,339 8,178 8,787 9,072 9,139 9,190 9,262 9,311 9,377 9,409 12 Used car 4,343 4,746 5,033 5,418 5,474 5,547 5,675 5,774 5,763 5,753 1. Data for midmonth of quarter only. NOTE. These data also appear in the Board's G.19 (421) release. For address, 2. Before 1983 the maturity for new car loans was 36 months, and for mobile see inside front cover. home loans was 84 months. 3. At auto finance companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A43 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS Billions of dollars; half-yearly data are at seasonally adjusted annual rates. 1981 1982 1983 1984 TTrraannssaaccttiioonn ccaatteeggoorryy,, sseeccttoorr 11997788 11997799 11998800 11998811 11998822 11998833 H2 HI H2 HI H2 HI Nonfinancial sectors 1 Total net borrowing by domestic nonfinancial sectors .... 369.8 386.0 344.6 380.4 404.1 526.4 368.0 358.1 450.1 448.9 563.8 673.9 By sector and instrument 2 U.S. government 53.7 37.4 79.2 87.4 161.3 186.6 88.1 104.1 218.4 222.0 151.1 173.0 3 Treasury securities 55.1 38.8 79.8 87.8 162.1 186.7 88.5 105.5 218.8 222.1 151.2 173.2 4 Agency issues and mortgages -1.4 -1.4 -•6 -.5 -.9 -.1 -.4 -1.4 -.4 -.1 -.1 -.2 5 Private domestic nonfinancial sectors 316.2 348.6 265.4 293.1 242.8 339.8 279.9 254.0 231.7 266.9 412.7 500.9 6 Debt capital instruments 199.7 211.2 192.0 159.1 158.9 239.3 140.3 140.7 177.2 214.4 264.2 265.1 7 Tax-exempt obligations 28.4 30.3 30.3 22.7 53.8 56.3 24.7 43.9 63.7 62.8 49.7 35.2 8 Corporate bonds 21.1 17.3 26.7 21.8 18.7 15.7 16.8 12.0 25.3 23.0 8.4 24,0 9 Mortgages 150.2 163.6 135.1 114.6 86.5 167.3 98.8 84.8 88.2 128.6 206.0 205.8 10 Home mortgages 112.2 120.0 96.7 76.0 52.5 108.7 62.3 53.6 51.3 83.8 133.6 139.2 11 Multifamily residential 9.2 7.8 8.8 4.3 5.5 8.4 3.8 5.1 5.8 2.8 13.9 16.8 12 Commercial 21.7 23.9 20.2 24.6 23.6 47.3 22.9 19.7 27.5 40.3 54.3 47.7 13 Farm 7.2 11.8 9.3 9.7 5.0 2.9 9.8 6.5 3.5 1.6 4.1 2.1 14 Other debt instruments 116.5 137.5 73.4 134.0 83.9 100.5 139.6 113.2 54.6 52.5 148.5 235.9 15 Consumer credit 48.8 45.4 6.3 26.7 21.0 51.3 21.9 20.6 21.4 35.9 66.6 104.3 16 Bank loans n.e.c 37.4 51.2 36.7 54.7 55.5 27.3 65.1 69.0 42.0 13.3 41.2 79.6 17 Open market paper 5.2 11.1 5.7 19.2 -4.1 -1.2 24.1 10.0 -18.2 -10.6 8.3 27.4 18 Other 25.1 29.7 24.8 33.4 11.5 23.1 28.6 13.6 9.4 13.9 32.3 24.6 19 By borrowing sector 316.2 348.6 265.4 293.1 242.8 339.8 279.9 254.0 231.7 266.9 412.7 500.9 20 State and local governments 16.5 17.6 17.2 6.2 31.3 36.7 7.3 24.1 38.5 41.9 31.6 16.6 21 Households 172.0 179.3 122.1 127.5 94.5 175.4 113.1 94.7 94.3 134.8 216.0 253.0 22 Farm 14.6 21.4 14.4 16.3 7.6 4.3 12.2 9.6 5.6 .8 7.9 -.8 23 Nonfarm noncorporate 32.4 34.4 33.7 40.2 39.5 63.9 38.7 36.6 42.3 50.1 77.6 73.5 24 Corporate 80.6 96.0 78.1 102.9 70.0 59.5 108.7 89.0 51.0 39.3 79.6 158.7 25 Foreign net borrowing in United States 33.8 20.2 27.2 27.2 15.7 18.9 24.4 10.2 21.2 15.3 22.5 22.1 26 Bonds 4.2 3.9 .8 5.4 6.7 3.8 7.6 2.4 11.0 4.6 2.9 2.0 27 Bank loans n.e.c 19.1 2.3 11.5 3.7 -6.2 4.9 6.2 -7.6 -4.7 11.3 -1.5 -5.8 28 Open market paper 6.6 11.2 10.1 13.9 10.7 6.0 7.1 12.5 9.0 -4.6 16.5 20.1 29 U.S. government loans 3.9 2.9 4.7 4.2 4.5 4.3 3.5 3.0 6.0 3.9 4.6 5.9 30 Total domestic plus foreign 403.6 406.2 371.8 407.6 419.8 545.3 392.4 368.3 471.4 504.2 586.3 696.0 Financial sectors 31 Total net borrowing by financial sectors 74.1 82.4 62.9 84.1 69.0 90.7 83.9 84.2 53.8 74.0 107.3 116.3 By instrument 32 U.S. government related 37.1 47.9 44.8 47.4 64.9 67.8 50.9 60.0 69.7 66.2 69.4 69.4 33 Sponsored credit agency securities 23.1 24.3 24.4 30.5 14.9 1.4 33.2 22.4 7.5 -4.1 6.9 31.1 34 Mortgage pool securities 13.6 23.1 19.2 15.0 49.5 66.4 15.3 36.8 62.2 70.3 62.5 38.3 35 .4 .6 1.2 1.9 .4 2.4 .8 36 Private financial sectors 37.0 34.5 18.1 36.7 4.1 22.9 33.0 24.2 -16.0 7.8 38.0 46.9 37 Corporate bonds 7.5 7.8 7.1 -.8 2.5 17.1 -1.2 -2.5 7.6 15.2 18.9 10.2 38 Mortgages .1 * -.1 -.5 .1 * -.2 .1 .1 * * * 39 Bank loans n.e.c 2.3 -.5 -.9 .9 1.9 -.2 -.1 3.2 .6 -2.5 2.2 -4.3 40 Open market paper 14.6 18.0 4.8 20.9 -1.2 13.0 19.5 12.3 -14.7 7.2 18.8 25.3 41 Loans from Federal Home Loan Banks 12.5 9.2 7.1 16.2 .8 -7.0 15.1 11.1 -9.5 -12.1 -2.0 15.7 By sector 42 Sponsored credit agencies 23.5 24.8 25.6 32.4 15.3 1.4 35.6 23.2 7.5 -4.1 6.9 31.1 43 Mortgage pools 13.6 23.1 19.2 15.0 49.5 66.4 15.3 36.8 62.2 70.3 62.5 38.3 44 Private financial sectors 37.0 34.5 18.1 36.7 4.1 22.9 33.0 24.2 -16.0 7.8 38.0 46.9 45 Commercial banks 1.3 1.6 .5 .4 1.2 .5 .5 .7 1.7 .8 .2 * 46 Bank affiliates 7.2 6.5 6.9 8.3 1.9 8.6 9.7 9.7 -5.8 6.1 11.1 20.0 47 Savings and loan associations 13.5 12.6 7.4 15.5 2.5 -2.7 13.7 14.3 -9.3 -10.0 4.5 16.6 48 Finance companies 17.6 16.5 5.8 12.8 -.9 17.0 9.4 * -1.9 11.4 22.7 10.8 49 REITs -1.4 -1.3 -2.2 .2 .1 .2 .2 .1 .1 .2 .2 .1 All sectors 50 Total net borrowing 477.7 488.7 434.7 491.8 488.8 635.9 476.3 452.5 525.1 578.2 693.6 812.3 51 U.S. government securities 90.5 84.8 122.9 133.0 225.9 254.4 136.7 163.5 288.3 288.4 220.5 242.5 52 State and local obligations 28.4 30.3 30.3 22.7 53.8 56.3 24.7 43.9 63.7 62.8 49.7 35.2 53 Corporate and foreign bonds 32.8 29.0 34.6 26.4 27.8 36.5 23.2 11.8 43.8 42.8 30.3 36.2 54 Mortgages 150.2 163.5 134.9 113.9 86.5 167.2 98.5 84.8 88.2 128.5 206.0 205.7 55 Consumer credit 48.8 45.4 6.3 26.7 21.0 51.3 21.9 20.6 21.4 35.9 66.6 104.3 56 Bank loans n.e.c 58.8 52.9 47.3 59.3 51.2 32.0 71.2 64.6 37.9 22.1 41.9 69.4 57 Open market paper 26.4 40.3 20.6 54.0 5.4 17.8 50.7 34.8 -23.9 -8.0 43.6 72.8 58 Other loans 41.9 42.4 37.8 55.8 17.2 20.3 49.5 28.5 5.9 5.7 35.0 46.2 External corporate equity funds raised in United States 59 Total new share issues 1.9 -3.8 22.2 -4.1 35.3 67.8 -17.4 23.3 47.2 83.5 52.0 -37.4 60 Mutual funds -.1 .1 5.2 6.3 18.4 32.8 5.7 12.5 24.3 36.8 28.9 44.8 61 All other 1.9 -3.9 17.1 -10.4 16.9 34.9 -23.0 10.9 22.9 46.8 23.1 -82.3 62 Nonfinancial corporations -.1 -7.8 12.9 -11.5 11.4 28.3 -23.8 7.0 15.8 38.2 18.4 -84.5 63 Financial corporations 2.5 3.2 2.1 .8 4.0 2.7 1.1 3.9 4.1 2.8 2.5 2.9 64 Foreign shares purchased in United States -.5 .8 2.1 .3 1.5 4.0 -.4 -.1 3.0 5.7 2.2 -.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A44 Domestic Nonfinancial Statistics • December 1984 1.58 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS Billions of dollars, except as noted; half-yearly data are at seasonally adjusted annual rates. 1981 1982 1983 1984 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11997788 11997799 11998800 11998811 11998822 11998833 H2 HI H2 HI H2 HI 1 Total funds advanced in credit markets to domestic nonfinancial sectors 369.8 386.0 344.6 380.4 404.1 526.4 368.0 358.1 450.1 488.9 563.8 673.9 By public agencies and foreign 2 Total net advances 102.3 75.2 97.0 97.7 109.1 117.1 90.3 100.8 117.3 119.7 114.6 121.9 3 U.S. government securities 36.1 -6.3 15.7 17.2 18.0 27.6 12.4 9.7 26.2 40.5 14.6 32.0 4 Residential mortgages 25.7 35.8 31.7 23.5 61.0 76.1 25.5 47.6 74.4 80.1 72.0 52.0 5 FHLB advances to savings and loans 12.5 9.2 7.1 16.2 .8 -7.0 15.1 11.1 -9.5 -12.1 -2.0 15.7 6 Other loans and securities 28.0 36.5 42.4 40.9 29.3 20.5 37.3 32.4 26.2 11.1 29.9 22.2 Total advanced, by sector 7 U.S. government 17.1 19.0 23.7 24.1 16.0 9.7 19.8 14.8 17.1 9.1 10.3 8.4 8 Sponsored credit agencies 40.3 53.0 45.6 48.2 65.3 69.5 50.1 61.8 68.7 68.2 70.7 72.9 9 Monetary authorities 7.0 7.7 4.5 9.2 9.8 10.9 14.1 3.8 15.7 15.6 6.2 17.2 10 Foreign 38.0 -4.6 23.2 16.3 18.1 27.1 6.3 20.4 15.8 26.8 27.4 23.4 Agency and foreign borrowing not in line 1 11 Sponsored credit agencies and mortgage pools 37.1 47.9 44.8 47.4 64.9 67.8 50.9 60.0 69.7 66.2 69.4 69.4 12 Foreign 33.8 20.2 27.2 27.2 15.7 18.9 24.4 10.2 21.2 15.3 22.5 22.1 Private domestic funds advanced 13 Total net advances 338.4 379.0 319.6 357.3 375.6 495.9 353.0 327.5 423.8 450.8 541.1 643.6 14 U.S. government securities 54.3 91.1 107.2 115.8 207.9 226.9 124.3 153.7 262.0 247.8 205.9 210.5 15 State and local obligations 28.4 30.3 30.3 22.7 53.8 56.3 24.7 43.9 63.7 62.8 49.7 35.2 16 Corporate and foreign bonds 23.4 18.5 19.3 18.8 14.8 14.6 15.9 -.1 29.6 22.9 6.3 21.5 17 Residential mortgages 95.6 91.9 73.7 56.7 -3.2 40.9 40.6 11.0 -17.4 6.4 75.5 103.8 18 Other mortgages and loans 149.3 156.3 96.2 159.5 103.2 150.2 162.7 130.2 76.3 98.7 201.7 288.2 19 LESS: Federal Home Loan Bank advances 12.5 9.2 7.1 16.2 .8 -7.0 15.1 11.1 -9.5 -12.1 -2.0 15.7 Private financial intermediation 20 Credit market funds advanced by private financial institutions 315.7 313.9 281.5 323.4 285.6 377.1 323.2 274.4 296.7 323.2 430.9 505.6 21 Commercial banking 128.5 123.1 100.6 102.3 107.2 136.1 112.7 99.9 114.5 121.6 150.6 171.7 22 Savings institutions 72.3 56.5 54.5 27.8 31.3 136.8 18.4 25.2 37.4 128.9 144.6 155.9 23 Insurance and pension funds 89.5 85.9 94.3 97.4 108.8 99.2 101.4 111.4 106.3 89.5 108.9 108.5 24 Other finance 25.5 48.5 32.1 96.0 38.3 5.0 90.8 37.9 38.6 -16.8 26.8 69.6 25 Sources of funds 315.7 313.9 281.5 323.4 285.6 377.1 323.2 274.4 296.7 323.2 430.9 505.6 26 Private domestic deposits and RPs 142.7 137.4 169.6 211.9 174.7 203.2 217.9 147.6 201.9 192.7 213.7 281.0 27 Credit market borrowing 37.0 34.5 18.1 36.7 4.1 22.9 33.0 24.2 -16.0 7.8 38.0 46.9 28 Other sources 136.1 142.0 93.9 74.8 106.7 151.0 72.3 102.6 110.8 122.8 179.2 177.7 29 Foreign funds 6.5 27.6 -21.7 -8.7 -26.7 22.1 -9.8 -28.3 -25.1 -14.2 58.5 6.6 30 Treasury balances 6.8 .4 -2.6 -1.1 6.1 -5.3 -10.2 -2.0 14.1 10.1 -20.8 5.3 31 Insurance and pension reserves 74.9 72.8 83.9 90.4 104.6 98.4 101.0 111.4 97.8 87.7 109.1 108.1 32 Other, net 47.9 41.2 34.2 -5.9 22.8 35.8 -8.7 21.5 24.1 39.1 32.4 57.7 Private domestic nonfinancial investors 33 Direct lending in credit markets 59.6 99.6 56.1 70.6 94.2 141.7 62.8 77.3 111.0 135.3 148.1 184.9 34 U.S. government securities 33.5 52.5 24.6 29.3 37.4 88.9 24.5 35.3 39.5 95.9 82.0 132.2 35 State and local obligations 3.6 9.9 7.0 10.5 34.4 42.6 12.5 30.1 38.7 52.7 32.6 21.9 36 Corporate and foreign bonds -6.3 -1.4 -5.7 -8.1 -5.2 1.2 -10.7 -17.7 7.3 -1.7 4.1 7.3 37 Open market paper 8.3 8.6 -3.1 2.7 -.1 3.9 8.2 3.5 -3.7 -8.1 15.9 1.9 38 Other 20.5 30.0 33.3 36.3 27.8 5.0 28.4 26.2 29.3 -3.4 13.5 21.6 39 Deposits and currency 153.9 146.8 181.1 221.9 181.9 222.4 229.3 152.1 211.7 214.5 230.2 301.2 40 Currency 9.3 8.0 10.3 9.5 9.7 14.3 11.2 6.7 12.7 14.8 13.8 17.6 41 Checkable deposits 16.2 18.3 5.2 18.0 15.7 21.4 13.3 1.9 29.5 48.0 -5.2 27.4 42 Small time and savings accounts 65.9 59.3 82.9 47.0 138.2 219.1 71.8 83.2 193.1 278.6 159.7 110.0 43 Money market fund shares 6.9 34.4 29.2 107.5 24.7 -44.1 110.8 39.4 10.0 -84.0 -4.2 30.2 44 Large time deposits 46.3 18.8 45.8 36.9 -7.7 -7.5 24.6 21.9 -37.3 -61.0 45.9 92.1 45 Security RPs 7.5 6.6 6.5 2.5 3.8 14.3 -2.6 1.1 6.6 11.0 17.5 21.3 46 Deposits in foreign countries 2.0 1.5 1.1 .5 -2.5 4.8 .2 -2.2 -2.9 7.0 2.7 2.6 47 Total of credit market instruments, deposits and currency 213.6 246.5 237.2 292.5 276.1 364.1 292.1 229.4 322.7 349.8 378.4 486.1 48 Public holdings as percent of total 25.3 18.5 26.1 24.0 26.0 21.5 23.0 27.4 24.9 23.7 19.5 17.5 49 Private financial intermediation (in percent) 93.3 82.8 88.1 90.5 76.0 76.0 91.6 83.8 70.0 71.7 79.6 78.6 50 Total foreign funds 44.6 23.0 1.5 7.6 -8.6 49.2 -3.5 -7.9 -9.3 12.6 85.9 30.0 MEMO: Corporate equities not included above 51 Total net issues 1.9 -3.8 22.2 -4.1 35.3 67.8 -17.4 23.3 47.2 83.5 52.0 -37.4 52 Mutual fund shares -.1 .1 5.2 6.3 18.4 32.8 5.7 12.5 24.3 36.8 28.9 44.8 53 Other equities 1.9 -3.9 17.1 -10.4 16.9 34.9 -23.0 10.9 22.9 46.8 23.1 -82.3 54 Acquisitions by financial institutions 4.7 12.9 24.9 20.1 39.2 58.4 22.6 11.0 67.3 78.2 38.5 24.3 55 Other net purchases -2.8 -16.7 -2.7 -24.2 -3.9 9.4 -40.0 12.3 -20.1 5.3 13.5 -61.7 NOTES BY LINE NUMBER. 32. Mainly retained earnings and net miscellaneous liabilities. 1. Line 1 of table 1.58. 33. Line 12 less line 20 plus line 27. 2. Sum of lines 3-6 or 7-10. 34-38. Lines 14-18 less amounts acquired by private finance. Line 38 includes 6. Includes farm and commercial mortgages. mortgages. 11. Credit market funds raised by federally sponsored credit agencies, and net 40. Mainly an offset to line 9. issues of federally related mortgage pool securities. 47. Lines 33 plus 39, or line 13 less line 28 plus 40 and 46. 13. Line 1 less line 2 plus line 11 and 12. Also line 20 less line 27 plus line 33. Also 48. Line 2/line 1. sum of lines 28 and 47 less lines 40 and 46. 49. Line 20/line 13. 18. Includes farm and commercial mortgages. 50. Sum of lines 10 and 29. 26. Line 39 less lines 40 and 46. 51. 53. Includes issues by financial institutions. 27. Excludes equity issues and investment company shares. Includes line 19. NOTE. Full statements for sectors and transaction types in flows and in amounts 29. Foreign deposits at commercial banks, bank borrowings from foreign outstanding may be obtained from Flow of Funds Section, Division of Research branches, and liabilities of foreign banking agencies to foreign affiliates. and Statistics, Board of Governors of the Federal Reserve System, Washington, 30. Demand deposits at commercial banks. D.C. 20551. 31. Excludes net investment of these reserves in corporate equities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A45 2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures 1967 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted. 1984 MMeeaassuurree 11998811 11998822 11998833 Jan. Feb. Mar. Apr. May June July' Aug.' Sept. 1 Industrial production 151.0 138.6 147.6 158.5 160.0 160.8 162.1 162.8 164.4' 165.9 166.1 165.1 Market groupings 2 Products, total 150.6 141.8 149.2 159.7 160.4 161.1 162.5 163.3 165.3' 167.4 167.5 167.0 3 Final, total 149.5 141.5 147.1 157.5 158.0 158.6 160.2 161.1 163.1' 165.2 165.6 164.9 4 Consumer goods 147.9 142.6 151.7 159.5 159.4 160.2 161.4 161.7 163.0' 164.0 163.2 161.6 5 Equipment 151.5 139.8 140.8 154.9 156.1 156.4 158.5 160.3 163.3' 166.8 168.8 169.5 6 Intermediate 154.4 143.3 156.6 167.8 169.0 170.2 171.0 171.6 173.5' 175.6 174.9 174.7 7 Materials 151.6 133.7 145.2 156.6 159.4 160.4 161.5 162.0 162.9' 163.6 163.9 162.1 Industry groupings 8 Manufacturing 150.4 137.6 148.2 159.5 161.4 162.1 163.4 164.2 165.7' 167.4 167.8 166.7 Capacity utilization (percent)1 9 Manufacturing 79.4 71.1 75.2 80.1 80.9 81.0 81.5 81.7 82.2' 82.9 82.8 82.1 10 Industrial materials industries 80.7 70.1 75.2 80.6 81.9 82.2 82.5 82.7 82.9' 83.1 83.1 82.0 11 Construction contracts (1977 = 100)2 111.0 111.0 138.0 150.0 150.0 144.0 145.0 165.0 148.0 152.0 151.0 144.0 12 Nonagricultural employment, total3 138.5 136.1' 137.C 140.4 141.1 141.4 142.0 142.5 143.1 143.4 143.7 143.9 13 Goods-producing, total 109.4 102.2' 100.4' 104.6 105.4 105.5 106.2 106.6 107.1 107.5 107.6 107.2 14 Manufacturing, total 103.7 96.6' 95.1' 99.0 99.6 100.1 100.4 100.6 100.9 101.3 101.4 100.8 15 Manufacturing, production-worker ... 98.0 89.4' 88.7' 92.5 93.1 93.6 94.0 94.1 94.3 94.6 94.8 94.0 16 Service-producing 154.4 154.7'' 157.1' 160.0 160.7 161.1 161.6 162.2 162.8 163.1 163.4 164.0 17 Personal income, total 386.5 410.3' 435.6' 459.9 464.0 466.8 471.2' 472.8' 477.2' 480.4 483.0 18 Wages and salary disbursements 349.7 367.4 388.6' 409.3 411.0 413.3 418.1 419.2' 422.6' 424.6 425.5 n.a. 19 Manufacturing 287.5' 285.5 294.7' 314.0 317.1 318.8 322.0 321.9' 323.1' 324.4 325.9 t 20 Disposable personal income4 372.6 398.0 427.1 453.0 457.1 459.9 464.2' 465.3' 469.1' 472.1 475.1 479.0 21 Retail sales5 330.6 326.0 373.0 407.3 403.0 396.9 410.8 413.6 417.7 410.5 408.1 414.7 Prices6 22 Consumer 272.4 289.1 298.4 305.2 306.6 307.3 308.8 309.7 310.7 311.7 313.0 n.a. 23 Producer finished goods 269.8 280.7 285.2 289.5 290.6 291.4 291.2 291.5 291.2 292.6 291.8 n.a. 1. Ratios of indexes of production to indexes of capacity. Based on data from 5. Based on Bureau of Census data published in Survey of Current Business. Federal Reserve, McGraw-Hill Economics Department, Department of Com- 6. Data without seasonal adjustment, as published in Monthly Labor Review. merce, and other sources. Seasonally adjusted data for changes in the price indexes may be obtained from 2. Index of dollar value of total construction contracts, including residential, the Bureau of Labor Statistics, U.S. Department of Labor. nonresidential and heavy engineering, from McGraw-Hill Information Systems Company, F. W. Dodge Division. NOTE. Basic data (not index numbers) for series mentioned in notes 4, 5, and 6, 3. Based on data in Employment and Earnings (U.S. Department of Labor). and indexes for series mentioned in notes 3 and 7 may also be found in the Survey Series covers employees only, excluding personnel in the Armed Forces. of Current Business. 4. Based on data in Survey of Current Business (U.S. Department of Com- Figures for industrial production for the last two months are preliminary and merce). estimated, respectively. 2.11 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Thousands of persons; monthly data are seasonally adjusted. Exceptions noted. 1984 CCaatteeggoorryy 11998811 11998822'' 11998833'' Feb. Mar. Apr. May June July' Aug.' Sept. HOUSEHOLD SURVEY DATA 1 Noninstitutional population1 172,272 174,450 176,414 177,882 178,033 178,185 178,337 178,501 178,669 178,821 179,005 2 Labor force (including Armed Forces)1 110,812 112,383 113,749 114,896 115,121 115,461 116,017 116,094 116,167 115,732 115,941 3 Civilian labor force 108,670 110,204 111,550 112,693 112,912 113,245 113,803 113,877 111133,,993388 111133,,449944 111133,,669999 Employment 4 Nonagricultural industries2 97,030 96,125 97,450 100,496 100,859 101,009 101,899 102,344 102,050 101,744 101,923 5 Agriculture 3,368 3,401 3,383 3,395 3,281 3,393 3,389 3,403 3,345 3,224 3,315 Unemployment 6 Number 8,273 10,678 10,717 8,801 8,772 8,843 8,514 8,130 8,543 8,526 8,460 7 Rate (percent of civilian labor force) ... 7.6 9.7 9.6 7.8 •7.8 7.8 7.5 7.1 7.5 7.5 7.4 8 Not in labor force 61,460 62,067 62,665 62,986 62,912 62,724 62,320 62,407 62,502 63,089 63,064 ESTABLISHMENT SURVEY DATA 9 Nonagricultural payroll employment3 91,156 89,566' 90,138' 92,846 93,058 93,449 93,786' 94,135' 94,350 94,532 94,671 10 Manufacturing 20,170 18,781' 18,497' 19,373 19,466 19,530 19,570 19,629' 19,696 19,725 19,601 11 Mining 1,132 1,128' 957' 978 978 984 995 1,002' 1,007 1,017 1,024 12 Contract construction 4,176 3,903' 3,940' 4,226 4,151 4,246 4,286 4,343' 4,356 4,344 4,371 13 Transportation and public utilities 5,157 5,082' 4,958' 5,105 5,112 5,129 5,144 5,163' 5,175 5,196 5,175 14 Trade 20,551 20,457' 20,804' 21,418 21,493 21,568 21,658 21,747' 21,811 21,856 21,956 15 Finance 5,301 5,341' 5,467' 5,593 5,613 5,640 5,662 5,676 5,676 5,682 5,682 16 Service 20,547 19,036' 19,665' 20,278 20,378 20,449 20,549 20,681' 20,701 20,746 20,829 17 Government 16,024 15,837' 15,851' 15,875 15,873 15,903 15,922' 15,894' 15,928 15,966 16,033 1. Persons 16 years of age and over. Monthly figures, which are based on 3. Data include all full- and part-time employees who worked during, or sample data, relate to the calendar week that contains the 12th day; annual data received pay for, the pay period that includes the 12th day of the month, and are averages of monthly figures. By definition, seasonality does not exist in exclude proprietors, self-employed persons, domestic servants, unpaid family population figures. Based on data from Employment and Earnings (U.S. Depart- workers, and members of the Armed Forces. Data are adjusted to the March 1983 ment of Labor). 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

A46 Domestic Nonfinancial Statistics • December 1984 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION Seasonally adjusted 1983 1984 1983 1984 1983 1984 Q4 Ql Q2' Q3 Q4 Qi Q2 Q3 Q4 Ql Q2 Q3 Output (1967 = 100) Capacity (percent of 1967 output) Utilization rate (percent) 1 Total industry 1S5.S 159.8 163.1 165.7 197.3 198.4 199.7 201.1 78.8 80.5 81.7r 82.4 2 Mining 121.0 124.2 125.1 129.0 165.5 165.7 165.9 166.1 73.1 75.0 75.4 77.7 3 Utilities 178.4 179.2 183.1 282.0 212.4 213.8 215.3 216.8 84.0 83.8 85.0 83.9 4 Manufacturing 156.5 161.0 164.4 167.3 198.4 199.5 201.0 202.5 78.9 80.7 81.8 82.6 5 Primary processing 156.4 160.5 162.5 162.3 195.8 196.5 197.2 198.0 79.9 81.7 82.4r 82.0 6 Advanced processing 156.1 161.7 165.2 169.9 199.7 201.1 203.0 204.9 78.2 80.3 81.4 82.9 7 Materials 154.3 158.8 162.1 163.2 194.0 194.7 195.9 197.2 79.6 81.6 82.7 82.8 8 Durable goods 150.3 157.6 162.0 163.7 196.5 197.1 198.3 199.5 76.5 79.9 81.7'- 82.0 9 Metal materials 93.8 97.3 100.3 96.0 139.6 139.1 138.5 137.9 67.2 70.0 72.4 69.6 10 Nondurable goods 183.5 183.7 186.6 186.6 220.6 221.8 223.4 225.2 83.2 82.8 83.5 82.9 11 Textile, paper, and chemical 193.2 193.2 195.9 196.2 232.7 234.2 236.2 238.2 83.0 82.5 82.9' 82.4 12 Paper 167.4 165.8 168.5 169.7 167.7 168.5 169.5 170.5 99.8 98.4 99.4 99.5 13 Chemical 235.0 236.7 240.4 241.1 300.1 302.3 305.2 308.0 78.3 78.3 78.8' 78.3 14 Energy materials 127.8 131.2 132.4 133.1 155.3 155.8 156.4 157.0 82.3 84.2 84.6 84.8 Previous cycle1 Latest cycle2 1983 1984 High Low High Low Sept. Jan. Feb. Mar. Apr. May June' July Aug. Sept. Capacity utilization rate (percent) 15 Total industry 88.4 71.1 87.3 69.6 78.2 80.1 80.7 80.9 81.3 81.5 82.1 82.7 82.6 81.9 16 Mining 91.8 86.0 88.5 69.6 70.8 75.4 74.9 74.7 74.3 75.4 76.6 78.1 77.5 77.4 17 Utilities 94.9 82.0 86.7 79.0 84.8 84.8 82.5 84.0 85.0 84.7 85.4 84.1 84.1 83.6 18 Manufacturing 87.9 69.0 87.5 68.8 78.4 80.1 80.9 81.0 81.5 81.7 82.2 82.9 82.8 82.1 19 Primary processing 93.7 68.2 91.4 66.2 79.7 80.6 82.2 82.2 82.2 82.4 82.6 82.4 81.9 81.2 20 Advanced processing .... 85.5 69.4 85.9 70.0 77.8 80.0 80.4 80.6 81.0 81.2 81.9 83.1 83.2 82.5 21 Materials 92.6 69.3 88.9 66.6 78.6 80.6 81.9 82.2 82.5 82.7 82.9 83.1 83.1 82.0 22 Durable goods 91.4 63.5 88.4 59.8 75.2 78.5 80.5 80.7 81.5 81.5 82.0 82.5 82.7 81.0 23 Metal materials 97.8 68.0 95.4 46.2 65.5 67.3 71.1 711.5 73.0 72.2 72.1 70.8 70.4 67.6 24 Nondurable goods 94.4 67.4 91.7 70.7 82.9 81.9 83.0 83.6 83.2 83.9 83.3 83.2 82.9 82.5 25 Textile, paper, and chemical 95.1 65.4 92.3 68.6 82.6 81.5 82.8 83.1 82.7 83.3 82.6 82.7 82.5 82.0 26 Paper 99.4 72.4 97.9 86.3 99.0 99.3 99.0 96.8 98.5 99.8 99.8 101.1 98.7 98.7 27 Chemical 95.5 64.2 91.3 64.0 77.8 76.7 78.6 79.5 78.9 79.0 78.4 78.4 78.4 78.0 28 Energy materials 94.5 84.4 88.9 78.5 81.6 84.4 84.1 84.1 84.5 84.3 85.0 85.2 84.9 84.3 1. Monthly high 1973; monthly low 1975. NOTE. These data also appear in the Board's G.3 (402) release. For address, see 2. Monthly highs 1978 through 1980; monthly lows 1982. inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A47 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value Monthly data are seasonally adjusted 1967 1983 1984 pro- 11998833 por- avg. tion Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June' July Aug.P Index (1967 = 100) MAJOR MARKET 1 Total index 100.00 147.6 153.8 155.0 155.3 156.2 158.5 160.0 160.8 162.1 162.8 164.4 165.9 166.1 2 Products 60.71 149.2 154.9 155.6 155.8 157.4 159.7 160.4 161.1 162.5 163.3 165.3 167.4 167.5 3 Final products 47.82 147.1 152.1 152.7 153.2 155.2 157.5 158.0 158.6 160.2 161.1 163.1 165.2 165.6 4 Consumer goods 27.68 151.7 157.4 156.9 156.1 157.7 159.5 159.4 160.2 161.4 161.7 163.0 164.0 163.2 5 Equipment 20.14 140.8 144.9 147.0 149.1 151.8 154.9 156.1 156.4 158.5 160.3 163.3 166.8 168.8 6 Intermediate products 12.89 156.6 165.3 166.5 165.5 165.4 167.8 169.0 170.2 171.0 171.6 173.5 175.6 174.9 7 Materials 39.29 145.2 152.3 154.0 154.5 154.5 156.6 159.4 160.4 161.5 162.0 162.9 163.6 163.9 Consumer goods 8 Durable consumer goods 7.89 147.5 157.4 156.7 155.9 158.6 163.4 162.5 163.1 162.2 161.4 163.6 163.8 162.6 9 Automotive products 2.83 158.2 172.9 171.3 171.5 178.4 184.5 182.1 184.1 180.9 179.8 184.3 184.9 182.6 10 Autos and utility vehicles 2.03 134.0 153.1 149.2 149.2 157.8 163.3 162.2 164.1 158.4 155.9 158.7 161.0 159.4 11 Autos 1.90 117.4 135.0 129.6 129.4 137.4 140.7 140.4 142.4 134.5 132.9 136.2 138.7 134.3 12 Auto parts and allied goods .80 219.6 223.1 227.4 228.2 230.7 238.4 232.6 234.7 238.0 240.6 249.3 245.8 241.3 13 Home goods 5.06 141.4 148.7 148.4 147.2 147.5 151.5 151.5 151.3 151.7 151.1 152.0 151.9 151.4 14 Appliances, A/C, and TV 1.40 116.4 125.2 129.2 127.0 126.3 136.4 135.1 134.4 136.1 134.0 134.9 133.9 131.9 15 Appliances and TV 1.33 120.1 129.7 133.3 131.3 130.2 140.0 138.6 138.0 138.8 136.7 138.0 137.4 135.5 16 Carpeting and furniture 1.07 178.1 186.3 185.5 182.7 184.0 183.1 178.7 180.2 181.0 179.6 179.4 179.5 180.2 17 Miscellaneous home goods 2.59 139.9 145.9 143.6 143.4 143.9 146.7 149.1 148.5 148.0 148.6 150.0 150.3 150.1 18 Nondurable consumer goods 19.79 153.4 157.5 157.1 156.1 157.3 157.9 158.2 159.1 161.1 161.8 162.7 164.1 163.5 19 4.29 20 Consumer staples 15.50 163.7 168.0 167.2 165.4 166.0 166.5 166.9 168.0 170.2 171.6 173.2 174.7 174.2 71 8.33 153.5 154.9 156.0 154.5 155.4 156.5 156.8 157.6 160.4 161.0 161.9 163.4 22 Nonfood staples 7.17 175.4 183.2 180.3 178.1 178.3 178.2 178.7 180.1 181.6 183.9 186.3 187.9 187.7 23 Consumer chemical products .... 2.63 231.0 241.5 238.7 232.4 229.9 231.6 231.9 231.3 233.4 235.9 241.5 246.9 244.9 24 Consumer paper products 1.92 132.7 138.2 137.6 136.6 137.2 138.8 140.3 141.8 144.0 145.6 147.9 151.5 151.8 25 Consumer energy products 2.62 150.9 157.7 153.0 154.1 156.5 153.4 153.3 156.8 157.1 159.8 159.0 155.3 156.7 2266 11..4455 117733..44 118822..88 117744..55 117755..88 118855..22 118800..00 117722..88 117777..77 117777..44 118811..11 118822..44 117788..66 Equipment 27 Business 12.63 153.3 158.8 161.3 164.1 167.3 170.7 171.9 172.1 173.5 176.5 181.1 185.2 188.0 28 Industrial 6.77 120.4 125.6 126.6 128.6 130.8 133.7 134.6 134.8 135.9 138.5 140.4 143.0 144.5 29 Building and mining 1.44 159.3 160.8 166.9 175.8 185.3 185.1 182.0 175.2 173.6 182.9 185.8 190.0 190.9 30 Manufacturing 3.85 107.1 115.0 114.6 114.3 115.1 119.7 120.9 124.2 126.2 127.4 128.6 130.1 131.5 31 Power 1.47 117.1 118.8 118.5 119.4 118.4 120.0 123.8 122.7 124.1 124.1 126.7 130.9 132.9 32 Commercial transit, farm 5.86 191.3 196.7 201.3 205.1 209.6 213.3 215.1 215.3 217.0 220.5 228.1 233.8 238.4 33 Commercial 3.26 273.2 281.2 288.1 292.5 298.9 303.2 305.9 306.9 309.6 315.5 326.3 332.2 337.3 34 Transit 1.93 95.2 97.6 100.0 103.2 106.0 110.1 110.1 109.2 108.9 109.7 115.1 120.4 125.4 35 Farm .67 69.5 71.0 70.9 73.5 73.5 73.6 75.7 75.0 78.0 77.1 76.1 82.0 82.6 36 Defense and space 7.51 119.9 121.8 122.9 124.0 125.7 128.3 129.5 130.1 133.2 133.1 133.5 135.9 136.4 Intermediate products 37 Construction supplies 6.42 142.5 151.1 152.3 151.6 151.5 155.5 156.6 159.1 159.6 159.5 160.9 161.4 161.3 38 Business supplies 6.47 170.7 179.3 180.6 179.4 179.3 180.1 181.3 181.3 182.3 183.5 186.1 189.6 188.4 39 Commercial energy products 1.14 184.3 190.2 187.0 187.6 188.0 192.1 191.6 187.0 190.0 190.8 195.3 194.9 192.2 Materials 40 Durable goods materials 20.35 138.6 147.2 149.4 150.3 151.3 154.6 158.6 159.5 161.3 161.6 163.0 164.2 164.9 41 Durable consumer parts 4.58 113.6 123.1 124.9 125.0 127.9 131.6 133.1 133.0 133.2 132.6 134.7 135.1 136.5 42 Equipment parts 5.44 176.4 186.0 188.3 192.5 193.4 198.2 204.0 206.7 210.9 210.6 214.0 218.8 220.6 43 Durable materials n.e.c 10.34 129.9 137.4 139.8 139.3 139.5 141.8 146.0 146.3 147.7 148.6 148.7 148.3 148.2 44 Basic metal materials 5.57 90.2 94.5 98.0 97.1 96.9 97.7 103.0 103.0 105.7 104.5 104.1 103.4 101.7 45 Nondurable goods materials 10.47 174.5 183.4 185.3 184.8 180.3 181.2 184.1 185.9 185.7 187.4 186.7 186.9 186.7 46 Textile, paper, and chemical materials 7.62 182.6 192.0 195.4 194.7 189.6 190.5 193.9 195.3 195.0 196.8 195.8 196.5 196.4 47 Textile materials 1.85 116.2 123.1 124.0 121.9 121.3 119.9 119.9 120.6 118.9 121.9 119.6 118.8 120.2 48 Paper materials 1.62 158.2 165.4 166.3 169.8 166.0 167.0 166.8 163.5 166.7 169.2 169.5 172.1 168.3 49 Chemical materials 4.15 221.7 233.1 238.7 237.0 229.3 231.3 237.6 241.1 240.0 241.1 240.2 240.7 241.5 50 Containers, nondurable 1.70 167.9 179.1 175.9 176.6 173.0 173.5 173.0 176.0 175.7 176.6 176.7 176.1 175.3 51 Nondurable materials n.e.c 1.14 130.5 132.6 131.9 130.6 129.5 130.5 135.2 137.7 138.6 140.5 140.5 139.1 138.6 52 Energy materials 8.48 124.8 126.4 126.3 127.1 130.0 131.3 131.0 131.3 132.1 131.9 133.2 133.5 133.2 53 Primary energy 4.65 114.7 112.8 114.1 115.5 117.6 119.3 121.3 119.6 119.5 119.8 120.1 122.3 122.4 54 Converted fuel materials 3.82 137.0 142.8 141.2 141.1 145.1 145.8 142.8 145.4 147.3 146.5 149.0 147.2 146.4 Supplementary groups 55 Home goods and clothing 9.35 129.9 135.2 135.5 135.9 137.6 140.1 140.3 140.1 141.0 139.8 139.6 139.8 139.3 56 Energy, total 12.23 135.9 139.0 137.7 138.5 141.1 141.6 141.4 141.9 142.8 143.3 144.5 143.9 143.7 57 Products 3.76 161.0 167.5 163.3 164.3 166.0 165.1 164.9 166.0 167.1 169.2 170.0 167.3 167.5 58 Materials 8.48 124.8 126.4 126.3 127.1 130.0 131.3 131.0 131.3 132.1 131.9 133.2 133.5 133.2 NOTE. These data also appear in the Board's G.12.3 (414) release. For address see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A48 Domestic Nonfinancial Statistics • December 1984 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value—Continued 1967 1983 11998844 Grouping c S o I d C e p p r o o r - - 1 a 9 v 8 g 3 . tion Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June' July Aug.? Sept.f Index (1967 = 100) MAJOR INDUSTRY 1 Mining and utilities 12.05 142.9 146.5 145.8 147.2 151.5 151.4 148.9 150.4 151.3 152.1 154.1 154.3 154.0 153.7 2 Mining 6.36 116.6 117.1 118.3 121.1 123.7 124.8 124.1 123.8 123.3 125.0 127.0 129.6 128.7 128.7 3 Utilities 5.69 172.4 179.3 176.5 176.3 182.5 181.0 176.5 180.0 182.7 182.3 184.3 181.9 182.3 181.7 4 Electric 3.88 196.0 204.5 200.7 200.2 208.0 206.8 200.0 204.6 207.7 206.8 209.6 205.9 206.3 205.5 5 Manufacturing 87.95 148.2 155.1 156.2 156.4 156.8 159.5 161.4 162.1 163.4 164.2 165.7 167.4 167.8 166.7 6 Nondurable 35.97 168.1 174.6 175.6 174.8 173.9 175.2 177.2 177.6 179.1 179.9 181.3 182.4 182.2 181.5 7 Durable 51.98 134.5 141.6 142.8 143.6 145.0 148.6 150.5 151.4 152.6 153.3 154.9 157.0 157.8 156.5 Mining 8 Metal 10 .51 80.9 78.7 81.0 84.6 82.3 89.4 97.4 100.0 98.5 98.0 96.8 96.4 90.9 9 Coal 11.12 .69 136.3 140.5 142.7 144.8 145.2 151.5 163.2 164.0 151.4 153.9 161.5 176.5 171.7 174.3 10 Oil and gas extraction 13 4.40 116.6 116.3 117.3 119.8 123.4 123.1 119.6 118.2 118.8 120.4 121.6 122.4 122.5 122.3 11 Stone and earth minerals 14 .75 122.8 126.5 127.4 132.2 133.9 134.8 133.0 135.8 140.4 144.0 147.9 151.9 151.7 Nondurable manufactures 12 Foods 20 8.75 156.4 158.2 157.6 157.1 157.7 159.4 160.0 161.2 163.1 164.2 165.1 166.1 13 Tobacco products 21 .67 112.1 112.7 109.1 109.5 112.3 116.4 110.9 111.8 113.3 112.8 118.3 117.1 14 Textile mill products 22 2.68 140.8 148.7 148.7 145.8 145.0 143.9 142.3 143.5 140.0 140.5 140.7 139.8 140.5 15 Apparel products 23 3.31 16 Paper and products 26 3.21 164.3 170.4 171.5 172.1 170.1 172.3 176.6 173.8 172.4 174.1 174.6 176.3 174.4 174.5 17 Printing and publishing 27 4.72 152.5 161.7 162.7 162.0 161.7 163.4 164.8 165.2 166.3 167.5 169.0 173.6 174.2 175.4 18 Chemicals and products 28 7.74 215.0 224.1 228.4 225.6 221.1 221.5 224.8 225.0 228.3 227.9 231.0 233.0 233.6 19 Petroleum products 29 1.79 120.3 125.1 123.6 125.4 114.4 118.8 127.6 127.0 126.8 127.9 127.5 124.7 125.0 123.8 20 Rubber and plastic products 30 2.24 291.9 310.9 310.8 309.1 314.4 317.2 318.5 323.8 328.0 334.1 341.0 341.4 340.9 21 Leather and products 31 .86 61.9 64.2 64.0 63.2 66.0 61.4 63.9 63.9 63.5 61.4 60.0 60.6 62.3 Durable manufactures 22 Ordnance, private and government 19.91 3.64 95.4 98.0 98.8 99.3 99.8 99.7 99.6 100.6 101.4 100.8 101.7 101.7 105.5 106.6 23 Lumber and products 24 1.64 137.2 142.3 141.7 141.0 143.8 146.0 145.6 149.3 151.2 146.3 148.5 146.0 148.5 24 Furniture and fixtures 25 1.37 170.5 180.7 181.0 177.5 177.9 183.8 185.6 184.6 186.6 190.5 191.9 192.6 195.1 25 Clay, glass, stone products 32 2.74 143.4 151.7 151.9 152.7 153.8 157.8 160.4 160.2 160.0 160.6 159.7 160.9 160.2 26 Primary metals 33 6.57 85.4 90.6 95.3 92.2 90.4 93.2 98.4 97.5 99.3 98.2 97.9 94.5 92.6 89.5 27 Iron and steel 331.2 4.21 71.5 78.2 84.3 79.2 74.1 80.7 86.0 84.4 84.0 83.5 83.5 76.5 75.3 28 Fabricated metal products 34 5.93 120.2 127.4 26.9 128.5 129.2 131.7 132.8 134.9 135.5 136.5 138.7 140.6 140.0 138.7 29 Nonelectrical machinery 35 9.15 150.6 158.3 159.2 161.8 164.3 169.5 170.9 171.9 174.9 178.8 182.0 186.1 189.5 188.0 30 Electrical machinery 36 8.05 185.5 195.8 198.4 200.1 201.5 206.2 209.9 212.0 214.6 214.5 216.0 221.5 222.4 223.5 31 Transportation equipment 37 9.27 117.8 124.7 125.5 127.3 130.8 134.9 135.2 135.8 134.5 135.0 137.2 140.6 141.0 136.7 32 Motor vehicles and parts 371 4.50 137.1 150.9 150.9 152.9 158.9 166.3 164.4 165.8 161.9 163.0 165.3 169.0 170.3 160.3 33 Aerospace and miscellaneous transportation equipment.. 372-9 4.77 99.6 100.0 101.6 103.2 104.3 105.3 107.7 107.5 108.8 108.6 110.8 113.8 113.3 114.5 34 Instruments 38 2.11 158.7 163.6 163.0 163.0 164.6 167.8 168.6 169.7 171.0 171.8 174.5 177.1 177.3 178.0 35 Miscellaneous manufactures 39 1.51 146.2 151.7 149.1 148.9 149.3 151.1 152.0 152.3 152.1 151.5 150.8 152.4 149.1 148.2 Gross value (billions of 1972 dollars, annual rates) MAJOR MARKET 36 Products, total 507.4 612.6 637.0 637.8 638.4 645.4 655.1 656.9 661.8 661.1 665.9 671.5 678.1 680.7 675.3 37 Final 390.9 472.6 489.9 490.7 490.8 497.8 505.3 505.0 509.6 509.0 514.0 518.1 522.4 524.8 520.5 38 Consumer 277.5 328.7 341.6 340.2 338.3 341.9 345.3 345.3 347.7 347.8 349.5 350.9 350.0 349.9 345.3 39 Equipment 113.4 144.0 148.4 150.5 152.5 155.9 160.0 159.7 161.9 161.2 164.4 167.2 172.4 175.0 175.2 40 Intermediate. 116.6 140.0 147.1 147.1 147.6 147.6 149.8 151.9 152.2 152.2 151.9 153.4 155.7 155.9 154.8 1. 1972 dollar value. NOTE. These data also appear in the Board's G. 12.3 (414) release. For address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A49 2.14 HOUSING AND CONSTRUCTION Monthly figures are at seasonally adjusted annual rates except as noted. 1983 1984 IItteemm 11998811 11998822 11998833 Dec. Jan. Feb. Mar. Apr. May June July' Aug.' Sept. Private residential real estate activity (thousands of units) NEW UNITS 1 Permits authorized 986 1,001 1,605 1,602 1,799 1,902 1,727 1,758 1,745 1,768 1,565 1,506 1,424 2 1-famil y 564 546 902 913 989 1,083 974 957 913 916 823 803 834 3 2-or-more-famil y 421 454 703 689 810 819 753 801 832 852 742 703 590 4 Started 1,084 1,062 1,703 1,694 1,980 2,262 1,662 2,015 1,794 1,877 1,754 1,539 1,676 5 1-famil y 705 663 1,068 1,021 1,301 1,463 1,071 1,196 1,131 1,084 990 932 1,009 6 2-or-more-famil y 379 400 636 673 679 799 591 819 663 793 764 607 667 7 Under construction, end of period1 682 720 1,003 1,020 1,032 1,033 1,065 1,091 1,094 1,101' 1,106 1,096 8 1-famil v 382 400 524 542 552 557 571 582 589 589' 586 577 9 2-or-more-famil y 301 320 479 478 480 477 494 509 506 512' 519 520 10 Completed 1,266 1,006 1,391 1,489 1,606 1,565 1,590 1,654 1,756 1,739' 1,720 1,681 n a. 11 1-famil y 818 631 924 986 1,014 1,034 1,031 974 1,081 1,051' 1,075 1,030 12 2-or-more-famil y 447 374 466 503 592 531 559 680 675 688' 645 651 13 Mobile homes shipped 241 240 295 310 314 293 287 287 295 301' 301 303 Merchant builder activity in I-family units 14 Number sold 436 413 622 755 681 712 682 649 616 635' 611 557 679 15 Number for sale, end of period1 278 255 303 300 302 303 320 328 333 339' 342 346 345 Price (thousands of dollars)2 Median 16 Units sold 68.8 69.3 75.5 75.9 76.2 79.2 78.4 79.6 81.4 80.5' 80.9 79.7 80.0 Average 17 Units sold 83.1 83.8 89.9 91.7 92.2 94.4 97.7 96.2 101.9 98.8' 97.5 95.4 101.0 EXISTING UNITS (1-family) 18 Number sold 2,418 1,991 2,719 2,850 2,890 2,910 3,020 3,090 3,060 2,960' 2,770 2,700 2,670 Price of units sold (thousands of dollars)2 19 Median 66.1 67.7 69.8 69.9 71.3 71.8 72.2 72.5 73.1 73.8' 74.5 73.7 72.6 20 Average 78.0 80.4 82.5 82.9 84.8 84.9 85.1 86.1 86.2 87.7' 88.2 87.8 86.1 Value of new construction3 (millions of dollars) CONSTRUCTION 21 Total put in place 239,112 230,068 262,167 263,867 280,897 300,355 309,744 308,596' 316,398 315,279 310,978 311,945 315,287 22 Private 185,761 179,090 211,369 213,272 229,972 248,104 254,958 254,057' 261,182 257,789 254,778 255,334 257,794 23 Residential 86,564 74,808 111,727 109,706 121,931 137,403 141,087 136,577' 138,401 136,418 135,288 133,986 132,815 24 Nonresidential, total 99,197 104,282 99,642 103,566 108,041 110,701 113,871 117,480' 122,781 121,371 119,490 112211,,334488 112244,,997799 Buildings 25 Industrial 17,031 17,346 12,863 12,208 12,872 13,969 14,363 13,633' 15,170 14,065 13,585 14,958 15,557 26 Commercial 34,243 37,281 35,787 37,364 41,057 42,076 45,280 47,353' 49,719 48,947 48,259 49,664 52,648 27 Other 9,543 10,507 11,660 11,854 12,742 12,999 13,190 13.271' 13,821 13,327 12,861 12,037 12,708 28 Public utilities and other 38,380 39,148 39,332 42,140 41,370 41,657 41,038 43,223' 44,071 45,032 44,785 44,689 44,066 29 Public 53,346 50,977 50,798 50,596 50,925 52,251 54,786 54,539' 55,216 57,490 56,200 56,612 57,494 30 Military 1,966 2,205 2,544 2,898 2,608 2,474 2,872 2,827' 2,649 2,703 2,429 2,649 2,700 31 Highway 13,599 13,428 14,225 14,666 14,240 14,993 16,205 16,781' 16,949 16,824 17,161 17,151 17,709 32 Conservation and development 5,300 5,029 4,822 4,984 4,319 4,608 4,531 4,518' 4,356 4,492 4,537 4,558 4,923 33 Other 32,481 30,315 29,207 28,048 29,758 30,176 31,178 30,413' 31,262 33,471 32,073 32,254 32,162 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 3. Value of new construction data in recent periods may not be strictly Institute and seasonally adjusted by the Census Bureau, and (b) sales and prices of comparable with data in prior periods because of changes by the Bureau of the existing units, which are published by the National Association of Realtors. All Census in its estimating techniques. For a description of these changes see back and current figures are available from originating agency. Permit authoriza- Construction Reports (C-30-76-5), issued by the Bureau in July 1976. tions are 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

A50 Domestic Nonfinancial Statistics • December 1984 2.15 CONSUMER AND PRODUCER PRICES Percentage changes based on seasonally adjusted data, except as noted Change from 12 Change from 3 months earlier months earlier (at annual rate) Change from 1 month earlier IIInnndddeeexxx llleeevvveeelll IIIttteeemmm SSSeeepppttt... 1983 1984 1984 111999888444 11998833 11998844 (((111999666777 SSeepptt.. SSeepptt.. === 111000000)))111 Dec. Mar. June Sept. May'- June' July Aug. Sept. CONSUMER PRICES2 1 All items 2.9 4.2 4.0 5.0 3.3 4.5 .2 .2 .3 .5 .4 314.5 2 Food 1.7 4.0 4.3 9.0 -.7 3.4 -.3 .1 .3 .6 -.1 304.2 3 Energy items 1.2 -.1 -1.7 -1.4 .8 1.7 .2 -.7 -.3 .1 .6 429.0 4 5 All C i o t m em m s o l d e i s t s i e f s ood and energy 3 5. . 2 5 5 4 . . 1 0 4 4 . . 6 9 5 3 . . 1 4 4 3 . . 7 7 4 5 . . 0 4 .3 i . .1 3 . . 4 2 . . 5 4 . . 4 5 3 2 0 5 4 6 . . 9 0 6 Services 2.2 5.7 5.3 5.9 5.3 6.2 .4 .4 .6 .5 .4 361.0 PRODUCER PRICES 7 Finished goods 1.4 1.6 1.1 5.7 .0 .0 -.1 .1 .3 -.1 -.2 289.8 8 Consumer foods 1.2 4.0 5.8 16.9 -8.5 3.3 -1.1 -.4 1.4 -.1 -.4 273.4 9 Consumer energy -5.7 -7.4 -10.4 -8.1 9.6 -18.3 1.5 .3 -1.7 -2.5 -.8 737.1 10 Other consumer goods 3.0 2.5 1.5 4.5 1.3 2.5 .0 .2 .2 .4 .0 244.8 11 Capital equipment 2.3 2.7 1.8 3.8 2.8 2.5 -.1 .2 .2 .3 .0 292.9 12 Intermediate materials' 1.1 1.9 2.5 2.9 3.4 -1.1 .3 .5 -.1 -.1 .0 325.7 13 Excluding energy 2.2 2.6 4.1 3.8 1.9 .5 .1 .3 .0 .1 .0 304.2 Crude materials 14 Foods 5.9 -1.6 12.1 12.5 -21.3 -5.4 -2.8 -2.0 .4 -1.8 .0 253.1 15 Energy -2.6 .2 -2.3 -1.6 4.2 .8 .4 .2 .3 .7 -.8 789.7 16 Other 12.0 1.1 2.4 -9.7 30.6 -13.4 2.8 1.0 -1.6 -3.1 1.2 264.1 1. Not seasonally adjusted. 3. Excludes intermediate materials for food manufacturing and manufactured 2. Figures for consumer prices are those for all urban consumers and reflect a animal feeds. rental equivalence measure of homeownership after 1982. SOURCE. Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A51 2.16 GROSS NATIONAL PRODUCT AND INCOME Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates. 1983 1984 AAccccoouunntt 11998811 11998822 11998833 Q3 Q4 QL Q2 Q3 GROSS NATIONAL PRODUCT 1 Total 2,957.8 3,069.2 3,304.8 3,346.6 3,431.7 3,553.3 3,644.7 3,701.2 By source 2 Personal consumption expenditures 1,849.1 1,984.9 2,155.9 2,181.4 2,230.2 2,276.5 2,332.7 2,359.3 3 Durable goods 235.4 245.1 279.8 284.1 299.8 310.9 320.7 317.3 4 Nondurable goods 730.7 757.5 801.7 811.7 823.0 841.3 858.3 863.3 5 Services 883.0 982.2 1,074.4 1,085.7 1,107.5 1,124.4 1,153.7 1,178.7 6 Gross private domestic investment 484.2 414.8 471.6 491.9 540.0 623.8 627.0 660.5 7 Fixed investment 458.1 441.0 485.1 496.2 527.3 550.0 576.4 588.1 8 Nonresidential 353.9 349.6 352.9 353.9 383.9 398.8 420.8 431.5 9 Structures 135.3 142.1 129.7 126.2 136.6 142.2 150.0 151.6 10 Producers' durable equipment 218.6 207.5 223.2 227.8 247.3 256.7 270.7 279.9 11 Residential structures 104.2 91.4 132.2 142.3 143.4 151.2 155.6 156.6 12 Nonfarm 99.8 86.6 127.6 137.7 138.7 146.4 150.5 151.3 13 Change in business inventories 26.0 -26.1 -13.5 -4.3 12.7 73.8 50.6 72.4 14 Nonfarm 18.2 -24.0 -3.1 11.6 14.1 60.6 47.0 63.2 15 Net exports of goods and services 28.0 19.0 -8.3 -16.4 -29.8 -51.5 -58.7 -85.5 16 Exports 369.9 348.4 336.2 342.0 346.1 358.9 362.4 375.5 17 Imports 341.9 329.4 344.4 358.4 375.9 410.4 421.1 461.0 18 Government purchases of goods and services 596.5 650.5 685.5 689.8 691.4 704.4 743.7 766.9 19 Federal 228.9 258.9 269.7 269.2 266.3 267.6 296.4 307.7 20 State and local 367.6 391.5 415.8 420.6 425.1 436.8 447.4 459.2 By major type of product ?\ Final sales, total 2,931.7 3,095.4 3,318.3 3,350.9 3,419.0 3,479.5 3,594.1 3,628.8 V Goods 1,294.8 1,276.7 1,355.7 1,373.1 1,423.9 1,498.0 1,544.8 1,557.1 ?3 Durable 530.4 499.9 555.3 576.9 607.4 632.3 647.9 657.4 24 Nondurable 764.3 776.9 800.4 796.2 816.5 865.7 896.9 899.7 25 Services 1,373.0 1,510.8 1,639.3 1,654.5 1.681.3 1,713.7 1,742.6 1,780.5 26 Structures 289.9 281.7 309.8 319.0 326.5 341.6 357.2 363.5 27 Change in business inventories 26.0 -26.1 -13.5 -4.3 12.7 73.8 50.6 72.4 28 Durable goods 7.3 -18.0 -2.1 12.5 14.5 34.9 18.2 39.9 29 Nondurable goods 18.8 -8.1 -11.3 -16.8 -1.7 38.9 32.4 32.5 30 MEMO: Total GNP in 1972 dollars 1,512.2 1,480.0 1,534.7 1,550.2 1,572.7 1,610.9 1,638.8 1,649.6 NATIONAL INCOME 31 Total 2,363.8 2,446.8 2,646.7 2,684.4 2,766.5 2,873.5 2,944.8 n.a. 32 Compensation of employees 1,765.4 1,864.2 1,984.9 2,000.7 2,055.4 2,113.4 2,159.2 2,191.2 33 Wages and salaries 1,493.2 1,568.7 1,658.8 1,670.8 1,715.4 1,755.9 1,793.3 1,818.4 34 Government and government enterprises 284.6 306.6 328.2 330.6 335.0 342.9 347.5 351.9 35 Other 1,208.6 1,262.2 1,331.1 1,340.3 1,380.4 1,413.0 1,445.8 1,466.5 36 Supplement to wages and salaries 272.2 295.5 326.2 329.9 340.0 357.4 365.9 372.8 37 Employer contributions for social insurance 132.3 140.0 153.1 153.9 157.9 169.4 172.4 174.7 38 Other labor income 140.0 155.5 173.1 175.9 182.1 188.1 193.5 198.1 39 Proprietors' income1 125.1 111.1 121.7 123.3 131.9 154.9 149.8 155.9 40 Business and professional1 93.6 89.2 107.9 112.1 114.6 122.5 126.3 127.5 41 Farm1 31.5 21.8 13.8 11.2 17.3 32.5 23.4 28.4 42 Rental income of persons2 42.3 51.5 58.3 56.2 60.4 61.0 62.0 63.0 43 Corporate profits' 189.9 159.1 225.2 245.0 260.0 277.4 291.1 n.a. 44 Profits before tax3 221.2 165.5 203.2 227.4 225.5 243.3 246.0 n.a. 45 Inventory valuation adjustment -23.6 -9.5 -11.2 -19.3 -9.2 -13.5 -7.3 -.5 46 Capital consumption adjustment -7.6 3.1 33.2 36.9 43.6 47.6 52.3 58.9 47 Net interest 241.0 260.9 256.6 259.2 258.9 266.8 282.8 292.5 1. With inventory valuation and capital consumption adjustments. 3. For after-tax profits, dividends, and the like, see table 1.48. 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

A52 Domestic Nonfinancial Statistics • December 1984 2.17 PERSONAL INCOME AND SAVING Billions of current dollars; quarterly data are at seasonally adjusted annual rates. Exceptions noted. 1983 1984 AAccccoouunntt 11998811 11998822 11998833 Q3 Q4 Ql Q2 Q3 PERSONAL INCOME AND SAVING 1 Total personal income 2,429.4 2,584.6 2,744.2 2,763.3 2,836.5 2,920.5 2,984.6 3,047.7 2 Wage and salary disbursements 1,493.1 1,568.7 1,659.2 1,671.3 1,715.4 1,755.7 1,793.1 1,818.8 3 Commodity-producing industries 509.3 509.3 519.3 523.5 539.0 555.9 567.0 572.7 4 Manufacturing 385.5 382.9 395.2 399.1 411.9 424.6 432.2 435.9 5 Distributive industries 361.6 378.6 398.6 399.7 413.2 419.2 429.5 436.1 6 Service industries 337.7 374.3 413.1 417.0 428.2 437.9 449.3 457.6 / Government and government enterprises 284.6 306.6 328.2 331.0 335.0 342.8 347.3 352.3 8 Other labor income 140.0 155.5 173.1 175.9 182.1 188.1 193.5 198.1 9 Proprietors' income1 125.1 111.1 121.7 123.3 131.9 154.9 149.8 155.9 10 Business and professional1 93.6 89.2 107.9 112.1 114.6 122.5 126.3 127.5 11 Farm1 31.5 21.8 13.8 11.2 17.3 32.5 23.4 28.4 12 Rental income of persons2 42.3 51.5 58.3 56.2 60.4 61.0 62.0 63.0 13 Dividends 64.3 66.5 70.3 70.7 72.8 75.0 77.2 78.5 14 Personal interest income 331.8 366.6 376.3 382.3 388.2 403.9 425.6 447.2 15 Transfer payments 337.2 376.0 405.0 403.9 408.8 411.3 415.2 419.5 16 Old-age survivors, disability, and health insurance benefits... 182.0 204.5 221.6 222.4 227.7 232.1 235.2 238.9 17 LESS: Personal contributions for social insurance 104.5 111.4 119.6 120.4 123.2 129.6 131.8 133.4 18 EQUALS: Personal income 2,429.4 2,584.6 2,744.2 2,763.3 2,836.5 2,920.5 2,984.6 3,047.7 19 LESS: Personal tax and nontax payments 387.7 404.1 404.2 395.8 407.9 418.3 430.3 442.9 20 EQUALS: Disposable personal income 2,041.7 2,180.5 2,340.1 2,367.4 2,428.6 2,502.2 2,554.3 2,604.8 21 LESS: Personal outlays 1,904.3 2,044.5 2,222.0 2,248.4 2,300.0 2,349.6 2,409.5 2,440.1 22 EQUALS: Personal saving 137.4 136.0 118.1 119.0 128.7 152.5 144.8 164.7 MEMO Per capita (1972 dollars) 23 Gross national product 6,572.8 6,369.6 6,543.4 6,601.9 6,681.4 6,829.4 6,933.2 6,962.1 24 Personal consumption expenditures 4,131.4 4,145.9 4,302.8 4,325.2 4,386.0 4,426.5 4,502.3 4,493.1 25 Disposable personal income 4,561.0 4,555.0 4,670.0 4,694.0 4,776.0 4,865.0 4,930.0 4,961.0 26 Saving rate (percent) 6.7 6.2 5.0 5.0 5.3 6.1 5.7 6.3 GROSS SAVING 27 Gross saving 484.3 408.8 437.2 455.2 485.7 543.9 551.0 n.a. 28 Gross private saving 509.9 524.0 571.7 588.6 615.0 651.3 660.2 n.a. 29 Personal saving 137.4 136.0 118.1 119.0 128.7 152.5 144.8 164.7 30 Undistributed corporate profits1 42.3 29.2 76.5 86.9 100.0 107.0 115.3 n.a. 31 Corporate inventory valuation adjustment -23.6 -9.5 -112 -19.3 -9.2 -13.5 -7.3 -.5 Capital consumption allowances 3322 Corporate 202.6 221.8 231.2 233.4 236.4 239.9 244.1 248.1 33 Noncorporate 127.6 137.1 145.9 149.4 150.0 151.8 156.0 157.9 34 Wage accruals less disbursements .0 .0 0 .0 .0 .0 .0 .0 35 Government surplus, or deficit (-), national income and product accounts -26.7 -115.2 -134.5 -133.5 -129.3 -107.4 -109.2 n.a. 36 Federal -64.3 -148.2 -178.6 -180.9 -180.5 -161.3 -163.7 n.a. 37 State and local 37.6 32.9 44.1 47.4 51.2 53.9 54.5 n.a. 38 Capital grants received by the United States, net 1.1 .0 .0 .0 .0 .0 .0 .0 39 Gross investment 490.0 408.3 437.7 450.3 480.9 546.1 542.0 548.5 40 Gross private domestic 484.2 414.8 471.6 491.9 540.0 623.8 627.0 660.5 41 Net foreign 5.8 -6.6 -33.9 -41.5 -59.1 -77.7 -85.0 -112.0 42 Statistical discrepancy 5.6 -.5 .5 -4.8 -4.8 2.2 -9.0 n.a. 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

Summary Statistics A53 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data are seasonally adjusted except as noted.1 1983 1984 IItteemm ccrreeddiittss oorr ddeebbiittss 11998811 11998822 11998833 Q2 Q3 Q4 QL Q2 P 1 Balance on current account 6,294 -9,199 -41,563 -9,560 -11,846 -17,213 -19,673 -24,402 "> -8,769 -14,498 -15,964 -18,616 -24,123 3 Merchandise trade balance2 -28,001 -36,469 -61,055 -14,870 -17,501 -19,407 -25,855 -25,736 4 Merchandise exports 237,085 211,198 200,257 48,745 50,437 51,829 53,935 54,597 5 Merchandise imports -265,086 -247,667 -261,312 -63,615 -67,938 -71,236 -79,790 -80,333 6 Military transactions, net -1,116 195 515 53 -55 -273 -370 -282 7 Investment income, net3 34,053 27,802 23,508 5,978 7,172 5,119 7,748 3,662 8 Other service transactions, net 8,191 7,331 4,121 1,127 681 434 951 55 9 Remittances, pensions, and other transfers -2,382 -2,635 -2,590 -638 -665 -688 -717 -712 10 U.S. government grants (excluding military) -4,451 -5,423 -6,060 -1,210 -1,478 -2,398 -1,430 -1,389 11 Change in U.S. government assets, other than official reserve assets, net (increase, -) -5,107 -6,143 -5,013 -1,251 -1,204 -1,429 -2,037 -1,222 12 Change in U.S. official reserve assets (increase, -) -5,175 -4,965 -1,196 16 529 -953 -657 -565 13 Gold 0 0 0 0 0 0 0 0 14 Special drawing rights (SDRs) -1,823 -1,371 -66 -303 -209 545 -226 -288 15 Reserve position in International Monetary Fund -2,491 -2,552 -4,434 -212 -88 -1,996 -200 -321 16 Foreign currencies -861 -1,041 3,304 531 826 498 -231 44 17 Change in U.S. private assets abroad (increase, -)3 -100,694 -107,790 -43,281 175 -8,548 -12,461 705 -23,073 18 Bank-reported claims -84,175 -111,070 -25,391 3,894 -2,871 -8,239 1,955 -24,167 19 Nonbank-reported claims -1,181 6,626 -5,333 -230 -233 -1,671 1,659 n.a. 20 U.S. purchase of foreign securities, net -5,714 -8,102 -7,676 -3,257 -1,571 -983 637 -791 21 U.S. direct investments abroad, net3 -9,624 4,756 -4,881 -232 -3,873 -1,568 -3,546 1,885 22 Change in foreign official assets in the United States (increase, +) 5,003 3,318 5,339 1,739 -2,703 6,555 -2,784 -571 23 U.S. Treasury securities 5,019 5,728 6,989 1,985 -611 2,603 -288 -314 24 Other U.S. government obligations 1,289 -694 -487 -170 -363 417 -8 126 25 Other U.S. government liabilities4 -300 382 199 434 137 161 242 378 26 Other U.S. liabilities reported by U.S. banks -3,670 -1,747 433 316 -1,403 3,498 -2,131 216 27 Other foreign official assets5 2,665 -351 -1,795 -826 -463 -124 -599 -977 28 Change in foreign private assets in the United States (increase, +)3 76,310 91,863 76,383 10,714 22,281 27,249 18,444 36,505 29 U.S. bank-reported liabilities 42,128 65,922 49,059 1,698 14,792 22,325 8,775 21,708 30 U.S. nonbank-reported liabilities 917 -2,383 -1,318 -64 1,311 -228 4,404 n.a. 31 Foreign private purchases of U.S. Treasury securities, net 2,946 7,062 8,731 3,139 995 1,673 1,358 6,522 32 Foreign purchases of other U.S. securities, net 7,171 6,396 8,612 2,614 1,861 1,134 1,516 610 33 Foreign direct investments in the United States, net3 23,148 14,865 11,299 3,327 3,322 2,345 2,391 7,665 34 Allocation of SDRs 1,093 0 0 0 0 0 0 0 35 Discrepancy 22,275 32,916 9,331 -1,833 1,491 -1,748 6,002 13,328 3366 443399 --22,,551188 22,,665577 --115544 --9911 37 Statistical discrepancy in recorded data before seasonal adjustment 22,275 32,916 9,331 -2,272 4,009 -4,405 6,156 13,419 MEMO Changes in official assets 38 U.S. official reserve assets (increase, -) -5,175 -4,965 -1,196 16 529 -953 -657 -566 39 Foreign official assets in the United States (increase, +) 5,303 2,936 5,140 1,305 -2,840 6,394 -3,026 -949 40 Change in Organization of Petroleum Exporting Countries official assets in the United States (part of line 22 above) 13,581 7,291 -8,639 -3,482 -2,051 -1,640 -2,447 -2,206 41 Transfers under military grant programs (excluded from lines 4, 6, and 10 above) 675 593 205 30 49 84 41 40 1. Seasonal factors are no longer calculated for lines 6, 10, 12-16, 18-20, 22-34, 4. Primarily associated with military sales contracts and other transactions and 38-41. arranged with or through foreign official agencies. 2. Data are on an international accounts (IA) basis. Differs from the Census 5. Consists of investments in U.S. corporate stocks and in debt securities of basis data, shown in table 3.11, for reasons of coverage and timing; military private corporations and state and local governments. exports are excluded from merchandise data and are included in line 6. NOTE. Data are from Bureau of Economic Analysis, Survey of Current Business 3. Includes reinvested earnings. (Department of Commerce). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A54 International Statistics • December 1984 3.11 U.S. FOREIGN TRADE Millions of dollars; monthly data are seasonally adjusted. 1984 IItteemm 11998811 11998822 11998833 Mar. Apr. May June July Aug. Sept. 1 EXPORTS of domestic and foreign merchandise excluding grant-aid shipments 233,677 212.193 200,486 17.727 17,521 17,950 17,633 19,442 18,036 18,177 2 GENERAL IMPORTS including merchandise for immediate consumption plus entries into bonded warehouses 261,305 243,952 258.048 26,771 28,368 25,569 25.356 31,883 26,567 29,429.9 3 Trade balance -27,628 -31,759 -57,562 -9,044 -10,846 -7,619 -7,723 -12,440 -8,531 -11,252.8 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 of a free-alongside-ship (f.a.s.) value basis—that is, value at the port of combined with other military transactions and reported separately in the "service export. Beginning in 1981, foreign trade of the U.S. Virgin Islands is included in account" in table 3.10, line 6). On the import side, additions are made for gold, the Census basis trade data; this adjustment has been made for all data shown in ship purchases, imports of electricity from Canada, and other transactions; the table. Beginning with 1982 data, the value of imports are on a customs military payments are excluded and shown separately as indicated above. valuation basis. SOURCE. FT900 "Summary of U.S. Export and Import Merchandise Trade" The Census basis data differ from merchandise trade data shown in table 3.10. (Department of Commerce, Bureau of the Census). U.S. International Transactions Summary, for reasons of coverage and timing. On the export side, the largest adjustments are: (II the addition of exports to Canada 3.12 U.S. RESERVE ASSETS Millions of dollars, end of period 1984 TTyyppee 11998811 11998822 11998833 Mar. Apr. May June July Aug, Sept. 1 Total 30,075 33,958 33,747 34,975 34,585 34,713 34,547 34,392 34,760 34,306 2 Gold stock, including Exchange Stabilization Fund1 11,151 11,148 11,121 11,111 11,107 11,104 11,100 11,099 11,098 11,097 3 Special drawing rights2-3 4,095 5,250 5,025 5,341 5,266 5,513 5,459 5,453 5,652 5,554 4 Reserve position in International Monetary Fund2 5,055 7,348 11,312 11,706 11,618 11,666 11,659 11,735 11,820 11,619 5 Foreign currencies4 9,774 10,212 6,289 6,817 6,594 6,430 6,329 6,105 6,190 6,036 1. Gold held under earmark at Federal Reserve Banks for foreign and interna- 3. Includes allocations by the International Monetary Fund of SDRs as follows: tional 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. Gold stock is valued at $42.22 per fine troy ounce. 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 transactions in SDRs. on a weighted average of exchange rates for the currencies of member countries. 4. Valued at current market exchange rates. From July 1974 through December 1980, 16 currencies were used; from January 1981, 5 currencies have been used. The U.S. SDR holdings and reserve position 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 1984 AAsssseettss 11998811 11998822 11998833 Mar. Apr. May June July Aug. Sept. 1 Deposits 505 328 190 222 345 295 238 215 242 206 Assets held in custody 2 U.S. Treasury securities' 104,680 112,544 117,670 116,768 117,808 114,562 117,143 115,760 117,130 115,678 3 Earmarked gold2 14,804 14,716 14,414 14,278 14,278 14,268 14,266 14,270 14,258 14,256 1. Marketable U.S. Treasury bills, notes, and bonds; and nonmarketable U.S. NOTE. Excludes deposits and U.S. Treasury securities held for international Treasury securities payable in dollars and in foreign currencies. and regional organizations. Earmarked gold is gold held for foreign and interna- 2. Earmarked gold is valued at $42.22 per fine troy ounce. tional accounts and is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Summary Statistics A55 3.14 FOREIGN BRANCHES OF U.S. BANKS Balance Sheet Data Millions of dollars, end of period 1983 1984 AAsssseett aaccccoouunntt 11998811 11998822 Dec. Feb. Mar. Apr. May June July Aug.? All foreign countries' 1 Total, all currencies 462,847 469,712 476,539 466,242 481,418 474,882 485,739 477,524 465,487 461,142 2 Claims on United States 63,743 91,805 115,065 112,960 122,021 121,081 126,100 125,325 118,344 116,813 3 Parent bank 43,267 61,666 81,113 79,429 86,379 85,150 89,031 89,862 82,320 81,984 4 5 O N t o h n e b r a b n a k n s k ' s in United States' | 20,476 30,139 33,952 33,531 35,642 35,931 37,069 2 1 0 4 , , 9 5 4 1 7 6 2 1 1 4 , , 7 2 7 4 6 8 2 1 1 3 , , 2 5 8 4 5 4 6 Claims on foreigners 378,954 358,493 342,609 332,928 339,289 333,701 339,029 332,181 327,031 323,344 7 Other branches of parent bank 87,821 91,168 92,718 85,754 91,259 92,842 95,095 95,773 91,145 93,375 8 Banks 150,763 133,752 117,593 111,391 114,761 107,540 112,626 105,531 107,272 102,586 9 Public borrowers 28,197 24,131 24,508 25,721 24,777 24,775 24,345 23,381 23,436 22,736 10 Nonbank foreigners 112,173 109,442 107,790 110,062 109,048 108,544 106,965 107,496 105,178 104,647 11 Other assets 20,150 19,414 18,865 20,354 20,108 20,100 20,610 20,018 20,112 20,985 12 Total payable in U.S. dollars 350,735 361,982 370,958 351,050 365,380 359,385 372,452 367,748 357,243 351,727 13 Claims on United States 62,142 90,085 112,959 110,725 119,644 118,602 123,725 123,130 115,999 114,497 14 Parent bank 42,721 61,010 80,018 78,200 85,067 83,729 87,851 88,750 81,082 80,838 1 1 1 1 5 6 7 8 Cl O O a N i t t o m h h n s e e b r r o a n b b n a r k f a n o s n k ' r c s e h i i g e n s n e U o r f n s i p t a ed r en S t t a b t a e n s k ' j 27 6 1 6 9 9 , , , 9 4 3 3 2 9 7 1 8 2 7 5 2 3 9 9 , , , 8 5 0 7 3 7 1 7 5 2 7 4 3 5 7 2 , , , 2 9 3 4 0 2 1 7 7 2 6 2 3 6 9 2 , , , 7 7 5 9 2 8 2 5 6 23 3 7 5 1 4 , , , 7 4 5 7 9 7 8 6 7 23 3 7 0 4 0 , , , 8 3 1 7 0 8 3 0 6 23 3 7 5 7 5 , , , 8 8 5 7 6 0 4 0 3 2 2 7 3 1 0 7 4 4 , , , , 1 0 3 2 1 0 2 7 8 6 6 4 23 2 7 1 0 3 0 3 , , , , 5 4 9 9 6 2 9 2 5 0 6 1 22 2 7 1 6 5 0 3 , , , , 8 1 4 2 3 7 5 0 7 0 6 3 19 Banks 122,110 106,447 93,257 84,773 88,325 83,194 86,567 81,153 82,277 76,622 20 Public borrowers 22,877 18,413 17,881 18,129 18,106 17,957 17,613 17,007 17,149 16,876 21 Nonbank foreigners 62,552 61,474 60,982 60,092 58,407 59,135 58,177 58,532 57,719 56,835 22 Other assets 11,656 12,026 10,672 10,539 9,958 10,397 10,867 10,600 10,679 11,060 United Kingdom 23 Total, all currencies 157,229 161,067 158,732 157,972 161,007 161,109 159,059 158,724 155,625 154,045 24 Claims on United States 11,823 27,354 34,433 36,646 38,072 38,428 36,148 36,309 33,679 31,675 25 Parent bank 7,885 23,017 29,111 30,875 32,201 32,855 30,266 30,621 27,872 26,054 2 2 6 7 O N t o h n e b r a b n a k n s k ' s in United States' j 3,938 4,337 5,322 5,771 5,871 5,573 5,882 4 1 , , 4 2 6 2 5 3 4 1 , , 5 2 3 7 4 3 4 1 , , 5 0 5 7 0 1 28 Claims on foreigners 138,888 127,734 119,280 116,055 118,200 117,713 117,808 117,212 116,740 117,066 29 Other branches of parent bank 41,367 37,000 36,565 33,296 34,617 38,571 36,804 38,518 37,728 39,270 30 Banks 56,315 50,767 43,352 42,300 43,804 39,779 42,084 39,892 40,980 39,760 31 Public borrowers 7,490 6,240 5,898 6,213 6,076 6,072 5,992 5,876 5,786 5,510 32 Nonbank foreigners 33,716 33,727 33,465 34,246 33,703 33,291 32,928 32,926 32,246 32,526 33 Other assets 6,518 5,979 5,019 5,271 4,735 4,968 5,103 5,203 5,206 5,304 34 Total payable in U.S. dollars 115,188 123,740 126,012 121,944 124,501 123,174 122,215 123,628 120,470 118,141 35 Claims on United States 11,246 26,761 33,756 35,934 37,282 37,598 35,210 35,358 32,569 30,633 36 Parent bank 7,721 22,756 28,756 30,515 31,789 32,453 29,876 30,181 27,248 25,509 3 3 7 8 O N t o h n e b r a b n a k n s k ' s in United States' ) 3,525 4,005 5,000 5,419 5,493 5,145 5,334 4 1 , , 0 1 6 1 2 5 4 1 , , 1 1 7 4 2 9 4,1 9 8 4 2 2 39 Claims on foreigners 99,850 92,228 88,917 83,067 84,599 82,769 83,925 85,176 84,729 84,365 40 Other branches of parent bank 35,439 31,648 31,838 28,103 28,723 29,247 30,278 32,765 31,762 33,580 41 Banks 40,703 36,717 32,188 30,158 31,613 29,135 30,036 28,610 29,444 27,816 42 Public borrowers 5,595 4,329 4,194 4,414 4,390 4,408 4,296 4,284 4,288 3,983 43 Nonbank foreigners 18,113 19,534 20,697 20,392 19,873 19,979 19,315 19,517 19,235 18,986 44 Other assets 4,092 4,751 3,339 2,943 2,620 2,807 3,080 3,094 3,172 3,143 Bahamas and Caymans' 45 Total, all currencies 149,108 145,156 151,532 140,942 149,953 145,281 156,656 153,836 147,730 147,060 46 Claims on United States 46,546 59,403 74,832 70,888 78,015 75,690 83,620 81,635 78,064 78,623 47 Parent bank 31,643 34,653 47,807 44,474 50,146 47,566 54,122 53,650 49,673 51,125 4 4 8 9 N Ot o h n e b r a b n a k n s k ' s in United States' | 14,903 24,750 27,025 26,414 27,869 28,124 29,498 1 15 2 , , 6 3 0 8 5 0 1 16 2 , , 3 0 2 7 1 0 1 1 5 1 , , 9 5 5 4 8 0 50 Claims on foreigners 98,057 81,450 72,788 66,154 67,985 65,666 68,960 68,325 65,620 64,263 51 Other branches of parent bank 12,951 18,720 17,340 14,657 15,821 14,811 16,931 18,057 15,434 16,079 52 Banks 55,151 42,699 36,767 33,068 34,856 32,723 33,755 31,827 32,140 30,519 53 Public borrowers 10,010 6,413 6,084 5,958 6,030 6,005 5,922 5,993 6,000 5,978 54 Nonbank foreigners 19,945 13,618 12,597 12,471 11,834 12,127 12,352 12,448 12,046 11,687 55 Other assets 4,505 4,303 3,912 3,900 3,953 3,925 4,076 3,876 4,046 4,174 56 Total payable in U.S. dollars 143,743 139,605 145,091 134,580 143,466 138,881 150,191 147,681 141,770 140,882 1. Data for assets vis-a-vis other banks in the United States and vis-a-vis nonbanks are combined for dates prior to June 1984. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A56 International Statistics • December 1984 3.14 Continued 1983 1984 Dec. Feb. Mar. Apr. May June July Aug.P All foreign countries' 57 Total, all currencies 462,847 469,712 476,539 466,242 481,418 474,882 485,739 477,524 465,487 461,142 58 Negotiable CDs2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 43,337 41,311 41,556 59 To United States 137,767 179,015 187,602 185,220 188,214 184,451 191,072 162,786 155,299 152,373 60 Parent bank 56,344 75,621 80,537 81,489 77,651 75,594 80,353 81,091 77,979 76,991 61 Other banks in United States 19,197 33,405 29,107 25,942 29,037 27,151 27,845 22,790 22,055 19,693 62 Nonbanks 62,226 69,989 77,958 77,789 81,526 81,706 82,874 58,905 55,265 55,689 63 To foreigners 305,630 270,853 269,602 261,522 273,159 270,242 274,840 251,828 248,304 245,884 64 Other branches of parent bank 86,396 90,191 89,055 81,684 87,229 90,937 92,254 92,572 88,725 90,268 65 Banks 124,906 96,860 92,882 89,538 95,690 90,166 94,041 83,027 80,035 78,667 66 Official institutions 25,997 19,614 18,893 20,549 18,250 17,882 19,608 19,123 21,219 20,206 67 Nonbank foreigners 68,331 64,188 68,772 69,751 71,982 71,257 68,937 57,106 58,325 56,743 68 Other liabilities 19,450 19,844 19,335 19,500 20,045 20,189 19,827 19,573 20,573 21,329 69 Total payable in U.S. dollars 364,447 379,270 387,740 369,900 382,765 375,443 390,534 385,070 374,438 369,222 70 Negotiable CDs2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 40,768 39,004 39,510 71 To United States 134,700 175,528 183,837 180,899 183,926 180,149 186,793 158,244 150,842 147,869 72 Parent bank 54,492 73,295 78,328 78,889 75,068 73,168 77,894 78,406 75,270 74,413 73 Other banks in United States 18,883 33,040 28,573 25,375 28,451 26,564 27,192 22,196 21,422 19,019 74 Nonbanks 61,325 69,193 76,936 76,635 80,407 80,417 81,707 57,642 54,150 54,437 75 To foreigners 217,602 192,510 194,056 179,884 189,612 185,165 193,763 176,157 174,243 171,594 76 Other branches of parent bank 69,299 72,921 72,002 63,480 68,557 69,096 73,380 74,548 71,237 72,972 77 Banks 79,594 57,463 57,015 50,683 56,202 50,874 54,932 46,993 44,811 42,620 78 Official institutions 20,288 15,055 13,852 15,835 13,161 13,347 14,835 13,799 16,099 15,455 79 Nonbank foreigners 48,421 47,071 51,187 49,886 51,692 51,848 50,616 40,817 42,096 40,547 80 Other liabilities 12,145 11,232 9,847 9,117 9,227 10,129 9,978 9,901 10,349 10,249 United Kingdom 81 Total, all currencies 157,229 161,067 158,732 157,972 161,007 161,109 159,059 158,724 155,625 154,045 82 Negotiable CDs2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 39,740 37,928 38,172 83 To United States 38,022 53,954 55,799 56,550 56,228 56,526 55,353 31,948 29,664 29,667 84 Parent bank 5,444 13,091 14,021 18,307 15,850 16,311 17,820 18,532 16,712 18,127 85 Other banks in United States 7,502 12,205 11,328 10,570 11,440 10,542 9,487 4,701 4,277 3,548 86 Nonbanks 25,076 28,658 30,450 27,673 28,938 29,673 28,046 8,715 8,675 7,992 87 To foreigners 112,255 99,567 95,847 93,734 97,109 97,064 96,339 79,589 80,261 78,357 88 Other branches of parent bank 16,545 18,361 19,038 17,741 21,477 21,939 20,617 21,668 21,459 21,868 89 Banks 51,336 44,020 41,624 39,548 42,073 40,751 41,597 32,950 31,435 31,035 90 Official institutions 16,517 11,504 10,151 11,531 8,833 9,403 10,377 9,533 11,301 10,480 91 Nonbank foreigners 27.857 25,682 25,034 24,914 24,726 24,971 23,748 15,438 16,066 14,974 92 Other liabilities 6,952 7,546 7,086 7,688 7,670 7,519 7,367 7,447 7,702 7,849 93 Total payable in U.S. dollars 120,277 130,261 131,167 127,622 130,985 128,369 128,255 128,612 126,276 124,064 94 Negotiable CDs2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 38,363 36,757 37,126 95 To United States 37,332 53,029 54.691 55,105 55,031 55,201 54,094 30,602 28,331 28,027 96 Parent bank 5,350 12,814 13,839 17,900 15,606 16,127 17,624 18,244 16,372 17,701 97 Other banks in United States 7,249 12,026 11,044 10,247 11,204 10,292 9,200 4,486 4,018 3,244 98 Nonbanks 24,733 28,189 29,808 26,958 28,221 28,782 27,270 7,872 7,941 7,082 99 To foreigners 79,034 73,477 73,279 69,438 72,892 69,739 70,764 56,064 57,495 55,234 100 Other branches of parent bank 12,048 14,300 15,403 13,956 17.559 14,801 15,733 17,646 17,472 18,002 101 Banks 32,298 28,810 29,320 26,229 28,833 27,286 27,308 19,574 18,197 17,290 102 Official institutions 13,612 9,668 8,279 9,777 6,910 7,650 8,760 7,639 9,610 8,920 103 Nonbank foreigners 21,076 20,699 20,277 19,476 19,590 20,002 18,963 11,205 12.216 11,022 104 Other liabilities 3,911 3,755 3,197 3,079 3.062 3,429 3,397 3.583 3,693 3,677 Bahamas and Caymans' 105 Total, all currencies 149,108 145,156 151,532 140,942 149,953 145,281 156,656 153,836 147,730 147,060 106 Negotiable CDs2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,081 979 898 107 To United States 85,759 104,425 110,831 105,290 110,753 107,432 114,747 110,896 106,225 103,663 108 Parent bank 39,451 47,081 50,256 44,563 45,571 43,523 46,313 45,734 44,827 42,114 109 Other banks in United States 10,474 18,466 15,711 13,842 15,979 15,208 16,924 16,642 16,188 14,742 110 Nonbanks 35,834 38,878 44,864 46,885 49,203 48,701 51,510 48,520 45,210 46,807 111 To foreigners 60,012 38,274 38,362 33,409 36,836 35,502 39,390 39,277 37,744 39,598 112 Other branches of parent bank 20,641 15,796 13,376 11,790 11,987 12,858 14,031 13,771 12,274 14,403 113 Banks 23,202 10,166 11,869 9,351 11,405 9,859 12,106 12,497 12,657 12,198 114 Official institutions 3,498 1,967 1,916 1,870 2,395 1,869 2,197 2,662 2,408 2,674 115 Nonbank foreigners 12,671 10,345 11,201 10,398 11,049 10,916 11,056 10,347 10,405 10,323 116 Other liabilities 3,337 2,457 2,339 2,243 2,364 2,347 2,519 2,582 2,782 2,901 117 Total payable in U.S. dollars 145,284 141,908 147,727 137,261 145,917 141,040 152,515 149,760 143,779 143,056 2. Before June 1984, liabilities on negotiable CDs were included in liabilities to the United States or liabilities to foreigners, according to the address of the initial purchaser. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Summary Statistics A57 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 1984 IItteemm 11998822 11998833 Feb. Mar. Apr. May June July Aug.P 1 Total1 172,718 177,922 176,461 174,906 175,319 171,932 174,126 174,601 177,107 By type 2 Liabilities reported by banks in the United States2 24,989 25,503 23,169 23,373 23,834 23,124 23.737 25,934 26,166 3 U.S. Treasury bills and certificates3 46,658 54,341 56,084 53,681 53,171 51,035 53,977 51,974 54,022 U.S. Treasury bonds and notes 4 Marketable 67,733 68,514 69,061 69,545 70,167 69,809 68,938 69,116 70,481 5 Nonmarketable4 8,750 7,250 6,600 6,600 6,600 6,600 6,600 6,600 5,800 6 U.S. securities other than U.S. Treasury securities5 24,588 22,314 21,907 21,707 21,547 21,364 20,874 20,977 20,638 By area 7 Western Europe1 61,298 67,645 67,903 67,714 69,928 69,898 70,176 68,646 70,229 8 Canada 2,070 2,438 2,329 1,944 1,557 1,247 994 1,250 1,434 9 Latin America and Caribbean 6,057 6,248 7,605 6,460 7,468 6,474 7,073 7,289 8,162 10 Asia 96,034 92,544 90,547 90,610 88,517 86,505 88,411 90,305 90,461 11 Africa 1,350 958 1,067 1,038 941 1,179 996 970 836 12 Other countries6 5,909 8.089 7,370 7,140 6,908 6,629 6,476 6,141 5,985 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, commer- agencies, and U.S. corporate stocks and bonds. cial paper, negotiable time certificates of deposit, and borrowings under repur- 6. Includes countries in Oceania and Eastern Europe. chase agreements. NOTE. Based on Treasury Department data and on data reported to the 3. Includes nonmarketable certificates of indebtedness (including those pay- Treasury Department by banks (including Federal Reserve Banks) and securities able in foreign currencies through 1974) and Treasury bills issued to official dealers in the United States. institutions of foreign countries. 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 1983 1984 IItteemm 11998800 11998811 11998822 Sept. Dec. Mar. June 1 Banks'own liabilities 3,748 3,523 4,844 5,976 5,310 6,168 6,402 2 Banks' own claims 4,206 4,980 7,707 7,998 7,231 8,992 9,623 3 Deposits 2,507 3,398 4,251 3,045 2,731 4,000 4,280 4 Other claims 1,699 1,582 3,456 4,953 4,501 4,992 5,344 5 Claims of banks' domestic customers' 962 971 676 717 1,059 361 227 1. Assets owned by customers of the reporting bank located in the United NOTE. Data on claims exclude foreign currencies held by U.S. monetary States that represent claims on foreigners held by reporting banks for the accounts authorities, of their domestic customers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A58 International Statistics • December 1984 3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States Payable in U.S. dollars Millions of dollars, end of period 1984 HHoollddeerr aanndd ttyyppee ooff lliiaabbiilliittyy 11998811AA 11998822 11998833 Feb. Mar. Apr. May June' July Aug.? 1 All foreigners 243,889 307,056 369,560 368,902 377,173 379,806 393,784 400,492 396,338 393,421 2 Banks' own liabilities 163,817 227,089 278,977 271,858 284,926 286,601 301,382 303,779 300,732 294,039 3 Demand deposits 19,631 15,889 17,602 16,639 17,466 17,162 17,200 17,621 16,368 16,423 4 Time deposits' 29,039 68,035 89,977 91,220 96,462 96,629 103,403 105,347 109,314 107,279 5 Other2 17,647 23,946 26,406 24,012 24,485 24,082 23,733 23,100 25,539 23,337 6 Own foreign offices3 97,500 119.219 144,993 139,988 146,513 148,728 157,047 157,711 149,511 147,001 7 Banks' custody liabilities4 80,072 79,967 90,582 97,043 92,247 93,205 92,402 96,713 95,606 99,381 8 U.S. Treasury bills and certificates5 55,315 55,628 68,669 74,277 69,666 69,893 68,511 72,191 71,204 7744,,112266 9 Other negotiable and readily transferable instruments6 18,788 20,636 17,529 17,864 18,075 18,703 18,780 19,518 19,411 20,128 10 Other 5,970 3,702 4,385 4,903 4,506 4,608 5,112 5,003 4,990 5,127 11 Nonmonetary international and regional organizations7 2,721 4,922 5,957 6,831 6,243 6,356 5,316 5,055 5,344 5,342 12 Banks' own liabilities 638 1,909 4,632 2,317 4,047 3,528 2,229 2,920 2,612 1,958 13 Demand deposits 262 106 297 347 414 194 255 182 142 324 14 Time deposits' 58 1,664 3,584 1,611 2,656 2,468 1,640 2,209 2,213 1,446 15 Other2 318 139 750 360 977 866 335 529 257 189 16 Banks' custody liabilities4 2,083 3,013 1,325 4,514 2,196 2,827 3,087 2,135 2,732 3,384 17 U.S. Treasury bills and certificates 541 1,621 463 3,416 1,224 1,759 2,057 887 1,709 22,,772222 18 Other negotiable and readily transferable instruments6 1,542 1,392 862 1,098 971 1,068 1,030 1,248 1,023 662 19 Other 0 0 0 0 0 0 0 0 0 0 20 Official institutions8 79,126 71,647 79,844 79,253 77.053 77,005 74,160 77,714 77,908 80,188 21 Banks'own liabilities 17,109 16,640 19,396 17,512 17.105 17,532 16,779 16,616 18,660 18,068 22 Demand deposits 2,564 1,899 1,837 1,663 1.955 1,761 1,733 1,898 1,875 2,142 23 Time deposits' 4,230 5,528 7,320 7,638 6.698 7,489 7,168 7,548 8,236 7,774 24 Other2 10,315 9,212 10,239 8,211 8.452 8,282 7,878 7,169 8,549 8,152 25 Banks' custody liabilities4 62,018 55,008 60,448 61,741 59.948 59,473 57,380 61,098 59,248 62,120 26 U.S. Treasury bills and certificates5 52,389 46,658 54.341 56,084 53.681 53,171 51,035 53,977 51,974 54,022 27 Other negotiable and readily transferable instruments6 9,581 8.321 6,082 5,623 6.249 6,287 6,307 7,030 7,265 8,088 28 Other 47 28 25 34 19 15 38 91 9 10 29 Banks9 136,008 185,881 226,886 222,995 233,424 234,285 249,289 251,783 247,510 241,272 30 Banks' own liabilities 124,312 169,449 205,347 200,477 211,040 211,812 226,139 227,195 222,228 215,873 31 Unaffiliated foreign banks 26.812 50,230 60,354 60,489 64,527 63,083 69,092 69,484 72,717 68,873 32 Demand deposits 11,614 8,675 8,787 8,394 8,328 8,797 8,879 9,074 8,203 7,949 33 Time deposits' 8,720 28,386 36,964 37,538 41,905 40,055 45,369 45,699 48,453 46,954 34 Other2 6,477 13,169 14,603 14,557 14,294 14,230 14,845 14,711 16,060 13,970 35 Own foreign offices3 97,500 119,219 144,993 139,988 146,513 148,728 157,047 157,711 149,511 147,001 36 Banks' custody liabilities4 11,696 16,432 21,540 22,519 22,384 22,473 23,150 24,588 25,282 25,399 37 U.S. Treasury bills and certificates 1,685 5,809 10,178 10,756 10,760 10,795 11,182 12,771 12,989 1122,,776666 38 Other negotiable and readily transferable instruments6 4,400 7,857 7,485 7,378 7,447 7,586 7,523 7,446 7,867 8,100 39 Other 5.611 2,766 3,877 4,385 4,177 4,092 4,445 4,371 4,426 4,534 40 Other foreigners 26,035 44,606 56,872 59,822 60,454 62,160 65,020 65,940 65,577 66,619 41 Banks' own liabilities 21,759 39,092 49,603 51,552 52,734 53,728 56,235 57,048 57,232 58,140 42 Demand deposits 5,191 5,209 6,681 6,234 6,770 6,409 6,333 6,466 6,147 6,009 43 Time deposits 16,030 32,457 42,109 44,434 45,203 46,617 49,226 49,891 50,412 51,104 44 Other2 537 1,426 813 884 761 703 675 691 672 1,027 45 Banks' custody liabilities4 4,276 5,514 7,269 8,270 7,719 8,431 8,785 8,892 8,344 8,478 46 U.S. Treasury bills and certificates 699 1,540 3,686 4,021 4,001 4,168 4,238 4,556 4,533 4,617 47 Other negotiable and readily transferable instruments6 3,265 3,065 3,100 3,764 3,408 3,763 3,919 3,795 3,255 3,279 48 Other 312 908 483 484 311 501 628 541 556 582 49 MEMO: Negotiable time certificates of deposit in custody for foreigners 10,747 14,307 10,407 9,416 9,688 10,128 10,630 10,986 10,917 11,169 1. Excludes negotiable time certificates of deposit, which are included in 6. Principally bankers acceptances, commercial paper, and negotiable time "Other negotiable and readily transferable instruments." certificates of deposit . 2. Includes borrowing under repurchase agreements. 7. Principally the International Bank for Reconstruction and Development, and 3. U.S. banks: includes amounts due to own foreign branches and foreign the Inter-American and Asian Development Banks. subsidiaries consolidated in "Consolidated Report of Condition" filed with bank 8. Foreign central banks and foreign central governments, and the Bank for regulatory agencies. Agencies, branches, and majority-owned subsidiaries of International Settlements. foreign banks: principally amounts due to head office or parent foreign bank, and 9. Excludes central banks, which are included in "Official institutions." foreign branches, agencies or wholly owned subsidiaries of head office or parent • Liabilities and claims of banks in the United States were increased, foreign bank. beginning in December 1981, by the shift from foreign branches to international 4. Financial claims on residents of the United States, other than long-term banking facilities in the United States of liabilities to, and claims on, foreign securities, held by or through reporting banks. residents. 5. Includes nonmarketable certificates 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

Nonbank-Reported Data A59 3.17 Continued 1984 AArreeaa aanndd ccoouunnttrryy 11998811AA 11998822 11998833 Feb. Mar. Apr. May June' July Aug.? 1 Total 243,889 307,056 369,560 368,902 377,173 379,806 393,784 400,492' 396,338 393,421 2 Foreign countries 241,168 302,134 363,603 362,070 370,931 373,450 388,469 395,437' 390,995 388,079 3 Europe 91,275 117,756 138,045 140,061 142,406 147,724 151,532 156,041' 152,621 150,371 4 Austria 596 519 585 756 861 883 867 770 720 758 5 Belgium-Luxembourg 4,117 2,517 2,709 3,218 3,367 3,585 4,680 5,138 4,775 4,746 6 Denmark 333 509 466 355 285 307 378 291 429 408 7 Finland 296 748 531 398 287 485 405 1,248' 947 489 8 France 8,486 8,171 9,441 10,098 10,728 10,730 12,119 11,670 12,023 11,480 9 Germany 7,645 5,351 3,599 4,586 4,878 5,205 3,990 3,663 3,958 3,724 10 Greece 463 537 520 513 503 528 594 596 600 566 11 Italy 7,267 5,626 8,462 7,648 7,395 7,813 8,315 8,155' 6,960 8,368 12 Netherlands 2,823 3,362 4,290 4,210 4,444 5,036 5,030 5,735 5,617 5,118 13 Norway 1,457 1,567 1,673 1,452 1,285 1,847 1,536 2,084 1,624 2,025 14 Portugal 354 388 373 352 403 414 401 425 440 539 15 Spain 916 1,405 1,603 1,664 1,749 1,707 1,663 1,774 1,825 1,948 16 Sweden 1,545 1,390 1,799 1,755 1,838 1,673 1,962 1,486 1,833 2,114 17 Switzerland 18,716 29,066 32,219 32,241 32,237 32,765 32,784 35,137' 33,300 32,860 18 Turkey 518 296 467 400 318 335 444 315 340 365 19 United Kingdom 28,286 48,172 60,683 64,436 64,971 67,805 69,006 69,885' 69,869 67,754 20 Yugoslavia 375 499 562 477 479 448 511 556 525 435 21 Other Western Europe1 6,541 7,006 7,403 4,965 5,738 5,584 6,309 6,459' 6,349 6,045 22 U.S.S.R 49 50 65 74 177 61 53 41 31 45 23 Other Eastern Europe2 493 576 596 464 464 510 484 612 458 585 24 Canada 10,250 12,232 16,026 17,679 17,182 16,707 17,455 17,572 19,195 18,266 25 Latin America and Caribbean 85,223 114,163 140,270 138,465 143,255 143,864 152,237 151,684' 147,947 148,899 26 Argentina 2,445 3,578 4,011 4,536 4,365 4,616 4,583 4,535 4,427 4,408 27 Bahamas 34,856 44,744 55,977 52,845 58,141 56,930 62,656 61,141' 58,419 58,038 28 Bermuda 765 1,572 2,328 3,165 2,886 3,097 3,276 2,598 2,544 2,743 29 Brazil 1,568 2,014 3,178 3,485 3,723 3,795 3,568 3,690 4,120 4,694 30 British West Indies 17,794 26,381 34,545 32,504 32,677 32,936 33,777 34,678' 33,953 33,869 31 Chile 664 1,626 1,842 1,935 1,876 1,972 1,887 1,970 2,176 2,061 32 Colombia 2,993 2,594 1,689 1,840 1,669 1,814 1,767 1,809 1,801 1,790 33 Cuba 9 9 8 13 8 8 10 9 7 7 34 Ecuador 434 455 1,047 826 825 970 885 908 845 950 35 Guatemala 479 670 788 812 815 850 842 825 811 831 36 Jamaica 87 126 109 131 132 131 131 157 116 126 37 Mexico 7,235 8,377 10,392 10,705 10,699 11,187 11,874 11,976 11,644 12,179 38 Netherlands Antilles 3,182 3,597 3,879 4,503 4,901 4,668 4,666 4,459 4,252 4,235 39 Panama 4,857 4,805 5,924 5,545 5,498 5,482 6,293 6,652 6,664 6,496 40 Peru 694 1,147 1,166 1,146 1,157 1,179 1,249 1,279 1,278 1,275 41 Uruguay 367 759 1,232 1,321 1,418 1,330 1,380 1,309 1,302 1,318 42 Venezuela 4,245 8,417 8,622 9,461 8,566 9,076 9,434 10,129 9,684 10,046 43 Other Latin America and Caribbean 2,548 3,291 3,533 3,693 3,899 3,823 3,958 3,559' 3,905 3,835 44 49,822 48,716 58,409 55,344 57,662 54,951 57,180 60,201' 61,698 61,363 China 45 Mainland 158 203 249 168 272 302 400 469 644 603 46 Taiwan 2,082 2,761 3,997 4,291 4,193 4,388 4,364 4,578 4,781 4,799 47 Hong Kong 3,950 4,465 6,610 5,884 6,387 5,447 5,862 6,416 6,116 6,107 48 India 385 433 464 749 687 651 646 498 621 800 49 Indonesia 640 857 997 859 753 784 897 1,281 911 1,137 50 Israel 592 606 1,722 752 832 706 754 768 804 726 51 Japan 20,750 16,078 18,079 17,615 19,216 18,862 20,522 19,433 19,442 19,686 52 Korea 2,013 1,692 1,648 1,542 1,748 1,409 1,337 1,276 1,382 1,703 53 Philippines 874 770 1,234 1,280 1,264 1,015 1,130 1,032 976 1,084 54 Thailand 534 629 747 622 714 636 730 875 779 782 55 Middle-East oil-exporting countries3 12,992 13,433 12,970 11,587 12,197 12,269 11,615 12,341 14,748 13,142 56 Other Asia 4,853 6,789 9,693 9,994 9,398 8,482 8,924 11,234' 10,496 10,793 57 Africa 3,180 3,124 2,800 3,070 3,111 3,182 3,140 3,331' 3,145 3,027 58 Egypt 360 432 645 568 561 649 698 893 857 744 59 Morocco 32 81 84 138 122 127 132 133 128 119 60 South Africa 420 292 449 502 538 264 329 420 409 349 61 Zaire 26 23 87 66 77 119 124 136 99 101 62 Oil-exporting countries4 1,395 1,280 620 839 893 1,046 895 816 706 751 63 Other Africa 946 1,016 917 957 920 978 962 932 946 963 64 Other countries 1,419 6,143 8,053 7,451 7,315 7,023 6,925 6,609' 6,389 6,153 65 Australia 1,223 5,904 7,857 7,197 7,095 6,803 6,685 6,316 6,095 5,752 66 All other 196 239 196 255 220 220 240 293' 294 401 67 Nonmonetary international and regional organizations 2,721 4,922 5,957 6,831 6,243 6,356 5,316 5,055 5,344 5,342 68 International 1,661 4,049 5,273 6,189 5,426 5,641 4,741 4,436 5,130 4,972 69 Latin American regional 710 517 419 457 451 419 428 438 41 40 70 Other regional5 350 357 265 186 366 296 146 180 173 330 1. Includes the Bank for International Settlements. Beginning April 1978, also 5. Asian, African, Middle Eastern, and European regional organizations, includes Eastern European countries not listed in line 23. except the Bank for International Settlements, which is included in "Other 2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German Western Europe." Democratic Republic, Hungary, Poland, and Romania. • 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

A60 International Statistics • December 1984 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 1984 AArreeaa aanndd ccoouunnttrryy 11998811AA 11998822 11998833 Feb. Mar. Apr. May June July Aug.P 1 Total 251,589 355,705 389,329 377,732 385,029 387,429 399,049 408,073' 405,745 395,630 2 Foreign countries 251,533 355,636 389,166 377,568 384,879 387,355 398,846 407,959' 405,528 395,432 3 Europe 49.262 85,584 91,416 91,496 91.836 95,959 97,994 104,011' 102,256 99,486 4 Austria 121 229 401 414 449 679 456 632 646 609 5 Belgium-Luxembourg 2,849 5,138 5,639 6,182 5,970 6,238 6,626 6,734 6,063 6,126 6 Denmark 187 554 1,275 1,244 1,283 1,197 1,118 1,212 1,204 1,103 7 Finland 546 990 1,044 952 931 1,021 1,041 1,100 928 874 8 France 4,127 7.251 8,766 8,314 8,388 8,734 9,029 9,393 9,732 10,004 9 Germany 940 1.876 1,294 1,047 1,098 1,502 1,111 1,175 1,142 1.250 10 Greece 333 452 476 549 694 830 940 1,036 979 973 11 Italy 5,240 7.560 9,018 7,904 8,161 8,286 7,901 8,556 8,331 7,832 12 Netherlands 682 1,425 1,302 1,319 1,309 2.329 1,787 1,781 1,811 1,439 13 Norway 384 572 690 645 638 705 719 729 648 649 14 Portugal 529 950 939 944 908 1.079 1,146 1,463 1,506 1,432 15 Spain 2,095 3.744 3,583 3,280 3,347 3,719 3,700 3,792 3,955 3,700 16 Sweden 1,205 3.038 3,358 3.356 3,528 3,646 2,957 3,206 2,717 2.444 17 Switzerland 2,213 1.639 1,856 1,302 1,447 1,844 1,570 1,904 1,520 1,558 18 Turkey 424 560 812 933 958 1,019 1,002 1,160 1,210 1,145 19 United Kingdom 23,849 45.781 47,025 49,219 48,800 49,051 52,850 55,941' 55,504 54,113 20 Yugoslavia 1,225 1,430 1,673 1,702 1,706 1,694 1,719 1,808 1,817 1,857 21 Other Western Europe1 211 368 477 547 499 651 565 571 800 732 22 U.S.S.R 377 263 192 169 181 174 154 175 172 175 23 Other Eastern Europe2 1,725 1,762 1,598 1,475 1,540 1,562 1.602 1,643' 1.572 1,474 24 Canada 9,193 13,678 16,336 15,984 17,233 17,065 17.879 17,524 18.350 16,234 25 Latin America and Caribbean 138,347 187,969 204,053 197,398 201,810 201,573 209,822 208,990' 209,734 203,988 26 Argentina 7,527 10,974 11,740 11.751 11,626 11,427 11.071 11,162 11,389 11,021 27 Bahamas 43,542 56,649 58,808 53,278 57.169 56.958 61,526 58,963' 58,291 56,530 28 Bermuda 346 603 566 409 532 614 845 559 543 546 29 Brazil 16,926 23,271 24,482 24,928 25,697 25,926 25,865 26,226 26,145 25,927 30 British West Indies 21,981 29,101 35,232 33,188 33.157 33,893 36,788 37,490' 38,589 34,799 31 Chile 3,690 5,513 6,038 6,286 6,131 6,085 6,146 6,490 6,648 7,049 32 Colombia 2,018 3,211 3,745 3,536 3,667 3,649 3,524 3,559 3,490 3,444 33 Cuba 3 3 0 0 0 4 0 21 0 0 34 Ecuador 1,531 2,062 2,307 2,350 2,334 2,335 2,332 2,373 2,396 2,374 35 Guatemala3 124 124 129 126 128 129 127 125 124 130 36 Jamaica3 62 181 215 219 210 227 242 216 219 216 37 Mexico 22,439 29.552 34,705 34,685 34.593 34,575 35,300 35,849' 35,500 35,016 38 Netherlands Antilles 1,076 839 1,154 1,043 1,245 1.149 1,164 1,312 1,352 1,331 39 Panama 6,794 10.210 7,848 8,794 8,367 7.679 7,990 7,843 8,413 8,910 40 Peru 1,218 2.357 2,536 2,415 2.453 2,380 2,438 2,473 2,487 2,401 41 Uruguay 157 686 977 908 924 923 887 950 961 931 42 Venezuela 7,069 10.643 11,287 11,183 11,142 11,105 11,019 11,174 10,875 11,122 43 Other Latin America and Caribbean 1,844 1,991 2,283 2,298 2,436 2,514 2,557 2.205' 2,313 2,242 44 Asia 49,851 60.952 67,802 62,746 64,347 63,004 63,546 67,597' 65,107 6655,,441122 China 45 Mainland 107 214 292 337 364 428 348 554 638 639 46 Taiwan 2,461 2,288 1,908 1,710 1,657 1,654 1,585 2,202 2,011 1,569 47 Hong Kong 4,132 6,787 8,429 8,030 7,470 7.921 7,448 8,141' 6,963 6,652 48 India 123 222 330 253 337 372 362 355 323 295 49 Indonesia 352 348 805 899 935 911 983 969 952 906 50. Israel 1,567 2,029 1,832 1,478 1,607 1 846 1,822 1,910 1,827 1,830 51 Japan 26,797 28,379 30,564 27.845 28,688 26.173 27.147 29,264' 27,676 28,995 52 Korea 7,340 9,387 9,889 9,513 9,676 10,259 9,565 9,653' 9,797 9,588 53 Philippines 1,819 2,625 2,099 2,357 2,371 2,359 2.404 2,495 2.650 2,756 54 Thailand 565 643 1,099 1,109 999 1,014 1,139 949 973 917 55 Middle East oil-exporting countries4 1,581 3,087 4,954 4,264 5,039 5.122 5,208 5,118' 5,215 4,937 56 Other Asia 3,009 4,943 5.599 4,952 5,203 4,945 5,535 5,986 6,081 6,329 57 Africa 3,503 5,346 6,654 7,226 6,919 6,645 6,764 6,840 7,046 7,101 58 Egypt 238 322 747 712 744 698 666 734 638 613 59 Morocco 284 353 440 481 484 486 561 497 549 556 60 South Africa 1,011 2,012 2,634 2,928 2,989 2,908 2,974 3,065 3,307 3,281 61 Zaire 112 57 33 16 13 26 28 39 43 30 62 Oil-exporting countries5 657 801 1,073 1,124 1,029 1,000 967 1,004 1,025 996 63 Other 1,201 1,802 1,727 1,964 1,661 1,526 1,568 1,502 1,483 1,625 64 Other countries 1,376 2,107 2,904 2,718 2,734 3,109 2,942 2,996 3,036 3,210 65 Australia 1,203 1,713 2,276 2,048 2,007 2,489 2,345 2,435 2,481 2,582 66 All other 172 394 627 670 727 620 597 561 554 628 67 Nonmonetary international and regional organizations6 56 68 164 164 150 74 103 114 217 198 1. Includes the Bank for International Settlements. Beginning April 1978, also 5. Comprises Algeria, Gabon, Libya, and Nigeria. includes Eastern European countries not listed in line 23. 6. Excludes the Bank for International Settlements, which is included in 2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German "Other Western Europe." Democratic Republic, Hungary, Poland, and Romania. NOTE. Data for period before April 1978 include claims of banks' domestic 3. Included in "Other Latin America and Caribbean" through March 1978. customers on foreigners. 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and • Liabilities and claims of banks in the United States were increased, United Arab Emirates (Trucial States). beginning 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 A61 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 1984 TTyyppee ooff ccllaaiimm 11998811AA 11998822 11998833 Feb. Mar. Apr. May June' July Aug.? 1 Total 222222288888887777777,,,,,,,555555555555557777777 333333399999996666666,,,,,,,000000011111115555555 444444422222224444444,,,,,,,222222233333332222222 444444422222221111111,,,,,,,222222211111114444444 444444444444444444444,,,,,,,777777711111116666666 22 BBaannkkss'' oowwnn ccllaaiimmss oonn ffoorreeiiggnneerrss 222222255555551111111,,,,,,,555555588888889999999 333333355555555555555,,,,,,,777777700000005555555 333333388888889999999,,,,,,,333333322222229999999 377,732 333333388888885555555,,,,,,,000000022222229999999 387,429 399,049 444444400000008888888,,,,,,,000000077777773333333 405,745 395,630 33 FFoorreeiiggnn ppuubblliicc bboorrrroowweerrss 33333331111111,,,,,,,222222266666660000000 44444445555555,,,,,,,444444422222222222222 55555557777777,,,,,,,555555500000000000000 57,349 55555557777777,,,,,,,777777733333331111111 58,041 58,069 55555559999999,,,,,,,333333300000000000000 59,851 58,235 44 OOwwnn ffoorreeiiggnn ooffffiicceess'' 99999996666666,,,,,,,666666655555553333333 111111122222227777777,,,,,,,222222299999993333333 111111144444444444444,,,,,,,999999966666664444444 141,717 111111144444446666666,,,,,,,444444466666667777777 145,865 155,694 111111155555557777777,,,,,,,555555533333339999999 156,458 153,179 55 UUnnaaffffiilliiaatteedd ffoorreeiiggnn bbaannkkss 77777774444444,,,,,,,777777700000004444444 111111122222221111111,,,,,,,333333377777777777777 111111122222223333333,,,,,,,333333344444444444444 116,877 111111111111119999999,,,,,,,444444499999996666666 121,472 123,417 111111122222229999999,,,,,,,000000044444440000000 126,373 123,908 66 DDeeppoossiittss 22222223333333,,,,,,,333333388888881111111 44444444444444,,,,,,,222222222222223333333 44444447777777,,,,,,,000000000000005555555 44,742 44444445555555,,,,,,,333333366666664444444 45,068 47,066 44444449999999,,,,,,,777777722222224444444 48,539 46,549 77 OOtthheerr 55555551111111,,,,,,,333333322222222222222 77777777777777,,,,,,,111111155555553333333 77777776666666,,,,,,,333333333333338888888 72,135 77777774444444,,,,,,,111111133333332222222 76,403 76,351 77777779999999,,,,,,,333333311111116666666 77,834 77,359 88 AAllll ootthheerr ffoorreeiiggnneerrss 44444448888888,,,,,,,999999977777772222222 66666661111111,,,,,,,666666611111114444444 66666663333333,,,,,,,555555522222222222222 61,788 66666661111111,,,,,,,333333333333335555555 62,051 61,869 66666662222222,,,,,,,111111199999994444444 63,063 60,308 99 CCllaaiimmss ooff bbaannkkss'' ddoommeessttiicc ccuussttoommeerrss22 33333335555555,,,,,,,999999966666668888888 44444440000000,,,,,,,333333311111110000000 33333334444444,,,,,,,999999900000003333333 33333336666666,,,,,,,111111188888885555555 33333336666666,,,,,,,666666644444443333333 1111111,,,,,,,333333377777778888888 2222222,,,,,,,444444499999991111111 2222222,,,,,,,999999966666669999999 3333333,,,,,,,666666666666660000000 3333333,,,,,,,444444455555558888888 11 Negotiable and readily transferable 22222226666666,,,,,,,333333355555552222222 33333330000000,,,,,,,777777766666663333333 22222226666666,,,,,,,000000066666664444444 22222225555555,,,,,,,999999999999992222222 22222225555555,,,,,,,888888822222223333333 12 Outstanding collections and other 8888888,,,,,,,222222233333338888888 7777777,,,,,,,000000055555556666666 5555555,,,,,,,888888877777770000000 6666666,,,,,,,555555533333333333333 7777777,,,,,,,333333366666662222222 13 MEMO: Customer liability on 22222229999999,,,,,,,999999955555552222222 33333338888888,,,,,,,111111155555553333333 33333337777777,,,,,,,888888822222220000000 33333336666666,,,,,,,999999988888884444444 44444442222222,,,,,,,666666655555557777777 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States4 ... 40,369 42,499' 45,790' 48,033' 47,035' 48,528' 47,570' 43,806 42,538 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 subsidiaries consolidated in "Consolidated Report of Condition" filed with bank certificates of deposit denominated in U.S. dollars issued by banks abroad. For regulatory agencies. Agencies, branches, and majority-owned subsidiaries of description of changes in data reported by nonbanks, see July 1979 BULLETIN, foreign banks: principally amounts due from head office or parent foreign bank, p. 550. and foreign branches, agencies, or wholly owned subsidiaries of head office or • Liabilities and claims of banks in the United States were increased, parent foreign bank. beginning in December 1981, by the shift from foreign branches to international 2. Assets owned by customers of the reporting bank located in the United banking facilities in the United States of liabilities to, and claims on, foreign States that represent claims on foreigners held by reporting banks for the account residents. of their domestic customers. NOTE. Beginning April 1978, data for banks' own claims are given on a monthly 3. Principally negotiable time certificates of deposit and bankers acceptances. basis, but the data for claims of banks' own domestic customers are available on a quarterly basis only. 3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States Payable in U.S. Dollars Millions of dollars, end of period 1983 1984 MMaattuurriittyy;; bbyy bboorrrroowweerr aanndd aarreeaa 11998800 11998811AA 11998822 Sept. Dec. Mar. June 1 Total 106,748 154,590 228,150 237,217 243,602 235,501 249,927 By borrower 2 Maturity of 1 year or less' 82,555 116,394 173,917 176,258 176,623 161,864 172,410 3 Foreign public borrowers 9,974 15,142 21,256 25,563 24,455 20,656 21,010 4 All other foreigners 72,581 101,252 152,661 150,695 152,168 141,208 151,400 5 Maturity of over 1 year1 24,193 38,197 54,233 60,958 66,979 73,637 77,517 6 Foreign public borrowers 10,152 15,589 23,137 28,284 32,478 35,825 37,768 7 All other foreigners 14,041 22,608 31,095 32,674 34,501 37,812 39,749 By area Maturity of 1 year or less' 8 Europe 18,715 28,130 50,500 53,499 56,078 53,167 59,405 9 Canada 2,723 4,662 7,642 6,652 6,206 6,566 6,990 10 Latin America and Caribbean 32,034 48,717 73,291 76,396 73,974 65,082 64,780 11 26,686 31,485 37,578 33,686 34,569 31,238 34,793 12 Africa 1,757 2,457 3,680 4,570 4,206 4,472 4,790 13 All other2 640 943 1,226 1,454 1,589 1,340 1,652 Maturity of over 1 year1 14 Europe 5,118 8,100 11,636 12,358 13,354 13,068 12,827 15 Canada 1,448 1,808 1,931 1,760 1,857 2,035 2,203 16 Latin America and Caribbean 15,075 25,209 35,247 39,150 43,561 49,907 54,278 17 Asia 1,865 1,907 3,185 4,735 4,828 5,131 5,107 18 Africa 507 900 1,494 1,819 2,278 2,291 1,865 19 All other2 179 272 740 1,136 1,101 1,206 1,237 1. Remaining time to maturity. • Liabilities and claims of banks in the United States were increased, 2. Includes nonmonetary international and regional organizations. beginning in December 1981, by the shift from foreign branches to international banking facilities in the United States of liabilities to, and claims on, foreign residents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A62 International Statistics • December 1984 3.21 CLAIMS ON FOREIGN COUNTRIES Held by U.S. Offices and Foreign Branches of U.S.-Chartered Banks' Billions of dollars, end of period 1982 1983 1984 AArreeaa oorr ccoouunnttrryy 11997799 11998800 11998811 Sept. Dec. Mar. June Sept. Dec. Mar. June7'' 1 Total 303.9 352.0 415.2 438.4 438.7 441.1 437.4 430.2 436.0 431.3 429.2 2 G-10 countries and Switzerland 138.4 162.1 175.5 175.4 179.7 182.2 176.9 168.9 167.9 165.1 156.1 3 Belgium-Luxembourg 11.1 13.0 13.3 13.6 13.1 13.7 13.3 12.6 12.4 11.0 10.4 4 France 11.7 14.1 15.3 15.8 17.1 17.1 17.1 16.2 16.3 15.9 14.2 5 Germany 12.2 12.1 12.9 12.2 12.7 13.5 12.6 11.6 11.3 11.7 11.0 6 Italy 6.4 8.2 9.6 9.7 10.3 10.2 10.5 10.0 11.4 11.2 11.5 7 Netherlands 4.8 4.4 4.0 3.8 3.6 4.3 4.0 3.6 3.5 3.3 3.0 8 Sweden 2.4 2.9 3.7 4.7 5.0 4.3 4.7 4.9 5.1 5.2 4.3 9 Switzerland 4.7 5.0 5.5 5.1 5.0 4.6 4.8 4.2 4.3 4.2 4.2 10 United Kingdom 56.4 67.4 70.1 70.3 72.1 72.9 70.3 67.6 65.1 64.2 59.2 11 Canada 6.3 8.4 10.9 11.0 10.4 12.5 10.8 9.0 8.3 8.6 8.8 12 Japan 22.4 26.5 30.2 29.3 30.2 29.2 28.7 29.2 30.1 30.0 29.5 13 Other developed countries 19.9 21.6 28.4 32.7 33.7 34.0 34.4 34.2 35.9 35.5 37.1 14 Austria 2.0 1.9 1.9 2.0 1.9 2.1 2.1 1.9 1.9 2.0 2.0 15 Denmark 2.2 2.3 2.3 2.5 2.4 3.3 3.4 3.3 3.4 3.4 3.1 16 Finland 1.2 1.4 1.7 1.8 2.2 2.1 2.1 1.8 2.4 2.1 2.3 17 Greece 2.4 2.8 2.8 2.6 3.0 2.9 2.9 2.9 2.8 3.0 3.3 18 Norway 2.3 2.6 3.1 3.4 3.3 3.3 3.4 3.2 3.3 3.2 3.2 19 Portugal .7 .6 1.1 1.6 1.5 1.4 1.4 1.3 1.3 1.1 1.7 20 Spain 3.5 4.4 6.6 7.7 7.5 7.1 7.2 7.2 7.1 7.1 7.3 21 Turkey 1.4 1.5 1.4 1.5 1.4 1.5 1.4 1.5 1.7 1.9 2.0 22 Other Western Europe 1.4 1.7 2.1 2.1 2.3 2.3 2.0 2.1 1.8 1.8 1.9 23 South Africa 1.3 1.1 2.8 3.6 3.7 3.6 3.9 4.7 4.7 4.8 4.7 24 Australia 1.3 1.3 2.5 4.0 4.4 4.6 4.6 4.4 5.5 5.2 5.7 25 OPEC countries2 22.9 22.7 24.8 27.3 27.4 28.5 28.3 27.2 28.9 28.6 26.7 26 Ecuador 1.7 2.1 2.2 2.3 2.2 2.2 2.2 2.1 2.2 2.1 2.1 27 Venezuela 8.7 9.1 9.9 10.4 10.5 10.4 10.4 9.8 9.9 9.7 9.5 28 Indonesia 1.9 1.8 2.6 2.9 3.2 3.5 3.2 3.4 3.8 4.0 4.1 29 Middle East countries 8.0 6.9 7.5 9.0 8.7 9.3 9.5 9.1 10.0 9.8 8.4 30 African countries 2.6 2.8 2.5 2.7 2.8 3.0 3.0 2.8 3.0 3.0 2.7 31 Non-OPEC developing countries 63.0 77.4 96.3 104.1 107.1 107.7 108.3 109.4 111.1 111.6 114.8 Latin America 32 Argentina 5.0 7.9 9.4 9.2 8.9 9.0 9.4 9.5 9.5 9.5 9.2 33 Brazil 15.2 16.2 19.1 22.4 22.9 23.1 22.6 22.9 22.9 24.9 25.4 34 Chile 2.5 3.7 5.8 6.2 6.3 6.0 5.8 6.2 6.4 6.5 6.7 35 Colombia 2.2 2.6 2.6 2.8 3.1 2.9 3.2 3.2 3.2 3.1 3.0 36 Mexico 12.0 15.9 21.6 25.0 24.5 25.1 25.2 25.9 26.0 25.4 27.7 37 Peru 1.5 1.8 2.0 2.6 2.6 2.4 2.6 2.4 2.4 2.3 2.3 38 Other Latin America 3.7 3.9 4.1 4.3 4.0 4.2 4.3 4.2 4.2 4.4 4.1 Asia China 39 Mainland .1 .2 .2 .2 .2 .2 .2 .2 .3 .3 .6 40 Taiwan 3.4 4.2 5.1 4.9 5.3 5.1 5.1 5.2 5.3 4.9 5.8 41 India .2 .3 .3 .5 .6 .4 .5 .8 1.0 1.0 1.0 42 Israel 1.3 1.5 2.1 1.9 2.3 2.0 2.3 1.7 1.9 1.6 1.9 43 Korea (South) 5.4 7.1 9.4 9.4 10.9 10.9 10.8 10.9 11.3 11.1 11.2 44 Malaysia 1.0 1.1 1.7 1.8 2.1 2.5 2.6 2.8 2.9 2.8 2.7 45 Philippines 4.2 5.1 6.0 6.1 6.3 6.6 6.4 6.2 6.2 6.6 6.3 46 Thailand 1.5 1.6 1.5 1.3 1.6 1.6 1.8 1.7 2.1 1.9 1.8 47 Other Asia .5 .6 1.0 1.3 1.1 1.4 1.2 1.0 1.0 .9 1.1 Africa 48 Egypt .6 .8 1.1 1.3 1.2 1.1 1.3 1.4 1.5 1.5 1.4 49 Morocco .6 .7 .7 .8 .7 .8 .8 .8 .8 .8 .8 50 Zaire .2 .2 .2 .1 .1 .1 .1 .1 .1 .1 .1 51 Other Africa3 1.7 2.1 2.3 2.2 2.4 2.3 2.2 2.4 2.3 2.2 1.9 52 Eastern Europe 7.3 7.4 7.8 6.3 6.2 5.7 5.7 5.3 5.3 4.9 4.9 53 U.S.S.R .7 .4 .6 .3 .3 .3 .4 .2 .2 .2 .2 54 Yugoslavia 1.8 2.3 2.5 2.2 2.2 2.2 2.3 2.3 2.3 2.2 2.3 55 Other 4.8 4.6 4.7 3.8 3.7 3.2 3.0 2.8 2.8 2.5 2.5 56 Offshore banking centers 40.4 47.0 63.7 72.2 66.8 66.2 67.6 68.3 70.1 69.3 72.3 57 Bahamas 13.7 13.7 19.0 21.4 19.0 17.4 19.6 21.1 21.2 23.7 26.5 58 Bermuda .8 .6 .7 .8 .9 1.0 .8 .8 .9 .7 .7 59 Cayman Islands and other British West Indies 9.4 10.6 12.4 13.6 12.9 12.0 12.2 10.7 12.4 11.0 11.7 60 Netherlands Antilles 1.2 2.1 3.2 3.3 3.3 3.1 2.6 4.1 4.2 3.3 3.3 61 Panama4 4.3 5.4 7.7 8.1 7.6 7.1 6.6 5.7 6.0 6.3 6.4 62 Lebanon .2 .2 .2 .1 .1 .1 .1 .1 .1 .1 .1 63 Hong Kong 6.0 8.1 11.8 15.1 13.9 15.1 14.6 15.1 14.9 14.4 13.5 64 Singapore 4.5 5.9 8.7 9.8 9.2 10.3 11.0 10.5 10.3 9.9 10.1 65 Others5 .4 .3 .1 .0 .0 .0 .0 .1 .0 .0 .0 66 Miscellaneous and unallocated6 11.7 14.0 18.8 20.4 17.9 16.8 16.1 16.9 17.0 16.4 17.3 1. The banking offices covered by these data are the U.S. offices and foreign Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United Arab Emirates) as well branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks. as Bahrain and Oman (not formally members of OPEC). Offices not covered include (1) U.S. agencies and branches of foreign banks, and 3. Excludes Liberia. (2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are 4. Includes Canal Zone beginning December 1979. adjusted to exclude the claims on foreign branches held by a U.S. office or another 5. Foreign branch claims only. foreign branch of the same banking institution. The data in this table combine 6. Includes New Zealand, Liberia, and international and regional organizaforeign branch claims in table 3.14 (the sum of lines 7 through 10) with the claims tions. of U.S. offices in table 3.18 (excluding those held by agencies and branches of 7. Beginning with June 1984 data, reported claims held by foreign branches foreign banks and those constituting claims on own foreign branches). have been reduced by an increase in the reporting threshold for "shell" branches 2. Besides the Organization of Petroleum Exporting Countries shown individ- from $50 million to $150 million equivalent in total assets, the threshold now ually, this group includes other members of OPEC (Algeria, Gabon, Iran, Iraq, applicable to all reporting branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A63 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States' Millions of dollars, end of period 1983 1984 TTyyppee,, aanndd aarreeaa oorr ccoouunnttrryy 11998800 11998811 11998822 Mar. June Sept. Dec. Mar .p 1 Total 29,434 28,618 25,772 23,567 22,886 24,864 23,763 27,958 2 Payable in dollars 25,689 24,909 22,540 20,565 19,986 22,023 20,688 24,677 3 Payable in foreign currencies 3,745 3,709 3,232 3,003 2,900 2,841 3,076 3,282 By type 4 Financial liabilities 11,330 12,157 11,066 11,063 11,179 10,961 10,477 14,129 5 Payable in dollars 8,528 9,499 8,858 9,008 9,144 9,025 8,619 12,037 6 Payable in foreign currencies 2,802 2,658 2,208 2,055 2,035 1,936 1,858 2,092 7 Commercial liabilities 18,104 16,461 14,706 12,505 11,707 13,903 13,286 13,829 8 Trade payables 12,201 10,818 7,747 5,674 6,064 7,139 6,615 6,758 9 Advance receipts and other liabilities 5,903 5,643 6,959 6,831 5,643 6,763 6,672 7,071 10 Payable in dollars 17,161 15,409 13,683 11,557 10,842 12,998 12,069 12,639 11 Payable in foreign currencies 943 1,052 1,023 948 865 904 1,218 1,190 By area or country Financial liabilities 12 Europe 6,481 6,825 6,501 6,380 6,335 6,014 5,675 7,041 13 Belgium-Luxembourg 479 471 505 410 436 379 302 426 14 France 327 709 783 774 802 785 820 933 15 Germany 582 491 467 482 457 449 498 524 16 Netherlands 681 748 711 699 728 730 581 532 17 Switzerland 354 715 792 725 606 500 486 641 18 United Kingdom 3,923 3,565 3,102 3,148 3,132 3,014 2,839 3,835 19 Canada 964 963 746 733 876 788 768 798 20 Latin America and Caribbean 3,136 3,356 2,751 2,793 2,623 2,737 2,609 4,858 21 Bahamas 964 1,279 904 857 776 784 751 1,411 22 Bermuda 1 7 14 18 10 13 13 51 23 Brazil 23 22 28 39 34 32 32 37 24 British West Indies 1,452 1,241 1,027 1,059 1,033 1,095 1,018 2,595 25 Mexico 99 102 121 149 151 185 215 245 26 Venezuela 81 98 114 121 124 117 124 121 27 Asia 723 976 1,039 1,124 1,319 1,388 1,396 1,404 28 Japan 644 792 715 781 943 957 962 1,013 29 Middle East oil-exporting countries2 38 75 169 168 205 201 170 170 30 Africa 11 14 17 20 17 19 19 19 31 Oil-exporting countries3 1 0 0 0 0 0 0 0 32 All other4 15 24 12 13 9 15 10 9 Commercial liabilities 33 Europe 4,402 3,770 3,682 3,474 3,395 3,426 3,153 3,354 34 Belgium-Luxembourg 90 71 52 45 41 47 62 40 35 France 582 573 598 579 618 523 437 481 36 Germany 679 545 468 455 439 462 427 416 37 Netherlands 219 220 346 351 342 243 268 259 38 Switzerland 499 424 364 354 357 449 241 413 39 United Kingdom 1,209 880 880 706 656 809 637 734 40 Canada 888 897 1,495 1,437 1,468 1,418 1,841 1,789 41 Latin America and Caribbean 1,300 1,044 1,012 1,070 1025 1,090 1,125 1,426 42 Bahamas 8 2 16 4 1 1 1 14 43 Bermuda 75 67 93 121 77 77 67 144 44 Brazil 111 67 60 51 49 48 44 68 45 British West Indies 35 2 32 4 22 14 6 33 46 Mexico 367 340 379 355 399 451 536 619 47 Venezuela 319 276 165 198 236 217 180 254 48 10,242 9,384 7,161 5,449 4,809 6,863 6,032 5,961 49 Japan 802 1,094 1,226 1,245 1,246 1,305 1,247 1,291 50 Middle East oil-exporting countries2-5 8,098 7,008 4,532 2,803 2,294 4,072 3,498 3,209 51 Africa 817 703 704 497 492 506 442 539 52 Oil-exporting countries3 517 344 277 158 167 204 157 243 53 All other4 456 664 651 578 518 600 692 760 1. For a description of the changes in the International Statistics tables, see 3. Comprises Algeria, Gabon, Libya, and Nigeria. July 1979 BULLETIN, p. 550. 4. Includes nonmonetary international and regional organizations. 2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and 5. Revisions include a reclassification of transactions, which also affects the United Arab Emirates (Trucial States). totals for Asia and the grand totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A64 International Statistics • December 1984 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States' Millions of dollars, end of period 1983 1984 TTyyppee,, aanndd aarreeaa oorr ccoouunnttrryy 11998800 11998811 11998822 Mar. June Sept. Dec. Mar.P 1 Total 34,482 36,185 28,637 31,581 33,310 32,652 34,210 32,426 2 Payable in dollars 31,528 32,582 26,002 28.860 30,653 29,772 31,174 29,519 3 Payable in foreign currencies 2.955 3,603 2,635 2.721 2,657 2,880 3,036 2.908 By type 4 Financial claims 19.763 21,142 17,594 20,519 22,642 21,752 23,075 21,579 5 Deposits 14,166 15,081 13,058 15,868 17,819 16,907 17,954 16,495 6 Payable in dollars 13,381 14,456 12,628 15,388 17,379 16,463 17,457 16.066 7 Payable in foreign currencies 785 625 430 480 439 445 497 428 8 Other financial claims 5.597 6,061 4,536 4,651 4,824 4,845 5,121 5.084 9 Payable in dollars 3,914 3,599 2,895 3,006 3,226 3,019 3,219 3,277 10 Payable in foreign currencies 1,683 2,462 1,641 1,645 1,598 1,826 1,902 1,808 11 Commercial claims 14,720 15,043 11,042 11.062 10,668 10,899 11,135 10.847 12 Trade receivables 13.960 14,007 9,995 9,824 9,265 9,566 9,725 9,540 13 Advance payments and other claims 759 1.036 1,047 1,238 1,402 1,334 1,410 1,307 14 Payable in dollars 14,233 14,527 10,479 10,465 10,048 10,290 10,498 10,176 15 Payable in foreign currencies 487 516 563 597 620 609 637 671 By area or country Financial claims 16 Europe 6,069 4,596 4,873 6,327 7,304 6,232 6,374 6,446 17 Belgium-Luxembourg 145 43 15 58 12 25 37 30 18 France 298 285 134 98 140 135 130 145 19 Germany 230 224 178 127 216 151 129 121 20 Netherlands 51 50 97 140 136 89 49 57 21 Switzerland 54 117 107 107 37 34 38 90 22 United Kingdom 4,987 3,546 4,064 5,532 6,514 5,577 5,768 5,783 23 Canada 5,036 6,755 4.287 4.613 4,885 4.958 5,836 5,577 24 Latin America and Caribbean 7,811 8,812 7,546 8,688 9,380 9.500 9,809 8,467 25 Bahamas 3,477 3,650 3,279 3,915 4,037 3.829 4,745 3,233 26 Bermuda 135 18 32 21 92 62 96 3 27 Brazil 96 30 62 50 48 49 53 87 28 British West Indies 2,755 3.971 3,255 3,479 4,065 4,457 3,830 4,243 29 Mexico 208 313 274 352 348 315 291 279 30 Venezuela 137 148 139 156 152 137 134 130 31 Asia 607 758 698 712 771 764 764 776 32 Japan 189 366 153 233 288 257 297 333 33 Middle East oil-exporting countries2 20 37 15 18 14 8 4 7 34 Africa 208 173 158 153 154 151 147 144 35 Oil-exporting countries3 26 46 48 45 48 45 55 42 36 All other4 32 48 31 25 149 148 145 169 Commercial claims 37 Europe 5,544 5,405 3,828 3,676 3,473 3,412 3,678 3,623 38 Belgium-Luxembourg 233 234 151 140 145 132 142 188 39 France 1,129 776 474 490 497 486 459 413 40 Germany 599 561 357 424 366 382 348 363 41 Netherlands 318 299 350 310 243 282 333 308 42 Switzerland 354 431 360 257 331 292 317 336 43 United Kingdom 929 985 811 758 734 738 809 786 44 Canada 914 967 633 650 711 792 829 1,052 45 Latin America and Caribbean 3,766 3.479 2,526 2.705 2,728 2,870 2,695 2,420 46 Bahamas 21 12 21 30 30 15 8 8 47 Bermuda 108 223 261 176 111 246 190 216 48 Brazil 861 668 258 403 512 611 493 357 49 British West Indies 34 12 12 21 21 12 7 7 50 Mexico 1,102 1,022 775 894 957 898 884 745 51 Venezuela 410 424 351 288 273 282 272 268 52 Asia 3,522 3,959 3,050 3,130 2,867 2,938 3,071 2,994 53 Japan 1,052 1,245 1,047 1,115 949 1,037 1,122 1,200 54 Middle East oil-exporting countries2 825 905 751 703 698 719 737 701 55 Africa 653 772 588 559 528 562 585 497 56 Oil-exporting countries3 153 152 140 131 130 131 139 133 57 All other4 321 461 417 342 361 326 277 261 1. For a description of the changes in the International Statistics tables, see 3. Comprises Algeria, Gabon, Libya, and Nigeria. July 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

Securities Holdings and Transactions A65 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 1984 1984 TTrraannssaaccttiioonnss,, aanndd aarreeaa oorr ccoouunnttrryy 11998822 11998833 Jan.- Feb. Mar. Apr. May June July Aug.? Aug. U.S. corporate securities STOCKS 1 Foreign purchases 41,881 69,770 42,456 6,234 6,101 4,510 5.048 4,"552 3,359 7,214 2 Foreign sales 37,981 64,360 43,069 5,823 5,599 4,189 5,494 4,899 3,915 7,350 3 Net purchases, or sales (—) 3,901 5,410 -613 411 502 321 -446 -347 -556 -136 4 Foreign countries 3,816 5,312 -739 480 470 320 -454 -357 -565 -283 5 Europe 2,530 3,979 -1,108 147 329 208 -281 -317 -606 -420 6 France -143 -97 -111 -97 -4 38 100 -3 -45 -28 7 Germany 333 1.045 117 116 151 -43 -40 2 -38 -125 8 Netherlands -63 -109 -169 1 32 -15 -47 -76 -34 -31 9 Switzerland -579 1,325 -742 282 -3 90 -220 -120 -321 -358 10 United Kingdom 3,117 1,799 -253 -168 125 137 -80 -179 -141 148 11 Canada 222 1,151 1,194 323 300 73 -61 158 188 129 12 Latin America and Caribbean 317 529 482 43 14 25 82 38 -58 214 13 Middle East1 366 -807 -1,297 -44 -197 -58 -168 -215 -55 -198 14 Other Asia 247 394 -75 36 33 66 -28 -27 -49 -57 15 Africa 2 42 5 10 -7 5 -4 3 -5 16 Other countries 131 24 60 -34 -1 2 6 2 16 54 17 Nonmonetary international and regional organizations 85 98 126 -70 32 1 8 10 9 147 BONDS2 18 Foreign purchases 21.639 24,049 17,418 2,113 2,200 1.701 1.619 2,004 3.082 2,865 19 Foreign sales 20,188 23,092 15,417 1,943 2,074 1.857 1.442 1,795 2.503 2,030 20 Net purchases, or sales ( —) 1,451 957 2,001 170 126 -156 178 208 579 835 21 Foreign countries 1,479 942 1,915 82 183 -224 212 168 539 882 22 Europe 2,082 961 1,342 -55 -15 21 85 272 480 483 23 France 305 -89 43 -5 -1 -5 0 4 33 17 24 Germany 2,110 347 782 -32 117 68 107 122 256 181 25 Netherlands 33 51 55 25 9 -12 -1 11 3 16 26 Switzerland 157 632 -53 -102 -45 -22 8 35 13 49 27 United Kingdom -589 434 160 101 -58 -239 -59 77 -80 292 28 Canada 24 123 -55 -10 -23 -77 3 32 -35 54 29 Latin America and Caribbean 159 100 153 16 18 -8 13 15 14 76 30 Middle East1 -752 -1.159 -535 58 30 -263 11 -287 -60 1 31 Other Asia 865 1,003 75 170 102 100 135 138 265 32 Africa -19 0 2 0 0 1 0 0 0 1 33 Other countries 7 52 5 -2 3 1 0 0 1 3 34 Nonmonetary international and regional organizations -28 15 86 87 -57 67 -34 40 41 -48 Foreign securities 35 Stocks, net purchases, or sales (-) -1.341 -3.765 37 345 145 -18 70 -40 113 -464 36 Foreign purchases 7,163 13,281 9,915 1,487 1.575 1,242 1.163 1,110 895 1.229 37 Foreign sales 8,504 17,046 9,879 1,142 1,429 1.260 1,092 1.150 782 1.694 38 Bonds, net purchases, or sales (-) -6,631 -3.651 -560 -72 77 -399 -641 241 184 -218 39 Foreign purchases 27,167 35,922 36,859 3,903 4,985 3,812 5,155 5.308 4.427 5,845 40 Foreign sales 33,798 39.572 37,419 3,975 4.907 4.211 5,797 5.066 4.243 6,062 41 Net purchases, or sales (-), of stocks and bonds .... -7,972 -7,416 -524 273 223 -417 -571 201 297 -682 42 Foreign countries -6,806 -6,971 -656 241 138 -415 -646 187 235 -519 43 Europe -2,584 -5.866 -4,265 -404 -236 -537 -1,524 -471 -462 -598 44 Canada -2.363 -1.344 455 185 117 -187 38 122 174 -7 45 Latin America and Caribbean 336 1,120 1,908 188 49 126 602 465 237 127 46 Asia -1,822 -855 1.330 282 220 187 243 80 333 -48 47 Africa -9 141 -61 -11 -10 -4 -16 -4 -21 11 48 Other countries -364 -166 -23 1 -3 0 12 -6 -25 -4 49 Nonmonetarv international and regional organizations -1,165 -445 132 32 85 -2 74 15 62 -163 1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, 2. Includes state and local government securities, and securities of U.S. Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). government 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

A66 International Statistics • December 1984 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign Holdings and Transactions Millions of dollars 1984 1984 11998822 11998833 Country or area Jan.- Aug. Feb. Mar. Apr. May June July Aug.P Holdings (end of period)1 1 Estimated total2 85,220 88,932 90,206 89,656 92,005 93,412 93,298'' 94,897 101,495 2 Foreign countries2 80,637 83,818 84,382 84,383 85,408 85,791 86,763' 87,935 93,513 3 Europe2 29,284 35,509 37,319 37,226 37,787 38,383 39,292' 40,380 44,368 4 Belgium-Luxembourg 447 16 50 57 91 61 135 138 171 5 Germany2 14,841 17,290 18,527 18,834 19,201 19,649 19,735 19,627 20,663 6 Netherlands 2,754 3,129 3,052 3,023 3,117 2,979 3,014 3,120 3,133 7 Sweden 677 847 898 945 949 954 940 957 905 8 Switzerland2 1,540 1,118 1,206 1,256 1,241 1,403 1,752 2,021 2,089 9 United Kingdom 6,549 8,515 8,587 8,406 8,411 8,647 9,191 9,435 12,290 10 Other Western Europe 2,476 4,594 5,000 4,707 4,776 4,691 4,525' 5,084 5,119 11 Eastern Europe 0 0 0 0 0 -1 -1 -1 -1 12 Canada 602 1,301 1,310 1,090 1,299 1,308 1,415 1,446 1,677 13 Latin America and Caribbean 1,076 863 840 563 572 962 861' 318 631 14 Venezuela 188 64 64 64 65 65 75 75 76 15 Other Latin America and Caribbean 656 716 574 504 453 546 489' 591 822 16 Netherlands Antilles 232 83 201 -6 53 351 297 -347 -267 17 Asia 49,543 46,026 44,811 45,401 45,610 44,973 45,030' 45,594 46,594 18 Japan 11,578 13,911 14,351 14,334 14,547 14,871 15,361 15,746 16,276 19 Africa 77 79 78 82 85 88 88 88 -11 20 All other 55 38 23 21 57 77 77 108 255 21 Nonmonetary international and regional organizations 4,583 5,114 5,824 5,273 6,597 7,621 6,535 6,962 7,982 22 International 4,186 4,404 5,139 4,614 5,936 6,946 5,860 6,241 7,340 23 Latin American regional 6 6 6 6 6 6 6 6 6 Transactions (net purchases, or sales (-) during period) 24 Total2 14,972 3,711 12,564 561 -550 2,348 1,407 -114 1,599 6,598 25 Foreign countries2 16,072 3,180 9,695 -152 1 1,025 382 972 1,172 5,579 26 Official institutions 14,550 779 1,960 8 476 622 -358 -871 177 1,366 27 Other foreign2 1,518 2,400 7,737 -159 -475 403 740 1,843 994 4,213 28 Nonmonetary international and regional organizations -1,097 535 2,867 712 -551 1,322 1,026 -1,086 428 1,020 MEMO: Oil-exporting countries 29 Middle East3 7,575 -5,419 -3.670 -829 46 -678 -1,037 67 -312 -411 30 Africa4 -552 -1 -100 0 0 0 0 0 0 -100 1. Estimated official and private holdings of marketable U.S. Treasury securi- 2. Beginning December 1978, includes U.S. Treasury notes publicly issued to ties 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 United Arab Emirates (Trucial States). foreign countries. 4. Comprises Algeria, Gabon, Libya, and Nigeria. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Interest and Exchange Rates A67 3.26 DISCOUNT RATES OF FOREIGN CENTRAL BANKS Percent per annum Rate on Oct. 31, 1984 Rate on Oct. 31, 1984 Rate on Oct. 31, 1984 Country Country Country Per- Month Per- Month Percent effective cent effective cent Austria.. 4.5 June 1984 France1 11.0 Aug. 1984 Norway 8.0 Belgium . 11.0 Feb. 1984 Germany, Fed. Rep. of 4.5 June 1984 Switzerland 4.0 Brazil... 49.0 Mar. 1981 Italy 16.5 Sept. 1984 United Kingdom2. Canada.. 11.71 Oct. 1984 Japan 5.0 Oct. 1983 Venezuela 11.0 Denmark 7.0 Oct. 1983 Netherlands 5.0 Sept. 1983 1. As of the end of February 1981, the rate is that at which the Bank of France or makes advances against eligible commercial paper and/or government commerdiscounts Treasury bills for 7 to 10 days. cial banks or brokers. For countries with more than one rate applicable to such 2. Minimum lending rate suspended as of Aug. 20, 1981. discounts or advances, the rate shown is the one at which it is understood the central bank transacts the largest proportion of its credit operations. NOTE. Rates shown are mainly those at which the central bank either discounts 3.27 FOREIGN SHORT-TERM INTEREST RATES Percent per annum, averages of daily figures 1984 CCoouunnttrryy,, oorr ttyyppee 11998811 11998822 11998833 Apr. May June July Aug. Sept. Oct. 1 Eurodollars 16.79 12.24 9.57 10.83 11.53 11.68 12.02 11.81 11.67 10.77 2 United Kingdom 13.86 12.21 10.06 8.84 9.32 9.43 11.38 11.09 10.79 10.60 3 Canada 18.84 14.38 9.48 10.75 11.52 11.86 13.03 12.41 12.20 11.99 4 Germany 12.05 8.81 5.73 5.81 6.08 6.11 6.09 6.00 5.81 6.06 5 Switzerland 9.15 5.04 4.11 3.61 3.83 4.15 4.72 4.81 5.04 5.23 6 Netherlands 11.52 8.26 5.58 6.04 6.05 6.09 6.39 6.26 6.23 6.16 7 France 15.28 14.61 12.44 12.46 12.16 12.23 11.70 11.37 11.00 10.75 8 Italy 19.98 19.99 18.95 17.38 16.80 16.75 16.73 16.50 17.28 17.13 9 Belgium 15.28 14.10 10.51 11.66 11.80 11.90 11.90 11.73 11.16 11.00 10 Japan 7.58 6.84 6.49 6.26 6.24 6.35 6.31 6.35 6.33 6.31 NOTE. Rates are for 3-month interbank loans except for Canada, finance company paper; Belgium, 3-month Treasury bills; and Japan, Gensaki rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A68 International Statistics • December 1984 3.28 FOREIGN EXCHANGE RATES Currency units per dollar 1984 CCoouunnttrryy//ccuurrrreennccyy 11998811 11998822 11998833 May June July Aug. Sept. Oct. 1 Australia/dollar1 114.95 101.65 90.14 90.61 88.26 83.42 84.73 83.08 83.64 2 Austria/schilling 15.948 17.060 17.968 19.316 19.226 19.998 20.268 21.293 21.557 3 Belgium/franc 37.194 45.780 51.121 55.925 55.840 57.714 58.282 61.132 62.048 4 Brazil/cruzeiro 92.374 179.22 573.27 1497.64 1,643.81 1,819.00 1994.30 2226.79 2453.64 5 Canada/dollar 1.1990 1.2344 1.2325 1.2944 1.3040 1.3238 1.3035 1.3145 1.3189 6 China, P.R./yuan 1.7031 1.8978 1.9809 2.1866 2.2178 2.2996 2.3718 2.5469 2.6488 7 Denmark/krone 7.1350 8.3443 9.1483 10.0618 10.050 10.4178 10.5174 10.9753 11.090 8 Finland/markka 4.3128 4.8086 5.5636 5.8115 5.8182 6.0187 6.0626 6.2783 6.3726 9 France/franc 5.4396 6.5793 7.6203 8.4435 8.4181 8.7438 8.8567 9.3041 9.4108 10 Germany/deutsche mark 2.2631 2.428 2.5539 2.7484 2.7397 2.8492 2.8856 3.0314 3.0678 11 Greece/drachma n.a. 66.872 87.895 108.37 108.85 112.40 115.11 120.40 126.06 12 Hong Kong/dollar 5.5678 6.0697 7.2569 7.8159 7.8131 7.8519 7.8388 7.8430 7.8242 13 India/rupee 8.6807 9.4846 10.1040 11.017 11.064 11.371 11.556 11.858 12.027 14 Ireland/pound1 161.32 142.05 124.81 111.75 111.67 107.63 106.84 102.28 100.85 15 Israel/shekel n.a. 24.407 55.865 191.56 215.06 253.14 n.a. n.a. n.a. 16 Italy/lira 1138.60 1354.00 1519.30 1696.32 1,694.80 1,751.18 1780.47 1870.79 1898.98 17 Japan/yen 220.63 249.06 237.55 230.48 233.57 243.07 242.26 245.46 246.75 18 Malaysia/ringgit 2.3048 2.3395 2.3204 2.3029 2.3109 2.3385 2.3331 2.3528 2.4076 19 Mexico/peso 24.547 72.990 155.01 198.35 196.54 196.63 196.98 197.71 203.33 20 Netherlands/guilder 2.4998 2.6719 2.8543 3.0926 3.0882 3.2155 3.2539 3.4188 3.4597 21 New Zealand/dollar1 86.848 75.101 66.790 64.892 64.205 55.631 49.912 48.953 48.614 22 Norway/krone 5.7430 6.4567 7.3012 7.8100 7.8162 8.2151 8.2991 8.6246 8.8721 23 Philippines/peso 7.8113 8.5324 11.0940 14.262 14.250 n.a. n.a. n.a. n.a. 24 Portugal/escudo 61.739 80.101 111.610 139.85 141.83 152.17 151.02 158.45 163.36 25 Singapore/dollar 2.1053 2.1406 2.1136 2.1006 2.1122 2.1473 2.1472 2.1635 2.1667 26 South Africa/rand1 114.77 92.297 89.85 78.15 76.49 66.52 63.76 60.08 56.54 27 South Korea/won n.a. 731.93 776.04 801.54 802.20 810.96 811.42 815.82 820.03 28 Spain/peseta 92.396 110.09 143.500 154.03 154.75 161.37 164.41 170.19 172.15 29 Sri Lanka/rupee 18.967 20.756 23.510 25.161 25.176 25.223 25.285 25.605 25.906 30 Sweden/krona 5.0659 6.2838 7.6717 8.0782 8.0993 8.3063 8.3489 8.5892 8.6887 31 Switzerland/franc 1.9674 2.0327 2.1006 2.2680 2.2832 2.4115 2.4150 2.5049 2.5245 32 Taiwan/Dollar n.a. n.a. n.a. 39.716 39.843 39.477 39.092 39.159 39.226 33 Thailand/baht 21.731 23.014 22.991 23.010 23.010 23.020 23.018 23.013 23.020 34 United Kingdom/pound1 202.43 174.80 151.59 138.94 137.70 132.00 131.32 125.63 121.96 35 Venezuela/bolivar 4.2781 4.2981 10.6840 15.661 14.709 13.067 12.725 n.a. n.a. MEMO United States/dollar2 102.94 116.57 125.34 133.99 134.31 139.30 140.21 145.70 147.56 1. Value in U.S. cents. NOTE. Averages of certified noon buying rates in New York for cable transfers. 2. Index of weighted-average exchange value of U.S. dollar against currencies Data in this table also appear in the Board's G.5 (405) release. For address, see of other G-10 countries plus Switzerland. March 1973 = 100. Weights are 1972-76 inside front cover. global trade of each of the 10 countries. Series revised as of August 1978. For description and back data, see "Index of the Weighted-Average Exchange Value of the U.S. Dollar: Revision" on p. 700 of the August 1978 BULLETIN. 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 SMSAs Standard metropolitan statistical areas when 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 December 1984 All SPECIAL TABLES Published Irregularly, with Latest Bulletin Reference Assets and liabilities of commercial banks, March 31, 1983 August 1983 A70 Assets and liabilities of commercial banks, June 30, 1983 December 1983 A68 Assets and liabilities of commercial banks, September 30, 1983 March 1984 A68 Assets and liabilities of commercial banks, December 31, 1983 June 1984 A66 Assets and liabilities of U.S. branches and agencies of foreign banks, June 30, 1983 December 1983 A74 Assets and liabilities of U.S. branches and agencies of foreign banks, September 30, 1983 March 1984 A74 Assets and liabilities of U.S. branches and agencies of foreign banks, December 31, 1983 June 1984 A72 Assets and liabilities of U.S. branches and agencies of foreign banks, March 31, 1984 November 1984 A4 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 STEVEN M. ROBERTS, Assistant to the Chairman DONALD L. KOHN, Deputy Staff Director FRANK O'BRIEN, JR., Deputy Assistant to the Board STANLEY J. SIGEL, Assistant to the Board ANTHONY F. COLE, Special Assistant to the Board NORMAND R.V. BERNARD, Special Assistant to the Board ANNETTE P. FRIBOURG, Special Assistant to the Board NAOMI P. SALUS, Special Assistant to the Board DIVISION OF RESEARCH AND STATISTICS LEGAL DIVISION JAMES L. KICHLINE, Director EDWARD C. ETTIN, Deputy Director MICHAEL BRADFIELD, General Counsel MICHAEL J. PRELL, Deputy Director J. VIRGIL MATTINGLY, JR., Associate General Counsel JOSEPH S. ZEISEL, Deputy Director GILBERT T. SCHWARTZ, Associate General Counsel JARED J. ENZLER, Associate Director RICHARD M. ASHTON, Assistant General Counsel ELEANOR J. STOCKWELL, Associate Director NANCY P. JACKLIN, Assistant General Counsel DAVID E. LINDSEY, Deputy Associate Director MARYELLEN A. BROWN, Assistant to the General Counsel HELMUT F. WENDEL, Deputy Associate Director MARTHA BETHEA, Assistant Director ROBERT M. FISHER, Assistant Director OFFICE OF THE SECRETARY SUSAN J. LEPPER, Assistant Director THOMAS D. SIMPSON, Assistant Director WILLIAM W. WILES, Secretary LAWRENCE SLIFMAN, Assistant Director BARBARA R. LOWREY, Associate Secretary STEPHEN P. TAYLOR, Assistant Director JAMES MCAFEE, Associate Secretary PETER A. TINSLEY, Assistant Director LEVON H. GARABEDIAN, Assistant Director (Administration) DIVISION OF CONSUMER AND COMMUNITY AFFAIRS DIVISION OF INTERNATIONAL FINANCE GRIFFITH L. GARWOOD, Director JERAULD C. KLUCKMAN, Associate Director EDWIN M. TRUMAN, Director GLENN E. LONEY, Assistant Director LARRY J. PROMISEL, Senior Associate Director DOLORES S. SMITH, Assistant Director CHARLES J. SIEGMAN, Senior Associate Director DALE W. HENDERSON, Associate Director ROBERT F. GEMMILL, Staff Adviser DIVISION OF BANKING SAMUEL PIZER, Staff Adviser SUPERVISION AND REGULATION PETER HOOPER, III, Assistant Director DAVID H. HOWARD, Assistant Director JOHN E. RYAN, Director RALPH W. SMITH, JR., Assistant Director WILLIAM TAYLOR, Deputy Director FREDERICK R. DAHL, Associate Director DON E. KLINE, Associate Director FREDERICK M. STRUBLE, Associate Director HERBERT A. BIERN, Assistant Director ANTHONY G. CORNYN, Assistant Director JACK M. EGERTSON, Assistant Director ROBERT S. PLOTKIN, Assistant Director STEPHEN C. SCHEMERING, Assistant Director RICHARD SPILLENKOTHEN, Assistant Director SIDNEY M. SUSSAN, 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 EMMETT J. RICE MARTHA R. SEGER LYLE E. GRAMLEY OFFICE OF OFFICE OF STAFF DIRECTOR FOR STAFF DIRECTOR FOR MANAGEMENT FEDERAL RESERVE BANK ACTIVITIES S. DAVID FROST, Staff Director THEODORE E. ALLISON, Staff Director WILLIAM R. JONES, Assistant Staff Director JOSEPH W. DANIELS, SR., Advisor, Equal Employment EDWARD T. MULRENIN, Assistant Staff Director Opportunity Programs STEPHEN R. MALPHRUS, Assistant Staff Director for Office Automation and Technology PORTIA W. THOMPSON, EEO Programs Officer DIVISION OF FEDERAL RESERVE BANK OPERATIONS DIVISION OF DATA PROCESSING CLYDE H. FARNSWORTH, JR., Director ELLIOTT C. MCENTEE, Associate Director CHARLES L. HAMPTON, Director DAVID L. ROBINSON, Associate Director BRUCE M. BEARDSLEY, Deputy Director C. WILLIAM SCHLEICHER, JR., Associate Director GLENN L. CUMMINS, Assistant Director WALTER ALTHAUSEN, Assistant Director NEAL H. HILLERMAN, Assistant Director CHARLES W. BENNETT, Assistant Director RICHARD J. MANASSERI, Assistant Director ANNE M. DEBEER, Assistant Director ELIZABETH B. RIGGS, Assistant Director JACK DENNIS, JR., Assistant Director WILLIAM C. SCHNEIDER, JR., Assistant Director EARL G. HAMILTON, Assistant Director ROBERT J. ZEMEL, Assistant Director * WILLIAM E. PASCOE, III, 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 BRENT L. BOWEN, Assistant Controller DIVISION OF SUPPORT SERVICES ROBERT E. FRAZIER, Director WALTER W. KREIMANN, Associate Director GEORGE M. LOPEZ, Assistant Director *On loan from the Federal Reserve Bank of Richmond (Baltimore Branch). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Federal Reserve Bulletin • December 1984 Federal Open Market Committee FEDERAL OPEN MARKET COMMITTEE PAUL A. VOLCKER, Chairman ANTHONY M. SOLOMON, Vice Chairman EDWARD G. BOEHNE LYLE E. GRAMLEY J. CHARLES PARTEE ROBERT H. BOYKIN KAREN N. HORN EMMETT J. RICE E. GERALD CORRIGAN PRESTON MARTIN MARTHA R. SEGER HENRY C. WALLICH STEPHEN H. AXILROD, Staff Director and Secretary RICHARD G. DAVIS, Associate Economist NORMAND R.V. BERNARD, Assistant Secretary DONALD L. KOHN, Associate Economist NANCY M. STEELE, Deputy Assistant Secretary RICHARD W. LANG, Associate Economist MICHAEL BRADFIELD, General Counsel DAVID E. LINDSEY, Associate Economist JAMES H. OLTMAN, Deputy General Counsel MICHAEL J. PRELL, Associate Economist JAMES L. KICHLINE, Economist CHARLES J. SIEGMAN, Associate Economist EDWIN M. TRUMAN, Economist (International) GARY H. STERN, Associate Economist JOSEPH E. BURNS, Associate Economist JOSEPH S. ZEISEL, Associate Economist JOHN M. DAVIS, 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 JOHN G. MCCOY, President JOSEPH J. PINOLA, Vice President VINCENT C. BURKE, JR., N. BERNE HART, AND LEWIS T. PRESTON, Directors ROBERT L. NEWELL, First District BARRY F. SULLIVAN, Seventh District LEWIS T. PRESTON, Second District WILLIAM H. BOWEN, Eighth District GEORGE A. BUTLER, Third District E. PETER GILLETTE, JR., Ninth District JOHN G. MCCOY, Fourth District N. BERNE HART, Tenth District VINCENT C. BURKE, JR., Fifth District NAT S. ROGERS, Eleventh District PHILIP F. SEARLE, Sixth District JOSEPH J. PINOLA, Twelfth District HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Associate Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A73 and Advisory Councils CONSUMER ADVISORY COUNCIL WILLARD P. OGBURN, Boston, Massachusetts, Chairman TIMOTHY D. MARRINAN, Minneapolis, Minnesota, Vice Chairman RACHEL G. BRATT, Medford, Massachusetts FREDERICK H. MILLER, Norman, Oklahoma GERALD R. CHRISTENSEN, Salt Lake City, Utah MARGARET M. MURPHY, Columbia, Maryland THOMAS L. CLARK, JR., New York, New York ROBERT F. MURPHY, Detroit, Michigan JEAN A. CROCKETT, Philadelphia, Pennsylvania LAWRENCE S. OKINAGA, Honolulu, Hawaii MEREDITH FERNSTROM, New York, New York ELVA QUIJANO, San Antonio, Texas ALLEN J. FISHBEIN, Washington, D.C. JANET J. RATHE, Portland, Oregon E.C.A. FORSBERG, SR., Atlanta, Georgia GLENDA G. SLOANE, Washington, D.C. STEVEN M. GEARY, Jefferson City, Missouri HENRY J. SOMMER, Philadelphia, Pennsylvania RICHARD F. HALLIBURTON, Kansas City, Missouri WINNIE F. TAYLOR, San Francisco, California CHARLES C. HOLT, Austin, Texas MICHAEL M. VAN BUSKIRK, Columbus, Ohio HARRY N. JACKSON, Minneapolis, Minnesota CLINTON WARNE, Cleveland, Ohio KENNETH V. LARKIN, San Francisco, California FREDERICK T. WEIMER, Chicago, Illinois MERVIN WINSTON, Minneapolis, Minnesota THRIFT INSTITUTIONS ADVISORY COUNCIL THOMAS R. BOMAR, Miami, Florida, President RICHARD H. DEIHL, LOS Angeles, California, Vice President JAMES A. ALIBER, Detroit, Michigan NORMAN M. JONES, Fargo, North Dakota GENE R. ARTEMENKO, Chicago, Illinois ROBERT R. MASTERTON, Portland, Maine J. MICHAEL CORNWALL, Dallas, Texas JOHN T. MORGAN, New York, New York JOHN R. EPPINGER, Villanova, Pennsylvania FRED A. PARKER, Monroe, North Carolina SARAH R. WALLACE, Newark, Ohio Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A74 Federal Reserve Board Publications Copies are available from PUBLICATIONS SERVICES, REPORT OF THE JOINT TREASURY-FEDERAL RESERVE STUDY Mail Stop 138, Board of Governors of the Federal Reserve OF THE U.S. GOVERNMENT SECURITIES MARKET. 1969. System, Washington, D.C. 20551. When a charge is indicat- 48 pp. $.25 each; 10 or more to one address, $.20 each. ed, remittance should accompany request and be made JOINT TREASURY-FEDERAL RESERVE STUDY OF THE GOVpayable to the order of the Board of Governors of the Federal ERNMENT SECURITIES MARKET; STAFF STUDIES—PART Reserve System. Remittance from foreign residents should 1, 1970. 86 pp. $.50 each; 10 or more to one address, $.40 be drawn on a U.S. bank. Stamps and coupons are not each. PART 2, 1971. Out of print. PART 3, 1973. 131 pp. accepted. $1.00; 10 or more to one address, $.85 each. REAPPRAISAL OF THE FEDERAL RESERVE DISCOUNT MECHA- THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNC- NISM. Vol. 1. 1971. 276 pp. Vol. 2. 1971. 173 pp. Vol. 3. TIONS. 1974. 125 pp. 1972. 220 pp. Each volume, $3.00; 10 or more to one ANNUAL REPORT. address, $2.50 each. FEDERAL RESERVE BULLETIN. Monthly. $20.00 per year or THE ECONOMETRICS OF PRICE DETERMINATION CONFER- $2.00 each in the United States, its possessions, Canada, ENCE, October 30-31, 1970, Washington, D.C. 1972. 397 and Mexico; 10 or more of same issue to one address, pp. Cloth ed. $5.00 each; 10 or more to one address, $18.00 per year or $1.75 each. Elsewhere, $24.00 per $4.50 each. Paper ed. $4.00 each; 10 or more to one year or $2.50 each. address, $3.60 each. BANKING AND MONETARY STATISTICS. 1914-1941. (Reprint FEDERAL RESERVE STAFF STUDY: WAYS TO MODERATE of Part I only) 1976. 682 pp. $5.00. FLUCTUATIONS IN HOUSING CONSTRUCTION. 1972. 487 BANKING AND MONETARY STATISTICS. 1941-1970. 1976. pp. $4.00 each; 10 or more to one address, $3.60 each. 1,168 pp. $15.00. LENDING FUNCTIONS OF THE FEDERAL RESERVE BANKS. ANNUAL STATISTICAL DIGEST 1973. 271 pp. $3.50 each; 10 or more to one address, 1971-75. 1976. 339 pp. $ 5.00 per copy. $3.00 each. 1972-76. 1977. 377 pp. $10.00 per copy. IMPROVING THE MONETARY AGGREGATES: REPORT OF THE 1973-77. 1978. 361 pp. $12.00 per copy. ADVISORY COMMITTEE ON MONETARY STATISTICS. 1974-78. 1980. 305 pp. $10.00 per copy. 1976. 43 pp. $1.00 each; 10 or more to one address, $.85 1970-79. 1981. 587 pp. $20.00 per copy. each. 1980. 1981. 241 pp. $10.00 per copy. IMPROVING THE MONETARY AGGREGATES: STAFF PAPERS. 1981. 1982. 239 pp. $ 6.50 per copy. 1978. 170 pp. $4.00 each; 10 or more to one address, 1982. 1983. 266 pp. $ 7.50 per copy. $3.75 each. 1983. 1984. 264 pp. $11.50 per copy. ANNUAL PERCENTAGE RATE TABLES (Truth in Lending— FEDERAL RESERVE CHART BOOK. Issued four times a year in Regulation Z) Vol. I (Regular Transactions). 1969. 100 February, May, August, and November. Subscription pp. Vol. II (Irregular Transactions). 1969. 116 pp. Each includes one issue of Historical Chart Book. $7.00 per volume $2.25; 10 or more of same volume to one year or $2.00 each in the United States, its possessions, address, $2.00 each. Canada, and Mexico. Elsewhere, $10.00 per year or FEDERAL RESERVE MEASURES OF CAPACITY AND CAPACITY $3.00 each. UTILIZATION. 1978. 40 pp. $1.75 each; 10 or more to one HISTORICAL CHART BOOK. Issued annually in Sept. Subscrip- address, $1.50 each. tion to the Federal Reserve Chart Book includes one THE BANK HOLDING COMPANY MOVEMENT TO 1978: A issue. $1.25 each in the United States, its possessions, COMPENDIUM. 1978. 289 pp. $2.50 each; 10 or more to Canada, and Mexico; 10 or more to one address, $1.00 one address, $2.25 each. each. Elsewhere, $1.50 each. 1977 CONSUMER CREDIT SURVEY. 1978. 119 pp. $2.00 each. SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SE- FLOW OF FUNDS ACCOUNTS. 1949-1978. 1979. 171 pp. $1.75 RIES OF CHARTS. Weekly. $15.00 per year or $.40 each in each; 10 or more to one address, $1.50 each. the United States, its possessions, Canada, and Mexico; INTRODUCTION TO FLOW OF FUNDS. 1980. 68 pp. $1.50 each; 10 or more of same issue to one address, $13.50 per year 10 or more to one address, $1.25 each. or $.35 each. Elsewhere, $20.00 per year or $.50 each. PUBLIC POLICY AND CAPITAL FORMATION. 1981. 326 pp. THE FEDERAL RESERVE ACT, as amended through April 20, $13.50 each. 1983, with an appendix containing provisions of certain NEW MONETARY CONTROL PROCEDURES: FEDERAL REother statutes affecting the Federal Reserve System. 576 SERVE STAFF STUDY. 1981. pp. $7.00. SEASONAL ADJUSTMENT OF THE MONETARY AGGREGATES: REGULATIONS OF THE BOARD OF GOVERNORS OF THE FED- REPORT OF THE COMMITTEE OF EXPERTS ON SEASONAL ERAL RESERVE SYSTEM. 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 that year. are of general interest. Requests to obtain single copies of Monetary Policy and Reserve Requirements Handbook. 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.) 114. MULTIBANK HOLDING COMPANIES: RECENT EVI- $175.00 per year. DENCE ON COMPETITION AND PERFORMANCE IN Rates for subscribers outside the United States are as BANKING MARKETS, by Timothy J. Curry and John T. follows and include additional air mail costs: Rose. Jan. 1982. 9 pp. Federal Reserve Regulatory Service, $225.00 per year. 115. COSTS, SCALE ECONOMIES, COMPETITION, AND PROD- Each Handbook, $75.00 per year. UCT MIX IN THE U.S. PAYMENTS MECHANISM, by THE U.S. ECONOMY IN AN INTERDEPENDENT WORLD: A David B. Humphrey. Apr. 1982. 18 pp. MULTICOUNTRY MODEL, May 1984. 590 pp. $14.50 each. 116. DIVISIA MONETARY AGGREGATES: COMPILATION, WELCOME TO THE FEDERAL RESERVE. DATA, AND HISTORICAL BEHAVIOR, by William A. PROCESSING BANK HOLDING COMPANY AND MERGER APPLI- Barnett and Paul A. Spindt. May 1982. 82 pp. Out of CATIONS. print. CREDIT CARDS IN THE U.S. ECONOMY: THEIR IMPACT ON 117. THE COMMUNITY REINVESTMENT ACT AND CREDIT COSTS, PRICES, AND RETAIL SALES, July 1983. 114 pp. ALLOCATION, by Glenn Canner. June 1982. 8 pp. THE MONETARY AUTHORITY OF THE FEDERAL RESERVE, 118. INTEREST RATES AND TERMS ON CONSTRUCTION May 1984. (High School Level.) LOANS AT COMMERCIAL BANKS, by David F. Seiders. WRITING IN STYLE AT THE FEDERAL RESERVE. August 1984. July 1982. 14 pp. 93 pp. $2.50 each. 119. STRUCTURE-PERFORMANCE STUDIES IN BANKING: AN UPDATED SUMMARY AND EVALUATION, by Stephen A. Rhoades. Aug. 1982. 15 pp. 120. FOREIGN SUBSIDIARIES OF U.S. BANKING ORGANIZA- TIONS, by James V. Houpt and Michael G. Martinson. Oct. 1982. 18 pp. Out of print. 121. REDLINING: RESEARCH AND FEDERAL LEGISLATIVE RESPONSE, by Glenn B. Canner. Oct. 1982. 20 pp. 122. BANK CAPITAL TRENDS AND FINANCING, by Samuel CONSUMER EDUCATION PAMPHLETS H. Talley. Feb. 1983. 19 pp. Out of print. Short pamphlets suitable for classroom use. Multiple copies 123. FINANCIAL TRANSACTIONS WITHIN BANK HOLDING available without charge. COMPANIES, by John T. Rose and Samuel H. Talley. May 1983. 11 pp. 124. INTERNATIONAL BANKING FACILITIES AND THE EU- Alice in Debitland RODOLLAR MARKET, by Henry S. Terrell and Rodney Consumer Handbook to Credit Protection Laws H. Mills. August 1983. 14 pp. The Equal Credit Opportunity Act and . . . Age 125. SEASONAL ADJUSTMENT OF THE WEEKLY MONETARY The Equal Credit Opportunity Act and . . . Credit Rights in AGGREGATES: A MODEL-BASED APPROACH, by David Housing A. Pierce, Michael R. Grupe, and William P. Cleve- The Equal Credit Opportunity Act and . . . Doctors, Law- land. August 1983. 23 pp. yers, Small Retailers, and Others Who May Provide Inci- 126. DEFINITION AND MEASUREMENT OF EXCHANGE MARdental Credit KET INTERVENTION, by Donald B. Adams and Dale The Equal Credit Opportunity Act and . . . Women W. Henderson. August 1983. 5 pp. Fair Credit Billing 127. U.S. EXPERIENCE WITH EXCHANGE MARKET INTER- Federal Reserve Glossary VENTION: JANUARY-MARCH 1975, by Margaret L. Guide to Federal Reserve Regulations Greene. August 1984. 16 pp. How to File A Consumer Credit Complaint 128. U.S. EXPERIENCE WITH EXCHANGE MARKET INTER- If You Borrow To Buy Stock VENTION: SEPTEMBER 1977-OcroBER 1981, by Marga- If You Use A Credit Card ret L. Greene. 40 pp. Instructional Materials of the Federal Reserve System 129. U.S. EXPERIENCE WITH EXCHANGE MARKET INTER- Series on the Structure of the Federal Reserve System VENTION: OCTOBER 1980-OcTOBER 1981, by Margaret The Board of Governors of the Federal Reserve System L. Greene. August 1984. 36 pp. The Federal Open Market Committee 130. EFFECTS OF EXCHANGE RATE VARIABILITY ON IN- Federal Reserve Bank Board of Directors TERNATIONAL TRADE AND OTHER ECONOMIC VARIA- Federal Reserve Banks BLES: A REVIEW OF THE LITERATURE, by Victoria S. Monetary Control Act of 1980 Farrell with Dean A. DeRosa and T. Ashby McCown. Organization and Advisory Committees January 1984. 21 pp. Truth in Leasing 131. CALCULATIONS OF PROFITABILITY FOR U.S. DOLLAR- U.S. Currency DEUTSCHE MARK INTERVENTION, by Laurence R. What Truth in Lending Means to You Jacobson. October 1983. 8 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A76 132. TIME-SERIES STUDIES OF THE RELATIONSHIP BE- REPRINTS OF BULLETIN ARTICLES TWEEN EXCHANGE RATES AND INTERVENTION: A Most of the articles reprinted do not exceed 12 pages. REVIEW OF THE TECHNIQUES AND LITERATURE, by Kenneth Rogoff. October 1983. 15 pp. 133. RELATIONSHIPS AMONG EXCHANGE RATES, INTER- Survey of Finance Companies. 1980. 5/81. VENTION, AND INTEREST RATES: AN EMPIRICAL IN- Bank Lending in Developing Countries. 9/81. VESTIGATION, by Bonnie E. Loopesko. November The Commercial Paper Market since the Mid-Seventies. 6/82. 1983. 20 pp. Applying the Theory of Probable Future Competition. 9/82. 134. SMALL EMPIRICAL MODELS OF EXCHANGE MARKET International Banking Facilities. 10/82. INTERVENTION: A REVIEW OF THE LITERATURE, by New Federal Reserve Measures of Capacity and Capacity Ralph W. Tryon. October 1983. 14 pp. Utilization. 7/83. *135. SMALL EMPIRICAL MODELS OF EXCHANGE MARKET Foreign Experience with Targets for Money Growth. 10/83. INTERVENTION: APPLICATIONS TO CANADA, GERMA- Intervention in Foreign Exchange Markets: A Summary of NY, AND JAPAN, by Deborah J. Danker, Richard A. Ten Staff Studies. 11/83. Haas, Dale W. Henderson, Steven A. Symansky, and A Financial Perspective on Agriculture. 1/84. Ralph W. Tryon. U.S. International Transactions in 1983. 4/84. 136. THE EFFECTS OF FISCAL POLICY ON THE U.S. ECONO- Survey of Consumer Finances, 1983. 9/84. MY, by Darrell Cohen and Peter B. Clark. January Bank Lending to Developing Countries. 10/84. 1984. 16 pp. 137. THE IMPLICATIONS FOR BANK MERGER POLICY OF FINANCIAL DEREGULATION, INTERSTATE BANKING, AND FINANCIAL SUPERMARKETS, by Stephen A. Rhoades. February 1984. 8 pp. 138. ANTITRUST LAWS, JUSTICE DEPARTMENT GUIDE- LINES, AND THE LIMITS OF CONCENTRATION IN LO- CAL BANKING MARKETS, by James Burke. June 1984. 14 pp. 139. SOME IMPLICATIONS OF FINANCIAL INNOVATIONS IN THE UNITED STATES, by Thomas D. Simpson and Patrick M. Parkinson. August 1984. 20 pp. 140. GEOGRAPHIC MARKET DELINEATION: A REVIEW OF THE LITERATURE, by John D. Wolken. November 1984. 38 pp. 141. A COMPARISON OF DIRECT DEPOSIT AND CHECK PAY- MENT COSTS, by William Dudley. November 1984. 15 pp. *The availability of this study will be announced in a forthcoming BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC RELEASES—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM1 jroximate Date or period Weekly Releases release days to which data refer Aggregate Reserves of Depository Institutions and Monetary Thursday Week ended previous Base. H.3 (502) [1.20] Wednesday Actions of the Board; Applications and Reports. H.2 (501) Friday Week ended previous Saturday Assets and Liabilities of Domestically Chartered and Foreign Wednesday Wednesday, 2 weeks earlier Related Banking Institutions. H.8 (510) [1.25] Changes in State Member Banks. K.3 (615) Tuesday Week ended previous Saturday Factors Affecting Reserves of Depository Institutions and Thursday Week ended previous Condition Statement of Federal Reserve Banks. H.4.1 (503) Wednesday [1.11] Foreign Exchange Rates. H.10 (512) [3.28] Monday Week ended previous Friday Money Stock, Liquid Assets, and Debit Measures. H.6 (508) Thursday Week ended Wednesday of [1.21] previous week Selected Borrowings in Immediately Available Funds of Large Wednesday Week ended Thursday of Member Banks. H.5 (507) [1.13] previous week Selected Interest Rates. H. 15 (519) [ 1.35] Monday Week ended previous Saturday Weekly Consolidated Condition Report of Large Commercial Friday Wednesday, 1 week earlier Banks and Domestic Subsidiaries. H.4.2 (504) [1.26, 1.28, 1.29, 1.30] Monthly Releases Capacity Utilization: Manufacturing, Mining, Utilities and Midmonth Previous month Industrial Materials. G.3 (402) [2.11] Changes in Status of Banks and Branches. G.4.5 (404) 1st of month Previous month Commercial and Industrial Loan Commitments at Selected Large 2nd week of month 2nd month previous Commercial Banks. G.21 (423) Consumer Installment Credit. G.19 (421) [1.55, 1.56] Midmonth 2nd month previous Debits and Deposit Turnover at Commercial Banks. G.6 (406) 12th of month Previous month [1.22] Finance Companies. G.20 (422) [1.51, 1.52] 5th working day of 2nd month previous month Foreign Exchange Rates. G.5 (405) [3.28] 1st of month Previous month Industrial Production. G.12.3 (414) [2.13] Midmonth Previous month Loans and Securities at all Commercial Banks. G.7 (407) [1.23] 3rd week of month Previous month Major Nondeposit Funds of Commercial Banks. G. 10 (411) [1.24] 3rd week of month Previous month Maturity Distribution of Negotiable Time Certificates of Deposit 3rd week of month Last Wednesday of previous at Large Commercial Banks. G.9 (410) month Monthly Report of Assets and Liabilities of International Banking 2nd week of month Wednesday, 2 weeks earlier Facilities. G. 14 (416) Research Library—Recent Acquisitions. G. 15 (417) 1st of month Previous month 1. Release dates are those anticipated or usually met. However, please note that for some releases there is normally a certain variability because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later than anticipated. The BULLETIN table that reports these data is designated in brackets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A78 Approximate Date or period Monthly Releases—Continued release days to which data refer Selected Interest Rates. G. 13 (415) [1.35] 3rd working day of Previous month month Summary of Equity Security Transactions. G. 16 (418) 3rd week of month Release date Quarterly Releases Agricultural Finance Databook. E.15 (125) End of March, January, April, July, and June, September, October and December Country Exposure Lending Survey. E.16 (1.26) January, April, Previous 3 months July, and October Domestic Offices, Commercial Bank Assets and Liabilities March, June, Previous 6 months Consolidated Report of Condition. E.3.4 (113) [1.26, 1.28] September, and December Flow of Funds: Seasonally adjusted and unadjusted. Z.l (780) 23rd of February, Previous quarter [1.58, 1.59] May, August, and November Flow of Funds Summary Statistics. Z.7 (788) [1.57, 1.58] 15th of February, Previous quarter May, August, and November Geographical Distribution of Assets and Liabilities of Major 15th of March, Previous quarter Foreign Branches of U.S. Banks. E.ll (121) June, September, and December Survey of Terms of Bank Lending. E.2 (111) [1.34] Midmonth of February, May, August and March, June, November September, and December Semiannual Releases List of OTC Margin Stocks. E.7 (117) February, June and Release date October Annual Releases Aggregate Summaries of Annual Surveys of Security Credit February End of previous June Extension. C.2 (101) Bank Holding Companies and Subsidiary Banks (Domestic and March Previous year Foreign). C.6 (105) Bank Holding Companies and Subsidiary Banks (Domestic only). March Previous year C.5 (104) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A79 Index to Statistical Tables References are to pages A3 through A68 although the prefix "A" is omitted in this index ACCEPTANCES, bankers (See Bankers acceptances) Demand deposits—Continued Agricultural loans, commercial banks, 19, 20, 25 Ownership by individuals, partnerships, and Assets and liabilities (See also Foreigners) corporations, 23 Banks, by classes, 18-20 Turnover, 15 Domestic finance companies, 38 Depository institutions Federal Reserve Banks, 10 Reserve requirements, 7 Financial institutions, 28 Reserves and related items, 3, 4, 5, 12 Foreign banks, U.S. branches and agencies, 22 Deposits (See also specific types) Nonfinancial corporations, 37 Banks, by classes, 3, 18-20, 21, 22 Automobiles Federal Reserve Banks, 4, 10 Consumer installment credit, 41, 42 Turnover, 15 Production, 47, 48 Discount rates at Reserve Banks and at foreign central banks (See Interest rates) BANKERS acceptances, 9, 24, 26 Discounts and advances by Reserve Banks (See Loans) Bankers balances, 18-20 (See also Foreigners) Dividends, corporate, 37 Bonds (See also U.S. government securities) New issues, 36 EMPLOYMENT, 45 Rates, 26 Eurodollars, 26 Branch banks, 22, 55 Business activity, nonfinancial, 45 Business expenditures on new plant and equipment, 38 FARM mortgage loans, 40 Business loans (See Commercial and industrial loans) Federal agency obligations, 4, 9, 10, 11, 33, 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, 32 Federal Reserve Banks, 10 Receipts and outlays, 30, 31 Central banks, discount rates, 67 Treasury financing of surplus, or deficit, 30 Certificates of deposit, 26 Treasury operating balance, 30 Commercial and industrial loans Federal Financing Bank, 30, 35 Commercial banks, 16, 21, 25 Federal funds, 5, 17, 19, 20, 22, 26, 30 Weekly reporting banks, 19-22 Federal Home Loan Banks, 35 Commercial banks Federal Home Loan Mortgage Corporation, 35, 39, 40 Assets and liabilities, 18-20 Federal Housing Administration, 35, 39, 40 Business loans, 25 Federal Land Banks, 40 Commercial and industrial loans, 16, 21, 22, 25 Federal National Mortgage Association, 35, 39, 40 Consumer loans held, by type, and terms, 41, 42 Federal Reserve Banks Loans sold outright, 21 Condition statement, 10 Nondeposit fund, 17 Discount rates (See Interest rates) Number, by classes, 18 U.S. government securities held, 4, 10, 11, 32 Real estate mortgages held, by holder and property, 40 Federal Reserve credit, 4, 5, 10, 11 Time and savings deposits, 3 Federal Reserve notes, 10 Commercial paper, 24, 26, 38 Federally sponsored credit agencies, 35 Condition statements (See Assets and liabilities) Finance companies Construction, 45, 49 Assets and liabilities, 38 Consumer installment credit, 41, 42 Business credit, 38 Consumer prices, 45, 50 Loans, 19, 41, 42 Consumption expenditures, 51, 52 Paper, 24, 26 Corporations Financial institutions Profits and their distribution, 37 Loans to, 19, 20, 22 Security issues, 36, 65 Selected assets and liabilities, 28 Cost of living (See Consumer prices) Float, 4 Credit unions, 28, 41 (See also Thrift institutions) Flow of funds, 43, 44 Currency and coin, 18 Foreign banks, assets and liabilities of U.S. branches and Currency in circulation, 4, 13 agencies, 22 Customer credit, stock market, 27 Foreign currency operations, 10 Foreign deposits in U.S. banks, 4, 10, 19, 20 DEBITS to deposit accounts, 15 Foreign exchange rates, 68 Debt (See specific types of debt or securities) Foreign trade, 54 Demand deposits Foreigners Adjusted* commercial banks, 15 Claims on, 55, 57, 60, 61, 62, 64 Banks, by classes, 18-20, 22 Liabilities to, 20, 54, 55, 57, 58, 63, 65, 66 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A80 GOLD REAL estate loans Certificate account, 10 Banks, by classes, 16, 19, 20, 40 Stock, 4, 54 Financial institutions, 28 Government National Mortgage Association, 35, 39, 40 Terms, yields, and activity, 39 Gross national product, 51 Type of holder and property mortgaged, 40 Repurchase agreements, 5, 17, 19, 20, 22 Reserve requirements, 7 HOUSING, new and existing units, 49 Reserves Commercial banks, 18 Depository institutions, 3, 4, 5, 12 INCOME, personal and national, 45, 51, 52 Federal Reserve Banks, 10 Industrial production, 45, 47 U.S. reserve assets, 54 Installment loans, 41, 42 Residential mortgage loans, 39 Insurance companies, 28, 32, 40 Retail credit and retail sales, 41, 42, 45 Interest rates Bonds, 26 SAVING Business loans of banks, 25 Flow of funds, 43, 44 Federal Reserve Banks, 6 National income accounts, 51, 52 Foreign central banks and foreign countries, 67 Savings and loan associations, 8, 28, 40, 41, 43 (See also Money and capital markets, 26 Thrift institutions) Mortgages, 39 Savings deposits (See Time and savings deposits) Prime rate, commercial banks, 24 Securities (See specific types) Time and savings deposits, 8 Federal and federally sponsored credit agencies, 35 International capital transactions of United States, 53-66 Foreign transactions, 65 International organizations, 57, 58-60, 63-66 New issues, 36 Inventories, 51 Prices, 27 Investment companies, issues and assets, 37 Special drawing rights, 4, 10, 53, 54 Investments (See also specific types) State and local governments Banks, by classes, 18, 19, 20." 28 Deposits, 19, 20 Commercial banks, 3, 16, 18-20, 21, 40 Holdings of U.S. government securities, 32 Federal Reserve Banks, 10, 11 New security issues, 36 Financial institutions, 28, 40 Ownership of securities issued by, 19, 20, 28 Rates on securities, 26 LABOR force, 45 Stock market, 27 Life insurance companies (See Insurance companies) Stocks (See also Securities) Loans (See also specific types) New issues, 36 Banks, by classes, 18-20 Prices, 27 Commercial banks, 3, 16, 18-20, 21, 25 Federal Reserve Banks, 4, 5, 6, 10, 11 Student Loan Marketing Association, 35 Financial institutions, 28, 40 Insured or guaranteed by United States, 39, 40 TAX receipts, federal, 31 MANUFACTURING Thrift institutions, 3 (See also Credit unions, Mutual Capacity utilization, 46 savings banks, and Savings and loan associations) Production, 45, 48 Time and savings deposits, 3, 8, 13, 17, 18, 21, 22 (See also Margin requirements, 27 Transaction and Nontransaction balances) Member banks (See also Depository institutions) Trade, foreign, 54 Federal funds and repurchase agreements, 5 Transaction balances, 13, 19, 20 Reserve requirements, 7 Treasury currency, Treasury cash, 4 Mining production, 48 Treasury deposits, 4, 10, 30 Mobile homes shipped, 49 Treasury operating balance, 30 Monetary and credit aggregates, 3, 12 UNEMPLOYMENT, 45 Money and capital market rates (See Interest rates) U.S. government balances Money stock measures and components, 3, 13 Commercial bank holdings, 18, 19, 20 Mortgages (See Real estate loans) Treasury deposits at Reserve Banks, 4, 10, 30 Mutual funds (See Investment companies) U.S. government securities Mutual savings banks, 8, 28, 40, 41 (See also Thrift Bank holdings, 17, 18-20, 22, 32 institutions) Dealer transactions, positions, and financing, 34 Federal Reserve Bank holdings, 4, 10, 11, 32 Foreign and international holdings and transactions, 10, NATIONAL defense outlays, 31 32, 66 National income, 51 Open market transactions, 9 Nontransaction balances, 3, 13, 19, 20, 21 Outstanding, by type and holder, 28, 32 Rates, 26 OPEN market transactions, 9 U.S. international transactions, 53-66 Utilities, production, 48 PERSONAL income, 52 Prices VETERANS Administration, 39, 40 Consumer and producer, 45, 50 Stock market, 27 Prime rate, commercial banks, 24 WEEKLY reporting banks, 19-22 Producer prices, 45, 50 Wholesale (producer) prices, 45, 50 Production, 45, 47 Profits, corporate, 37 YIELDS (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A81 Index to Volume 70 GUIDE TO PAGE REFERENCES IN MONTHLY ISSUES Issue Text Other ("A" pages)1 Issue Text Other (' 'A" pagesy Index to Index to Total tables Total tables January ... 1-68 1-78 75-76 July 547-608 1-76 73-74 February . 69-176 1-78 75-76 August.... 609-678 1-76 73-74 March .... 177-268 1-88 85-86 September 679-754 1-76 73-74 April 269-400 1-76 73-74 October... 755-790 1-76 73-74 May 401-482 1-76 73-74 November 791-842 1-16 (2) June 483-546 1-90 86-87 December 843-902 1-98 79-80 1. The "A" pages referred to in this index are in the 2. No index was published in the November issue, in which December issue. For special tables published during 1984, only 4 pages of special tables appeared, because of a change see list on p. A69 of this issue. in the release date for the BULLETIN. Pages Pages ACCEPTANCES, bankers (See Bankers acceptances) Bank holding companies (For orders issued to individual Agriculture, a financial perspective, article 1 companies under the Bank Holding Company Act, Allen, Burton P., Jr., elected Class A director, see Bank Holding Company Act) Minneapolis 262 Applications Allison, Theodore E., statement 625 Procedures for processing, amendments Ill Argentina, statements on financial package to help To acquire state-chartered banks, Board country meet interest payments on its bank statement 19 debt 419. 427 Capital adequacy (See Capital adequacy) Articles Investment in export trading companies, amendment Agriculture, a financial perspective 1 of Regulation K and Board's rules 30, 34 Bank lending to developing countries 755 Laws governing, statements on proposals to restruc- Consumer finances, 1983, survey 679, 857 ture 298, 560 Federal Reserve position on restructuring of financial Regulation Y (See Regulations) regulation responsibilities 547 Rules, delegation of authority relating to, amend- Financing activity of nonfinancial corporations 401 ments 34 Foreign exchange operations of Treasury and Bank Holding Company Act of 1956 Federal Reserve {See Foreign exchange operations) Exemptions from Regulation Y Ill Inflation, perspectives on recent behavior 483 Interpretations, incorporation in revised Regulation Insured commercial banks, profitability in 1983 802 Y 121 International transactions of United States, 1983 ... 269 Orders issued under Monetary perspective on underground economic ac- Acorn Bankshares, Inc 475 tivity in United States 177 ADM Bancorp, Inc 170 Money stock, revisions 279 Affiliated Bank Corporation of Wyoming 536 Staff studies (See Staff studies) Alaska Continental Baneorp 599 State and local government sector, recent develop- Albion Bancorp, Inc 537 ments 791 Alden Bancshares Company 671 Statements and reports to Congress (See Statements Alice Bancshares, Inc 671 to Congress) Alliance Bancorp 536 Union settlements and aggregate wage behavior in the Alliance Holdings, Inc 536 1980s 843 Allied Bancshares, Inc 458, 671 Automated clearinghouse services, revised fee sched- AM Acquisition Corporation 676 ule 213 Amarillo Western Bancshares, Inc 671 Avery, Robert B., articles 679, 857 Ambanc Financial Services, Inc 839 Amboy-Madison Bancorporation 391 BANK Export Services Act, statement 575 American Asian Bancorp 585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Federal Reserve Bulletin • December 1984 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. American Bancorporation, Inc 61 Banque of Maringouin Holding Company 897 American Bancorporation Holding Company 479 Banzano, B.V., Amsterdam, The Netherlands ... 246 American Bancshares, Inc 897 Banzano International, N.V., Curacao, Nether- American Bank Corporation 391,749 lands Antilles 246 American Bank Holding Corporation 599 Bar Harbor Bankshares 537 American Bank Shares, Inc 391 Baraboo Bancorporation, Inc 246 American Bankshares, Inc 599 Barnett Banks of Florida, Inc 61, 241 American Eagle Bancorp., Inc 61 Bartow Bancshares, Inc 897 American Ligonier Bancorp, Inc 480 Bath County Banking Company 392 American National Agency, Inc 391 Battle Lake Bancshares, Inc 475 American National Bancshares, Inc 749 Baxley State Banking Company 475 American National Bankshares Inc 671 Bay Lake Bancorp, Inc 750 American Republic Bancshares, Inc 67 Bay Point Bancorp, Inc 671 American State Bancorp 839 B.B. Bancshares, Inc 62 American State Financial Corporation 537 B.B. Financial Corporation 839 Americorp Financial, Inc 671 B.C. Bankshares, Inc 750 Amoskeag Bank Shares, Inc 599, 671 Beardsley Bancshares, Inc 537 Amsterdam-Rotterdam Bank, N.V., Amsterdam, Benton State Bankshares, Inc 170 The Netherlands 835 Beverly National Corporation 600 Andover Bancorp, Inc 671 Bezanson Corporation 246 Angola Bancorporation, Inc 245 Biltmore Bank Corp 897 Ark-Valley Bancorp, Inc 430 Bippus State Corporation 475 Army National Bancshares, Inc 61 Bitterroot Holding Company 515 Arrow Bank Corp 392 BKLA Bancorp 537 Arvada Bankshares, Ltd 599 Blanchardville Financial Services, Inc 537 A.S.B. Bancshares, Inc 363 Blountsville Bancshares, Inc 475 ASB Bank Holding Company 61 B.M.J. Financial Corp 897 ASB Corporation 170 BNB Bancorp 475 Ashland Bancshares, Inc 536 BOJ Bancshares, Inc 392 Associated Banc-Corp 784 Bonner Springs Bancshares, Inc 392 Assumption Bancshares, Inc 599 Bootheel Bancorp 221 Atlanta Bancorp, Inc 600 Borresen Investments, Inc 62 Auburn National Bancorporation 600 Boulder Bancorporation 537 Aurelia FT & S Bankshares, Inc 61 Boulevard Bancorp, Inc 671 Avenue Financial Corporation 344 Bourbon County Bancshares 516 Bakken Securities Corporation 670 Bovey Financial Corporation 249 Baldwin Bancshares, Inc 169 Branch Corporation 537 Baltimore Bancorp 784 Brazosport Corporation 392 Banc One Corporation 675 Breckinridge Bancorp, Inc 671 BancEdmond, Inc 750 Britton Bancshares, Inc 537 Bancenter One Group, Inc 750 Broadway Bancshares Inc 839 BancHills BanCorp, Inc 170 Broward Bancorp 246 Banco Zaragozano, S.A., Madrid, Spain 246 Broward Bank 246 BancOhio Corporation 889 Brownsville Bancshares Corporation 475 BancOklahoma Corporation 768 BSB Financial Corporation 392 Bancshares, Inc 671 BSP Bancorp 170 Bancshares of Ripley, Inc 246 BT Financial Corporation 876 Bancstock Partnership, Ltd 537 Bunkie Bancshares, Inc 392 Bank of Boston Corporation . 174, 219, 524, 584, 737 Burlingame Bancorp 392 Bank of Montreal, Montreal, Canada 664 Cache Bancshares, Inc 788 Bank of New England Corporation 374 Camden National Corporation 839 Bank of New York Company, Inc 527 Camino Real Bancshares, Inc 246 Bank of South Corporation 537 Canadian Commercial Bank, Edmonton, Alberta . 584 Bank of the Rockies Bancshares, Inc 537 Canton Bancshares, Inc 480 Bank Shares Incorporated 480 Cape Coral Financial Corporation 839 Bank South Corporation 589, 874 Capital Bancorporation, Inc 784 BankAmerica Corporation 364, 885 Carlinville National Bank Shares, Inc 537 Bankers' Bancorporation of Wisconsin, Inc 345 Carlos Bancshares, Inc 897 Bankers Southwest Corporation 671 Carrizo Bancshares Corporation 537 Banks of Iowa, Inc 246 Carroll Bancorp 62 Banks of Mid-America, Inc 460 Cashmere Valley Bancshares, Inc 600 Bankshares of Georgia, Inc 537 Catahoula Holding Company 537 BankVermont Corporation 829 Cawker City Bancshares, Inc 671 Banner County Bancorp 475 CB&T Bancshares, Inc 589 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 70 A83 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. CB&T Financial Corp 62 ClayDesta Bancshares, Inc 784 CBT Corporation 544 CNB Bancshares, Inc 392 C.C.B., Inc 246, 891 CNB Financial Corporation 839 Centennial Bancshares, Inc 170 CNB Financial Corporation, Inc 538 Centennial Beneficial Corp 741 CNBO Bancorp, Inc 392 Central Banc System, Inc 62, 537 Coal City Capital Corp 538 Central Bancorp, Inc 170 Coastal Bend Bancshares, Inc 897 Central Bancorporation, Inc 246 Cole-Taylor Financial Group, Inc 538 Central Bancshares of Poteau, Inc 784 Collier Bancshares Holding Company, Inc 476 Central Colorado Company 246 Colonial BancGroup, Inc 170 Central Fidelity Banks, Inc 600 Colonial Bancshares, Inc 675 Central Financial Group, Inc 475 Colony Bankcorp, Inc 476 Central Illinois Financial Corporation 600 Colorado Springs Banking Corporation 676 Central Louisiana Capital Corporation 475 Columbus Bancorp, Inc 750 Central Minnesota Bancshares, Inc 877 Comfort Bancshares, Inc 897 Central Mortgage Bancshares, Inc 784 Commercial Bancshares, Inc 170, 476, 750 Central Service Corporation 245 Commercial Bank of Korea, Ltd., Seoul, Korea .. 35 Central Wisconsin Bankshares, Inc 62 Commercial Bankshares Corp 36 Charlotte Bancshares, Inc 750 Commercial Grayson Bancshares, Inc 392 Charter Financial Corporation 62 Commercial Landmark Corporation 476, 651 Charter 17 Bancorp, Inc 750 Commercial National Bancorp 538 Charter 95 Corporation 430, 474 Commonwealth Bancorporation, Inc 600 Chase Manhattan Corporation 529 Commonwealth Trust Bancorp, Inc 392, 839 Chattahoochee Financial Corporation 753 Community Bancorp 600 Chemical Financial Corporation 537 Community Bancorp, Inc 538, 900 Chemical New York Corporation 544 Community Bancorp of McLean County, Ken- Chesapeake Bank Corporation 537 tucky, Inc 539 Chester County Bancshares, Inc 392 Community Bancshares, Inc 62, 672, 770 Chester State Bancshares, Inc 475 Community Bancshares of Tulsa, Inc 788 Childersburg Bancorporation, Inc 475 Community Bank Corp of Oklahoma, Inc 672 Chippewa Valley Bancshares, Inc 784 Community Bank System, Inc 38, 600 Chokio Agency, Inc 480 Community Banks, Inc 672 Churubusco Bancorp 475 Community Banks of Florida, Inc 839 Citadel Bancorp, Inc 897 Community Capital Corp 600 Citicorp 149, 157, 231, 431, 591 Community Holding Company 170 Citicorp Holdings, Inc 538 Community National Corporation 600 Citizens and Southern Georgia Corporation . 475, 589 Community State Bankshares, Inc 750 Citizens Bancorp of Morehead, Inc 538 Concord Bancshares, Inc 346, 391 Citizens Ban-Corporation 538 Conifer/Essex Group, Inc 539 Citizens Bancorporation 538, 600 Consolidated Banc Shares, Inc 600 Citizens Bancshares, Inc 600, 839 Continental Bancorp 750 Citizens BancShares, Inc 538 Continental Bancorporation, Inc 750 Citizens Bancshares of Woodville, Inc 671 Continental Bancshares, Inc 222 Citizens Banking Corporation 538 Continental Illinois Holding Corporation 781 Citizens Bankshares, Inc 750 CoreState Financial Corp 250 Citizens Corporation 232 CoreStates Financial Corp 675 Citizens Dimension Bancorp, Inc 392 Cornbelt Bancorporation 174 Citizens Financial Group, Inc 170 Coronado, Inc 246 Citizens Guaranty Bancshares, Inc 475 Corporation for International Agricultural Produc- Citizens Holding Corporation Employees' Stock tion Limited, Ramat-Gan, Israel 39 Ownership Plan 62 Corydon State Bancorp 672 Citizens Independent Bancorp 170 Cottonport Bancshares, Inc 897 Citizens National Corporation 61 County Bankshares, Inc 246 Citizens of Hardeman Credit and Commerce American Holdings, N.V., County Financial Services, Inc 897 Willemstad, Netherlands Antilles 725 Citizens Security Bancshares, Inc 475 Credit and Commerce American Investment, B.V., Citizens State Bank 62 Amsterdam, The Netherlands 725 Citizens-Texas Banc Shares, Inc 538 Crossroads Bancorp, Inc 536 City National Bancorp, Inc 538 Crown Bancorp 898 City National Bancshares, Inc 392 Crystal Valley Financial Corporation 476 City National Bancshares of Weatherford, Inc. ... 62 CSB Bancorp 475 City National Bankcorp, Inc 750 CSB Bancorp, Inc 671 Civic Bancorp 897 C.S.B. Co 671 Clarkel, Inc 62 C.S.B. Financial, Inc 784 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Federal Reserve Bulletin • December 1984 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. C.S.B. Holding Corporation 537 Fairmont Farmers State Company 898 C.S. Bancshares, Inc 750 Farmers and Merchants Bancorp 63 Cumberland Valley Financial Corporation 898 Farmers and Merchants Bancorp, Inc 63 C.Y. Tung & Sons Co., Inc., Hong Kong, Farmers & Merchants Bancshares, Inc 170, 539 B.C.C 586 Farmers Bancorp of Nicholasville, Inc 393 C.Y. Tung Financial Corporation, Hong Kong, Farmers Bancorp of Sturgis, Inc 247 B.C.C 585 Farmers Bancshares, Inc 170 Cylinder Bancorporation 839 Farmers Bancshares of Georgetown, Inc 393 Dacotah Bank Holding Company 347 Farmers Holding Company 170 Dallas Bancshares, Inc 539 Farmers National Bancshares, Inc 839 Darwin Bancshares, Inc 539 Farmers State Bancorp, Inc 476 Decatur Bancshares, Inc 170 Farmers State Bancshares of Sabetha, Inc 751 Decatur Financial, Inc 392 Farmers Union Bancshares, Inc 539 Deerwood Bancorporation, Inc 67 Fauquier National Bankshares, Inc 539 Del Rio Bancshares, Inc 392 Fayetteville Bancshares, Inc 785 Delano State Agency, Inc 675 FB II—Farmers ville, Inc 539 Delta Bancshares Company 392 FBL Bancshares, Inc 839 DeMotte Bancorp 839 FCB Corp 393 Diamond Bancshares, Inc 784 Fessenden Bancshares, Inc 247 Dike Bancshares Corporation 539 Fidelcor, Inc 368 Dixon Bancorp, Inc 750 Fidelity Bancshares, Inc 672 D.L. Shares Limited Partnership 61 Fidelity Kansas Bankshares, Inc 63 D.N. Bancorp, Inc 784 Fifth Third Bancorp 398, 889 Dorchester Bancshares, Inc 539 Financial and Property Management, Inc 600 Downstate Bancshares, Inc 392 Financial BancCorp, Inc 839 Drummond Bancshares, Inc 839 Financial Bancshares, Inc 674 Duke Financial Group, Inc 433 Financial Center Bancorp 170 Dundas Holding Company, Inc 898 Financial Community Bancshares, Inc 600 Dyer F&M Bancshares, Inc 672 Financial Group Dawson, Inc 170 Eagle Bancorporation, Inc 728 Financial Group Elk Creek, Inc 170 Eagle Financial Corp 839 Financial Group Humboldt, Inc 171 Eagle Financial Services, Inc 462 Financial Holdings, Inc 393 East River Bancshares, Inc 62 Financial Investments Corporation 736 East Tennessee Bancorp, Inc 246 Financial Shares, Inc 751 East Texas Bancshares, Inc 785 Financial Trans Corp 600 Eastern Michigan Financial Corporation 539 First Acadiana Corporation 539 Eberly Investment Co 174 First American Bancshares, Inc 247, 539 Eden Valley Bancshares, Inc 247 First American Bankshares, Inc 725 Edgewater National Corporation 785 First American Corporation 63, 725 Edmonton Bancshares, Inc 898 First and Ocean BanCorp 476 Elk Grove Investment Corporation 736 First Arkansas Bankstock Corporation .. 61,393,653 Elk Horn Bancshares, Inc 672 First Atlanta Corporation 589 Elkhart Bancorp, Inc 476 First Banc, Inc 539 Elkton Bancorp, Inc 247 First Bancorp, Inc 476 Elkton Bancshares, Inc 393 First Bancorp of Kansas 247 Elm Bancshares, Inc 62 First Bancshares, Inc 751 Elmore City Bancshares, Inc 750 First Bancshares, Incorporated 63 Elmwood Financial Services, Inc 785 First Bank Financial Corp 785 Erie Financial Corp 750 First Bank System, Inc 657, 771, 779, 900 Eskrow Corporation of America, Inc 672 First Breckinridge Bancshares, Inc 247 Evergreen Bancorporation 672 First Burkburnett Bancshares, Inc 476 Evergreen of Wisconsin, Inc 539 First Busey Corporation 539 Everly State Bank 62 First Canadian Financial U.S. Holdings 664 EWN Investments, Inc 672 First Carolina Bancshares Corporation 476 F&M Bancorporation, Inc 171 First Charlestown Corporation 171 F&M Bank Corp 393 First Charter Bancshares, Inc 672 F&M Bank Holding Company 171 First Charter Corporation 900 F&M Financial Corporation 539 First Chicago Corporation 351 F and M Holding Company 476 First Citizens Bancshares Company 749 F.A. Bankshares, Inc 247 First Citizens United, Inc 476 Factory Point Bancorp, Inc 785 First City Bancorp, Inc 735 Fairbanco Holding Company 539 First Colonial Bancshares Corporation 393 Fairbank Bancshares, Inc 900 First Colonial Bankshares Corporation 830 Fairbank Inc 785 First Colorado Bankshares, Inc 539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 70 A85 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. First Commercial Corporation 476 First National Corporation of West Point 601 First Commonwealth Financial Corporation 247 First National Financial Corporation 247 First Community Bancorp 672 First Neodesha Bancshares, Inc 670 First Community Bancorp, Inc 476 First Newport Bancshares, Inc 540 First Community Bancshares, Inc 539, 600 First of America Bank Corporation 516 First Community Bank Group, Incorporated 751 First of Austin Bancshares, Inc 247 First Community Financial Corp 672 First of Charlevoix Corp 540 First Company 785 First Oklahoma Bancorporation, Inc 604 First Delta Financial Corporation 840 First Overland Park Bancshares, Inc 540 First Dwight Corporation 540 First Paragould Bankshares, Inc 171 First Etowah Bancorp, Inc 540 First Park Ridge Corporation 751 First Farmers Bancshares, Inc 247 First Place Financial Corporation 394 First Farmers Bank Holding Company 672 First Preston Bancshares of West Virginia, Inc. .. 171 First Fayette Bancshares, Inc 600 First Railroad & Banking Company of First Fidelity Bancorp, Inc 751 Georgia 63, 436, 480, 589, 675 First Financial Associates, Inc 63 First Security Bancorp 601 First Financial Bancorp, Inc 540 First Security Corporation 599 First Financial Corporation 785 First Service Bancshares, Inc 247 First Flo Corporation 540 First Sharp County Bancshares, Inc 171 First Florida Banks, Inc 878 First Sioux Bancshares, Ltd 63 First Frederick Corporation 169 First Southern Bank Corp 63 First Freeman Corporation 397 First State Bancorp 540 First Freeport Corporation 171, 536 First State Bancorp of Monticello 785 First Fulton Bancshares, Inc 672 First State Bancshares 751 First Galena Bancshares, Inc 476 First State Banking Corporation 245 First Geary Corporation 171 First State Capital Corporation 477 First Glen Bankcorp, Inc 540 First Sterling Bancshares, Inc 540 First Grayson Bancshares, Inc 393 First Taylor County BanCorporation, Inc 833 First Groesbeck Holding Company 171 First Union Corporation 66, 250 First Guthrie Bancshares, Inc 751 First United Bancshares, Inc 394 First Handi-Bankshares, Inc 541 First Valley Bancorp 604 First Haralson Corporation 476 First Valley Corporation 751 First Harvey Bancorporation, Inc 171 First Vermont Financial Corporation 604 First Hey worth Corp 247 First Victoria Corporation 753 First Highland Corporation 736 First Virginia Banks, Inc 247 First Holdings, Inc 898 First Washington Bancorp, Inc 751 First Hysham Holding Company 174 First West Chester Corporation 672 First Illini Bancorp Inc 879 First Western Bancshares, Inc 672, 751 First Illinois Bancorp, Inc 171 First Western Pennbancorp, Inc 247 First Indiana Bancorp 540 First Winters Holding Company 171 First Intermountain Holding Corp 751 First York Ban Corp 438 First Interstate Bancorp 480, 659, 660, 675, 886 Firstar Corporation 146 First Jermyn Corp 478 FirstBank Holding Company of Colorado 830 First Jersey National Corporation 393 First/Martha's Vineyard Bancorporation 898 First Kentucky National Corporation 434, 840 Fishkill National Corporation 672 First Lake Forest Corporation 476 Five Flags Banks, Inc 540 First Latimer Corporation 393 Fleet Financial Group, Inc 834, 881 First Laurel Security Co 393 Florence Bancorp Services, Inc 540 First Lena Corporation 603 Florida National Banks of Florida, Inc 147 First LeRoy BanCorporation, Inc 540 FNB Bancorp 898 First McMinnville Corporation 477 F.N.B. Corporation 751 First Mazon Bancorp, Inc 898 FNB Financial Corporation 601 First Michigan Bank Corporation 171, 540 FNB Insurance Agency, Inc 544 First Moore Bancshares, Inc 888 FNB Rochester Corp 540 First National Agency Company of Deer River, FNT Bancorp 247 Inc 604 Fort Rucker Bancshares, Inc 540 First National Ban Corp of Versailles 393 Forum Park Bancorp 540 First National Bancorp 601, 785 Fourth Financial Corporation 601 First National Bancshares of West Alabama, Fourth National Corporation 730 Inc 601 Frankford Corporation 654 First National Bank of the South, Inc 393 Franklin Bancorp, Inc 541 First National Bankshares of Beloit, Inc 604 Franklin National Bankshares, Inc 394 First National Bankshares of Sheridan 832 Frankson Investment Corporation 898 First National Cincinnati Corp 889 Fresnos Bancshares, Inc 394, 785 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Federal Reserve Bulletin • December 1984 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. F.S. Bancorp 601 Hayesville Bancshares, Inc 676 FSB Bancorp, Inc 477 Hazen Bancorportation, Inc 172 FSB Bancshares, Inc 393 Helena Bancshares, Inc 541 FSB Corp 672 Henderson Bancorporation, Inc 172 FSC Bancshares, Inc 394 Henderson Financial Corporation 673 Fuji Bank, Limited, Tokyo, Japan 50 Heritage Bancorp, Inc 477 Gainer Corporation 439 Heritage Bancshares Inc 589 Gallup Bancshares, Inc 672 Heritage Group, Inc 172 Garden State Bancshares, Inc 898 Herman First National Agency, Inc 174 Gary-Wheaton Corporation 394 Heron Lake Bancorporation, Inc 785 Gateway Bancshares, Inc 477 Hibernia Corporation 898 Geiger Corporation 477, 672 High Plains Bank Corp 673 General Bancshares Corporation 172 Highland Community Company 673 General Bancshares Corporation of Indiana 394 Hillside Investors, Ltd 601 General Bank Corporation of Kentucky 601 Holcomb Bancorp, Inc 785 General Educational Fund, Inc 63 Holdco of Pinellas County, Inc 840 Georgia Bancshares, Inc 394, 673 Holden Bankshares, Inc 673 Georgia Community Bancorp, Inc 840 Home Bancshares, Inc 386 Georgia First Financial Corp 774 Hometown Bancshares, Inc 752 Gibbon Exchange Company 541 Hoosier Hills Financial Corporation 172 G.N.B. Bankshares, Inc 751 Hopkins Bankcorp, Inc 63 Golden Pacific Bancorp 898 Hopkins County First Financial Services Corpora- Golden Plains Bankshares, Inc 63 tion 752 Golden Sands Bankshares, Inc 898 H.S. Holding Company, Ltd., Tel Aviv, Israel ... 39 Gore Valley Bancorporation, Inc 541 Huntington Bancshares, Inc 477 Grand Bank Corporation 541 Huntsville Bancshares, Inc 752 Grant Bancshares, Inc 174, 541 Illini Community Bancorp, Inc 64 Grant County Bancorp, Inc 840 Indecorp 673 Grant County Bancshares, Inc 673 Independent Bancorp, Inc 394 , 477 Grapeland Bancshares, Inc 785 Independent Bancshares, Inc 477 GrayCo Bancshares, Inc 785 Independent Bankshares, Inc 41, 536 Great Plains Bank Corporation 673 Independent Community Banks, Inc 477 Greater Texas Bancshares, Inc 477 Independent Community Financial Corporation .. 601 Green River Bancorp, Inc 673 Independent Financial, Inc 355, 391 Greencastle Bancorp, Inc 394 Intercontinental Bank Shares Corporation 673 Greensboro Bancshares, Inc 785 InterFirst Corporation 749 Greensburg Bancshares, Inc 751 International Bancorporation 785 Greenville Bancshares, Inc 394 International Bancshares, Inc 64, 785 Griffin Holdings, Inc 541 International Bancshares Corporation 64 G.S.B. Financial Corp 247 Iowa First Bancshares Corp 394 GuarantyShares of West Virginia, Inc 601 Iowa Park Bancshares, Inc 601 Guardian Bancorp, Inc 751 Island BankShares, Inc 752 Gulf Coast Bancshares, Inc 63 IVB Financial Corporation 42 Gulf National Bancorp, Inc 172 Jackson County Bancshares, Inc 840 Gulf Southwest Bancorp, Inc 394 Jamestown Union Bancshares, Inc 601 Gulfside Holding Company, Inc 785 J.E. Coonley Company 673 Guyan Bankshares, Inc 541 Jeff City Bancorp, Inc 477 Hallam Bancorp, Inc 751 Jefferson Bancshares, Inc 541 Haltom City Bancshares, Inc 541 Jersey Village Bancshares, Inc 541 Hamptons Bancshares, Inc 541 Jessamine Bancshares, Inc 541 Hancock Holding Company 601 J.P. Morgan & Co. Incorporated 780 Handi-Bancshares, Inc 541 Kansas Bancorp II, Inc 356 Hanover Financial Corporation 394 Kansas Bank System, Inc 64 Harrah National Bancshares, Inc 477 Kansas City Bancshares, Inc 64, 245 Harris Bankcorp, Inc 40 KBT Corporation 786 Harrison County Bancshares, Inc 601 Ken-Caryl Investment Company 731 Hartford Financial Corp 751 Kent Bancshares, Inc 477 Hartford National Corporation 353 Kentucky Southern Bancorp, Inc 601 Hartwick Bancshares, Inc 898 Kerens Financial, Inc 172 Harvard Bancshares, Inc 898 Key Bancshares, Inc 477 Harvest Bancorp, Inc. 601 Key Bancshares of West Virginia, Inc 786 Harvest Bancshares, Inc 394 Key Banks, Inc 57 Hastings State Company 394 Keystone Bancshares, Inc 247 Hawarden Bancshares, Inc 398 Kiamichi Bancshares, Inc 395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 70 A87 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. Kimball Bancorp, Inc 395 Menomonie Financial Services, Inc 840 Kimberly Leasing Corporation 541 Mercantile Bancorporation, Inc 395, 674 Kirbyville Bancshares, Inc 395 Mercantile Texas Corporation 169, 395, 595 Klein Bancshares, Inc 673 Merchants & Planters Bancshares, Inc 786 Knox City Bancshares, Inc 64 Merchants Bancorp, Inc 172 Korea First Bank, Seoul, Korea 43 Merchants Bancshares, Inc 65 KSAD, Inc 44 Merchants Holding Company 478 Lafayette Bancorp, Inc 786 Merchants National Corporation 676, 788 LaFayette Bankshares, Inc 64 Merchants Republic Corp 602 LaFollotte First National Corporation 541 Meridian Bancorp, Inc 466, 544 Lake Cities Financial Corporation 601 Metro Bancorp, Inc 602 Lamar Trust Bancshares, Inc 602 Metro Bancshares, Inc 64 Landmark Bancshares Corporation 477, 673 Metropolitan Bancshares, Inc 602 Landmark Banking Corporation of Florida .. 395, 463 Metro-West Financial Corporation 542 Landmark Financial Group, Inc 786, 898 M.G. Bancorporation, Inc 673 L&W, Inc 602 Miami Corporation 674 Langdon Bancshares, Inc 752 Miami National Bancorp 246 Laverne Bancshares, Inc 541 Mid-America Bancshares, Inc 65 Lawton Financial Corporation 367 Mid-Cities Bancshares, Inc 477 LCB Corporation, Inc 395 Mid-Continent Financial Services, Inc 670 Learner Financial Corporation 64 Midland Bancorp, Inc 358, 391 Lewco Bancshares, Inc 786 Midlantic Banks, Inc 395, 776 Lewisville Bancorp, Inc 477 Mid-Nebraska Bancshares, Inc 174 Lexington Bancshares, Inc 64, 248 MidSouth Bancorp, Inc 786 Liberty Bancorp, Inc 395, 752 Mid-Tennessee Bancorp, Inc 786 Liberty Investment Corp 673 Midwest Banco Corporation 395 Liberty Shares, Inc 840 Midwest Bancorporation, Inc 533 Lingle Valley Banc-Shares 172 Midwest Bancshares, Inc 172, 248 Lismore Financial Services, Inc 840 Midwest Financial Group, Inc 248, 732, 788 Lizton Financial Corporation 752 Mineola Banshares, Inc 674 Locust Grove Banshares, Inc 224 Minier Financial, Inc 248 Lower Rio Grande Valley Bancshares, Inc 476 Minnesota Asset Management Corporation 602 L.S.B. Bancshares, Inc 541 Mission-Valley Bancorp 172 Lyons Bancorp, Inc 676 Mississippi Valley Investment Company 752 McAllen Metropolitan Bancshares, Inc 477 Missouri Valley Financial Services, Inc 898 McKeesport National Corporation 357, 391 Mitsubishi Bank, Limited, Tokyo, Japan 518 McKenzie County Bancorp 441,474 MNB Bancshares, Inc 480 McLeod Bancshares, Inc 674 Monarch Bancorp 520 Magna Group, Inc 775 Monroe Bancorp 478 Mammoth Investments & Credit Corp., Inc 477 Montbello Bankcorp, Inc 602 Manchester Bancorp, Inc 786 Montgomery County Bancshares, Inc 752 M&I American Bank & Trust Co 673 Monticorp Inc 752 Manly State Bancshares, Inc 250 Moore Financial Corporation 786 Mansfield Bankstock, Inc 544 Moran National Bancshares, Inc 602 Manufacturers Hanover Corporation 174, 369, Morganfield National Service Corp 542 452, 661, 675 Moscow Bancshares, Inc 248 Maple Bank Bancshares, Inc 752 Mount Hope Bancshares, Inc 786 Maple Lake Bancorporation 395 Muskingum Valley Bancshares, Inc 542 Maplesville Bancorp 673 Mutual Banc Corp 752 Marie R. Turner Holding Company 602 Nanticoke Financial Services, Inc 786 Maries County Bancorp, Inc 248 Napoleon Bancorp 752 Marine Corporation 64 National American Bancorp, Inc 602 Marion Bancorp 673 National Banc of Commerce Company 752 Marion National Corporation 673 National Bancshares, Inc 248 Mark Twain Bancshares, Inc 662 National Bancshares Corporation of Marshall & Ilsley Corporation 541,604,753 Texas 521,752 Maryland National Corporation 841 National City Bancorporation 250 Marytown Bancshares, Inc 172 National City Corporation 743, 889 Matewan Bancshares, Inc 542 NB Banc Corp 786 Maybaco Company 882 NBC Bancshares of DeRidder, Inc 542 MBI Bancshares, Inc 65 NBC Capital Corporation 478 Meade Bancorp, Inc 889 NBD Bancorp, Inc 359, 391 Med Center Bancshares, Inc 357, 391 NCB Financial Corporation 65, 788 Mellon National Corporation 234, 441 NCB Inc 172 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Federal Reserve Bulletin • December 1984 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. NCNB Corporation 225, 840 Peoples Corporation, Inc. of Bishopville 542 Nebanco, Inc 674 Peoples First National Bancshares, Inc 173 Nebraska Bancorporation, Inc 395 Peoples Investment Corporation 604 Nevada First Development Corporation 469 Peshtigo National Bancorporation, Inc 542 New Boston Bancshares, Inc 602 Pickens County Bancshares, Inc 480 New Central Colorado Co 891 Pine Bankshares, Inc 786 New City Bancorp 663 Pioneer Bancorp 395 New Dumas Bancshares, Inc 542 Plainview Bancorp, Inc 674 New Mexico Bank Holding Company 47 Plainville Bancshares, Inc 65 New Ulm Financial Corporation 899 Planters United Bancshares, Inc 65 Newburg Corporation 544 Plaquemine Bancshares Corporation 395 Newton Bancshares, Inc 395 Plaza Bancorporation, Inc 65 Nicholls State Bancshares, Inc 480 PNC Financial Corp 53, 61, 237 Nine Tribes Bankshares, Inc 674 Pontiac Bancorp, Inc 899 Ninnescah Banc Shares, Inc 478 Poth Bancorporation, Inc 173 Nodaway Valley Bancshares, Inc 65, 172 Potomac Bancorp, Inc 173 Nor-Evan Corporation 542 Prairie Bancorporation, Inc 674 Norris Bancorp, Inc 449 Prairie Capital, Inc 752 Norstar Bancorp, Inc 52, 164, 676, 899 Prattville Financial Services Corporation 840 North American Bank 542 Preferred Equity Investors of Florida 395 North Missouri Bancorp, Inc 172 Premier Bancorporation, Inc 248 North State Investment Corporation 736 Professional Bancorp 478 North Texas American Bancshares, Inc 752 Prosperity Bancshares, Inc 395 North Texas Bancshares, Inc 65 Provident Bancorp, Inc 396 Northeast Bancorp, Inc 840 PSB Corporation , v 602 Northern Highlands Bancorporation, Inc 172 PSB Financial Corporation 65 Northern Neck Bankshares Corporation 840 P.T.C. Bancorp 674 Northern of Tennessee Corp 248 Pulaski Bancshares, Inc 602 Northern States Financial Corporation 788 QNB Corp 786 Northern Trust Corporation 398, 602 Rainwood Corporation 523 Northern Wisconsin Bank Holding Company .... 398 Rake Bancorporation 396 Northshore Bancshares, Inc 173 Ralston Bancshares, Inc 899 Northside Financial Corporation 248 Ranch Bankshares, Inc 542 Northtown Bancshares Corporation 674 R&J Financial Corporation 752 Northwest American Bankshares Corporation 395 Randolph County Bancorp 786 Northwest Florida Banking Corporation 65 RBDC Corporation 840 Northwest Illinois Bancorp, Inc 733 RepublicBank Corporation 670, 674 Norwest Corporation 235 Richland State Bancorp, Inc 602 NW Services Corporation 173 Rigler Investment Co 899 Oak Forest Bancshares, Inc 65 Rio Grande Bancshares, Inc 173, 249 Oak Park Bancshares, Inc 899 Rio Salado Bancorp 396 Oak Ridge Bancshares, Inc 542 River Forest Bancorp 249 Oconee Shares, Inc 786 River Oaks Bancshares, Inc 250 O.F.I 602 Riverdale Bancorporation, Inc 173 Ohio Bancorp 478 Robanco Financial Corp 173 Ohio Valley Bancorp 674 Rockford City Bancorp, Inc 542 Olathe Bancshares, Inc 602 Rose Capital Bancshares, Inc 478 Olathe Financial Services Corporation 245 Rosholt Bancorporation, Inc 603 Old Point Financial Corporation 602 Rossville Bankshares, Inc 670 Old Stone Corporation 173, 593 Royal Bank Group, Inc 599 Olmstead Bancorporation, Inc 602 Royce Corporation 749 Omaha National Corporation 447 Rural Financial Services, Inc 478 One Bancorp 359 Rush County National Corporation 674 One Valley Bancorp of West Virginia, Inc 48 Ruth Bank Corporation 752 Oneida Valley Bancshares, Inc 674 Sabinal Bancshares, Inc 542 Pacific Capital Bancorp 248 St. Anthony Bancorporation, Inc 397 Pacific Inland Bancorp 398 St. Clair Agency, Inc 250 Paducah Bank Shares, Inc 450, 474 St. Croix Banco, Inc 675 Pan American Banks, Inc 65, 478 St. James Bancorp, Inc 840 Panhandle Aviation, Inc 840 Salem Bancorp, Inc 899 Penn Central Bancorp, Inc 248 Salem Capital Corporation 450, 474 Peoples Bancorp of Belleville, Inc 248 Saline Bancorp., Inc 249 Peoples Bank Corporation 173 Saver's Bancorp, Inc 478 Peoples Bankshares, Ltd 65, 670 S.B. Corporation 396 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 70 A89 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. SB A Bancorp, Inc 786 Spectrum Financial Corporation 396 S.B.E. Corp 787 Spring Woods Bancshares, Inc 249, 753 S.B.T. Bancshares, Inc 396 Springhill Bancshares, Inc 753 S.B.T. Financial, Inc 604 Spurgeon Financial Corporation 173 SCB Bancorp, Inc 787 Standard Bancshares, Inc 899 Schmid Bros. Investment Company, Inc 674 State Financial Bankshares, Inc 397 Schuyler County Bancshares, Inc 542 State Financial Services Corporation 675 Schwertner Financial Corporation 478 State Holding Company 544 Seacoast Banking Corporation of Florida 66 State National Bancorp of Frankfort, Inc 173 Seattle Bancorporation 66, 667 Steeleville Bancshares, Inc 66 Second National Corporation 249 Stephenson National Bancorp, Inc 603 Security Corporation 396 Sterling Bancorp, Inc 397 Security Financial Services, Inc 396 Stevensville Bancshares, Inc 787 Security National Bancorp, Inc 542 Stewart County Bancorp, Inc 753 Security Pacific Corporation 53, 238, 370, 398, Stillwater Bancorporation, Inc 61 480, 542, 544, 841 Stock Exchange Bancshares, Inc 675 Security Richland Bancorporation 655 Sturm Investment, Inc 451 Security Shares, Inc 245 Sumitomo Bank, Ltd., Osaka, Japan 841 SecurShares Incorporated 603 Summit Bancshares, Inc 397 Selin Corporation 656 Summit Bankshares, Inc 603 Seiko Banco, Inc 542 Summit Holding Corporation 543 Semo Bancshares, Inc 228 Sunwest Financial Services, Inc 603 Seneca Bancshares, Inc 840 Swea City Bancorporation 249 7L Corporation 878 Sylvania BanCorp, Inc 899 Sevier County Bancshares, Inc 478 Tallahatchie Holding Company 173 S.H. Resources and Development Tallapoosa Capital Corporation 787 Corporation 39 Tarpon Financial Corporation 899 Shamrock Bancshares, Inc 603 Tascosa Financial Corporation 397 Shamrock Holdings, Inc 478 Tate Financial Corporation 841 Shannon Bancorp, Inc 249 Taylor Capital Corporation 787 Sharp Bancshares, Inc 67 TC Bankshares, Inc 173 Shawneetown Bancorp, Inc 249 TCB Corporation 479 Shickley State Company 360 TCBankshares, Inc 397 Shreveport Bancshares, Inc 753 Terre Du Lac Bancshares, Inc 397 Signal Finance Corporation 675 Terre Haute First Corporation 787 Siloam Springs Bancshares, Inc 840 Texana Bancshares, Inc 173 Silver Lake Bancorporation, Inc 674 Texas Bancorp Shares, Inc 543 Silver Run Bancorporation, Inc 249 Texas Capital Bancshares, Inc 787 Simmons First National Corporation 542, 603 Texas Commerce Bancshares, Inc 363, 391, Singer & Associates, Inc 883 478, 603 Smithtown Bancorp, Inc 753 Texas Community Bankers, Inc 603 Snow Bankcorp, Inc 787 Texas Gulf Coast Bancorp, Inc 478, 603 Sobank, Inc 543 Texas Regional Bancshares, Inc 478 Society Corporation 66, 388, 841, 889 Texas Southwest Bancorp, Inc 478 Soldier Valley Financial Services, Inc 674 Thayer Bancshares, Inc 787 Somerset Bancorp, Inc 603 Third National Corporation 397 Somonauk FSB Bancorp, Inc 675 Thompson Financial, Ltd 787 South Carolina National Corporation 174 Thunderbird Bank 397 South Central Illinois Bancorp 173 Tipton Bancshares, Inc 174 South Louisiana Financial Corporation 396 Titonka Bancshares, Inc 174 South St. Paul Bancshares, Inc 603 T N Bancshares, Inc 66 Southeast Mississippi Corporation 66 TPB Bancorp 899 Southern Bancorp, Inc 249 Trans Bancorp Holdings N.V., Curacao, Nether- Southern Bancorporation, Inc 174 lands Antilles 543 Southern Illinois Bancshares, Inc 249 Triad Bancshares, Inc 897 Southern Jersey Bancorp 249 Tri-County State Agency, Inc 788 Southern Minnesota Bancshares, Inc 396 Trigg Bancorp, Inc 787 Southern National Bancshares, Inc 249 Trust Company of Georgia 589, 841 Southern National Banks, Inc 787 Tucker Bros., Inc 479 Southern Ohio Community Bancorp, Inc 675 Turner Bancshares, Inc 479 Southland Bank Corp 396 Tuttle Bancshares, Inc 604 Southwest Bancshares, Inc 362 Twin City Bancshares, Inc 173 Southwest Tennessee Bancshares, Inc 753 Two Rivers Bancorp, Inc 397 SparBank, Incorporated 884 Tyler Bancshares, Inc 841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Federal Reserve Bulletin • December 1984 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued—Cont. Orders issued—Cont. U-Banc, Incorporated 543 Whitley Financial Corp 787 Ultra Bancorporation 603 Whitney Corporation of Iowa 479 Underwood Holding Company, Inc 543 Williamson County Bancorp, Inc 899 Unibancorp 753 Willow Bend Bancshares, Inc 479 Unicorp Bancshares, Inc 397 Winchester Bancorporation 787 Union Bankshares Company 543 WNB Resources, Inc 841 Union Bankshares, Inc 250 Woburn National Corporation 398 Union Central Corporation 899 Wolcott Bancorp, Inc 479 Union Financial Corporation 456 Wyoming Bancshares, Inc 66 United Bancorporation Alaska 543 Yoder Bankshares, Inc 479 United Bancorporation of Wyoming, Inc 787 Zachary Bancshares, Inc 173 United Bankers, Inc 66, 899 Bank lending to developing countries, article 755 United Banks of Colorado, Inc 587, 899 Bank Merger Act United City Corporation 397 Orders issued under United New Mexico Financial Corporation 670 Bank of St. Albans 48 United Oklahoma Bankshares, Inc 543 Citizens Bank 900 United Security Bancshares, Inc 397, 543 Citizens Bank and Trust Co 893 U.S. Trust Corporation 371 Central Trust Company 175 United Texas Bancshares, Inc 66 Citizens Bank of New Haven 175 United Vermont Bancorporation 397 Davenport Bank and Trust Company 67 Universal Bancorp, Inc 543 Farmers State Bank of Irene 67 Universal Corporation 675 First Georgia Bank 67 University National Bancshares of San Antonio, First Virginia Bank-Central 67 Inc 249 First Virginia Bank-Eastern Shore 67 Upper Valley Bancorp, Inc 397 Lorain Interim Bank 544 Urban Bancshares, Inc 173 Norstar Bank of Long Island 900 USBANCORP, Inc 479 Northwest Interim Bank 67 UST Corp 603 Northwestern Bank of Commerce 67 Valley Banc Services Corp 543 St. Ansgar State Bank 473 Valley Bancorp, Inc 753 State Bank of Albany 604 Valley Bancorporation 787 United Virginia Bank 250, 544 Valley Bank Holding Company 249 Virginia Community Bank 754 Valley National Corporation 543 Bank merger policy, staff study 87 Van Alstyne Financial Corporation 479 Bank Secrecy Act, statement 573 Vermillion Bancshares, Inc 173 Bank Service Corporation Act VH Bancorporation, Inc 66 Orders issued under Victoria Bankshares, Inc 229 American Bank of Commerce 535 Victory Bancorp, Inc 398 American Fletcher National Bank and Trust Com- Village Banc Holding Co., Inc 787 pany 243 Village Financial Corporation 899 Chem Network Processing Services, Inc 747 Vista Banks, Inc 543 Chemical Bank 747 Volunteer Bancshares, Inc 899 Citibank, N.A 896 Wabasha Holding Company 543 Indiana National Bank 243 Waldorf Bancshares, Inc 899 Liberty National Bank and Trust Company of Warrenburg Bancshares, Inc 249 Louisville 59 Washington State Bancshares, Inc 675 Merchants National Bank and Trust Company ... 243 Washington Trust Bancorp, Inc 479 Michigan National Bank of Detroit 60 Waskom Bancshares, Inc 543 Norwest Corporation 470 Waverly Bancshares, Inc 479 Spencer County Bank 838 Wayne Bancorp, Inc 479 Sun Bank of Ocala 748 Waynoka Bancshares, Inc 543 Sun Bank of Tampa Bay 748 WCN Bancorp, Inc 398 United Community Mortgage Company 535 Weatherford Foundation of Red Bay, Inc 66 Bankers acceptances, discontinuance of use by Federal Weatherford National Bancshares, Inc 543 Open Market Committtee 332 Webster Bancshares, Inc 787 Banking and other financial services, statement on Wesbanco, Inc 479, 603 issues affecting developments in markets for 312 West Banco 479 Banking markets, local, and geographic delineation, West Central Illinois Bancorp, Inc 249 staff studies 495, 819 Westbank Corporation 543 Banking system, statement on basic rules to guide Western Commercial 66, 675 development 90 Western Kansas Bancshares, Inc 753 Berner, Richard B., book 427 Western National Bank of Texas 603 Biern, Herbert A., appointed Assistant Director, Divi- Westport Bancorp, Inc 479 sion of Banking Supervision and Regulation 643-44 White County Bancshares, Inc 675 Birkholz, Carol A., appointed director, Seattle Whitehouse Financial Corporation 543 Branch 268 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 70 A91 Pages Pages Board of Governors (See also Federal Reserve Check, payment by, compared with direct deposit, staff System) study 820 Capital adequacy (See Capital adequacy) Check clearing and collection (See also Fees, Float, and Consumer Advisory Council (See Consumer Adviso- Transfers of funds) ry Council) Delayed availability of check deposits, statement ... 319 Federal Advisory Council (See Federal Advisory Inclusion of new institutions in program for acceler- Council) ated collection 214 Federal Open Market Committee (See Federal Open Notification of return of large dollar check, request Market Committee) for comment on proposed amendment of Regula- Fees (See Fees for Federal Reserve services to depos- tion J 582 itory institutions) Chiles, Robert S., Sr., elected Class A director, Rich- Litigation (See Litigation) mond 256 Members Clark, Peter B., staff study and book 14, 427 List, 1913-84 606 Cohen, Darrel, staff study 14 Seger, Martha R., appointment 579 Coin and currency, revision of Federal Reserve guide- Teeters, Nancy Hays, resignation 579 lines for providing 113 Members and officers, list A97 Cole, Vernon J., appointed director, Cincinnati Policy statements and proposals (See specific Branch 255 subject) Collier, J. Donald, appointed director, Charlotte Publications and releases (See Publications in 1984) Branch 257 Regulations (See Regulations) Commercial banks, article on profitability of insured Reports to Congress (See Statements to Congress) commercial banks in 1983 802 Rules (See Rules) Community Reinvestment Act (CRA) 108, 111 Staff changes Condition reports, new documentation for call and Biern, Herbert A 643-44 income subscription tapes 765 Cornyn, Anthony G 643-44 Consumer Advisory Council Frazier, Robert E 114 Delayed disbursement practices 217 Fribourg, Annette P 872 List A73 Gemmill, Robert F 428 Meetings 218, 582, 764 Hillerman, Neal H 333 Nominations 507 Hooper, Peter, III 428 Recommendations 108, 111 Howard, David H 428 Consumer Credit Protection Act 218 Jacobsen, Robert A 218 Consumer finances, 1983, articles on survey 679, 857 Jones, William R 715 Cookerly, Thomas B., elected Class B director, Rich- Lopez, George M 582 mond 256 Lubitz, Raymond 428, 715 Cornyn, Anthony G., appointed Assistant Director, Promisel, Larry J 428 Division of Banking Supervision and Regulation 643-44 Riggs, Elizabeth B 333 Corporations, nonfinancial, article on financing activ- Schemering, Stephen C 643-44 ity 401 Sidman, Thomas A 218 Corrigan, E. Gerald, statement 413 Spillenkothen, Richard 643-44 Credit (See also Loans) Talley, Samuel H 218 Equal Credit Opportunity (See Equal Credit Opportu- Thompson, Portia W 507 nity Act) Staff studies (See Staff studies) Federal Reserve Banks (See Regulations: O) Statements to Congress (See Statements to Stock market (See Over-the-counter stocks and Regu- Congress) lations: G, T, U, and X) Thrift Institutions Advisory Council (See Thrift Insti- Truth in Lending (See Truth in Lending Act) tutions Advisory Council) Cross, Sam Y., reports 191,492,693 Boone, George C., Jr., appointed director, Jacksonville Currency and coin Branch 258 Delivery and receipt, change in boundaries of Federal Bragdon, Paul E., appointed director, Portland Reserve Districts affecting 428 Branch 267 Guidelines, revised, for providing 113 Branch banks Currency Design Act, statement on proposed legisla- Federal Reserve tion 625 Boundaries, change 428 Currey, Bradley, Jr., appointed Class C director, Directors (See Directors) Atlanta 258 Vice Presidents in charge, list A97 Burke, Jim, staff study 495 DAHL, Frederick R., statement 575 Danker, Deborah J., article 802 CALL and income subscription tapes (See Condition Day, Robert G., appointed Class C director, Chicago 260 reports) Debt (See specific types) Canner, Glenn B., articles 679, 857 Deficits, large, external, and U.S. trade and current Canoles, Leroy T., Jr., appointed Class C director, account deficits, statements 210, 294, 324 Richmond 256 Depository institutions (See also specific types) Capital adequacy guidelines, proposed revision 643 Capital adequacy (See Capital adequacy) Central banks, Federal Reserve Bank of New York to Fee proposed for electronic connection with Federal continue as agent for 332 Reserve 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Federal Reserve Bulletin • December 1984 Pages Pages Depository institutions—Continued Federal Reserve Banks—Continued Inclusion of new institutions in program for acceler- Discount rates (See Interest rates) ated check collection 214 Fees (See Fees for Federal Reserve services to depos- Reserve requirements (See Regulations: D) itory institutions) Depository Institutions Deregulation Committee ... 20, 32 Income and expenses 109 Depository Institutions Management Interlocks Act .. 582, Minneapolis, statement to Congress by E. Gerald 583, 651 Corrigan, President 413 Deposits New York Brokered, fully insured, statement 291 Agent for foreign central banks 332 Interest (See Regulations: Q) Statement to Congress by Anthony M. Solomon, Multi-rate time, policy statement 333 President 419 Reserve requirements (See Regulations: D) Presidents and Vice Presidents, list A97 Dezember, Rayburn S., elected Class A director, San Federal Reserve Board (See Board of Governors) Francisco 266 FEDERAL RESERVE BULLETIN, change in schedule 764, 821 Directors Federal Reserve Districts, change in boundaries 428 Federal Reserve Banks Federal Reserve System (See also Board of Chairmen and Federal Reserve Agents . 253-68, A97 Governors) Deputy Chairmen 253-68, A97 Compliance Handbook, supplement 10 334 List 253-68 Districts, change in boundaries 428 Federal Reserve branch banks Map A98 Chairmen 235-68, A97 Membership, admissions of state banks ... 22, 114, 218, List 253-68 334, 428, 507, 582, 644, 716, 821, 872 Disbursement practices, delayed, issuance of policy Position on restructuring of financial regulation restatement and proposal 217, 218 sponsibilities, article 547 Discount rates at Reserve Banks (See Interest rates) Supervisory response to criminal misconduct and Districts, Federal Reserve (See Federal Reserve Dis- abuse by bank insiders, statement 423 tricts) Fees for Federal Reserve services to depository institu- Dividends tions (See also Check clearing and collection) Federal Reserve Banks 109 Automated clearinghouse services, revised fee sched- Insured commercial banks, article on profitability . 809, ule 213 812-17 Check delivery, amendment of Regulation J to permit Dudley, William, staff study 820 charge for 112,219 Foreign loans, rules regarding 22, 109, 113, 331 Pricing of services EARNINGS and expenses (See Income and expenses) Coordination of activities 581 Economic activity, underground, in United States, arti- Financial results of operations 580, 713 cle on monetary perspective 177 Policy papers on, statement 707-13 Edgerly, William S., elected Class A director, Boston 253 Electronic fund transfers (See Transfers of funds) Report 334 Review of developments, statement 413 Elliehausen, Gregory E., articles 679, 857 Private sector adjustment factor, revision 331 Equal Credit Opportunity Act, determinations under, Wire transfer of funds amendment of rules 145 Fee structure, revision 113, 715 Expenses (See Income and expenses) Off-line surcharges for, revisions 110 Export trading companies, investment by bank holding Financial innovations in United States, staff study on companies in, amendment of Regulation K and some implications 621 Board's rules 30, 34 Financial Institutions Regulatory and Interest Rate Con- Exports, U.S., statement 568 trol Act 30 FEDERAL Advisory Council, list A72 Financial regulation (S<?f Regulation of financial ser- Federal Financial Institutions Examination vices) Council 20, 30 Financing (See specific subject) Federal Open Market Committee Fiscal policy Bankers acceptances, discontinuance of use by .... 332 And monetary policy, statement 206 Foreign exchange operations (See Foreign exchange U.S., staff study on effects on U.S. economy 14 operations) Float Members and officers, list A72 Amendment of Regulation J regarding 112, 219 Policy actions, record .. 23, 115, 335, 509, 645, 717, 822 Pricing 213 Federal Reserve Act, orders issued under section 25 .. 168 Proposal to eliminate "fractional availability crediting Federal Reserve and Treasury foreign exchange opera- option" 643 tions (See Foreign exchange operations) Foreign banking and financing (See Regulations: K) Federal Reserve Banks Foreign central banks (See Central banks) Branches (See Branch banks) Foreign exchange operations, Treasury and Federal Chairmen and Deputy Chairmen 253-68, A97 Reserve, reports 191,492,693 Coin and currency, revised guidelines for providing . 113 Foreign loans {See Loans) Credit extended by (See Regulations: A) Fort, Herbert, appointed director, Buffalo Branch .... 254 Delegation of authority to 34, 429 Frazier, Robert E., appointed Director, Division of Directors (See Directors) Support Services 114 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 70 A93 Pages Pages Fribourg, Annette P., appointed Special Assistant to International Lending Supervision Act of 1983 ... 22, 109, Board 872 113, 331, 583 Full Employment and Balanced Growth Act of 1978, International transactions of United States in 1983, reports pursuant to (See Monetary policy reports to article 269 Congress) Interpretations, incorporation in revision of Regulation Y 121 GARN-ST GERMAIN Depository Institutions Act of Investments (See also specific types) 1982 20, 30 Bank holding companies, in export trading compa- Gay, Robert S., article 843 nies, amendment of Regulation K and Board's Gemmill, Robert F., designated Staff Adviser, Division rules 30, 34 of International Finance 428 Isard, Peter, article 269 Gramley, Lyle E. Brokered deposits, fully insured, statement 291 JACOBSEN, Robert A., Assistant Director, Division of Interest rates, statement 499 Banking Supervision and Regulation, retirement 218 Guidelines Johnson, George Deane, Jr., elected Class B director, Capital acequacy (See Capital adequacy) Richmond 256 Currency and coin, revised guidelines for providing . 113 Jones, Carl E., Jr., appointed director, New Orleans Gustafson, Thomas A., articles 679, 857 Branch 259 Jones, Robert W., appointed director, Nashville HALL, John R., elected Class B director, Cleveland . 255 Branch 259 Hardin, John A., appointed director, Charlotte Jones, William R., appointed Assistant Staff Director Branch 257 Office of Staff Director for Management 715 Harrison, Richard D., elected Class B director, Kansas City 263 KEOGH plan 20, 33 Hernandez-Cata, Ernesto, book 427 Kester, Robert L., appointed director, Miami Branch . 259 Hillerman, Neal H., Assistant Director, transferred Kwack, Sung Y., book 427 to Data Applications Branch, Division of Data Processing 333 LATTING, Patience, appointed director, Oklahoma Hockaday, Irvine O., Jr., appointed Class C director, City Branch 264 Kansas City 263 Legislation (See specific name of act) Hoff, Charles W., Ill, appointed director, Baltimore Litigation, cases pending involving Board of Gover- Branch 257 nors .... 68, 175, 251, 399, 481, 545, 605, 676, 754, 789, Home mortgage disclosure 841, 901 Determinations under Act, amendment of rules .... 145 Loans (See also Credit) Regulation C (See Regulations) Bank lending to developing countries, article 755 Secondary Mortgage Market Enhancement Act of Executive officers of member banks (See Regulation: 1983, statement 288 O) Hooper, Peter, III, appointed Assistant Director, Divi- Foreign, rules regarding 22, 109, 113, 331 sion of International Finance 428 Mortgages (See Home Mortgage Disclosure) Horn, Karen N., statement 502 Over-the-counter stocks, amendment of Regulations Housing (See Real estate) G, T, and U 334, 764, 767 Howard, David H., appointed Assistant Director, Divi- Secondary Mortgage Market Enhancement Act of sion of International Finance 428 1983, statement 288 Howe, Howard J., book 427 Stocks (See Stock market credit) Humphrey-Hawkins Act, monetary policy report re- Venezuelan, classification 507 quired under (See Monetary policy reports to Con- Lopez, George M., appointed Assistant Director, Divigress) sion of Support Services 582 Lubitz, Raymond, appointed Assistant Director, Divi- INCOME and expenses sion of International Finance, and death 428, 715 Call and income subscription tapes, new documentation for 765 MCLAUGHLIN, Mary M., article 802 Federal Reserve Banks 109 Margin requirements Insured commercial banks, article on profitability .. 802 Over-the-counter stocks (See Over-the-counter Individual retirement accounts (IRAs) 20, 33, 333 stocks) Industrial production, releases . 16, 88, 204, 286, 411, 497, Regulations G, T, U, and X (See Regulations) 558, 623, 705, 869 Martin, Preston Inflation, article on recent behavior 483 Checks, statement on delayed availability 319 Insured commercial banks, article on profitability .... 802 Secondary Mortgage Market Enhancement Act of Interest on deposits (See also Interest rates) 1983, statement 288 Changes (See Regulations: Q) Melichar, Emanuel, article 1 Interest rates (See also Interest on deposits) Member banks (See also Depository institutions) Federal Reserve Banks, changes 329, 429 Loans to executive officers (See Regulations: O) Statements 499, 502 State member banks (See State member banks) Interlocking bank relationships (See Regulations: L) Mergers (See Bank Merger Act) International banking operations (See Regulations: K) Mitchell, Harvey J., appointed director, Los Angeles International debt situation, statement 636 Branch 266 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Federal Reserve Bulletin • December 1984 Pages Pages Monetary Control Act of 1980 29, 113 Regulations (Board of Governors; see also Rules) Monetary and fiscal policies, statement 206 A, Extensions of Credit by Federal Reserve Banks Monetary perspective on underground economic activi- Adjustment of discount rates, amendments 429 ty in United States, article 177 C, Home Mortgage Disclosure Monetary policy Definition of metropolitan areas, technical amend- Reports to Congress 69, 609 ments 29 Statements to Congress 96, 102, 105, 626, 632 D, Reserve Requirements of Depository Institu- Money market deposit accounts 20 tions Money stock and reserves data Transaction accounts, amendment 29 Changes in statistical releases 21 E, Electronic Fund Transfers Revisions 214, 279 Expansion of coverage, modification of error reso- Moran, Michael J., article 401 lution requirements, and additional flexibility in Morrison, Kenneth, appointed director, Omaha Branch 264 disclosure of charges for transfer services, Mortgages (See Home mortgage disclosure) amendments 871 Multicountry Model, publication of book on 427 Proposals related to 218 Staff commentary update 871 G, Securities Credit by Persons Other Than Banks, NEGOTIABLE order of withdrawal (NOW) Brokers, or Dealers accounts 20, 33 Lending on over-the-counter securities, amend- Nonfinancial corporations, article on financing ments 334, 764, 767 activity 401 J, Collection of Checks and Other Items and Wire Transfer of Funds Check delivery, amendment to permit charges OVER-THE-COUNTER stocks for 112, 219 Lending on, amendment of Regulations G, T, Notification of return of large dollar check, request and U 334, 764, 767 for comment on proposed amendment 582 Margin stock list, supplement and revisions 113, K, International Banking Operations 507, 871 Investments by bank holding companies in export trading companies, amendments 30 PARKINSON, Patrick M., staff study 621 Nonbanking activities, amendment 30 Partee, J. Charles, statement 423 Requirements for accounting for fees charged on Payments mechanism (See Fees and Transfers of international loans, amendments 343 funds) U.S. banking organizations, request for comment Peery, Charles Lee, appointed director, Birmingham on proposed revisions 582, 715 Branch 258 L, Management Official Interlocks Perry, Marcella D., appointed director, Houston Amendments to substitute new classification for Branch 265 metropolitan statistical areas 582, 583, 651 Porter, Richard D., article 177 O, Loans to Executive Officers, Directors, and Princi- Pratt, Robert N., appointed director, Salt Lake City pal Shareholders of Member Banks Branch 267 Amendments to conform to Garn-St Germain De- Pricing of Federal Reserve services (See Fees for Feder- pository Institutions Act of 1982 20, 30 al Reserve services to depository institutions) Q, Interest on Deposits Production, industrial (See Industrial production) Multi-rate time deposits and other advertising and Promisel, Larry J., appointed Senior Associate Direc- disclosure issues, proposed amendment 333 tor, Division of International Finance 428 Rules of Depository Institutions Deregulation Publications in 1984 (includes releases) Committee, technical amendments to con- Call and income subscription tapes, new documenta- form 20, 32 tion for 765 T, Credit by Brokers and Dealers FEDERAL RESERVE BULLETIN, change in sched- Lending on over-the-counter securities, amendule 764, 821 ments 334, 764, 767 Federal Reserve System Compliance Handbook, Options clearing agency to accept margin securiavailability of supplement 10 334 ties, amendments to permit 332, 344 List A74 Proposed amendment 113 Money stock and reserves data, changes in statistical Revised, deferment of effective date 333 releases 21 U, Credit by Banks for the Purpose of Purchasing or Multicountry Model, book 427 Carrying Margin Stock Over-the-counter margin stock list (See Over-the- Lending on over-the-counter securities, amendcounter stocks) ments 334, 764, 767 X, Rules Governing Borrowers Who Obtain Securi- RAPAPORT, Robert D., appointed director, Miami ties Credit Branch 259 Revision, complete 20, 33 Real estate (See Home mortgage disclosure) Y, Bank Holding Companies and Change in Bank Regulation of financial services Control Federal Reserve position on restructuring, article ... 547 Exemptions from Ill Statement of Chairman Volcker after meeting of Task Nonbanking activities, proposed 218 Group on 112 Revision, complete, and simplification .... 19, 121-45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 70 A95 Pages Pages Regulations—Continued Staff studies—Continued Z, Truth in Lending Check, payment by, compared with direct deposit .. 820 Proposals related to 218 Financial innovations in United States, some implica- Staff commentary, update and changes 333, 871 tions 621 Regulatory Improvement Project U.S. fiscal policy, effects on U.S. economy 14 Regulation X 20, 33 State and local government sector, article on recent Regulation Y 19, 121-45 developments 791 Reisher, Roger L., appointed director, Denver State member banks Branch 263 Capital adequacy (See Capital adequacy) Rendle, G.R., appointed director, Pittsburgh Branch .. 256 Membership in Federal Reserve System (See Federal Repurchase agreements on bankers acceptances, dis- Reserve System) continuance of use by Federal Open Market Commit- Mergers (See Bank Merger Act) tee 332 Statements to Congress (including reports) Reserve requirements, depository institutions (See Reg- Argentina, financial package to help country meet ulations: D) interest payments on its bank debt 419 Revisions (See also specific subject) Bank and thrift holding company activities, proposals Money stock and reserves data 214, 279 to restructure laws governing 298, 560 Regulations and rules (See Regulations and Rules) Bank Export Services Act 575 Rhoades, Stephen A., staff study 87 Bank Secrecy Act, statement 573 Riggs, Elizabeth B., appointed Assistant Director, Soft- Banking and other financial services, issues affecting ware Applications Branch, Division of Data Process- developments in markets for 312 ing 333 Banking system, discussion of basic rules to guide Rubin, Laura S., article 791 development 90 Rules (Board of Governors; see also Regulations) Brokered deposits, fully insured 291 Delegation of authority, amendments .. 34, 145, 429, 583 Check deposits, delayed availability 319 Equal Employment Opportunity, request for com- Criminal misconduct and abuse by bank insiders and ment on revision and expansion 715 supervisory response 423 International Lending Supervision Act of 1983, rules Currency Design Act, views on proposed legislaregarding 109 tion 625 Ryan, John E., statement 573 Deficits 210, 294, 324 Interest rates 499, 502 SAVINGS and loan associations, state chartered, ex- International debt situation 636 emptions from Regulation Y Ill Monetary and fiscal policies 206 Savings deposits (See Deposits) Monetary policy 69, 96, 102, 105, 609, 626, 632 Schemering, Stephen C., appointed Assistant Director, Pricing of Federal Reserve services, review of devel- Division of Banking Supervision and opments 413 Regulation 643-44 Secondary Mortgage Market Enhancement Act of Securities credit 1983 288 Over-the-counter stocks (See Over-the-counter Truth in Lending Act, Board's views on surcharge on stocks) credit card purchases 102, 309 Regulations G, T, U, and X (See Regulations) World trade and U.S exports, statement 568 Seger, Martha R., appointed Member, Board of Stevens, Guy V.G., book 427 Governors 579 Stock market credit Semrod, T. Joseph, elected Class A director, New Over-the-counter stocks (See Over-the-counter York 254 stocks) Sibley, John, appointed director, El Paso Branch 265 Regulations G, T, U, and X (See Regulations) Sidman, Thomas A., Assistant Director, Division of Stocks (See specific types) Banking Supervision and Regulation, retirement .... 218 Stockton, David, article 483 Simpson, Thomas D., article and staff study 279, 621 Story, Ronald D., appointed director, Detroit Branch . 260 Singley, Carl E., elected Class B director, Philadel- Surveys of consumer finances, 1983, articles 679, 857 phia 25? Sweeney, Robert J., elected Class B director, St. Smith, Jo Ann Doke, appointed director, Jacksonville Louis 261 Branch 258 Snodgrass, John, appointed director, Oklahoma City Branch 264 TABLES, for index to tables published monthly, see Solomon, Anthony M., statement 419 guide at top of p. A81; for special tables published Spillenkothen, Richard, appointed Assistant Director, during year, see list on p. A69 Division of Banking Supervision and Regulation 643-44 Talley, Samuel H., Assistant Director, Division of Staff studies Banking Supervision and Regulation, resignation ... 218 Bank merger policy, implications of financial deregu- Teeters, Nancy H. lation, interstate banking, and financial supermar- Resignation as Member, Board of Governors 579 kets 87 Truth in Lending Act, statements on Board's views Banking markets on surcharge on credit card purchases 102, 309 Geographic delineation, review of literature 819 Terrell, Henry S., article 755 Local, antitrust laws, Justice Department guide- Thompson, Portia W., appointed EEO Programs lines, and limits of concentration 495 Officer 507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Federal Reserve Bulletin • December 1984 Pages Pages Thorne, Charles H., appointed director, Omaha VENEZUELAN loans, classification 507 Branch 264 Volcker, Paul A. Thrift holding company activities, statements on pro- Bank and thrift holding company activities, stateposals to restructure laws governing 298, 560 ments on proposals to restructure laws Thrift Institutions Advisory Council governing 298, 560 Appointment of new members 217 Banking and other financial services, statement on List A72 issues affecting developments in markets for 312 Time deposits (See Deposits) Banking system, statement on basic rules to guide Trade development 90 U.S. merchandise and current account deficits, state- Deficits on U S. trade and current account, statement 324 ments 294, 324 Federal Reserve position on restructuring of financial World, and U.S. exports, statement 568 regulation responsibilities, article 547 Transfers of funds (See also Check clearing and collec- International debt situation, statement 636 tion, and Float) Monetary and fiscal policy, statement 206 Fees (See Fees for Federal Reserve services to depos- Monetary policy, statements 96, 102, 105, itory institutions) 626, 632 Measures to reduce risk in large electronic fund Regulation of financial services, statement 112 transfers, request for comment 329, 507 World trade and U.S. exports, statement 568 Net settlement services, actions affecting 643 Regulation E (See Regulations) Treasury Department, U.S., foreign exchange opera- WAGE behavior, aggregate, and union settlements in tions (See Foreign exchange operations) the 1980s, article 843 Truth in Lending Act Walker, Mary W., elected Class A director, Atlanta .. 257 Preemption authority regarding certain state Wallich, Henry C., statements on large external deficits, laws 114 and U.S. trade and current account deficits, state- Regulation Z (See Regulations) ments 210, 294 Surcharge on credit card purchases, statements on Walther, John H., elected Class A director, Philadel- Board's views 102, 309 phia 254 Williams. Anthony W., appointed director, Denver UNDERGROUND economic activity in United States, Branch 263 article on monetary perspective 177 Williams, Patsy R.. appointed director, Nashville Union settlements and aggregate wage behavior in the Branch . . . .' 259 1980s, article 843 Wilson, C. Ivan, appointed director, San Antonio U.S. economy Branch 265 Effects of U.S. fiscal policy on, staff study 14 Wire transfers of funds (See Transfers of funds) Multicountry Model, book dealing with 427 Wolken, John D., article 819 U.S. international transactions in 1983, article 269 U.S. trade and current account deficits, statements 294, 324 YATES, Peyton, appointed director, El Paso Branch . 265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A97 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 Robert W. Eisenmenger NEW YORK* 10045 John Brademas Anthony M. Solomon Gertrude G. Michelson Thomas M. Timlen Buffalo 14240 M. Jane Dickman John T. Keane PHILADELPHIA 19105 Robert M. Landis Edward G. Boehne Nevius M. Curtis Richard L. Smoot CLEVELAND* 44101 William H. Knoell Karen N. Horn E. Mandell de Windt William H. Hendricks Cincinnati 45201 Robert E. Boni Charles A. Cerino Pittsburgh 15230 Milton G. Hulme, Jr. Harold J. Swart RICHMOND* 23219 William S. Lee Robert P. Black Leroy T. Canoles, Jr. Jimmie R. Monhollon Baltimore 21203 Robert L. Tate Robert D. McTeer, Jr. Charlotte 28230 Henry Ponder Albert D. Tinkelenberg Culpeper Communications John G. Stoides and Records Center 22701 ATLANTA 30301 John H. Weitnauer, Jr. Robert P. Forrestal Bradley Currey, Jr. Jack Guynn Birmingham 35283 Martha A. Mclnnis Fred R. Herr Jacksonville 32231 Jerome P. Keuper James D. Hawkins Miami 33152 Sue McCourt Cobb Patrick K. Barron Nashville 37203 C. Warren Neel Jeffrey J. Wells New Orleans 70161 Sharon A. Perlis Henry H. Bourgaux CHICAGO* 60690 Stanton R. Cook Silas Keehn Edward F. Brabec Daniel M. Doyle Detroit 48231 Russell G. Mawby Roby L. Sloan ST. LOUIS 63166 W.L. Hadley Griffin Theodore H. Roberts Mary P. Holt Joseph P. Garbarini Little Rock 72203 Sheffield Nelson John F. Breen Louisville 40232 Sister Eileen M. Egan James E. Conrad Memphis 38101 Patricia W. Shaw Paul I. Black, Jr. 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 Doris M. Drury Roger Guffey Irvine O. Hockaday, Jr. Henry R. Czerwinski Denver 80217 James E. Nielson Wayne W. Martin Oklahoma City 73125 Patience Latting William G. Evans Omaha 68102 Robert G. Lueder Robert D. Hamilton DALLAS 75222 Robert D. Rogers Robert H. Boy kin John V. James William H. Wallace El Paso 79999 Mary Carmen Saucedo Joel L. Koonce, Jr. Houston 77252 Paul N. Howell J.Z. Rowe San Antonio 78295 Lawrence L. Crum Thomas H. Robertson SAN FRANCISCO 94120 Caroline L. Ahmanson John J. Balles Alan C. Furth Richard T. Griffith Los Angeles 90051 Bruce M. Schwaegler Richard C. Dunn Portland 97208 Paul E. Bragdon Angelo S. Carella Salt Lake City 84125 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

A98 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

Publications of Interest FEDERAL RESERVE CONSUMER CREDIT sumer credit protections. This 44-page booklet ex- PUBLICATIONS plains how to use the credit laws to shop for credit, apply for it, keep up credit ratings, and complain about an unfair deal. The Federal Reserve Board publishes a series of Protections offered by the Electronic Fund Transfer pamphlets covering individual credit laws and topics, Act are explained in Alice in Debitland. This booklet as pictured below. The series includes such subjects as offers tips for those using the new "paperless" syshow the Equal Credit Opportunity Act protects wom- tems for transferring money. en against discrimination in their credit dealings, how Copies of consumer publications are available free to use a credit card, and how to use Truth in Lending of charge from Publications Services, Mail Stop 138, information to compare credit costs. Board of Governors of the Federal Reserve System, The Board also publishes the Consumer Handbook Washington, D.C. 20551. Multiple copies for classto Credit Protection Laws, a complete guide to con- room use are also available free of charge. LECMO LE4SING The LE4SMG Equal Credit LE4SMG Opportunity Act and TRUTH IN LE4SING Credit Rights In Housing What Thithln Lending Means ToYou The Equal Credit Opportunity Actl ...andl Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Publications of Interest FEDERAL RESERVE REGULATORY SERVICE The Securities Credit Transactions Handbook contains Regulations G, T, U, and X, dealing with exten- To promote public understanding of its regulatory sions of credit for the purchase of securities, together functions, the Board publishes the Federal Reserve with all related statutes, Board interpretations, rul- Regulatory Service, a three-volume looseleaf service ings, and staff opinions. Also included is the Board's containing all Board regulations and related statutes, list of OTC margin stocks. interpretations, policy statements, rulings, and staff The Consumer and Community Affairs Handbook opinions. For those with a more specialized interest in contains Regulations B, C, E, M, Z, AA, and BB and the Board's regulations, parts of this service are associated materials. published separately as handbooks pertaining to mon- For domestic subscribers, the annual rate is $175 for etary policy, securities credit, and consumer affairs. the Federal Reserve Regulatory Service and $60 for These publications are designed to help those who each handbook. For subscribers outside the United must frequently refer to the Board's regulatory materi- States, the price including additional air mail costs is als. They are updated at least monthly, and each $225 for the Service and $75 for each Handbook. All contains conversion tables, citation indexes, and a subscription requests must be accompanied by a check subject index. or money order payable to Board of Governors of the The Monetary Policy and Reserve Requirements Federal Reserve System. Orders should be addressed Handbook contains Regulations A, D, and Q plus to Publications Services, Mail Stop 138, Federal Rerelated materials. For convenient reference, it also serve Board, 20th Street and Constitution Avenue, contains the rules of the Depository Institutions N.W., Washington, D.C. 20551. Deregulation Committee. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis