Federal Reserve Bulletin, 1989-06

VOLUME 75 • NUMBER 6 • JUNE 1989 \ FEDERAL RESERVE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. PUBLICATIONS COMMITTEE Joseph R. Coyne, Chairman • S. David Frost • Griffith L. Garwood • Donald L. Kohn • J. Virgil Mattingly, Jr. • Michael J. Prell • Edwin M. Truman 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 Section headed by Mendelle T. Berenson, the Graphic Communications Section under the direction of Peter G. Thomas, and Publications Services supervised by Linda C. Kyles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Table of Contents 423 THE INTERNATIONAL GOLD Admission of two state banks to member- STANDARD AND U.S. MONETARY ship in the Federal Reserve System. POLICY FROM WORLD WAR I TO THE NEW DEAL 447 LEGAL DEVELOPMENTS From 1914 to 1934, amid upheaval in inter- Various bank holding company, bank sernational and domestic financial markets, vice corporation, and bank merger orders; the United States honored its commitment and pending cases. to redeem dollars for gold. Throughout the 1920s, however, Federal Reserve policy alternated between management of the in- Ai FINANCIAL AND BUSINESS ternational gold standard and management STATISTICS of the domestic economy. U.S. monetary These tables reflect data available as of policy during the Depression shifted April 26, 1989. toward domestic objectives and culminated in the 1934 Gold Reserve Act, which A3 Domestic Financial Statistics greatly diminished the influence of the gold A46 Domestic Nonfinancial Statistics standard. A55 International Statistics 441 INDUSTRIAL PRODUCTION A71 GUIDE TO TABULAR PRESENTATION, STATISTICAL RELEASES, AND Industrial production was again un- SPECIAL TABLES changed in March. A94 BOARD OF GOVERNORS AND STAFF 443 ANNOUNCEMENTS Policy statement on delayed disbursement A96 FEDERAL OPEN MARKET COMMITTEE of teller's checks and cashier's checks. AND STAFF; ADVISORY COUNCILS Final amendments to Regulation CC. A99 FEDERAL RESERVE BOARD Final amendments to Regulation Z. PUBLICATIONS Comment requested on proposal regarding "tandom operations restrictions." AIOI SCHEDULE OF RELEASE DATES FOR PERIODIC RELEASES Revised List of Marginable OTC Stocks now available. A 103 INDEX TO STATISTICAL TABLES Publication of 75th Annual Report, 1988. Changes in prices of some Federal Re- A 105 FEDERAL RESERVE BANKS, serve Board publications. BRANCHES, AND OFFICES Revised edition of the Federal Reserve Act now available. A 106 MAP OF FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The International Gold Standard and U.S. Monetary Policy from World War I to the New Deal Leland Crabbe, of the Division of Research and domestic economy. During the First World War, Statistics at the Board of Governors, prepared the United States and other belligerents fully or this article, which is the second in a series partly suspended the gold standard, de jure or de celebrating the seventy-fifth anniversary of the facto, to prevent it from hampering the war founding of the Federal Reserve System. effort. In 1920, when the United States alone operated the gold standard without restrictions, Before the First World War, most of the world, the Federal Reserve imposed a severe monetary including the United States, Great Britain, and contraction, which defended the gold standard every country in Europe, maintained gold stan- but contributed greatly to a depression. Hoping dard. In the United States, the Resumption Act to stabilize the world economy in the 1920s, the had restored the gold standard in 1879, and the industrial nations, notably Britain and France, Gold Standard Act of 1900 had established gold restored the international gold standard. The as the ultimate standard of value. Internationally, restoration—which must be judged a failure— the gold standard committed the United States to compelled the Federal Reserve to make choices maintain a fixed exchange rate in relation to other between its international and its domestic objeccountries on the gold standard, a commitment tives. Indeed, throughout the 1920s and early that facilitated the flow of goods and capital 1930s, Federal Reserve policy alternated beamong countries. Domestically, the gold stan- tween management of the international gold standard committed the United States to limit the dard and management of the domestic economy. expansion of money and credit, and thus it With the devaluation of the dollar in 1933, the restrained inflationary pressures. United States established the principle that do- The international gold standard did not func- mestic policy objectives had primacy over the tion ideally, however. Although the gold stan- dictates of the gold standard. (See table 1 for the dard provided a basis for nominal stability over major events covered in this paper and the insert the long run, the U.S. and world economy suf- on page 425 for definitions of terms regarding the fered in the short run through periods of depres- gold standard.) sion and inflation due to changes in the world's supply of and demand for gold. Moreover, the U.S. commitment to the international gold stan- THE FIRST WORLD WAR dard had a cost: It confined, though it did not preclude, discretionary management of the do- The First World War nearly demolished the mestic economy. international gold standard. While none of the From the First World War to the New Deal, countries at war demonetized gold or refused to amid upheaval in international and domestic fi- buy gold at a fixed price, none adhered strictly to nancial markets, the United States honored its the tenets of the gold standard. When the war commitment to redeem dollars for gold at $20.67 began, belligerent governments instituted several per ounce. Maintenance of the gold standard, legal and practical changes in the gold standard, however, recurrently interfered with the Federal which they viewed as a temporary suspension of Reserve's broader objective of stabilizing the the rules rather than as a permanent abandon- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 Federal Reserve Bulletin • June 1989 1. Major events in the history of the international Relief came without the suspension of the gold gold standard, 1914-34 standard in the United States. On July 31, the New York Stock Exchange joined the world's Date Event other major exchanges in closing its doors, thus August 1914 World War I begins easing pressure on the gold standard by prevent- November 16, 1914 Federal Reserve Banks open ing the export of gold arising from foreign sales of January 13, 1916 Britain pegs the pound at $4.76 April 6, 1917 United States enters the war U.S. corporate securities. In August, unsafe November 11, 1918 Armistice declared shipping conditions and the unavailability of in- 1920 Federal Reserve defends the gold standard surance further slowed gold exports. Still, with January 1923 France and Belgium invade the Ruhr the export sector in disarray and with $500 January 1924 Dawes Plan April 28, 1925 Britain returns to the gold standard million in short-term debts coming due in Eu- July 1926 French currency crisis July 1927 Inter-central-bank agreement rope, the United States needed to implement October 23, 1929 U.S. stock market crashes additional actions to defend the exchange value September 21, 1931 Britain abandons the gold standard of the dollar. The most important relief measure March 6, 1933 Bank holiday; U.S. suspends the gold standard came on August 3, when Secretary of the Trea- June-July 1933 World Monetary and Economic sury William McAdoo authorized national and Conference convenes January 30, 1934 Gold Reserve Act passed state banks to issue emergency currency by invoking the Aldrich-Vreeland Act. Because it ment of the international monetary system. Pre- allowed banks to use such notes to meet curvious wars had often forced suspension; peace rency withdrawals and to safeguard reserves, this emergency measure kept panic from sweephad always brought restoration. ing over the banking system. In early September, U.S. Response to the 1914 Crisis less than a month after its first members took the oath of office, the Federal Reserve Board, in conjunction with the Secretary of the Treasury, Although the United States did not enter the war organized a syndicate of banks that subscribed until 1917, the outbreak of war in Europe in 1914 $108 million in gold to pay U.S. indebtedness in immediately disrupted U.S. financial and com- Europe. Less than $10 million was actually exmodity markets, the latter being heavily depenported from this gold fund, however, because the dent on London for the financing of exports. In organization of the fund itself provided foreign July 1914, U.S. firms had a large amount of creditors with the assurance they required. short-term debts payable in Europe, primarily in London; but this position was normal in the Although the international financial machinery summer, as borrowers expected to use the pro- broke down more fundamentally in 1914 than it ceeds from exports of cotton and grain to pay off had in previous crises, the U.S. domestic econtheir liabilities in the fall. As Europe moved omy fared surprisingly well. Primarily because toward war, the world's financial markets be- the issuance of emergency currency provided came highly disorganized, especially after ac- liquidity, the volume of loans made by banks was ceptance and discount houses in London shut much higher than in past crises. Because banks down their operations. Late in July, as foreigners in the country actually increased their loans began liquidating their holdings of U.S securities outstanding, in contrast to their past practices, and as U.S. debtors scrambled to meet their the crisis of 1914 did not unduly burden banks in obligations to pay in sterling, the dollar-pound New York. Although interest rates in the United exchange rate soared as high as $6.75, far above States rose and remained high through the authe parity of $4.8665. Large quantities of gold tumn, rates did not soar to the levels reached in began to flow out of the United States as the past panics. By the time the Federal Reserve premium on sterling made exports of gold highly Banks opened, on November 16, 1914, the finanprofitable. Under the pressure of heavy foreign cial crisis in the United States had nearly passed. selling, stock prices fell sharply in New York. In November, commercial banks began to retire The banking and financial systems in the United Aldrich-Vreeland notes. In December, gold be- States seemed on the verge of collapse. gan to flow toward the United States, and the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

International Gold Standard 425 New York Stock Exchange reopened. By Janu- import war supplies, they realized that gold exary, with exports surging, the neutral dollar had ports could not satisfy indefinitely these dual rebounded to move past parity with the pound. objectives without undermining confidence in the pound. From January 13, 1916, to March 19, Attempts to Maintain Exchange Rate 1919, J.P. Morgan and Company, acting as Parities during the War agents of the British Treasury, pegged the dollarpound rate in New York at $4,765. The durability of the international gold standard Gold exports, pegging operations, and large before the First World War can be traced to a sales of foreign securities partially shielded the well-founded trust in the stability of the principal fixed structure of the world's exchange rates, but reserve currency, the British pound. The preser- Great Britain and its allies depended on internavation of confidence in the gold standard in Great tional borrowing as the key weapon in their Britain during the war relied on keeping the defense of exchange rate parities. As the war pound above the gold export point of the princi- stretched from months into years, an extraordipal neutral currency, the U.S. dollar. With Great nary network of international lending emerged, Britain and all of the other warring nations hun- which fortified the strained structure of exchange gering for commodity imports to feed their econ- rates. In general, neutrals lent to belligerents. omies, gold shipments to the United States Most important, the United States lent to Britain. helped hold exchange rates near parity during the As the volume of debt burgeoned, the structure period of U.S. neutrality. From August 1914 to of the debt intertwined: Neutrals lent to neutrals; April 1917, the United States imported a total of belligerents lent to their allies. The diversion of $1.12 billion in gold, and the monetary gold stock war-financing pressures partly sheltered the swelled from $1.57 billion to $2.85 billion. While world exchange rate structure at the cost of the British wanted to support the pound and to contorting the world debt structure. When the THE GOLD STANDARD: DESCRIPTIONS AND dollar-pound exchange rate could move in either DEFINITIONS direction away from the parity benchmark by a small amount to the gold export point, where it Fixing the value of a country's monetary unit in became profitable to ship gold to the country with terms of a specific weight of gold constituted the the stronger currency. essence of the gold standard. For example, the Before the First World War, many central banks United States went back on the gold standard in held pounds as a reserve asset, and the pound 1879 by defining a dollar to equal 23.22 fine grains of usually served in lieu of gold in international transgold or, equivalently, by setting a price of $20.67 actions; this system was known as the sterling for one troy ounce of gold. Before the First World exchange standard. At the Genoa Conference of War, most countries were on a form of the gold 1922, all European governments declared the reescoin standard. These countries minted gold coins tablishment of the international gold standard to be that circulated, along with notes that were fraction- their ultimate and common financial objective and, ally backed by gold reserves, in the payments to economize further on gold reserves, resolved to system as legal tender. To economize on gold adopt a gold exchange standard under which goldreserves after the war, many countries, including based assets would serve as reserve assets. This Britain but not the United States, stopped circulat- goal was achieved by the mid-1920s. However, the ing gold coins. Instead, these countries instituted a extensive holdings of foreign exchange reserves gold bullion standard, under which notes could be (primarily dollar- and pound-denominated deposit exchanged for gold bars. balances) under the gold exchange standard went Under the international gold standard, curren- beyond what the participants at the conference had cies that were fixed in terms of gold were, neces- envisioned. In the ten years before World War I, sarily, tied together by a system of fixed exchange total foreign exchange reserves in European central rates. The fixed relative quantity of gold between banks fluctuated between $250 million and $400 two currencies in the system was known as the million. In contrast, at the end of 1924, foreign parity. The prewar parity between the dollar and exchange holdings totaled $844 million; at the end the pound sterling was $4.8665 to 1 pound, but the of 1928, they were $2,513 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 Federal Reserve Bulletin • June 1989 United States entered the war in April 1917, ted gold to flow freely to and from other counloans by the U.S. government to its allies replen- tries. Five months after the United States enished the nearly exhausted resources of the pri- tered the war, President Wilson issued a vate financial markets. From April 1917 to No- proclamation that required all parties who vember 1920, U.S. net cash advances to Britain wished to export gold from the United States to totaled $4.20 billion; to France, $2.97 billion; and obtain permission from the Secretary of the to Italy, $1.63 billion. After the war, Britain Treasury and the Federal Reserve Board. Beretained its status as a central creditor nation; but cause most of these applications were denied, the by 1920, British foreign assets had fallen to United States effectively embargoed the export one-fourth of their 1914 level, while more than of gold, and this embargo partially suspended the $11 billion in capital exports during the war had gold standard from September 1917 until June transformed the United States from a debtor into 1919. Although unwilling to let the gold standard a creditor nation. interfere with the war effort, the United States continued to maintain it in a limited sense, as Suspension of the International Gold banks did not suspend specie payments. In prac- Standard during the War tice, however, even the redemption of notes for gold became difficult until the end of the war. To be on the gold standard a country needed to The struggle to restore the international gold maintain the convertibility between notes and standard after World War I differed significantly gold and to allow gold to flow freely across its from past experience. In the half century before borders. In the early days of the war, Austria- the war, the pound sterling and a growing family Hungary, France, Germany, and Russia all went of gold-standard currencies provided a reliable off the gold standard as they suspended specie point of reference for nongold currencies. During payments and instituted legal or de facto embar- this period, the many countries that had either goes on the export of gold by private citizens. adopted or restored the gold standard could Like the British Treasury, the governments of depend on the Bank of England to provide prethese warring countries exported gold and bor- dictable policy in which changes in the Bank rate rowed heavily to finance the war, but these carefully regulated the Bank's reserve position. tactics raised only a fraction of the large sums of In 1919, almost every country regarded the gold money that the war required. Because new taxes standard as an essential institution; but, among did not and could not make up the difference, the the world powers, only the United States could continental belligerents financed a large share of be counted as a gold-standard country. For other the war by printing money, which caused prices major countries, four years of inflation, price to soar and complicated the return of these controls, exchange controls, and massive gold countries to the gold standard after the war. shipments complicated the problem of restoration. Many governments weighed the pros and Unlike other belligerents, Britain did not forcons of returning to par versus devaluation, the mally suspend specie payments or institute an latter involving the problematic selection of a embargo on gold exports during the war. Several new parity. Deflation and unemployment awaited factors, however, effectively prevented convernations that aspired to reinstate prewar gold sion of Bank of England notes into gold: Frusparities. More, the general reestablishment of the trating procedural obstacles at the Bank and international gold standard promised to precipiappeals to patriotism dissuaded would-be hoardtate large and discontinuous increases in the ers of gold; the pegging operations and high world demand for gold. Rather than subjecting insurance rates undercut the incentive to export; their economies to undue turmoil, most governand, most important, dealers in the London gold ments preferred to wait, at least until the pound market refused to ship gold to countries that did sterling—the key currency to which others not reciprocate with gold exports in trade translooked for leadership—had stabilized. By deactions. fault, the Federal Reserve assumed the office of During its period of neutrality, the United manager of the gold standard. States maintained specie payments and permit- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

International Gold Standard 427 FEDERAL RESERVE'S POSTWAR DEFENSE U.S. neutrality had pushed the ratio of gold OF THE GOLD STANDARD reserves to deposit and Federal Reserve note liabilities to 84.1 percent in March 1917. Al- Every Federal reserve bank shall maintain reserves though the gold reserve ratio declined fairly in gold or lawful money of not less than thirty-five steadily after the Unjted States entered the war, per centum against its deposits and reserves in gold it stood at 48.3 percent at the end of the war, an of not less than forty per centum against its Federal reserve notes in actual circulation.1 adequate distance above the legal minimum. After the war, two factors combined to lower the gold ratio; consequently, the gold standard in The Federal Reserve Act had legally preserved the United States encountered a challenge. First, gold as the ultimate monetary standard in the the Federal Reserve supported the Treasury's United States. The gold standard, however, did placing of Liberty Bonds with banks by keeping not play an active role in the implementation of the discount rate below market interest rates and policy, as the act required that Federal Reserve thus postponed the reversal of the wartime mon- Banks maintain only a minimum ratio of gold etary and price expansion. From the end of the reserves to currency and deposits. (The gold war to January 1920, as member banks borrowed standard would have played a more active role heavily from the Federal Reserve, the money had the act stipulated the maintenance of a supply rose 18 percent and the price level rose 16 specific gold reserve ratio.) Because the gold percent. Second, the repeal by the United States reserve requirement rarely restrained policy beof the gold export embargo in June 1919 made the tween 1914 and 1933, the Federal Reserve had gold standard fully operative. As a result, the broad discretionary powers to manage the na- United States exported gold in every month from tion's money supply in the advancement of domestic objectives.2 However, the gold standard June 1919 through March 1920, for a total for the period of $300 million. In hindsight, Benjamin remained as a latent check on the Federal Re- Strong, the Governor of the New York Reserve serve: The required minimum ratio limited the Bank, conceded that an increase in the discount Federal Reserve's authority to augment the rate in the first quarter of 1919 "would have been money supply, which could continue to expand as close to an ideal 100 per cent policy of only so long as gold flowed into reserves. perfection as could have been adopted."3 By From the opening of the Federal Reserve December 1919, the combination of gold exports Banks in November 1914 to the signing of the and money supply growth had reduced the gold Armistice in November 1918, wholesale prices in reserve ratio to 43.5 percent. the United States doubled, and the money supply (currency held by the public plus demand depos- The Federal Reserve responded to these inflaits) grew 70 percent. Under normal conditions, a tionary developments by choking off the credit huge credit expansion and sizable inflation would expansion in 1920. Early in the year, the Federal have endangered the gold standard. However, Reserve Banks increased their discount rates the flood of gold imports during the period of 1.25 percentage points to 6 percent—the largest jump in the seventy-five-year history of the Federal Reserve—just as the economy entered a slump. Both the wholesale price level and the 1. Federal Reserve Act, P.L. 63-43 (December 23, 1913), sec. 16. money supply peaked in the spring of 1920, and, 2. "During most of their life the Federal Reserve Banks partly because of gold exports, the gold ratio have held large amounts of reserves in excess of requirecontinued to edge down, to 40.9 percent in May. ments, and the actual amount of excess reserves and reserve ratio have not been of particular significance. At times, however—especially in 1920 and during the banking holiday in 1933—reserve ratios were close to the legal limit. In 3. W. Randolph Burgess, ed., Interpretations of Federal general, Federal Reserve credit policy is determined on the Reserve Policy in the Speeches and Writing of Benjamin basis of the broad needs of the credit and business situation Strong (Harper & Brothers, 1930), p. 85, from a hearing and not on the basis of variations in the reserve ratio." See before the Joint Commission of Agricultural Inquiry, August Board of Governors of the Federal Reserve System, Banking 2-11, 1921. Strong stated that the Federal Reserve resisted and Monetary Statistics, 1914-1941 (Board of Governors, contracting the money supply in 1919 to prevent high interest 1943), p. 329. rates from interfering with the flotation of the Victory Loan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 Federal Reserve Bulletin • June 1989 In June 1920, the Federal Reserve Banks in New flow would reduce pressure on the domestic York, Chicago, Boston, and Kansas City pushed price level and increase foreign prices. Domestic the discount rate to 7 percent, and they held it and foreign prices would converge, with the there until May 1921. Dear money plunged the international price level determined by the economy into a depression. From the peak in world's monetary gold stock. January 1920 to the trough in July 1921, real output fell 4 percent; prices, 40 percent; and the Federal Reserve Sterilization money supply, 11 percent. During the eighteen- of Gold Flows month depression, high interest rates attracted gold imports of $351 million, mitigating the ad- In practice, under the gold standard central justment to the monetary stringency. By July banks had the ability—within limits—to manage 1921, the gold reserve ratio had recovered to 61.7 the effects of gold flows. When a country impercent. As the economy rebounded, prices sta- ported gold, its central bank could sterilize the bilized and gold continued to flow into the United effect of the gold inflow on the monetary base by States; and from the end of 1921 to the end of selling securities on the open market. When a 1925, the gold reserve ratio remained above 70 country exported gold, its central bank could percent. sterilize the gold outflow with open market pur- The decisive policy actions of 1920 attest to the chases. For countries with gold reserve require- Federal Reserve's limited scope for discretion ments, the legal ratio would limit the ability of under the gold standard. Had trends in monetary the central bank to sterilize exports. For all gold expansion persisted, the gold reserve ratio would standard countries, continued sterilization of have fallen below the legal minimum, a situation gold exports would reduce the ratio of gold to requiring a modification, suspension, or aban- notes, increasing the risk of a forced suspension donment of the gold standard. Playing according of the gold standard should citizens attempt to to the rules, the Federal Reserve tightened redeem central bank notes for gold. credit, a move that attracted gold from abroad Sterilization of gold flows shifted the burden of and caused notes to reflux. The Federal Reserve the adjustment of international prices to other has been criticized for moving too late, for acting gold standard countries. When a country sterilwith too much force, and for keeping money dear ized gold imports, it precluded the gold flow from too long. Its defense of the gold standard, how- increasing the domestic price level and from ever, conformed broadly to the European tradi- mitigating the deflationary tendency in the rest tion of central bank policy. of the world. Under the international gold standard, no country had absolute control over its domestic price level in the long run; but a large DELAYED RESTORATION country could influence whether its price level OF THE INTERNATIONAL GOLD STANDARD converged toward the world price level or world prices converged toward the domestic price In theory, the "strict rules" of the international level. gold standard regulated the international price In the early 1920s, the United States bid a structure and anchored the international price higher price for monetary gold than any other level over the long run. Consider a simplified country did. As a result, gold flowed toward the description of the price-specie flow mechanism. United States and afforded considerable slack to Following an increase in a country's monetary the manager of the gold standard, the Federal gold stock (arising from, say, new discoveries of Reserve. Instead of letting gold imports expand gold) and an expansion of the money supply, the the money supply and raise the domestic price domestic price level would rise, and the relative level, the Federal Reserve sterilized gold inflows price of foreign goods would fall. This change in and stabilized the domestic price level. Chart 1, relative prices would induce an increase in im- which presents evidence of the sterilization, ports and a reduction in exports, with gold ex- shows that changes in Federal Reserve Bank ports balancing the trade deficit. The gold out- credit outstanding offset changes in the monetary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

International Gold Standard 429 gold stock in the 1920s.4 Chart 1 also displays the 1. Gold sterilization and prices, 1921-1929 success of the sterilization operations: After Jan- Millions of dollars uary 1921, the wholesale price level fluctuated Sterilization within a narrow 6 percent band. Traditionally, economists and politicians have criticized the Federal Reserve for not playing by the strict rules of the gold standard during the 1920s. For example, William A. Brown stated the following about the Federal Reserve policy of sterilization: From 1914 to 1925 it was true that the influence 1914 = 100 of American policy alone on American prices and therefore on the world value of gold was so dominant as to deprive the expression "maintaining the dollar at parity with gold" of the significance properly attributed to it when an international gold standard system is in force. . . . Though this large measure of control over the traditional standard was freely recog- SOURCE. Monthly data for the gold stock and for Federal Reserve nized and taken advantage of under the exigen- Bank credit are from Board of Governors of the Federal Reserve cies of war and post-war finance, this was not System, Banking and Monetary Statistics, 1914-1941 (Board of Governors, 1943), table 101; monthly data for wholesale prices are from enough to alter by a hair's breadth the deep George F. Warren and Frank A. Pearson, Gold and Prices (John underlying conviction that the United States was Wiley, 1935), table 1, p. 14. anchored to a sound monetary base and that therefore her currency was safe. The United States was dragging her golden anchor. Indeed, she was carrying it on deck, but as long as she was still attached to it, she felt safe even though currencies. However, wholesale prices in Britain it was no longer fast to the ocean bed.5 had increased 115 percent from August 1914 to March 1919; and, after the British Treasury This traditional judgment may have been too stopped pegging the pound in March 1919, the harsh: What were the "rules" of the interna- pound reeled to 69.5 percent of its prewar parity— tional gold standard in a period when no major to $3.38—in February 1920. Meanwhile, as the country other than the United States maintained government removed wartime price controls, a commitment to buy and sell gold at a fixed price prices in Britain surged another 41 percent.6 without export restrictions? The gold standard Although determined to restore the prewar gold could "anchor" the price level only if the world parity, the British had to wait for price deflation demand for gold were stable. In consideration of and sterling appreciation. While they waited, the the international uncertainty, Federal Reserve formal embargo of exports on gold protected the sterilization in the early 1920s probably served Bank of England's gold reserve. The restocking the best interests of the United States. boom propelled deposits and note circulation upward in 1919, but when the Bank of England Britain's Slow Return to Parity pushed the Bank rate to 7 percent in April 1920 and held it there for an unprecedented 54 weeks, After the war, Britain and all European countries prices began to fall, the credit expansion slowly wanted to restore the legal gold-backing for their ceased, and the economy entered a depression. 4. Federal Reserve Bank credit was the sum of the earning assets of the Federal Reserve Banks. The principal assets 6. France's difficulties were even more serious than Britwere bills discounted, bills bought, and government securi- ain's: French wholesale prices rose 249 percent from 1914 to ties. 1919 and another 43 percent from 1919 to 1920. In February 5. William Adams Brown, Jr., The International Gold 1919, the French franc was at 95.1 percent of the prewar Standard Reinterpreted, 1914-1934, vol. 1 (National Bureau parity; by February 1920, it had fallen to 36.5 percent of the of Economic Research, 1940), p. 286. prewar parity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 Federal Reserve Bulletin • June 1989 From 1920 through 1922, many of Europe's from the United States. The World War I allies, currencies were converging toward a fixed point in turn, used reparation funds to repay war debts of reference, but continental governments found to the United States. The Dawes Plan, which had it in their interest to have their currencies follow the commitment of the financial resources of the the world's main currency, the pound, in lieu of United States as its foundation, demonstrated pegging to the dollar and gold. Fluctuation in the the ability of international cooperative agreedollar-pound rate, therefore, meant general fluc- ments to allay financial crises. tuation of European currencies in terms of gold. The continental governments with new cur- By December 1922, Britain's decision to restore rency systems had to choose between pegging to the prewar gold parity seemed sagacious and the gold-backed dollar or stabilizing in terms of reasonable, as the dollar-pound exchange rate sterling. Uncertain leadership in the foreign exhad reached $4.61, within grasp of the prewar change market in itself marked the waning power parity of $4.8665. Prices in Britain had fallen 50 of the pound. Pressure on Britain to restore the percent since February 1920, and the monetary gold standard mounted in 1924 as membership in base and credit structure had stabilized. More- the dollar group waxed: Sweden restored the over, the British expected that recent additions gold standard in March; Germany adhered to the to the U.S. monetary gold stock would increase dollar group after Dawes loans stabilized the U.S. prices and, consequently, ease the adjust- Reichsmark; Australia and South Africa, tired of ment process in Britain. waiting for Britain, decided independently to Political and economic tensions on the conti- return to the gold standard. The pound sterling nent combined with sterilization of gold imports remained the predominant instrument in world by the Federal Reserve forced Britain to con- trade and finance; yet the dollar, not sterling, tinue delaying restoration of the gold standard. gained respect for being as good as gold. By the The London Ultimatum of May 1921 had set the end of 1924, the group of twenty-five currencies German reparations at $33 billion (approximately that had stabilized in terms of the dollar included $230 billion in 1989 dollars). In January 1923, the pound sterling. France and Belgium invaded the industrial Ruhr valley in Germany, offering the failure of Germany to meet reparation payments as justifica- The Federal Reserve's Role in the tion. The Germans responded with passive resis- Restoration of the Gold Standard tance, and output in the Ruhr fell two-thirds. The in Britain German government printed money to support the unemployed in the Ruhr and thus launched In the spring and summer of 1924, the Federal the German mark on its famous hyperinflation. Reserve assisted Britain as it prepared to restore The Ruhr occupation induced capital to flee from the gold standard. Between May and August, the Britain and Europe to the United States, trifur- Federal Reserve Bank of New York cut the cating the world currency structure into dollar, discount rate three times—overall, from 4.5 persterling, and French franc areas and causing the cent to 3 percent—and from the end of June dollar-pound exchange rate to slip to $4.25 by through December 1924, Federal Reserve Bank January 1924. The prospects of a restoration of credit outstanding rose from $831 million to the international gold standard seemed distant. $1,302 million, an unusually large increase even The United States emerged from isolationism after accounting for seasonal movements. The in January 1924 with the Dawes Plan, which all United States had imported gold in every month but insured the success of the German currency from September 1920 to November 1924—a total reform of October 1923. The plan rescheduled of $1.47 billion—but from December 1924 reparation payments and provided a loan to through April 1925, U.S. gold exports totaled Germany, which allowed Germany to meet trans- $172 million. In January 1925, as Britain neared fer payments and still have resources available restoration, the Federal Reserve Banks agreed to for domestic industrial expansion. From 1924 to sell the British Treasury up to $200 million in 1929, Germany borrowed $5 billion, half of it gold, and a banking syndicate led by J.P. Morgan Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

International Gold Standard 431 and Company provided it with a $100-million line But the stabilization did not last, as the French of credit. government continued to run large budget defi- Lower interest rates undoubtedly expedited cits, a situation that led to a confrontation be- Britain's return to the gold standard. In the tween the nation's monetary and fiscal authorisecond half of 1924, this policy also stimulated ties. Because the economy had a limited capacity the U.S. economy as it climbed out of a moderate to absorb more debt, the French government recession. In the first quarter of 1925, however, could not continue to float bonds without resortthe Federal Reserve moved to check the over- ing to monetization. The Bank of France acquiheating domestic economy. In particular, on esced. Advances to the state and the issuance of February 27, the Federal Reserve Bank of New notes to purchase government securities rose York increased its discount rate to 3.5 percent, a rapidly, bumping against their ever-rising legal move that complicated Britain's return to the limits. From the Ruhr invasion in January 1923 to gold standard. On March 5, 1925, the Bank of the climax of the crisis in July 1926, wholesale England increased the Bank rate from 4 percent prices in France surged 116 percent, and the to 5 percent to maintain the attractiveness of franc-dollar rate soared to 49 francs per dollar. sterling assets. Fearing a repetition of the hyperinflation that had On April 28, 1925, Winston Churchill, then swept across central Europe three years earlier, Chancellor of the Exchequer, returned Britain to French investors poured their capital into goldthe gold standard by announcing that the Gold based assets. and Silver (Export Control) Act, which was due In August, the Poincare government broke the to expire at year-end, would not be renewed. On crisis by raising taxes. New legislation allowed May 13, Parliament passed the Gold Standard the Bank of France to buy gold and foreign Act of 1925, which obligated the Bank of England exchange at a premium and to issue notes against to sell gold bullion in exchange for notes at the these assets without a legal limit. The fiscal prewar par of 77s. 10.5d. per standard ounce. At stabilization plan succeeded as prices stopped the end of 1925, thirty-nine countries had re- rising, and the franc recovered in the foreign turned to par, had devalued their currency, or exchange market. In December, the French franc had achieved de facto stabilization with the dol- stabilized around 25 francs per dollar—an 80 lar. percent devaluation from the 1914 parity. The stabilization of the French franc at an undervalued rate largely completed the de facto establish- Fiscal Crisis and the Restoration ment of the international gold exchange stanof the Gold Standard in France dard. The restoration of the gold standard, however, provided only an illusion of stability to In the first half of the 1920s, the French govern- the international monetary system because exment, already saddled with onerous debts in- change rates were misaligned. As a result of that curred during the war, resorted to deficit fi- misalignment, first Britain and later the United nancing in its campaign to rebuild the economy. States had to engage in costly struggles to main- During this period, the French franc fluctuated tain the gold backing of their currencies. with the misfortunes of the German mark, as the Following the stabilization, the franc rose in prospective, but improbable, flow of German influence, phoenix-like, out of the crisis that reparation payments promised to mitigate the ravaged it. A substantial proportion of the flight fiscal burden in France. The German currency capital of the summer of 1926 had landed in crisis thwarted French plans to collect repara- deposit balances in London and New York, tions, and the franc depreciated from 14.97 where it lay, awaiting repatriation, capable of francs per dollar in January 1923 to 22.63 francs augmenting the strength of the undervalued franc per dollar in February 1924. After the Dawes in foreign exchange markets. Britain settled into Plan, the franc stabilized, holding steady below an uneasy stability. Its restoration of the gold 20 francs per dollar from March 1924 until June standard in 1925 had initiated a depression, but 1925. the unemployed could not rely on relief from the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 Federal Reserve Bulletin • June 1989 Bank of England, which had to keep interest 2. Dollar-pound exchange rate and rates competitive with those in New York. In London-New York interest rate spread, 1925-1930 February 1927, the French government eased the appreciation of the franc by beginning to pay off war and foreign loans. The overvalued pound, however, hovered around the gold export point during the first half of the year, as bids from France, Germany, Argentina, India, and the United States arrived in the London gold market. Continuation of the gold standard in Britain appeared dubious after the Bank rate fell from 5 percent to 4.5 percent on April 27. SOURCE. Monthly data. Banking and Monetary Statistics, 1914- INSTABILITY UNDER THE GOLD EXCHANGE 1941: New York City, 90-day bankers acceptances, table 120; United Kingdom, 3-month bankers acceptances, table 172; and the dollar- STANDARD pound exchange rate, table 173. Under an inter-central-bank agreement in July the spread between interest rates in London and 1927, the Federal Reserve relieved pressure on New York. the pound by agreeing to lower interest rates, an The policy of the Federal Reserve in 1927 and action that diverted the French demand for re- 1928 paralleled its policy in 1924 and 1925. In serves from Britain to the United States. On both episodes, the Federal Reserve initially low- August 5, the discount rate fell from 4 percent to ered the discount rate during the final stages of a 3.5 percent. Larger-than-seasonal open market recession. The relaxation of credit also ameliopurchases from the end of July to the end of rated the international situation. In both epi- December supplemented the discount policy, sodes, the Federal Reserve pulled back as the raising Federal Reserve Bank credit outstanding U.S. economy showed signs of recovery. In $563 million to $1,655 million. While the United 1925, the moderate policy reversal slightly ob- States had imported $80 million in gold in the first structed Britain's return to the gold standard. In half of 1927, gold exports totaled $234 million 1928, the severe reversal significantly disrupted during the last half of the year. The cooperative Britain's struggle to retain gold. policy initiative achieved its aim as the pound When the Federal Reserve turned to manage rose steadily in the second half of 1927. the domestic economy in 1928, French investors The Federal Reserve abandoned the inter- began to repatriate capital en masse, and the central-bank agreement in 1928. A resurgence in Bank of France intervened to support the pound. stock prices followed the mild, thirteen-month As table 2 indicates, foreign exchange reserves at recession (October 1926 to November 1927), the Bank of France ballooned more than tenfold compelling the Federal Reserve to reverse from the end of 1926 to the end of 1928.7 The course. From February to July 1928, the discount monetary law of June 25, 1928, stabilizing the rate rose from 3.5 percent to 5 percent; the franc, obligated the Bank of France to buy and London-New York interest rate spread, which sell gold on demand but revoked its power to buy favored London in January, had turned to favor foreign exchange; before the de jure stabiliza- New York by June. While exports of gold con- tion, the Bank purchased foreign exchange for tinued during the first half of 1928, by July high delivery in the forward market in the second half yields in New York had begun to draw gold back of 1928. Unfortunately, the accumulation of fortoward the United States, strengthening the dollar relative to the pound. As chart 2 shows, throughout the last half of the 1920s the dollar- 7. Foreign exchange reserves in the Bank of France averaged only $4 million from 1906 to 1913; see Brown, Internapound exchange rate displayed high sensitivity to tional Gold Standard, vol. 2, p. 748. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

International Gold Standard 433 2. Gold and foreign exchange reserves in European central banks, 1924-32 Millions of dollars Gold reserves Foreign exchange reserves YYeeaarr--eenndd oorr mmoonntthh--eenndd European central banks1 Bank of France European central banks1 Bank of France 1924 2,278 710 844 14 1925 2,364 711 916 13 1926 2,565 711 1,158 116 1927 2,900 954 2,142 850 1928 3,488 1,254 2,513 1,287 1929 3,839 1,633 2,286 1,021 1930 4,314 2,099 2,2% 1,027 1931 March 4,379 2,193 2,013 1,027 June 4,311 2,222 1,995 1,031 September 4,784 2,351 1,509 899 December 5,271 2,699 1,212 842 1932 March 5,569 3,017 846 488 June 5,876 3,253 591 240 September 5,865 3,240 563 185 December 5,875 3,257 504 176 1. Combined figures for 23 European central banks, including the Barry Eichengreen, ed., The Gold Standard in Theory and History Bank of France and excluding the Bank of England and the Russian (Methuen, 1985), appendix II; and William Adams Brown, Jr., The State Bank. International Gold Standard Reinterpreted, 1914-1934, vol. 2 (Na- SOURCES. Ragnar Nurkse, "The Gold Exchange Standard," in tional Bureau of Economic Research, 1940), table 59. eign exchange reserves only suppressed, and did Bank rate, which the Bank of England adjusted not solve, the major problem of the restoration to sustain a normal level of gold reserves. A drop years, that is, a strong French franc and a weak in gold reserves significantly below normal would British pound. be followed by an increase in the Bank rate, a reduction of capital exports from Great Britain, a Abandonment of the Gold Standard shift from long-term to short-term lending, a by Britain reflux of gold to London from country banks, and imports of gold as funds moved to high rates in In 1929, European central banks, in general, London. In 1929, however, two financial centers, became apprehensive about speculation in the London and New York, attracted gold. Although U.S. stock market. While the Bank of France gold in the Issue Department of the Bank of and other European central banks began to re- England rose in the final two months of 1929, duce foreign exchange reserves and to import Britain exported $74 million in gold for the year gold, the Bank of England endeavored to guard 1929, $41 million of which went to the United its dwindling gold reserves by increasing the States. In contrast, even though heavy exports of Bank rate, from 4.5 percent to 5.5 percent in gold followed the crash on Wall Street, the February and to 6.5 percent in September. High United States imported a net of $120 million in as interest rates were in London, they were not gold for 1929. The financial centers continued to high enough to attract funds from Wall Street attract gold in 1930: Britain imported $23.6 milduring the final months of frenzy. In a sense, the lion in gold with little change in the Bank of stock market crash rescued the beleaguered gold England's reserve condition, while the United standard in Britain: after October 1929, foreign States imported $278 million in gold. funds fled from New York, and sterling gained a From the spring of 1925, when the gold stanrespite. dard was restored, to the fall of 1931, when it was In times of financial stress, funds generally abandoned, the Bank of England resisted forays flow toward the world's safest and strongest on the exchange value of the pound sterling. In financial center. Before the First World War, May 1931, a run on the Kreditanstalt, the largest when this center was London, the world's finan- Austrian bank, initiated the final defense of the cial markets were sensitive to changes in the gold exchange standard in Britain. From March Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 Federal Reserve Bulletin • June 1989 to September 1931, the National Bank of Austria tries which have hoarded gold on an unprecelost 55 percent of its large foreign exchange dented scale. Creditor countries which insist upon payment in gold are asking for the imposreserves as it tried to fight back capital flight. In sible. Prohibitive tariffs keep out goods, and June 1931, panic spread from Austria to Gerunless the creditor nations re-lend the credits many, and German banks scrambled to exchange due to them the debtor nations must pay in gold sterling deposits for gold in London. From May to the extent of their resources and then default. 30 to June 30, the Reichsbank lost 34 percent of The gold standard game can only be played according to its well-proven rules. It cannot be its gold and foreign exchange reserves. In July, played on the new rules practised since the War with foreigners storming its gold reserve, the by France and the United States.8 Bank of England shielded the domestic credit system by purchasing securities on the open Britain had restored the gold standard but had market, by arranging a £50 million credit with the not been able to restore the unchallenged su- Federal Reserve Bank of New York and the premacy of the pound sterling. In the six years of Bank of France, and by transferring securities the restoration, the unemployment rate among from the Banking to the Issue Department to insured workers in Britain averaged 12.9 percent provide for new fiduciary issue. With the exand never fell below 8.5 percent; in the first nine change rate below the gold export point, the months of 1931, it averaged 21 percent. So long Bank of England barricaded its gold reserves by as the Bank of England rendered gold bullion for raising the Bank rate from 2.5 percent to 3.5 notes, the unemployed in Britain were sentenced percent on July 23 and to 4.5 percent on July 30. to serve time with deflation and high real interest In spite of these protective efforts, gold reserves rates. in the Issue Department shrank £30.9 million—29 percent—from June 24 to July 29. Late in Au- Federal Reserve Policy after Britain gust, the Bank of England secured an additional Abandoned the Gold Standard £80 million in emergency credits, but the continental and American demand for gold continued Britain's abandonment of the gold standard creto assault the London bullion market. ated a conflict between domestic and interna- In the last two months of its defense of the gold tional policy objectives at the Federal Reserve. standard, Britain exported £200 million in gold On the one hand, two years of uninterrupted and foreign exchange. On Wednesday, Septem- deflation and mounting unemployment called for ber 16, withdrawals from Britain totaled £5 mil- the Federal Reserve to stimulate the domestic lion; on Thursday, £10 million; on Friday, £18 economy with an expansion of the money supmillion; on Saturday, a half day, more than £10 ply. On the other hand, international responsibilmillion. On Monday, September 21, 1931, the ities and the threat of gold exports called for the British abandoned the gold standard. On that Federal Reserve to tighten credit and demonday, the London Times provided the following strate its commitment to the gold standard. The analysis: abrupt depreciation of the pound—in October it plunged from the parity of $4.86 to $3.89, and by The real crux of the present crisis is the unprec- December it was at $3.37—had inflicted capital edented fall in prices which has driven most losses on Europeans who held sterling assets. countries off the gold standard and left them in a With the pound no longer backed by gold, the position in which default upon their contractual obligations in gold is unavoidable. World dollar became the gold standard's major reserve prices have fallen below the pre-War level. Most currency just when European central banks decountries are carrying much greater obligations sired to prevent further losses on foreign exin gold than before the War, and though they change reserves by discarding the gold exchange could easily meet these when prices were 50 per standard and adopting a gold bullion standard. cent or more above the pre-War level, they are unable to do so now. . . . The international economic crisis has played a large part in the temporary abandonment of the gold standard. 8. "Gold Standard Suspension: Cause of the World The responsibility for this belongs to those coun- Crisis," London Times, September 21, 1931. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

International Gold Standard 435 Even though foreign exchange reserves in Euro- the gold standard: Although the gold reserve pean central banks fell 25 percent during the ratio had edged down to 56.3 percent in July summer attack on sterling, foreign exchange still 1932, it still remained well above the legal miniconstituted a substantial percentage of total Eu- mum. Because the Federal Reserve was unable ropean reserves in September 1931. The Bank of to reach a consensus on open market policy, the France, in particular, still held large foreign program faded in the summer of 1932. In January exchange reserves.9 To prevent a wholesale liq- 1933, the Federal Reserve voted to reduce its uidation of dollar reserves, the Federal Reserve government bond portfolio.10 needed to assure the Bank of France of the U.S. Low nominal interest rates in the United intention to remain on the gold standard. States during the 1930s persuaded many political Although these domestic and international ob- leaders and economists at the time of the impojectives conflicted, they were not mutually exclu- tence of monetary policy. With the benefit of sive: The Federal Reserve could have sterilized further analysis of the evidence, many econogold exports with open market purchases. In the mists now maintain that, although nonmonetary fourth quarter of 1931, however, the Federal and international shocks played a role, the con- Reserve bought only $75 million in government traction was substantially exacerbated by the securities, while gold exports, including gold policy of the Federal Reserve.11 In particular, earmarked for export, totaled $294 million. during the Great Depression, the Federal Reseve Moreover, the New York Federal Reserve Bank allowed the money supply to fall substantially. increased the discount rate from 1.5 percent to After Britain abandoned the gold standard, that 2.5 percent on October 9 and to 3.5 percent on fall accelerated. October 15. These actions demonstrated the Federal Reserve's commitment to the international gold standard. Nevertheless, European discon- SUSPENSION OF THE GOLD STANDARD IN tent with the gold exchange standard did not THE UNITED STATES: 1933-34 subside. From late September 1931 to late June 1932, the combined foreign exchange holdings of From October 1929 to March 1933, wholesale twenty-two European central banks (not includ- prices in the United States fell 37 percent, and ing the Bank of France) fell 42 percent; and farm prices plummeted 65 percent. The 30 perforeign exchange reserves in the Bank of France cent devaluation of the pound after September plunged 73 percent. 1931 undermined the competitiveness of the U.S. Under pressure from the Congress, the Fed- export sector and exacerbated deflationary preseral Reserve embarked on a program of open sures. The 900 duties imposed under the Smootmarket purchases in the spring of 1932, by pur- Hawley tariff of 1930 provoked retaliation, and chasing $912 million of government securities. both the value and the volume of international The net effect of monetary policy was only trade fell with each successive year. Reparations slightly expansionary, however, since the gold had been abolished; and in the United States, the stock fell $417 million and the total of bills bought debt burden had reached the breaking point. The and bills discounted fell $199 million. The Fed- money supply had fallen one-third since the eral Reserve could have expanded the open stock market crash. The annual number of bank market purchase program without threatening suspensions, which had never exceeded 1,000 during the 1920s, totaled 1,350 in 1930; 2,293 in 1931; and 1,453 in 1932. Stocks had decreased in 9. In September 1931, foreign exchange reserves as a value more than 50 percent since 1926 and more percentage of total reserves totaled 27.7 percent in France, 35 percent in Italy, 51.6 percent in Danzig, 61.9 percent in Finland, 68.2 percent in Hungary, 71 percent in Latvia, 58.3 percent in Lithuania, 43.6 percent in Czechoslovakia, 79.1 10. Milton Friedman and Anna Jacobson Schwartz, A percent in Greece, 73 percent in Portugal, and 24 percent for Monetary History of the United States, 1867-1960 (Princeton the combined balance sheet of twenty-three European central University Press for the National Bureau of Economic Rebanks. See Brown, International Gold Standard, vol. 2, search, 1963), chap. 7. p. 748. 11. Ibid., Monetary History, chap. 7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 Federal Reserve Bulletin • June 1989 than 80 percent since the 1929 peak. Real output reopen sound member banks; nonmember banks languished at two-thirds of its 1929 level. On could reopen with licenses from state banking Inauguration Day in 1933, more than 12 million authorities. The Emergency Banking Act of people were unemployed. March 9,1933, boosted confidence in the banking An internal run on deposits and an external system. Between March 13 and March 15, nearly demand for gold combined to assault the gold 70 percent of the commercial banks reopened, standard in the United States after the abandon- but an executive order still prohibited banks from ment of the gold standard in Britain. Federal paying out gold coin, bullion, or certificates, and Reserve notes in circulation rose from $1.87 gold exports were forbidden except under libillion in October 1929 to $2.02 billion in Septem- censes issued by Secretary Woodin. An execuber 1931. Then, as a panicky public cashed in tive order on April 5 quickened the reversal of deposit balances, the total swelled to $4.04 bil- the internal drain by requiring the rendering of lion in March 1933. The Federal Reserve ratio of gold coins, bullion, and certificates to Federal gold to note and deposit liabilities, which stood at Reserve Banks on or before May 1. By April, 81.4 percent a month before Britain left the gold Federal Reserve notes in circulation had fallen to standard, slumped to 51.3 percent in March 1933, $3.53 billion, and the gold reserve ratio had the lowest level since 1921. In contrast to Euro- rebounded to 61 percent. pean governments, which had adopted the gold On April 19, the Roosevelt Administration bullion standard in the restoration period, the revealed that its list of principal objectives did government of the United States continued to not include the words "gold standard." During mint and circulate gold coins in 1933. In the first the previous month, Secretary Woodin had two years of the Great Depression, gold flowed freely granted gold export licenses; on April 18, to the United States, causing the monetary gold however, he refused to do so. On April 19, stock to increase from $4.10 billion in October Roosevelt ordered a prohibition on gold exports, 1929 to $4.45 billion in September 1931. In the except for gold already earmarked to foreign eighteen months after Britain's departure from governments. On the same day, the President the gold standard, the United States supplied the and his staff met with Senator Elmer Thomas for world demand for hoarding with gold exports, two hours and drafted an amendment that passed and the monetary gold stock fell to $3.99 billion. on May 12 as part of the Agricultural Adjustment Domestic hoarding of gold coins emerged in early Act. The Thomas amendment, also known as the 1933 as suspicion about banks devolved into Inflation Bill, gave the President permission to distrust of paper money. Gold reserves fell $300 reduce the gold content of the dollar 50 percent, million during the banking crisis in February and granted him sweeping powers to purchase silver, March. By the day of Franklin D. Roosevelt's and charged the Federal Reserve to issue greeninauguration—Saturday, March 4, 1933—all the backs and to purchase $3 billion in government leading domestic exchanges and the Federal Re- securities. In response to these developments, serve banks had closed, and every state had J.P. Morgan stated that "the effort to maintain wholly or partly suspended banking operations. the exchange value of the dollar at a premium as against depreciated foreign currencies was hav- President Roosevelt and the Suspension ing a deflationary effect upon already severely of the Gold Standard deflated American prices and wages and employment" and gave his imprimatur to the suspension of the gold standard "as being the best possible President Roosevelt solved the dilemma of course under existing circumstances."12 choosing between domestic and international objectives: He placed domestic objectives first. On The Administration's orchestrated suspension March 6, 1933, he proclaimed a bank holiday and of the gold standard on April 19 incited a marked suspended gold convertibility and gold exports, leaving the gold standard in limbo. Four days later, an executive order authorized Secretary of 12. "Morgan Praises Gold Embargo as the 'Best Possible the Treasury William Woodin to issue licenses to Course,' " New York Times, April 20, 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

International Gold Standard 437 response in the markets. The dollar sank 11.5 The World Monetary and Economic percent against gold standard currencies. The Conference dollar-pound rate leaped 23 cents to $3.85, the highest level since October 31,1931. Stock prices On June 12, 1933, the World Monetary and posted strong gains in a heavy volume of trading, Economic Conference convened in London to and spot prices on the Chicago commodities solve the problems of the Great Depression exchanges soared. through international cooperation. The partici- The suspension of the gold standard in March pants recognized that retaliatory tariffs had sigand April 1933 resembled standard interludes in nificantly contributed to the worldwide crisis. the ongoing historical drama, rather than an Any agreement, therefore, would have to build a overture to devaluation. The prohibition on gold framework for exchange rate stabilization and hoarding freed the United States from its techni- require credible pledges for abstention from comcal handicap of having gold circulate as a medium petitive devaluations. At the time, the world's of exchange. A simple resumption of convertibil- financial leaders believed that the basis for interity would have restored the gold standard—a national monetary stability would be gold. gold bullion standard—in the United States. Res- The conference failed to achieve its goals toration of the gold standard did not involve because the United States refused to agree to insurmountable problems: Legislative initiatives anything that might endanger its domestic recovwere rebuilding confidence in the banking sys- ery. In June 1933, spurred by the devaluation of tem; notes were returning to deposit accounts; the dollar, the U.S. economy was three months the gold reserve ratio was recovering; and the into the strongest peacetime expansion in the dollar was clinging near the gold export point nation's history, albeit an uneven one that throughout the period. Had it so desired, the started from a low level. From March to June Roosevelt Administration could have preserved 1933, wholesale prices in the United States rose the gold parity. 8 percent, and farm prices and stock prices President Roosevelt suspended the gold stan- jumped 36 percent and 73 percent respectively. dard in April 1933 because it encumbered ad- The dollar had depreciated, and the new adminvancement toward the major domestic monetary istration in its reflation policy counted on further objective: reflation. Leaders in the White House, depreciation. On June 5, 1933, the U.S. Congress in the Senate, and on Wall Street expressed hope undid the final link between the gold standard for the restoration of a metallic standard; how- and the domestic economy when it abrogated the ever, they regarded it as a distant objective. They gold clause in government and private contracts. voiced concern about the instability of exchange In late June, the conference participants drew rates but designated export growth, which would up a weak policy declaration, which called for a be prompted by competitive devaluation, as a return to the international gold standard but primary objective. Relieving unemployment, in- which permitted each country to choose the time stituting a massive public works program, and of restoration and the par value. On July 3, increasing domestic prices were foremost in the Roosevelt issued this strongly worded rejection objectives of the New Deal. The new administra- of the proposal: tion saw the need to subordinate the gold standard to the pursuit of these domestic objectives. The world will not long be lulled by the specious fallacy of achieving a temporary and probably an The United States suspended the gold standard artificial stability in foreign exchange on the part not out of necessity but out of a change of of a few large countries only. The sound internal attitude.13 economic system of a nation is a greater factor in its well-being than the price of its currency in changing terms of the currencies of other nations. . . . Old fetishes of so-called international bankers are being replaced by efforts to 13. The United States was not the only country to become plan national currencies with the objective of disillusioned with the gold standard. Between Britain's degiving to those currencies a continuing purchasparture in September 1931 and the U.S. suspension in April 1933, twenty-six countries went off the gold standard. ing power which does not greatly vary in terms Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 Federal Reserve Bulletin • June 1989 of the commodities and need of modern civiliza- from its position in June, and it tarried 26 percent tion. . . . Our broad purpose is permanent sta- below the 1929 level. Disappointed, Roosevelt bilization of every nation's currency. Gold or invoked a provision of the Thomas amendment in gold and silver can well continue to be a metallic December 1933, instructing the U.S. mint to reserve behind currencies, but this is not the time to dissipate gold reserves. When the world purchase newly mined silver at 64.65 cents per works out concerted policies in the majority of ounce, a 47 percent premium above the market nations to produce balanced budgets and living price of 44 cents per ounce. (Early in 1933, silver within their means, then we can properly discuss had traded at 25 cents per ounce.) The Silver a better distribution of the world's gold and Purchase Act of June 1934 furthered the huge silver supply to act as a reserve base of national currencies.14 addition to the silver stock. Because it enabled the Treasury to base an expansion of currency in Gold Purchases and Devaluation circulation on silver, the silver purchase program legally elevated silver's status in monetary policy Throughout the last half of 1933, the Administra- and, concomitantly, diminished the influence of tion's policy of reflation raised the price of gold gold. well above the par of $20.67 per ounce. By early September, the dollar had depreciated 35 percent The New Monetary Regime against the French franc, and by mid-September the dollar-pound rate had spiraled up to $4.80. In January 1934, the United States relegated gold On October 22, with the price of gold at $29 an to a subordinate role in monetary policy. On ounce, Roosevelt, hoping that the program January 15, the Roosevelt Administration sent would raise commodity prices, authorized the legislation to the Congress vesting title of all Reconstruction Finance Corporation to purchase monetary gold in the United States in the Treagold newly mined in the United States and, if sury and giving the President the authority to necessary, to buy gold in the world market. On lower the gold content of the dollar to between 50 October 25, the RFC set its price for domestic percent and 60 percent of its earlier level and to gold purchases at $31.46, which was 27 cents change the value of the dollar within this 10 above the world price. After the RFC began percent range at any time. On January 16, the purchasing gold in the world market, the price of Federal Reserve took over the gold-purchasing gold rose almost daily—to $34.01 on December program from the RFC and began buying gold at 1—and the pound appreciated to $5.18. From $34.45 per ounce. Finally, on January 30, 1934, April to December 1933, the Federal Reserve the Congress gave Roosevelt what he wanted: increased its holdings of government securities the Gold Reserve Act. The act transferred title of from $1.84 billion to $2.43 billion. During this gold from the Federal Reserve to the United interval, currency flowed into deposit balances, States government, prohibited gold coinage, and the money supply rose 4 percent, and the gold banned gold from circulation. By proclamation, reserve ratio stayed above 60 percent. The New on January 31, 1934, Roosevelt fixed the price of York Federal Reserve Bank assisted the open gold at $35 per ounce, a devaluation of the dollar market policy by lowering the discount rate from to 59.06 percent of the par instituted in 1879 3.5 percent in March to 3 percent in April, to 2.5 under the Resumption Act; this action increased percent in May, and finally to 2 percent in the official value of the monetary gold stock from October. $4,033 million to $7,438 million. Because all gold These expansionary policies communicated had been nationalized, the government gained a the Roosevelt Administration's goal of higher $3 billion paper profit. prices. After the initial surge in the spring of When it flourished, the international gold stan- 1933, however, the price level scarcely stirred dard facilitated the flow of goods and capital among countries and promoted international price stability over the long run. When it floun- 14. "Roosevelt Rebuke Stuns Gold Bloc, but Conference dered, the international gold standard became a Likely To Go On; President Turns to Domestic Drive: Text of President's Statement," New York Times, July 4, 1933. weapon for large countries to wield in the ad- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

International Gold Standard 439 vancement of domestic objectives. After the the United States did more than devalue the United States fixed the price of gold in 1934, the dollar in 1934. It changed its monetary regime. world's gold poured into the United States Treasury, and the already disquieted world markets fell into a frenzy. Gold imports for February BIBLIOGRAPHY totaled $454 million, of which $239 million flowed from London and $124 million from France. In Barro, Robert J. "Money and the Price Level 1934, the United States imported $1.22 billion in under the Gold Standard," Economic Journal, gold; in 1935, $1.74 billion. vol. 89 (March 1979), pp. 13-33. The term competitive devaluation understates Board of Governors of the Federal Reserve Systhe magnitude of the monetary metamorphosis. tem. The Federal Reserve System: Purposes In 1934, the United States registered surpluses in and Functions. Washington: Board of Goverthe international accounts of commodity trade nors, 1963. ($478 million) and of interest and dividends ($93 Banking and Monetary Statistics, 1914million), while it imported both short-term capi- 1941. Washington: Board of Governors, 1943. tal ($184 million) and long-term capital ($202 Annual Report, for the years 1914-34. million). The decline of the dollar set back the Washington: Board of Governors, 1915-35. efforts of countries that were off the gold stan- Bordo, Michael D. "The Gold Standard: Myths dard to contrive domestic recovery through ex- and Realities," in Barry N. Siegel, ed., Money port growth. The dollar-pound rate averaged in Crisis. Cambridge, Mass.: Ballinger Publishmore than $4.88 in every year from 1934 until ing Company, 1984. 1939. Dollar devaluation forced gold-bloc coun- Brown, William Adams, Jr. The International tries to abandon the gold standard, to devalue Gold Standard Reinterpreted, 1914-1934, their currencies, or to suffer through more defla- 2 vols. New York: National Bureau of Ecotion. The French franc eventually succumbed to nomic Research, 1940. devaluation in 1936. Burgess, W. Randolph, ed. Interpretations of The shift in the focus of U.S. monetary policy Federal Reserve Policy in the Speeches and toward domestic objectives culminated with the Writing of Benjamin Strong. New York: Gold Reserve Act, which greatly diminished the Harper & Brothers, 1930. influence of the gold standard. While the act Cagan, Phillip. Determinants and Effects of restored the commitment by the United States to Changes in the Stock of Money: 1875-1960. buy gold at a fixed price, it restricted sales to New York: Columbia University Press for the those involving international settlements. Amer- National Bureau of Economic Research, 1965. icans could no longer redeem dollars for gold. Crabbe, Leland. "Three Empirical Essays on The act allowed the President to change the gold Interest Rates and Inflation under Alternative content of the dollar at any time. As a result of Monetary Regimes." Ph.D. dissertation, Unithe act, concern about the level of gold reserves versity of California, Los Angeles, 1988. was all but completely obviated. The institutional Department of Employment and Productivity. framework that ensued defies easy description. British Labor Statistics: Historical Abstract, Friedman and Schwartz named it a "discre- 1886-1968. London: Her Majesty's Stationery tionary fiduciary standard," and Brown coined Office, 1971. the term "administrative international gold bul- Friedman, Milton, and Anna Jacobson Schwartz. lion standard."15 The Federal Reserve called it A Monetary History of the United States, "our modified gold standard."16 Without doubt, 1867-1960. Princeton: Princeton University Press for the National Bureau of Economic Research, 1963. 15. Friedman and Schwartz, Monetary History, p. 474; Great Britain. Committee on Currency and Forand Brown, International Gold Standard, vol. 2, p. 1303. eign Exchanges after the War. Final Report. 16. Board of Governors of the Federal Reserve System, London: His Majesty's Stationery Office, The Federal Reserve System: Purposes and Functions (Board of Governors, 1963), p. 166. 1919. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 Federal Reserve Bulletin • June 1989 Committee on Currency and Foreign London Times, various issues, September 1931. Exchanges after the War. First Interim Report. Macaulay, Frederick R. The Movements of London: His Majesty's Stationery Office, Interest Rates, Bond Yields and Stock Prices 1918. in the United States since 1856. New York: Committee on Finance and Industry. National Bureau of Economic Research, Report. London: His Majesty's Stationery Of- 1938. fice, 1931. Manchester, William. "The Great Bank Holi- Hawtrey, Ralph George. The Gold Standard in day," in Don Condon, ed., The Thirties: A Theory and Practice, 4th ed. New York: Long- Time to Remember. New York: Simon and mans, Green and Co., 1939. Schuster, 1960. A Century of the Bank Rate. New York: New York Times, various issues, 1914, 1933, and Longmans, Green and Co., 1938. 1934. Keynes, John Maynard. The Economic Conse- Nurkse, Ragnar. "The Gold Exchange Stanquences of the Peace. New York: Harcourt, dard," in Barry Eichengreen, ed., The Gold Brace and Howe, Inc., 1920. Standard in Theory and History. New York: Kindleberger, Charles P. The World in Depres- Methuen Inc., 1985. sion, 1929-1939, 2d ed. Los Angeles: Univer- Sargent, Thomas J. Rational Expectations and sity of California Press, 1986. Inflation. New York: Harper & Row, 1986. Lafore, Laurence. The End of Glory: An Inter- Schwartz, Anna J. "Alternative Monetary Repretation of the Origins of World War II. New gimes: The Gold Standard," in Colin D. Camp- York: J.B. Lippincott Company, 1970. bell and William R. Dougan, eds., Alternative Leijonhufvud, Axel. "Monetary Policy and the Monetary Regimes. Baltimore: The Johns Business Cycle under 'Loose' Convertibility." Hopkins Press Ltd., 1986. Working Paper, University of California, Los Sprague, O.M.W. "The Crisis of 1914 in the Angeles, 1988. United States," American Economic Review, "Rational Expectations and Monetary vol. 5 (September 1915), pp. 499-533. Institutions," in Marcello de Cecco and Jean- Temin, Peter. Did Monetary Forces Cause the Paul Fitoussi, eds., Monetary Theory and Eco- Great Depression? New York: W.W. Norton nomic Institutions. London: Macmillan, 1987. & Company, 1976. "Inflation and Economic Perfor- U.S. Congress. Federal Reserve Act. Public Law mance," in Barry N. Siegel, ed., Money in No. 43. 63 Cong. 2 Sess. 38 Stat. 251. Wash- Crisis. Cambridge, Mass.: Ballinger Publishing ington: Government Printing Office, 1913. Company, 1984. Warren, George F., and Frank A. Pearson. Gold Lindsey, David E. "The Monetary Regime of the and Prices. New York: John Wiley, 1935. Federal Reserve System," in Colin D. Camp- Wicker, Elmus R. "A Reconsideration of Fedbell and William R. Dougan, eds., Alternative eral Reserve Policy during the 1920-21 De- Monetary Regimes. Baltimore: The Johns pression," Journal of Economic History, vol. Hopkins Press Ltd., 1986. 26 (June 1966), pp. 223-38. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

441 Industrial Production Released for publication April 14 percent higher than it was a year earlier. Manufacturing output has been essentially unchanged Industrial production was unchanged again in over the past two months, and as a result, March. Output of motor vehicles fell sharply capacity utilization in manufacturing declined 0.3 in March, but output of business equipment, exclud- percentage point further to 84.4 percent in ing cars and trucks, construction supplies, and non- March. Detailed data for capacity utilization are durable materials, posted gains. At 141.0 percent of shown separately in "Capacity Utilization," the 1977 average, the total index in March was 4.6 Federal Reserve monthly statistical release, G.3. Ratio scale, 1977=100 All series are seasonally adjusted. Latest series: March. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 Federal Reserve Bulletin • June 1989 1977 = 100 Percentage change from preceding month Percentage change, Group 1989 1988 1989 Mar. 1988 1989 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Major market groups Total industrial production 141.0 141.0 .4 .4 .4 .0 .0 4.6 Products, total 150.5 150.4 .2 .6 .6 .2 -.1 4.7 Final products 148.9 148.7 .2 .7 .5 .3 -.2 4.8 Consumer goods 139.0 138.4 .3 1.0 .3 .3 -.4 5.5 Durable 132.4 131.3 -.1 2.1 -.1 .5 -.9 9.0 Nondurable 141.5 141.1 .5 .6 .4 .3 -.3 4.4 Business equipment 165.4 165.5 .6 .8 1.1 .6 .1 8.0 Defense and space 179.5 178.8 -1.0 -.9 -.1 -.5 -.4 -5.8 Intermediate products 156.1 156.6 .1 .6 1.0 -.2 .3 4.4 Construction supplies 141.5 142.0 .5 .5 .6 -.6 .4 3.4 Materials 127.9 128.0 .6 .0 .0 -.3 .1 4.5 Major industry groups Manufacturing 147.5 147.4 .4 .3 .8 .1 -.1 5.3 Durable 146.8 146.6 .4 .3 .6 .1 -.1 5.6 Nondurable 148.6 148.6 .3 .3 1.0 .0 .0 4.8 Mining 101.6 102.1 1.5 .2 -1.7 -1.5 .5 -.6 Utilities 116.1 115.5 -.2 1.5 -1.7 2.3 -.5 2.0 NOTE. Indexes are seasonally adjusted. In market groups, within consumer goods, ances and furniture continued to advance. Outoutput of light trucks fell 6 percent, and auto put of business equipment, as a whole, edged up assemblies moved down to an annual rate of 7.1 in March; manufacturing equipment advanced million units from a rate of 7.2 million units in again, but transit equipment decreased, owing to February. Output of consumer nondurables, par- the drop in motor vehicle output. ticularly energy products, also declined. But Production of total materials rose slightly in production of home goods rose further, as appli- March as nondurable and energy materials increased, but durables declined. The most signif- Total industrial production—Revisions icant gains occurred in chemicals and coal; the Estimates as shown last month and current estimates largest decline was in parts for consumer durables, reflecting the weakness in motor vehicles. Percentage change Index (1977=100) from previous In industry groups, within manufacturing, out- MMoonntthh months put of refined petroleum products and transportation equipment fell sharply in March, but sev- Previous Current Previous Current eral other industries posted small-to-moderate Dec 140.5 140.4 .4 .4 gains. Outside manufacturing, production at Jan 141.1 141.0 .4 .4 Feb 141.1 141.0 .0 .0 mines rose but was about offset by a decline at Mar 141.0 .0 utilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

443 Announcements POLICY STATEMENT ON DELAYED the provisions of the Expedited Funds Availabil- DISBURSEMENT OF TELLER'S CHECKS ity Act. AND CASHIER 'S CHECKS The regulation requires banks to make funds available to their customers within specified The Federal Reserve Board issued on April 3, times, to disclose their funds availability policies 1989, a policy statement discouraging the de- to their customers, and to handle returned layed disbursement of teller's checks and cash- checks expeditiously. ier's checks. The issuance of the policy state- The amendments are largely technical in nament is in lieu of adopting final amendments to ture and are designed to resolve ambiguities and Regulation CC to restrict certain delayed dis- facilitate banks' compliance with the regulation. bursement practices as proposed on June 21, 1988. Delayed disbursement is the practice of issuing FINAL AMENDMENTS TO REGULATION Z checks that are payable by a bank located in a geographic area such that collection of the The Federal Reserve Board adopted final amendchecks is generally delayed. This practice in- ments to Regulation Z (Truth in Lending) to creases the time and cost for a depository bank to implement the Fair Credit and Charge Card Discollect the checks. The effects of delayed dis- closure Act by requiring certain disclosures by bursement are particularly significant in the case issuers of credit and charge cards. of the teller's checks and cashier's checks, which The amendments require that certain informamust be accorded next-day availability under the tion, such as the annual percentage rate (APR), Expedited Funds Availability Act and Regulation the annual fee, and the grace period, be provided CC. in tabular form along with applications and pre- Discussions with the major providers of tell- approved solicitations for cards. The amender's and cashier's check services indicate that ments include rules for direct mail applications they are willing to make operational changes to and solicitations, telephone solicitations, and speed the collection of checks in the markets take-ones and applications in magazines and catthey serve. alogs. The amendments also require card issuers The Federal Reserve Board will monitor ad- that impose an annual fee to provide disclosures herence to the policy and delayed disbursement before annual renewal. practices in general and, if abuses continue, may The amendments also address the offering of reconsider whether formal regulatory action may credit insurance by card issuers. If these card be warranted. issuers decide to change insurance providers, they must inform consumers of any increase in rate or of a substantial decrease in coverage as a result of the change. FINAL AMENDMENTS TO REGULATION CC PROPOSED ACTION The Federal Reserve Board adopted on April 3, 1989, final amendments to Regulation CC and The Federal Reserve Board requested on April revisions to its Official Commentary to carry out 14, 1989, public comment on whether certain Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 Federal Reserve Bulletin • June 1989 conditions restricting transactions between thrift ANNUAL REPORT: PUBLICATION institutions acquired by bank holding companies and other holding company subsidiaries, com- The 75th Annual Report, 1988 of the Board of monly referred to as the "tandem operations Governors of the Federal Reserve System, covrestrictions," should be retained, modified, or ering operations for the calendar year 1988, is removed. Comment should be received no later available for distribution. Copies may be obthan May 19, 1989. tained on request to Publications Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. A separately printed companion document entitled Annual Report: REVISED LIST OF OTC STOCKS Budget Review, 1988-89, which describes the NOW AVAILABLE budgeted expenses of the Federal Reserve System for 1989 and compares them with expenses The Federal Reserve Board published on April for 1987 and 1988, is also available from Publica- 21, 1989, a revised list of over-the-counter (OTC) tions Services. stocks that are subject to its margin regulations, effective May 8, 1989. This revised List of Marginable OTC Stocks supersedes the List of Marginable OTC Stocks NEW PRICES FOR SOME FEDERAL that was effective on February 13, 1989. The RESERVE BOARD PUBLICATIONS changes that have been made to the list, which now includes 3,020 OTC stocks, are as follows: The Board's Publications Committee met on 42 stocks have been included for the first time, 34 April 20 and approved new price schedules for all under National Market System (NMS) designa- statistical releases and for the FEDERAL REtion; 43 stocks previously on the list have been SERVE BULLETIN. removed for substantially failing to meet the The new domestic subscription price for the requirements for continued listing; 47 stocks BULLETIN, effective immediately, is $25 a year; have been removed for reasons such as listing on individual copies will cost $2.50. The BULLETIN a national securities exchange or involvement in will be offered to academicians at half price if an acquisition. received at a school address. This list is published by the Board for the The new foreign subscription price for the information of lenders and the general public. It BULLETIN is $35 a year, or $3 a copy. includes all over-the-counter securities desig- Please refer to the List of Publications on nated by the Board pursuant to its established pages A98-A100 of this BULLETIN for the new criteria as well as all stocks designated as NMS price schedule for statistical releases. securities for which transaction reports are required to be made pursuant to an effective reporting plan. Additional OTC securities may be designated REVISED EDITION OF THE FEDERAL as NMS securities in the interim between the RESERVE ACT NOW AVAILABLE Board's quarterly publications and will be immediately marginable. The next publication of the The Board of Governors has published a revision Board's list is scheduled for August 1989. of the Federal Reserve Act and related statutes In addition to securities designated as part of that includes legislation enacted through Decemthe National Market System, the Board will ber 1988. continue to monitor the market activity of other The act is available at a cost of $10.00 a copy OTC stocks to determine which stocks meet the from Publications Services, Mail Stop 138, Board requirements for inclusion and continued inclu- of Governors of the Federal Reserve System, sion on the list. Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 445 SYSTEM MEMBERSHIP: ADMISSION OF Oklahoma STATE BANKS Oklahoma City Bancfirst Pennsylvania The following state banks were admitted to mem- Uniontown Fayette Bank and Trust bership in the Federal Reserve System during the Company period April 1 through April 30, 1989. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

447 Legal Developments FINAL RULE—AMENDMENT TO REGULATIONS Computer Components Corporation: $.01 par com- G, T, U AND X mon, warrants (expire 06-18-91) The Board of Governors is amending 12 C.F.R. Parts Delta US Corporation: $.01 par common 207, 220, 221 and 224, its Securities Credit Transac- Dionics, Inc.: $.01 par common tions; List of Marginable OTC Stocks. The List of Marginable OTC Stocks is comprised of stocks traded Environmental Treatment & Technologies Corp.: 8% over-the-counter (OTC) that have been determined by convertible subordinated debentures the Board of Governors of the Federal Reserve Sys- Enzon, Inc.: Warrants (expire 02-15-89) tem to be subject to the margin requirements under Farragut Mortgage Company, Inc.: $.10 par common certain Federal Reserve regulations. The List is pub- Federal Savings Bank of Puerto Rico, The: $1.00 par lished four times a year by the Board as a guide for common lenders subject to the regulations and the general Financial Benefit Group, Inc.: Class B, $.01 par compublic. This document sets forth additions to or delemon tions from the previously published List which was First Colorado Financial Corp.: $1.00 par common effective February 13, 1989, and will serve to give First Farwest Corporation: $2.50 par common notice to the public about the changed status of certain First Federal Savings of Arkansas, F.A.: $.01 par stocks. common Effective May 8, 1989, accordingly, pursuant to the authority of sections 7 and 23 of the Securities Ex- Hospital Newspapers Group, Inc.: $.001 par common change Act of 1934, as amended (15 U.S.C. §§ 78g and 78w), and in accordance with 12 C.F.R. 207.2(k) Interactive Technologies, Inc.: No par common, warand 207.6(c) (Regulation G), 12 C.F.R. 220.2(s) and rants (expire 03-06-91) 220.17(c) (Regulation T), and 12 C.F.R. 221.20) and 221.7(c) (Regulation U), there is set forth below a Lasertechnics, Inc.: $.01 par common listing of deletions from and additions to the Board's List of Marginable OTC Stocks: MCI Communications Corporation: 7-3A% convertible subordinated debentures Deletions From List National Healthcare, Inc.: $.01 par common NOVA Pharmaceutical Corporation: Class B, war- Stocks Removed For Failing Continued Listing rants (expire 02-05-89) Requirements NOVO Corporation: $.01 par common 202 Data Systems, Inc.: $.10 par common Peregrine Entertainment, Ltd.: No par common Physio Technology Inc.: No par common AMFED Financial Corporation: $.01 par common Piezo Electric Products, Inc.: $1.00 par cumulative Atlantic Permanent Savings Bank F.S.B. (Virginia): convertible preferred $1.00 par common PUBCO Corporation: $.01 par common Automatix Incorporated: $.05 par common Autospa Corporation: $.01 par common Radionics, Inc.: No par common Rise Technology, Inc.: $.01 par common Broadview Savings Bank: No par common Royal Palm Savings Bank (Florida): $1.60 par common CARD*TEL, Inc.: $.01 par common SIS Corporation: No par common Commonwealth Savings and Loan Association F.A. Snelling and Snelling, Inc.: $.05 par common (Florida): $1.00 par common Sybra, Inc.: $.10 par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 Federal Reserve Bulletin • June 1989 Telequest, Inc.: No par common OMI Corp.: $.50 par common, $1.00 par convertible Texas American Energy Corporation: 12-%% convert- exchangeable preferred ible subordinated debentures Travelers Real Estate Investment Trust: No par shares Republic American Corporation: $.01 par common of beneficial interest Reynolds and Reynolds Company, Inc.: Class A, Travelers Realty Income Investors: No par shares of $.625 par common beneficial interest Trio-Tech International: No par common SCICOM Data Services, Ltd.: $.10 par common Shoney's Inc.: $1.00 par common Stocks Removed For Listing On A National Specialty Composites Corporation: $.01 par common Securities Exchange Or Being Involved In An Stanley Interiors Corporation: $.01 par common Acquisition TEMCO Home Health Care Products: $.01 par common Bank of Delaware Corporation: $.10 par common Budget Rent-A-Car Corporation: $.01 par common U.S. Health Inc.: $.0556 par common Union National Corporation: $1.00 par common ChemClear, Inc.: $.01 par common Union Planters Corporation: $5.00 par common Citizens & Southern Corp.: $2.50 par common University Savings Bank: $.01 par common Computer Entry Systems Corporation: $.05 par common Wendt-Bristol Company, The: $.01 par common, war- Continuum Company, The: $.10 par common rants (expire 10-16-91) Williams, A.L., Corporation, The: $.10 par common Eaton Financial Corporation: $.10 par common Wilson Foods Corporation: $.50 par common Electro-Nucleonics, Inc.: $.02-!/2 par common Windmere Corporation: $.10 par common Equion Corporation, The: $.01 par common Additions To The List First Maryland Bancorp: $5.00 par common First Service Bank For Savings (Massachusetts): Anangel-American Shipholdings Limited: American $.10 par common Depository Receipts Arkansas Freightways Corporation: $.01 par common Galactic Resources Ltd.: No par common BF Enterprises, Inc.: $.10 par common Henley Manufacturing Corp.: $.01 par common BTU International, Inc.: $.01 par common Huntingdon International Holdings PLC: American Depository Receipts Callon Consolidated Partners, L.P.: Limited partnership units L.A. Gear, Inc.: No par common Central & Southern Holding Company: $1.00 par Langley Corporation: $1.00 par common common Laurel Entertainment, Inc.: $.001 par common Chemex Pharmaceuticals, Inc.: 1989-1 warrants (expire 03-31-94) Major Video Corp.: $.001 par common Communication Cable, Inc.: $1.00 par common Malrite Communications Group, Inc.: $.01 par com- Condor Services, Inc.: $.01 par common mon, Class A: $.01 par common Corporate Capital Resources, Inc.: $.025 par common Medicare-Glaser Corporation: $.50 par common Metro Mobile CTS, Inc.: Class A, convertible, Dover Regional Financial Shares: No par shares of $.10 par common, Class B, $.10 par common beneficial interest Micro D, Inc.: $.01 par common MNC Financial Inc.: $2.50 par common ECOGEN, Inc.: $.01 par common Mobile Communications Corporation of America: Electrosource, Inc.: $.10 par common Class A, $1.00 par common, Class B, $1.00 par Equity Bank, The (Connecticut): $10.00 par common common Morino, Inc.: $.01 par common Farm & Home Financial Corporation: 13% Series A, cumulative exchangeable preferred Northern Air Freight, Inc.: $.01 par common FSI International, Inc.: No par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 449 Hitox Corporation of America: $.25 par common counts. Card issuers will also be required to give cardholders written notice regarding the renewal of Marcor Development Company, Inc.: $.01 par com- their credit and charge card accounts before a cardmon holder has to pay a fee to renew the account. In Mobile Telecommunication Technologies Corp.: addition, the law requires credit card issuers to pro- $.01 par common vide cardholders with written notice of a change in the company providing credit insurance on credit card NAC RE Corp.: 6-lA% convertible subordinated de- accounts. bentures Effective April 3, 1989, but compliance is optional Network General Corporation: $.01 par common until August 31, 1989 (November 29, 1989, for appli- Nooney Realty Trust, Inc.: $1.00 par common cations and solicitations subject to section 226.5a(e) of North American Bancorporation Inc.: $5.00 par com- the regulation), 12 C.F.R. Part 226 is amended as mon follows: Nucorp, Inc.: Warrants (expire 10-31-89) 1. The authority citation for Part 226 is revised to read Office Club, Inc., The: No par common as follows: Pettibone Corporation: $.01 par common Authority: Truth in Lending Act, 15 U.S.C. § 1604, Premier Financial Services, Inc.: $5.00 par common section 2, Pub. L. No. 100-583, 102 Stat. 2960; section Pricor Incorporated: $.01 par common 1204(c), Competitive Equality Banking Act, Pub. L. Provident Bancorp, Inc.: No par common No. 100-86, 101 Stat. 552. Ravenswood Financial Corporation: $1.00 par com- Subpart A—General mon Red Eagle Resources Corporation: $.10 par common 2. Section 226.1 is amended by revising the first Rocking Horse Child Care Centers of America, Inc., sentence of paragraph (a) to read as follows: The: $.001 par common Section 226.1—Authority, Purpose, Coverage, Simetco, Inc.: $1.00 par common Organization, Enforcement and Liability Southern Educators Life Insurance Company: $.50 par common Stratford American Corporation: $.01 par common (a) Authority. This regulation, known as Regulation Z, is issued by the Board of Governors of the Federal Tejas Gas Corporation: $.25 par common Reserve System to implement the federal Truth in Transmation, Inc.: $.50 par common Lending Act, which is contained in title I of the Trimas Corporation: $.01 par common Consumer Credit Protection Act, as amended (15 U.S.C. 1601 et seq.) United Federal Bancorp, Inc.: $.01 par common * * * Utah Medical Products, Inc.: $.01 par common Vanfed Bancorp: $1.00 par common 3. Section 226.2 is amended by revising paragraphs (a)(15) and (a)(17)(iv) to read as follows: WLR Foods, Inc.: $1.00 par common Section 226.2—Definitions and Rules of Construction AMENDMENT TO REGULATION Z The Board of Governors is amending 12 C.F.R. Part (a) Definitions. 226, its Regulation Z (Truth in Lending), to implement * * * the Fair Credit and Charge Card Disclosure Act amendments to the Truth in Lending Act. The law, (15) "Credit card" means any card, plate, coupon enacted on November 3, 1988, requires credit and book, or other single credit device that may be used charge card issuers to provide credit disclosures in from time to time to obtain credit. "Charge card" certain direct mail, telephone and other applications means a credit card on an account for which no and solicitations to open credit and charge card ac- periodic rate is used to compute a finance charge. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 Federal Reserve Bulletin • June 1989 * * * (17) "Creditor" means: (3) Credit and charge card application and solicita- * * * tion disclosures. The card issuer shall furnish the disclosures for credit and charge card applications (iv) For purposes of subpart B (except for the and solicitations in accordance with the timing recredit and charge card disclosures contained in quirements of section 226.5a. sections 226.5a and 226.9(e) and (f), the finance charge disclosures contained in sections 226.6(a) and 226.7(d) through (g) and the right of rescission set forth in section 226.15) and subpart C, any 5. A new section 226.5a is added to read as follows: card issuer that extends closed-end credit that is subject to a finance charge or is payable by Section 226.5a—Credit and Charge Card written agreement in more than four installments. Applications and Solicitations (a) General rules. The card issuer shall provide the Subpart B—Open-End Credit disclosures required under this section on or with a solicitation or an application to open a credit or charge 4. Section 226.5 is amended by revising footnotes 8 card account. and 9, adding paragraphs (a)(3) and (b)(3) and repub- (1) Definition of solicitation. For purposes of this lishing paragraph (a)(1) and (a)(2) and footnote 7 to section, the term "solicitation" means an offer by read as follows: the card issuer to open a credit or charge card account that does not require the consumer to Section 226.5—General Disclosure complete an application. Requirements (2) Form of disclosures. (i) The disclosures in paragraphs (b)(1) through (7) (a) Form of disclosures. of this section shall be provided in a prominent location on or with an application or a solicitation, (1) The creditor shall make the disclosures required or other applicable document, and in the form of a by this subpart clearly and conspicuously in table with headings, content, and format substanwriting,1 in a form that the consumer may keep.2 tially similar to any of the applicable tables found (2) The terms "finance charge" and "annual per- in Appendix G. centage rate," when required to be disclosed with a (ii) The disclosures in paragraphs (b)(8) through corresponding amount or percentage rate, shall be (10) of this section shall be provided either in the more conspicuous than any other required table containing the disclosures in paragraphs disclosure.3 (b)(1) through (7), or clearly and conspicuously (3) Certain disclosures required under section 226.5a elsewhere on or with the application or solicitafor credit and charge card applications and solicita- tion. tions must be provided in a tabular format or in a (iii) The disclosure required under paragraph prominent location in accordance with the require- (b)(5) of this section shall contain the term "grace ments of that section. period." (b)Time of disclosures. (iv) The terminology in the disclosures under paragraph (b) of this section shall be consistent with that to be used in the disclosures under sections 226.6 and 226.7. 1. The disclosure required by section 226.9(d) when a finance charge is imposed at the time of a transaction need not be written. (3) Exceptions. This section does not apply to home 2. The disclosures required under section 226.5a for credit and equity plans accessible by a credit or charge card charge card applications and solicitations, the alternative summary that are subject to the Home Equity Loan Consumer billing rights statement provided for in section 226.9(a)(2), the credit and charge card renewal disclosures required under section 226.9(e), Protection Act of 1988, Pub. L. No. 100-709; overand the disclosures made under section 226.10(b) about payment draft lines of credit tied to asset accounts accessed requirements need not be in a form that the consumer can keep. by check guarantee cards or by debit cards; or lines 3. The terms need not be more conspicuous when used under section 226.5a for credit and charge card applications and solicita- of credit accessed by check guarantee cards or by tions, under section 226.7(d) on periodic statements, under section debit cards that can be used only at automated teller 226.9(e) in credit and charge card renewal disclosures, and under machines. section 226.16 in advertisements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 451 (4) Fees based on a percentage. If the amount of any be repaid without incurring a finance charge. If no fee required to be disclosed under this section is grace period is provided, that fact must be disdetermined on the basis of a percentage of another closed. If the length of the grace period varies, the amount, the percentage used and the identification card issuer may disclose the range of days, the of the amount against which the percentage is ap- minimum number of days, or the average number of plied may be disclosed instead of the amount of the days in the grace period, if the disclosure is identifee. fied as a range, minimum, or average. (5) Certain fees that vary by state. If the amount of (6) Balance computation method. The name of the any fee referred to in paragraph (b)(8) through (10) balance computation method listed in paragraph (g) of this section varies from state to state, the card of this section that is used to determine the balance issuer may disclose the range of the fees instead of for purchases on which the finance charge is comthe amount for each state, if the disclosure includes puted, or an explanation of the method used if it is a statement that the amount of the fee varies from not listed. The explanation may appear outside the state to state. table if the table contains a reference to the expla- (b) Required disclosures. The card issuer shall disclose nation. In determining which balance computation the items in this paragraph on or with an application or method to disclose, the card issuer shall assume that a solicitation in accordance with the requirements of credit extended for purchases will not be repaid paragraphs (c), (d) or (e) of this section. A credit card within the grace period, if any. issuer shall disclose all applicable items in this para- (7) Statement on charge card payments. A statement graph except for paragraph (b)(7) of this section. A that charges incurred by use of the charge card are charge card issuer shall disclose the applicable items in due when the periodic statement is received. paragraphs (b)(2), (4), and (7) through (10) of this (8) Cash advance fee. Any fee imposed for an section. extension of credit in the form of cash. (1) Annual percentage rate. Each periodic rate that (9) Late payment fee. Any fee imposed for a late may be used to compute the finance charge on an payment. outstanding balance for purchases, expressed as an (10) Over-the-limit fee. Any fee imposed for exceedannual percentage rate (as determined by section ing a credit limit. 226.14(b)). When more than one rate applies, the (c) Direct mail applications and solicitations. The card range of balances to which each rate is applicable issuer shall disclose the applicable items in paragraph shall also be disclosed. (b) of this section on or with an application or solici- (i) If the account has a variable rate, the card tation that is mailed to consumers. issuer shall also disclose the fact that the rate may (d) Telephone applications and solicitations. vary and how the rate is determined. (1) Oral disclosure. The card issuer shall orally (ii) When variable rate disclosures are provided disclose the information in paragraphs (b)(1) through under paragraph (c) of this section, an annual (7) of this section, to the extent applicable, in a percentage rate disclosure is accurate if the rate telephone application or solicitation initiated by the was in effect within 60 days before mailing the card issuer. disclosures. When variable rate disclosures are (2) Alternative disclosure. The oral disclosure under provided under paragraph (e) of this section, an paragraph (d)(1) of this section need not be given if annual percentage rate disclosure is accurate if the card issuer either does not impose a fee dethe rate was in effect within 30 days before scribed in paragraph (b)(2) of this section or does not printing the disclosures. impose such a fee unless the consumer uses the (2) Fees for issuance or availability. Any annual or card, and the card issuer discloses in writing within other periodic fee, expressed as an annualized 30 days after the consumer requests the card (but in amount, or any other fee that may be imposed for no event later than the delivery of the card) the the issuance or availability of a credit or charge following: card, including any fee based on account activity or (i) The applicable information in paragraph (b) of inactivity. this section; and (3) Minimum finance charge. Any minimum or fixed (ii) The fact that the consumer need not accept the finance charge that could be imposed during a billing card or pay any fee disclosed unless the consumer cycle. uses the card. (4) Transaction charges. Any transaction charge (e) Applications and solicitations made available to imposed for the use of the card for purchases. general public. The card issuer shall provide disclo- (5) Grace period. The date by which or the period sures, to the extent applicable, on or with an applicawithin which any credit extended for purchases may tion or solicitation that is made available to the general Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 Federal Reserve Bulletin • June 1989 public, including one contained in a catalog, magazine, (3) Approval for the charge card does not constitute or other generally available publication. The disclo- approval for the open-end credit plan, sures shall be provided in accordance with paragraphs (g) Balance computation methods defined. The follow- (e)(1), (2) or (3) of this section. ing methods may be described by name. Methods that (1) Disclosure of required credit information. The differ due to variations such as the allocation of card issuer may disclose in a prominent location on payments, whether the finance charge begins to accrue the application or solicitation the following: on the transaction date or the date of posting the (i) The applicable information in paragraph (b) of transaction, the existence or length of a grace this section; period, and whether the balance is adjusted by charges (ii) The date the required information was printed, such as late fees, annual fees and unpaid finance including a statement that the required informa- charges do not constitute separate balance computation was accurate as of that date and is subject to tion methods. change after that date; and (1)(i) Average daily balance (including new pur- (iii) A statement that the consumer should contact chases). This balance is figured by adding the the card issuer for any change in the required outstanding balance (including new purchases and information since it was printed, and a toll-free deducting payments and credits) for each day in telephone number or a mailing address for that the billing cycle, and then dividing by the number purpose. of days in the billing cycle. (2) Inclusion of certain initial disclosures. The card (ii) Average daily balance (excluding new purissuer may disclose on or with the application or chases). This balance is figured by adding the solicitation the following: outstanding balance (excluding new purchases (i) The disclosures required under sections and deducting payments and credits) for each day 226.6(a) through (c); and in the billing cycle, and then dividing by the (ii) A statement that the consumer should contact number of days in the billing cycle. the card issuer for any change in the required (2)(i) Two-cycle average daily balance (including information, and a toll-free telephone number or a new purchases). This balance is the sum of the mailing address for that purpose. average daily balances for two billing cycles. The (3) No disclosure of credit information. If none of first balance is for the current billing cycle, and is the items in paragraph (b) of this section is provided figured by adding the outstanding balance (inon or with the application or solicitation, the card cluding new purchases and deducting payments issuer may state in a prominent location on the and credits) for each day in the billing cycle, and application or solicitation the following: then dividing by the number of days in the billing (i) There are costs associated with the use of the cycle. The second balance is for the preceding card; and billing cycle and is figured in the same way as the (ii)The consumer may contact the card issuer to first balance. request specific information about the costs, along (ii) Two-cycle average daily balance (excluding with a toll-free telephone number and a mailing new purchases). This balance is the sum of the address for that purpose. average daily balances for two billing cycles. The (4) Prompt response to requests for information. Upon first balance is for the current billing cycle, and is receiving a request for any of the information referred figured by adding the outstanding balance (exto in this paragraph, the card issuer shall promptly and cluding new purchases and deducting payments fully disclose the information requested. and credits) for each day in the billing cycle, and (f) Special charge card rule — card issuer and person then dividing by the number of days in the billing extending credit not the same person. If a cardholder cycle. The second balance is for the preceding may by use of a charge card access an open-end credit billing cycle and is figured in the same way as the plan that is not maintained by the charge card issuer, first balance. the card issuer need not provide the disclosures in (3) Adjusted balance. This balance is figured by paragraphs (c), (d) or (e) of this section for the open- deducting payments and credits made during the end credit plan if the card issuer states on or with an billing cycle from the outstanding balance at the application or a solicitation the following: beginning of the billing cycle. (1) The card issuer will make an independent deci- (4) Previous balance. This balance is the outstanding sion whether to issue the card; balance at the beginning of the billing cycle. (2) The charge card may arrive before the decision is made about extending credit under the open-end 6. Section 226.9 is amended by revising paragraph (d)(2) credit plan; and and adding paragraphs (e) and (f) to read as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 453 Section 226.9—Subsequent Disclosure card issuer shall include a reference to those disclo- Requirements sures on the front of the statement, (f) Change in credit card account insurance provider. (1) Notice prior to change. If a credit card issuer plans to change the provider of insurance for repay- (d) Finance charge imposed at time of transaction. ment of all or part of the outstanding balance of an * * * open-end credit card account subject to section 226.5a, the card issuer shall mail or deliver the (2) The card issuer, if other than the person honoring cardholder written notice of the change not less than the consumer's credit card, shall have no responsi- 30 days before the change in providers occurs. The bility for the disclosure required by paragraph (d)(1) notice shall also include the following items, to the of this section, and shall not consider any such extent applicable: charge for purposes of sections 226.5a, 226.6 and (i) Any increase in the rate that will result from the 226.7. change; (e) Disclosures upon renewal of credit or charge card. (ii) Any substantial decrease in coverage that will (1) Notice prior to renewal. Except as provided in result from the change ; and paragraph (e)(2) of this section, a card issuer that (iii) A statement that the cardholder may disconimposes any annual or other periodic fee to renew a tinue the insurance. credit or charge card account subject to section (2) Notice when change in provider occurs. If a 226.5a, including any fee based on account activity change described in paragraph (f)(1) of this section or inactivity, shall mail or deliver written notice of occurs, the card issuer shall provide the cardholder the renewal to the cardholder. The notice shall be with a written notice no later than 30 days after the provided at least 30 days or one billing cycle, change, including the following items, to the extent whichever is less, before the mailing or the delivery applicable: of the periodic statement on which the renewal fee is (i) The name and address of the new insurance initially charged to the account. The notice shall provider; contain the following information: (ii) A copy of the new policy or group certificate (i) The disclosures contained in sections containing the basic terms of the insurance, in- 226.5a(b)(l) through (7) that would apply if the cluding the rate to be charged; and account were renewed;4 and (iii) A statement that the cardholder may discon- (ii) How and when the cardholder may terminate tinue the insurance. credit availability under the account to avoid (3) Substantial decrease in coverage. For purposes paying the renewal fee. of this paragraph, a substantial decrease in coverage (2) Delayed notice. The disclosures required by is a decrease in a significant term of coverage that paragraph (e)(1) of this section may be provided might reasonably be expected to affect the cardholdlater than the time in paragraph (e)(1) of this section, er's decision to continue the insurance. Significant but no later than the mailing or the delivery of the terms of coverage include, for example, the followperiodic statement on which the renewal fee is ing: initially charged to the account, if the card issuer (i) Type of coverage provided; also discloses at that time that: (ii) Age at which coverage terminates or becomes (i) The cardholder has 30 days from the time the more restrictive; periodic statement is mailed or delivered to avoid (iii)Maximum insurable loan balance, maximum paying the fee or to have the fee recredited if the periodic benefit payment, maximum number of cardholder terminates credit availability under the payments, or other term affecting the dollar account ; and amount of coverage or benefits provided; (ii) The cardholder may use the card during the (iv) Eligibility requirements and number and ideninterim period without having to pay the fee. tity of persons covered; (3) Notification on periodic statements. The disclo- (v) Definition of a key term of coverage such as sures required by this paragraph may be made on or disability; with a periodic statement. If any of the disclosures (vi) Exclusions from or limitations on coverage; are provided on the back of a periodic statement, the and (vii) Waiting periods and whether coverage is retroactive. (4) Combined notification. The notices required by 4. These disclosures need not be provided in tabular format or in a prominent location. paragraph (f)(1) and (2) of this section may be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

454 Federal Reserve Bulletin • June 1989 combined provided the timing requirement of para- with the requirements contained in chapter 1 (Gengraph (f)(1) of this section is met. The notices may eral Provisions), chapter 2 (Credit Transactions), or be provided on or with a periodic statement. chapter 3 (Credit Advertising) of the act and the implementing provisions of this regulation are pre- 7. Section 226.14 is amended by revising paragraph (b) empted to the extent of the inconsistency. to read as follows: * * * Section 226.14—Determination of Annual Percentage Rate (d) Special rule for credit and charge cards. State law requirements relating to the disclosure of credit information in any credit or charge card application or (b) Annual percentage rate for section 226.5a disclo- solicitation that is subject to the requirements of sures, for initial disclosures and for advertising pur- section 127(c) of chapter 2 of the act (section 226.5a of poses. Where one or more periodic rates may be used the regulation) or in any renewal notice for a credit or to compute the finance charge, the annual percentage charge card that is subject to the requirements of rate(s) to be disclosed for purposes of sections 226.5a, section 127(d) of chapter 2 of the act (section 226.9(e) 226.6(a)(2) and 226.16(b) shall be computed by multi- of the regulation) are preempted. State laws relating to plying each periodic rate by the number of periods in a the enforcement of section 127(c) and (d) of the act are year. not preempted. 10. Appendix G is amended by revising the introductory language and by adding model forms and clauses G-l(e) and G-10(A) through G-13(B) to read as follows 8. Section 226.16 is amended by adding footnote 36a to (G-l(a) through (d) and G-2 are republished): paragraph (b) to read as follows (paragraph (b) introductory text is republished): Appendix G—Open-End Model Forms and Clauses Section 226.16—Advertising G-10(A)-(B) Applications and Solicitations Model Forms (Credit Cards) (§ 226.5a(b)) (b) Advertisement of terms that require additional disclosures. If any of the terms required to be dis- G-10(C) Applications and Solicitations Model Form closed under section 226.6 is set forth in an advertise- (Charge Cards) (§ 226.5a(b)) ment, the advertisement shall also clearly and conspicuously set forth the following:5 G-ll Applications and Solicitations Made Available to * * * General Public Model Clauses (§ 226.5a(e)) G-12 Charge Card Model Clause (When Access to Plan Offered by Another) (§ 226.5a(f)) Subpart D—Miscellaneous G-13(A) Change in Insurance Provider Model Form 9. Section 226.28 is amended by revising the first (Combined Notice) (§ 226.9(f)) sentence of paragraph (a)(1) and adding paragraph (d) to read as follows: G-13(B) Change in Insurance Provider Model Form (§ 226.9(f)(2)) Section 226.28—Effect on State Laws G-l—Balance Computation Methods Model (a) Inconsistent disclosure requirements. Clauses (1) Except as provided in paragraph (d) of this section, state law requirements that are inconsistent (e) Ending balance method. We figure [a portion of] 5. The disclosures given in accordance with section 226.5a do not the finance charge on your account by applying the constitute advertising terms for purposes of the requirements of this periodic rate to the amount you owe at the end of each section. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 455 billing cycle (including new purchases and deducting permit MMBI to exercise control over Statewide for payments and credits made during the billing cycle). the purposes of the BHC Act. Notice of the application, affording an opportunity for interested persons to submit comments, has been given in accordance with section 3(b) of the BHC Act. The time for filing comments has expired, and the ORDERS ISSUED UNDER BANK Board has considered the application and all com- HOLDING COMPANY ACT ments received, including comments submitted by Statewide in opposition to this proposal, in light of the Orders Issued Under Section 3 of the Bank factors set forth in section 3(c) of the BHC Act. Holding Company Act 12 U.S.C. § 1842(c). The Board has previously indicated that the acqui- Hongkong and Shanghai Banking Corporation sition of less than a controlling interest in a bank is not Hong Kong, B.C.C. a normal acquisition for a bank holding company.2 Statewide argues that this application should be denied Kellett N.V. because it represents a minority investment by a bank Curacao, Netherlands Antilles holding company in another bank or bank holding company. The Board, however, has previously ap- HSBC Holdings B.V. proved the acquisition by a bank holding company of Amsterdam, The Netherlands less than a controlling interest in a bank.3 Moreover, the requirement in section 3(a)(3) of the BHC Act that Marine Midland Banks, Inc. the Board's prior approval be obtained before a bank Buffalo, New York holding company acquires more than 5 percent of the voting shares of a bank suggests that Congress con- Order Approving Retention of Warrants templated the acquisition by bank holding companies of a Bank Holding Company of between 5 percent and 25 percent of the voting shares of banks. Finally, nothing in section 3(c) of the Hongkong and Shanghai Banking Corporation, Hong BHC Act requires denial of an application solely Kong, B.C.C.; Kellett N.V., Curacao, Netherlands because a bank holding company proposes to acquire Antilles; HSBC Holdings B.V., Amsterdam, The less than a controlling interest in a bank or a bank Netherlands; and Marine Midland Banks, Inc. holding company. Thus, the Board concludes that the ("MMBI"), Buffalo, New York, all bank holding retention of the warrants is not a factor that, by itself, companies within the meaning of the Bank Holding justifies denial of this application.4 Company Act ("BHC Act"), have applied for the Section 3(c) of the BHC Act requires the Board in Board's approval under section 3(a)(3) of the BHC every case under section 3 of the BHC Act to analyze Act, 12 U.S.C. § 1843(a)(3), to retain warrants to competitive, financial, managerial, future prospects, acquire up to 24.99 percent of the voting shares of and convenience and needs considerations. In accord- Statewide Bancorp ("Statewide"), Toms River, New Jersey. Statewide is a bank holding company that owns and controls The First National Bank of Toms 2. State Street Boston Corporation, 67 FEDERAL RESERVE BULLE- River, Toms River, New Jersey. TIN 862,863 (1981). 3. See, e.g., Midlantic Banks, Inc., 70 FEDERAL RESERVE BULLE- MMBI acquired these warrants and shares of non- TIN 776 (1984) (acquisition of 24.9 percent of the voting shares of a voting preferred stock in 1984 pursuant to an agree- bank holding company); Comerica Incorporated, 69 FEDERAL REment with Statewide. At the time the agreement was SERVE BULLETIN 911 (1983) (acquisition of 21.6 percent of the voting shares of a bank); State Street Boston Corporation, supra (acquisition finalized, New Jersey law did not permit New York of 16.6 percent of the voting shares of a bank holding company); bank holding companies to acquire New Jersey banks. Lincoln National Company, 63 FEDERAL RESERVE BULLETIN 405 (1977) (acquisition of 9.9 percent of the voting shares of a bank); and The acquisition of the warrants and preferred stock First Piedmont Corporation, 59 FEDERAL RESERVE BULLETIN 456 was in conformance with the Board's policy statement (1973) (acquisition of 9.5 percent of the voting shares of a bank). governing these types of nonvoting investments1 and 4. Statewide also contends that approval of this proposal would be inconsistent with a Board policy not to approve an option for the was permitted in reliance on the representation of both purchase of shares that may never be exercised or that may be MMBI and Statewide that the investment would not exercised over an extended period of time. See CNCC Partners, 68 FEDERAL RESERVE BULLETIN 48 (1982). The Board is concerned in these situations that the financial and managerial strength of the applicant could deteriorate between the time the option is approved and consummation of the proposal. The Board notes in this case that MMBI has applied to hold the warrants and has committed not to 1. 12 C.F.R. 225.143. exercise the warrants without the Board's prior approval. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 Federal Reserve Bulletin • June 1989 ance with the terms of this section of the BHC Act, the sidering the comments raised by Statewide and the Board has considered these factors in its analysis of entire record in this case, that consummation of the this application, even though MMBI's proposal in- proposal would not have a material adverse effect on volves warrants to acquire less than a controlling the financial and managerial resources or future prosinterest in Statewide. pects of Statewide.7 In reaching this conclusion, the MMBI is the seventh largest commercial banking Board notes that Statewide and its subsidiaries are organization in New York, controlling total domestic adequately capitalized with satisfactory records of deposits of $14.7 billion,5 which represents 4.7 percent operations, and concludes that the record does not of the total deposits in commercial banks in New indicate that the proposed retention of warrants by York. Statewide is the eleventh largest commercial MMBI would adversely effect, in any material way, banking organization in New Jersey, controlling total the capitalization or operations of Statewide.8 domestic deposits of $1.7 billion, which represents 2.5 Considerations related to the convenience and percent of the total deposits in commercial banks in needs of the communities to be served are consistent the state. Consummation of this proposal would not with approval of this application.9 have a significant effect on the concentration of bank- Based on the foregoing and all of the facts of record ing resources in any relevant market. and in reliance on the commitments made by Appli- Because MMBI does not operate a bank in any cants, the Board has determined that this application market in which Statewide is located, consummation should be and hereby is approved. of the proposal would not have a substantial adverse By order of the Board of Governors, effective effect on competition in any relevant banking market. April 19, 1989. Consummation of the proposal would also not have any significant adverse effect on probable future com- Voting for this action: Chairman Greenspan and Governors petition in any relevant banking market. Johnson, Seger, Angell, Heller, Kelley and LaWare. The financial and managerial resources and future prospects of Applicants and their subsidiaries are JENNIFER J. JOHNSON satisfactory and consistent with approval of this appli- Associate Secretary of the Board cation. Approval of this application does not contemplate expenditure of any funds and, therefore, would have no effect on the financial resources of Applicants. New Jersey's interstate banking statute than before enactment of that statute. In both cases, MMBI had retained the right to sell the Statewide argues that consummation of this proposal warrants under certain circumstances, or to hold them for eventual would have a significant adverse effect on Statewide's exercise. financial and managerial resources and future 7. Statewide also argues that MMBI willfully violated the BHC Act by holding the warrants without approval of the Board after the prospects.6 The Board concludes, after carefully con warrants became exercisable, because the warrants were then presumed by the Board's regulations to be voting shares. The initial acquisition of the warrants by MMBI in 1984 was consistent with the requirements of the BHC Act and the Board's policy statement governing these types of nonvoting equity investments. 12 C.F.R. 5. All deposit data are as of September 30, 1988. All other banking 225.143. The Board's regulations contemplate that a company triggerdata are as of June 30, 1986. ing a presumption of control will have an opportunity to file an 6. Statewide argues, among other things, that retention of the application to retain control or to contest the presumption. 12 C.F.R. warrants by MMBI adversely affects Statewide's ability to raise 225.31. In this case, the Board believes that MMBI filed this applicaadditional capital, to attract and retain management personnel and to tion within a reasonable period following the triggering event. Statepursue potential acquisitions of other institutions. Statewide also wide also argues that MMBI has failed to file the necessary reports contends that the warrants deter potential suitors and merger partners regarding retention of the warrants with the Securities and Exchange for Statewide, and create uncertainty regarding whether and to what Commission. The Securities and Exchange Commission's rules do not extent MMBI will serve as a source of strength to Statewide. These appear to require submission of any additional reports by MMBI at contentions are in contrast to the representations made by Statewide this time. at the time the initial investment was made by MMBI in 1984. 8. The Board notes that MMBI has made certain commitments Moreover, the record in this case, including relevant examination designed to assure that MMBI does not control Statewide or take reports, indicates that Statewide has been able to attract and retain other action to cause Statewide to become a subsidiary of MMBI, competent management and to maintain adequate capital. In this without prior Board approval. regard, the exercise of the warrants by MMBI or another party would 9. Statewide contends that convenience and needs considerations provide additional capital to Statewide. The record also indicates that are not consistent with approval of this application because the Statewide has successfully pursued and consummated at least one reduction in Statewide's ability to obtain capital through the capital expansion proposal since the acquisition of the warrants by MMBI. In markets would severely limit Statewide's effort to improve and addition, the potential deterrent effect of the warrants on potential expand products and services. This assertion of adverse effects is suitors for Statewide does not appear to be greater after the change in largely speculative in nature and is not supported by the record. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 457 APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT By Federal Reserve Banks Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon request to the Reserve Banks. Section 3 Reserve Effective Applicant Bank(s) Bank date BT Financial Corporation, Portage National Bank, Philadelphia April 14, 1989 Johnstown, Pennsylvania Portage, Pennsylvania BTNC Corp., Bankers Trust of North Carolina, Richmond March 31, 1989 Greensboro, North Carolina Greensboro, North Carolina Cameron Investment Company, Community Bank of Sheboygan, Minneapolis March 30, 1989 Inc., Sheboygan, Wisconsin Sheboygan, Wisconsin Chisholm Bancshares, Inc., First National Bank of Chisholm, Minneapolis March 31, 1989 Chisholm, Minnesota Chisholm, Minnesota Community Financial Bancorp, Farmers State Bank, St. Louis April 7, 1989 Inc., Warsaw, Kentucky Maysville, Kentucky F. B. H. Corp., The Citizens Bank of Fayette, Atlanta March 30, 1989 Fayette, Alabama Fayette, Alabama First Essex Bancorp, Inc., Fortune Guaranty Savings Bank, Boston March 21, 1989 Lawrence, Massachusetts Windham, New Hampshire First Essex NH Bancorp, Inc., Windham, New Hampshire First National Insurance Agency, First National Bank in Exeter, Kansas City April 4, 1989 Inc., Exeter, Nebraska Exeter, Nebraska First Southeastern Banc Group, Fillmore County Bancshares, Minneapolis March 31, 1989 Inc., Inc., Harmony, Minnesota Canton, Minnesota Golden Gate Bancor, Golden Gate Bank, San Francisco March 23, 1989 San Francisco, California San Francisco, California Hastings Financial Corporation, National Bank of Hastings, Chicago March 28, 1989 Hastings, Michigan Hastings, Michigan Huron Community Financial Huron Community Bank, Chicago March 31, 1989 Services, Inc., East Tawas, Michigan East Tawas, Michigan Indian River Banking Company, Indian River National Bank, Atlanta April 6, 1989 Vero Beach, Florida Vero Beach, Florida Lakeside Credit Company, Inc., First Trust & Savings Bank, Chicago April 18, 1989 Minneapolis, Minnesota Cedar Rapids, Iowa Lawrence L. Osborn Scholarship The Veedersburg State Bank, Chicago March 28, 1989 Trust, Veedersburg, Indiana Veedersburg, Indiana MGB Bancshares, Inc., First National Bank of Mulberry St. Louis April 3, 1989 Mulberry Grove, Illinois Grove, Mulberry Grove, Illinois Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 Federal Reserve Bulletin • June 1989 Section 3—Continued Reserve Effective Applicant Bank(s) Bank date Miami Bancshares, Inc., First State Bank of Miami, Dallas March 27, 1989 Miami, Texas Miami, Texas Moore Financial Group The Idaho First National Bank, San Francisco April 14, 1989 Incorporated, Boise, Idaho Boise, Idaho New East Bancorp, New East Bank of Goldsboro, Richmond March 29, 1989 Raleigh, North Carolina Goldsboro, North Carolina North East Bancshares, Inc., The National Bank of North Cleveland April 6, 1989 North East, Pennsylvania East, North East, Pennsylvania Orrstown Financial Services, Farmers National Bank of Philadelphia April 4, 1989 Inc., Newville, Orrstown, Pennsylvania Newville, Pennsylvania PBA Bancorporation, The Peoples Bank of Alabama, Atlanta March 27, 1989 Centreville, Alabama Centre ville, Alabama Peoples Bancshares of Gambier The Peoples Bank, Cleveland March 29, 1989 Incorporated, Gambier, Ohio Gambier, Ohio PWB Bancshares, Inc., Pembine-Wausaukee Bank, Chicago April 17, 1989 Wausaukee, Wisconsin Crivitz, Wisconsin Regent Bancshares, Corp., Regent National Bank, Philadelphia April 7, 1989 Cherry Hill, New Jersey Philadelphia, Pennsylvania Susquehanna Bancshares, Inc., Farmers and Merchants Bank of Philadelphia April 13, 1989 Lititz, Pennsylvania Hagerstown, Hagerstown, Maryland Veedersburg Bank Corporation, The Veedersburg State Bank, Chicago March 28, 1989 Veedersburg, Indiana Veedersburg, Indiana Whitney Holding Corporation, Whitney National Bank, Atlanta April 4, 1989 New Orleans, Louisiana St. Tammany Parish, Mandeville, Louisiana W.T.B. Financial Corporation, Norban Financial Group, Inc., San Francisco April 10, 1989 Spokane, Washington Coeur d'Alene, Idaho Section 4 Nonbanking Activity/ Reserve Effective Applicant Company Bank date The Chase Manhattan to engage in certain mortgage New York April 18, 1989 Corporation, servicing rights from Bankers New York, New York Trust Company, New York, New York Louisville Company, Home State Insurance Agency, Kansas City April 7, 1989 Louisville, Nebraska Inc., Louisville, Nebraska Northern Trust Corporation, IDA Asset Management Systems, Chicago April 5, 1989 Chicago, Illinois Inc., San Jose, California Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 459 Section 4—Continued . .. Nonbanking Activity/ Reserve Effective Company Bank date Southeast Banking Corporation, Cobb Partners Financial, Inc., Atlanta April 14, 1989 Miami, Florida Boca Raton, Florida APPLICATIONS APPROVED UNDER BANK MERGER ACT BY FEDERAL RESERVE BANKS Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon request to the Reserve Banks. . .. „ . Reserve Effective Applicant B ankw(s) ^ date Kent City State Bank, PrimeBank Federal Savings Chicago March 31, 1989 Kent City, Michigan Bank, Grand Rapids, Michigan 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. Independent Insurance Agents of America, Inc. v. Cohen v. Board of Governors, No. 88-1061 (D.N.J., Board of Governors, No. 89-4030 (2d Cir., filed filed March 7, 1988). March 9, 1989). Stoddard v. Board of Governors, No. 88-1148 (D.C. Securities Industry Association v. Board of Gover- Cir., filed February 25, 1988). nors, No. 89-1127 (D.C. Cir. filed February 16, Independent Insurance Agents of America, Inc. v. 1989). Board of Governors, No. 87-1686 (D.C. Cir., filed November 19, 1987). American Land Title Association v. Board of Governors, No. 88-1872 (D.C. Cir., filed December 16, National Association of Casualty and Surety Agents, 1988). et al., v. Board of Governors, Nos. 87-1644, 87- 1801, 88-1001 88-1206, 88-1245, 88-1270 (D.C. MCorp v. Board of Governors, No. CA3-88-2693-F Cir., filed Nov. 4, Dec. 21, 1987, Jan. 4, March 18, (N.D. Tex., filed October 28, 1988). March 30, April 7, 1988). Teichgraeber v. Board of White v. Board of Governors, No. CU-S-88-623-RDF Governors, No. 87-2505-0 (D. Kan., filed Oct. 16, (D. Nev., filed July 29, 1988). 1987). National Association of Casualty & Insur- VanDyke v. Board of Governors, No. 88-5280 (8th ance Agents v. Board of Governors, Nos. 87-1354, Cir., filed July 13, 1988). 87-1355 (D.C. Cir., filed July 29, 1987). Baugh v. Board of Governors, No. C88-3037 (N.D. The Chase Manhattan Corporation v. Board of Gov- Iowa, filed April 8, 1988). ernors, No. 87-1333 (D.C. Cir., filed July 20, 1987). Bonilla v. Board of Governors, No. 88-1464 (7th Cir., Lewis v. Board of Governors, Nos. 87-3455, 87-3545 filed March 11, 1988). (11th Cir., filed June 25, Aug. 3, 1987). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A1 Financial and Business Statistics NOTE. The following tables may have some 1.43,1.45, 1.46, 1.47, 1.48, 1.50, 1.53,1.54, 1.55, discontinuities in historical data for some series 1.56, 2.11, 2.14, 2.15, 2.16, 2.17, 3.14, and 3.21. beginning with the March 1989 issue: 1.10, 1.17, For a more detailed explanation of the changes, 1.20, 1.21,1.22,1.23,1.24, 1.25, 1.26,1.28, 1.30, see the announcement on pages 288-89 of the 1.31,1.32,1.35,1.36,1.37,1.39, 1.40,1.41,1.42, April 1989 BULLETIN. CONTENTS WEEKLY REPORTING COMMERCIAL BANKS Assets and liabilities Domestic Financial Statistics A19 All reporting banks A20 Banks in New York City MONEY STOCK AND BANK CREDIT A21 Branches and agencies of foreign banks A22 Gross demand deposits—individuals, A3 Reserves, money stock, liquid assets, and debt partnerships, and corporations measures A4 Reserves of depository institutions, Reserve FINANCIAL MARKETS Bank credit A23 Commercial paper and bankers dollar A5 Reserves and borrowings—Depository acceptances outstanding institutions A23 Prime rate charged by banks on short-term A6 Selected borrowings in immediately available business loans funds—Large member banks A24 Interest rates—money and capital markets A25 Stock market—Selected statistics POLICY INSTRUMENTS A26 Selected financial institutions—Selected assets A7 Federal Reserve Bank interest rates and liabilities A8 Reserve requirements of depository institutions A9 Federal Reserve open market transactions FEDERAL FINANCE A28 Federal fiscal and financing operations FEDERAL RESERVE BANKS A29 U.S. budget receipts and outlays A10 Condition and Federal Reserve note statements A30 Federal debt subject to statutory limitation All Maturity distribution of loan and security A30 Gross public debt of U.S. Treasury—Types holdings and ownership A31 U.S. government securities dealers—Transactions MONETARY AND CREDIT AGGREGATES A32 U.S. government securities dealers—Positions A12 Aggregate reserves of depository institutions and financing and monetary base A3 3 Federal and federally sponsored credit A13 Money stock, liquid assets, and debt measures agencies—Debt outstanding A15 Bank debits and deposit turnover A16 Loans and securities—All commercial banks SECURITIES MARKETS AND CORPORATE FINANCE COMMERCIAL BANKING INSTITUTIONS A34 New security issues—State and local A17 Major nondeposit funds governments and corporations A18 Assets and liabilities, last-Wednesday-of-month A35 Open-end investment companies—Net sales series and asset position Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 Federal Reserve Bulletin • June 1989 A35 Corporate profits and their distribution A57 Foreign branches of U.S. banks—Balance A35 Total nonfarm business expenditures on new sheet data plant and equipment A59 Selected U.S. liabilities to foreign official A36 Domestic finance companies—Assets and institutions liabilities and business credit REPORTED BY BANKS IN THE UNITED STATES REAL ESTATE A59 Liabilities to and claims on foreigners A37 Mortgage markets A60 Liabilities to foreigners A38 Mortgage debt outstanding A62 Banks' own claims on foreigners A63 Banks' own and domestic customers' claims on foreigners A63 Banks' own claims on unaffiliated foreigners CONSUMER INSTALLMENT CREDIT A64 Claims on foreign countries—Combined A39 Total outstanding and net change domestic offices and foreign branches A40 Terms REPORTED BY NONBANKING BUSINESS FLOW OF FUNDS ENTERPRISES IN THE UNITED STATES A41 Funds raised in U.S. credit markets A65 Liabilities to unaffiliated foreigners A43 Direct and indirect sources of funds to credit A66 Claims on unaffiliated foreigners markets A44 Summary of credit market debt outstanding A45 Summary of credit market claims, by holder SECURITIES HOLDINGS AND TRANSACTIONS Domestic Nonfinancial Statistics A67 Foreign transactions in securities A68 Marketable U.S. Treasury bonds and notes—Foreign transactions SELECTED MEASURES A46 Nonfinancial business activity—Selected INTEREST AND EXCHANGE RATES measures A69 Discount rates of foreign central banks A47 Labor force, employment, and unemployment A69 Foreign short-term interest rates A48 Output, capacity, and capacity utilization A70 Foreign exchange rates A49 Industrial production—Indexes and gross value A51 Housing and construction A71 Guide to Tabular Presentation, A52 Consumer and producer prices Statistical Releases, and Special A53 Gross national product and income Tables A54 Personal income and saving International Statistics SPECIAL TABLES All Assets and liabilities of commercial banks, March 31, 1988 SUMMARY STATISTICS A78 Assets and liabilities of commercial banks, A55 U.S. international transactions—Summary June 30, 1988 A56 U.S. foreign trade A84 Terms of lending at commercial banks, A56 U.S. reserve assets February 1989 A56 Foreign official assets held at Federal Reserve A90 Assets and liabilities of U.S. branches and Banks agencies of foreign banks, December 1988 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 Annual rates of change, seasonally adjusted in percent1 1988 1989 1988 1989 MMoonneettaarryy aanndd ccrreeddiitt aaggggrreeggaatteess Q2 Q3 Q4 Q1 Nov. Dec/ Jan.r Feb/ Mar. Reserves of depository institutions2 1 Total 5.8 4.3 -.7 -4.0 2.0 -1.5 -8.5 -1.2 -7.5 2 Required 7.2 4.0 -1.4 -4.2 .8 .1 -10.8 -1.4 -3.6 3 Nonborrowed -6.5 2.5 5.3 .2 -9.5 22.1 -7.7 2.4 -14.3 4 Monetary base3 7.4 6.7 5.0 4.4 3.9 5.0 4.0 4.4 4.2 Concepts of money, liquid assets, and debt4 5 Ml 6.4 5.2 2.3 -.4 1.8 5.5 -6.1 1.7 -1.5 6 M2 6.9 3.8 3.6 2.0 6.7 3.9 -1.4 1.6 4.1 7 M3 7.2 5.8 5.1 3.8 6.4 5.3 1.6 2.9 6.9 8 L 8.5 7.4 5.9^ n.a. i.r 9.7 .9 3.4 n.a. 9 Debt 8.6 8.4 8.5r 9.0 9.0' 8.0 8.0 10.7 n.a. Nontransae tion components 10 In M25 7.1 3.3 4.1 2.8 8.4 3.4 .2 1.5 6.0 11 In M3 only6 8.3 13.3 10.5 10.7 5.2r 10.4 12.3 7.8 16.9 Time and savings deposits Commercial banks 12 Savings7 10.4 7.9 4.T -3.5 18.9 -1.9 -10.2 -2.9 -10.3 13 Small-denomination time 12.9 11.6 18.0 22.7 15.4r 18.4 21.8 26.9 28.9 14 Large-denomination time • 9.1 18.2 i3.<y 17.9 6.7r 12.2 18.9 24.2 22.5 Thrift institutions 15 Savings 2.6 2.1 -2.5 -7.6 -1.6' -1.1 -9.2 -13.6 -10.4 16 Small-denomination time 12.5 5.4 6.6 4.3 5.4 1.7 5.4 5.0 3.3 17 Large-denomination time9 9.2 3.9 7.9 1.2 2.7 -2.4 5.9 -2.2 -.6 Debt components4 18 Federal 8.3 7.1 7.8r 7.6 6.7r 7.7 4.7 9.9 n.a. 19 Nonfederal 8.7 8.8 8.7r 9.4 9.7r 8.1 9.1 10.9 n.a. 20 Total loans and securities at commercial banks 9.8 7.5 5.7 6.1 4.7 3.7 2.4 14.4 6.4 1. Unless otherwise noted, rates of change are calculated from average institutions and money market funds. Also excludes all balances held by U.S. amounts outstanding in preceding month or quarter. commercial banks, money market funds (general purpose and broker-dealer), 2. Figures incorporate adjustments for discontinuities associated with the foreign governments and commercial banks, and the U.S. government. implementation of the Monetary Control Act and other regulatory changes to M3: M2 plus large-denomination time deposits and term RP liabilities (in reserve requirements. To adjust for discontinuities due to changes in reserve amounts of $100,000 or more) issued by commercial banks and thrift institutions, requirements on reservable nondeposit liabilities, the sum of such required term Eurodollars held by U.S. residents at foreign branches of U.S. banks reserves is subtracted from the actual series. Similarly, in adjusting for discon- worldwide and at all banking offices in the United Kingdom and Canada, and tinuities in the monetary base, required clearing balances and adjustments to balances in both taxable and tax-exempt, institution-only money market mutual compensate for float also are subtracted from the actual series. funds. Excludes amounts held by depository institutions, the U.S. government, 3. The monetary base not adjusted for discontinuities consists of total money market funds, and foreign banks and official institutions. Also subtracted reserves plus required clearing balances and adjustments to compensate for float is the estimated amount of overnight RPs and Eurodollars held by institution-only at Federi Reserve Banks plus the currency component of the money stock less money market mutual funds. the amount of vault cash holdings of thrift institutions that is included in the L: M3 plus the nonbank public holdings of U.S. savings bonds, short-term currency component of the money stock plus, for institutions not having required Treasury securities, commercial paper and bankers acceptances, net of money reserve balances, the excess of current vault cash over the amount applied to market mutual fund holdings of these assets. satisfy current reserve requirements. After the introduction of contemporaneous Debt: Debt of domestic nonfinancial sectors consists of outstanding credit reserve requirements (CRR), currency and vault cash figures are measured over market debt of the U.S. government, state and local governments, and private the weekly computation period ending Monday. nonfinancial sectors. Private debt consists of corporate bonds, mortgages, con- Before CRR, all components of the monetary base other than excess reserves sumer credit (including bank loans), other bank loans, commercial paper, bankers are seasonally adjusted as a whole, rather than by component, and excess acceptances, and other debt instruments. The source of data on domestic reserves are added on a not seasonally adjusted basis. After CRR, the seasonally nonfinancial debt is the Federal Reserve Board's flow of funds accounts. Debt adjusted series consists of seasonally adjusted total reserves, which include data are based on monthly averages. Growth rates for debt reflect adjustments for excess reserves on a not seasonally adjusted basis, plus the seasonally adjusted discontinuities over time in the levels of debt presented in other tables. currency component of the money stock plus the remaining items seasonally 5. Sum of overnight RPs and Eurodollars, money market fund balances adjusted as a whole. (general purpose and broker-dealer), MMDAs, and savings and small time 4. Composition of the money stock measures and debt is as follows: deposits less the estimated amount of demand deposits and vault cash held by Ml: (1) currency outside the Treasury, Federal Reserve Banks, and the vaults thrift institutions to service their time and savings deposit liabilities. of depository institutions; (2) travelers checks of nonbank issuers; (3) demand 6. Sum of large time deposits, term RPs, and Eurodollars of U.S. residents, deposits at all commercial banks other than those due to depository institutions, money market fund balances (institution-only), less a consolidation adjustment the U.S. government, and foreign banks and official institutions less cash items in that represents the estimated amount of overnight RPs and Eurodollars held by the process of collection and Federal Reserve float; and (4) other checkable institution-only money market mutual funds. deposits (OCD) consisting of negotiable order of withdrawal (NOW) and auto- 7. Excludes MMDAs. matic transfer service (ATS) accounts at depository institutions, credit union 8. Small-denomination time deposits—including retail RPs—are those issued share draft accounts, and demand deposits at thrift institutions. in amounts of less than $100,000. All IRA and Keogh accounts at commercial M2: Ml plus overnight (and continuing contract) repurchase agreements (RPs) banks and thrifts are subtracted from small time deposits. issued by all commercial banks and overnight Eurodollars issued to U.S. residents 9. Large-denomination time deposits are those issued in amounts of $100,000 by foreign branches of U.S. banks worldwide, Money Market Deposit Accounts or more, excluding those booked at international banking facilities. (MMDAs), savings and small-denomination time deposits (time deposits—includ- 10. Large-denomination time deposits at commercial banks less those held by ing retail RPs—in amounts of less than $100,000), and balances in both taxable and money market mutual funds, depository institutions, and foreign banks and tax-exempt general purpose and broker-dealer money market mutual funds. official institutions. Excludes individual retirement accounts (IRA) and Keogh balances at depository 11. Changes calculated from figures shown in table 1.23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A4 Domestic Financial Statistics • June 1989 1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT Millions of dollars Monthly averages of daily figures Weekly averages of daily figures for week ending FFFaaaccctttooorrrsss 1989 1989 Jan. Feb. Mar. Feb. 15 Feb. 22 Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 SSSSSUUUUUPPPPPPPPPPLLLLLYYYYYIIIIINNNNNGGGGG RRRRREEEEESSSSSEEEEERRRRRVVVVVEEEEE FFFFFUUUUUNNNNNDDDDDSSSSS 11111 RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkk cccccrrrrreeeeedddddiiiiittttt 264,482 254,480 258,135 254,680 253,396 256,142 257,996 258,769 257,115 259,100 22222 UUUUU.....SSSSS..... gggggooooovvvvveeeeerrrrrnnnnnmmmmmeeeeennnnnttttt ssssseeeeecccccuuuuurrrrriiiiitttttiiiiieeeeesssss11111 235,128 225,591 228,808 225,367 225,143 227,683 228,679 229,656 228,666 228,465 33333 BBBBBooooouuuuuggggghhhhhttttt ooooouuuuutttttrrrrriiiiiggggghhhhhttttt 233,851 225,591 228,808 225,367 225,143 227,683 228,679 229,656 228,666 228,465 44444 HHHHHeeeeelllllddddd uuuuunnnnndddddeeeeerrrrr rrrrreeeeepppppuuuuurrrrrccccchhhhhaaaaassssseeeee aaaaagggggrrrrreeeeeeeeeemmmmmeeeeennnnntttttsssss 1,277 0 0 0 0 0 0 0 0 0 55555 FFFFFeeeeedddddeeeeerrrrraaaaalllll aaaaagggggeeeeennnnncccccyyyyy ooooobbbbbllllliiiiigggggaaaaatttttiiiiiooooonnnnnsssss 7,702 6,792 6,779 6,785 6,779 6,779 6,779 6,779 6,779 6,779 66666 BBBBBooooouuuuuggggghhhhhttttt ooooouuuuutttttrrrrriiiiiggggghhhhhttttt 6,923 6,792 6,779 6,785 6,779 6,779 6,779 6,779 6,779 6,779 77777 HHHHHeeeeelllllddddd uuuuunnnnndddddeeeeerrrrr rrrrreeeeepppppuuuuurrrrrccccchhhhhaaaaassssseeeee aaaaagggggrrrrreeeeeeeeeemmmmmeeeeennnnntttttsssss 779 0 0 0 0 0 0 0 0 0 88888 AAAAAcccccccccceeeeeppppptttttaaaaannnnnccccceeeeesssss 0 0 0 0 0 0 0 0 0 0 99999 LLLLLoooooaaaaannnnnsssss 1,570 1,487 1,838 1,220 1,733 1,507 2,093 1,753 1,419 2,018 1111100000 FFFFFllllloooooaaaaattttt 877 1,254 1,131 1,155 1,215 1,228 1,470 1,059 726 1,582 1111111111 OOOOOttttthhhhheeeeerrrrr FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee aaaaasssssssssseeeeetttttsssss 19,205 19,357 19,580 20,153 18,526 18,945 18,974 19,521 19,526 20,255 1111122222 GGGGGooooolllllddddd ssssstttttoooooccccckkkkk22222 11,057 11,060 11,061 11,061 11,061 11,061 11,061 11,061 11,060 11,061 1111133333 SSSSSpppppeeeeeccccciiiiiaaaaalllll dddddrrrrraaaaawwwwwiiiiinnnnnggggg rrrrriiiiiggggghhhhhtttttsssss ccccceeeeerrrrrtttttiiiiifffffiiiiicccccaaaaattttteeeee aaaaaccccccccccooooouuuuunnnnnttttt............... 5,018 5,018 5,095 5,018 5,018 5,018 5,018 5,018 5,075 5,204 1111144444 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy cccccuuuuurrrrrrrrrreeeeennnnncccccyyyyy ooooouuuuutttttssssstttttaaaaannnnndddddiiiiinnnnnggggg 18,831 18,890 18,938 18,885 18,899 18,912 18,922 18,932 18,942 18,952 AAAAABBBBBSSSSSOOOOORRRRRBBBBBIIIIINNNNNGGGGG RRRRREEEEESSSSSEEEEERRRRRVVVVVEEEEE FFFFFUUUUUNNNNNDDDDDSSSSS 1111155555 CCCCCuuuuurrrrrrrrrreeeeennnnncccccyyyyy iiiiinnnnn ccccciiiiirrrrrcccccuuuuulllllaaaaatttttiiiiiooooonnnnn 243,398 240,493 242,016 240,656 240,785 240,654 241,226 242,112 242,255 242,352 1111166666 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy cccccaaaaassssshhhhh hhhhhooooollllldddddiiiiinnnnngggggsssss 406 428 449 429 432 432 442 447 451 456 DDDDDeeeeepppppooooosssssiiiiitttttsssss,,,,, ooooottttthhhhheeeeerrrrr ttttthhhhhaaaaannnnn rrrrreeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss,,,,, wwwwwiiiiittttthhhhh FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 1111177777 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy 8,303 5,713 5,155 5,001 5,075 6,203 5,175 5,440 4,220 5,950 1111188888 FFFFFooooorrrrreeeeeiiiiigggggnnnnn 257 264 228 256 246 334 217 249 217 210 1111199999 SSSSSeeeeerrrrrvvvvviiiiiccccceeeee-----rrrrreeeeelllllaaaaattttteeeeeddddd bbbbbaaaaalllllaaaaannnnnccccceeeeesssss aaaaannnnnddddd aaaaadddddjjjjjuuuuussssstttttmmmmmeeeeennnnntttttsssss 1,999 1,967 2,054 1,846 2,158 1,863 1,886 2,033 2,241 2,097 2222200000 OOOOOttttthhhhheeeeerrrrr 402 349 406 319 340 417 380 337 439 472 2222211111 OOOOOttttthhhhheeeeerrrrr FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd cccccaaaaapppppiiiiitttttaaaaalllll 7,913 7,744 8,025 7,710 7,869 7,939 8,004 7,933 8,136 8,106 2222222222 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss33333 36,710 32,489 34,896 33,425 31,469 33,291 35,665 35,228 34,234 34,674 End-of-month figures Wednesday figures 1989 1989 Jan. Feb. Mar. Feb. 15 Feb. 22 Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 SSSSSUUUUUPPPPPPPPPPLLLLLYYYYYIIIIINNNNNGGGGG RRRRREEEEESSSSSEEEEERRRRRVVVVVEEEEE FFFFFUUUUUNNNNNDDDDDSSSSS 2222233333 RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkk cccccrrrrreeeeedddddiiiiittttt 261,056 258,429 258,215 254,421 254,443 257,299 260,262 258,317 258,051 258,208 2222244444 UUUUU.....SSSSS..... gggggooooovvvvveeeeerrrrrnnnnnmmmmmeeeeennnnnttttt ssssseeeeecccccuuuuurrrrriiiiitttttiiiiieeeeesssss''''' 232,933 229,499 228,643 226,274 224,659 227,642 227,267 229,212 228,207 227,924 2222255555 BBBBBooooouuuuuggggghhhhhttttt ooooouuuuutttttrrrrriiiiiggggghhhhhttttt 232,933 229,499 228,643 226,274 224,659 227,642 227,267 229,212 228,207 227,924 2222266666 HHHHHeeeeelllllddddd uuuuunnnnndddddeeeeerrrrr rrrrreeeeepppppuuuuurrrrrccccchhhhhaaaaassssseeeee aaaaagggggrrrrreeeeeeeeeemmmmmeeeeennnnntttttsssss.......... 0 0 0 0 0 0 0 0 0 0 2222277777 FFFFFeeeeedddddeeeeerrrrraaaaalllll aaaaagggggeeeeennnnncccccyyyyy ooooobbbbbllllliiiiigggggaaaaatttttiiiiiooooonnnnnsssss 6,819 6,779 6,779 6,779 6,779 6,779 6,779 6,779 6,779 6,779 2222288888 BBBBBooooouuuuuggggghhhhhttttt ooooouuuuutttttrrrrriiiiiggggghhhhhttttt 6,819 6,779 6,779 6,779 6,779 6,779 6,779 6,779 6,779 6,779 2222299999 HHHHHeeeeelllllddddd uuuuunnnnndddddeeeeerrrrr rrrrreeeeepppppuuuuurrrrrccccchhhhhaaaaassssseeeee aaaaagggggrrrrreeeeeeeeeemmmmmeeeeennnnntttttsssss 0 0 0 0 0 0 0 0 0 0 3333300000 AAAAAcccccccccceeeeeppppptttttaaaaannnnnccccceeeeesssss 0 0 0 0 0 0 0 0 0 0 3333311111 LLLLLoooooaaaaannnnnsssss 863 1,602 2,454 1,409 2,007 1,577 5,427 1,391 2,262 2,305 3333322222 FFFFFllllloooooaaaaattttt 798 1,296 559 1,163 2,203 1,542 1,482 1,441 872 920 3333333333 OOOOOttttthhhhheeeeerrrrr FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee aaaaasssssssssseeeeetttttsssss 19,643 19,253 19,780 18,796 18,795 19,759 19,307 19,494 19,931 20,280 3333344444 GGGGGooooolllllddddd ssssstttttoooooccccckkkkk22222 11,056 11,061 11,061 11,061 11,061 11,060 11,061 11,060 11,060 11,061 3333355555 SSSSSpppppeeeeeccccciiiiiaaaaalllll dddddrrrrraaaaawwwwwiiiiinnnnnggggg rrrrriiiiiggggghhhhhtttttsssss ccccceeeeerrrrrtttttiiiiifffffiiiiicccccaaaaattttteeeee aaaaaccccccccccooooouuuuunnnnnttttt............... 5,018 5,018 5,368 5,018 5,018 5,018 5,018 5,018 5,168 5,368 3333366666 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy cccccuuuuurrrrrrrrrreeeeennnnncccccyyyyy ooooouuuuutttttssssstttttaaaaannnnndddddiiiiinnnnnggggg 18,855 18,911 18,961 18,897 18,911 18,921 18,931 18,941 18,951 18,961 AAAAABBBBBSSSSSOOOOORRRRRBBBBBIIIIINNNNNGGGGG RRRRREEEEESSSSSEEEEERRRRRVVVVVEEEEE FFFFFUUUUUNNNNNDDDDDSSSSS 3333377777 CCCCCuuuuurrrrrrrrrreeeeennnnncccccyyyyy iiiiinnnnn ccccciiiiirrrrrcccccuuuuulllllaaaaatttttiiiiiooooonnnnn 239,581 240,733 242,880 240,847 241,007 240,873 241,875 242,438 242,483 242,818 3333388888 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy cccccaaaaassssshhhhh hhhhhooooollllldddddiiiiinnnnngggggsssss22222 412 432 457 432 432 433 447 450 456 457 DDDDDeeeeepppppooooosssssiiiiitttttsssss,,,,, ooooottttthhhhheeeeerrrrr ttttthhhhhaaaaannnnn rrrrreeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss,,,,, wwwwwiiiiittttthhhhh FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 3333399999 TTTTTrrrrreeeeeaaaaasssssuuuuurrrrryyyyy 11,766 6,298 4,462 4,825 6,2% 5,516 5,571 4,283 5,012 5,254 4444400000 FFFFFooooorrrrreeeeeiiiiigggggnnnnn 279 326 351 308 307 270 212 269 207 224 4444411111 SSSSSeeeeerrrrrvvvvviiiiiccccceeeee-----rrrrreeeeelllllaaaaattttteeeeeddddd bbbbbaaaaalllllaaaaannnnnccccceeeeesssss aaaaannnnnddddd aaaaadddddjjjjjuuuuussssstttttmmmmmeeeeennnnntttttsssss 1,589 1,595 1,671 1,602 1,603 1,595 1,595 1,600 1,600 1,671 4444422222 OOOOOttttthhhhheeeeerrrrr 390 517 380 396 324 440 379 474 370 593 4444433333 OOOOOttttthhhhheeeeerrrrr FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd cccccaaaaapppppiiiiitttttaaaaalllll 7,746 8,127 7,681 7,452 7,704 7,791 7,752 7,689 7,880 7,874 4444444444 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh FFFFFeeeeedddddeeeeerrrrraaaaalllll RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 34,221 35,390 35,723 33,534 31,760 35,380 37,440 36,133 35,222 34,707 1. Includes securities loaned—fully guaranteed by U.S. government securities stock. Revised data not included in this table are available from the Division of pledged with Federal Reserve Banks—and excludes any securities sold and Research and Statistics, Banking Section. scheduled to be bought back under matched sale-purchase transactions. 3. Excludes required clearing balances and adjustments to compensate for 2. Revised for periods between October 1986 and April 1987. At times during float. this interval, outstanding gold certificates were inadvertently in excess of the gold 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 Institutions1 Millions of dollars Monthly averages9 RRReeessseeerrrvvveee ccclllaaassssssiiifffiiicccaaatttiiiooonnn 1986 1987 1988 1988 1989 Dec. Dec. Dec. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 11111 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss22222 37,360 37,673 37,830 37,213 36,421 36,997 37,830 36,475 32,834 34,625 22222 TTTTToooootttttaaaaalllll vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh33333 24,077 26,185 27,197 26,727 27,198 26,745 27,197 28,376 29,776 27,059 33333 VVVVVaaaaauuuuulllllttttt44444 22,199 24,449 25,909 24,940 25,494 25,410 25,909 26,993 27,859 25,589 44444 SSSSSuuuuurrrrrpppppllllluuuuusssss 1,878 1,736 1,288 1,787 1,705 1,335 1,288 1,383 1,917 1,470 55555 TTTTToooootttttaaaaalllll rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 59,560 62,123 63,739 62,153 61,915 62,407 63,739 63,468 60,693 60,213 66666 RRRRReeeeeqqqqquuuuuiiiiirrrrreeeeeddddd rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 58,191 61,094 62,699 61,181 60,853 61,287 62,699 62,323 59,539 59,255 77777 EEEEExxxxxccccceeeeessssssssss rrrrreeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 1,369 1,029 1,040 972 1,062 1,119 1,040 1,145 1,154 959 88888 TTTTToooootttttaaaaalllll bbbbbooooorrrrrrrrrrooooowwwwwiiiiinnnnngggggsssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 827 777 1,716 2,839 2,299 2,861 1,716 1,662 1,487 1,813 99999 SSSSSeeeeeaaaaasssssooooonnnnnaaaaalllll bbbbbooooorrrrrrrrrrooooowwwwwiiiiinnnnngggggsssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 38 93 130 421 332 186 130 76 97 139 1111100000 EEEEExxxxxttttteeeeennnnndddddeeeeeddddd cccccrrrrreeeeedddddiiiiittttt aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 303 483 1,244 2,059 1,781 2,322 1,244 1,046 1,050 1,334 Biweekly averages of daily figures for weeks ending 1988 1989 Dec. 14 Dec. 28 Jan. 11 Jan. 25 Feb. 8 Feb. 22 Mar. 8 Mar. 22r Apr. 5 Apr. 19 1111111111 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss22222 38,363 37,106 38,724 36,514 32,260 32,455 34,485 34,702 34,629 36,236 1111122222 TTTTToooootttttaaaaalllll vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh33333 26,316 27,927 27,904 27,414 31,488 29,739 27,581 26,738 27,095 26,339 1111133333 VVVVVaaaaauuuuulllllttttt44444.....,,,,, 25,128 26,525 26,679 26,243 29,318 27,838 25,962 25,332 25,658 25,173 1111144444 SSSSSuuuuurrrrrpppppllllluuuuusssss55555 1,188 1,403 1,225 1,171 2,170 1,901 1,620 1,406 1,437 1,167 1111155555 TTTTToooootttttaaaaalllll rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 63,491 63,631 65,403 62,757 61,578 60,293 60,446 60,034 60,287 61,409 1 1 1 1 1 1 1 1 1 1 6 7 6 7 6 7 6 7 6 7 RRRRR EEEEExxxxx eeeeeqqqqq ccccc uuuuu eeeeesssss iiiiirrrrr sssss eeeee ddddd rrrrreeeee sssss rrrrreeeee eeeee sssss rrrrrvvvvv eeeee eeeee rrrrrvvvvv bbbbb eeeeesssss aaaaa lllllaaaaannnnnccccceeeeesssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss iiiii 62,5 9 1 7 5 6 62 1 , , 5 0 5 8 0 1 64 1 , , 2 1 5 4 6 7 61,7 9 8 7 6 2 60 1 , , 0 5 3 4 5 3 59 1 , , 2 0 7 1 8 6 59,4 9 9 5 0 7 59,2 7 9 3 9 5 58 1 , , 9 3 7 0 8 9 61,1 2 9 1 3 6 1111188888 TTTTToooootttttaaaaalllll bbbbbooooorrrrrrrrrrooooowwwwwiiiiinnnnngggggsssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 2,014 1,347 2,048 1,527 1,270 1,477 1,800 1,586 2,177 2,582 1111199999 SSSSSeeeeeaaaaasssssooooonnnnnaaaaalllll bbbbbooooorrrrrrrrrrooooowwwwwiiiiinnnnngggggsssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 131 137 94 61 78 99 116 136 167 190 2222200000 EEEEExxxxxttttteeeeennnnndddddeeeeeddddd cccccrrrrreeeeedddddiiiiittttt aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 1,529 968 1,208 1,028 792 1,111 1,250 1,164 1,675 1,970 1. These data also appear in the Board's H.3 (502) release. For address, see in- with Federal Reserve Banks, which exclude required clearing balances and side front cover. adjustments to compensate for float, plus vault cash used to satisfy reserve 2. Excludes required clearing balances and adjustments to compensate for requirements. Such vault cash consists of all vault cash held during the lagged float. computation period by institutions having required reserve balances at Federal 3. Dates refer to the maintenance periods in which the vault cash can be used Reserve Banks plus the amount of vault cash equal to required reserves during the to satisfy reserve requirements. Under contemporaneous reserve requirements, maintenance period at institutions having no required reserve balances. maintenance periods end 30 days after the lagged computation periods in which 7. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy the balances are held. 4. Equal to all vault cash held during the lagged computation period by reserve requirements less required reserves. institutions having required reserve balances at Federal Reserve Banks plus the 8. Extended credit consists of borrowing at the discount window under the amount of vault cash equal to required reserves during the maintenance period at terms and conditions established for the extended credit program to help institutions having no required reserve balances. depository institutions deal with sustained liquidity pressures. Because there is 5. Total vault cash at institutions having no required reserve balances less the not the same need to repay such borrowing promptly as there is with traditional amount of vault cash equal to their required reserves during the maintenance short-term adjustment credit, the money market impact of extended credit is period. similar to that of nonborrowed reserves. 6. Total reserves not adjusted for discontinuities consist of reserve balances 9. Data are prorated monthly averages of biweekly averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A6 Domestic Financial Statistics • June 1989 1.13 SELECTED BORROWINGS IN IMMEDIATELY AVAILABLE FUNDS Large Member Banks1 Averages of daily figures, in millions of dollars 1988 week ending Monday MMaattuurriittyy aanndd ssoouurrccee May 30 June 6 June 13 June 20 June 27 July 4 July 11 July 18 July 25 Federal funds purchased, repurchase agreements, and other selected borrowing in immediately available funds From commercial banks in the United States 1 For one day or under continuing contract 64,248 71,726 70,428 70,096 66,210 75,686 72,579 70,622 68,388 2 For all other maturities 10,388 10,816 11,780 11,008 10,981 10,101 10,493 10,721 10,653 From other depository institutions, foreign banks and foreign official institutions, and U.S. government agencies 3 For one day or under continuing contract 32,706 33,220 34,264 31,159 29,594 29,279 30,899 30,891 28,342 4 For all other maturities 7,534 7,130 7,740 7,176 6,487 6,326 5,900 5,792 5,682 Repurchase agreements on U.S. government and federal agency securities in immediately available funds Brokers and nonbank dealers in securities 5 For one day or under continuing contract 17,941 17,697 17,216 15,705 14,676 14,746 14,510 14,962 14,802 6 For all other maturities 15,342 14,767 15,953 15,692 15,319 13,027 13,204 14,749 15,276 All other customers 7 For one day or under continuing contract 25,573 25,070 25,553 25,348 25,741 24,921 24,778 24,766 26,015 8 For all other maturities 10,648 10,049 10,136 10,794 10,766 9,658 9,192 9,064 9,332 MEMO: Federal funds loans and resale agreements in immediately available funds in maturities of one day or under continuing contract 9 To commercial banks in the United States 33,269 37,361 34,293 36,889 33,377 38,379 34,467 37,210 34,405 10 To all other specified customers 13,410 15,880 16,959 16,479 13,030 15,731 13,947 16,052 14,474 1. Banks with assets of $1 billion or more as of Dec. 31, 1977. 2. Brokers and nonbank dealers in securities; other depository institutions; These data also appear in the Board's H.5 (507) release. For address, see inside foreign banks and official institutions; and United States government agencies, front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A7 1.14 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels AAddjjuussttmmeenntt ccrreeddiitt Extended credit2 aanndd FFFeeedddeeerrraaalll RRReeessseeerrrvvveee SSeeaassoonnaall ccrreeddiitt11 First 30 days of borrowing After 30 days of borrowing3 BBBaaannnkkk On Effective Previous On Effective Previous On Effective Previous 4/26/89 date rate 4/26/89 date rate 4/26/89 date rate Effective date Boston 7 2/24/89 6 Vi 7 2/24/89 6 Vi 10.45 4/20/89 10.45 4/6/89 New York 2/24/89 2/24/89 4/20/89 4/6/89 Philadelphia 2/24/89 2/24/89 4/20/89 4/6/89 Cleveland 2/24/89 2/24/89 4/20/89 4/6/89 Richmond 2/24/89 2/24/89 4/20/89 4/6/89 Atlanta 2/24/89 2/24/89 4/20/89 4/6/89 Chicago 2/24/89 2/24/89 4/20/89 4/6/89 St. Louis 2/24/89 2/24/89 4/20/89 4/6/89 Minneapolis 2/24/89 2/24/89 4/20/89 4/6/89 Kansas City 2/24/89 2/24/89 4/20/89 4/6/89 Dallas 2/27/89 2/27/89 4/20/89 4/6/89 San Francisco ... 7 2/24/89 6 Vi 7 2/24/89 6 Vl 10.45 4/20/89 10.45 4/6/89 Range of rates for adjustment credit in recent years4 Range (or F.R. Range (or F.R. Range (or Effective date A le l v l e F l) . — R. B o a f n k Effective date A le l v l e F l) . — R. B o an f k Effective date A le l v l e F l) . — R. Banks N.Y. Banks N.Y. Banks In effect Dec. 31, 1977. 6 6 1980—July 28 10-11 10 1984—Apr. 9 8W-9 9 1978—Jan. 9 6-6Vl OA 29 10 10 13 9 9 May 2 1 1 1 2 0 W 6 1 Vl-l 1 6 7 7 Vi N D Se e o p c v t . . . 1 2 5 7 6 12 1 1 - 1 2 1 3 1 1 1 2 1 3 N De o c v . . 2 2 2 1 4 6 8V 8 i- 8 V 9 l m m 8 July 3 7-7V4 IVA 10 7V* 7VA 1981—May 5 13-14 14 1985—May 20 7W-8 IVi. Aug. 21 73/4 V/4 8 14 14 24 IVi m Sept. 22 8 8 Nov. 2 13-14 13 1979— O N A Ju u c o ly t g v . . . 2 2 2 1 1 0 0 7 6 1 0 3 8 lO 8 V 1 9 m - - 1 0 l 8 l V O 0 V W - 9 V i i V i l 8 8 m 9 1 l V O 0 V V i i V i i 1982— D A Ju u e ly c g . . 2 2 1 4 2 6 3 0 3 6 1 11 1 U 1 - V 0 1 1 1 l W V 3 2 1 i l — V i 1 i 2 1 1 U I I 110 3 2 1 I \ V V W i i 1 19 9 8 8 7 6 — — J A A S M u e u p l a p y g r r t . . . . 2 2 2 1 1 4 1 1 7 2 1 0 5 5 1 6 - W W 5 W lV 1 6 W i - - - 6 6 7 6 6 m i 7 S 5 Y V i, i Sept. 19 10W-11 lOVi 27 10-10W 10 11 6 6 21 11 11 30 10 10 Oct. 1 8 0 11 1 - 2 1 2 1 1 1 1 2 2 O N c o t v . . 2 1 1 2 2 3 9 9 W 9 -9 V - V i 1 l 0 9 9 9 V V i l 1988—Aug. 1 9 1 6 6 -6 V V l l a 6 v V i i 1980—Feb. 1 1 9 5 12 1 - 3 1 3 1 1 3 3 Dec. 2 1 6 4 % 9 V l-9 9 9 1989—Feb. 2 2 7 4 evi- 7 i 7 7 May 2 3 9 0 12 1 - 2 1 3 1 1 3 2 1 1 5 7 & 8 V Vi i -9 8 m V i In effect April 26, 1989 7 7 June 13 11-12 11 16 11 11 1. Adjustment credit is available on a short-term basis to help depository in no case will the rate charged be less than the basic discount rate plus 50 basis institutions meet temporary needs for funds that cannot be met through reason- points. The flexible rate is reestablished on the first business day of each able alternative sources. After May 19,1986, the highest rate established for loans two-week reserve maintenance period. At the discretion of the Federal Reserve to depository institutions may be charged on adjustment credit loans of unusual Bank, the time period for which the basic discount rate is applied may be size that result from a major operating problem at the borrower's facility. shortened. Seasonal credit is available to help smaller depository institutions meet regular, 4. For earlier data, see the following publications of the Board of Governors: seasonal needs for funds that cannot be met through special industry lenders and Banking and Monetary Statistics, 1914-1941, and 1941-1970; Annual Statistical that arise from a combination of expected patterns of movement in their deposits Digest, 1970-1979. and loans. A temporary simplified seasonal program was established on Mar. 8, In 1980 and 1981, the Federal Reserve applied a surcharge to short-term 1985, and the interest rate was a fixed rate Vi percent above the rate on adjustment adjustment credit borrowings by institutions with deposits of $500 million or more credit. The program was reestablished for 1986 and 1987; but was not renewed for that had borrowed in successive weeks or in more than four weeks in a calendar 1988. quarter. A 3 percent surcharge was in effect from Mar. 17, 1980 through May 7, 2. Extended credit is available to depository institutions, when similar assist- 1980. There was no surcharge until Nov. 17,1980, when a 2 percent surcharge was adopted; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and ance is not reasonably available from other sources, when exceptional circum- to 4 percent on May 5, 1981. The surcharge was reduced to 3 percent effective stances or practices involve only a particular institution or when an institution is Sept. 22, 1981, and to 2 percent effective Oct. 12, 1981. As of Oct. 1, 1981 the experiencing difficulties adjusting to changing market conditions over a longer formula for applying the surcharge was changed from a calendar quarter to a period of time. moving 13-week period. The surcharge was eliminated on Nov. 17, 1981. 3. For extended-credit loans outstanding more than 30 days, a flexible rate somewhat above rates on market sources of funds ordinarily will be charged, but Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A8 Domestic Financial Statistics • June 1989 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1 Percent of deposits Depository institution requirements after implementation of the Monetary Control Act Type of deposit, and deposit interval Effective date Net transaction accounts • $0 million-$41.5 million.... 12/20/88 More than $41.5 million ... 12/20/88 Nonpersonal time depositss By original maturity Less than 1V5 years 10/6/83 1 Vi years or more 10/6/83 Eurocurrency liabilities All types 11/13/80 1. Reserve requirements in effect on Dec. 31, 1988. Required reserves must be other transaction accounts, the exemption applies only to such accounts that held in the form of deposits with Federal Reserve Banks or vault cash. Nonmem- would be subject to a 3 percent reserve requirement. bers may maintain reserve balances with a Federal Reserve Bank indirectly on a 3. Transaction accounts include all deposits on which the account holder is pass-through basis with certain approved institutions. For previous reserve permitted to make withdrawals by negotiable or transferable instruments, payrequirements, see earlier editions of the Annual Report and of the FEDERAL ment orders of withdrawal, and telephone and preauthorized transfers in excess of RESERVE BULLETIN. Under provisions of the Monetary Control Act, depository three per month for the purpose of making payments to third persons or others. institutions include commercial banks, mutual savings banks, savings and loan However, MMDAs and similar accounts subject to the rules that permit no more associations, credit unions, agencies and branches of foreign banks, and Edge than six preauthorized, automatic, or other transfers per month, of which no more corporations. than three can be checks, are not transaction accounts (such accounts are savings 2. The Garn-St Germain Depository Institutions Act of 1982 (Public Law deposits subject to time deposit reserve requirements). 97-320) requires that $2 million of reservable liabilities (transaction accounts, 4. The Monetary Control Act of 1980 requires that the amount of transaction nonpersonal time deposits, and Eurocurrency liabilities) of each depository accounts against which the 3 percent reserve requirement applies be modified institution be subject to a zero percent reserve requirement. The Board is to adjust annually by 80 percent of the percentage increase in transaction accounts held by the amount of reservable liabilities subject to this zero percent reserve require- all depository institutions, determined as of June 30 each year. Effective Dec. 20, ment each year for the succeeding calendar year by 80 percent of the percentage 1988 for institutions reporting quarterly and Dec. 27, 1988 for institutions increase in the total reservable liabilities of all depository institutions, measured reporting weekly, the amount was increased from $40.5 million to $41.5 million. on an annual basis as of June 30. No corresponding adjustment is to be made in 5. In general, nonpersonal time deposits are time deposits, including savings the event of a decrease. On Dec. 20, 1988, the exemption was raised from $3.2 deposits, that are not transaction accounts and in which a beneficial interest is million to $3.4 million. In determining the reserve requirements of depository held by a depositor that is not a natural person. Also included are certain institutions, the exemption shall apply in the following order: (1) net NOW transferable time deposits held by natural persons and certain obligations issued accounts (NOW accounts less allowable deductions); (2) net other transaction to depository institution offices located outside the United States. For details, see accounts; and (3) nonpersonal time deposits or Eurocurrency liabilities starting section 204.2 of Regulation D. with those with the highest reserve ratio. With respect to NOW accounts and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A9 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1 Millions of dollars 1988 1989 TTyyppee ooff ttrraannssaaccttiioonn 11998866 11998877 11998888 Aug. Sept. Oct. Nov. Dec. Jan. Feb. U.S. TREASURY SECURITIES Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 22,604 18,983 8,223 0 1,280 375 3,599 1,125 0 0 2 Gross sales 2,502 6,051 587 0 0 0 0 0 154 3,688 3 Exchange 0 0 0 0 0 0 0 0 0 0 4 Redemptions 1,000 9,029 2,200 0 0 0 0 0 600 1,600 Others within 1 year 5 Gross purchases 190 3,659 2,176 0 0 0 0 1,084 0 0 6 Gross sales 0 300 0 0 0 0 0 0 0 0 7 Maturity shift 18,674 21,504 23,854 3,932 1,368 1,669 5,264 1,750 620 5,418 8 Exchange -20,180 -20,388 -24,588 -4,296 -1,646 -916 -2,391 -1,703 -2,703 -2,308 9 Redemptions 0 70 0 0 0 0 0 0 0 0 1 to 5 years 10 Gross purchases 893 10,231 5,485 0 0 0 0 1,824 0 0 11 Gross sales 0 452 800 0 0 0 0 0 3 225 12 Maturity shift -17,058 -17,975 -17,720 -1,821 -1,368 -1,544 -3,088 -1,750 -541 -5,319 13 Exchange 16,985 18,938 22,515 3,971 1,646 639 2,091 1,703 2,492 2,008 5 to 10 years 14 Gross purchases 236 2,441 1,579 0 0 0 0 562 0 0 15 Gross sales 0 0 175 0 0 0 0 0 20r 0 16 Maturity shift -1,620 -3,529 -5,946 -2,111 0 -125 -2,145 0 -79 -100 17 Exchange 2,050 950 1,797 325 0 276 300 0 212 200 Over 10 years 18 Gross purchases 158 1,858 1,398 0 0 0 0 432 0 0 19 Gross sales 0 0 0 0 0 0 0 0 0 0 20 Maturity shift 0 0 -188 0 0 0 -31 0 0 0 21 Exchange 1,150 500 275 0 0 0 0 0 0 100 All maturities 22 Gross purchases 24,081 37,170 18,863 0 1,280 375 3,599 5,028 0 0 23 Gross sales 2,502 6,803 1,562 0 0 0 0 0 177 3,913 24 Redemptions 1,000 9,099 2,200 0 0 0 0 0 600 1,600 Matched transactions 25 Gross sales 927,999 950,923 1,168,484 124,875 113,886 9988,,880044 98,618 93,650 94,204 110,393 26 Gross purchases 927,247 950,935 1,168,142 123,220 113,384 9977,,889977 100,680 93,584 94,252r 112,472 Repurchase agreements2 27 Gross purchases 170,431 314,621 152,613 0 35,800 4,715 17,867 15,575 17,208 0 28 Gross sales 160,268 324,666 151,497 0 30,191 7,727 16,463 14,815 21,969 0 29 Net change in U.S. government securities 29,988 11,234 15,872 -1,655 6,386 -3,544 7,064 5,721 -5,489 -3,434 FEDERAL AGENCY OBLIGATIONS Outright transactions 30 Gross purchases 0 0 0 0 0 0 0 0 0 0 31 Gross sales 0 0 0 0 0 0 0 0 0 0 32 Redemptions 398 276 587 10 0 75 14 135 148 40 Repurchase agreements2 33 Gross purchases 31,142 80,353 57,259 0 12,107 2,223 4,763 7,672 8,980 0 34 Gross sales 30,521 81,350 56,471 0 8,225 4,454 5,132 6,853 11,081 0 35 Net change in federal agency obligations 222 -1,274 198 -10 3,882 -2,306 -383 683 -2,249 -40 36 Total net change in System Open Market Account 30,212 9,961 16,070 -1,665 10,268 -5,850 6,681 6,404 -7,738 -3,474 1. Sales, redemptions, and negative figures reduce holdings of the System Open 2. In July 1984 the Open Market Trading Desk discontinued accepting bankers Market Account; all other figures increase such holdings. Details may not add to acceptances in repurchase agreements, totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A10 Domestic Financial Statistics • June 1989 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements1 Millions of dollars Wednesday End of month Account 1989 1989 Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 Jan. Feb. Mar. Consolidated condition statement ASSETS 1 Gold certificate account 11,060 11,061 11,060 11,060 11,061 11,060 11,057 11,061 2 Special drawing rights certificate account 5,018 5,018 5,018 5,168 5,368 5,018 5,018 5,368 3 515 511 513 505 490 395 480 481 Loans 4 To depository institutions 1,577 5,427 1,391 2,262 2,305 2,170 863 2,454 5 Other 0 0 0 0 0 0 0 0 6 Acceptances held under repurchase agreements 0 0 0 0 0 0 0 0 Federal agency obligations 7 Bought outright 6,779 6,779 6,779 6,779 6,779 6,966 6,819 6,779 8 Held under repurchase agreements 0 0 0 0 0 2,101 0 0 U.S. Treasury securities Bought outright 9 Bills 107,010 106,635 108,580 107,575 107,292 112,782 112,076 108,011 10 Notes 90,603 90,603 90,603 90,603 90,603 90,950 90,928 90,603 11 Bonds 30,029 30,029 30,029 30,029 30,029 29,930 29,929 30,029 12 Total bought outright2 227,642 227,267 229,212 228,207 227,924 233,662 232,933 228,643 13 Held under repurchase agreements 0 0 0 0 0 4,760 0 0 14 Total U.S. Treasury securities 227,642 227,267 229,212 228,207 227,924 238,422 232,933 228,643 15 Total loans and securities 235,998 239,473 237,382 237,248 237,008 249,659 240,615 237,876 16 Items in process of collection 8,189 7,835 8,043 6,798 6,709 8,739 9,959 7,069 17 Bank premises 756 755 758 758 758 750 754 761 Other assets 18 Denominated in foreign currencies 10,155 10,161 10,276 10,479 10,661 9,129 9,824 10,471 19 All other4 8,848 8,391 8,460 8,694 8,861 8,924 9,065 8,548 20 Total assets 280,539 283,205 281,510 280,710 280,916 293,674 286,771 281,635 LIABILITIES 21 Federal Reserve notes 222,900 223,903 224,460 224,493 224,804 229,640 221,619 224,857 Deposits 22 To depository institutions 36,975 39,035 37,733 36,822 36,378 39,347 35,810 37,394 23 U.S. Treasury—General account 5,516 5,571 4,283 5,012 5,254 8,656 11,766 4,462 24 Foreign—Official accounts 270 212 269 207 224 347 279 351 25 Other 440 379 474 370 593 548 390 380 26 Total deposits 43,201 45,197 42,759 42,411 42,449 48,898 48,245 42,587 71 Deferred credit items 6,647 6,353 6,602 5,926 5,789 7,453 9,161 6,510 28 Other liabilities and accrued dividends3 3,012 3,000 3,006 3,201 3,191 3,457 3,079 3,265 29 Total liabilities 275,760 278,453 276,827 276,031 276,233 289,448 282,104 277,219 CAPITAL ACCOUNTS 30 Capital paid in 2,144 2,147 2,146 2,149 2,130 2,113 2,117 2,131 31 Surplus 2,112 2,112 2,112 2,112 2,112 2,113 2,112 2,107 32 Other capital accounts 523 493 425 418 441 0 438 194 33 Total liabilities and capital accounts 280,539 283,205 281,510 280,710 280,916 293,674 286,771 281,635 34 MEMO: Marketable U.S. Treasury securities held in custody for foreign and international accounts 231,457 233,149 232,813 233,148 234,526 234,733 229,817 235,732 Federal Reserve note statement 35 Federal Reserve notes outstanding issued to bank 267,963 268,106 268,404 268,564 268,437 271,492 269,942 268,232 36 LESS: Held by bank 45,063 44,203 43,944 44,071 43,633 41,852 48,323 43,374 37 Federal Reserve notes, net 222,900 223,903 224,460 224,493 224,804 228,640 221,619 224,857 Collateral held against notes net: 38 Gold certificate account 11,061 11,061 11,060 11,060 11,061 11,060 11,057 11,061 39 Special drawing rights certificate account 5,018 5,018 5,018 5,168 5,368 5,018 5,018 5,368 40 Other eligible assets 0 0 0 0 0 0 0 0 41 U.S. Treasury and agency securities 206,821 207,824 208,382 208,265 208,375 213,562 205,544 208,428 42 Total coUateral 222,900 223,903 224,460 224,493 224,804 229,640 221,619 224,857 1. Some of these data also appear in the Board's H.4.1 (503) release. For 4. Includes special investment account at the Federal Reserve Bank of Chicago address, see inside front cover. in Treasury bills maturing within 90 days. 2. Includes securities loaned—fully guaranteed by U.S. Treasury securities 5. Includes exchange-translation account reflecting the monthly revaluation at pledged with Federal Reserve Banks—and excludes securities sold and scheduled market exchange rates of foreign-exchange commitments. to be bought back under matched sale-purchase transactions. 3. Valued monthly at market exchange rates. 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 1989 1989 Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 Ian. 31 Feb. 28 Mar. 31 1 Loans—Total 1,577 5,427 1,391 2,262 2,305 2,170 863 2,454 2 Within 15 days 1,549 5,376 1,313 2,256 2,294 2,152 854 2,402 3 16 days to 90 days 28 51 78 6 11 18 9 52 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. Treasury securities—Total 227,642 227,267 229,212 228,207 227,924 238,422 232,933 228,643 10 Within 15 days1 11,726 10.780 11,198 9,649 12,081 9,935 5,457 7,183 11 16 days to 90 days 49,972 51,530 55,761 53,455 50,630 58,448 58,957 53,969 12 91 days to 1 year 74,164 73,178 70,474 73,324 73,434 75,236 73,405 76,037 13 Over 1 year to 5 years 51,989 51,989 51,989 51,989 51,989 55,326 55,524 51,664 14 Over 5 years to 10 years 12,781 12.781 12,781 12,781 12,781 12,568 12,681 12,781 15 Over 10 years 27,010 27,009 27,009 27,009 27,009 26,909 26,909 27,009 16 Federal agency obligations—Total 6,779 6,779 6,779 6,779 6,779 9,067 6,819 6,779 17 Within 15 days' 25 25 36 176 240 2,271 136 240 18 16 days to 90 days 626 925 937 797 726 697 835 726 19 91 days to 1 year 1,557 1,258 1,210 1,210 1,279 1,492 1,303 1,279 20 Over 1 year to 5 years 3,422 3,422 3,422 3,422 3,357 3,418 3,359 3,357 21 Over 5 years to 10 years 960 960 985 985 988 1,000 997 988 22 Over 10 years 189 189 189 189 189 189 189 189 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 Financial Statistics • June 1989 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 1988 1989 1985 1986 1987 1988 IItteemm Dec. Dec. Dec. Dec. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Seasonally adjusted ADJUSTED FOR , CHANGES IN RESERVE REQUIREMENTS2 1 Total reserves3 47.26 57.46 58.72 60.98 61.09 61.00 60.96 61.06 60.98 60.55 60.49 60.11 2 Nonborrowed reserves 45.94 56.63 57.94 59.26 57.85 58.16 58.66 58.19 59.26 58.88 59.00 58.30 3 Nonborrowed reserves plus extended credit 46.44 56.93 58.43 60.51 60.50 60.21 60.44 60.52 60.51 59.93 60.05 59.63 4 Required reserves 46.20 56.09 57.69 59.94 60.14 60.02 59.89 59.94 59.94 59.40 59.33 59.15 5 Monetary base5 218.29 240.82 258.06 275.81 271.14 272.47 273.77 274.66 275.81 276.74 277.76 278.72 Not seasonally adjusted 6 Total reserves3 48.27 58.70 60.02 62.43 60.59 60.65 60.54 61.15 62.43 62.28 59.56 59.13 7 Nonborrowed reserves 46.95 57.87 59.25 60.71 57.35 57.82 58.24 58.29 60.71 60.62 58.07 57.31 8 Nonborrowed reserves plus extended credit 47.45 58.18 59.73 61.96 60.00 59.87 60.02 60.62 61.% 61.66 59.12 58.65 9 Required reserves 47.21 57.33 58.99 61.39 59.64 59.68 59.48 60.04 61.39 61.13 58.40 58.17 10 Monetary base 221.49 244.55 262.05 279.89 271.73 271.57 272.44 275.48 279.89 278.09 274.51 275.77 NOT ADJUSTED FOR , CHANGES IN RESERVE REQUIREMENTS0 11 Total reserves3 48.14 59.56 62.12 63.74 61.97 62.15 61.92 62.41 63.74 63.47 60.69 60.21 12 Nonborrowed reserves 46.82 58.73 61.35 62.02 58.72 59.31 59.62 59.55 62.02 61.81 59.21 58.40 13 Nonborrowed reserves plus extended credit 47.32 59.04 61.83 63.27 61.38 61.37 61.40 61.87 63.27 62.85 60.26 59.74 14 Required reserves 47.08 58.19 61.09 62.70 61.01 61.18 60.85 61.29 62.70 62.32 59.54 59.26 15 Monetary base 223.53 247.71 266.16 283.18 275.03 274.87 275.78 278.65 283.18 281.31 277.66 278.95 1. Latest monthly and biweekly figures are available from the Board's H.3(502) the terms and conditions established for the extended credit program to helpdestatistical release. Historical data and estimates of the impact on required reserves pository institutions deal with sustained liquidity pressures. Because there isnot of changes in reserve requirements are available from the Monetary and Reserves the same need to repay such borrowing promptly as there is with traditional Projections Section. Division of Monetary Affairs. Board of Governors of the short-term adjustment credit, the money market impact of extended credit is Federal Reserve System, Washington, D.C. 20551. similar to that of nonborrowed reserves. 2. Figures incorporate adjustments for discontinuities associated with the 5. The monetary base not adjusted for discontinuities consists of total reserves implementation of the Monetary Control Act and other regulatory changes to plus required clearing balances and adjustments to compensate for float at Federal reserve requirements. To adjust for discontinuities due to changes in reserve Reserve Banks and the currency component of the money stock plus, for instirequirements on reservable nondeposit liabilities, the sum of such required tutions not having required reserve balances, the excess of current vault cash over reserves is subtracted from the actual series. Similarly, in adjusting for disconti- the amount applied to satisfy current reserve requirements. Currency and vault nuities in the monetary base, required clearing balances and adjustments to cash figures are measured over the weekly computation period ending Monday. compensate for float also are subtracted from the actual series. The seasonally adjusted monetary base consists of seasonally adjusted total 3. Total reserves not adjusted for discontinuities consist of reserve balances reserves, which include excess reserves on a not seasonally adjusted basis, plus with Federal Reserve Banks, which exclude required clearing balances and the seasonally adjusted currency component of the money stock and the remainadjustments to compensate for float, plus vault cash held during the lagged ing items seasonally adjusted as a whole. computation period by institutions having required reserve balances at Federal 6. Reflects actual reserve requirements, including those on nondeposit liabili- Reserve Banks plus the amount of vault cash equal to required reserves during the ties, with no adjustments to eliminate the effects of discontinuities associated with maintenance period at institutions having no required reserve balances. implementation of the Monetary Control Act or other regulatory changes to 4. Extended credit consists of borrowing at the discount window under reserve requirements. 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 MEASURES1 Billions of dollars, averages of daily figures 1988 1989 IItteemm22 D 19 e 8 c 5 . D 19 e 8 c 6 . D 19 e 8 c 7 . D 19 e 8 c 8 . Dec. Jan/ Feb. Mar. Seasonally adjusted 1 Ml 620.5 725.9 752.3 790.2 790.2 786.3 787.4 786.4 2 M2 2,567.4 2,811.2 2,909.9 3,069.3r 3,069.3' 3.065.7 3,069.7' 3,080.1 3 M3 3,201.7 3,494.9 3,677.6 3,919.0' 3,919.0r 3,924.1 3,933.8' 3,956.3 4 L 3,830.6 4,137.1 4,340.5 4,685.2' 4,685.2' 4,688.6 4,701.9 n.a. 5 Debt 6,719.9 7,576.8 8,283.9 8,994.5' 8,994.5' 9.054.8 9,135.5 n.a. Ml components 6 Currency 167.8 180.5 196.4 211.8 211.8 213.4 214.3 215.6 7 Travelers checks4 5.9 6.5 7.1 7.6 7.6 7.6 7.5 7.3 8 Demand deposits5 267.3 303.2 288.3 288.6 288.6 284.0 284.8 284.4 9 Other checkable deposits 179.5 235.8 260.4 282.3 282.3 281.3 280.8 279.2 Nontransactions components 10 In M2 1,946.9 2,085.3 2,157.7 2,279.1' 2,279.1' 2,279.5 2,282.4' 2,293.7 11 In M3 only8 634.3 683.7 767.6 849.7' 849.7' 858.4 864.C 876.2 Savings deposits9 12 Commercial Banks 125.0 155.8 178.5 192.5 192.5 190.8 190.4 188.7 13 Thrift institutions 176.6 215.2 237.8 238.8 238.8 237.0 234.3 232.3 Small-denomination time deposits10 14 Commercial Banks 383.3 364.6 385.3 443.1' 443.1' 451.1 461.2 472.4 15 Thrift institutions 499.2 489.3 528.8 582.2 582.2 584.8 587.3 588.9 Money market mutual funds 16 General purpose and broker-dealer. 176.5 208.0 221.1 239.4' 239.4' 241.6 247.5' 256.7 17 Institution-only 64.5 84.4 89.6 87.6 87.6 89.3 89.6 87.6 Large-denomination time deposits" 18 Commercial Banks 285.1 288.8 325.4 364.9 364.9 370.6 378.1 385.2 19 Thrift institutions 151.5 150.1 162.0 172.9 172.9 173.7 173.4 173.3 Debt components 20 Federal debt 1,585.3 1,805.8 1,957.5 2,113.8' 2,113.8' 2,122.1 2,139.6 n.a. 21 Nonfederal debt 5,134.6 5,771.1 6,326.3 6,880.6' 6,880.6' 6,932.7 6,995.9 n.a. Not seasonally adjusted 22 Ml 633.5 740.4 766.4 804.3 804.3 793.0 772.3 775.2 23 M2 2.576.2 2,821.1 2,918.7 3,077.0' 3,077.0r 3,076.0 3,057.3' 3,073.5 24 M3 3.213.3 3,507.4 3,688.5 3,928.8' 3,928.8' 3.931.6 3,921.7' 3,951.1 25 L 3,843.7 4,152.0 4,354.9 4,698.9' 4,698.9' 4,705.3 4.699.0 n.a. 26 Debt 6,710.2 7,561.0 8,266.0 8,981.2' 8,981.2' 9.039.7 9.105.1 n.a. Ml components 27 Currency3 170.2 183.0 199.3 214.9 214.9 211.8 211.9 213.9 28 Travelers checks4 5.5 6.0 6.5 6.9 6.9 7.0 7.1 7.0 29 Demand deposits5 276.9 314.0 298.6 298.8 298.8 290.5 275.7 275.9 30 Other checkable deposits6 180.9 237.4 262.0 283.7 283.7 283.7 277.6 278.4 Nontransactions components 31 M2 1,942.7 2,080.7 2,152.3 2,272.7' 2,272.7' 2,283.0 2,285.0' 2,298.3 32 M3 only8 637.1 686.3 769.8 851.8' 851.8' 855.6 864.5' 877.5 Money market deposit accounts 33 Commercial Banks 332.8 379.6 358.8 352.5' 352.5' 348.3 342.4' 340.1 34 Thrift institutions 180.7 192.9 167.5 150.3 150.3 146.8 142.8 140.0 Savings deposits9 35 Commercial Banks 123.7 154.2 176.6 190.3 190.3 189.3 188.3 187.9 36 Thrift institutions 174.8 212.7 234.8 235.6 235.6 233.6 230.5' 230.7 Small-denomination time deposits10 37 Commercial Banks 384.0 365.3 386.1 444.1 444.1 453.2 463.1' 473.4 38 Thrift institutions 499.9 489.8 529.1 582.4 582.4 588.6 591.5' 591.9 Money market mutual funds 39 General purpose and broker-dealer. 176.5 208.0 221.1 239.4' 239.4' 241.6 247.5' 256.7 40 Institution-only 64.5 84.4 89.6 87.6 87.6 89.3 89.6 87.6 Large-denomination time deposits11 41 Commercial Banks12 285.4 289.1 325.8 365.6' 365.6' 370.3 378.0' 386.7 42 Thrift institutions 151.8 150.7 163.0 174.0 174.0 174.9 174.3' 173.2 Debt components 43 Federal debt 1,583.7 1,803.9 1,955.6 2,111.8' 2,111.8' 2,121.4 2,133.6 n.a. 44 Nonfederal debt 5,126.4 5,757.2 6,310.4 6,869.4' 6,869.4' 6,918.3 6,971.5 n.a. For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic Financial Statistics • June 1989 NOTES TO TABLE 1.21 1. Latest monthly and weekly figures are available from the Board's H.6 (508) Debt: Debt of domestic nonfinancial sectors consists of outstanding credit release. Historical data are available from the Monetary and Reserves Projection market debt of the U.S. government, state and local governments, and private section, Division of Monetary Affairs, Board of Governors of the Federal Reserve nonfinancial sectors. Private debt consists of corporate bonds, mortgages, con- System, Washington, D.C. 20551. sumer credit (including bank loans), other bank loans, commercial paper, bankers 2. Composition of the money stock measures and debt is as follows: acceptances, and other debt instruments. The source of data on domestic Ml: (1) currency outside the Treasury, Federal Reserve Banks, and the vaults nonfinancial debt is the Federal Reserve Board's flow of funds accounts. Debt of depository institutions; (2) travelers checks of nonbank issuers; (3) demand data are based on monthly averages. deposits at all commercial banks other than those due to depository institutions, 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of the U.S. government, and foreign banks and official institutions less cash items in depository institutions. the process of collection and Federal Reserve float; and (4) other checkable 4. Outstanding amount of U.S. dollar-denominated travelers checks of nondeposits (OCD) consisting of negotiable order of withdrawal (NOW) and auto- bank issuers. Travelers checks issued by depository institutions are included in matic transfer service (ATS) accounts at depository institutions, credit union demand deposits. share draft accounts, and demand deposits at thrift institutions. 5. Demand deposits at commercial banks and foreign-related institutions other M2: Ml plus overnight (and continuing contract) repurchase agreements (RPs) than those due to depository institutions, the U.S. government, and foreign banks issued by all commercial banks and overnight Eurodollars issued to U.S. residents and official institutions less cash items in the process of collection and Federal by foreign branches of U.S. banks worldwide, MMDAs, savings and small- Reserve float. denomination time deposits (time deposits—including retail RPs—in amounts of 6. Consists of NOW and ATS balances at all depository institutions, credit less than $100,000), and balances in both taxable and tax-exempt general purpose union share draft balances, and demand deposits at thrift institutions. and broker-dealer money market mutual funds. Excludes individual retirement 7. Sum of overnight RPs and overnight Eurodollars, money market fund accounts (IRA) and Keogh balances at depository institutions and money market balances (general purpose and broker-dealer), MMDAs, and savings and small funds. Also excludes all balances held by U.S. commercial banks, money market time deposits. funds (general purpose and broker-dealer), foreign governments and commercial 8. Sum of large time deposits, term RPs, and term Eurodollars of U.S. banks, and the U.S. government. residents, money market fund balances (institution-only), less the estimated M3: M2 plus large-denomination time deposits and term RP liabilities (in amount of overnight RPs and Eurodollars held by institution-only money market amounts of $100,000 or more) issued by commercial banks and thrift institutions, funds. term Eurodollars held by U.S. residents at foreign branches of U.S. banks 9. Savings deposits exclude MMDAs. worldwide and at all banking offices in the United Kingdom and Canada, and 10. Small-denomination time deposits—including retail RPs—are those issued balances in both taxable and tax-exempt, institution-only money market mutual in amounts of less than $100,000. All individual retirement accounts (IRA) and funds. Excludes amounts held by depository institutions, the U.S. government, Keogh accounts at commercial banks and thrifts are subtracted from small time money market funds, and foreign banks and official institutions. Also subtracted deposits. is the estimated amount of overnight RPs and Eurodollars held by institution-only 11. Large-denomination time deposits are those issued in amounts of $100,000 money market mutual funds. or more, excluding those booked at international banking facilities. L: M3 plus the nonbank public holdings of U.S. savings bonds, short-term 12. Large-denomination time deposits at commercial banks less those held by Treasury securities, commercial paper and bankers acceptances, net of money money market mutual funds, depository institutions, and foreign banks and market mutual fund holdings of these assets. officii institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Monetary and Credit Aggregates A15 1.22 BANK DEBITS AND DEPOSIT TURNOVER1 Debits are shown in billions of dollars, turnover as ratio of debits to deposits. Monthly data are at annual rates. 1988 1989 BBaannkk ggrroouupp,, oorr ttyyppee ooff ccuussttoommeerr 11998866 11998877 11998888 Aug. Sept. Oct. Nov. Dec. Jan. Seasonally adjusted Demand deposits 1 All insured banks 188,346.0 217,116.2 226,888.4 228,898.2 227,617.3 235,980.5 238,497.5 245,617.5 252,226.7 2 Major New York City banks 91,397.3 104,496.3 107,547.3 110,150.0 108,741.8 114,876.4 112,071.8 111,115.5 109,875.9 3 Other banks 96,948.8 112,619.8 119,341.2 118,748.2 118,875.5 121,104.1 126,425.7 134,502.0 142,350.8 4 ATS-NOW accounts4 2,182.5 2,402.7 2,757.7 2,963.6 2,871.2 2,820.2 2,897.2 3,020.8 2,976.2 5 Savings deposits 403.5 526.5 583.0 609.6 578.6 521.3 574.9 640.7 647.4 DEPOSIT TURNOVER Demand deposits3 6 All insured banks 556.5 612.1 641.2 645.8 651.0 659.7 676.6 698.5 716.3 7 Major New York City banks 2,498.2 2,670.6 2,903.5 2,939.3 3,102.4 3,086.1 3,034.6 3,140.7 3,113.7 8 Other banks 321.2 357.0 376.8 374.6 377.9 377.9 400.6 425.3 449.3 9 ATS-NOW accounts4 15.6 13.8 14.7 15.6 15.1 14.8 15.1 15.8 15.6 10 Savings deposits 3.0 3.1 3.1 3.2 3.1 2.8 3.1 3.4 3.5 Not seasonally adjusted Demand deposits 11 All insured banks 188,506.7 217,125.1 227,010.7 237,459.0 224,089.2 227,485.2 228,743.0 258,119.4 257,649.6 12 Major New York City banks, 91,500.1 104,518.8 91,242.6 112,654.6 107,115.7 111,019.4 108,689.1 117,470.7 112,480.2 13 Other banks 97,006.7 112,606.2 119,445.7 124,804.4 116,973.5 116,465.8 120,053.9 140,648.8 145,169.4 14 ATS-NOW accounts4 2,184.6 2,404.8 2,754.7 2,828.0 2,951.1 2,805.4 2,714.1 3,163.8 3,245.1 15 MMDA 1,609.4 1,954.2 2,430.1 2,530.0 2,409.4 2,325.8 2,539.7 2,940.5 3,072.5 16 Savings deposits 404.1 526.8 578.0 615.9 570.1 540.9 523.7 655.6 668.7 DEPOSIT TURNOVER Demand deposits3 17 All insured banks 556.7 612.3 591.7 681.6 642.9 39.8 643.3 699.1 713.7 18 Major New York City banks 2,499.1 2,674.9 2,901.4 3,170.3 3,046.4 3,059.1 2,998.6 3,058.1 2,998.6 19 Other banks 321.2 356.9 377.1 398.9 373.3 364.8 375.9 425.2 446.7 20 ATS-NOW accounts4 15.6 13.8 14.7 15.1 15.6 14.9 14.3 16.3 16.7 21 MMDA6 4.5 5.3 6.9 7.2 6.9 6.7 7.3 8.4 8.9 22 Savings deposits 3.0 3.1 3.1 3.3 3.1 2.9 2.8 3.5 3.6 1. Historical tables containing revised data for earlier periods may be obtained of states and political subdivisions. from the Monetary and Reserves Projections Section, Division of Monetary 4. Accounts authorized for negotiable orders of withdrawal (NOW) and ac- Affairs, Board of Governors of the Federal Reserve System, Washington, D.C. counts authorized for automatic transfer to demand deposits (ATS). ATS data are 20551. available beginning December 1978. These data also appear on the Board's G.6 (406) release. For address, see inside 5. Excludes ATS and NOW accounts, MMDA and special club accounts, such front cover. as Christmas and vacation clubs. 2. Annual averages of monthly figures. 6. Money market deposit accounts. 3. Represents accounts of individuals, partnerships, and corporations and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 Domestic Financial Statistics • June 1989 1.23 LOANS AND SECURITIES All Commercial Banks1 Billions of dollars; averages of Wednesday figures 1988 1989 CCaatteeggoorryy Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Seasonally adjusted 1 Total loans and securities2 2,303.5 2,325.5 2,343.5 2,358.5 2,371.4 2,373.5 2,392.6 2,400.6 2,408.0 2,412.8 2,441.8 2,454.9 2 U.S. government securities 343.9 346.4 348.8 349.3 350.9 353.2 356.0 358.5 362.4 361.8 363.4 370.3 3 Other securities 196.5 196.4 196.7 196.9 196.7 195.4 196.6 195.3 192.9 188.0 188.5 187.8 4 Total loans and leases2 1,763.1 1,782.7 1,797.9 1,812.3 1,823.9 1,825.0 1,839.9 1,846.8 1,852.7 1,863.0 1,889.9 1,896.8 5 Commercial and industrial ..... 577.4 584.5 589.3 594.9 595.3 594.3 597.8 598.9 599.7 604.5 616.5'" 614.7 6 Bankers acceptances held ... 4.7 4.4 4.3 4.3 4.2 44..11 4.1 44..33 44..11 44..33 44..11 44..00 7 Other commercial and industrial 572.7 580.1 584.9 590.6 591.0 590.3 593.8 594.6 595.6 600.2 612.4' 610.7 8 U.S. addressees4 565.2 573.2 578.1 583.7 584.4 583.5 587.3 588.5 589.6 594.5 607.5 605.3 9 Non-U.S. addressees 7.5 6.9 6.8 6.9 6.7 6.8 6.5 6.2 6.0 5.7 5.0 5.5 10 Real estate 613.1 620.5 626.9 633.3 640.3 646.9 654.7 659.3 664.8 671.2 678.3 685.2 11 Individual 339.9 341.9 343.4 344.6 346.5 348.9 350.8 352.3 355.1 357.0 357.9 359.9 12 Security 39.5 39.7 39.5 38.9 39.7 36.7 38.4 3377..99 3377..99 3377..00 4444..00 4422..99 13 Nonbank financial institutions 30.5 30.6 30.6 31.0 31.0 30.5 30.2 30.0 29.9 30. lr 30.5r 29.6 1144 Agricultural 29.4 29.5 29.6 29.6 29.6 29.6 29.8 30.3 30.7 3300..77 3300..77 3300..77 15 State and political subdivisions 49.7 49.4 49.2 48.8 48.2 48.0 48.7 47.9 47.1 44.7 44.9 45.0 16 Foreign banks 8.3 8.0 8.1 8.2 8.2 7.5 7.8 8.2 7.5 7.6 8.2 7.9 17 Foreign official institutions 5.1 5.1 5.0 5.0 5.2 5.2 5.1 5.4 5.6 5.6 5.5 5.5 18 Lease financing receivables 25.9 26.2 26.8 27.5 27.6 27.8 27.9 28.0 28.1 28.3 28.4 28.6 19 All other loans 44.4 47.2 49.6 50.4 52.3 49.4 48.7 48.7 46.4 46.2r 44.8r 46.7 Not seasonally adjusted 20 Total loans and securities2 2,306.2 2,326.5 2,346.6 2,352.6 2,364.4 2,370.9 2,383.8 2,399.6 2,420.3 2,420.7 2,443.6 2,452.7 21 U.S. government securities 344.0 345.6 347.8 347.9 351.1 353.0 352.9 357.2 362.7 363.6 367.9 371.7 2 2 2 3 O To th ta e l r l s o e a c n u s r i a t n ie d s leases2 1,7 1 6 9 5 6 . . 8 4 1,7 1 8 9 4 6 . . 2 7 1,8 1 0 9 1 6 . . 9 9 1,8 1 0 9 8 6 . . 2 4 1,8 1 1 9 6 7 . . 3 0 1,8 1 2 9 2 5 . . 7 2 1,8 1 3 9 5 5 . . 5 4 1,8 1 4 9 7 5 . . 0 4 1,8 1 6 9 5 2. . 7 0 1,8 1 6 9 7 0 . . 0 1 1,8 1 8 8 7 8 . . 4 3 1,8 1 9 8 4 7 . . 0 0 24 Commercial and industrial ..... 581.6 588.3 593.1 593.9 591.0 589.5 593.2 596.5 602.8 603.8 615.9 618.0 25 Bankers acceptances held ... 4.6 4.4 4.5 4.4 4.3 4.2 4.1 44..22 44..00 44..11 44..00 33..99 26 Other commercial and industrial 577.0 583.9 588.5 589.5 586.7 585.4 589.1 592.2 598.8 599.7 611.8r 614.1 2277 U.S. addressees4 569.2 576.8 581.7 582.6 580.1 578.8 583.0 586.2 592.6 594.4 606.5 608.7 2288 Non-U.S. addressees 7.9 7.1 6.9 6.9 6.6 6.5 6.1 6.1 6.1 5.4 5.4 5.4 2299 Real estate 611.1 619.5 626.8 633.7 641.5 648.6 655.6 661.1 666.1 671.2 676.4 682.6 30 Individual 337.6 339.9 342.0 343.5 346.7 350.5 351.8 353.3 359.0 359.8 357.2 357.0 31 Security 41.5 40.7 41.2 38.6 38.5 35.3 36.9 3377..33 3388..33 3377..44 4433..11 4433..55 32 Nonbank financial institutions 30.3 30.8 30.8 31.0 30.9 30.4 29.8 30.1 30.9 30.6r 29.9r 29.0 3333 Agricultural 28.6 29.3 29.9 30.3 30.4 30.5 30.6 30.5 30.5 3300..11 2299..88 2299..66 34 State and political subdivisions 50.0 49.3 48.9 48.2 47.7 47.4 48.2 47.3 46.9 46.2 45.9 45.6 3355 Foreign banks 7.9 7.7 7.9 8.4 8.1 7.7 7.9 8.2 7.8 7.8 8.3 7.7 36 Foreign official institutions 5.1 5.1 5.0 5.0 5.2 5.2 5.1 5.4 5.6 5.6 5.5 5.5 37 Lease financing receivables .... 25.9 26.2 26.8 27.4 27.5 27.7 27.8 27.9 28.3 28.6 28.5 28.6 38 All other loans 46.1 47.5 49.5 48.3 49.0 49.9 48.6 49.3 48.8 45.9^ 47.C 46.9 1. These data also appear in the Board's G.7 (407) release. For address, see 3. Includes nonfinancial commercial paper held. inside front cover. 4. United States includes the 50 states and the District of Columbia. 2. Excludes loans to commercial banks in the United States. 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 1988 1989 SSoouurrccee Apr. May June July Aug. Sept. Oct. Nov. Dec.' Jan.' Feb.' Mar. Seasonally adjusted 1 Total nondeposit funds 204.3r 209.8r 213.9'' 215.1' 219.3 209.9' 210.8' 217.2' 214.5 207.7 211.6 213.0 2 Net balances due to related foreign offices3 716.3 726.1 729.9 733.5 735.4 735.5 741.8 745.0 753.8 763.6 779.3 767.4 3 Borrowings from other than commercial banks in United States4 200.0'' 202.7' 205.7' 201.3' 200.3 201.8' 205.3' 208.0' 207.9 199.8 201.0 204.9 4 Domestically chartered banks 167.9' no.c 171.9' 166.9' 165.8 165.8' 167.1' 168.7' 168.9 162.8 161.8 166.9 5 Foreign-related banks 32.1 32.6 33.8 34.4 34.5 35.9 38.2 39.3 39.0 36.9 39.2 38.0 Not seasonally adjusted 6 Total nondeposit ftmds 206.7' 217.3' 217.1'' 210.6' 218.2 206.4' 204.7' 213.9' 208.9 206.8 216.4 218.7 7 Net balances due to related foreign offices3 2.0 9.7 8.7 10.7 18.6 9.1 5.1 10.2 9.1 7.5 10.3 7.1 8 Domestically chartered banks -22.2 -16.5 -16.3 -14.1 -7.3 -15.7 -20.5 -19.2 -20.7 -20.5 -17.9 -19.8 9 Foreign-related banks 24.2 26.2 25.0 24.8 25.9 24.8' 25.5 29.3' 29.8 28.1 28.2 26.9 10 Borrowings from other than commercial banks in United States 204.7' 207.6' 208.4' 199.9' 199.5' 197.3' 199.6' 203.7' 199.8 199.3 206.1 211.6 11 Domestically chartered banks my 174.6' 173.2' 165.0' 165.3' 162.1' 162.8' 167.4' 162.8 161.2 165.6 172.1 12 Federal funds and security RP borrowings 167.1' 170.0' 168.4' 159.6' 160.3 157.6' 158.8' 162.8' 159.3 157.8 162.4 168.6 13 Other 4.8 4.6 4.8 5.4 5.0 4.4 4.1 4.6 3.5 3.4 3.2 3.5 14 Foreign-related banks6 32.8 33.0 35.2 34.9 34.2 35.3 36.8 36.3 37.0 38.1 40.5 39.5 MEMO Gross large time deposits7 13 Seasonally adjusted 397.1 399.8 403.2 408.4 414.6 419.7 423.2 424.5 429.2 434.9 440.4 446.7 16 Not seasonally adjusted 395.4 398.9 401.8 405.9 415.1 421.7 424.7 425.6 429.8 434.6 440.3 448.2 U.S. Treasury demand balances at commercial banks8 17 Seasonally adjusted 22.4 23.9 22.0 21.3 17.1 23.5 27.2 23.0 24.9 20.3 20.3 20.3 18 Not seasonally adjusted 21.7 30.4 21.0 22.0 11.9 24.6 27.7 16.3 22.9 25.0 25.9 18.1 1. Commercial banks are those in the 50 states and the District of Columbia 4. Other borrowings are borrowings through any instrument, such as a promwith national or state charters plus agencies and branches of foreign banks, New issory note or due bill, given for the purpose of borrowing money for the banking York investment companies majority owned by foreign banks, and Edge Act business. This includes borrowings from Federal Reserve Banks and from foreign corporations owned by domestically chartered and foreign banks. banks, term federal funds, loan RPs, and sales of participations in pooled loans. These data also appear in the Board's G.10 (411) release. For address, see 5. Based on daily average data reported weekly by approximately 120 large inside front cover. banks and quarterly or annual data reported by other banks. 2. Includes federal funds, RPs, and other borrowing from nonbanks and net 6. Figures are partly daily averages and partly averages of Wednesday data. balances due to related foreign offices. 7. Time deposits in denominations of $100,000 or more. Estimated averages of 3. Reflects net positions of U.S. chartered banks, Edge Act corporations, and daily data. U.S. branches and agencies of foreign banks with related foreign offices plus net 8. U.S. Treasury demand deposits and Treasury tax-and-loan notes at compositions with own IBFs. mercial banks. Averages of daily data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 Domestic Financial Statistics • June 1989 1.25 ASSETS AND LIABILITIES OF COMMERCIAL BANKING INSTITUTIONS Last-Wednesday-of-Month Series1 Billions of dollars 1988 1989 AAccccoouunntt May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. ALL COMMERCIAL BANKING INSTITUTIONS7 1 Loans and securities 2,475.4 2,514.5 2,512.1 2,526.3 2,524.9 2,541.5 2,581.3 2,592.0 2,576.7 2,613.5 2,616.8 2 Investment securities 523.0 520.4 523.5 526.7 527.0 525.0 531.3 533.0 533.3 535.5 538.7 3 U.S. government securities 331.4 328.8 332.6 335.1 336.5 334.7 340.8 345.9 348.8 352.9 357.1 4 Other 191.6 191.6 190.8 191.6 190.5 190.4 190.5 187.1 184.5 182.6 181.6 5 Trading account assets 20.3 22.0 23.9 22.7 21.2 24.9 24.8 19.2 21.5 20.1 21.8 6 Total loans 1,932.1 1,972.1 1,964.8 1,977.0 1,976.7 1,991.6 2,025.2 2,039.7 2,022.0 2,057.9 2,056.3 7 Interbank loans 152.9 164.8 159.7 156.8 153.2 160.0 170.6 165.4 159.9 173.0 154.5 8 Loans excluding interbank 1,779.2 1,807.3 1,805.1 1,820.1 1,823.5 1,831.6 1,854.6 1,874.3 1,862.1 1,884.9 1,901.8 9 Commercial and industrial 587.5 596.4 591.0 589.0 589.2 591.6 598.5 606.1 602.2 615.2 620.1 10 Real estate 621.0 630.2 635.2 645.1 651.0 656.3 663.1 669.3 672.2 677.0 686.5 11 Individual 339.9 342.4 343.8 348.9 351.6 352.5 354.7 361.3 359.9 357.3 357.1 12 All other 230.9 238.3 235.0 237.2 231.8 231.2 238.3 237.5 227.9 235.4 238.1 13 Total cash assets 200.5 221.6 217.1 222.1 215.0 208.5 235.1 244.4 214.7 226.0 210.5 14 Reserves with Federal Reserve Banks. 26.0 34.4 30.7 33.0 31.1 31.7 33.8 34.5 31.6 27.8 30.9 15 Cash in vault 25.5 26.6 26.0 26.6 26.3 26.4 28.8 30.5 27.6 26.7 27.0 16 Cash items in process of collection ... 71.3 77.0 75.5 79.7 76.2 72.8 89.6 92.0 76.2 88.8 7755..88 17 Demand balances at U.S. depository institutions 29.2 31.6 31.3 31.5 29.4 29.2 32.1 34.3 27.8 32.5 27.9 18 Other cash assets 48.5 52.0 53.5 51.3 52.0 48.4 50.8 53.2 51.5 50.1 48.8 19 Other assets 187.9 195.0 189.3 188.4 193.4 201.4 201.2 199.4 195.0 191.4 193.4 20 Total assets/total liabilities and capital 2,863.7 2,931.1 2,918.5 2,936.8 2,933.3 2,951.3 3,017.7 3,035.8 2,986.4 3,030.8 3,020.6 21 Deposits 2,009.7 2,044.4 2,052.1 2,075.1 2,060.0 2,069.4 2,122.8 2,142.9 2,093.9 2,121.8 2,120.1 22 Transaction deposits 579.3 603.8 598.9 609.9 588.5 587.4 627.7 641.5 585.5 601.4 582.0 23 Savings deposits 542.4 544.7 545.5 542.4 536.8 538.4 542.2 537.0 530.2 528.7 524.6 24 Time deposits 887.9 895.9 907.6 922.7 934.7 943.6 952.9 964.4 978.2 991.7 1,013.5 25 Borrowings 458.1 486.6 469.2 448.7 468.3 479.5 476.7 470.9 491.8 500.9 482.3 26 Other liabilities 209.6 211.3 209.9 222.4 215.5 211.9 224.2 229.0 204.8 212.3 219.9 2/ Residual (assets less liabilities) 186.3 188.8 187.3 190.6 189.5 190.6 193.9 193.1 195.8 195.8 198.4 MEMO 28 U.S. government securities (including trading account) 347.1 345.4 350.2 352.0 352.7 354.5 360.3 359.9 365.9 367.8 337733..77 29 Other securities (including trading account) 196.2 197.1 197.1 197.4 195.5 195.3 195.8 192.3 188.9 187.8 186.8 DOMESTICALLY CHARTERED COMMERCIAL BANKS3 30 Loans and securities 2,289.1 2,318.4 2,322.9 2,334.5 2,332.7 2,347.3 2,382.9 2,385.5 2,378.3 2,399.0 2,401.2 31 Investment securities 496.5 493.8 496.3 499.7 501.2 499.2 505.7 508.0 507.5 509.4 513.4 32 U.S. government securities 319.2 317.0 320.2 323.2 324.9 323.4 329.6 334.9 336.3 340.0 344.7 33 Other 177.3 176.8 176.1 176.4 176.3 175.8 176.1 173.0 171.2 169.3 168.8 34 Trading account assets 20.3 22.0 23.9 22.7 21.2 24.9 24.8 19.2 21.5 20.1 21.8 35 Total loans 1,772.3 1,802.5 1,802.7 1,812.1 1,810.2 1,823.3 1,852.4 1,858.3 1,849.4 1,869.5 1,865.9 36 Interbank loans 126.0 135.0 132.1 127.8 124.2 129.6 139.4 132.2 130.6 138.2 121.2 37 Loans excluding interbank 1,646.4 1,667.5 1,670.6 1,684.3 1,686.0 1,693.6 1,713.1 1,726.1 1,718.7 1,731.3 1,744.7 38 Commercial and industrial 490.6 493.9 492.6 490.6 489.9 492.4 498.1 499.5 498.7 503.0 505.5 39 Real estate 603.8 612.5 618.0 626.1 631.8 636.6 642.3 648.5 651.3 655.6 664.8 40 Individual 339.5 342.1 343.5 348.5 351.2 352.2 354.4 361.0 359.6 357.0 356.8 41 All other 212.4 219.0 216.6 219.0 213.1 212.4 218.3 217.1 209.2 215.8 217.6 42 Total cash assets 183.6 202.4 197.1 203.5 194.2 190.4 216.0 223.2 193.7 206.6 191.7 43 Reserves with Federal Reserve Banks. 23.6 32.9 29.6 31.4 29.0 29.9 32.6 33.1 30.1 26.6 29.5 44 Cash in vault 25.4 26.6 26.0 26.6 26.3 26.4 28.8 30.4 27.6 26.7 26.9 45 Cash items in process of collection ... 71.1 76.6 75.2 79.4 75.8 72.0 88.8 91.2 7755..44 8877..88 7755..00 46 Demand balances at U.S. depository institutions 27.5 29.8 29.5 29.8 27.4 27.3 30.2 32.2 25.9 30.5 25.8 47 Other cash assets 35.9 36.4 36.9 36.4 35.7 34.8 35.5 36.2 34.8 35.1 34.5 48 Other assets 118.3 125.5 121.5 123.6 126.7 131.9 132.9 134.9 127.8 129.1 129.7 49 Total assets/liabilities and capital 2,591.0 2,646.2 2,641.5 2,661.5 2,653.6 2,669.6 2,731.7 2,743.6 2,699.8 2,734.7 2,722.5 50 Deposits 1,946.4 1,979.2 1,986.8 2,009.0 1,992.7 2,001.0 2,053.0 2,069.9 2,022.6 2,049.1 2,043.7 51 Transaction deposits 571.1 595.0 590.2 601.1 579.4 577.6 617.5 631.5 576.0 591.9 572.6 52 Savings deposits 540.0 542.0 543.0 539.9 534.3 535.8 539.7 534.5 527.8 526.3 522.1 53 Time deposits 835.3 842.2 853.6 868.0 879.0 887.6 895.8 903.9 918.8 930.9 949.0 54 Borrowings 353.2 371.8 359.9 345.3 359.0 364.7 365.6 363.1 376.2 378.1 362.4 55 Other liabilities 108.6 109.8 111.0 120.1 115.8 116.7 122.6 120.9 108.6 115.2 121.4 56 Residual (assets less liabilities) 182.9 185.4 183.9 187.2 186.1 187.2 190.5 189.7 192.4 192.4 195.0 MEMO 57 Real estate loans, revolving 33.7 34.9 35.4 36.3 37.4 38.4 39.5 40.1 40.6 41.4 42.5 58 Real estate loans, other 570.1 577.6 582.6 589.8 594.4 598.2 602.8 608.4 610.7 614.2 622.2 1. Back data are available from the Banking and Monetary Statistics section, the last Wednesday of the month based on a weekly reporting sample of Board of Governors of the Federal Reserve System, Washington, D.C., 20551. foreign-related institutions and quarter-end condition reports. These data also appear in the Board's weekly H.8 (510) release. 2. Commercial banking institutions include insured domestically chartered Figures are partly estimated. They include all bank-premises subsidiaries and commercial banks, branches and agencies of foreign banks, Edge Act and other significant majority-owned domestic subsidiaries. Loan and securities data Agreement corporations, and New York State foreign investment corporations. for domestically chartered commercial banks are estimates for the last Wednes- 3. Insured domestically chartered commercial banks include all member banks day of the month based on a sample of weekly reporting banks and quarter-end and insured nonmember banks. condition report data. Data for other banking institutions are estimates made for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly Reporting Commercial Banks A19 1.26 ASSETS AND LIABILITIES OF LARGE WEEKLY REPORTING COMMERCIAL BANKS1 Millions of dollars, Wednesday figures 1989 AAccccoouunntt Feb. 1 Feb. 8 Feb. 15 Feb. 22' Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 1 Cash and balances due from depository institutions 125,604r 97,936' 113,868' 114,153 126,717 105,721 122,164 105,800 106,336 2 Total loans, leases, and securities, net 1,183,756' 1,189,160' 1,196,520' 1,189,752 1,197,078 1,191,126 1,188,628 1,190,791 1,188,772 3 U.S. Treasury and government agency 133,161' 134,543' 136,190' 135,164 135,554 135,825 136,316 137,003 137,141 4 Trading account 15,015 15,765 16,925 14,871 15,656 16,003 16,996 17,497 16,646 Investment account 118,146' 118,778' 119,265' 120,293 119,898 119,822 119,320 119,506 120,495 6 Mortgage-backed securities 48,266 48,195 48,713 49,022 48,995 49,026 49,022 49,035 49,339 All other maturing in 7 One year or less 21,975' 22,075' 22,756' 23,303 23,162 22,536 21,702 21,737 22,076 8 Over one through five years 40,309' 40,851' 40,180 40,302 39,960 40,249 40,769 40,893 41,232 9 Over five years 7,5%' 7,656' 7,616 7,666 7,781 8,011 7,828 7,840 7,847 10 Other securities 73,108' 72,578 72,429 72,311 72,658 72,147 72,072 71,857 71,956 11 Trading account 1,578 1,388 1,391 1,400 1,772 1,438 1,570 1,459 1,278 1? Investment account 71,530' 71,189 71,038 70,911 70,885 70,709 70,503 70,398 70,678 13 States and political subdivisions, by maturity 44,993' 44,885 44,757 44,778 44,650 44,617 44,594 44,595 44,676 14 One year or less 4,890 4,908 4,885 4,891 4,973 5,036 5,049 5,021 5,055 15 Over one year 40,103' 39,977 39,872 39,888 39,676 39,581 39,545 39,574 39,621 16 Other bonds, corporate stocks, and securities 26,538 26,304 26,281 26,132 26,236 26,091 25,908 25,803 26,002 17 Other trading account assets 3,705 3,677 4,350 3,807 3,759 4,176 4,172 3,841 3,916 18 Federal funds sold4 82,219 84,013 85,865 82,909 89,676 86,543 81,683 84,524 80,522 19 To commercial banks 51,451 55,281 54,956 52,849 54,917 56,732 50,769 52,365 48,221 20 To nonbank brokers and dealers in securities 20,999 20,441 20,519 21,776 24,564 20,558 21,186 23,084 22,548 2.1 To others 9,768 8,291 10,390 8,284 10,194 9,253 9,728 9,074 9,753 72 Other loans and leases, gross 931,284' 934,159' 937,538' 935,417 935,227 932,196 934,140 933,238 934,138 73 Other loans, gross 907,054' 909,972' 913,371' 911,179 910,993 907,986 909,784 908,884 909,725 74 Commercial and industrial 306,270' 310,086' 311,025' 310,106 311,494 311,350 311,808 312,0% 311,341 25 Bankers acceptances and commercial paper 1,703 1,666 1,831 1,693 1,662 1,701 1,719 1,655 1,675 26 All other 304,568' 308,420' 309,194' 308,413 309,833 309,648 310,089 310,441 309,666 27 U.S. addressees 302,674' 306,531' 307,249' 306,495 307,940 307,790 308,267 308,633 307,779 28 Non-U.S. addressees 1,893 1,889 1,945 1,918 1,893 1,859 1,822 1,807 1,886 29 Real estate loans 311,072' 311,480' 312,704' 312,671 312,930 313,103 313,993 316,097 317,554 30 Revolving, home equity 22,555' 22,582' 22,658' 22,861 22,935 22,967 23,106 23,144 23,228 31 All other 288,516' 288,897' 290,046' 289,810 289,994 290,136 290,887 292,953 294,326 37 To individuals for personal expenditures 171.462' 170,912' 170,758' 170,641 169,356 169,108 169,291 168,828 167,948 33 To depository and financial institutions 48,144' 48,235' 48,120' 47,720 45,785 44,393 43,986 42,554 40,744 34 Commercial banks in the United States 22,204 22,855 23,358 22,980 21,000 19,998 20,026 19,250 17,515 35 Banks in foreign countries 4,167 3,996 3,476 4,305 3,954 3,635 3,302 3,345 3,501 36 Nonbank depository and other financial institutions .. 21,774' 21,384' 21,285' 20,435 20,831 20,760 20,659 19,958 19,728 37 For purchasing and carrying securities 12,728 13,193 14,056 13,480 13,723 13,989 13,464 13,429 15,134 38 To finance agricultural production 5,692 5,669 5,661 5,601 5,624 5,635 5,650 5,643 5,566 39 To states and political subdivisions 28,151 28,143 28,083 28,099 27,983 27,798 27,892 27,920 27,913 40 To foreign governments and official institutions 1,963 1,940 1,771 1,848 1,835 1,881 1,902 1,846 1,858 41 All other 21,571 20,313 21,193 21,012 22,263 20,728 21,796 20,470 21,666 47 Lease financing receivables 24,230' 24,187' 24,167' 24,238 24,234 24,210 24,356 24,354 24,413 43 LESS: Unearned income 4,988' 5,000' 5,013' 5,029 4,922 4,938 4,924 4,940 4,942 44 Loan and lease reserve 34,732' 34,809' 34,839' 34,827 34,873 34,823 34,831 34,730 33,959 45 Other loans and leases, net 891,564' 894,350' 897,686' 895,561 895,432 892,435 894,384 893,568 895,237 46 All other assets 131,311' 128,718' 130,752' 130,372 134,240 132,857 133,197 133,499 128,069 47 Total assets 1,440,671' 1,415,816' 1,441,140' 1,434,277 1,458,035 1,429,705 1,443,989 1,430,091 1,423,177 48 Demand deposits 245,610 215,502 237,955 228,985 252,033 220,427 245,217 214,306 217,185 49 Individuals, partnerships, and corporations 189,453 171,483 186,891 181,031 195,103 174,008 188,293 172,436 173,682 50 States and political subdivisions 7,405 5,571 6,164 5,868 7,367 5,288 5,796 6,072 5,209 51 U.S. government 1,767 3,460 4,169 1,709 3,452 3,607 11,289 2,977 2,983 52 Depository institutions in the United States 27,658 19,253 24,080 23,360 27,839 20,786 23,591 19,220 18,950 51 Banks in foreign countries 6,847 6,157 6,255 7,471 7,082 6,170 5,908 5,423 6,461 54 Foreign governments and official institutions 781 756 908 1,080 824 798 759 850 682 55 Certified and officers' checks 11,698 8,822 9,488 8,466 10,365 9,771 9,581 7,327 9,219 56 Transaction balances other than demand deposits 77,228 77,257 76,798 75,988 78,264 77,811 77,028 76,051 75,407 57 Nontransaction balances 653,019 657,113 657,302 657,407 659,898 663,868 666,152 666,450 667,646 58 Individuals, partnerships, and corporations 611,529 615,160 614,815 614,973 617,519 621,340 623,823 624,319 625,487 59 States and political subdivisions 31,478 32,158 32,584 32,594 32,796 33,126 33,042 32,881 32,572 60 U.S. government 853 853 861 854 834 858 862 859 857 61 Depository institutions in the United States 8,460 8,239 8,347 8,297 8,083 7,8% 7,794 7,769 8,097 62 Foreign governments, official institutions, and banks .. 699 703 696 690 665 647 631 622 633 63 Liabilities for borrowed money 283,206' 283,239' 284,624' 285,446 281,329 283,389 270,401 285,842 274,751 64 Borrowings from Federal Reserve Banks 559 4,242 1,005 1,677 1,220 5,098 1,155 1,922 1,965 65 Treasury tax-and-loan notes 22,775 16,236 15,812 16,768 10,751 6,611 4,862 14,609 11,819 66 All other liabilities for borrowed money6 259,872' 262,760' 267,806' 267,001 269,358 271,680 264,384 269,311 260,967 67 Other liabilities and subordinated notes and debentures .. 85,457' 86,084' 87,800' 89,443 89,275 86,404 87,414 89,540 90,074 68 Total liabilities 1,344,521' 1,319,195' 1,344,479' 1,337,269 1,360,798 1,331,898 1,346,214 1,332,189 1,325,063 69 Residual (total assets minus total liabilities)7 96,150' 96,621' 96,661' 97,008 97,237 97,806 97,775 97,902 98,114 MEMO 70 Total loans and leases (gross) and investments adjusted . 1,149,821' 1,150,834' 1,158,057' 1,153,778 1,160,956 1,154,157 1,157,588 1,158,846 1,161,937 71 Total loans and leases (gross) adjusted 939,848' 940,037' 945,089' 942,496 948,986 942,009 945,028 946,146 948,924 72 Time deposits in amounts of $100,000 or more 205,732' 208,075' 208,991' 209,287 210,877 214,134 214,460 215,219 215,398 73 U.S. Treasury securities maturing in one year or less 19,476' 19,509' 20,990' 20,935 20,538 20,124 19,526 19,893 20,627 74 Loans sold outright to affiliates—total 1,491 1,533 1,526 1,544 1,588 1,580 1,620 1,882 1,931 75 Commercial and industrial 1,194 1,230 1,236 1,251 1,301 1,291 1,328 1,591 1,640 76 Other 297 303 290 293 287 288 292 291 291 77 Nontransaction savings deposits (including MMDAs) 255,350 256,264 254,860 253,710 253,661 253,182 253,902 252,306 252,068 1. Beginning Jan. 6, 1988, the "Large bank" reporting group was revised 6. Includes federal funds purchased and securities sold under agreements to somewhat, eliminating some former reporters with less than $2 billion of assets repurchase; for information on these liabilities at banks with assets of $1 billionor and adding some new reporters with assets greater than $3 billion. more on Dec. 31, 1977, see table 1.13. 2. For adjustment bank data see this table in the March 1989 Bulletin. The 7. This is not a measure of equity capital for use in capital-adequacy analysis or adjustment data for 1988 should be added to the reported data for 1988 to establish for other analytic uses. comparability with data reported for 1989. 8. Exclusive of loans and federal funds transactions with domestic commercial 3. Includes U.S. government-issued or guaranteed certificates of participation banks. in pools of residential mortgages. 9. Loans sold are those sold outright to a bank's own foreign branches, 4. Includes securities purchased under agreements to resell. nonconsolidated nonbank affiliates of the bank, the bank's holding company (if 5. Includes allocated transfer risk reserve. not a bank), and nonconsolidated nonbank subsidiaries of the holding company. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 Domestic Financial Statistics • June 1989 1.28 ASSETS AND LIABILITIES OF LARGE WEEKLY REPORTING COMMERCIAL BANKS IN NEW YORK CITY1 Millions of dollars, Wednesday figures 1989 AAccccoouunntt Feb. 1 Feb. 8 Feb. 15 Feb. 22 Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 1 Cash balances due from depository institutions 33,916 19,634 27,913 24,559 32,327 25,138 29,783 22,467 22,559 2 Total loans, leases and securities, net2 220,482 226,048 225,203 222,797 225,724 221,173 219,667 222,469 220,634 Securities 3 U.S. Treasury and government agency 0 0 0 0 0 0 0 0 0 4 Trading account3 0 0 0 0 0 0 0 0 0 5 Investment account 15,937 15,914 15,931 15,920 15,681 15,525 15,370 15,366 15,382 6 Mortgage-backed securities4 6,966 6,966 66,,991188 6,924 77,,009966 66,,994400 66,,998833 66,,995500 77,,004422 All other maturing in 7 One year or less 2,666 2,664 3,507 3,519 3,136 2,943 2,878 2,938 2,929 8 Over one through five years 4,452 4,449 3,635 3,595 3,450 3,520 3,513 3,507 3,503 9 Over five years 1,852 1,834 1,870 1,882 1,999 2,122 1,996 1,971 1,907 10 Other securities3 0 0 0 0 0 0 0 0 0 11 Trading account3 0 0 0 0 0 0 0 0 0 12 Investment account 17,652 17,471 17,348 17,341 17,455 17,364 17,261 17,218 17,401 13 States and political subdivisions, by maturity 12,138 12,092 12,046 12,052 11,985 11,992 11,989 11,983 11,974 14 One year or less 1,052 1,056 1,063 1,070 1,057 1,103 1,107 1,109 1,118 15 Over one year 11,085 11,036 10,983 10,982 10,928 10,889 10,882 10,874 10,856 16 Other bonds, corporate stocks, and securities 5,514 5,378 5,302 5,289 5,470 5,371 5,272 5,234 5,427 17 Other trading account assets3 0 0 0 0 0 0 0 0 0 Loans and leases 18 Federal funds sold5 31,988 35,164 33,827 32,264 37,966 35,244 33,174 37,619 34,382 19 To commercial banks 13,123 17,583 15,823 14,529 16,051 17,084 13,684 16,810 13,760 20 To nonbank brokers and dealers in securities 12,306 12,215 11,340 12,569 14,847 12,030 13,162 14,622 13,978 21 To others 6,559 5,366 6,665 5,166 7,068 6,130 6,328 6,186 6,644 22 Other loans and leases, gross 169,621 172,238 172,859 172,054 169,339 167,790 168,609 167,019 168,142 23 Other loans, gross 163,948 166,624 167,244 166,327 163,629 162,086 162,792 161,206 162,334 24 Commercial and industrial 55,389 57,936 57,910 57,511 57,571 57,195 57,569 57,147 57,497 25 Bankers acceptances and commercial paper 322 316 362 352 288 322 324 312 312 26 All other 55,067 57,620 57,548 57,158 57,284 56,873 57,244 56,835 57,185 27 U.S. addressees 54,658 57,240 57,103 56,685 56,822 56,400 56,776 56,338 56,601 28 Non-U.S. addressees 409 380 445 473 462 473 468 496 584 29 Real estate loans 50,296 50,402 50,763 50,389 50,352 50,074 50,072 51,475 51,369 30 Revolving, home equity 3,296 3,292 3,308 3,310 3,318 3,324 3,333 3,344 3,351 31 All other 47,000 47,110 47,456 47,079 47,034 46,750 46,739 48,132 48,018 32 To individuals for personal expenditures 20,723 20,459 20,477 20,286 20,154 20,088 20,249 19,577 19,590 33 To depository and financial institutions 20,326 20,604 20,328 20,021 17,330 16,928 17,100 15,999 14,831 34 Commercial banks in the United States 10,768 11,038 11,338 10,594 8,174 8,192 8,372 7,649 6,306 35 Banks in foreign countries 2,561 2,443 1,922 2,648 2,417 2,056 1,921 1,948 2,030 36 Nonbank depository and other financial institutions 6,997 7,123 7,068 6,780 6,739 6,681 6,806 6,403 6,495 37 For purchasing and carrying securities 4,599 4,814 5,382 5,458 5,484 5,463 4,917 5,252 6,260 38 To finance agricultural production 211 212 195 196 208 191 190 200 162 39 To states and political subdivisions 6,147 6,138 6,134 6,104 6,123 6,054 6,098 6,107 6,097 40 To foreign governments and official institutions 561 538 384 464 450 507 536 480 498 41 All other 5,696 5,519 5,670 5,898 5,956 5,586 6,061 4,968 6,031 42 Lease financing receivables 5,673 5,614 5,615 5,727 5,711 5,704 5,817 5,813 5,808 43 LESS: Unearned income 1,628 1,635 1,650 1,661 1,598 1,614 1,609 1,620 1,622 44 Loan and lease reserve 13,089 13,104 13,112 13,121 13,120 13,136 13,138 13,133 13,050 45 Other loans and leases, net6 154,904 157,499 158,097 157,272 154,622 153,039 153,862 152,266 153,469 46 All other assets 61,310 59,482 62,098 61,418 64,674 63,461 63,568 63,541 58,465 47 Total assets 315,708 305,164 315,214 308,775 322,726 309,772 313,018 308,478 301,659 Deposits 48 Demand deposits 63,180 48,330 57,580 53,276 64,702 49,644 60,206 49,079 50,387 49 Individuals, partnerships, and corporations 40,239 33,392 39,016 37,637 42,605 33,541 40,304 35,604 35,285 50 States and political subdivisions 985 628 656 597 997 497 771 722 459 51 U.S. government 190 705 722 176 605 719 2,949 609 524 52 Depository institutions in the United States 10,393 4,329 7,562 4,646 10,430 5,372 6,990 4,915 4,716 53 Banks in foreign countries 5,637 4,955 5,043 6,270 5,781 4,918 4,723 4,248 5,211 54 Foreign governments and official institutions 606 601 736 930 600 663 618 723 538 55 Certified and officers' checks 5,129 3,719 33,,884455 3,020 33,,668833 33,,993333 33,,885522 22,,225588 33,,665544 56 Transaction balances other than demand deposits (ATS, NOW, Super NOW, telephone transfers) 8,850 8,886 8,746 8,684 8,840 8,744 8,672 8,609 8,588 57 Nontransaction balances 112,967 113,880 112,919 112,697 113,115 112,873 114,549 113,605 113,248 58 Individuals, partnerships, and corporations 102,433 103,228 102,016 101,842' 102,375 102,007 103,788 102,897 102,677 59 States and political subdivisions 8,221 8,336 8,512 8,469 8,344 8,445 8,371 8,286 8,031 60 U.S. government 35 30 32 29 30 28 28 28 27 61 Depository institutions in the United States 2,028 2,024 2,102 2,104 2,127 2,139 2,113 2,144 2,258 62 Foreign governments, official institutions, and banks 250 262 257 254' 239 254 249 251 254 63 Liabilities for borrowed money 72,856 74,078 75,464 72,604 75,053 79,506 69,803 76,705 68,810 64 Borrowings from Federal Reserve Banks 0 2,525 0 0 0 1,850 0 0 0 65 Treasury tax-and-loan notes 5,690 3,936 4,218 4,290 2,915 1,648 933 3,676 2,934 66 All other liabilities for borrowed money8 67,165 67,617 71,246 68,314 72,138 76,008 68,871 73,029 65,876 67 Other liabilities and subordinated notes and debentures 30,032 31,984 32,384 33,391 32,874 30,797 31,749 32,410 32,680 68 Total liabilities 287,885 277,158 287,092 280,653 294,583 281,564 284,980 280,408 273,712 69 Residual (total assets minus total liabilities)9 27,823 28,006 28,122 28,122 28,143 28,207 28,038 28,070 27,946 MEMO 70 Total loans and leases (gross) and investments adjusted2,10 211,308 212,165 212,804 212,457 216,217 210,648 212,358 212,763 215,240 71 Total loans and leases (gross) adjusted10 177,718 178,780 179,524 179,195 183,081 177,759 179,727 180,179 182,458 72 Time deposits in amounts of $100,000 or more 41,855 41,759 41,905 41,942 42,185 42,726 43,323 42,956 42,517 73 U.S. Treasury securities maturing in one year or less 3,346r 3,070' 4,364' 4,035' 3,642 3,202 3,396 3,973 3,973 1. These data also appear in the Board's H.4.2 (504) release. For address, see 6. Includes allocated transfer risk reserve. inside front cover. 7. Includes trading account securities. 2. Excludes trading account securities. 8. Includes federal funds purchased and securities sold under agreements to 3. Not available due to confidentiality. repurchase. 4. Includes U.S. government-issued or guaranteed certificates of participation 9. Not a measure of equity capital for use in capital adequacy analysis or for in pools of residential mortgages. other analytic uses. 5. Includes securities purchased under agreements to reseli. 10. Exclusive of loans and federal funds transactions with domestic commer- Digitized for FRASER cial banks. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Weekly Reporting Commercial Banks A21 1.30 LARGE WEEKLY REPORTING U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS1 Assets and Liabilities Millions of dollars, Wednesday figures 1989 AAccccoouunntt Feb. 1 Feb. 8 Feb. 15 Feb. 22 Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 1 Cash and due from depository institutions ... 11,461 11,806 10,330 10,661 10,827 10,291 10,800 10,509 10,530 2 Total loans and securities 122,036 128,022 112299,,336644 131,593 113311,,559955 129,715 130,023 130,692 132,515 3 U.S. Treasury and government agency securities 8,894 8,897 9,095 8,732 8,726 8,846 8,910 8,934 8,500 4 Other securities 7,138 7,088 7,026 7,063 7,124 7,272 7,176 7,044 6,920 5 Federal funds sold 5,993 6,364 6,540 9,656 8,354 8,436 7,992 9,106 9,211 6 To commercial banks in the United States . 4,929 5,313 5,390 8,586 7,189 7,262 6,593 7,616 7,794 7 To others 1,064 1,051 1,150 1,070 1,165 1,174 1,399 1,490 1,417 8 Other loans, gross 100,011 105,673 106,703 106,142 107,391 105,161 105,945 105,608 107,884 9 Commercial and industrial 6655,,223377 7700,,338811 7700,,772244 70,237 7700,,555522 69,924 70,344 70,478 71,874 10 Bankers acceptances and commercial paper 1,680 1,732 1,692 1,674 1,552 1,613 1,560 1,720 1,669 11 All other 63,557 68,649 69,032 68,563 69,000 68,311 68,784 68,758 70,205 12 U.S. addressees 61,998 67,108 67,521 67,000 67,288 66,661 67,217 67,064 68,589 13 Non-U.S. addressees 1,559 1,541 1,511 1,563 1,712 1,650 1,567 1,694 1,616 14 Loans secured by real estate 13,466 13,775 13,812 13,662 13,888 13,893 13,942 14,006 13,983 15 To financial institutions 17,673 17,446 17,902 18,079 18,887 17,258 17,884 17,296 17,893 16 Commercial banks in the United States.. 12,788 12,538 12,677 13,052 13,905 12,336 13,124 12,4% 12,758 17 Banks in foreign countries 1,415 1,328 1,667 1,440 1,583 1,479 1,341 1,335 1,463 18 Nonbank financial institutions 33,,447700 33,,558800 33,,555588 3,587 33,,339999 3,443 3,419 3,465 3,672 19 To foreign governments and official institutions 746 772 773 758 730 770 763 780 773 20 For purchasing and carrying securities 1,592 2,041 2,132 1,971 2,102 2,029 1,750 1,832 1,991 21 All other 1,297 1,258 1,360 1,435 1,232 1,287 1,262 1,216 1,370 22 Other assets (claims on nonrelated parties) .. 31,256 31,492 31,406 30,881 31,613 31,501 31,672 31,188 30,912 23 Net due from related institutions 14,986 16,706 16,905 14,187 15,842 15,602 15,447 15,655 14,918 24 Total assets 117799,,774400 118888,,002266 118888,,000044 118877,,332244 118899,,887788 118877,,110099 187,944 188,046 188,874 25 Deposits or credit balances due to other than directly related institutions 43,495 43,533 44,089 44,241 45,753 45,469 46,437 47,074 47,185 26 Transaction accounts and credit balances . 33,,444455 33,,225566 33,,336699 33,,338866 44,,006622 33,,221122 3,469 3,579 3,398 27 Individuals, partnerships, and corporations 2,099 2,070 2,311 2,209 2,334 2,078 2,273 2,259 2,354 28 Other 1,346 1,186 1,058 1,177 1,728 1,134 1,196 1,320 1,044 29 Nontransaction accounts 4400,,005500 4400,,227777 4400,,772200 4400,,885555 4411,,669911 4422,,225577 42,968 43,495 43,787 30 Individuals, partnerships, and corporations 33,505 33,337 33,794 33,993 34,634 35,349 36,050 36,620 36,806 31 Other 66,,554455 66,,994400 66,,992266 66,,886622 77,,005577 66,,990088 6,918 6,875 6,981 32 Borrowings from other than directly related institutions 79,005' 85,158 84,453' 81,79c 83,905 82,921 84,310 80,212 79,584 33 Federal funds purchased6 35,564 4433,,448822 3377,,552211 36,477 36,523 37,848 37,572 32,322 34,047 34 From commercial banks in the United States 18,277 25,322 21,117 18,769 20,405 20,950 21,080 16,867 21,215 35 From others 17,287 18,160 16,404 17,708 16,118 16,898 16,492 15,455 12,832 36 Other liabilities for borrowed money 43,441' 41,676 4466,,993322'' 45,313' 47,382 45,073 46,738 47,890 45,537 37 To commercial banks in the United States 28,873 27,260 30,618 29,930 31,313 29,698 31,316 30,787 29,174 38 To others 14,568' 14,416 16,314' 15,383' 16,069 15,375 15,422 17,103 16,363 39 Other liabilities to nonrelated parties 32,39c 32,441 32,466' 31,985' 32,826 32,764 32,537 32,270 31,636 40 Net due to related institutions 24,851 26,895 26,995 29,307 27,395 25,954 24,660 28,490 30,470 41 Total liabilities 179,740 188,026 188,004 187,324 189,878 187,109 187,944 188,046 188,874 MEMO 42 Total loans (gross) and securities adjusted .. 104,319 110,171 111,297 109,955 110,501 110,117 110,306 110,580 111,963 43 Total loans (gross) adjusted 88,287 94,186 95,176 94,160 94,651 93,999 94,220 94,602 %,543 1. Effective Jan. 4,1989, the reporting panel includes a new group of large U.S. separate component of Other loans, gross. Formerly, these loans were included in branches and agencies of foreign banks. Earlier data included 65 U.S. branches "All other", line 21. and agencies of foreign banks that included those branches and agencies with 4. Includes credit balances, demand deposits, and other checkable deposits. assets of $750 million or more on June 30, 1980, plus those branches and agencies 5. Includes savings deposits, money market deposit accounts, and time that had reached the $750 million asset level on Dec. 31, 1984. These data also deposits. appear in the Board's H.4.2 (504) release. For address, see inside front cover. 6. Includes securities sold under agreements to repurchase. 2. Includes securities purchased under agreements to resell. 7. Exclusive of loans to and federal funds sold to commercial banks in the 3. Effective Jan. 4, 1989, loans secured by real estate are being reported as a United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A22 Domestic Financial Statistics • June 1989 1.31 GROSS DEMAND DEPOSITS Individuals, Partnerships, and Corporations1 Billions of dollars, estimated daily-average balances, not seasonally adjusted Commercial banks TTyyppee ooff hhoollddeerr 1987 1988 11998844 11998855 11998866 11998877 DDeecc.. DDeecc.. DDeecc.. DDeecc.. Sept. Dec. Mar. June Sept. Dec. 1 All holders—Individuals, partnerships, and corporations 302.7 321.0 363.6 343.5 339.0 343.5 328.6 346.5 337.8 + 1 2 Financial business 31.7 32.3 41.4 36.3 36.5 36.3 33.9 37.2 34.8 3 Nonfinancial business 166.3 178.5 202.0 191.9 188.2 191.9 184.1 194.3 190.3 n.a. 4 Consumer 81.5 85.5 91.1 90.0 88.7 90.0 86.9 89.8 87.8 5 Foreign 3.6 3.5 3.3 3.4 3.2 3.4 3.5 3.4 3.2 1 6 Other 19.7 21.2 25.8 21.9 22.4 21.9 20.3 21.9 21.7 T Weekly reporting banks 1987 1988 11998844 11998855 11998866 11998877 DDeecc.. DDeecc.. DDeecc.. DDeecc.. Sept. Dec. Mar. June Sept. Dec. 7 All holders—Individuals, partnerships, and corporations 157.1 168.6 195.1 183.8 179.1 183.8 181.8 191.5 185.3 198.3 8 Financial business 25.3 25.9 32.5 28.6 29.3 28.6 27.0 30.0 27.2 30.5 9 Nonfinancial business 87.1 94.5 106.4 100.0 96.0 100.0 98.2 103.1 101.5 108.7 10 Consumer 30.5 33.2 37.5 39.1 37.2 39.1 41.7 42.3 41.8 42.6 11 Foreign 3.4 3.1 3.3 3.3 3.1 3.3 3.4 3.4 3.1 3.6 12 Other 10.9 12.0 15.4 12.7 13.5 12.7 11.4 12.8 11.7 12.9 1. Figures include cash items in process of collection. Estimates of gross 4. Historical data back to March 1985 have been revised to account for deposits are based on reports supplied by a sample of commercial banks. Types corrections of bank reporting errors. Historical data before March 1985 have not of depositors in each category are described in the June 1971 BULLETIN, p. 466. been revised, and may contain reporting errors. Data for all commercial banks for Figures may not add to totals because of rounding. March 1985 were revised as follows (in billions of dollars): all holders, -.3; 2. Beginning in March 1984, these data reflect a change in the panel of weekly financial business, -.8; nonfinancial business, -.4; consumer, .9; foreign, .1; reporting banks, and are not comparable to earlier data. Estimates in billions of other, -.1. Data for weekly reporting banks for March 1985 were revised as dollars for December 1983 based on the new weekly reporting panel are: financial follows (in billions of dollars): all holders, -.1; financial business, —.7; nonfinanbusiness, 24.4; nonfinancial business, 80.9; consumer, 30.1; foreign, 3.1; other cial business, -.5; consumer, 1.1; foreign, .1; other, —.2. 9.5. 5. Beginning March 1988, these data reflect a change in the panel of weekly 3. Beginning March 1985, financial business deposits and, by implication, total reporting banks, and are not comparable to earlier data. Estimates in billions of gross demand deposits have been redefined to exclude demand deposits due to dollars for December 1987 based on the new weekly reporting panel are: financial thrift institutions. Historical data have not been revised. The estimated volume of business, 29.4; nonfinancial business, 105.1; consumer, 41.1; foreign, 3.4; other, such deposits for December 1984 is $5.0 billion at all insured commercial banks 13.1. and $3.0 billion at weekly reporting banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A23 1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING Millions of dollars, end of period 1988 1989 IInnssttrruummeenntt D 19 e 8 c 4 . D 19 e 8 c 5 . D 19 e 8 c 6 . D 19 e 8 c 7 . D 19 e 8 c 8 . Sept. Oct. Nov. Dec. Jan. Feb. Commercial paper (seasonally adjusted unless noted otherwise) 1 All issuers 237,586 298,779 329,991 357,129 455,017 421,383 426,216 443,531 455,017 471,066 487,771 Financial companies1 Dealer-placed paper2 2 Total 5566,,448855 7788,,444433 110011,,007722 110011,,995588 115599,,994477 114499,,999955 114499,,884455 115577,,004422 115599,,994477 162,884 117733,,994444 3 Bank-related (not seasonally adjusted)3 22,,003355 11,,660022 22,,226655 11,,442288 11,,224488 901 840 995 11,,224488 n.a. n.a. Directly placed paper 4 Total 111100,,554433 113355,,332200 115511,,882200 117733,,993399 192,442 118800,,990055 118844,,004444 119922,,222200 119922,,444422 199,828 220011,,999977 5 Bank-related (not seasonally adjusted)3 42,105 44,778 40,860 43,173 43,155 43,887 42,204 43,729 43,155 n.a. n.a. 6 Nonfinancial companies 70,558 85,016 77,099 81,232 102,628 90,483 92,327 94,269 102,628 108,354 111,830 Bankers dollar acceptances (not seasonally adjusted)6 7 Total 78,364 68,413 64,974 70,565 66,631 63,452 62,253 65,961 66,631 62,212 62,812 Holder 8 Accepting banks 9,811 11,197 13,423 10,943 9,086 9,334 9,083 9,483 9,086 9,009' 9,401 9 Own bills 8,621 9,471 11,707 9,464 8,022 8,400 8,026 8,768 8,022 7,927' 8,497 10 Bills bought 11,,119911 11,,772266 11,,771166 1,479 1,064 934 1,057 715 11,,006644 1,082' 904 Federal Reserve Banks 11 Own account 0 0 0 0 0 0 0 0 0 0 0 12 Foreign correspondents 671 937 1,317 965 1,493 963 1,166 1,393 1,493 1,5% 1,579 13 Others 67,881 56,279 50,234 58,658 56,052 53,154 52,004 55,086 56,052 51,608' 51,832 Basis 14 Imports into United States 17,845 15,147 14,670 16,483 14,984 14,622 14,064 14,959 14,984 14,917' 15,588 15 Exports from United States 16,305 13,204 12,960 15,227 14,410 13,946 14,067 14,578 14,410 13,813' 13,927 16 All other 44,214 40,062 37,344 38,855 37,237 34,884 34,122 36,424 37,237 33,482' 33,297 1. Institutions engaged primarily in activities such as, but not limited to, 5. Includes public utilities and firms engaged primarily in such activities as commercial savings, and mortgage banking; sales, personal, and mortgage fi- communications, construction, manufacturing, mining, wholesale and retail trade, nancing; factoring, finance leasing, and other business lending; insurance under- transportation, and services. writing; and other investment activities. 6. Beginning January 1988, the number of respondents in the bankers accep- 2. Includes all financial company paper sold by dealers in the open market. tance survey were reduced from 155 to 111 institutions—those with $100 million 3. Beginning January 1989, bank-related series have been discontinued. or more in total acceptances. The new reporting group accounts for over 90 4. As reported by financial companies that place their paper directly with percent of total acceptances activity. investors. 1.33 PRIME RATE CHARGED BY BANKS on Short-Term Business Loans Percent per year Period Av r e a r te a ge Period Av r e a r te a ge Period 1986—Mar. 7 9.00 1986 8.33 1987 —Jan 7.50 1988 —Jan. Apr. 21 8.50 1987 8.21 Feb 7.50 Feb. July 11 8.00 1988 9.32 Mar 7.50 Mar. Aug. 26 7.50 Apr 7.75 Apr. 1986 —Jan. 9.50 May 8.14 May. 1987—Apr. 1 7.75 Feb. 9.50 June 8.25 June. May 1 8.00 Mar. 9.10 July 8.25 July . 15 8.25 Apr. 8.83 Aug 8.25 Aug. Sept. 4 8.75 May 8.50 Sept 8.70 Sept. Oct. 7 9.25 June 8.50 Oct 9.07 Oct.. 22 9.00 July 8.16 Nov 8.78 Nov. Nov. 5 8.75 Aug. 7.90 Dec 8.75 Dec. Sept. 7.50 1988—Feb. 2 8.50 Oct.. 7.50 1989 —Jan. May 11 9.00 Nov. 7.50 Feb. July 14 9.50 Dec. 7.50 Mar. Aug. 11 10.00 Nov. 28 10.50 1989—Feb. 10 11.00 24 11.50 NOTE. These data also appear in the Board's H.15 (519) and G. 13 (415) releases. For address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A24 Domestic Financial Statistics • June 1989 1.35 INTEREST RATES Money and Capital Markets Averages, percent per year; weekly, monthly and annual figures are averages of business day data unless otherwise noted. 1988 1989 1989, week ending IInnssttrruummeenntt 11998866 11998877 11998888 Dec. Jan. Feb. Mar. Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 31 MONEY MARKET RATES 1 Federal funds1,2 6.80 6.66 7.57 8.76 9.12 9.36 9.85 9.80 9.83 9.83 9.86 9.88 2 Discount window borrowing1, ,3 6.32 5.66 6.20 6.50 6.50 6.59 7.00 6.93 7.00 7.00 7.00 7.00 Commercial paper ' 3 1-month 6.61 6.74 7.58 9.31 9.03 9.29 9.88 9.82 9.77 9.86 10.02 9.95 4 3-month 6.49 6.82 7.66 9.11 9.04 9.37 9.95 9.88 9.82 9.92 10.11 10.04 5 6-month 6.39 6.85 7.68 8.97 9.02 9.35 9.97 9.87 9.81 9.91 10.18 10.07 Finance paper, directly placed4. 6 1-month 6.57 6.61 7.44 9.00 8.90 9.21 9.77 9.63 9.65 9.76 9.92 9.84 7 3-month 6.38 6.54 7.38 8.50 8.78 9.11 9.70 9.46 9.51 9.65 9.92 9.88 8 6-month ^ 6.31 6.37 7.14 8.24 8.44 8.65 9.17 8.99 8.99 9.05 9.34 9.40 Bankers acceptances ,6 9 3-month 6.38 6.75 7.56 8.% 8.93 9.27 9.83 9.74 9.70 9.83 10.00 9.90 10 6-month 6.28 6.78 7.60 8.83 8.92 9.26 9.87 9.75 9.69 9.85 10.10 9.97 Certificates of deposit, secondary market7 11 1-month 6.61 6.75 7.59 9.37 9.06 9.33 9.91 9.82 9.80 9.92 10.03 9.98 12 3-month 6.51 6.87 7.73 9.25 9.20 9.51 10.09 10.00 9.94 10.09 10.26 10.16 13 6-month 6.50 7.01 7.91 9.28 9.36 9.71 10.40 10.26 10.19 10.38 10.64 10.53 14 Eurodollar deposits. 3-month8 6.71 7.06 7.85 9.30 9.28 9.61 10.18 10.03 10.03 10.10 10.30 10.31 U.S. Treasury bills5 Secondary market9 15 3-month 5.97 5.78 6.67 8.07 8.27 8.53 8.82 8.67 8.64 8.74 9.03 9.00 16 6-month 6.02 6.03 6.91 8.22 8.36 8.55 8.85 8.68 8.68 8.78 9.04 9.06 17 1-year 6.07 6.33 7.13 8.32 8.37 8.55 8.82 8.67 8.67 8.80 8.99 8.94 Auction average 18 3-month 5.98 5.82 6.68 8.09 8.29 8.48 8.83 8.73 8.65 8.69 9.00 9.10 19 6-month 6.03 6.05 6.92 8.24 8.38 8.49 8.87 8.77 8.66 8.76 9.04 9.12 20 1-year 6.18 6.33 7.17 8.49 8.45 8.59 8.68 n.a. n.a. 8.68 n.a. n.a. CAPITAL MARKET RATES U.S. Treasury notes and bonds11 Constant maturities 21 1-year 6.45 6.77 7.65 8.99 9.05 9.25 9.57 9.40 9.39 9.56 9.78 9.71 22 2-year 6.86 7.42 8.10 9.09 9.18 9.37 9.68 9.55 9.51 9.67 9.86 9.81 23 3-year 7.06 7.68 8.26 9.11 9.20 9.32 9.61 9.43 9.43 9.61 9.82 9.74 24 5-year 7.30 7.94 8.47 9.09 9.15 9.27 9.51 9.42 9.37 9.49 9.69 9.61 25 7-year 7.54 8.23 8.71 9.13 9.14 9.23 9.43 9.39 9.32 9.42 9.58 9.47 26 10-year 7.67 8.39 8.85 9.11 9.09 9.17 9.36 9.33 9.27 9.35 9.49 9.37 27 20-year 7.84 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 28 30-year 7.78 8.59 8.96 9.01 8.93 9.01 9.17 9.15 9.09 9.17 9.27 9.17 Composite 29 Over 10 years (long-term) 8.14 8.64 8.98 9.13 9.07 9.16 9.33 9.31 9.25 9.32 9.44 9.32 State and local notes and bonds Moody's series14 30 Aaa 6.95 7.14 7.36 7.35 7.23 7.23 7.40 7.35 7.40 7.35 7.40 7.50 31 Baa 7.76 8.17 7.83 7.76 7.67 7.59 7.78 7.70 7.75 7.80 7.81 7.82 32 Bond Buyer series15 7.32 7.63 7.68 7.61 7.35 7.44 7.59 7.56 7.52 77..5522 77..7722 77..6644 Corporate bonds Seasoned issues16 33 All industries 9.71 9.91 10.18 10.03 10.05 10.05 10.18 10.16 10.14 10.16 10.23 10.23 34 Aaa 9.02 9.38 9.71 9.57 9.62 9.64 9.80 9.75 9.73 9.79 9.85 9.88 35 Aa 9.47 9.68 n.a. 9.81 9.81 9.83 9.98 9.95 9.93 9.94 10.03 10.03 36 A 9.95 9.99 10.24 10.11 10.10 10.13 10.26 10.24 10.23 10.25 10.34 10.29 37 Baa 10.39 10.58 10.83 10.65 10.65 10.61 10.67 10.69 10.65 10.63 10.70 10.69 38 A-rated, recently offered utility bonds17 9.61 9.95 n.a. 10.08 10.09 10.25 n.a. 10.37 10.29 10.34 10.47 10.43 MEMO: Dividend/price ratio18 39 Preferred stocks 8.76 8.37 9.23 9.38 9.31 9.31 9.43 9.43 9.39 9.42 9.42 9.47 40 Common stocks 3.48 3.08 3.64 3.68 3.64 3.59r 3.68 3.72 3.64 3.63 3.70 3.70 1. Weekly, monthly and annual figures are averages of all calendar days, percentage yield (on a bank discount basis) that they would accept to two decimal where the rate for a weekend or holiday is taken to be the rate prevailing on the places. Thus, average issuing rates in bill auctions will be reported using two preceding business day. The daily rate is the average of the rates on a given day rather than three decimal places. weighted by the volume of transactions at these rates. 11. Yields are based on closing bid prices quoted by at least five dealers. 2. Weekly figures are averages for statement week ending Wednesday. 12. Yields adjusted to constant maturities by the U.S. Treasury. That is, yields 3. Rate for the Federal Reserve Bank of New York. are read from a yield curve at fixed maturities. Based on only recently issued, 4. Unweighted average of offering rates quoted by at least five dealers (in the actively traded securities. case of commercial paper), or finance companies (in the case of finance paper). 13. Averages (to maturity or call) for all outstanding bonds neither due nor Before November 1979, maturities for data shown are 30-59 days, 90-119 days, callable in less than 10 years, including one very low yielding "flower" bond. and 120-179 days for commercial paper; and 30-59 days, 90-119 days, and 14. General obligations based on Thursday figures; Moody's Investors Service. 150-179 days for finance paper. 15. General obligations only, with 20 years to maturity, issued by 20 state and 5. Yields are quoted on a bank-discount basis, rather than in an investment local governmental units of mixed quality. Based on figures for Thursday. yield basis (which would give a higher figure). 16. Daily figures from Moody's Investors Service. Based on yields to maturity 6. Dealer closing offered rates for top-rated banks. Most representative rate on selected long-term bonds. (which may be, but need not be, the average of the rates quoted by the dealers). 17. Compilation of the Federal Reserve. This series is an estimate of the yield 7. Unweighted average of offered rates quoted by at least five dealers early in on recently-offered, A-rated utility bonds with a 30-year maturity and 5 years of the day. call protection. Weekly data are based on Friday quotations. 8. Calendar week average. For indication purposes only. 18. Standard and Poor's corporate series. Preferred stock ratio based on a 9. Unweighted average of closing bid rates quoted by at least five dealers. sample of ten issues: four public utilities, four industrials, one financial, and one 10. Rates are recorded in the week in which bills are issued. Beginning with the transportation. Common stock ratios on the 500 stocks in the price index. Treasury bill auction held on Apr. 18, 1983, bidders were required to state the NOTE. These data also appear in the Board's H. 15 (519) and G. 13 (415) releases. For address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A25 1.36 STOCK MARKET Selected Statistics 1988 1989 IInnddiiccaattoorr 11998866 11998877 11998888 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Prices and trading (averages of daily figures) Common stock prices 1 New York Stock Exchange (Dec. 31, 1965 = 50) 136.00 161.70 149.91 152.12 149.25 151.47 156.36 152.67 155.35 160.40 165.08 169.73 2 Industrial 155.85 195.31 180.83 184.09 179.72 182.18 188.58 182.25 187.75 194.62 200.00 197.58 3 Transportation 119.87 140.39 134.01 136.49 132.52 136.27 141.83 137.51 144.06 153.09 162.66 153.85 4 Utility 71.36 74.29 72.22 71.49 70.67 71.83 74.19 79.28 74.81 75.87 77.84 87.16 5 Finance 147.19 146.48 127.41 129.99 130.77 133.15 136.09 130.05 128.83 132.26 137.19 146.14 6 Standard & Poor's Corporation (1941-43 = 10)1 236.34 286.83 n.a. 269.05 263.73 267.97 277.40 271.02 281.28 285.41 294.01 292.71 7 American Stock Exchange (Aug. 31, 1973 = 50? 264.38 316.61 294.90 307.48 297.76 297.86 302.83 292.25 298.59 316.14 323.96 327.47 Volume of trading (thousands of shares) 8 New York Stock Exchange 141,385 188,647 161,450 166,916 144,668 145,702 162,631 134,427 135,473 168,193' 169,321 159,024 9 American Stock Exchange 11,846 13,832 9,955 9,938 9,307 8,198 9,051 8,497 11,227 10,797 11,780 11,395 Customer financing (end-of-period balances, in millions of dollars) 10 Margin credit at broker-dealers3 36,840 31,990 32,740 31,770 31,930 32,770 33,410 33,640 32,740 32,530 31,480 32,130 Free credit balances at brokers4 11 Margin-account 4,880 4,750 5,660 4,485 4,655 4,725 5,065 4,920 5,660 5,790 5,605 5,345 12 Cash-account 19,000 15,640 16,595 14,340 14,045 14,175 14,880 15,185 16,595 15,705 16,195 16,045 Margin requirements (percent of market value and effective date)6 Mar. 11, 1968 June 8 , 1968 May 6, 1970 Dec. 6, 1971 Nov. 24, 1972 Jan. 3, 1974 13 Margin stocks 70 80 65 55 65 50 14 Convertible bonds 50 60 50 50 50 50 15 Short sales 70 80 65 55 65 50 1. Effective July 1976, includes a new financial group, banks and insurance "margin securities" (as defined in the regulations) when such credit is collatercompanies. With this change the index includes 400 industrial stocks (formerly alized by securities. Margin requirements on securities other than options are the 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 difference between the market value (100 percent) and the maximum loan value of financial. collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 2. Beginning July 5, 1983, the American Stock Exchange rebased its index 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; effectively cutting previous readings in half. and Regulation X, effective Nov. 1, 1971. 3. Beginning July 1983, under the revised Regulation T, margin credit at On Jan. 1, 1977, the Board of Governors for the first time established in broker-dealers includes credit extended against stocks, convertible bonds, stocks Regulation T the initial margin required for writing options on securities, setting acquired through exercise of subscription rights, corporate bonds, and govern- it at 30 percent of the current market-value of the stock underlying the option. On ment securities. Separate reporting of data for margin stocks, convertible bonds, Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the and subscription issues was discontinued in April 1984. same as the option maintenance margin required by the appropriate exchange or 4. Free credit balances are in accounts with no unfulfilled commitments to the self-regulatory organization; such maintenance margin rules must be approved by brokers and are subject to withdrawal by customers on demand. the Securities and Exchange Commission. Effective Jan. 31, 1986, the SEC 5. New series beginning June 1984. approved new maintenance margin rules, permitting margins to be the price of the 6. These regulations, adopted by the Board of Governors pursuant to the option plus 15 percent of the market value of the stock underlying the option. Securities Exchange Act of 1934, limit the amount of credit to purchase and carry Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A26 Domestic Nonfinancial Statistics • June 1989 1.37 SELECTED FINANCIAL INSTITUTIONS Selected Assets and Liabilities Millions of dollars, end of period 1988 1989 AAccccoouunntt 11998866 11998877 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. FSLIC-insured institutions 1 Assets 1,163,851 1,250,855 1,274,482 1,285,338 1,289,979 1,299,408 1,311,704 1,323,934 1,332,952 1,332,978 1,351,488' 1,338,845 2 Mortgages 697,451 721,593 728,984 733,547 736,893 743,128 775511,,446688 775544,,444411 776600,,992233 776633,,009933 776644,,997766'' 776677,,664455 3 Mortgage-backed securities 158,193 201,828 202,767 205,053 207,744 208,532 221100,,559966 221111,,117700'' 221111,,884422'' 221122,,334444 221133,,774466'' 221100,,001166 4 Contra-assets to mortgage assets1 . 41,799 42,344 39,358 39,764 40,251 40,308 39,113 38,450 38,266 37,696 37,376' 37,240 5 Commercial loans 23,683 23,163 24,243 24,201 24,672 24,959 25,094 24,791 25,256' 25,289' 33,008 33,163 6 Consumer loans 51,622 57,902 59,121 60,250 61,151 61,568 6622,,441122 6611,,555566 6611,,004499'' 6611,,449977'' 6622,,004411'' 6622,,336611 7 Contra-assets to nonmortgage loans2 3,041 3,467 3,513 3,395 3,513 3,389 3,156 3,073 2,929 22,,995599'' 22,,999966 22,,888833 8 Cash and investment securities 164,844 169,717 177,955 179,506 177,533 178,446 176,099 183,204 184,797 180,162 187,343' 180,188 9 Other3 112,898 122,462 124,284 125,939 125,751 126,471 128,304 130,303 130,381' 131,248' 130,745' 125,595 10 Liabilities and net worth . 1,163,851 1,250,855 1,274,482 1,285,338 1,289,979 1,299,408 1,311,704 1,323,934 1,332,952 1,332,978 1,351,488' 1,338,845 11 Savings capital 890,664 932,616 962,304 963,761 966,750 968,213 968,293 973,742 976,163 971,494' 971,501' 963,815 12 Borrowed money 196,929 249,917 244,990 250,697 257,134 262,745 266,787 273,666 278,243 281,028 299,241 299,280 13 FHLBB 100,025 116,363 113,029 114,994 117,287 118,213 120,677 123,436 124,368 127,547 134,143 135,651 14 Other 96,904 133,554 131,961 135,703 139,847 144,532 146,110 150,230 153,875 153,481 165,098 163,629 15 Other 23,975 21,941 24,618 27,160 24,563 27,111 28,905 26,014 27,544 29,162' 24,335' 29,835 16 Net worth 52,282 46,382 42,570 43,720 41,531 41,339 47,719 50,511 51,002 51,294 56,411' 59,622 FSLIC-insured federal savings banks 17 Assets 210,562 284,270 311,434 323,028 329,736 333,609 357,912 367,949 369,711 374,957 410,097 424,139 18 Mortgages 113,638 161,926 178,394 184,575 190,647 193,155 204,357 207,990 209,721 213,378 224,584 231,973 19 Mortgage-backed securities 29,766 45,826 49,075 51,290 52,648 53,049 55,710 56,405 56,778 57,619 64,772 62,109 20 Contra-assets to mortgage assets1 9,100 9,347 9,735 10,089 10,135 10,916 10,988 10,907 10,908 12,034 12,419 21 Commercial loans 6,504 7,531 7,639 7,904 7,916 8,568 8,694 8,886 9,051 8,916 16,371 22 Consumer loans 13,180 17,696 19,616 20,426 21,142 21,444 22,520 22,412 22,414 22,671 23,962 25,056 23 Contra-assets to nonmortgage loans2... 678 724 707 738 699 772 785 789 803 867 793 24 Finance leases plus interest 591 615 652 708 735 791 804 805 833 881 910 25 Cash and investment .. 35,347 38,259 39,889 40,286 40,825 45,167 48,986 48,681 48,222 59,424 58,142 26 Other 19,034 24,069 25,822 26,758 27,230 27,319 32,487 34,430 34,121 34,895 40,459 37,297 27 Liabilities and net worth 210,562 284,270 311,434 323,028 329,736 333,609 357,912 367,949 369,711 374,957 410,097 424,139 28 Savings capital .. 157,872 203,1% 226,544 232,656 236,759 239,591 256,224 261,863 262,924 263,984 284,822 298,531 29 Borrowed money 37,329 60,716 62,566 66,816 69,356 70,015 75,759 80,690 80,782 83,628 97,850 98,267 30 FHLBB 19,897 29,617 30,075 31,682 32,177 31,941 35,357 37,245 37,510 39,630 44,994 46,408 31 Other 17,432 31,099 32,491 35,134 37,179 38,074 40,402 43,445 43,272 43,998 52,856 51,859 32 Other 4,263 5,324 6,390 7,118 6,639 7,057 8,059 7,370 7,679 8,334 7,843 8,262 33 Net worth 11,098 15,034 16,086 16,589 16,886 16,849 17,668 17,894 18,206 18,893 19,472 21,184 Savings banks 34 Assets 236,866 259,643 262,269 264,507 249,927 252,875 253,453 255,510 257,127 258,537 261,361 254,319 Loans 35 Mortgage 118,323 138,494 139,691 143,235 138,148 139,844 141,316 143,626 145,398 146,501 147,597 144,998 36 Other 35,167 33,871 37,471 35,927 32,399 32,941 3322,,779999 3322,,887799 3333,,223344 3333,,779911 3311,,226699 3322,,445500 Securities 37 U.S. government 14,209 13,510 13,203 12,490 11,597 11,563 11,353 1111,,118822 1100,,889966 1100,,880044 1111,,445577 1100,,448855 38 Mortgage-backed securities 25,836 32,772 31,072 31,861 29,735 30,064 3300,,000066 2299,,119900 2299,,889933 2299,,337722 2299,,775511 2299,,225588 39 State and local government 2,185 2,003 2,013 1,933 1,849 1,840 1,901 1,878 1,872 1,887 1,848 1,835 40 Corporate and other . 20,459 18,772 18,549 18,298 17,492 17,527 17,301 17,234 16,886 16,773 17,822 15,964 41 Cash 6,894 5,864 5,237 5,383 4,831 5,186 4,950 5,463 4,825 5,093 7,050 5,532 42 Other assets 13,793 14,357 15,033 15,380 13,876 13,910 13,827 14,058 14,123 14,316 14,567 13,797 43 Liabilities 236,866 259,643 262,269 264,507 249,927 252,875 253,453 255,510 257,127 258,537 261,361 254,319 44 Deposits 192,194 201,497 203,273 205,692 194,018 195,537 195,907 197,665 197,925 199,092 202,058 195,452 45 Regular4 186,345 196,037 197,801 200,098 188,571 189,993 190,716 192,228 192,663 194,095 196,407 190,378 46 Ordinary savings .. 37,717 41,959 41,741 42,403 40,179 40,124 39,738 39,618 39,375 39,482 39,750 38,221 47 Time 100,809 112,429 115,887 117,297 110,738 112,272 114,255 116,387 117,712 119,026 121,148 118,612 48 Other 5,849 5,460 5,472 5,594 5,447 5,544 5,191 5,427 5,262 4,997 5,651 5,074 49 Other liabilities 25,274 35,720 35,827 35,836 34,038 34,686 3344,,777766 3355,,000011 3355,,999977 3366,,001122 3366,,116699 3333,,778822 50 General reserve accounts 18,105 20,633 21,109 21,179 19,875 20,069 20,018 20,151 20,324 20,462 20,337 20,138 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets All 1.37—Continued 1988 1989 AAccccoouunntt 11998866 11998877 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Credit unions5 51 Total assets/liabilities and capital 147,726 169,175 172,456 172,345 173,276 173,044 174,649 174,722 174,406 174,593 52 Federal 95,483 109,913 112,595 112,573 113,068 112,686 113,383 113,474 113,717 114,566 I 53 State 52,243 59,262 59,855 59,772 60,208 60,358 61,266 61,248 61,135 60,027 1 54 Loans outstanding.. 86,137 n.a. 103,271 105,704 105,800 107,065 108,974 110,939 111,624 112,452 113,191 n.a. 55 Federal 55,304 66,431 68,213 68,658 69,626 70,944 72,200 72,551 73,100 73,766 56 State 30,833 36,840 37,491 37,142 37,439 38,030 38,739 39,073 39,352 39,425 1 57 Savings 134,327 155,105 157,764 158,186 159,314 158,731 157,944 160,174 159,021 159,010 58 Federal 87,954 101,048 103,129 103,347 104,256 103,657 103,698 104,184 103,223 104,431 1 59 State 46,373 54,057 54,635 54,839 55,058 55,074 54,246 55,990 55,798 n.a. T Life insurance companies 60 Assets 937,551 1,044,459 1,075,541 1,094,827 1,105,546 1,113,547 1,121,337 1,131,179 1,139,490 1,147,873 1,157,140 Securities 61 Government 84,640 84,426 93,946 86,711 87,160 88,218 88,362 87,588 88,883 89,510 88,167 62 United States6.. 59,033 57,078 66,749 58,988 59,351 60,244 60,407 59,874 60,621 61,108 60,685 63 State and local . 11,659 10,681 11,976 11,016 11,114 11,102 11,190 11,054 11,069 11,189 11,126 64 Foreign 13,948 16,667 15,221 16,707 16,695 16,872 16,765 16,660 17,193 17,213 16,356 65 Business 492,807 569,199 587,846 606,445 614,052 618,742 624,917 630,086 633,390 638,350 644,894 n.a. 66 Bonds 401,943 472,684 490,285 503,728 509,105 514,926 520,796 525,336 527,419 532,197 538,053 6/ Stocks 90,864 96,515 97,561 102,717 104,947 103,816 104,121 104,750 105,971 106,153 106,841 68 Mortgages 193,842 203,545 215,383 219,012 220,870 221,990 233,438 225,627 227,342 229,234 232,639 69 Real estate 31,615 34,172 34,964 35,484 35,545 35,737 35,920 35,892 36,892 36,673 37,972 /0 Policy loans 54,055 53,626 52,568 53,013 53,107 53,142 53,194 53,149 53,157 53,148 53,020 71 Other assets 80,592 89,586 90,834 94,162 94,812 95,718 95,505 98,837 99,826 94,116 95,518 t. Contra-assets are credit-balance accounts that must be subtracted from the NOTE. FSLIC-insured institutions: Estimates by the FHLBB for all institutions corresponding gross asset categories to yield net asset levels. Contra-assets to insured by the FSLIC and based on the FHLBB thrift Financial Report. mortgage loans, contracts, and pass-through securities include loans in process, FSLIC-insured federal savings banks: Estimates by the FHLBB for federal unearned discounts and deferred loan fees, valuation allowances for mortgages savings banks insured by the FSLIC and based on the FHLBB thrift Financial "held for sale," and specific reserves and other valuation allowances. Report. 2. Contra-assets are credit-balance accounts that must be subtracted from the Savings banks: Estimates by the National Council of Savings Institutions for all corresponding gross asset categories to yield net asset levels. Contra-assets to savings banks in the United States and for FDIC-insured savings banks that have nonmortgage loans include loans in process, unearned discounts and deferred loan converted to federal savings banks. fees, and specific reserves and valuation allowances. Credit unions: Estimates by the National Credit Union Administration for 3. Holding of stock in Federal Home Loan Bank and Finance leases plus federally chartered and federally insured state-chartered credit unions serving interest are included in "Other" (line 9). natural persons. 4. Excludes checking, club, and school accounts. Life insurance companies: Estimates of the American Council of Life Insurance 5. Data include all federally insured credit unions, both federal and state for all life insurance companies in the United States. Annual figures are annualchartered, serving natural persons. statement asset values, with bonds carried on an amortized basis and stocks at 6. Direct and guaranteed obligations. Excludes federal agency issues not year-end market value. Adjustments for interest due and accrued and for guaranteed, which are shown in the table under "Business" securities. differences between market and book values are not made on each item separately 7. Issues of foreign governments and their subdivisions and bonds of the but are included, in total, in "other assets." International Bank for Reconstruction and Development. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A28 Domestic Nonfinancial Statistics • June 1989 1.38 FEDERAL FISCAL AND FINANCING OPERATIONS Millions of dollars Calendar year Fiscal Fiscal Fiscal Type of account or operation year year year 1988 1989 1986 1987 1988 Oct. Feb. Mar. U.S. budget1 1 Receipts, total 769,091 854,143 908,953 63,646 64,408 93,795 89,369 61,978 68,276 2 On-budget 568,862 640,741 667,462 45,847 47,023 74,682 65,250 38,473 44,677 3 Off-budget 200,228 213,402 241,491 17,799 17,385 19,114 24,119 23,505 23,598 4 Outlays, total 990,258 1,003,830 1,064,044 90,655 93.541 105,241 86.563 89,850 104,055 5 On-budget 806,760 809,998 861,352 73,514 75.542 91,610 68,999 71,324 85,191 6 Off-budget 183,498 193,832 202,691 17,141 17,999 13,632 17.564 18,526 18,864 7 Surplus, or deficit (-), total -221,167 -149,687 -155,090 -27,009 -29,133 -11,446 2,806 -27,871 -35,779 8 On-budget -237,898 -169,257 -193,890 -27,667 -28,518 -16,928 -3,749 -32,851 -40,513 9 Off-budget 16,731 19,570 38,800 658 -614 5,482 6,555 4,979 4,735 Source of financing (total) 10 Borrowing from the public 236,187 150,070 162,062 10,716 31,520 12,036 17,190 13,405 11 Operating cash (decrease, or increase -14,324 -5,052 -7,963 13,748 9,218 -12,268 -8,135 17,009 10,154 12 -696 4,669 991 2,545 -11,605 11,678 -2,030 -6,328 12,221 MEMO 13 Treasury operating balance (level, end of period) 31,384 36,436 44,398 30,650 21,432 33,700 41,835 24,826 14,672 14 Federal Reserve Banks 7,514 9,120 13,024 6,151 5,198 8,657 11,766 6,298 4,462 15 Tax and loan accounts 23,870 27,316 31,375 24,499 16,234 25,044 30,069 18,528 10,211 1. In accordance with the Balanced Budget and Emergency Deficit Control Act international monetary fund; other cash and monetary assets; accrued interest of 1985, all former off-budget entries are now presented on-budget. The Federal payable to the public; allocations of special drawing rights; deposit funds; Financing Bank (FFB) activities are now shown as separate accounts under the miscellaneous liability (including checks outstanding) and asset accounts; agencies that use the FFB to finance their programs. The act has also moved two seigniorage; increment on gold; net gain/loss for U.S. currency valuation adjustsocial security trust funds (Federal old-age survivors insurance and Federal ment; net gain/loss for IMF valuation adjustment; and profit on the sale of gold. disability insurance trust funds) off-budget. SOURCE. Monthly Treasury Statement of Receipts and Outlays of the U.S. 2. Includes SDRs; reserve position on the U.S. quota in the IMF; loans to Government and the Budget of the U.S. Government. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A29 1.39 U.S. BUDGET RECEIPTS AND OUTLAYS1 Millions of dollars Calendar year FFFiiissscccaaalll FFFiiissscccaaalll SSSooouuurrrccceee ooorrr tttyyypppeee yyyeeeaaarrr yyyeeeaaarrr 1987 1988 1989 111999888777 111999888888 HI H2 HI H2 Jan. Feb. Mar. RECEIPTS 1 All sources 854,143 908,954 447,282 421,712 476,115 449,821 89,369 61,978 68,276 2 Individual income taxes, net 392,557 401,181 205,157 192,575 207,659 200,299 48,627 23,427 17,769 3 Withheld 322,463 341,435 156,760 170,203 169,300 179,600 28,049 26,021 34,088 4 Presidential Election Campaign Fund — 33 33 30 4 28 4 0 3 7 5 Nonwithheld 142,957 132,199 112,421 31,223 101,614 29,880 20,993 930 4,585 6 Refunds 72,896 72,487 64,052 8,853 63,283 9,187 415 3,528 20,912 Corporation income taxes 7 Gross receipts 102,859 109,683 52,396 52,821 58,002 56,409 4,003 2,277 14,481 8 Refunds 18,933 15,487 10,881 7,119 8,706 7,384 822 1,370 1,980 9 Social insurance taxes and contributions, net 303,318 334,335 163,519 143,755 181,058 157,603 31,652 32,086 30,268 10 Employment taxes and contributions 273,028 305,093 146,6% 130,388 164,412 144,983 30,351 29,854 29,736 11 Self-employment taxes and contributions 13,987 17,691 12,020 1,889 14,839 3,032 1,181 1,439 1,181 12 Unemployment insurance 25,575 24,584 14,514 10,977 14,363 10,359 949 1,882 118 13 Other net receipts 4,715 4,659 2,310 2,390 2,284 2,262 351 349 414 14 Excise taxes 32,457 35,540 15,845 17,680 16,440 19,434 2,597 2,303 3,228 15 Customs deposits 15,085 16,198 7,494 7,993 7,913 8,535 1,316 1,347 1,476 16 Estate and gift taxes 7,493 7,594 3,818 3,610 3,863 4,054 687 498 723 17 Miscellaneous receipts 19,307 19,909 10,299 10,399 9,950 10,873 1,309 1,411 2,312 OUTLAYS 18 All types 1,003,830"^ l,064,044r 503,267 532,839 513,210 553,220 86,563 89,850 104,055 19 National defense 281,999 290,349 142,886 146,995 143,080 150,4% 19,916 23,167 29,719 20 International affairs 11,649 10,469 4,374 4,487 7,150 2,636 938 274 1,762 21 General science, space, and technology 9,216 10,876 4,324 5,469 5,361 5,852 946 864 1,200 22 Energy 4,115 2,342 2,335 1,468 555 1,966 234 358 573 23 Natural resources and environment 13,363 14,538 6,175 7,590 6,776 8,330 932 1,056 1,268 24 Agriculture 26,606 17,210 11,824 14,640 7,872 7,725 2,141 2,175 %5 25 Commerce and housing credit 6,156 19,064 4,893 3,852 5,951 20,274 836 -413 841 26 Transportation 26,221 27,1% 12,113 14,0% 12,700 14,922 2,293 1,810 2,109 27 Community and regional development 5,051 5,577 3,108 2,075 2,765 2,690 425 317 312 28 Education, training, employment, and social services 29,724 30,856 14,182 15,592 15,451 16,152 3,463 3,114 2,967 29 Health 39,968 44,482 20,318 20,750 22,643 23,360 3,922 3,523 3,881 30 Social security and medicare 282,472 297,828 142,864 158,469 135,322 149,017 25,641 25,402 27,778 31 Income security 123,255 130,174 62,248 61,201 65,555 64,978 10,701 12,234 14,458 32 Veterans benefits and services 26,782 29,248 12,264 14,956 13,241 15,797 1,188 2,287 3,766 33 Administration of justice 7,548 9,205 3,626 4,291 4,761 4,778 884 677 806 34 General government 7,564 9,506 3,344 3,560 4,337 5,137 389 558 743 35 General-purpose fiscal assistance 0 0 337 1,175 448 0 0 0 0 36 Net interest6 138,570 151,711 70,110 71,933 76,098 78,317 14,780 15,241 13,931 37 Undistributed offsetting receipts -36,455 -36,576 -19,102 -17,684 -17,766 -18,771 -3,068 -2,792 -3,025 1. Functional details do not add to total outlays for calendar year data because 5. Deposits of earnings by Federal Reserve Banks and other miscellaneous revisions to monthly totals have not been distributed among functions. Fiscal year receipts. total for outlays does not correspond to calendar year data because revisions from 6. Net interest function includes interest received by trust funds. the Budget have not been fully distributed across months. 7. Consists of rents and royalties on the outer continental shelf and U.S. 2. Old-age, disability, and hospital insurance, and railroad retirement accounts. government contributions for employee retirement. 3. Old-age, disability, and hospital insurance. SOURCES. U.S. Department of the Treasury, Monthly Treasury Statement of 4. Federal employee retirement contributions and civil service retirement and Receipts and Outlays of the U.S. Government, and the U.S. Office of Managedisability fund. ment and Budget, Budget of the U.S. Government, Fiscal Year 1990. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A30 Domestic Nonfinancial Statistics • June 1989 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars 1986 1987 1988 IItteemm Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 1 Federal debt outstanding 2,218.9 2,250.7 2,313.1 2,354.3 2,435.2 2,493.2 2,555.1 2,614.6 2,707.3 2 Public debt securities 2,214.8 2,246.7 2,309.3 2,350.3 2,431.7 2,487.6 2,547.7 2,602.3 2,684.4 3 Held by public 1,811.7 1,839.3 1,871.1 1,893.1 1,954.1 1,996.7 2,013.4 2,051.7 2,095.2 4 Held by agencies 403.1 407.5 438.1 457.2 477.6 490.8 534.2 550.4 589.2 5 Agency securities 4.0 4.0 3.8 4.0 3.5 5.6 7.4 12.4 22.9 6 Held by public 3.0 2.9 2.8 3.0 2.7 5.1 7.0 12.2 22.6 7 Held by agencies 1.1 1.1 1.0 1.0 .8 .6 .5 .2 .3 8 Debt subject to statutory limit 2,200.5 2,232.4 2,295.0 2,336.0 2,417.4 2,472.6 2,532.2 2,586.9 2,669.1 9 Public debt securities 2,199.3 2,231.1 2,293.7 2,334.7 2,416.3 2,472.1 22,,553322..11 22,,558866..77 2,668.9 10 Other debt1 1.3 1.3 1.3 1.3 1.1 .5 ..11 ..11 .2 11 MEMO: Statutory debt limit 2,300.0 2,300.0 2,320.0 2,800.0 2,800.0 2,800.0 2,800.0 2,800.0 2,800.0 1. Includes guaranteed debt of Treasury and other federal agencies, specified SOURCES. Treasury Bulletin and Monthly Statement of the Public Debt of the participation certificates, notes to international lending organizations, and District United States. of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership Billions of dollars, end of period 1988 TTyyppee aanndd hhoollddeerr 11998855 11998866 11998877 11998888 Q1 Q2 Q3 Q4 1 Total gross public debt 1,945.9 2,214.8 2,431.7 2,684.4 2,487.6 2,547.7 2,602.3 2,684.4 By type 2 Interest-bearing debt 1,943.4 2,212.0 2,428.9 2,663.1 2,484.9 2,545.0 2,599.9 2,663.1 3 Marketable 1,437.7 1,619.0 1,724.7 1,821.3 1,758.7 1,769.9 1,802.9 1,821.3 4 Bills 399.9 426.7 389.5 414.0 392.6 382.3 398.5 414.0 5 812.5 927.5 1,037.9 1,083.6 1,059.9 1,072.7 1,089.6 1,083.6 6 Bonds 211.1 249.8 282.5 308.9 291.3 299.9 299.9 308.9 7 Nonmarketable1 505.7 593.1 704.2 841.8 726.2 775.1 797.0 841.8 8 State and local government series 87.5 110.5 139.3 151.5 142.9 146.9 147.6 151.5 9 Foreign issues 7.5 4.7 4.0 6.6 6.1 5.7 6.3 6.6 10 Government 7.5 4.7 4.0 6.6 6.1 5.7 6.3 6.6 11 Public .0 .0 .0 .0 .0 .0 .0 .0 12 Savings bonds and notes.. ^ 78.1 90.6 99.2 107.6 102.3 104.5 106.2 107.6 13 Government account series 332.2 386.9 461.3 575.6 474.4 517.5 536.5 575.6 14 Non-interest-bearing debt 2.5 2.8 2.8 21.3 2.6 2.7 2.5 21.3 By holder4 15 U.S. government agencies and trust funds 348.9 403.1 477.6 589.2 490.8 534.2 550.4 589.2 16 Federal Reserve Banks 181.3 211.3 222.6 238.4 217.5 227.6 229.2 238.4 17 Private investors 1,417.2 1,602.0 1,745.2 1,852.8 1,778.2 1,784.9 1,819.0 1,852.8 18 Commercial banks 198.2 203.5 201.2 195.0 201.0 202.5 203.0 195.0 19 Money market funds 25.1 28.0 14.3 18.8 14.9 13.1 10.8 18.8 20 Insurance companies 78.5 105.6 120.6 n.a. 125.5 132.2 135.0 n.a. 21 Other companies 59.0 68.8 84.6 86.1 83.0 86.5 86.0 86.1 22 State and local Treasurys 226.7 262.8 282.6 n.a. 285.8 286.3 287.0 n.a. Individuals 23 Savings bonds 79.8 92.3 101.1 109.6 104.0 106.2 107.8 109.6 24 Other securities 75.0 70.5 72.3 77.8 72.7 73.9 72.0 77.8 25 Foreign and international 212.5 251.6 287.3 349.3 321.0 333.8 76.7 349.3 26 Other miscellaneous investors 462.4 518.9 581.2 n.a. 573.2 552.6 583.1 n.a. 1. Includes (not shown separately): Securities issued to the Rural Electrifica- 5. Consists of investments of foreign and international accounts. Excludes tion Administration; depository bonds, retirement plan bonds, and individual non-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. Treasury deposit accounts, and federally-sponsored agencies. 3. Held almost entirely by U.S. Treasury agencies and trust funds. SOURCES. Data by type of security, U.S. Treasury Department, Monthly 4. Data for Federal Reserve Banks and U.S. Treasury agencies and trust funds Statement of the Public Debt of the United States; data by holder. Treasury 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 A31 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Par value; averages of daily figures, in millions of dollars 1989 1989 IItteemm 11998866 11998877 11998888 Jan. Feb. Mar. Feb. 22 Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 Immediate delivery2 1 U.S. Treasury securities 95,444 110,050 101,623r 107,119 121,453 101,128 106,559 117,156 91,145 92,808 113,614 96,308 By maturity 2 Bills 34,247 ' 37,924 29,387r 31,917 33,869 30,750 29,500 33,242 28,637 29,642 31,533 26,701 3 Other within 1 year 2,115 3,271 3,426 3,778 3,636 3,924 3,202 4,209 3,057 3,848 4,284 3,701 4 1-5 years 24,667 27,918 27,777 28,254 38,136 29,554 39,240 35,580 24,081 24,559 33,744 35,994 5 5-10 years 20,455 24,014 24,939 27,316 27,949 24,285 21,029 30,232 23,522 22,812 29,721 18,959 6 Over 10 years 13,961 16,923 16,093 15,854 17,862 12,614 13,589 13,893 11,847 11,947 14,332 10,952 By type of customer 7 U.S. government securities dealers 3,669 2,936 2,761 22,,442255 33,,991133 33,,556622 22,,995577 33,,009922 22,,447755 22,,997722 33,,338899 22,,997722 8 U.S. government securities brokers 49,558 61,539 59,844 63,245 70,265 59,844 61,625 69,615 54,884 54,662 68,809 56,347 9 All others3 42,217 45,575 39,019 41,449 47,274 37,722 41,977 44,448 33,785 35,174 41,415 36,989 10 Federal agency securities 16,747 18,084 15,903 19,425 17,196 15,423 14,873 16,841 17,363 17,067 12,130 14,257 11 Certificates of deposit 4,355 4,112 3,369 3,779 3,701 3,204 3,405 4,601 2,960 3,404 3,345 3,215 12 Bankers acceptances 3,272 2,965 2,316 2,608 2,368 2,103 2,543 2,676 1,957 2,334 1,942 2,213 13 Commercial paper 16,660 17,135 22,927 35,573 32,131 3300,,448811 3300,,663388 3344,,007755 2299,,775533 3311,,006699 2299,,449933 3311,,885566 Futures contracts 14 Treasury bills 3,311 3,233 2,627 2,924 3,948 3,183 4,089 5,620 3,867 2,761 4,453 1,627 IS Treasury coupons 7,175 8,963 9,695 9,834 10,655 9,084 9,433 12,263 9,086 8,355 11,093 6,584 16 Federal agency securities 16 5 1 0 0 0 0 0 0 0 0 0 Forward transactions 17 U.S. Treasury securities 1,876 2,029 2,095 1,677 3,062 1,825 3,450 3,402 1,821 1,222 2,217 1,606 18 Federal agency securities 7,830 9,290 8,008 8,211 7,644 8,333 5,847 5,924 8,197 10,048 10,412 6,062 1. Transactions are market purchases and sales of securities as reported to the securities, nondealer departments of commercial banks, foreign banking agencies, Federal Reserve Bank of New York by the U.S. government securities dealers on and the Federal Reserve System. its published list of primary dealers. 4. Futures contracts are standardized agreements arranged on an organized Averages for transactions are based on the number of trading days in the period. exchange in which parties commit to purchase or sell securities for delivery at a The figures exclude allotments of, and exchanges for, new U.S. Treasury future date. securities, redemptions of called or matured securities, purchases or sales of 5. Forward transactions are agreements arranged in the over-the-counter securities under repurchase agreement, reverse repurchase (resale), or similar market in which securities are purchased (sold) for delivery after 5 business days contracts. from the date of the transaction for Treasury securities (Treasury bills, notes, and 2. Data for immediate transactions do not include forward transactions. bonds) or after 30 days for mortgage-backed agency issues. 3. Includes, among others, all other dealers and brokers in commodities and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A32 DomesticN onfinancial Statistics • June 1989 1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing1 Averages of daily figures, in millions of dollars 1989 1989 IItteemm 11998866 11998877 11998888 Jan. Feb.' Mar. Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 Positions Net immediate2 1 U.S. Treasury securities 12,912 -6,216 -22,765' -32,297' -31,874 -32,223 -33,601 -33,692 -30,672 -33,600 -33,941 2 Bills 12,761 4,317 2,238' -3,563' -3,917 -2,011 -4,221 -4,924 -187 -536 -2,456 3 Other within 1 year 3,705 1,557 -2,236' -1,845 -3,545 -4,206 -4,233 -5,025 -4,503 -4,268 -3,614 4 1-5 years 9,146 649 -3,02 or -10,073 -8,708 -7,631 -7,872 -6,192 -7,386 -9,530 -9,660 5 5-10 years -9,505 -6,564 -9,663' -8,502 -8,305 -8,714 -8,605 -7,707 -8,711 -9,405 -9,440 6 Over 10 years -3,197 -6,174 -10,084' -8,313 -7,400 -9,661 -8,669 -9,844 -9,886 -9,861 -8,771 7 Federal agency securities 32,984 31,911 28,230 26,690 30,005 30,785 30,285 30,648 31,366 30,181 31,114 8 Certificates of deposit 10,485 8,188 7,300 6,833' 6,311 7,283 6,677 7,381 7,177 7,387 7,363 9 Bankers acceptances 5,526 3,660 2,486 2,236 2,152 1,946 1,850 2,077 2,149 1,837 1,786 10 Commercial paper 88,,008899 77,,449966 6,152 8,618 6,472 6,732 7,471 77,,335577 6,708 66,,227766 6,484 Futures positions 11 Treasury bills -18,059 -3,373 -2,210 -1,609 4,523 1,868 4,842 2,973 3,791 1,537 -677 12 Treasury coupons 3,473 5,988 6,224 3,3^ 2,895 2,924 4,767 3,441 2,892 2,527 2,685 13 Federal agency securities -153 -95 0 0 0 0 0 0 0 0 0 Forward positions 14 U.S. Treasury securities -2,144 -1,211 346 114' 872 -455 931 778 -1,042 -493 -866 13 Federal agency securities -11,840 -18,817 -16,348 -12,787 -14,865 -15,666 -14,540 -15,365 -17,500 -14,606 -15,444 Financing3 Reverse repurchase agreements4 16 Overnight and continuing 98,913 126,709 136,327 150,515 160,928 146,308 167,597 155,233 155,728 166,030 162,507 17 Term 110088,,660077 114488,,228888 177,477 119988,,884455 221155,,228833 208,522 213,253 221199,,551100 223322,,666688 223377,,558811 222266,,779944 Repurchase agreements 18 Overnight and continuing 141,823 170,763 172,695 193,411 205,530 186,952 208,786 203,013 203,366 212,233 199,611 19 Term 102,397 121,270 137,056 139,465 155,689 149,042 148,498 156,738 163,415 168,338 167,402 1. Data for dealer positions and sources of financing are obtained from reports ties involved are not available for trading purposes. Immediate positions include submitted to the Federal Reserve Bank of New York by the U.S. Treasury reverses to maturity, which are securities that were sold after having been securities dealers on its published list of primary dealers. obtained under reverse repurchase agreements that mature on the same day as the Data for positions are averages of daily figures, in terms of par value, based on securities. Data for immediate positions do not include forward positions. the number of trading days in the period. Positions are net amounts and are shown 3. Figures cover financing involving U.S. Treasury and federal agency securion a commitment basis. Data for financing are in terms of actual amounts ties, negotiable CDs, bankers acceptances, and commercial paper. borrowed or lent and are based on Wednesday figures. 4. Includes all reverse repurchase agreements, including those that have been 2. Immediate positions are net amounts (in terms of par values) of securities arranged to make delivery on short sales and those for which the securities owned by nonbank dealer firms and dealer departments of commercial banks on obtained have been used as collateral on borrowings, that is, matched agreements. a commitment, that is, trade-date basis, including any such securities that have 5. Includes both repurchase agreements undertaken to finance positions and been sold under agreements to repurchase (RPs). The maturities of some "matched book" repurchase agreements. repurchase agreements are sufficiently long, however, to suggest that the securi- NOTE. Data on positions for the period May 1 to Sept. 30, 1986, are partially estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A33 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 1988 1989 AAggeennccyy 11998844 11998855 11998866 11998877 Oct. Nov. Dec. Jan. Feb. 1 Federal and federally sponsored agencies 271,220 293,905 307,361 341,386 364,491 370,639 381,498 385,959 390,803 2 Federal agencies 35,145 36,390 36,958 37,981 35,070 35,209 35,668 35,727 35,768 3 Defense Department' 142 71 33 13 8 8 8 8 8 4 Export-Import Bank ' 15,882 15,678 14,211 11,978 10,964 10,964 11,033 11,033 11,033 5 Federal Housing Administration 133 115 138 183 118 139 150 143 165 6 Government National Mortgage Association participation certificates5 2,165 2,165 2,165 1,615 0 0 0 0 0 7 Postal Service 1,337 1,940 3,104 6,103 5,842 5,842 6,142 6,142 6,142 8 Tennessee Valley Authority 15,435 16,347 17,222 18,089 18,138 18,256 18,335 18,401 18,420 9 United States Railway Association 51 74 85 0 0 0 0 0 0 10 Federally sponsored agencies7 237,012 257,515 270,553 303,405 329,421 335,430 345,830 350,232 355,035 11 Federal Home Loan Banks 65,085 74,447 88,752 115,725 127,113 130,630 135,834 139,804' 144,343 12 Federal Home Loan Mortgage Corporation 10,270 11,926 13,589 17,645 17,384 19,500 22,797 22,874 21,320 13 Federal National Mortgage Association 83,720 93,896 93,563 97,057 105,698 105,337 105,459' 104,843' 105,201 14 Farm Credit Banks8 72,192 68,851 62,478 55,275 53,923 53,420 53,127' 52,319 52,441 15 Student Loan Marketing Association 5,745 8,395 12,171 16,503 21,112 21,403 22,073 23,852 25,190 16 Financing Corporation n.a. n.a. n.a. 1,200 3,750 4,450 5,850 5,850 5,850 17 Farm Credit Financial Assistance Corporation11 n.a. n.a. n.a. n.a. 450 690 690 690 690 MEMO 18 Federal Financing Bank debt12 145,217 153,373 157,510 152,417 145,529 143,321 142,850 142,447 142,123 Lending to federal and federally sponsored agencies 19 Export-Import Bank 15,852 15,670 14,205 11,972 10,958 10,958 11,027 11,027 11,027 20 Postal Service6 1,087 1,690 2,854 5,853 5,592 5,592 5,892 5,892 5,892 21 Student Loan Marketing Association 5,000 5,000 4,970 4,940 4,910 4,910 4,910 4,910 4,910 22 Tennessee Valley Authority 13,710 14,622 15,797 16,709 16,758 16,876 16,955 17,021 17,040 23 United States Railway Association 51 74 85 0 0 0 0 0 0 Other Lending13 24 Farmers Home Administration 58,971 64,234 65,374 59,674 58,4% 58,4% 58,4% 58,4% 58,4% 25 Rural Electrification Administration 20,693 20,654 21,680 21,191 19,222 19,220 19,246 19,225 19,245 26 Other 29,853 31,429 32,545 32,078 29,593 27,269 26,324 25,876 25,513 1. Consists of mortgages assumed by the Defense Department between 1957 9. Before late 1981, the Association obtained financing through the Federal and 1963 under family housing and homeowners assistance programs. Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is 2. Includes participation certificates reclassified as debt beginning Oct. 1,1976. shown on line 21. 3. Off-budget Aug. 17, 1974, through Sept. 30, 1976; on-budget thereafter. 10. The Financing Corporation, established in August 1987 to recapitalize the 4. Consists of debentures issued in payment of Federal Housing Administration Federal Savings and Loan Insurance Corporation, undertook its first borrowing in insurance claims. Once issued, these securities may be sold privately on the October 1987. securities market. 11. The Farm Credit Financial Assistance Corporation (established in January 5. Certificates of participation issued before fiscal 1969 by the Government 1988 to provide assistance to the Farm Credit System) undertook its first National Mortgage Association acting as trustee for the Farmers Home Admin- borrowing in July 1988. istration; Department of Health, Education, and Welfare; Department of Housing 12. The FFB, which began operations in 1974, is authorized to purchase or sell and Urban Development; Small Business Administration; and the Veterans obligations issued, sold, or guaranteed by other federal agencies. Since FFB Administration. incurs debt solely for the purpose of lending to other agencies, its debt is not 6. Off-budget. included in the main portion of the table in order to avoid double counting. 7. Includes outstanding noncontingent liabilities: notes, bonds, and deben- 13. Includes FFB purchases of agency assets and guaranteed loans; the latter tures. Some data are estimated. contain loans guaranteed by numerous agencies with the guarantees of any 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, particular agency being generally small. The Farmers Home Administration item shown in line 17. consists exclusively of agency assets, while the Rural Electrification Administration entry contains both agency assets and guaranteed loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A34 Domestic Nonfinancial Statistics • June 1989 1.45 NEW SECURITY ISSUES Tax-Exempt State and Local Governments Millions of dollars 1989 Type of issue or issuer, or use 1987 1988 Aug. Sept. Oct. Nov. Dec. Jan. Feb/ Mar 1 All issues, new and refunding1 147,011 102,407 108,078 6,966 9,669 10,455 8,551 11,268 6,640 8,054 8,185 Type of issue 2 General obligation 46,346 30,589 29,662 2,472 2,370 2,058 2,368 2,491 1,784 3,955 2,184 3 Revenue 100,664 71,818 78,417 4,494 7,299 8,397 6,183 8,777 4,856 4,099 6,001 Type of issuer 4 5 S Sp ta e t c e i al district and statutory authority2 8 1 9 4 , , 9 4 9 7 7 4 6 1 5 0 , , 4 1 6 0 0 2 69 9 , , 4 2 4 5 7 4 3,7 5 4 7 9 6 6 1 , , 4 2 0 0 7 6 7,2 7 8 3 3 4 5,5 5 5 2 0 5 7 1 , , 6 0 9 1 0 1 4,8 2 8 8 2 0 3 1 , , 8 8 3 9 2 6 5,5 2 8 5 6 6 6 Municipalities, counties, and townships 42,541 26,845 29,377 2,641 2,056 2,438 2,476 2,567 1,478 2,326 2,343 7 Issues for new capital, total 83,492 56,789 75,064 5,317 7,076 6,965 5,830 8,738 4,141 5,222 6,464 Use of proceeds 8 Education 12,307 9,524 13,722 694 1,351 512 827 2,564 827 826 931 9 Transportation 7,246 3,677 6,974 265 732 559 237 636 344 382 420 10 Utilities and conservation 14,594 7,912 7,929 613 694 1,238 1,055 463 1,335 847 1,008 11 Social welfare 11,353 11,106 17,824 1,242 2,358 2,478 1,991 2,072 509 743 1,340 12 Industrial aid 6,190 7,474 6,276 460 280 393 294 1,010 293 250 364 13 Other purposes 31,802 18,020 22,339 2,043 1,661 1,785 1,426 1,993 834 2,174 2,401 1. Par amounts of long-term issues based on date of sale. SOURCES. Securities Data/Bond Buyer Municipal Data Base beginning 1986. 2. Includes school districts beginning 1986. Public Securities Association for earlier data. 1.46 NEW SECURITY ISSUES U.S. Corporations Millions of dollars 1988 1989 Type of issue or issuer, or use 11998866 11998877 11998888 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 1 All issues 423,726 392,156 265,618' 18,071' 19,739' 23,933 21,818' 24,531' 12,263' 17,521' 14,034 2 Bonds2 355,293 325,648 223,162' 12,933' 16,404' 20,928 19,031' 21,096' 10,212' 14,360' 11,500 Type of offering 4 3 P P r u i b v l a ic te , d p o la m ce e m sti e c n t, domestic3 . 2 8 3 0 1 , , 7 9 6 3 0 6 20 9 9 2 , , 2 0 7 7 9 0 1 9 9 0 9 , , 0 9 0 8 0 4 ' 10 n , . 9 a 3 . 9' 15 n , . 0 a 6 . 5' 1 n 8, . 2 a. 4 0 1 n 7 . , a 5 . ^ 16 n , . 7 a 9 . 8' 10 n , . 0 a 7 . 7' 11 n , . 5 a 0 . 0 9 n , . 5 a 0 . 0 5. Sold abroad 42,596 24,299 23,178' 1,994 1,339 2,688 1,512 4,298 135 2,860' 2,000 Industry group 6 Manufacturing 91,548 61,666 40,874' 2,205 3,476 3,750 3,552 2,890 1,485' 1,660' 1,105 7 Commercial and miscellaneous 40,124 49,327 18,64c 1,530 2,226 1,035 764 3,260 748' 2,047' 927 8 Transportation 9,971 11,974 3,771 100 0 150 605 45 0 0 102 9 Public utility 31,426 23,004 13,775 540 298 856 1,346 672 138 650 620 10 Communication 16,659 7,340 4,044 577 29 1,064 100 289 158 0 230 11 Real estate and financial 165,564 172,343 142,055' 7,982' 10,374' 14,072 12,664' 13,940' 7,683' 10,003' 8,516 12 Stocks3 68,433 66,508 42,456 5,138 3,335 3,005 2,787 3,435 2,051 3,161 2,534 Type 13 Preferred 11,514 10,123 6,544 407 498 385 865 478 495 275 975 14 Common 50,316 43,225 35,911 4,731 2,837 2,620 1,922 2,957 1,556 2,886 1,559 15 Private placement 6,603 13,157 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Industry group 16 Manufacturing 15,027 13,880 6,115 296 538 244 288 430 425 33 832 17 Commercial and miscellaneous 10,617 12,888 4,766 2,073 347 525 222 52 89 32 270 18 Transportation 2,427 2,439 845 0 72 5 25 20 0 220 n.a. 19 Public utility 4,020 4,322 1,581 20 135 215 282 70 20 1,960 11 20 Communication 1,825 1,458 448 20 3 23 0 20 59 5 19 21 Real estate and financial 34,517 31,521 28,701 2,729 2,240 1,993 1,970 2,843 1,459 911 1,402 1. Figures which represent gross proceeds of issues maturing in more than one 2. Monthly data include only public offerings. year, are principal amount or number of units multiplied by offering price. 3. Data are not available on a monthly basis. Before 1987, annual totals include Excludes secondary offerings, employee stock plans, investment companies other underwritten issues only. than closed-end, intracorporate transactions, equities sold abroad, and Yankee SOURCES. IDD Information Services, Inc., the Board of Governors of the bonds. Stock data include ownership securities issued by limited partnerships. Federal Reserve System, and before 1989, the U.S. Securities and Exchange Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Securities Market and Corporate Finance A35 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Asset Position Millions of dollars 1988 1989 IItteemm 11998877 11998888 July Aug. Sept. Oct. Nov. Dec. Jan/ Feb. INVESTMENT COMPANIES' 1 Sales of own shares2 381,260 271,237 20,728 20,595 19,872 20,494 20,327 25,780 29,014 22,741 2 Redemptions of own shares3 314,252 267,451 20,561 22,837 21,330 19,362 20,599 25,976 24,494 22,252 3 Net sales 67,008 3,786 167 -2,242 -1,458 1,132 -272 -196 4,520 489 4 Assets4 453,842 472,297 477,076 465,822 474,662 481,571 470,660 472,297 487,204 482,693 5 Cash position5 38,006 45,090 44,015 45,229 46,706 45,976 43,488 45,090 49,661 47,908 6 Other 415,836 427,207 433,061 420,595 427,956 435,595 427,172 427,207 437,543 434,785 1. Data on sales and redemptions exclude money market mutual funds but 4. Market value at end of period, less current liabilities. include limited maturity municipal bond funds. Data on asset positions exclude 5. Also includes all U.S. government securities and other short-term debt both money market mutual funds and limited maturity municipal bond funds. securities. 2. Includes reinvestment of investment income dividends. Excludes reinvestment of capital gains distributions and share issue of conversions from one fund NOTE. Investment Company Institute data based on reports of members, which to another in the same group. comprise substantially all open-end investment companies registered with the 3. Excludes share redemption resulting from conversions from one fund to Securities and Exchange Commission. Data reflect newly formed companies after another in the same group. their initial offering of securities. 1.48 CORPORATE PROFITS AND THEIR DISTRIBUTION Billions of dollars; quarterly data are at seasonally adjusted annual rates. 1987 1988 AAccccoouunntt 11998866 11998877 11998888 Q1 Q2 Q3 Q4 Ql Q2 Q3 Q4r 1 Corporate profits with inventory valuation and capital consumption adjustment 298.9 310.4 328.1 298.3 305.2 322.0 316.1 316.2 326.5 330.0 340.9 2 Profits before tax 236.4 276.7 306.4 261.8 273.7 289.4 281.9 286.2 305.9 313.9 320.6 3 Profits tax liability 106.6 133.8 142.6 126.3 132.6 140.0 136.2 136.9 143.2 144.8 146.1 4 Profits after tax 129.8 142.9 163.8 135.5 141.1 149.5 145.7 149.4 162.7 169.1 174.5 5 Dividends 88.2 95.5 104.5 91.7 94.0 97.0 99.3 101.3 103.1 105.7 108.0 6 Undistributed profits 41.6 47.4 59.2 43.8 47.0 52.4 46.4 48.1 59.6 63.4 66.4 7 Inventory valuation 8.3 -18.0 -23.8 -14.4 -20.0 -19.5 -18.2 -19.4 -27.4 -29.3 -19.2 8 Capital consumption adjustment 54.2 51.7 45.6 50.8 51.5 52.1 52.4 49.4 48.0 45.4 39.6 1.50 TOTAL NONFARM BUSINESS EXPENDITURES on New Plant and Equipment A Billions of dollars; quarterly data are at seasonally adjusted annual rates. 1987 1988 1989 IInndduussttrryy 11998877 11998888rr 1199889911 Q3 Q4 Ql Q2 Q3 Q4 Ql Q21 1 Total nonfarm business 389.67 429.67 468.78 394.54 406.82 412.02 426.94 436.01 443.71 465.51 471.35 Manufacturing 2 Durable goods industries 71.01 78.12 82.65 71.96 72.28 75.70 76.87 79.48 80.42 83.12 81.54 3 Nondurable goods industries 74.88 87.58 96.01 76.24 79.92 82.90 84.82 89.43 93.18 96.77 95.79 Nonmanufacturing 4 Mining 11.39 12.67 11.79 11.81 12.32 12.59 13.26 12.47 1122..3355 11.89 12.16 Transportation 5 Railroad 5.92 7.06 8.04 6.07 6.12 6.92 7.01 6.84 7.48 8.17 8.05 6 Air 6.53 7.25 9.95 6.15 6.94 6.43 6.66 8.06 7.85 10.15 10.54 7 Other 6.40 7.04 7.19 6.97 6.28 7.08 7.05 7.26 66..7777 7.11 77..2277 Public utilities 8 Electric 31.63 31.90 33.09 31.57 32.28 30.31 30.95 32.20 34.14 32.70 34.38 9 Gas and other 13.25 14.60 16.47 13.73 14.11 14.30 14.48 14.50 15.13 16.92 16.20 10 Commercial and other2 168.65 183.44 203.60 170.05 176.56 175.79 185.83 185.76 186.38 198.70 205.44 •Trade 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). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A36 Domestic Nonfinancial Statistics • June 1989 1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities1 Billions of dollars, end of period 1986 1987 AAccccoouunntt 11998833 11998844 11998855 Q2 Q3 Q4 Ql Q2 Q3 Q4 ASSETS Accounts receivable, gross 1 Consumer 83.3 89.9 111.9 123.4 135.3 134.7 131.1 134.7 141.6 141.1 2 Business 113.4 137.8 157.5 166.8 159.7 173.4 181.4 188.1 188.3 207.6 3 Real estate 20.5 23.8 28.0 29.8 31.0 32.6 34.7 36.5 38.0 39.5 4 Total 217.3 251.5 297.4 320.0 326.0 340.6 347.2 359.3 367.9 388.2 Less: 5 Reserves for unearned income 30.3 33.8 39.2 40.7 42.4 41.5 40.4 41.2 42.5 45.3 6 Reserves for losses 3.7 4.2 4.9 5.1 5.4 5.8 5.9 6.2 6.5 6.8 7 Accounts receivable, net 183.2 213.5 253.3 274.2 278.2 293.3 300.9 311.9 318.9 336.1 8 All other 34.4 35.7 45.3 49.5 60.0 58.6 59.0 57.7 64.5 58.2 9 Total assets 217.6 249.2 298.6 323.7 338.2 351.9 359.9 369.6 383.4 394.3 LIABILITIES 10 Bank loans 18.3 20.0 18.0 16.3 16.8 18.6 17.2 17.3 15.9 16.4 11 Commercial paper 60.5 73.1 99.2 108.4 112.8 117.8 119.1 120.4 124.2 128.4 Debt 12 Other short-term 11.1 12.9 12.7 15.8 16.4 17.5 21.8 24.8 26.9 28.0 13 Long-term 67.7 77.2 94.4 106.9 111.7 117.5 118.7 121.8 128.2 137.1 14 All other liabilities 31.2 34.5 41.5 40.9 45.0 44.1 46.5 49.1 48.6 52.8 15 Capital, surplus, and undivided profits 28.9 31.5 32.8 35.4 35.6 36.4 36.6 36.3 39.5 31.5 16 Total liabilities and capital 217.6 249.2 298.6 323.7 338.2 351.9 359.9 369.6 383.4 394.3 1. NOTE. Components may not add to totals because of rounding. Data after 1987:4 are currently unavailable. It is anticipated that these data will be available later this year. 1.52 DOMESTIC FINANCE COMPANIES Business Credit Outstanding and Net Change1 Millions of dollars, seasonally adjusted 1988 1989 TTyyppee Sept. Oct. Nov. Dec. Jan. Feb. 1 Total 156,297 171,966 205,869 230,474 231,807 234,059 234,808 235,738 236,354 Retail financing of installment sales 2 Automotive (commercial vehicles) 20,660 25,952 35,674 37,120 37,359 36,984 37,067 38,030 37,820 3 Business, industrial, and farm equipment 22,483 22,950 24,987 27,569 27,841 28,160 27,919 28,278 28,051 Wholesale financing 4 Automotive 23,988 23,419 31,059 32,732 32,523 32,523 33,879 33,808 34,298 5 Equipment 4,568 5,423 5,693 5,949 5,888 6,045 6,083 6,1% 6,122 6 All other 6,809 7,079 8,408 8,738 8,867 9,025 9,278 9,547 9,493 Leasing 7 Automotive 16,275 19,783 21,943 23,861 24,186 24,623 24,639 24,660 24,975 8 Equipment 34,768 37,833 43,002 55,400 55,786 56,294 58,147 58,444 57,860 9 Loans on commercial accounts receivable and factored commercial accounts receivable 15,765 15,959 18,024 19,386 19,239 19,616 18,133 17,066 17,791 10 All other business credit 10,981 13,568 17,079 19,719 20,117 20,790 19,664 19,708 19,945 Net change (during period) 11 19,607 15,669 3,040 6,515 1,333 2,252 749 930 616 Retail financing of installment sales 12 Automotive (commercial vehicles) 5,067 5,292 1,220 -399 239 -375 83 %3 -210 13 Business, industrial, and farm equipment -363 467 223 -35 272 319 -240 359 -227 Wholesale financing 14 Automotive 5,423 -569 158 5,011 -208 0 1,355 -71 490 15 Equipment -867 855 -101 146 -60 157 38 114 -75 16 All other 1,069 270 257 207 129 158 253 270 -54 Leasing 17 Automotive 3,896 3,508 -70 -509 325 436 16 21 314 18 Equipment 2,685 3,065 1,038 1,729 386 508 1,853 297 -584 19 Loans on commercial accounts receivable and factored commercial accounts receivable 2,161 194 -477 255 -148 377 -1,483 -1,067 724 20 All other business credit 536 2,587 792 110 398 673 -1,126 44 237 1. These data also appear in the Board's G.20 (422) release. For address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Real Estate A37 1.53 MORTGAGE MARKETS Millions of dollars; exceptions noted. 1988 1989 IItteemm 11998866 11998877 11998888 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Terms and yields in primary and secondary markets PRIMARY MARKETS Conventional mortgages on new homes Terms1 1 Purchase price (thousands of dollars) 118.1 137.0 150.0 148.3 153.8 155.3 150.0 165.2 153.7' 159.0 2 Amount of loan (thousands of dollars) 86.2 100.5 110.5 109.8 114.0 115.6 110.8 121.3 111.8' 116.8 3 Loan/price ratio (percent) 75.2 75.2 75.5 75.4 75.8 76.1 75.6 75.2 73.5' 74.1 4 Maturity (years) 26.6 27.8 28.0 27.6 28.4 28.4 28.3 28.8 28.3' 27.6 5 Fees and charges (percent of loan amount)2. 2.48 2.26 2.19 2.14 1.98 2.28 2.08 1.90 2.14' 2.12 6 Contract rate (percent per year) 9.82 8.94 8.81 8.90 8.77 9.05 9.04 9.20 9.46' 9.66 Yield (percent per year) 7 FHLBB series3 10.26 9.31 9.18 9.26 9.10 9.43 9.39 9.52 9.82' 10.03 8 HUD series4 10.07 10.17 10.30 10.39 10.21 10.37 10.67 10.55 10.75 n.a. SECONDARY MARKETS Yield (percent per year) 9 FHA mortgages (HUD series)5 9.91 10.16 10.49 10.58 10.23 10.63 10.81 10.69 10.88 n.a. 10 GNMA securities6 9.30 9.43 9.83 9.93 9.77 9.85 10.07 10.02 10.07 10.38 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 98,048 95,030 101,329 102,453 102,493 102,696 103,013 102,370 101,922 101,991 12 FHA/V A-insured 29,683 21,660 19,762 19,526 19,464 19,467 19,415 19,354 19,275 19,337 13 Conventional 68,365 73,370 81,567 82,927 83,032 83,228 83,598 83,016 82,647 82,654 Mortgage transactions (during period) 14 Purchases 30,826 20,531 23,110 1,111 1,488 1,596 1,726 1,037 905 1,469 Mortgage commitments1 15 Contracted (during period) 32,987 25,415 23,435 1,439 1,740 1,289 1,350 1,087 3,557 1,771 16 Outstanding (end of period) 3,386 4,886 2,148 3,257 3,165 2,740 2,148 2,081 4,520 4,807 FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of periodf 17 Total 13,517 12,802 15,105 15,442 15,669 15,419 17,425 18,378 18,473 n.a. 18 FHA/VA 746 686 620 606 601 595 590 594 594 n.a. 19 Conventional 12,771 12,116 14,485 14,836 15,068 14,824 16,834 17,785 17,880 n.a. Mortgage transactions (during period) 20 Purchases 103,474 76,845 44,077 4,192 4,037 4,109 5,843 3,586 5,088 n.a. 21 Sales 100,236 75,082 39,780 3,728 3,674 4,231 5,510 3,408 4,385 n.a. Mortgage commitments9 22 Contracted (during period) 110,855 71,467 66,026 6,209 4,406 5,419 10,101 5,206 8,411 n.a. 1. Weighted averages based on sample surveys of mortgages originated by in maximum permissable contract rates. major institutional lender groups; compiled by the Federal Home Loan Bank 6. Average net yields to investors on Government National Mortgage Associ- Board in cooperation with the Federal Deposit Insurance Corporation. ation guaranteed, mortgage-backed, fully modified pass-through securities, as- 2. Includes all fees, commissions, discounts, and "points" paid (by the suming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying borrower or the seller) to obtain a loan. the prevailing ceiling rate. Monthly figures are averages of Friday figures from the 3. Average effective interest rates on loans closed, assuming prepayment at the Wall Street Journal. end of 10 years. 1. Includes some multifamily and nonprofit hospital loan commitments in 4. Average contract rates on new commitments for conventional first mort- addition to 1- to 4-family loan commitments accepted in FNMA's free market gages; from Department of Housing and Urban Development. auction system, and through the FNMA-GNMA tandem plans. 5. Average gross yields on 30-year, minimum-downpayment, Federal Housing 8. Includes participation as well as whole loans. Administration-insured first mortgages for immediate delivery in the private 9. Includes conventional and government-underwritten loans. FHLMC's mortsecondary market. Based on transactions on first day of subsequent month. Large gage commitments and mortgage transactions include activity under mortgage/ monthly movements in average yields may reflect market adjustments to changes securities swap programs, while the corresponding data for FNMA exclude swap activity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A38 Domestic Nonfinancial Statistics • June 1989 1.54 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period 1988 Type of holder, and type of property 1986 1987 Q4 Q1 Q2 Q3' Q4" 1 All holders. 2,597,175 2,943,222' 3,200,411 2,943,222' 2,984,027' 3,058,006' 3,132,353' 3,200,411 2 1- to 4-family 1,698,524 1,925,189' 2,115,184 1,925,189' 1,951,400' 2,012,270' 2,067,929' 2,115,184 3 Multifamily.. 247,831 273,899' 287,611 273,899' 278,144' 278,919' 281,468' 287,611 4 Commercial ., 555,039 655,266' 711,093 655,266' 666,461' 679,037' 695,774' 711,093 5 Farm 95,781 88,868 86,523 88,868 88,022' 87,780' 87,182' 86,523 6 Selected financial institutions . 1,507,289 1,700,820 1,852,593 1,700,820 1,723,937' 1,764,221' 1,813,470' 1,852,593 7 Commercial banks2 502,534 591,151 665,458 591,151 604,468' 628,383' 649,135' 665,458 1- to 4-family 235,814 275,761 313,897 275,761 280,757' 295,425' 306,118' 313,897 Multifamily.. 31.173 33,296 34,715 33,296 33,728' 34,184' 33,855' 34,715 Commercial .. 222.799 267,663 301,236 267,663 275,360' 283,598' 293,772' 301,236 Farm 12,748 14,431 15,610 14,431 14,623' 15,176' 15,390' 15,610 Savings institutions3 777,312 856,945 908,355 856,945 863,245' 872,450' 895,230' 908,355 1- to 4-family 558,412 598,886 648,275 598,886 603,516' 615,795' 636,794' 648,275 Multifamily 97,059 106,359 108,319 106,359 107,722' 106,367' 106,377' 108,319 Commercial 121,236 150,943 151,016 150,943 151,251' 149,536' 151,307' 151,016 Farm 605 Life insurance companies 193,842 ' '212,375 ' 233,'814 ' '212,375 ' '214,815 ' 220,870 ' 225,627' ''233,814 1- to 4-family 12,827 13,226 15,361 13,226 13,653 14,172 14,917' 15,361 Multifamily 20,952 22,524 23,681 22,524 22,723 23,021 23,139' 23,681 Commercial 149,111 166,722 185,592 166,722 168,774 174,086 178,166' 185,592 Farm 10,952 9,903 9,180 9,903 9,665 9,591 9,405' 9,180 Finance companies4 33,601 40,349 44,966 40,349 41,409 42,518 43,478 44,966 23 Federal and related agencies 203.800 192,721 198,549 192,721 196,909 199,474 198,027' 198,549 24 Government National Mortgage Association. 889 444 67 444 434 42 64' 67 25 1- to 4-family 47 25 53 25 25 24 51' 53 26 Multifamily 842 419 14 419 409 18 13' 14 27 Farmers Home Administration 48,421 43,051 42,018 43,051 43,076 42,767 41,836 42,018 28 1- to 4-family 21,625 18,169 18,347 18,169 18,185 18,248 18,268 18,347 29 Multifamily 7,608 8,044 8,513 8,044 8,115 8,213 8,349 8,513 30 Commercial 8,446 6,603 5,343 6,603 6,640 6,288 5,300 5,343 31 Farm 10,742 10,235 9,815 10,235 10,136 10,018 9,919 9,815 32 Federal Housing and Veterans Administration. 5,047 5,574 5,975 5,574 5,660 5,673 5,666' 5,975 33 1- to 4-family 2,386 2,557 2,649 2,557 2,608 2,564 2,432' 2,649 34 Multifamily 2,661 3,017 3,326 3,017 3,052 3,109 3,234' 3,326 35 Federal National Mortgage Association 97,895 96,649 103,013 96,649 99,787 102,368 102,453 103,013 36 1- to 4-family 90,718 89,666 95,833 89,666 92,828 95,404 95,417 95,833 37 Multifamily 7,177 6,983 7,180 6,983 6,959 6,964 7,036 7,180 38 Federal Land Banks 39,984 34,131 32,115 34,131 33,566 33,048 32,566 32,115 39 1- to 4-family 2,353 2,008 1,890 2,008 1,975 1,945 1,917 1,890 40 Farm 37,631 32,123 30,225 32,123 31,591 31,103 30,649 30,225 41 Federal Home Loan Mortgage Corporation ... 11,564 12,872 15,361 12,872 14,386 15,576 15,442 15,361 42 1- to 4-family 10,010 11,430 13,058 11,430 12,749 13,631 13,322' 13,058 43 Multifamily 1,554 1,442 2,303 1,442 1,637 1,945 2,120' 2,303 44 Mortgage pools or trusts6 565,428 718,297 809,448 718,297 732,071' 754,045 782,802' 809,448 45 Government National Mortgage Association. 262,697 317,555 340,527 317,555 318,703' 322,616 333,177' 340,527 1- to 4-family 256,920 309,806 331,257 309,806 310,473' 314,728 324,573' 331,257 Multifamily 5,777 7,749 9,270 7,749 8,230' 7,888 8,604' 9,270 Federal Home Loan Mortgage Corporation . 171,372 212,634 224,967 212,634 214,724 216,155 220,684' 224,967 1- to 4-family 166,667 205,977 218,513 205,977 208,138 209,702 214,195' 218,513 Multifamily 4,705 6,657 6,454 6,657 6,586 6,453 6,489' 6,454 Federal National Mortgage Association 97.174 139,960 178,250 139,960 145,242 157,438 167,170 178,250 1- to 4-family 95,791 137,988 172,331 137,988 142,330 153,253 162,228 172,331 Multifamily 1,383 1,972 5,919 1,972 2,912 4,185 4,942 5,919 Farmers Home Administration 348 245 104 245 172 106 106 104 1- to 4-family 142 121 26 121 65 23 27 26 Multifamily Commercial 132 63 38 63 58 4l' 38 38 Farm 74 61 40 61 49 42 41 40 59 Individuals and others7 320,658 331,384' 339,821 331,384' 331,110 340,266' 338,054' 339,821 60 1- to 4-family 177,374 171,317' 173,128 171,317' 169,459' 177,108' 172,527' 173,128 61 Multifamily 66,940 75,437' 77,917 75,437' 76,071' 76,572' 77,310' 77,917 62 Commercial 53,315 63,272' 67,868 63,272' 64,378 65,488' 67,191' 67,868 63 Farm 23,029 21,358 20,908 21,358 21,202 21,098 21,026' 20,908 1. Based on data from various institutional and governmental sources, with 4. Assumed to be entirely 1- to 4-family loans. some quarters estimated in part by the Federal Reserve. Multifamily debt refers 5. FmHA-guaranteed securities sold to the Federal Financing Bank were to loans on structures of five or more units. reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:4, 2. Includes loans held by nondeposit trust companies but not bank trust because of accounting changes by the Farmers Home Administration. departments. 6. Outstanding principal balances of mortgage pools backing securities insured 3. Includes savings banks and savings and loan associations. Beginning 1987:1, or guaranteed by the agency indicated. Includes private pools which are not data reported by FSLIC-insured institutions include loans in process and other shown as a separate line item. contra assets (credit balance accounts that must be subtracted from the corre- 7. Other holders include mortgage companies, real estate investment trusts, sponding gross asset categories to yield net asset levels). state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and other U.S. agencies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumer Installment Credit A39 1.55 CONSUMER INSTALLMENT CREDIT1 Total Outstanding, and Net Change, seasonally adjusted Millions of dollars 1988 1989 HHoollddeerr,, aanndd ttyyppee ooff ccrreeddiitt 11998877 1988 June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb. Amounts outstanding (end of period) 1 Total 613,022 666,191 644,372 647,993 653,317 653,319 657,226 661,889 666,191 670,566 674,781 By major holder 2 Commercial banks 228811,,556644 319,130 300,275 303,189 307,119 308,960 312,968 317,128 319,130 320,487 321,880 3 Finance companies 140,072 143,523 144,748 143,812 143,962 142,723 142,480 142,226 143,523 145,186 147,353 4 Credit unions 81,065 86,214 84,912 85,468 85,881 85,553 86,024 86,102 86,214 86,788 87,006 5 Retailers 42,782 45,370 43,450 43,634 43,712 43,956 44,250 44,644 45,370 45,571 45,577 6 Savings institutions 63,949 68,298 67,274 68,182 68,909 68,462 67,845 68,140 68,298 68,917 69,298 7 Gasoline companies 3,590 3,657 3,713 3,707 3,735 3,665 3,658 3,648 3,657 3,616 3,667 By major type of credit 8 Automobile 267,180 289,823 282,254 283,359 285,560 284,782 286,107 287,474 289,823 291,953 229944,,005533 9 Commercial banks 108,438 126,054 117,322 118,650 120,380 121,450 122,995 124,583 126,054 126,933 126,895 10 Credit unions 43,474 48,324 46,565 47,043 47,444 47,436 47,870 48,088 48,324 48,821 49,120 11 Finance companies 98,026 96,368 99,900 98,896 98,711 96,939 96,400 95,825 96,368 96,890 98,566 12 Savings institutions 17,242 19,078 18,465 18,770 19,026 18,958 18,842 18,979 19,078 19,308 19,472 13 Revolving 159,307 185,755 172,809 174,927 177,568 178,675 181,277 184,467 185,755 186,778 188,383 14 Commercial banks 98,808 117,050 108,309 109,645 111,623 112,341 114,404 116,824 117,050 117,278 118,262 15 Retailers 36,959 39,095 37,526 37,671 37,708 37,914 38,169 38,481 39,095 39,325 39,383 16 Gasoline companies 3,590 3,657 3,713 3,707 3,735 3,665 3,658 3,648 3,657 3,616 3,667 17 Savings institutions 13,279 16,472 15,098 15,492 15,850 15,938 15,984 16,244 16,472 16,814 17,099 18 Credit unions 6,671 9,481 8,162 8,413 8,652 8,816 9,063 9,270 9,481 9,745 9,972 19 Mobile home 25,957 25,552 25,852 25,882 25,915 25,746 25,776 25,830 25,552 25,602 25,543 20 Commercial banks 9,101 8,793 8,933 8,913 8,893 8,833 9,048 9,079 8,793 8,827 8,794 21 Finance companies 7,771 7,210 7,513 7,436 7,387 7,341 7,243 7,224 7,210 7,141 7,063 22 Savings institutions 9,085 9,549 9,406 9,533 9,634 9,572 9,485 9,527 9,549 9,634 9,686 23 Other 160,578 165,061 163,456 163,825 164,274 164,116 164,066 164,117 165,061 166,233 166,802 24 Commercial banks 65,217 67,233 65,710 65,981 66,222 66,335 66,522 66,642 67,233 67,449 67,928 25 Finance companies 34,275 39,945 37,335 37,480 37,863 38,443 38,837 39,177 39,945 41,155 41,725 26 Credit unions 30,920 28,409 30,184 30,012 29,785 29,302 29,091 28,745 28,409 28,222 27,914 27 Retailers 5,823 6,275 5,923 5,964 6,004 6,041 6,081 6,163 6,275 6,246 6,194 28 Savings institutions 24,343 23,199 24,305 24,388 24,399 23,995 23,534 23,390 23,199 23,161 23,041 Net change (during period) 29 Total 41,189 53,169 8,054 3,621 5,324 2 3,907 4,663 4,302 4,375 4,215 By major holder 30 Commercial banks 19,425 37,566 4,729 2,914 3,930 1,841 4,008 4,160 2,002 1,357 11,,339933 31 Finance companies 6,374 3,451 294 -936 150 -1,239 -243 -254 1,297 1,663 2,167 32 Credit unions 4,874 5,149 1,031 556 413 -328 471 78 112 574 218 33 Retailers3 3,122 2,588 288 184 78 244 294 394 726 201 6 34 Savings institutions 7,068 4,349 1,765 908 727 -447 -617 295 158 619 381 35 Gasoline companies 326 67 -52 -6 28 -70 -7 -10 9 -41 51 By major type of credit 36 Automobile 21,071 22,643 2,836 1,105 2,201 -778 1,325 1,367 2,349 2,130 22,,110000 37 Commercial banks 7,531 17,616 1,371 1,328 1,730 1,070 1,545 1,588 1,471 879 -38 38 Credit unions 5,061 4,850 734 478 401 -8 434 218 236 497 299 39 Finance companies 5,676 -1,658 192 -1,004 -185 -1,772 -539 -575 543 522 1,676 40 Savings institutions 2,803 1,836 537 305 256 -68 -116 137 99 230 164 41 Revolving 22,926 26,448 3,655 2,118 2,641 1,107 2,602 3,190 1,288 1,023 1,605 42 Commercial banks 12,051 18,242 2,567 1,336 1,978 718 2,063 2,420 226 228 984 43 Retailers 2,639 2,136 267 145 37 206 255 312 614 230 58 44 Gasoline companies 326 67 -52 -6 28 -70 -7 -10 9 -41 51 45 Savings institutions 4,913 3,193 580 394 358 88 46 260 228 342 285 46 Credit unions 2,997 2,810 292 251 239 164 247 207 211 264 227 47 Mobile home -926 -405 149 30 33 -169 30 54 -278 50 -59 48 Commercial banks 175 -308 -33 -20 -20 -60 215 31 -286 34 -33 49 Finance companies -1,051 -561 -65 -77 -49 -46 -98 -19 -14 -69 -78 50 Savings institutions -50 464 247 127 101 -62 -87 42 22 85 52 51 Other -1,882 4,483 1,413 369 449 -158 -50 51 944 1,172 569 52 Commercial banks -332 2,016 823 271 241 113 187 120 591 216 479 53 Finance companies 1,749 5,670 167 145 383 580 394 340 768 1,210 570 54 Credit unions -3,184 -2,511 4 -172 -227 -483 -211 -346 -336 -187 -308 55 Retailers 483 452 20 41 40 37 40 82 112 -29 -52 56 Savings institutions -598 -1,144 401 83 11 -404 -461 -144 -191 -38 -120 1. The Board's series cover most short- and intermediate-term credit extended These data also appear in the Board's G.19 (421) release. For address, see to individuals that is scheduled to be repaid (or has the option of repayment) in inside front cover. two or more installments. 2. More detail for finance companies is available in the G. 20 statistical release. 3. Excludes 30-day charge credit held by travel and entertainment companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A40 Domestic Nonfinancial Statistics • June 1989 1.56 TERMS OF CONSUMER INSTALLMENT CREDIT1 Percent unless noted otherwise 1988 1989 IItteemm 11998866 11998877 11998888 Aug. Sept. Oct. Nov. Dec. Jan. Feb. INTEREST RATES Commercial banks2 1 48-month new car 11.33 10.45 10.85 10.93 n.a. n.a. 11.22 n.a. n.a. 11.76 2 24-month personal 14.82 14.22 14.68 14.81 n.a. n.a. 15.06 n.a. n.a. 15.22 3 120-month mobile home 13.99 13.38 13.54 13.62 n.a. n.a. 13.61 n.a. n.a. 14.00 4 Credit card 18.26 17.92 17.78 17.79 n.a. n.a. 17.77 n.a. n.a. 17.83 Auto finance companies 5 New car 9.44 10.73 12.60 12.64 12.93 13.10 13.20 13.25 13.27 13.07 6 Used car 15.95 14.60 15.11 15.16 15.46 15.67 15.75 15.80 15.57 15.90 OTHER TERMS4 Maturity (months) 7 New car 50.0 53.5 56.2 56.5 56.3 56.3 56.2 56.3 56.2 55.7 8 Used car 42.6 45.2 46.7 46.8 46.5 46.3 46.2 46.0 47.8 47.4 Loan-to-value ratio 9 New car 91 93 94 94 94 94 94 94 94 92 10 Used car 97 98 98 98 98 99 98 98 97 98 Amount financed (dollars) 11 New car 10,665 11,203 11,663 11,593 11,530 11,845 11,975 12,068 11,956 11,819 12 Used car 6,555 7,420 7,824 7,918 7,903 7,944 7,991 8,022 8,006 8,022 1. These data also appear in the Board's G.19 (421) release. For address, see 3. Before 1983 the maturity for new car loans was 36 months, and for mobile inside front cover. home loans was 84 months. 2. Data for midmonth of quarter only. 4. At auto finance companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A41 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS Billions of dollars; quarterly data are at seasonally adjusted annual rates. 1987 1988 TTrraannssaaccttiioonn ccaatteeggoorryy,, sseeccttoorr 11998866 11998877 11998888 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Nonfinancial sectors 1 Total net borrowing by domestic n on financial sectors 750.8 846.3 830.6 682.0 712.8 753.2 653.6 769.4 713.9 687.8 748.8 700.7 By sector and instrument 2 U.S. government 198.8 223.6 215.0 144.9 157.5 146.8 103.1 168.2 227.7 89.2 188.6 124.4 3 Treasury securities 199.0 223.7 214.7 143.4 140.0 148.7 104.0 163.2 228.2 81.5 167.7 82.8 4 Agency issues and mortgages -.2 -.1 .4 1.5 17.4 -1.9 -.9 5.0 -.5 7.7 20.9 41.6 5 Private domestic nonfinancial sectors 552.0 622.7 615.6 537.1 555.3 606.4 550.5 601.2 486.3 598.6 560.2 576.3 6 Debt capital instruments 319.3 452.3 460.7 446.0 400.8 466.7 428.3 415.8 351.2 445.8 424.9 381.4 7 Tax-exempt obligations 50.4 136.4 30.8 34.5 36.3 33.1 32.7 33.5 24.8 32.6 44.4 43.5 8 Corporate bonds 46.1 73.8 121.3 99.9 97.4 88.5 100.7 81.6 101.4 118.4 90.3 79.3 9 Mortgages 222.8 242.2 308.6 311.6 267.1 345.1 294.9 300.8 225.0 294.8 290.1 258.5 10 Home mortgages 136.7 156.8 210.9 221.7 196.4 243.5 212.1 206.9 162.4 240.3 206.5 176.6 11 Multifamily residential 25.2 29.8 33.5 24.4 15.1 30.9 23.3 15.9 23.6 2.6 13.5 20.6 12 Commercial 62.2 62.2 73.6 72.0 57.9 77.2 64.2 79.9 44.9 53.5 71.8 61.5 13 Farm -1.2 -6.6 -9.5 -6.4 -2.3 -6.6 -4.7 -1.9 -6.0 -1.7 -1.6 -.1 14 Other debt instruments 232.7 170.3 154.9 91.1 154.6 139.7 122.2 185.4 135.1 152.8 135.4 194.9 15 Consumer credit 81.6 82.5 54.4 40.7 49.3 52.4 61.4 49.4 34.8 59.5 34.9 67.9 16 Bank loans n.e.c 67.1 38.6 69.3 8.8 42.5 36.6 21.0 85.3 36.1 76.0 9.5 48.4 17 Open market paper 21.7 14.6 -9.3 2.3 11.6 4.7 1.0 3.9 -3.8 4.0 11.1 35.1 18 Other 62.2 34.6 40.5 39.3 51.2 46.1 38.7 46.9 67.9 13.4 79.9 43.5 19 By borrowing sector 552.0 622.7 615.6 537.1 555.3 606.4 550.5 601.2 486.3 598.6 560.2 576.3 20 State and local governments 27.4 91.8 44.3 34.0 34.9 31.4 34.8 32.9 19.5 29.2 46.1 44.6 21 Households 231.5 283.6 282.2 260.3 248.9 302.7 281.1 264.9 203.0 304.6 258.3 229.9 22 Nonfinancial business 293.1 247.3 289.0 242.7 271.6 272.4 234.5 303.4 263.7 264.8 255.8 301.7 23 Farm -.4 -14.5 -16.3 -10.6 -3.4 -12.7 -9.4 3.3 -15.6 -3.6 -1.8 7.5 24 Nonfarm noncorporate 123.2 129.3 103.2 107.9 82.1 117.7 97.4 116.3 86.4 70.9 99.7 71.6 25 Corporate 170.3 132.4 202.1 145.4 192.9 167.4 146.6 183.8 192.9 197.6 158.0 222.7 26 Foreign net borrowing in United States 8.4 1.2 9.6 4.3 9.3 -.1 12.3 13.9 -1.0 5.2 4.6 28.5 27 Bonds 3.8 3.8 3.0 6.8 9.4 -4.1 6.7 21.6 16.8 -2.7 6.5 17.2 28 Bank loans n.e.c -6.6 -2.8 -1.0 -3.6 -.8 -3.5 -3.7 -6.1 .7 -3.5 2.9 -3.2 29 Open market paper 6.2 6.2 11.5 2.1 9.6 -6.4 21.6 -2.5 1.5 6.4 10.7 20.0 30 U.S. government loans 5.0 -5.9 -3.9 -1.0 -9.0 13.9 -12.3 .8 -19.9 5.1 -15.6 -5.5 31 Total domestic plus foreign 759.2 847.5 840.2 686.4 722.1 753.1 665.8 783.2 713.0 693.0 753.4 729.1 Financial sectors 32 Total net borrowing by financial sectors 148.7 198.3 297.2 303.3 240.0 316.7 306.4 250.2 134.4 262.9 235.5 327.0 By instrument 33 U.S. government related 74.9 101.5 178.1 185.8 136.1 196.8 185.5 167.5 120.3 101.8 150.6 171.7 34 Sponsored credit agency securities 30.4 20.6 15.2 30.2 44.9 21.5 32.0 71.6 56.8 9.4 42.8 70.8 35 Mortgage pool securities 44.4 79.9 163.3 156.4 91.2 175.4 153.5 95.9 63.4 92.4 107.8 100.9 36 1.1 -.4 -.8 -.1 37 Private financial sectors 73.8 96.7 119.1 117.5 103.9 119.9 120.8 82.7 14.1 161.1 84.9 155.3 38 Corporate bonds 33.0 47.9 70.9 67.2 37.3 45.6 77.7 42.4 11.1 60.1 40.9 37.0 39 Mortgages .4 .1 .1 .4 -.1 .1 .2 .8 -.1 * * -.2 40 Bank loans n.e.c .7 2.6 4.0 -3.3 -6.2 .6 6.3 -10.7 -26.8 8.7 -8.6 2.1 41 Open market paper 24.1 32.0 24.2 28.8 53.1 54.0 14.3 5.4 24.6 82.2 26.1 79.6 42 Loans from Federal Home Loan Banks 15.7 14.2 19.8 24.4 19.7 19.6 22.2 44.9 5.4 10.1 26.6 36.8 By sector 43 Total 148.7 198.3 297.2 303.3 240.0 316.7 306.4 250.2 134.4 262.9 235.5 327.0 44 Sponsored credit agencies 30.4 21.7 14.9 29.5 44.9 21.4 32.0 71.6 56.8 9.4 42.8 70.8 45 Mortgage pools 44.4 79.9 163.3 156.4 91.2 175.4 153.5 95.9 63.4 92.4 107.8 100.9 46 Private financial sectors 73.8 96.7 119.1 117.5 103.9 119.9 120.8 82.7 14.1 161.1 84.9 155.3 47 Commercial banks 7.3 -4.9 -3.6 7.1 -4.5 20.0 -13.1 15.0 -22.4 6.2 -8.3 6.3 48 Bank affiliates 15.6 14.5 4.6 2.9 -12.8 -2.7 11.3 -22.6 -67.4 11.3 9.7 -4.5 49 Savings and loan associations 22.7 22.3 29.8 36.0 29.2 22.2 41.9 51.9 9.1 16.6 54.3 37.0 50 Finance companies 18.2 52.7 48.4 31.6 58.4 40.7 35.5 30.2 50.9 94.2 9.4 79.2 51 REITs .8 .5 1.0 .8 1.6 -1.3 2.5 2.2 1.0 1.7 -1.4 5.2 52 CMO Issuers 9.3 11.5 39.0 39.1 31.9 41.0 42.7 6.0 43.0 31.2 21.3 32.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A42 Domestic Nonfinancial Statistics • June 1989 1.57—Continued 1987 1988 TTrraannssaaccttiioonn ccaatteeggoorryy,, sseeccttoorr 11998844 11998855 11998866 11998877 11998888 Q2 Q3 Q4 Q1 Q2 Q3 Q4 All sectors 53 Total net borrowing 907.9 1,045.7 1,137.4 989.7 962.1 1,069.8 972.2 1,033.4 847.4 955.9 988.9 1,056.1 54 U.S. government securities 273.8 324.2 393.5 331.5 293.6 343.7 288.6 335.7 347.9 191.0 339.2 296.1 55 State and local obligations 50.4 136.4 30.8 34.5 36.3 33.1 32.7 33.5 24.8 32.6 44.4 43.5 56 Corporate and foreign bonds 83.0 125.4 195.2 174.0 144.1 130.0 185.1 145.6 129.3 175.9 137.7 133.4 57 Mortgages 223.1 242.2 308.6 312.0 267.0 345.2 295.1 301.6 224.8 294.8 290.1 258.3 58 Consumer credit 81.6 82.5 54.4 40.7 49.3 52.4 61.4 49.4 34.8 59.5 34.9 67.9 59 Bank loans n.e.c 61.1 38.3 72.3 1.9 35.6 33.8 23.6 68.5 10.0 81.1 3.7 47.4 60 Open market paper 52.0 52.8 26.4 33.2 74.3 52.3 36.9 6.7 22.3 92.5 48.0 134.7 61 Other loans 82.9 44.0 56.1 62.0 61.9 79.4 48.7 92.5 53.5 28.6 90.9 74.8 62 MEMO: U.S. government, cash balance 6.3 14.4 * -7.9 4.6 77.7 -19.6 -54.7 60.9 3.3 16.2 -61.9 Totals net of changes in U.S. government cash balances 63 Net borrowing by domestic nonfinancial 744.5 831.9 830.6 689.9 708.2 675.5 673.2 824.0 653.0 684.5 732.7 762.6 64 Net borrowing by U.S. government 192.5 209.3 215.0 152.8 152.9 69.1 122.7 222.8 166.8 86.0 172.4 186.3 External corporate equity funds raised in United States 65 Total net share issues -36.0 20.1 93.9 13.5 -114.4 13.9 -47.1 -82.7 -75.6 -131.1 -76.2 -174.5 66 Mutual funds 29.3 84.4 161.8 72.3 -2.0 79.1 13.8 -9.1 5.0 -8.0 0.3 -5.2 67 All other -65.3 -64.3 -68.0 -58.8 -112.4 -65.2 -60.9 -73.6 -80.5 -123.1 -76.5 -169.3 68 Nonfinancial corporations -74.5 -81.5 -80.8 -76.5 -130.5 -83.0 -78.0 -88.0 -95.0 -140.0 -92.0 -195.0 69 Financial corporations 8.2 13.5 11.5 20.1 17.2 16.5 18.4 26.4 15.2 23.4 14.4 16.0 70 Foreign shares purchased in United States .9 3.7 1.3 -2.4 0.9 1.2 -1.3 -12.0 -.7 -6.5 1.1 9.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A43 1.58 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS Billions of dollars, except as noted; quarterly data are at seasonally adjusted annual rates. 1987 1988 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11998855 11998866 11998877 11998888 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 1 Total funds advanced in credit markets to domestic nonfinancial sectors 846.3 830.6 682.0 712.8 552.0 753.2 653.6 769.4 713.9 687.8 748.8 700.7 By public agencies and foreign 2 Total net advances 193.1 304.2 256.7 233.1 270.9 279.3 211.1 265.4 261.7 168.0 229.1 273.7 3 U.S. government securities 37.9 69.4 68.2 77.6 59.0 55.3 35.1 123.3 148.6 42.4 21.1 98.4 4 Residential mortgages 94.6 160.3 153.2 100.6 194.8 169.4 146.0 102.7 83.6 106.7 108.3 103.7 5 FHLB advances to savings and loans 14.2 19.8 24.4 19.7 11.0 19.6 22.2 44.9 5.4 10.1 26.6 36.8 6 Other loans and securities 46.3 54.6 10.9 35.2 6.1 35.1 7.8 -5.5 24.1 8.7 73.2 34.8 Total advanced, by sector 7 U.S. government 16.8 9.7 -11.9 -4.1 -8.5 -12.3 -24.1 -2.6 -8.8 -21.8 8.4 5.8 8 Sponsored credit agencies 95.5 177.3 181.4 120.8 204.9 177.0 187.0 156.6 103.1 103.4 129.9 146.9 9 Monetary authorities 18.4 19.4 24.7 10.5 9.4 29.8 29.0 30.4 -5.5 4.1 17.1 26.5 10 Foreign 62.3 97.8 62.5 105.9 65.1 84.8 19.1 81.0 172.9 82.4 73.8 94.6 Agency and foreign borrowing not in line 1 11 Sponsored credit agencies and mortgage pools 101.5 178.1 185.8 136.1 193.5 196.8 185.5 167.5 120.3 101.8 150.6 171.7 12 Foreign 1.2 9.6 4.3 9.3 -8.7 -.1 12.3 13.9 -1.0 5.2 4.6 28.5 Private domestic funds advanced 13 Total net advances 756.0 714.1 615.5 625.1 465.9 670.6 640.3 685.3 571.5 626.8 674.9 627.2 14 U.S. government securities 286.2 324.1 263.3 215.9 299.0 288.5 253.5 212.4 199.3 148.6 318.1 197.7 15 State and local obligations 136.4 30.8 34.5 36.3 38.7 33.1 32.7 33.5 24.8 32.6 44.4 43.5 16 Corporate and foreign bonds 40.8 84.1 86.5 87.1 100.4 58.8 83.7 102.9 115.7 90.7 63.4 78.5 17 Residential mortgages 91.8 84.1 92.8 110.9 56.7 105.0 89.4 120.1 102.4 136.2 111.7 93.5 18 Other mortgages and loans 214.9 210.8 162.8 194.5 -18.0 204.8 203.2 261.4 134.7 228.9 163.9 250.7 19 LESS: Federal Home Loan Bank advances 14.2 19.8 24.4 19.7 11.0 19.6 22.2 44.9 5.4 10.1 26.6 36.8 Private financial intermediation 20 Credit market funds advanced by private financial institutions 569.8 746.5 566.0 577.7 521.5 551.2 641.3 550.1 652.3 567.8 489.2 601.7 21 Commercial banking 186.3 194.8 136.3 149.1 -56.2 198.0 150.9 252.6 56.2 213.1 140.6 186.4 22 Savings institutions 83.0 105.5 140.4 101.7 89.9 132.0 188.7 151.0 82.4 66.0 159.7 98.7 23 Insurance and pension funds 148.9 181.9 211.9 231.5 266.3 179.5 247.5 154.3 279.3 230.5 175.3 240.8 24 Other finance 151.6 264.3 77.4 95.5 221.6 41.7 54.1 -7.8 234.4 58.2 13.6 75.7 25 Sources of funds 569.8 746.5 566.0 577.7 521.5 551.2 641.3 550.1 652.3 567.8 489.2 601.7 26 Private domestic deposits and RPs 210.6 264.7 146.2 187.7 -17.1 141.1 193.9 267.0 292.4 53.1 209.7 195.6 27 Credit market borrowing 96.7 119.1 117.5 103.9 146.5 119.9 120.8 82.7 14.1 161.1 84.9 155.3 28 Other sources 262.5 362.7 302.3 286.2 392.1 290.2 326.6 200.4 345.7 353.5 194.6 250.8 29 Foreign funds 19.7 12.9 43.7 5.9 14.9 35.1 99.5 25.2 -80.1 106.6 -50.4 47.5 30 Treasury balances 10.3 1.7 -5.8 1.3 -36.9 43.6 6.1 -36.1 53.3 -17.5 8.7 -39.1 31 Insurance and pension reserves 131.9 144.3 176.1 215.5 195.1 192.6 196.1 120.3 244.5 223.5 137.4 256.8 32 Other, net 100.7 203.8 88.4 63.4 219.0 18.9 24.8 90.9 128.1 40.9 98.9 -14.3 Private domestic nonfinancial investors 33 Direct lending in credit markets 282.9 86.7 167.0 151.2 90.9 239.3 119.8 217.9 -66.6 220.2 270.6 180.7 34 U.S. government securities 175.7 50.1 103.2 137.7 52.1 170.1 70.9 119.6 115.2 93.9 230.0 111.7 35 State and local obligations 39.6 -13.6 46.1 21.1 27.8 58.1 42.4 56.0 1.5 20.3 28.8 33.7 36 Corporate and foreign bonds 2.4 32.6 5.3 -18.7 9.3 -58.6 28.3 42.1 -97.9 36.0 -18.7 6.0 37 Open market paper 45.6 -3.0 7.9 13.1 -1.9 64.2 -23.3 -7.5 -68.7 77.4 35.3 8.3 38 Other 19.6 20.7 4.6 -2.0 3.6 5.6 1.6 7.7 -16.7 -7.4 -4.8 21.1 39 Deposits and currency 220.9 285.0 162.4 199.3 -46.6 149.2 229.3 317.8 287.4 83.8 232.7 193.2 40 Currency 12.4 14.4 19.0 15.9 9.4 12.5 17.3 36.8 8.2 11.9 28.6 14.7 41 Checkable deposits 40.9 93.2 -2.2 13.5 -98.4 40.0 35.3 14.2 4.4 18.3 -23.9 55.1 42 Small time and savings accounts 138.5 120.6 76.7 104.2 30.8 70.0 80.2 125.7 190.0 63.1 98.3 65.4 43 Money market fund shares 8.9 41.5 28.2 25.1 14.4 2.4 32.7 63.3 59.1 -34.8 13.0 63.0 44 Large time deposits 7.7 -11.4 26.7 26.9 14.0 4.4 -1.0 89.4 11.7 -16.2 122.7 -10.5 45 Security RPs 14.6 20.8 16.9 18.1 22.1 24.3 46.6 -25.6 27.3 22.7 -.4 22.6 46 Deposits in foreign countries -2.1 5.9 -2.8 -4.3 -38.9 -4.4 18.1 13.9 -13.2 18.8 -5.6 -17.1 47 Total of credit market instruments, deposits, and currency 503.7 371.8 329.4 350.5 44.3 388.5 349.1 535.7 220.9 304.0 503.3 374.0 48 Public holdings as percent of total 22.7 36.2 37.3 32.2 49.8 37.0 31.7 33.8 36.7 24.2 30.4 37.5 49 Private financial intermediation (in percent) 75.3 104.5 91.9 92.4 111.9 82.1 100.1 80.2 114.1 90.5 72.4 95.9 50 Total foreign funds 82.0 110.7 106.2 111.8 80.0 119.9 118.7 106.2 92.8 189.0 23.4 142.1 MEMO: Corporate equities not included above 51 Total net issues 20.1 93.9 13.5 -114.4 170.1 13.9 -47.1 -82.7 -75.6 -131.1 -76.2 -174.5 52 Mutual fund shares 84.4 161.8 72.3 -2.0 205.4 79.1 13.8 -9.1 5.0 -8.0 0.3 -5.2 53 Other equities -64.3 -68.0 -58.8 -112.4 -35.3 -65.2 -60.9 -73.6 -80.5 -123.1 -76.5 -169.3 54 Acquisitions by financial institutions 45.6 48.5 22.6 -3.3 29.2 72.6 5.2 -16.5 -35.4 -5.4 16.1 11.3 55 Other net purchases -25.5 45.4 -9.1 -111.0 140.9 -58.7 -52.4 -66.2 -40.2 -125.8 -92.3 -185.8 NOTES BY LINE NUMBER. 31. Excludes net investment of these reserves in corporate equities. 1. Line 1 of table 1.57. 32. Mainly retained earnings and net miscellaneous liabilities. 2. Sum of lines 3-6 or 7-10. 33. Line 13 less line 20 plus line 27. 6. Includes farm and commercial mortgages. 34-38. Lines 14-18 less amounts acquired by private finance plus amounts 11. Credit market funds raised by federally sponsored credit agencies, and net borrowed by private finance. Line 38 includes mortgages. issues of federally related mortgage pool securities. 40. Mainly an offset to line 9. 13. Line 1 less line 2 plus line 11 and 12. Also line 20 less line 27 plus line 33. 47. Lines 33 plus 39, or line 13 less line 28 plus 40 and 46. Also sum of lines 28 and 47 less lines 40 and 46. 48. Line 2/line 1. 18. Includes farm and commercial mortgages. 49. Line 20/line 13. 26. Line 39 less lines 40 and 46. 50. Sum of lines 10 and 29. 27. Excludes equity issues and investment company shares. Includes line 19. 51. 53. Includes issues by financial institutions. 29. Foreign deposits at commercial banks, bank borrowings from foreign NOTE. Full statements for sectors and transaction types in flows and in amounts branches, and liabilities of foreign banking agencies to foreign affiliates, less outstanding may be obtained from Flow of Funds Section, Division of Research claims on foreign affiliates and deposits by banking in foreign banks. and Statistics, Board of Governors of the Federal Reserve System, Washington, 30. Demand deposits and note balances at commercial banks. D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A44 Domestic Nonfinancial Statistics • June 1989 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING Billions of dollars; period-end levels. 1987 1988 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 5,204.3 5,953.7 6,797.0 7,618.1 7,917.8 8,074.9 8,302.7 8,441.2 8,618.5 8,797.7 9,002.8 By sector and instrument 2 U.S. government 1,177.9 1,376.8 1,600.4 1,815.4 1,875.7 1,897.8 1,960.3 2,003.2 2,022.3 2,063.9 2,117.8 3 Treasury securities 1,174.4 1,373.4 1,597.1 1,811.7 1,871.5 1,893.8 1,955.2 1,998.1 2,015.3 2,051.7 2,095.2 4 Agency issues and mortgages 3.6 3.4 3.3 3.6 4.2 3.9 5.2 5.0 7.0 12.2 22.6 5 Private domestic nonfinancial sectors 4,026.4 4,577.0 5,196.6 5,802.7 6,042.1 6,177.2 6,342.4 6,438.0 6,596.2 6,733.7 6,885.1 6 Debt capital instruments 2,717.8 3,040.0 3,488.4 3,946.4 4,189.4 4,297.0 4,404.5 4,476.2 4,587.9 4,698.1 4,798.0 7 Tax-exempt obligations 471.7 522.1 658.4 689.2 705.2 715.5 723.7 728.0 735.8 749.4 760.1 8 Corporate bonds 423.0 469.2 542.9 664.2 718.5 743.7 764.1 789.5 819.1 841.7 861.5 9 Mortgages 1,823.1 2,048.8 2,287.1 2,593.0 2,765.7 2,837.7 2,916.6 2,958.8 3,033.0 3,107.1 3,176.4 10 Home mortgages 1,200.2 1,336.2 1,490.2 1,699.6 1,800.7 1,853.8 1,908.7 1,935.8 1,996.7 2,052.0 2,100.1 11 Multifamily residential 158.8 183.6 213.0 246.3 259.9 265.0 270.0 274.4 275.2 277.8 284.1 12 Commercial 350.4 416.5 478.1 551.4 613.8 629.0 649.1 660.6 673.3 690.1 705.7 13 Farm 113.7 112.4 105.9 95.8 91.3 90.0 88.9 88.0 87.8 87.2 86.5 14 Other debt instruments 1,308.6 1,536.9 1,708.2 1,856.3 1,852.7 1,880.2 1,937.9 1,961.8 2,008.3 2,035.6 2,087.1 15 Consumer credit 437.7 519.3 601.8 656.2 658.7 680.9 696.9 692.2 709.6 725.7 746.2 16 Bank loans n.e.c 490.2 552.9 592.6 658.6 636.3 637.5 656.7 668.4 689.3 689.8 699.2 17 Open market paper 36.8 58.5 72.2 62.9 67.9 68.1 73.8 73.5 77.8 80.3 85.4 18 Other 344.0 406.2 441.6 478.6 489.9 493.7 510.5 527.7 531.6 539.8 556.3 19 By borrowing sector 4,026.4 4,577.0 5,196.6 5,802.7 6,042.1 6,177.2 6,342.4 6,438.0 6,596.2 6,733.7 6,885.1 20 State and local governments 357.7 385.1 476.9 520.2 535.3 546.2 554.2 557.2 564.1 577.5 588.5 21 Households 1,811.6 2,038.2 2,314.5 2,594.2 2,691.2 2,762.8 2,836.5 2,862.0 2,942.8 3,012.6 3,079.4 22 Nonfinancial business 1,857.1 2,153.7 2,405.2 2,688.3 2,815.7 2,868.2 2,951.6 3,018.9 3,089.3 3,143.6 3,217.2 23 Farm 188.4 187.9 173.4 156.6 150.2 148.5 145.5 141.3 143.9 143.7 141.7 24 Nonfarm noncorporate 645.8 769.0 898.3 1,001.6 1,055.9 1,076.4 1,109.5 1,131.8 1,148.6 1,167.9 1,190.2 25 Corporate 1,022.9 1,196.8 1,333.5 1,530.1 1,609.6 1,643.3 1,696.6 1,745.8 1,796.8 1,832.0 1,885.3 26 Foreign credit market debt held in United States 227.3 235.1 236.7 238.2 236.8 238.9 244.3 245.1 246.4 246.6 253.6 27 Bonds 64.2 68.0 71.8 74.8 74.6 75.9 81.6 85.4 85.2 86.5 91.1 28 Bank loans n.e.c 37.4 30.8 27.9 26.9 25.4 24.2 23.3 22.8 22.4 22.7 22.5 29 Open market paper 21.5 27.7 33.9 37.4 35.6 40.6 41.2 42.5 44.0 46.3 50.9 30 U.S. government loans 104.1 108.6 103.0 99.1 101.2 98.2 98.1 94.4 94.7 91.1 89.1 31 Total domestic plus foreign 5,431.6 6,188.8 7,033.7 7,856.3 8,154.6 8,313.9 8,547.0 8,686.4 8,864.8 9,044.3 9,256.4 Financial sectors 32 Total credit market debt owed by financial sectors 857.9 1,006.2 1,206.2 1,510.8 1,710.0 1,783.8 1,862.8 1,882.9 1,954.9 2,014.6 2,102.8 By instrument 33 U.S. government related 456.7 531.2 632.7 810.3 937.1 981.6 1,026.5 1,050.6 1,076.9 1,116.3 1,162.6 34 Sponsored credit agency securities 206.8 237.2 257.8 273.0 275.8 283.7 303.2 313.5 317.9 328.5 348.2 35 Mortgage pool securities 244.9 289.0 368.9 531.6 656.4 692.9 718.3 732.1 754.0 782.8 809.4 36 Loans from U.S. government 5.0 5.0 6.1 5.7 5.0 5.0 5.0 5.0 5.0 5.0 5.0 37 Private financial sectors 401.2 475.0 573.4 700.5 772.9 802.1 836.3 832.4 878.0 898.3 940.2 38 Corporate bonds 115.8 148.9 197.5 268.4 304.6 324.2 335.6 337.5 352.3 362.8 372.9 39 Mortgages 2.1 2.5 2.7 2.7 2.9 2.9 3.1 3.1 3.1 3.1 3.0 40 Bank loans n.e.c 28.9 29.5 32.1 36.1 40.1 42.2 40.8 31.7 34.3 32.9 34.6 41 Open market paper 195.5 219.5 252.4 284.6 311.1 312.7 323.8 330.6 353.4 358.0 376.9 42 Loans from Federal Home Loan Banks... 59.0 74.6 88.8 108.6 114.3 120.1 133.1 129.5 134.8 141.6 152.8 43 Total, by sector 857.9 1,006.2 1,206.2 1,510.8 1,710.0 1,783.8 1,862.8 1,882.9 1,954.9 2,014.6 2,102.8 44 Sponsored credit agencies 211.8 242.2 263.9 278.7 280.7 288.7 308.2 318.5 322.9 333.5 353.1 45 Mortgage pools 244.9 289.0 368.9 531.6 656.4 692.9 718.3 732.1 754.0 782.8 809.4 46 Private financial sectors 401.2 475.0 573.4 700.5 772.9 802.1 836.3 832.4 878.0 898.3 940.2 47 Commercial banks 76.8 84.1 79.2 75.6 80.7 78.6 82.7 76.4 77.2 76.6 78.1 48 Bank affiliates 71.0 86.6 101.2 101.3 108.7 109.5 104.2 88.8 91.8 92.2 91.4 49 Savings and loan associations 73.9 93.2 115.5 145.1 157.0 165.4 181.1 177.4 186.9 197.9 210.3 50 Finance companies 171.7 193.2 246.9 308.1 329.5 340.4 358.0 368.4 392.4 397.1 416.4 51 REITs 3.5 4.3 5.6 6.5 6.1 6.8 7.3 7.6 8.0 7.6 8.9 52 CMO issuers 4.2 13.5 25.0 64.0 90.9 101.6 103.1 113.9 121.7 127.0 135.1 All sectors 53 Total credit market debt 6,289.5 7,195.0 8,239.8 9,367.2 9864.6 10,097.6 10,409.8 10,569.3 10,819.7 11,058.9 11,359.2 54 U.S. government securities 1,629.4 1,902.8 2,227.0 2,620.0 2,807.8 2,874.4 2,981.8 3,048.8 3,094.2 3,175.2 3,275.4 55 State and local obligations 471.7 522.1 658.4 689.2 705.2 715.5 723.7 728.0 735.8 749.4 760.1 56 Corporate and foreign bonds 603.0 686.0 812.1 1,007.4 1,097.7 1,143.9 1,181.4 1,212.3 1,256.6 1,291.0 1,325.4 57 Mortgages 1,825.4 2,051.4 2,289.8 2,595.8 2,768.6 2,840.7 2,919.8 2,961.9 3,036.1 3,110.2 3,179.5 58 Consumer credit 437.7 519.3 601.8 656.2 658.7 680.9 696.6 692.2 709.6 725.7 746.2 59 Bank loans n.e.c 556.5 613.2 652.6 721.6 701.7 703.8 720.8 722.9 746.0 745.4 756.4 60 Open market paper 253.8 305.7 358.5 384.9 414.6 421.4 438.8 446.7 475.3 484.6 513.1 61 Other loans 512.1 594.4 639.5 692.0 710.4 717.0 746.6 756.6 766.1 777.4 803.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A45 1.60 SUMMARY OF CREDIT MARKET CLAIMS, BY HOLDER Billions of dollars, except as noted; period-end levels. 1987 1988 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11998833 11998844 11998855 11998866 Q2 Q3 Q4 Ql Q2 Q3 Q4 1 Total funds advanced in credit markets to domestic nonfinancial sectors 5,204.3 5,953.7 6,797.0 7,618.1 7,917.8 8,074.9 8,302.7 8,441.2 8,618.5 8,797.7 9,002.8 By public agencies and foreign 2 Total held 1,101.7 1,259.2 1,459.4 1,759.3 1,918.0 1,967.0 2,038.2 2,093.9 2,141.1 2,192.2 2,265.9 3 U.S. government securities 339.0 377.9 421.8 491.2 519.5 525.6 559.4 592.7 607.1 609.1 637.0 4 Residential mortgages 367.0 423.5 518.2 678.5 800.0 834.6 862.0 880.6 906.1 934.9 962.6 5 FHLB advances to savings and loans 59.0 74.6 88.8 108.6 114.3 120.1 133.1 129.5 134.8 141.6 152.8 6 Other loans and securities 336.8 383.1 430.6 481.0 484.3 486.8 483.7 491.1 493.0 506.6 513.5 7 Total held, by type of lender 1,101.7 1,259.2 1,459.4 1,759.3 1,918.0 1,967.0 2,038.2 2,093.9 2,141.1 2,192.2 2,265.9 8 U.S. government 212.8 229.7 247.6 254.3 242.9 237.1 235.0 233.3 228.6 225.6 225.4 9 Sponsored credit agencies and mortgage pools ... 482.0 556.3 657.8 833.9 957.9 1,003.7 1,044.9 1,064.0 1,091.6 1,126.7 1,165.7 10 Monetary authority 159.2 167.6 186.0 205.5 214.9 219.6 230.1 224.9 229.7 230.8 240.6 11 Foreign 247.7 305.6 367.9 465.7 502.3 506.7 528.2 571.8 591.1 609.2 634.1 Agency and foreign debt not in line 1 12 Sponsored credit agencies and mortgage pools ... 456.7 531.2 632.7 810.3 937.1 981.6 1,026.5 1,050.6 1,076.9 1,116.3 1,162.6 13 Foreign 227.3 235.1 236.7 238.2 236.8 238.9 244.3 245.1 246.4 246.6 253.6 Private domestic holdings 14 Total private holdings 4,786.6 5,460.8 6,207.0 6,907.3 7,173.6 7,328.5 7,535.3 7,643.0 7,800.7 7,968.3 8,153.1 15 U.S. government securities 1,290.4 1,524.9 1,805.2 2,128.7 2,288.3 2,348.8 2,422.4 2,456.0 2,487.0 2,566.1 2,638.3 16 State and local obligations 471.7 522.1 658.4 689.2 705.2 715.5 723.7 728.0 735.8 749.4 760.1 17 Corporate and foreign bonds 441.7 476.8 517.6 601.7 642.4 663.4 688.1 716.3 740.7 756.6 775.2 18 Residential mortgages 992.2 1,096.5 1,185.1 1,267.4 1,260.6 1,284.2 1,316.7 1,329.6 1,365.9 1,394.9 1,421.7 19 Other mortgages and loans 1,649.6 1,915.2 2,129.5 2,328.9 2,391.5 2,436.6 2,517.4 2,542.5 2,606.0 2,642.9 2,710.6 20 LESS: Federal Home Loan Bank advances 59.0 74.6 88.8 108.6 114.3 120.1 133.1 129.5 134.8 141.6 152.8 Private financial intermediation 21 Credit market claims held by private financial institutions 4,111.2 4,691.0 5,264.4 6,009.5 6,277.9 6,434.3 6,593.7 6,725.8 6,879.2 7,000.0 7,164.1 22 Commercial banking 1,622.1 1,791.1 1,978.5 2,173.2 2,207.9 2,248.7 2,309.6 2,322.2 2,377.5 2,416.4 2,458.6 23 Savings institutions 944.0 1,092.8 1,178.4 1,283.0 1,355.4 1,396.5 1,434.2 1,438.9 1,467.6 1,502.5 1,528.6 24 Insurance and pension funds 1,093.5 1,215.3 1,364.2 1,546.0 1,653.0 1,716.0 1,758.0 1,823.3 1,880.0 1,925.8 1,989.4 25 Other finance 451.6 591.7 743.4 1,007.3 1,061.5 1,073.1 1,091.9 1,141.4 1,154.2 1,155.3 1,187.4 26 Sources of funds 4,111.2 4,691.0 5,264.4 6,009.5 6,277.9 6,434.3 6,593.7 6,725.8 6,879.2 7,000.0 7,164.1 27 Private domestic deposits and RPs 2,389.8 2,711.5 2,922.1 3,182.6 3,198.6 3,234.4 3,328.4 3,386.5 3,399.3 3,438.3 3,516.1 28 Credit market debt 401.2 475.0 573.4 700.5 772.9 802.1 836.3 832.4 878.0 898.3 940.2 29 Other sources 1,320.2 1,504.5 1,768.9 2,126.4 2,306.3 2,397.7 2,428.9 2,506.9 2,601.9 2,663.4 2,707.8 30 Foreign funds -23.0 -14.1 5.6 18.6 26.1 52.7 62.2 45.9 62.3 51.9 68.1 31 Treasury balances 11.5 15.5 25.8 27.5 30.9 33.0 21.6 23.5 32.6 34.2 23.0 32 Insurance and pension reserves 1,036.1 1,160.8 1,289.5 1,427.9 1,507.9 1,553.5 1,593.3 1,653.0 1,704.9 1,741.2 1,795.5 33 Other, net 295.6 342.2 448.0 652.5 741.4 758.6 751.7 784.6 802.1 836.0 821.2 Private domestic nonfinancial investors 34 Credit market claims 1,076.6 1,244.8 1,516.0 1,598.3 1,668.7 1,696.3 1,777.9 1,749.6 1,799.4 1,866.7 1,929.1 35 U.S. government securities 548.6 663.6 830.7 881.2 950.4 969.4 1,011.1 1,021.4 1,040.3 1,102.2 1,148.8 36 Tax-exempt obligations 170.0 196.3 235.9 222.3 243.1 255.9 268.3 265.6 272.9 282.4 289.4 37 Corporate and foreign bonds 45.4 44.5 47.6 80.1 71.4 80.6 84.8 67.9 74.0 71.3 66.1 38 Open market paper 68.4 72.4 118.0 115.0 132.6 118.7 140.5 124.0 144.6 144.5 153.6 39 Other 244.3 268.0 283.8 299.7 271.2 271.9 273.2 270.6 267.6 266.3 271.2 40 Deposits and currency 2,566.4 2,891.7 3,112.5 3,393.4 3,405.6 3,444.5 3,555.4 3,608.3 3,634.5 3,672.8 3,754.7 41 Currency 150.9 159.6 171.9 186.3 191.3 192.4 205.4 204.0 209.9 213.4 221.2 42 Checkable deposits 350.9 378.8 419.7 512.9 488.0 487.4 510.3 490.9 505.8 490.5 523.8 43 Small time and savings accounts 1,542.9 1,693.4 1,831.9 1,948.3 1,977.8 1,990.9 2,025.0 2,078.8 2,091.7 2,109.7 2,129.2 44 Money market fund shares 169.5 218.5 227.3 268.9 279.5 286.4 297.1 322.1 310.4 311.1 322.1 45 Large time deposits 247.7 332.1 339.8 328.4 322.4 326.0 355.1 350.0 343.0 377.0 382.0 46 Security RPs 78.8 88.7 103.3 124.1 130.9 143.6 141.0 144.6 148.4 149.9 159.1 47 Deposits in foreign countries 25.7 20.6 18.5 24.5 15.7 17.8 21.6 17.8 25.2 21.2 17.4 48 Total of credit market instruments, deposits, and currency 3,643.0 4,136.5 4,628.5 4,991.7 5,074.2 5,140.8 5,333.3 5,357.9 5,433.9 5,539.5 5,683.9 49 Public holdings as percent of total 20.2 20.3 20.7 22.4 23.5 23.6 23.8 24.1 24.1 24.2 24.4 50 Private financial intermediation (in percent) 85.8 85.9 84.8 87.0 87.5 87.7 87.5 87.9 88.1 87.8 87.8 51 Total foreign funds 224.7 291.5 373.5 484.2 528.4 559.4 590.5 617.6 653.5 661.1 702.2 MEMO: Corporate equities not included above 52 Total market value 2,134.0 2,158.2 2,824.5 3,362.0 4,110.0 4,300.8 3,313.4 3,494.7 3,614.1 3,568.8 3,594.3 53 Mutual fund shares 112.1 136.7 240.2 413.5 520.7 525.1 460.1 479.2 486.8 478.1 475.2 54 Other equities 2,021.9 2,021.5 2,584.3 2,948.5 3,589.3 3,775.7 2,853.2 3,015.6 3,127.3 3,090.8 3,119.1 55 Holdings by financial institutions 612.0 615.6 800.0 972.2 1,238.9 1,312.5 1,021.7 1,090.7 1,142.0 1,135.4 1,153.2 56 Other holdings 1,522.0 1,542.6 2,024.5 2,389.8 2,871.1 2,988.4 2,291.7 2,404.0 2,472.1 2,433.4 2,441.1 NOTES BY LINE NUMBER. 32. Excludes net investment of these reserves in corporate equities. 1. Line 1 of table 1.59. 33. Mainly retained earnings and net miscellaneous liabilities. 2. Sum of lines 3-6 or 7-10. 34. Line 14 less line 21 plus line 28. 6. Includes farm and commercial mortgages. 35-39. Lines 15-19 less amounts acquired by private finance plus amounts 12. Credit market debt of federally sponsored agencies, and net issues of borrowed by private finance. Line 39 includes mortgages. federally related mortgage pool securities. 41. Mainly an offset to line 10. 14. Line 1 less line 2 plus line 12 and 13. Also line 21 less line 28 plus line 34. 48. Lines 34 plus 40, or line 14 less line 29 plus 41 and 47. Also sum of lines 29 and 48 less lines 41 and 47. 49. Line 2/line 1 and 13. 19. Includes farm and commercial mortgages. 50. Line 21/line 14. 27. Line 40 less lines 41 and 47. 51. Sum of lines 11 and 30. 28. Excludes equity issues and investment company shares. Includes line 20. 52-54. Includes issues by financial institutions. 30. Foreign deposits at commercial banks plus bank borrowings from foreign NOTE. Full statements for sectors and transaction types in flows and in amounts affiliates, less claims on foreign affiliates and deposits by banking in foreign banks. outstanding may be obtained from Flow of Funds Section, Stop 95, Division of 31. Demand deposits and note balances at commercial banks. Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A46 Domestic Nonfinancial Statistics • June 1989 2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures1 1977 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted. 1988 1989 MMeeaassuurree 11998866 11998877 11998888 July Aug. Sept. Oct. Nov. Dec/ Jan/ Feb/ Mar. 1 Industrial production 125.1 129.8 137.2 138.0 138.5 138.6 139.4 139.9 140.4 141.0 141.0 141.0 Market groupings 2 Products, total 133.3 138.3 145.9 146.5 147.3 147.4 148.1 148.4 149.4 150.3 150.5 150.4 3 Final, total 132.5 136.8 144.3 145.0 145.8 145.8 146.4 146.8 147.7 148.5 148.9 148.7 4 Consumer goods 124.0 127.7 133.9 134.2 135.0 134.8 136.4 136.8 138.2 138.6 139.0 138.4 5 Equipment 143.6 148.8 158.2 159.4 160.1 160.4 154.0 159.9 160.4 161.6 162.0 162.3 6 Intermediate 136.2 143.5 151.5 151.6 152.3 152.9 154.0 154.2 155.0 156.5 156.1 156.6 7 Materials 113.8 118.2 125.3 126.4 126.5 126.5 127.5 128.3 128.3 128.3 127.9 128.0 Industry groupings 8 Manufacturing 129.1 134.6 142.8 143.6 144.0 144.4 145.3 145.8 146.3 147.4 147.5 147.4 Capacity utilization (percent)2 9 Manufacturing 79.7 81.1 83.5 84.0 84.0 84.0 84.3 84.4 84.4 84.9 84.7 84.4 10 Industrial materials industries 78.6 80.5 83.7 84.4 84.3 84.1 84.7 85.1 84.9 84.8 84.3 84.2 11 Construction contracts (1982 = 100)3 158.0 164.0 161.0 160.0 162.0 157.0 164.0 158.0 163.0 155.0 148.0 150.0 12 Nonagricultural employment, total4 120.7 124.1 128.6 128.9 129.1 129.4 129.7 130.3 130.5 131.0 131.4 131.6 13 Goods-producing, total 100.9 101.8 105.0 105.4 105.3 105.4 105.8 106.2 106.4 107.0 106.9 106.8 14 Manufacturing, total 96.3 96.8 99.2 99.5 99.4 99.3 99.8 100.1 100.3 100.5 100.5 100.6 15 Manufacturing, production-worker 91.1 91.9 94.3 94.6 94.4 94.3 94.9 95.2 95.3 95.6 95.6 95.8 16 Service-producing 129.0 133.4 138.5 138.7 139.0 139.5 139.8 140.3 140.6 141.1 141.6 142.0 17 Personal income, total 219.7 235.1 252.8 253.5 254.5 256.0 259.8 259.1 261.3 265.7 268.5 270.6 18 Wages and salary disbursements 210.7 226.2 245.2 246.7 247.4 249.0 252.2 253.0 254.5 257.5 258.7 260.8 19 Manufacturing 177.4 183.8 195.9 196.6 196.8 198.1 202.2 201.1 200.8 202.7 203.6 207.1 20 Disposable personal income 218.9 232.7 251.7 253.1 254.2 255.6 259.6 258.7 261.0 265.3 268.3 270.3 21 Retail sales 199.3 210.8 225.2 225.9 226.6 226.1 229.6 232.4 231.8 233.2 231.9 232.2 Prices7 22 Consumer (1982-84 = 100) 109.6 113.6 118.3 118.5 119.0 119.8 120.2 120.3 120.5 121.1 121.6 122.3 23 Producer finished goods (1982 = 100) ... 103.2 105.4 108.0 108.6 108.7 108.6 109.4' 109.7 110.0 111.0 111.7 112.2 1. A major revision of the industrial production index and the capacity 5. Based on data in Survey of Current Business (U.S. Department of Comutilization rates was released in July 1985. See "A Revision of the Index of merce). Industrial Production" and accompanying tables that contain revised indexes 6. Based on Bureau of Census data published in Survey of Current Business. (1977= 100) through December 1984 in the FEDERAL RESERVE BULLETIN, vol. 71 7. Data without seasonal adjustment, as published in Monthly Labor Review. (July 1985), pp. 487-501. The revised indexes for January through June 1985 were Seasonally adjusted data for changes in the price indexes may be obtained from shown in the September BULLETIN. the Bureau of Labor Statistics, U.S. Department of Labor. 2. Ratios of indexes of production to indexes of capacity. Based on data from Federal Reserve, McGraw-Hill Economics Department, Department of Com- NOTE. Basic data (not index numbers) for series mentioned in notes 4, 5,and 6, merce, and other sources. and indexes for series mentioned in notes 3 and 7 may also be found in the Survey 3. Index of dollar value of total construction contracts, including residential, of Current Business. nonresidential and heavy engineering, from McGraw-Hill Information Systems Figures for industrial production for the last two months are preliminary and Company, F. W. Dodge Division. estimated, respectively. 4. Based on data in Employment and Earnings (U.S. Department of Labor). Series covers employees only, excluding personnel in the Armed Forces. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A47 2.11 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Thousands of persons; monthly data are seasonally adjusted. Exceptions noted. 1988 1989 CCaatteeggoorryy 11998866 11998877 11998888 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. HOUSEHOLD SURVEY DATA 1 Noninstitutional population1 182,822 185,010 186,837 187,033 187,178 187,333 187,471 187,618 187,859 187,979 188,102 2 Labor force (including Armed Forces)1 120,078 122,122 123,893 124,203 124,200 124,310 124,737 124,779 125,643 125,383 125,469 3 Civilian labor force 111177,,883344 111199,,886655 112211,,666699 112222,,000000 112211,,998844 112222,,009911 112222,,551100 112222,,556633 112233,,442288 112233,,118811 112233,,226644 Employment 4 Nonagricultural industries 106,434 109,232 111,800 112,061 112,194 112,335 112,709 112,816 113,411 113,630 113,930 3 Agriculture 33,,116633 33,,220088 33,,116699 33,,114422 33,,117766 33,,223388 33,,223388 33,,119933 33,,330000 33,,222233 33,,220066 Unemployment 6 Number 8,237 7,425 6,701 6,797 6,614 6,518 6,563 6,554 6,716 6,328 6,128 7 Rate (percent of civilian labor force) 7.0 6.2 5.5 5.6 5.4 5.3 5.4 5.3 5.4 5.1 5.0 8 Not in labor force 62,744 62,888 62,944 62,830 62,978 63,023 62,734 62,839 62,216 62,5% 62,633 ESTABLISHMENT SURVEY DATA 9 Nonagricultural payroll employment3 99,525 102,310 106,039 106,425 106,737 106,973 107,419 107,641 108,065r 108,345 108,525 10 Manufacturing 18,965 19,065 19,536 19,560 19,549 19,648 19,714 19,740 19,793 19,782' 19,800 11 Mining 777 721 733 739 734 729 722 719 718r 717' 722 12 Contract construction 4,816 4,998 5,294 5,340 5,365 5,366 5,413 5,430 5,537r 5,515' 5,466 13 Transportation and public utilities 5,255 5,385 5,584 5,605 5,618 5,631 5,658 5,670 5,692' 5,706' 5,697 14 Trade 23,683 24,381 25,362 25,471 25,510 25,573 25,676 25,730 25,888' 25,975' 26,076 15 Finance 6,283 6,549 6,679 6,689 6,692 6,708 6,725 6,741 6,733' 6,755' 6,758 16 Service 23,053 24,196 25,464 25,662 25,737 25,826 25,947 26,070 26,145' 26,268 26,376 17 Government 16,693 17,015 17,387 17,359 17,532 17,492 17,564 17,541 17,559' 17,627' 17,630 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 1984 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

A48 Domestic Nonfinancial Statistics • June 1989 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1 Seasonally adjusted 1988' 1989 1988 1989 1988 1989 Q2 Q3 Q4 Ql Q2 Q3 Q4' Ql Q2 Q3 Q4 Ql Output (1977 = 100) Capacity (percent of 1977 output) Utilization rate (percent) 1 Total industry 136.0 138.4 139.9 141.0 164.2 165.2 166.3 167.5 82.8 83.8 84. R 84.2 2 Mining 103.4 103.9 104.2 102.3 127.0 126.3' 125.7 125.1 81.5 82.3 82.9r 81.7 3 Utilities 111.9 115.1 114.3 115.0 140.1 140.4 140.7 141.0 79.9 81.9 81.3 81.6 4 Manufacturing 141.5 144.0 145.8 147.5 170.2 171.5 172.8 174.3 83.2 84.0 84.4 84.6 5 Primary processing 123.9 125.9 127.7 128.8 142.7 143.9 145.2 146.5 86.8 87.5 87.r 88.5 6 Advanced processing... 152.3 154.9 156.7 158.6 186.7 188.1 189.5 191.0 81.5 82.4 82.7 83.0 7 Materials 124.0 126.5 128.0 128.1 149.3 150.1 150.8 151.7 83.0 84.3 84.9 84.4 8 Durable goods 134.1 137.1 139.2 139.2 166.8 167.9 169.0 170.1 80.4 81.6 82.4 84.4 9 Metal materials 88.1 92.7 94.8 94.1 109.1 109.5r 109.8 110.2 80.8 84.8 86.2 81.8 10 Nondurable goods 130.4 132.8 135.4 137.4 148.3 149.8 151.2 152.7 87.9 88.6r 89.5' 90.0 11 Textile, paper, and chemical .. 132.4 135.3 138.1 140.3 148.5 150.2 151.8 153.5 89.2 90.0 91.0' 91.4 1? 145.9 148.9 148.6 149.2 150.7' 152.3 97.8 98.8 97.6 13 135.7 139.4 144.1 155.4 157.4r 159.3 87.3 88.6 90.5r 14 Energy materials 100.6 102.5 102.0 100.5 119.4 m.o' 118.7 118.4 84.2 86.0 86. or 84.9 Previous cycle2 Latest cycle3 1988 1988 1989 High Low High Low Mar. July Aug. Sept. Oct. Nov. Dec/ Jan/ Feb/ Mar. Capacity utilization rate (percent) 15 Total industry 88.6 72.1 86.9 69.5 82.4 83.7 83.8 83.7 84.0 84.1 84.3 84.4 84.2 84.0 16 Mining 92.8 87.8 95.2 76.9 80.6 82.5 82.2 82.3 81.9 83.3 83.6 82.3 81.2 81.6 17 Utilities 95.6 82.9 88.5 78.0 81.0 81.5 83.9 80.4 81.0 80.8 82.0 80.5 82.3 81.8 18 Manufacturing 87.7 69.9 86.5 68.0 82.7 84.0 84.0 84.0 84.3 84.4 84.4 84.9 84.7 84.4 19 Primary processing 91.9 68.3 89.1 65.0 86.9 87.8 87.4 87.2 87.9 88.1 87.9 88.7 88.5 88.2 20 Advanced processing.. 86.0 71.1 85.1 69.5 80.7 82.2 82.4 82.4 82.6 82.6 82.8 83.2 83.1 82.8 21 Materials 92.0 70.5 89.1 68.5 82.4 84.4 84.3 84.1 84.7 85.1 84.9 84.8 84.3 84.2 22 Durable goods 91.8 64.4 89.8 60.9 79.1 81.7 81.4 81.9 82.4 82.7 82.1 82.4 81.7 81.3 23 Metal materials 99.2 67.1 93.6 45.7 78.3 84.9 83.4 86.0 87.3 86.9 84.6 86.8 85.0 84.8 24 Nondurable goods .... 91.1 66.7 88.1 70.7 88.3 88.9 88.8 88.2 89.3 89.4 89.8 90.2 89.8 89.9 25 Textile, paper, and chemical 92.8 64.8 89.4 68.8 89.9 90.4 90.3 89.4 90.9 90.9 91.8 91.6 91.2 91.4 ">6 98.4 70.6 97.3 79.9 97.8 110000..00 98.4 97.9 97.8 96.7 98.4 98.1 96.2 77 92.5 64.4 87.9 63.5 87.5 8888..88 89.0 88.0 90.2 90.5 90.7 90.7 90.8 28 Energy materials 94.6 86.9 94.0 82.3 84.1 86.2 86.6 85.3 85.3 86.2 86.5 84.6 84.8 85.2 1. These data also appear in the Board's G.3 (402) release. For address, see 2. Monthly high 1973; monthly low 1975. inside front cover. 3. Monthly highs 1978 through 1980; monthly lows 1982. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A49 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data are seasonally adjusted 1977 1988 1989 GGrroouuppss por- a 1 v 9 g 8 . 8 tion Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec/ Jan. FFeebb..pp Mar/ Index (1977 = 100) MAJOR MARKET 1 Total index 100.00 137.2 134.7 135.4 136.1 136.5 138.0 138.5 138.6 139.4 139.9 140.4 141.0 141.0 141.0 2 Products 57.72 145.9 143.6 144.1 145.0 145.3 146.5 147.3 147.4 148.1 148.4 149.4 150.3 150.5 150.4 Final products 44.77 144.3 141.8 142.5 143.5 144.0 145.0 145.8 145.8 146.4 146.8 147.7 148.5 148.9 148.7 4 Consumer goods 25.52 133.9 131.2 131.9 132.7 133.0 134.2 135.0 134.8 136.4 136.8 138.2 138.6 139.0 138.4 Equipment 19.25 158.2 155.9 156.5 157.7 158.5 159.4 160.1 160.4 159.7 159.9 160.4 161.6 162.0 162.3 6 Intermediate products 12.94 151.5 149.9 149.6 150.4 150.0 151.6 152.3 152.9 154.0 154.2 155.0 156.5 156.1 156.6 7 Materials 42.28 125.2 122.5 123.6 123.9 124.5 126.4 126.5 126.5 127.5 128.3 128.3 128.3 127.9 128.0 Consumer goods 8 Durable consumer goods 6.89 125.3 120.4 123.3 125.6 125.3 125.3 125.7 126.3 129.3 129.2 131.9 131.8 132.4 131.3 9 Automotive products 2.98 124.9 120.6 121.9 127.1 127.1 124.4 124.2 126.4 128.9 129.5 134.5 132.5 131.7 128.7 10 Autos and trucks 1.79 122.7 116.4 118.0 126.9 125.3 120.8 123.1 124.8 128.3 129.5 138.0 135.6 133.1 127.8 11 Autos, consumer 1.16 93.4 86.3 91.0 98.9 99.0 93.8 93.0 97.7 101.3 101.0 105.1 99.6 96.0 94.4 12 Trucks, consumer .63 177.0 172.2 168.2 178.9 174.1 170.8 179.0 175.3 178.4 182.4 199.1 202.3 201.9 n Auto parts and allied goods 1.19 128.1 126.9 127.8 127.4 129.7 129.9 125.9 128.8 129.8 129.5 129.3 127.8 129.7 130.0 14 Home goods 3.91 125.6 120.2 124.3 124.4 123.9 125.9 126.8 126.2 129.7 128.9 130.0 131.2 132.9 133.2 15 Appliances, AJC and TV 1.24 144.1 132.8 143.2 142.2 138.0 143.3 146.5 144.9 154.4 150.4 151.0 151.9 154.3 154.7 16 Appliances and TV 1.19 143.6 132.7 142.2 143.0 137.1 143.8 146.1 143.7 151.9 148.9 150.0 149.5 153.4 17 Carpeting and furniture .96 136.2 133.1 133.1 135.8 135.9 136.6 137.2 137.1 138.8 139.8 140.5 140.1 141.0 18 Miscellaneous home goods 1.71 106.3 103.9 105.7 105.2 107.0 107.4 106.8 106.6 106.7 107.3 108.9 111.3 113.0 19 Nondurable consumer goods 18.63 137.1 135.1 135.1 135.4 135.8 137.5 138.5 138.0 139.0 139.7 140.5 141.1 141.5 141.1 20 Consumer staples 15.29 144.9 142.5 142.5 143.1 143.5 145.3 146.6 145.8 147.0 147.9 148.9 149.4 149.9 149.5 21 Consumer foods and tobacco 7.80 140.9 139.4 138.3 139.2 139.3 141.1 141.3 141.1 142.4 143.7 144.5 145.2 145.2 22 Nonfood staples 7.49 149.1 145.7 146.8 147.0 147.9 149.6 152.1 150.7 151.8 152.2 153.6 153.7 154.7 154.0 23 Consumer chemical products 2.75 180.0 172.7 175.6 177.9 179.5 181.8 183.8 185.0 186.1 185.7 186.8 187.6 186.4 24 Consumer paper products 1.88 163.4 159.1 161.4 162.4 162.8 164.0 165.3 166.3 167.1 167.8 169.0 172.3 174.6 25 Consumer energy 2.86 110.0 111.0 109.6 107.3 107.7 109.3 113.0 107.6 108.9 109.8 111.6 109.1 111.3 26 Consumer fuel 1.44 95.4 97.9 98.9 94.3 93.0 94.6 95.5 92.7 95.3 94.1 96.3 96.7 97.6 27 Residential utilities 1.42 124.8 124.5 120.5 120.6 122.6 124.4 130.9 122.8 122.7 125.8 127.1 121.7 Equipment 28 Business and defense equipment 18.01 163.3 160.8 161.4 162.7 163.5 164.6 165.2 165.6 165.1 165.5 166.2 167.6 116688..33 168.2 29 Business equipment 14.34 157.6 153.3 154.6 156.9 158.1 159.3 160.2 160.8 160.2 161.2 162.6 164.4 165.4 165.5 30 Construction, mining, and farm 2.08 71.9 68.3 70.8 71.8 72.4 73.6 73.1 74.3 74.2 74.5 74.6 74.4 74.8 75.3 31 Manufacturing 3.27 131.3 127.0 127.7 128.3 130.3 132.4 134.0 135.8 136.2 136.2 137.0 136.8 138.3 139.2 32 Power 1.27 89.4 87.8 87.0 87.4 88.3 89.8 90.9 92.2 91.5 92.1 91.8 92.8 93.3 93.2 33 Commercial 5.22 245.2 239.9 241.5 245.7 247.1 248.2 249.8 248.7 245.4 247.0 248.9 253.5 255.0 256.0 34 Transit 2.49 114.9 111.1 112.3 115.3 115.7 115.9 115.2 116.8 120.3 122.3 124.9 125.7 126.0 123.0 35 Defense and space equipment 3.67 185.9 189.9 187.9 185.5 184.6 184.9 184.9 184.5 184.0 182.2 180.5 180.4 179.5 178.8 Intermediate products 36 Construction supplies 5.95 138.6 137.3 137.6 138.8 137.6 138.4 138.1 138.4 140.0 140.7 141.4 142.3 141.5 142.0 37 Business supplies 6.99 162.5 160.7 159.9 160.3 160.6 162.8 164.4 165.2 165.9 165.7 166.7 168.7 168.6 38 General business supplies 5.67 168.5 166.6 165.7 165.5 165.9 168.6 170.6 171.8 172.3 172.9 173.8 175.7 175.4 39 Commercial energy products 1.31 136.3 135.3 134.6 137.8 137.5 137.6 137.7 136.7 138.2 134.3 135.8 138.2 139.4 Materials 40 Durable goods materials 20.50 135.4 131.3 132.7 134.8 134.9 136.8 136.6 137.8 138.9 139.8 139.9 139.8 139.1 138.7 41 Durable consumer parts 4.92 108.9 103.5 106.2 110.0 110.3 110.1 109.8 111.0 111.4 113.9 112.5 111.8 111.7 109.7 42 Equipment parts 5.94 171.7 167.3 168.9 170.8 171.6 174.1 173.5 174.0 174.9 175.0 174.1 175.4 175.5 175.6 43 Durable materials n.e.c 9.64 126.7 123.4 124.0 125.3 124.8 127.5 127.6 129.2 130.8 131.3 130.9 132.2 130.6 130.8 44 Basic metal materials 4.64 95.9 90.5 91.6 94.8 93.7 98.4 97.3 100.3 101.1 101.4 99.8 101.0 99.9 99.9 45 Nondurable goods materials 10.09 132.0 130.1 131.1 130.1 130.1 132.8 133.1 132.6 134.7 135.1 136.3 137.3 137.0 137.7 46 Textile, paper, and chemical materials 7.53 134.4 132.4 133.3 131.9 132.1 135.3 135.7 134.9 137.4 137.9 139.1 140.1 140.0 140.9 47 Textile materials 1.52 109.9 112.7 111.9 107.5 107.5 108.5 110.1 109.2 109.5 110.1 110.0 113.2 112.5 48 Pulp and paper materials 1.55 147.3 144.8 145.8 146.4 145.4 150.3 148.3 148.1 148.4 147.2 150.3 150.4 148.2 49 Chemical materials 4.46 138.3 134.8 136.2 135.1 135.8 139.2 140.0 139.0 143.1 144.2 145.1 145.7 146.5 50 Miscellaneous nondurable materials ... 2.57 124.9 123.2 124.6 125.1 124.2 125.6 125.6 125.9 126.6 127.0 128.0 129.1 51 Energy materials 11.69 101.5 100.6 101.0 99.5 101.3 102.7 103.2 101.5 101.3 102.3 102.6 100.3 100.4 100.9 52 Primary energy 7.57 106.3 105.0 106.7 104.0 105.6 106.8 106.2 106.8 106.0 108.6 107.6 105.3 104.2 53 Converted fuel materials 4.12 92.8 92.6 90.5 91.2 93.5 95.3 97.7 91.8 92.6 90.7 93.3 91.0 93.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A50 Domestic Nonfinancial Statistics • June 1989 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1—Continued 1977 1988 1989 Groups c S o I d C e pr t o io p n o r- a 1 v 98 g 8 . Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec/ Jan Index (1977 = 100) MAJOR INDUSTRY 1 Mining and utilities 15.79 107.6 106.7 107.1 106.0 106.8 108.1 109.0 107.2 107.2 108.1 108.9 107.1 107.0 107.1 2 Mining 9.83 103.5 102.7 104.7 102.6 103.0 104.3 103.8 103.7 103.1 104.7 104.9 103.2 101.6 102.1 3 Utilities 5.96 114.3 113.3 111.0 111.6 113.2 114.4 117.8 113.0 113.9 113.7 115.4 113.5 116.1 115.5 4 Manufacturing 84.21 142.7 140.0 140.8 141.8 142.1 143.6 144.0 144.4 145.3 145.8 146.3 147.4 147.5 147.4 5 Nondurable 35.11 143.9 141.7 142.3 142.1 142.6 144.6 145.1 145.3 146.3 146.7 147.1 148.6 148.6 148.6 6 Durable 49.10 141.9 138.8 139.7 141.5 141.7 142.9 143.2 143.8 144.6 145.2 145.7 146.6 146.8 146.6 Mining 1 Metal 10 .50 93.1 84.9 86.9 86.0 82.2 94.0 96.6 99.1 101.6 104.6 111.9 107.2 8 Coal 11.12 1.60 137.9 129.1 136.0 127.8 126.9 141.5 137.2 142.2 138.5 149.7 155.1 144.7 134.6 139.0 9 Oil and gas extraction 13 7.07 93.0 94.8 95.5 94.6 95.8 93.3 93.2 92.0 91.5 90.8 88.9 89.0 89.8 10 Stone and earth minerals 14 .66 139.9 136.9 141.2 140.1 137.4 140.2 141.3 139.7 142.8 144.0 149.4 151.1 145.4 Nondurable manufactures 11 Foods 20 7.96 142.6 141.1 140.3 141.0 141.3 143.3 143.3 143.2 144.0 145.7 145.8 146.7 146.7 12 Tobacco products 21 .62 105.1 107.2 107.2 107.2 104.5 100.6 105.1 105.0 105.4 102.4 107.0 13 Textile mill products 22 2.29 116.3 117.0 117.3 114.6 114.3 117.1 116.4 116.2 117.0 117.2 117.9 121.4 120.0 14 Apparel products 23 2.79 109.1 108.7 109.2 108.6 109.3 109.4 108.9 109.9 109.5 110.1 108.8 110.2 15 Paper and products 26 3.15 150.3 149.1 149.2 149.5 148.6 152.3 151.0 150.9 151.8 150.7 151.7 153.8 152.3 16 Printing and publishing 27 4.54 184.2 180.4 181.8 180.7 182.3 184.9 186.7 188.0 188.1 188.5 188.0 192.2 193.5 194.2 17 Chemicals and products 28 8.05 152.0 146.4 148.9 149.1 150.5 153.4 154.8 155.3 156.7 157.5 158.1 158.9 159.0 18 Petroleum products 29 2.40 96.0 98.4 98.5 95.2 94.1 95.0 96.0 93.7 96.3 95.0 98.0 98.0 99.3 96.9 19 Rubber and plastic products.... 30 2.80 174.4 172.2 172.3 173.4 174.4 175.4 175.3 175.3 176.9 177.5 177.5 176.8 175.7 20 Leather and products 31 .53 59.5 59.5 58.0 57.1 58.9 59.1 59.4 59.9 61.0 61.5 60.2 62.6 63.6 Durable manufactures 21 Lumber and products 24 2.30 137.3 137.8 138.0 139.8 136.4 136.6 133.8 133.5 137.5 139.4 143.0 140.8 139.1 22 Furniture and fixtures 25 1.27 162.1 159.4 159.2 160.5 161.2 162.9 164.9 164.9 164.5 165.4 165.4 166.6 167.5 23 Clay, glass, and stone products. 32 2.72 122.6 122.5 121.4 121.5 123.4 122.2 122.6 122.6 123.3 124.7 125.1 126.7 127.0 24 Primary metals 33 5.33 89.2 85.1 85.3 89.2 87.5 91.5 90.8 93.1 94.2 92.7 90.0 93.5 91.7 91.8 25 Iron and steel 331.2 3.49 78.1 74.2 74.5 78.6 74.2 80.2 78.9 81.4 83.1 80.8 77.6 82.8 80.2 26 Fabricated metal products 34 6.46 120.9 118.8 118.8 119.8 120.4 121.7 122.1 122.5 122.6 124.6 125.1 124.9 124.9 124.8 27 Nonelectrical machinery 35 9.54 170.8 164.6 167.2 170.3 171.2 173.1 174.1 174.8 173.8 175.4 177.8 179.5 180.8 181.3 28 Electrical machinery 36 7.15 180.1 176.6 178.7 179.1 179.5 181.5 182.2 181.8 183.0 182.2 180.9 180.9 181.8 181.9 29 Transportation equipment 37 9.13 132.1 130.0 130.4 133.1 132.8 131.9 131.8 132.7 134.8 135.2 136.8 136.8 136.6 134.8 30 Motor vehicles and parts 371 5.25 117.2 113.0 114.8 119.6 119.1 116.6 117.5 118.5 121.7 122.9 125.5 124.9 123.3 119.1 31 Aerospace and miscellaneous transportation equipment 72-6.9 3.87 152.3 153.0 151.5 151.5 151.4 152.7 151.3 151.9 152.7 151.9 152.2 153.0 154.6 156.2 32 Instruments 38 2.66 154.3 149.7 150.5 151.3 153.0 156.4 156.8 157.8 159.9 160.4 159.1 161.5 162.0 162.0 33 Miscellaneous manufactures.... 39 1.46 107.1 105.1 105.9 106.0 107.6 107.8 108.3 108.5 107.7 109.0 110.9 114.6 115.1 Utilities 34 Electric 44..1177 113322..00 112299..00 112277..66 112299..77 113322..11 113344..66 113388..88 113322..22 113322..88 113311..66 113322..99 113300..33 113333..77 Gross value (billions of 1982 dollars, annual rates) MAJOR MARKET 35 Products, total. 517.5 1,824.5 1,807.5 1,812.2 1,820.1 1,813.9 1,822.3 1,828.6 1,828.9 1.853.4 1,855.5 1,875.3 1,887.0 1,890.0 36 Final 405.7 1,401.2 1,385.9 1,393.9 1,397.1 1,394.3 1,398.9 1,404.2 1,404.3 1.423.5 1,426.3 1,442.1 1,449.6 1,456.5 37 Consumer goods. 272.7 902.5 893.2 899.1 898.9 893.6 895.6 900.4 897.2 915.0 918.4 934.4 936.7 940.2 38 Equipment 133.0 498.8 492.7 494.7 498.3 500.7 503.2 503.8 507.1 508.4 507.9 507.7 512.9 516.3 39 Intermediate 111.9 423.3 421.6 418.4 423.0 419.6 423.4 424.3 424.5 430.0 429.3 433.2 437.4 433.5 1. These data also appear in the Board's G. 12.3 (414) release. For address, see Industrial Production" and accompanying tables that contain revised indexes inside front cover. (1977= 100) through December 1984 in the FEDERAL RESERVE BULLETIN, vol. 71 A major revision of the industrial production index and the capacity (July 1985), pp. 487-501. The revised indexes for January through June 1985 were utilization rates was released in July 1985. See "A Revision of the Index of shown in the September BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A51 2.14 HOUSING AND CONSTRUCTION Monthly figures are at seasonally adjusted annual rates except as noted. 1988 1989 IItteemm May June July Aug. Sept. Oct. Nov. Dec.' Jan.' Feb. Private residential real estate activity (thousands of units) NEW UNITS 1 Permits authorized 1,750 1,535 1,452' 1,436 1,493 1,420 1,464 1,394 1,516 1,516 1,566 1,507 1,415 2 1-family 1,071 1,024 1,000 982 1,002 984 1,022 974 1,027 1,046 1,082 1,064 996 3 2-or-more-family 679 511 452 454 491 436 442 420 489 470 484 443 419 4 Started 1,805 1,621 1,488 1,392 1,463 1,478 1,459 1,463 1,532 1,567 1,577 1,678 1,476 5 1-family 1,180'' 1,146 1,081 1,001 1,088 1,067 1,076 1,039 1,136 1,138 1,141 1,199 1,034 6 2-or-more-family 626 474 407 391 375 411 383 424 396 429 436 479 442 7 Under construction, end of period' . 1,074 987 919' 985 979 973 962 955 951 959 956 960 961 8 1-family 583 591 570' 610 608 605 601 596 597 603 603 604 601 9 2-or-more-family 490 397 350 375 371 368 361 359 354 356 353 356 360 10 Completed 1,756 1,669 1,530' 1,461 1,517 1,528 1,539 1,536 1,516 1,429 1,539 1,540 1,584 11 1-family 1,120 1,123 1,085' 1,096 1,105 1,077 1,074 1,092 1,088 1,037 1,108 1,143 1,177 12 2-or-more-family 636 546 445 365 412 451 465 444 428 392 431 397 407 13 Mobile homes shipped 244 233 218 221 227 207 223 224 216 227 225 232 212 Merchant builder activity in 1-family units 14 Number sold 748 672 675 679 716 701 712 691 718 650 674 691 626 15 Number for sale, end of period1 357 365 366 370 367 365 363 361 353 364 366 369 374 Price (thousands of dollars)2 Median 16 Units sold 92.2 104.7 113.3 110.0 111.5 118.0 110.0 116.6 112.9 110.4 121.0 113.0 123.1 Average 17 Units sold 112.2 127.9 139.0 133.5 136.5 141.3 140.6 142.7 137.3 137.3 148.3 137.5 150.2 EXISTING UNITS (L-family) 18 Number sold 3,566 3,530 3,594 3,620 3,800 3,650 3,690 3,650 3,680 3,710 3,920 3,550 3,480 Price of units sold (thousands of dollars) 19 Median 80.3 85.6 89.2 89.6 90.2 90.7 91.5 88.5 88.9 88.5 88.7 89.7 91.9 20 Average 98.3 106.2 112.5 113.3 115.4 114.7 115.4 112.6 112.3 112.4 112.0 113.0 117.8 Value of new construction3 (millions of dollars) CONSTRUCTION 21 Total put in place 386,093 398,848 403,122' 398,473 395,714 404,164 403,172 406,906 407,697' 411,517' 420,999 422,762 422,957 22 Private 314,651 323,819 325,110' 320,194 317,708 324,658 326,763 327,164 330,735' 332,279' 335,641 340,631 340,226 23 Residential 187,147 194,772 195,280' 190,374 188,071 194,215 195,393 196,945 199,971' 200,601' 201,738 203,866 203,435 24 Nonresidential, total 112277,,550044 112299,,004477 112299,,883300'' 112299,,882200 112299,,663377 113300,,444433 113311,,337700 113300,,221199 113300,,776644'' 113311,,667788'' 113333,,990033 113366,,776655 113366,,779911 Buildings 25 Industrial 13,747 13,707 14,239 13,907 13,676 13,928 14,006 13,546 15,275' 15,957' 14,949 15,665 15,369 26 Commercial 56,762 55,448 55,588 57,447 56,585 56,687 56,404 55,815 54,525' 53,806' 55,889 57,518 57,957 27 Other 13,216 15,464 16,761 16,847 16,757 16,166 16,613 16,600 17,127' 16,798' 17,177 17,824 17,706 28 Public utilities and other 43,779 44,428 43,242' 41,619 42,619 43,662 44,347 44,258 43,837' 45,117' 45,888 45,758 45,759 29 Public 71,437 75,028 78,011' 78,278 78,007 79,506 76,409 79,742 76,963' 79,238' 85,358 82,131 82,731 30 Military 3,868 4,327 3,952' 3,547 4,844 4,350 3,984 4,897 2,718' 3,521' 4,006 3,460 3,526 31 Highway 22,681 22,758 25,721 25,254 24,822 27,673 23,491 23,841 25,958' 26,433 30,955 27,607 26,655 32 Conservation and development... 4,646 5,162 4,534' 4,460 4,596 4,861 4,793 5,045 4,339' 3,630' 4,369 4,107 5,358 33 Other 40,242 42,781 43,804' 45,017 43,745 42,622 44,141 45,959 43,948' 45,654' 46,028 46,957 47,192 1. Not at annual rates. NOTE. Census Bureau estimates for all series except (1) 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 (2) sales and prices comparable with data in previous periods because of changes by the Bureau of the of 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 the originating agency. Permit Construction Reports (C-30-76-5), issued by the Bureau in July 1976. authorizations 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

A52 Domestic Nonfinancial Statistics • June 1989 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 IIIttteeemmm llleeevvveeelll 1988 1989 1988 1989 MMMaaarrr... 11998888 11998899 111999888999 MMaarr.. MMaarr.. June Sept. Dec. Mar. Nov/ Dec. Jan. Feb. Mar. CONSUMER PRICES2 (1982-84=100) 1 All items 3.9 5.0 4.9 4.8 4.1 6.1 .3 .3 .6 .4 .5 122.3 2 Food 3.0 6.6 6.4 8.8 3.0 8.2 .2 .3 .7 .4 .8 123.5 3 Energy items .8 3.8 3.7 2.7 -.4 10.2 .3 -.3 .8 .6 1.1 89.8 4 All items less food and energy 4.4 4.7 4.3 4.3 4.9 5.2 .3 .4 .5 .4 .4 127.6 3 Commodities 3.5 3.8 3.9 3.1 4.2 4.1 .3 .3 .5 .2 .3 119.0 6 Services 4.8 5.2 4.5 4.8 5.4 5.9 .4 .5 .5 .5 .5 132.7 PRODUCER PRICES (1982=100) / Finished goods 1.9 5.6 3.0 5.7 3.0 10.2 .3 ,4r 1.0 1.0 .4 112.2 8 Consumer foods 1.9 7.5 5.5 9.2 2.1 13.5 .3 .1 1.1 1.2 .8 118.4 9 Consumer energy -3.3 6.7 -5.2 -2.7 2.1 38.3 .8 — ,3r 4.9 2.4 .9 62.1 10 Other consumer goods 3.4 4.9 3.5 5.9 4.4 6.1 .2 .7 .4 .7 .4 122.8 11 Capital equipment 1.9 3.8 2.9 6.1 1.4 4.9 .2 .3 .6 .4 .2 117.5 12 Intermediate materials3 4.9 6.4 7.4 4.6 4.5 9.1 .5 .6' .9 .6 .6 111.5 13 Excluding energy 6.3 6.7 6.9 7.2 6.7 6.2 .7 .5' .6 .5 .4 120.5 Crude materials 14 Foods 7.7 13.9 21.3 29.1 -7.9 16.5 -4.1 1.8' 2.2 -1.3 3.0 113.7 15 Energy -6.7 6.6 7.8 -27.0 12.9 45.1 -.6 6.C 6.7 1.1 1.7 73.2 16 Other 24.9 6.1 -6.5 8.5 5.8 17.9 1.6 -.4' 2.2 .0 2.0 141.5 1. Not seasonally adjusted. 3. Excludes intermediate materials for food manufacturing and manufactured 2. Figures for consumer prices are those for all urban consumers 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 A53 2.16 GROSS NATIONAL PRODUCT AND INCOME Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates. 1988 1989 AAccccoouunntt 11998866 11998877 11998888 Q1 Q2 Q3 Q4 Ql GROSS NATIONAL PRODUCT 1 Total 4,240.3 4,526.7 4,864.3 4,724.5 4,823.8 4,909.0 4,999.7 5,116.8 By source 2 Personal consumption expenditures 2,807.5 3,012.1 3,227.5 3,128.1 3,194.6 3,261.2 3,326.4 3,380.4 3 Durable goods 406.5 421.9 451.1 437.8 449.8 452.9 464.0 461.5 4 Nondurable goods 943.6 997.9 1,046.9 1,016.2 1,036.6 1,060.8 1,073.9 1,093.7 5 Services 1,457.3 1,592.3 1,729.6 1,674.1 1,708.2 1,747.5 1,788.5 1,825.3 6 Gross private domestic investment 665.9 712.9 766.5 763.4 758.1 772.5 772.0 815.9 7 Fixed investment 650.4 673.7 718.1 698.1 714.4 722.8 737.2 754.2 8 Nonresidential 433.9 446.8 488.4 471.5 487.8 493.7 500.6 516.5 9 Structures 138.5 139.5 142.8 140.1 142.3 143.8 145.0 149.4 10 Producers' durable equipment 295.4 307.3 345.6 331.3 345.5 349.9 355.6 367.0 11 Residential structures 216.6 226.9 229.7 226.6 226.5 229.1 236.6 237.7 12 Change in business inventories 15.5 39.2 48.4 65.3 43.7 49.7 34.7 61.8 13 Nonfarm 17.4 40.7 42.2 49.4 33.1 41.9 44.6 43.3 14 Net exports of goods and services -104.4 -123.0 -94.6 -112.1 -90.4 -80.0 -96.1 -90.5 15 Exports 378.4 428.0 519.7 487.8 507.1 536.1 548.0 570.3 16 Imports 482.8 551.1 614.4 599.9 597.5 616.0 644.0 660.8 17 Government purchases of goods and services 871.2 924.7 964.9 945.2 961.6 955.3 997.5 1,010.9 18 Federal 366.2 382.0 381.0 377.7 382.2 367.7 396.3 394.8 19 State and local 505.0 542.8 583.9 567.5 579.4 587.6 601.2 616.1 By mqjor type of product 20 Final sales, total 4,224.7 4,487.5 4,815.9 4,659.2 4,780.1 4,859.3 4,965.0 5,055.0 21 Goods 1,697.9 1,792.5 1,938.7 1,879.5 1,928.0 1,960.1 1,987.1 2,049.6 22 Durable 725.3 776.3 858.3 819.3 849.5 881.6 882.7 903.3 23 Nondurable 972.6 1,016.3 1,080.4 1,060.1 1,078.5 1,078.5 1,104.4 1,146.2 24 Services 2,118.3 2,295.7 2,478.0 2,405.2 2,451.5 2,501.6 2,553.5 2,600.7 25 Structures 424.0 438.4 447.7 439.9 444.3 447.3 459.1 466.6 26 Change in business inventories 15.5 39.2 48.4 65.3 43.7 49.7 34.7 61.8 27 Durable goods 4.3 26.6 30.9 26.6 17.8 45.1 34.1 42.9 28 Nondurable goods 11.3 12.6 17.4 38.6 25.9 4.6 0.6 18.8 MEMO 29 Total GNP in 1982 dollars 3,721.7 3,847.0 3,996.1 3,956.1 3,985.2 4,009.4 4,033.4 4,088.2 NATIONAL INCOME 30 3,437.1 3,678.7 3,968.2 3,850.8 3,928.8 4,000.7 4,093.4' n.a. 31 Compensation of employees 2,507.1 2,683.4 2,904.7 2,816.4 2,874.0 2,933.2 2,995.3 3,060.3 32 Wages and salaries 2,094.0 2,248.4 2,436.9 2,358.7 2,410.0 2,462.0 2,516.8 2,574.0 33 Government and government enterprises 393.7 420.1 446.1 437.1 442.9 449.1 455.4 465.9 34 Other 1,700.3 1,828.3 1,990.7 1,921.6 1,967.1 2,012.9 2,061.4 2,108.1 35 Supplement to wages and salaries 413.1 435.0 467.8 457.7 464.0 471.1 478.5 486.3 36 Employer contributions for social insurance 217.0 227.1 249.6 243.1 247.5 251.7 256.0 260.9 37 Other labor income 196.1 207.9 218.3 214.6 216.5 219.5 222.5 225.4 38 Proprietors'income1 286.7 312.9 324.5 323.9 328.8 321.6 323.8 357.8 39 Business and professional 250.3 270.0 288.2 279.2 285.3 290.7 297.7 300.9 40 Farm1 36.4 43.0 36.3 44.7 43.4 30.9 26.0 56.9 41 Rental income of persons2 12.4 18.4 19.3 20.5 19.1 19.7 18.1 13.3 42 Corporate profits' .. 298.9 310.4 328.1 316.2 326.5 330.0 340.9' n.a. 43 Profits before tax3 236.4 276.7 306.4 286.2 305.9 313.9 320.6' n.a. 44 Inventory valuation adjustment 8.3 -18.0 -23.8 -19.4 -27.4 -29.3 -19.2 -33.6 45 Capital consumption adjustment 54.2 51.7 45.6 49.4 48.0 45.4 39.6 33.3 46 Net interest 331.9 353.6 391.5 373.9 380.6 396.2 415.4 435.5 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

A54 Domestic Nonfinancial Statistics • June 1989 2.17 PERSONAL INCOME AND SAVING Billions of current dollars; quarterly data are at seasonally adjusted annual rates. Exceptions noted. 1988 1989 AAccccoouunntt 11998866 11998877 11998888 Ql Q2 Q3 Q4 Ql PERSONAL INCOME AND SAVING 1 Total personal income 3,531.1 3,780.0 4,062.1 3,951.4 4,022.4 4,094.0 4,180.5 4,312.4 2 Wage and salary disbursements 2,094.0 2,248.4 2,436.9 2,358.7 2,410.0 2,462.0 2,516.8 2,574.0 3 Commodity-producing industries 625.5 649.8 695.4 676.0 689.1 701.3 715.4 727.6 4 Manufacturing 473.1 490.3 522.5 509.6 517.4 525.9 537.1 545.3 5 Distributive industries 498.9 531.7 578.7 558.2 572.1 585.8 598.6 611.4 6 Service industries 575.9 646.8 716.6 687.4 705.9 725.8 747.4 769.0 7 Government and government enterprises 393.7 420.1 446.1 437.1 442.9 449.1 455.4 465.9 8 Other labor income 196.1 207.9 218.3 214.6 216.5 219.5 222.5 225.4 9 Proprietors' income 286.7 312.9 324.5 323.9 328.8 321.6 323.8 357.8 10 Business and professional1 250.3 270.0 288.2 279.2 285.3 290.7 297.7 300.9 11 Farm1 36.4 43.0 36.3 44.7 43.4 30.9 26.0 56.9 12 Rental income of persons2 12.4 18.4 19.3 20.5 19.1 19.7 18.1 13.3 82.8 88.6 96.3 93.5 95.0 97.3 99.4 102.1 14 Personal interest income 499.1 527.0 575.9 554.2 563.7 581.9 603.7 632.9 15 Transfer payments 521.1 548.8 586.0 576.3 582.8 588.6 596.4 616.9 16 Old-age survivors, disability, and health insurance benefits ... 269.3 282.9 301.8 298.1 300.4 303.1 305.7 317.6 17 LESS: Personal contributions for social insurance 161.1 172.0 195.1 190.2 193.5 196.7 200.1 210.2 18 EQUALS: Personal income 3,531.1 3,780.0 4,062.1 3,951.4 4,022.4 4,094.0 4,180.5 4,312.4 19 LESS: Personal tax and nontax payments 511.4 570.3 590.3 575.8 601.0 586.5 598.0 616.0 20 EQUALS: Disposable personal income 3,019.6 3,209.7 3,471.8 3,375.6 3,421.5 3,507.5 3,582.5 3,696.4 21 LESS: Personal outlays 2,898.0 3,105.5 3,327.5 3,225.7 3,293.6 3,361.8 3,428.7 3,484.5 22 EQUALS: Personal saving 121.7 104.2 144.3 149.9 127.8 145.7 153.8 211.9 MEMO Per capita (1982 dollars) 23 Gross national product 15,401.2 15,772.9 16,231.1 1166,,112277..66 1166,,221133..22 1166,,226655..33 1166,,332222..99 1166,,550044..66 24 Personal consumption expenditures 10,160.1 10,336.2 10,528.8 10,435.4 10,492.3 10,563.1 10,628.1 10,637.1 25 Disposable personal income 10,929.0 11,012.0 11,326.0 11,260.0 11,237.0 11,362.0 11,445.0 11,633.0 26 Saving rate (percent) 4.0 3.2 4.2 4.4 3.7 4.2 4.3 5.7 GROSS SAVING 537.2 560.4 644.4 627.0 634.1 665.4 ESI^ n.a. 28 Gross private saving 681.6 665.3 731.6 726.3 711.2 732.9 156.1' n.a. 29 Personal saving 121.7 104.2 144.3 149.9 127.8 145.7 153.8 211.9 30 Undistributed corporate profits1 104.1 81.1 81.0 78.1 8800..11 79.5 86.8r n.a. 31 Corporate inventory valuation adjustment 8.3 -18.0 -23.8 -19.4 --2277..44 -29.3 -19.2 -33.6 Capital consumption allowances 282.4 297.5 315.7 330099..88 313.3 331166..88 332233..00 332288..22 173.5 182.5 190.6 188.5 189.9 190.9 193.1 196.4 34 Government surplus, or deficit (-), national income and product accounts -144.4 -104.9 -87.3 -99.2 -77.1 --6677..55 -- 110044..88rr n.a. 35 Federal -205.6 -157.8 -142.4 -155.1 -133.3 -123.5 -157.5' n.a. 61.2 52.9 55.1 55.8 56.2 56.0 52.6' n.a. 523.6 552.3 630.3 612.0 629.0 651.4 628.7 681.2 38 Gross private domestic 665.9 712.9 766.5 763.4 758.1 772.5 772.0 815.9 -142.4 -160.6 -136.2 -151.3 -129.1 -121.1 -143.3 -134.7 -13.6 -8.1 -14.1 -15.0 -5.1 -14.0 —23.2R 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 A55 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data are seasonally adjusted except as noted.1 1987 1988 Item credits or debits 11998866 11998877 11998888 Q4 Q1 Q2 Q3 Q4P 1 Balance on current account -138,827 -153,964 -135,332 -33,523 -36,998 -33,814 -32,607 -31,912 2 Not seasonally adjusted -31,802 -32,179 -34,606 -38,560 -29,986 3 Merchandise trade balance -144,547 -160,280 -126,525 -41,192 -35,187 -30,152 -29,170 -32,016 4 Merchandise exports 223,969 249,570 319,905 68,013 75,140 79,443 81,674 83,648 5 Merchandise imports -368,516 -409,850 -446,430 -109,205 -110,327 -109,595 -110,844 -115,664 6 Military transactions, net -4,372 -2,369 -4,229 -1,261 -1,033 -914 -857 -1,425 7 Investment income, net 23,143 20,374 2,602 12,539 1,128 -1,986 -1,234 4,694 8 Other service transactions, net 2,257 1,755 6,404 764 1,241 2,015 1,869 1,279 9 Remittances, pensions, and other transfers -3,571 -3,434 -3,531 -828 -908 -819 -872 -932 10 U.S. government grants (excluding military) -11,738 -10,011 -10,052 -3,545 -2,239 -1,958 -2,343 -3,512 11 Change in U.S. government assets, other than official reserve assets, net (increase, -) -2,000 1,162 3,641 1,012 -814 -801 1,990 3,266 12 Change in U.S. official reserve assets (increase, -) 312 9,149 3,566 3,741 1,503 39 -7,380 2,272 13 Gold 0 0 0 0 0 0 0 0 14 Special drawing rights (SDRs) -246 -509 474 -205 155 180 -35 173 15 Reserve position in International Monetary Fund 1,500 2,070 1,025 722 446 69 202 307 16 Foreign currencies -942 7,588 -5,064 3,225 901 -210 -7,547 1,791 17 Change in U.S. private assets abroad (increase, -) -96,303 -86,297 -92,029 -43,645 5,817 -18,295 -33,833 -45,718 18 Bank-reported claims -59,975 -40,531 -57,493 -23,460 17,108 -13,274 -27,832 -33,495 19 Nonbank-reported claims -4,220 3,145 -6,627 1,248 -315 -7,061 749 20 U.S. purchase of foreign securities, net -4,297 -4,456 -7,474 -1,757 -4,467 1,529 -1,554 -2,982 21 U.S. direct investments abroad, net -27,811 -44,455 -20,435 -19,676 -6,509 511 -5,196 -9,241 22 Change in foreign official assets in United States (increase, +) 35,507 44,968 39,012 20,047 24,670 5,946 -2,534 10,930 23 U.S. Treasury securities 34,364 43,361 41,703 19,243 27,701 5,863 -3,769 11,908 24 Other U.S. government obligations -1,214 1,570 1,351 662 -121 202 572 698 25 Other U.S. government liabilities4 2,054 -2,824 -1,278 108 -123 -570 -292 -293 26 Other U.S. liabilities reported by U.S. banks3 1,187 3,901 -269 -223 -1,954 868 1,463 -646 27 Other foreign official assets5 -884 -1,040 -2,495 257 -833 -417 -508 -737 28 Change in foreign private assets in United States (increase, +) < 185,746 166,522 171,726 36,025 1,395 59,549 50,631 60,150 29 U.S. bank-reported liabilities'' 79,783 87,778 78,877 29,764 -17,233 31,121 29,226 35,763 30 U.S. nonbank-reported liabilities -2,906 2,150 3,778 -1,000 2,015 113 1,650 31 Foreign private purchases of U.S. Treasury securities, net 3,809 -7,596 19,886 496 6,887 5,457 3,412 4,130 32 Foreign purchases of other U.S. securities, net 70,969 42,213 26,961 -4,977 2,379 9,797 7,948 6,837 33 Foreign direct investments in United States, net 34,091 41,977 42,224 11,742 7,347 13,061 8,395 13,420 34 Allocation of SDRs 0 0 0 0 0 0 0 0 35 Discrepancy 15,566 18,461 16,548 16,342 4,428 -12,624 23,733 1,013 36 Owing to seasonal adjustments 3,138 3,893 -3,425 -5,119 4,653 37 Statistical discrepancy in recorded data before seasonal adjustment 15,566 18,461 16,548 13,204 535 -9,199 28,852 -3,640 MEMO Changes in official assets 38 U.S. official reserve assets (increase, -) 312 9,149 -3,566 3,741 1,503 39 -7,380 2,272 39 Foreign official assets in United States (increase, +) excluding line 25 33,453 47,792 40,290 19,939 24,793 6,516 -2,242 11,223 40 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22 above) -9,327 -9,956 -2,909 -2,750 -1,375 -1,783 -466 715 41 Transfers under military grant programs (excluded from lines 4, 6, and 10 above) 101 58 86 12 45 4 7 30 1. Seasonal factors are not calculated for lines 6, 10, 12-16, 18-20, 22-34, and 4. Primarily associated with military sales contracts and other transactions 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 3. Reporting banks include all kinds of depository institutions besides commer- Business (Department of Commerce). cial banks, as well as some brokers and dealers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A56 International Statistics • June 1989 3.11 U.S. FOREIGN TRADE1 Millions of dollars; monthly data are seasonally adjusted. 1988 1989 IItteemm 11998866 11998877 11998888 Aug. Sept. Oct. Nov. Dec. Jan/ Feb." 1 EXPORTS of domestic and foreign merchandise excluding grant-aid shipments, f.a.s. value 227,159 254,122 322,225 27,493 27,989 27,816 27,542 29,062 28,747 28,905 GENERAL IMPORTS including merchandise for immediate consumption plus entries into bonded warehouses 2 Customs value 365,438 406,241 440,940 38,140 37,178 36,600 38,200 40,052 37,425 39,401 Trade balance 3 Customs value -138,279 -152,119 -118,716 -10,647 -9,189 -8,784 -10,658 -10,991 -8,678 -10,496 1. The Census basis data differ from merchandise trade data shown in table tions; military payments are excluded and shown separately as indicated above. 3.10, U.S. International Transactions Summary, for reasons of coverage and As of Jan. 1,1987 census data are released 45 days after the end of the month; the timing. On the export side, the largest adjustment is the exclusion of military sales previous month is revised to reflect late documents. Total exports and the trade (which are combined with other military transactions and reported separately in balance reflect adjustments for undocumented exports to Canada. the "service account" in table 3.10, line 6). On the import side, additions are made SOURCE. FT900 "Summary of U.S. Export and Import Merchandise Trade" for gold, ship purchases, imports of electricity from Canada, and other transac- (Department of Commerce, Bureau of the Census). 3.12 U.S. RESERVE ASSETS Millions of dollars, end of period 1988 1989 TTyyppee 11998855 11998866 11998877 Sept. Oct. Nov. Dec. Jan. Feb. Mar." 1 Total 43,186 48,511 45,798 47,788 50,204 48,944 47,802 48,190 49,373 49,854 2 Gold stock, including Exchange Stabilization Fund1 11,090 11,064 11,078 11,062 11,062 11,059 11,057 11,056 11,061 11,061 3 Special drawing rights2'3 7,293 8,395 10,283 9,074 9,464 9,785 9,637 9,388 9,653 9,443 4 Reserve position in International Monetary Fund 11,947 11,730 11,349 9,637 10,075 10,103 9,745 9,422 9,353 9,052 5 Foreign currencies4 12,856 17,322 13,088 18,015 19,603 17,997 17,363 18,324 19,306 20,298 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 BANKS1 Millions of dollars, end of period 1988 1989 AAsssseettss 11998855 11998866 11998877 p Sept. Oct. Nov. Dec. Jan. Feb. Mar. 1 Deposits 480 287 244 338 301 251 347 279 325 351 Assets held in custody 2 U.S. Treasury securities 121,004 155,835 195,126 221,119 226,533 229,926 232,547 228,399 230,860 234,075 3 Earmarked gold 14,245 14,048 13,919 13,653 13,637 13,640 13,636 13,635 13,609 13,602 1. Excludes deposits and U.S. Treasury securities held for international and 3. Earmarked gold and the gold stock are valued at $42.22 per fine troy ounce, regional organizations. Earmarked gold is gold held for foreign and international accounts and is not 2. Marketable U.S. Treasury bills, notes, and bonds; and nonmarketable U.S. included in the gold stock of the United States. Treasury securities payable in dollars and in foreign currencies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Summary Statistics A57 3.14 FOREIGN BRANCHES OF U.S. BANKS Balance Sheet Data1 Millions of dollars, end of period 1988 1989 11998866 Aug. Sept. Oct. Nov. Dec.' Jan. Feb. All foreign countries 1 Total, all currencies 458,012 456,628 518,618 491,364r 493,302' 497,514' 516,360' 505,790 496,509' 501,438 2 Claims on United States 119,706 114,563 138,034 158,924' 157,443' 157,317' 171,304' 169,111 167,143 168,488 3 Parent bank 87,201 83,492 105,845 119,121r 117,027' 117,494' 130,834' 129,856 127,403 127,925 4 Other banks in United States 13,057 13,685 16,416 16,465' 16,426' 15,039' 16,366' 14,918 14,338 13,372 5 Nonbanks 19,448 17,386 15,773 23,338 23,990 24,784 24,104' 24,337 25,402 27,191 6 Claims on foreigners 315,676 312,955 342,520 296,835' 299,331' 302,855' 307,043' 299,504 291,650 296,098 7 Other branches of parent bank 91,399 96,281 122,155 99,464r 103,573' 102,050' 106,639' 107,176 102,478 104,150 8 Banks 102,960 105,237 108,859 99,187' 98,493' 102,285' 100,758' 96,866 93,760 95,784 9 Public borrowers 23,478 23,706 21,832 18,709 18,415 18,205 18,169 17,138 16,751 16,504 10 Nonbank foreigners 97,839 87,731 89,674 79,475 78,850 80,315 81,477' 78,324 78,661 79,660 11 Other assets 22,630 29,110 38,064 35,605 36,528' 37,342 38,013' 37,175 37,716' 36,852 12 Total payable in U.S. dollars 336,520 317,487 350,107 346,375' 344,201' 341,132' 355,652' 358,027 345,506 347,012 13 Claims on United States 116,638 110,620 132,023 153,484' 151,821' 151,598' 165,017' 163,456 160,520 161,146 14 Parent bank 85,971 82,082 103,251 116,539' 114,362' 115,109' 127,692' 126,929 124,496 124,098 15 Other banks in United States 12,454 12,830 14,657 15, 14,992' 13,560' 15,062' 14,167 12,976 12,093 16 Nonbanks 18,213 15,708 14,115 21,755 22,467 22,929 22,263 22,360 23,048 24,955 17 Claims on foreigners 210,129 195,063 202,428 175,998' 175,509' 173,467' 173,826' 177,672 167,271 168,464 18 Other branches of parent bank 72,727 72,197 88,284 74,957' 77,724' 74,949' 77,384' 80,736 76,221 76,753 19 Banks 71,868 66,421 63,707 55,044' 52,534' 54,870' 53,632' 54,884 49,544 50,153 20 Public borrowers 17,260 16,708 14,730 12,933 12,770 12,616 12,233 12,131 11,596 11,638 21 Nonbank foreigners 48,274 39,737 35,707 33,064 32,481 31,032 30,577 29,921 29,910 29,920 22 Other assets 9,753 11,804 15,656 16,893 16,871' 16,067 16,809' 16,899 17,715 17,402 United Kingdom 23 Total, all currencies 148,599 140,917 158,695 149,646 147,329 155,580 159,556 156,835 156,529 154,879 24 Claims on United States 33,157 24,599 32,518 36,325 32,059 36,260 39,242 40,089 40,954 40,477 25 Parent bank 26,970 19,085 27,350 30,767 26,661 30,569 33,138 34,243 34,928 34,259 26 Other banks in United States 1,106 1,612 1,259 1,197 1,238 994 1,343 1,123 1,128 1,268 27 Nonbanks 5,081 3,902 3,909 4,361 4,160 4,697 4,761 4,723 4,898 4,950 28 Claims on foreigners 110,217 109,508 115,700 103,509 105,813 109,743 110,336 106,388 104,668 103,876 29 Other branches of parent bank 31,576 33,422 39,903 29,656 31,758 33,103 33,243 35,625 35,322 33,840 30 Banks 39,250 39,468 36,735 38,259 38,848 40,236 40,875 36,765 34,907 36,159 31 Public borrowers 5,644 4,990 4,752 4,543 4,250 4,190 4,276 4,019 4,090 3,808 32 Nonbank foreigners 33,747 31,628 34,310 31,051 30,957 32,214 31,942 29,979 30,349 30,069 33 Other assets 5,225 6,810 10,477 9,812 9,457 9,577 9,978 10,358 10,907 10,526 34 Total payable in U.S. dollars 108,626 95,028 100,574 96,767 93,790 99,868 101,341 103,503 102,873 100,904 35 Claims on United States 32,092 23,193 30,439 34,553 30,127 34,184 36,881 38,012 38,591 37,517 36 Parent bank 26,568 18,526 26,304 29,837 25,692 29,667 32,115 33,252 33,925 32,916 37 Other banks in United States 1,005 1,475 1,044 1,039 910 606 849 964 678 816 38 Nonbanks 4,519 3,192 3,091 3,677 3,525 3,911 3,917 3,796 3,988 3,785 39 Claims on foreigners 73,475 68,138 64,560 57,019 58,463 60,984 59,405 60,472 58,798 57,757 40 Other branches of parent bank 26,011 26,361 28,635 22,465 24,472 25,703 25,574 28,474 27,939 26,665 41 Banks 26,139 23,251 19,188 19,165 19,066 20,488 19,452 18,494 16,778 17,246 42 Public borrowers 3,999 3,677 3,313 3,105 3,022 2,984 2,898 2,840 2,869 2,774 43 Nonbank foreigners 17,326 14,849 13,424 12,284 11,903 11,809 11,481 10,664 11,212 11,072 44 Other assets 3,059 3.697 5,575 5,195 5,200 4,700 5,055 5,019 5,484 5,630 Bahamas and Caymans 45 Total, all currencies 142,055 142,592 160,321 169,282' 167,719' 159,147' 169,034' 170,639 162,352 165,862 46 Claims on United States 74,864 78,048 85,318 100,975' 101,587' 96,287' 106,240' 105,320 103,016 103,989 47 Parent bank 50,553 54,575 60,048 68,630' 68,348' 64,249' 73,654' 73,409 71,065 71,100 48 Other banks in United States 11,204 11,156 14,277 14,196' 14,183' 12,799' 14,065' 13,145 12,521 11,429 49 Nonbanks 13,107 12,317 10,993 18,149 19,056 19,239 18,521 18,766 19,430 21,460 50 Claims on foreigners 63,882 60,005 70,162 62,447' 59,242' 56,526' 56,128' 58,393 52,503 54,732 51 Other branches of parent bank 19,042 17,296 21,277 21,954' 21,538' 18,772' 18,534' 17,954 15,982 18,454 52 Banks 28,192 27,476 33,751 27,113' 24,682' 25,636' 25,549' 28,268 24,755 24,514 53 Public borrowers 6,458 7,051 7,428 6,185 6,219 6,045 5,861 5,830 5,422 5,513 54 Nonbank foreigners 10,190 8,182 7,706 7,195 6,803 6,073 6,184 6,341 6,344 6,251 55 Other assets 3,309 4,539 4,841 5,860 6,890' 6,334 6,666' 6,926 6,833 7,141 56 Total payable in U.S. dollars 136,794 136,813 151,434 161,486' 159,815' 151,363' 161,238' 163,518 154,981 158,011 1. Beginning with June 1984 data, reported claims held by foreign branches from $50 million to $150 million equivalent in total assets, the threshold now have been reduced by an increase in the reporting threshold for "shell" branches applicable to all reporting branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A58 International Statistics • June 1989 3.14—Continued 1988 1989 LLiiaabbiilliittyy aaccccoouunntt 11998855 11998866 11998877 Aug. Sept. Oct. Nov. Dec/ Jan. Feb. All foreign countries 57 Total, all currencies 458,012 456,628 518,618 491,364' 493,302' 497,514' 516,360' 505,790 496,509' 501,438 58 Negotiable CDs 34,607 31,629 30,929 31,203 28,953 27,969 30,734 28,511 28,538 30,013 59 To United States 156,281 152,465 161,390 166,104r 167,449' 163,526' 174,437' 185,617 172,095 174,937 60 Parent bank 84,657 83,394 87,606 90,378r 96,856' 97,102' 106,207' 114,700 100,742 105,667 61 Other banks in United States 16,894 15,646 20,559 16,356 14,272 14,029 13,584 14,959 15,358 12,990 62 Nonbanks 54,730 53,425 53,225 59,37<T 56,321' 52,395' 54,646' 55,958 55,995 56,280 63 To foreigners 245,939 253,775 304,803 272,486' 275,689' 283,282' 287,759' 270,614 273,735 274,683 64 Other branches of parent bank 89,529 95,146 124,601 101,960' 107,640' 107,532' 112,310' 111,262 109,116 111,577 65 Banks 76,814 77,809 87,274 80,779' 79,893' 82,282' 82,636' 72,561 71,939' 70,295 66 Official institutions 19,520 17,835 19,564 17,232 16,911 18,786 17,743 15,183 18,866' 17,322 67 Nonbank foreigners 60,076 62,985 73,364 72,515 71,245 74,682 75,070 71,608 73,814 75,489 68 Other liabilities 21,185 18,759 21,496 21,571 21,211 22,737 23,430 21,048 22,141' 21,805 69 Total payable in U.S. dollars 353,712 336,406 361,438 349,654R 351,557' 347,019' 363,425' 367,075 353,661 356,578 70 Negotiable CDs 31,063 28,466 26,768 26,128 24,353 23,218 26,130 24,045 23,696 25,452 71 To United States 150,905 144,483 148,442 154,448r 156,60c 152,240' 161,080' 173,189 159,651 161,449 72 Parent bank 81,631 79,305 81,783 83,269r 90,312' 90,122' 97,898' 107,150 92,772 96,714 73 Other banks in United States , 16,264 14,609 19,155 15,153 13,153 12,868 12,230 13,628 14,173 11,535 74 Nonbanks 53,010 50,569 47,504 56,026' 53,135' 49,250' 50,952' 52,411 52,706 53,200 75 To foreigners 163,583 156,806 177,711 158,166' 159,777' 160,653' 164,817' 160,359 160,615 159,523 76 Other branches of parent bank 71,078 71,181 90,469 76,436' 80,806' 79,945' 82,810' 84,021 82,145 83,253 77 Banks 37,365 33,850 35,065 30,214' 29,437' 29,167' 31,133' 28,480 27,220 27,044 78 Official institutions 14,359 12,371 12,409 9,938 9,207 10,624 9,121 8,224 10,879 8,739 79 Nonbank foreigners 40,781 39,404 39,768 41,578 40,327 40,917 41,753 39,634 40,371 40,487 80 Other liabilities 8,161 6,651 8,517 10,912 10,827 10,908 11,398 9,482 9,699 10,154 United Kingdom 81 Total, all currencies 148,599 140,917 158,695 149,646 147,329 155,580 159,556 156,835 156,529 154,879 82 Negotiable CDs 31,260 27,781 26,988 26,998 24,311 23,345 26,013 24,528 24,253 25,942 83 To United States 29,422 24,657 23,470 25,013 25,657 31,575 32,420 36,784 34,535 35,334 84 Parent bank 19,330 14,469 13,223 15,100 17,115 22,800 23,226 27,849 24,130 25,562 85 Other banks in United States 2,974 2,649 1,740 1,878 2,021 2,192 1,768 2,197 2,568 1,856 86 Nonbanks 7,118 7,539 8,507 8,035 6,521 6,583 7,426 6,738 7,837 7,916 87 To foreigners 78,525 79,498 98,689 87,504 87,212 89,934 90,404 86,026 87,519 83,833 88 Other branches of parent bank 23,389 25,036 33,078 25,570 26,837 25,743 26,268 26,812 26,815 24,553 89 Banks 28,581 30,877 34,290 31,829 31,701 32,385 33,029 30,609 29,329 28,567 90 Official institutions 9,676 6,836 11,015 9,982 8,570 10,656 9,542 7,873 10,010 8,627 91 Nonbank foreigners 16,879 16,749 20,306 20,123 20,104 21,150 21,565 20,732 21,365 22,086 92 Other liabilities 9,392 8,981 9,548 10,131 10,149 10,726 10,719 9,497 10,222 9,770 93 Total payable in U.S. dollars 112,697 99,707 102,550 97,926 96,970 101,689 102,933 105,514 104,462 103,302 94 Negotiable CDs 29,337 26,169 24,926 24,229 22,043 20,864 23,543 22,063 21,500 23,419 95 To United States 27,756 22,075 17,752 20,993 22,177 28,063 27,123 32,588 30,032 30,442 96 Parent bank 18,956 14,021 12,026 13,745 16,031 21,665 21,003 26,404 22,069 22,998 97 Other banks in United States . 2,826 2,325 1,512 1,655 1,819 1,978 1,366 1,912 2,362 1,600 98 Nonbanks 5,974 5,729 4,214 5,593 4,327 4,420 4,754 4,272 5,601 5,844 99 To foreigners 51,980 48,138 55,919 47,227 47,149 47,278 46,843 46,690 48,421 44,934 100 Other branches of parent bank 18,493 17,951 22,334 17,550 18,696 17,384 17,443 18,561 18,936 17,139 101 Banks 14,344 15,203 15,580 13,501 13,417 13,436 14,029 13,407 13,090 13,106 102 Official institutions 7,661 4,934 7,530 5,781 4,519 6,186 4,713 4,348 5,897 4,116 103 Nonbank foreigners 11,482 10,050 10,475 10,395 10,517 10,272 10,658 10,374 10,498 10,573 104 Other liabilities 3,624 3,325 3,953 5,477 5,601 5,484 5,424 4,173 4,509 4,507 Bahamas and Caymans 105 Total, all currencies 142,055 142,592 160,321 169,282' 167,1W 159,147' 169,034' 170,639 162,352 165,862 106 Negotiable CDs 610 847 885 731 924 1,092 1,361 953 1,118 1,138 107 To United States 104,556 106,081 113,950 119,468' 118,641' 108,858' 116,952' 122,394 113,622 114,789 108 Parent bank 45,554 49,481 53,239 55,733' 58,718' 53,197' 59,883' 62,894 54,884 57,684 109 Other banks in United States 12,778 11,715 17,224 13,412 11,106 10,824 10,823 11,556 11,709 9,803 110 Nonbanks 46,224 44,885 43,487 50,323' 48,817' 44,837' 46,246' 47,944 47,029 47,302 111 To foreigners 35,053 34,400 43,815 46,870' 45,93<r 46,775' 48,113' 45,099 45,543 47,474 112 Other branches of parent bank 14,075 12,631 19,185 22,643' 24,228' 24,805' 24,508' 23,686 24,973 25,988 113 Banks 10,669 8,617 10,769 9,780' 8,501' 8,490' 10,035' 8,274 7,120 7,735 114 Official institutions 1,776 2,719 1,504 1,099 1,067 972 1,060 1,074 1,337 1,379 115 Nonbank foreigners 8,533 10,433 12,357 13,348 12,134 12,508 12,510 12,065 12,113 12,372 116 Other liabilities 1,836 1,264 1,671 2,213 2,224 2,422 2,608 2,193 2,069 2,461 117 Total payable in U.S. dollars ... 138,322 138,774 152,927 161,023' 159,621' 151,600' 160,786' 162,950 154,663 157,890 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Summary Statistics A59 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 1988 1989 IItteemm 11998866 11998877 Aug. Sept. Oct. Nov. Dec. Jan. Feb." 1 Total1 211,834 259,556 290,232' 288,930' 295,219' 300,956' 299,749' 301,507' 303,573 By type 2 Liabilities reported by banks in the United States 27,920 31,838 32,772r 32,543' 34,796' 35,089 31,507' 36,614' 33,986 3 U.S. Treasury bills and certificates 75,650 88,829 96,708' 96,822' 100,814 110033,,884411 110033,,772222 9988,,445577 9988,,119911 U.S. Treasury bonds and notes 4 Marketable 91,368 122,432 145,521 144,040 144,617 146,813 149,025 150,947' 155,418 5 Nonmarketable 1,300 300 509 513 516 520 523 527 531 6 U.S. securities other than U.S. Treasury securities 15,596 16,157 14,722 15,012 14,476 14,693 14,972 14,962 15,447 By area 7 Western Europe1 88,629 124,620 123,465'" 121,524' 125,407' 128,665' 125,099' 125,829' 124,306 8 Canada 2,004 4,961 9,981 10,054 11,014 10,066 9,584 9,668 9,856 9 Latin America and Caribbean 8,417 8,328 11,345r 10,145' 9,849' 10,525' 10,094' 9,943' 8,886 10 105,868 116,098 136,088' 137,514' 139,439' 142,768' 145,579' 147,278' 152,114 11 Africa 1,503 1,402 1,196 1,130 1,094 993 1,369 1,093 1,143 12 Other countries 5,412 4,147 7,646 8,049 7,903 7,418 7,501 7,169 6,738 1. Includes the Bank for International Settlements. bonds and notes payable in foreign currencies. 2. Principally demand deposits, time deposits, bankers acceptances, commer- 5. Debt securities of U.S. government corporations and federally sponsored cial paper, negotiable time certificates of deposit, and borrowings under repur- agencies, and U.S. corporate stocks and bonds. chase agreements. 6. Includes countries in Oceania and Eastern Europe. NOTE. Based on Treasury Department data and on data reported to the 3. Includes nonmarketable certificates of indebtedness (including those payable Treasury Department by banks (including Federal Reserve Banks) and securities in foreign currencies through 1974) and Treasury bills issued to official institutions dealers in the United States. of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes 3.16 LIABILITIES TO AND CLAIMS ON FOREIGNERS Reported by Banks in the United States Payable in Foreign Currencies1 Millions of dollars, end of period 1988' IItteemm 11998855 11998866 11998877 Mar. June Sept. Dec. 1 Banks' own liabilities 15,368 29,702 55,438 55,918 54,552 61,311 70,964 2 Banks' own claims 16,294 26,180 51,271 52,271 51,017 59,775 66,086 3 Deposits 8,437 14,129 18,861 18,406 17,660 20,769 23,842 4 Other claims 7,857 12,052 32,410 33,865 33,357 39,006 42,244 5 Claims of banks' domestic customers2 580 2,507 551 810 1,004 335 364 1. Data on claims exclude foreign currencies held by U.S. monetary author- 2. Assets owned by customers of the reporting bank located in the United ities. States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A60 International Statistics • June 1989 3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States1 Payable in U.S. dollars Millions of dollars, end of period 1988r 1989 Holder and type of liability 11998855 11998866 11998877 Aug. Sept. Oct. Nov. Dec. Jan. Feb." 1 All foreigners 435,726 540,996 618,874 658,311 657,350 651,865 678,147 685,084 661,323 675,766 2 Banks' own liabilities 341,070 406,485 470,070 494,220 491,023 482,647 503,610 513,070 492,653 505,516 3 Demand deposits 21,107 23,789 22,383 20,314 21,380 21,833 22,052 21,801 20,570 21,707 4 Time deposits2 117,278 130,891 148,374 145,800 148,789 142,181 149,438 150,980 145,358 149,895 5 Other 29,305 42,705 51,677 52,258 53,736 57,046 53,939 52,074 52,027 50,821 6 Own foreign offices4 173,381 209,100 247,635 275,848 267,118 261,587 278,180 288,215 274,698 283,093 7 Banks' custody liabilities5 94,656 134,511 148,804 164,092 166,328 169,218 174,537 172,015 168,669 170,250 8 U.S. Treasury bills and certificates6 69,133 90,398 101,743 108,116 108,777 112,267 116,861 114,976 111,141 111,008 9 Other negotiable and readily transferable instruments' 17,964 15,417 16,776 16,981 16,555 16,400 16,662 16,371 17,353 17,086 10 Other 7,558 28,6% 30,285 38,995 40,995 40,551 41,015 40,668 40,175 42,157 11 Nonmonetary international and regional organizations 5,821 5,807 4,464 5,454 7,581 6,109 4,978 3,224 2,704 3,253 12 Banks' own liabilities 2,621 3,958 2,702 3,630 4,922 4,297 3,722 2,527 1,910 2,679 13 Demand deposits 85 199 124 85 104 143 76 71 67 74 14 Time deposits 2,067 2,065 1,538 1,671 1,506 1,301 1,584 1,183 565 1,126 15 Other. 469 1,693 1,040 1,874 3,311 2,853 2,062 1,272 1,278 1,479 16 Banks' custody liabilities5 3,200 1,849 1,761 1,824 2,660 1,812 1,256 698 795 574 17 U.S. Treasury bills and certificates6 1,736 259 265 43 755 62 83 57 69 59 18 Other negotiable and readily transferable instruments 1,464 1,590 1,497 1,769 1,899 1,750 1,163 641 711 463 19 Other 0 0 0 12 5 0 10 0 15 52 20 Official institutions9 79,985 103,569 120,667 129,479 129,365 135,610 138,930 135,229 135,071 132,177 21 Banks' own liabilities 20,835 25,427 28,703 29,006 29,012 31,017 31,107 27,097 31,893 28,666 22 Demand deposits 2,077 2,267 1,757 1,405 1,755 1,780 1,583 1,915 1,627 1,792 23 Time deposits 10,949 10,497 12,843 12,199 11,860 11,407 12,176 9,784 13,544 12,617 24 Other3 7,809 12,663 14,103 15,402 15,397 17,830 17,348 15,398 16,722 14,257 25 Banks' custody liabilities5 59,150 78,142 91,965 100,473 100,353 104,593 107,823 108,132 103,178 103,511 26 U.S. Treasury bills and certificates6 53,252 75,650 88,829 %,708 %,822 100,814 103,841 103,722 98,457 98,191 27 Other negotiable and readily transferable instruments7 5,824 2,347 2,990 3,460 3,231 3,622 3,768 4,130 4,598 5,099 28 Other 75 145 146 305 300 158 214 280 124 221 29 Banks10 275,589 351,745 414,280 439,134 436,247 424,966 447,246 459,924 436,921 451,270 30 Banks' own liabilities 252,723 310,166 371,665 390,019 385,164 374,398 395,437 408,615 384,988 398,685 31 Unaffiliated foreign banks 79,341 101,066 124,030 114,171 118,046 112,811 117,258 120,400 110,290 115,592 32 Demand deposits 10,271 10,303 10,898 9,258 9,354 10,232 10,402 9,980 9,454 9,583 33 Time deposits2 49,510 64,232 79,717 73,933 77,666 70,887 76,415 80,279 72,560 76,318 34 Other3 19,561 26,531 33,415 30,980 31,026 31,693 30,442 30,141 28,276 29,691 35 Own foreign offices4 173,381 209,100 247,635 275,848 267,118 261,587 278,180 288,215 274,698 283,093 36 Banks' custody liabilities5 22,866 41,579 42,615 49,116 51,083 50,569 51,809 51,309 51,933 52,585 37 U.S. Treasury bills and certificates6 9,832 9,984 9,134 8,299 7,%9 7,976 8,087 7,602 7,819 7,507 38 Other negotiable and readily transferable instruments 6,040 5,165 5,392 5,090 5,220 5,225 5,6% 5,666 6,460 5,887 39 Other 6,994 26,431 28,089 35,727 37,893 37,367 38,025 38,041 37,654 39,192 40 Other foreigners 74,331 79,875 79,463 84,243 84,158 85,179 86,992 86,707 86,627 89,066 41 Banks' own liabilities 64,892 66,934 67,000 71,565 71,925 72,935 73,343 74,832 73,863 75,486 42 Demand deposits 8,673 11,019 9,604 9,566 10,167 9,678 9,991 9,835 9,423 10,257 43 Time deposits 54,752 54,097 54,277 57,9% 57,757 58,586 59,264 59,734 58,689 59,835 44 Other3 1,467 1,818 3,119 4,002 4,001 4,671 4,088 5,263 5,750 5,394 45 Banks' custody liabilities5 9,439 12,941 12,463 12,678 12,233 12,244 13,650 11,876 12,764 13,581 46 U.S. Treasury bills and certificates6 4,314 4,506 3,515 3,066 3,231 3,415 4,849 3,595 4,797 5,251 47 Other negotiable and readily transferable instruments7 4,636 6,315 6,898 6,663 6,205 5,803 6,035 5,933 5,584 5,638 48 Other 489 2,120 2,050 2,950 2,797 3,026 2,766 2,347 2,383 2,692 49 MEMO: Negotiable time certificates of deposit in custody for foreigners 9,845 7,4% 7,314 7,064 6,394 6,117 6,128 6,366 6,208 6,064 1. Reporting banks include all kinds of depository institutions besides commer- 5. Financial claims on residents of the United States, other than long-term cial banks, as well as some brokers and dealers. securities, held by or through reporting banks. 2. Excludes negotiable time certificates of deposit, which are included in 6. Includes nonmarketable certificates of indebtedness and Treasury bills "Other negotiable and readily transferable instruments." issued to official institutions of foreign countries. 3. Includes borrowing under repurchase agreements. 7. Principally bankers acceptances, commercial paper, and negotiable time 4. U.S. banks: includes amounts due to own foreign branches and foreign certificates of deposit. subsidiaries consolidated in "Consolidated Report of Condition" filed with bank 8. Principally the International Bank for Reconstruction and Development, and regulatory agencies. Agencies, branches, and majority-owned subsidiaries of the Inter-American and Asian Development Banks. Data exclude "holdings of foreign banks: principally amounts due to head office or parent foreign bank, and dollars" of the International Monetary Fund. foreign branches, agencies, or wholly owned subsidiaries of head office or parent 9. Foreign central banks, foreign central governments, and the Bank for foreign bank. International Settlements. 10. Excludes central banks, which are included in "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank-Reported Data A61 3.17—Continued 1988 1989 AArreeaa aanndd ccoouunnttrryy 11998855 11998866 11998877 Aug. Sept. Oct. Nov. Dec.' Jan. Feb." 1 Total 435,726 540,996 618,874 658,31 1' 657,350' 651,865' 678,147' 685,084 661,323 675,766 2 Foreign countries 429,905 535,189 614,411 652,857r 649,769' 645,755' 673,169' 681,860 658,618 672,514 3 Europe 164,114 180,556 234,641 232,636' 224,827' 227,258' 233,958' 236,243 223,825 227,598 4 Austria 693 1,181 920 1,245 1,072 1,271 1,599' 1,155 1,133 1,777 5 Belgium-Luxembourg 5,243 6,729 9,347 10,051 9,937 10,247 11,117' 10,043 9,003 10,452 6 Denmark 513 482 760 2,078 1,402 2,362 3,089 2,180 1,833 2,127 7 Finland 496 580 377 417 447 339 339 284 375 565 8 France 15,541 22,862 29,835 24,237 24,295 23,259' 24,564 24,758 22,261 23,934 9 Germany 4,835 5,762 7,022 6,226 5,085 5,898 7,981 6,781 5,669 5,201 10 Greece 666 700 689 694 633 675 683 672 919 933 11 Italy 9,667 10,875 12,073 9,766 8,550 12,512 13,337 14,610 11,321 11,063 12 Netherlands 4,212 5,600 5,014 5,647 6,166'" 6,377 5,939 5,311 5,248 6,010 13 Norway 948 735 1,362 902' 1,060 1,143 1,342 1,559 1,502 1,387 14 Portugal 652 699 801 848 858 915 738 903 870 792 15 Spain 2,114 2,407 2,621 5,570 6,248 6,838 5,976 5,490 5,749 5,168 16 Sweden 1,422 884 1,379 2,011 2,196 1,579 1,815 1,270 1,299 1,319 17 Switzerland 29,020 30,534 33,766 29,303 31,36c 31,325' 31,919' 34,224 32,551 31,751 18 Turkey 429 454 703 709 706 876' 793 1,012 939 1,245 19 United Kingdom 76,728 85,334 116,852 122,421'" 113,304r 109,976' 111,747' 116,103 110,893 113,100 20 Yugoslavia 673 630 710 629 579 655 569 529 489 434 21 Other Western Europe 9,635 3,326 9,798 9,240' 10,325r 10,245' 9,627' 8,633 10,920 9,681 22 U.S.S.R 105 80 32 99 45 100 74 138 155 119 23 Other Eastern Europe 523 702 582 544 558 667 711 589 697 540 24 Canada 17,427 26,345 30,095 28,096' 28,241'" 26,697 26,188 21,029 19,265 20,731 25 Latin America and Caribbean 167,856 210,318 220,372 246,598' 246,796' 240,109' 257,330' 267,147 258,981 262,345 26 Argentina 6,032 4,757 5,006 6,775 7,106 7,065 7,307 7,749 7,607 6,817 27 Bahamas 57,657 73,619 74,767 78,809*" 77,921 76,844' 83,725' 86,590 82,009 82,879 28 Bermuda 2,765 2,922 2,344 2,394 2,389 2,577 2,752' 2,621 2,381 2,523 29 Brazil 5,373 4,325 4,005 4,524 4,475 4,726 5,137' 5,268 4,617 4,768 30 British West Indies 42,674 72,263 81,494 99,947 101,813'" 95,869' 105,016' 110,626 108,343 110,844 31 Chile 2,049 2,054 2,210 2,463 2,467 2,727 2,653 2,917 2,962 2,968 32 Colombia 3,104 4,285 4,204 44,,440033 4,171 4,136 4,221 4,317 4,278 4,448 33 Cuba 11 7 12 88 9 12 9 10 10 10 34 Ecuador 1,239 1,236 1,082 1,224 1,244 1,265 1,360 1,356 1,364 1,401 35 Guatemala 1,071 1,123 1,082 1,182 1,177 1,150 1,178 1,186 1,234 1,258 36 Jamaica 122 136 160 149 166 177 164 186 177 170 37 Mexico 14,060 13,745 14,480 17,260 15,843' 15,636 15,457 15,093 15,268 14,854 38 Netherlands Antilles 4,875 4,970 4,975 5,011 5,253' 5,354 5,907 6,705 5,944 5,595 39 Panama 7,514 6,886 7,414 4,262 4,128 4,114 4,046 4,206 4,244 4,461 40 Peru 1,167 1,163 1,275 1,539 1,584 1,605 1,650 1,626 1,714 1,727 41 Uruguay 1,552 1,537 1,582 1,898 1,884 1,788 1,887' 1,895 2,006 2,137 42 Venezuela 11,922 10,171 9,048 9,330 9,752 9,547 9,301 9,095 9,124 9,501 43 Other 4,668 5,119 5,234 5,419' 5,411' 5,512' 5,560' 5,702 5,699 5,983 44 72,280 108,831 121,288 135,736' 139,763' 114411,,994400'' 145,768' 147,293 146,555 115511,,117799 China 45 Mainland 1,607 1,476 1,162 1,757 1,608 1,479 1,401 1,892 1,566 1,602 46 Taiwan 7,786 18,902 21,503 23,426r 22,338 23,380' 24,747' 26,057 26,178 26,001 47 Hong Kong 8,067 9,393 10,180 10,417 10,875 11,532 12,437' 11,727 10,941 11,640 48 India 712 674 582 845 1,008' 778' 761 695 689 818 49 Indonesia 1,466 1,547 1,404 1,254 1,121 1,286 995 1,189 1,189 1,198 50 Israel 1,601 1,892 1,292 1,194 1,130 2,323 1,063 1,471 1,215 1,364 51 Japan 23,077 47,410 54,322 64,402r 70,068' 70,478' 73,100 73,989 75,391 77,276 52 Korea 1,665 1,141 1,637 1,720 2,091 2,440 2,681 2,541 2,454 2,498 53 Philippines 1,140 1,866 1,085 1,007' 976' 1,146' 1,155' 1,163 976 1,014 54 Thailand 1,358 1,119 1,345 1,422 1,369 1,363 1,205 1,236 1,373 1,614 55 Middle-East oil-exporting countries3 14,523 12,352 13,988 12,819r 14,124' 13,232 12,871 12,053 12,261 12,380 56 Other 9,276 11,058 12,788 15,472 13,053 12,503 13,352 13,281 12,322 13,776 57 Africa 4,883 4,021 3,945 3,846 3,659 3,702 3,530 3,974 3,687 3,789 58 Egypt 1,363 706 1,151 969 813 850 757 912 770 815 59 Morocco 163 92 194 70 111 66 64 68 90 69 60 South Africa 388 270 202 204 247 245 267 437 250 212 61 Zaire 163 74 67 67 71 71 72 71 74 75 62 Oil-exporting countries4 1,494 1,519 1,014 1,039 1,015 993 952 1,017 1,024 1,125 63 Other 1,312 1,360 1,316 1,498 1,402 1,477 1,418 1,470 1,478 1,493 64 Other countries 3,347 5,118 4,070 5,945 6,484 6,049' 6,396 6,173 6,305 6,872 65 Australia 2,779 4,196 3,327 5,170 5,639 5,199 5,426 5,303 5,485 6,036 66 All other 568 922 744 775 845 849' 970 870 820 836 67 Nonmonetary international and regional organizations 5,821 5,807 4,464 5,454r 7,581' 6,109' 4,978' 3,224 2,704 3,253 68 International 4,806 4,620 2,830 3,684r 5,538' 4,142' 3,491' 2,503 1,725 2,106 69 Latin American regional 894 1,033 1,272 1,614 1,762 1,662 1,276 589 747 732 70 Other regional6 121 154 362 156 281 306 211 133 232 415 1. Includes the Bank for International Settlements and Eastern European 4. Comprises Algeria, Gabon, Libya, and Nigeria. countries that are not listed in line 23. 5. Excludes "holdings of dollars" of the International Monetary Fund. 2. Comprises Bulgaria, Czechoslovakia, the German Democratic Republic, 6. Asian, African, Middle Eastern, and European regional organizations, Hungary, Poland, and Romania. except the Bank for International Settlements, which is included in "Other 3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and Western Europe." United Arab Emirates (Trucial States). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A62 International Statistics • June 1989 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States1 Payable in U.S. Dollars Millions of dollars, end of period 1988 1989 AArreeaa aanndd ccoouunnttrryy 11998855 11998866 11998877 Aug. Sept.' Oct. Nov. Dec. Jan. Feb." 1 Total 401,608 444,745 459,877 468,554r 477,023 465,538' 485,973' 490,183' 480,883 492,825 2 Foreign countries 400,577 441,724 456,472 466,107' 471,437 462,434' 481,192' 488,177' 478,444 491,434 3 Europe 106,413 107,823 102,348 99,097r 102,382 105,859' 108,273' 117,000' 107,461 113,638 4 Austria 598 728 793 743 808 812 721 485 544 646 5 Belgium-Luxembourg 5,772 7,498 9,397 8,415r 9,038 8,902 8,954 8,573' 8,356 7,916 6 Denmark 706 688 717 608 579 631 599 480 410 790 7 Finland 823 987 1,010 l,223r 1,194 912 1,157 1,065 901 1,109 8 France 9,124 11,356 13,548 11,96c 12,149 12,327 12,478 13,242' 13,315 14,897 9 Germany 1,267 1,816 2,039 2,008' 1,713 2,317' 2,307' 2,327' 2,389 1,680 10 Greece 991 648 462 523 505 493 601 433 448 517 11 Italy 8,848 9,043 7,460 6,624r 6,095 6,022' 7,100' 7,946' 5,526 5,530 12 Netherlands 1,258 3,296 2,619 2,933 3,197 2,666 2,763 2,547' 2,514 2,449 13 Norway 706 672 934 534 510 534 478 455 472 601 14 Portugal 1,058 739 477 317' 329 261' 253 374 339 234 15 Spain 1,908 1,492 1,853 2,011 1,963 1,800 2,054 1,823 2,182 2,148 16 Sweden 2,219 1,964 2,254 2,256 1,983 1,852 2,083 1,977 2,619 2,622 17 Switzerland 3,171 3,352 2,718 2,569 2,559 2,918 2,983 3,895 3,510 3,799 18 Turkey 1,200 1,543 1,680 1,397 1,3% 1,344 1,265 1,233' 1,152 1,104 19 United Kingdom 62,566 58,335 50,823 51,628' 54,724 57,924' 58,095' 65,594' 58,012 62,358 20 Yugoslavia 1,964 1,835 1,700 1,537 1,476 1,472 1,450 1,390 1,371 1,347 21 Other Western Europe 998 539 619 524 856 1,120' 916 1,152 1,275 1,557 22 U.S.S.R 130 345 389 466 503 754 1,218 1,255 1,286 1,403 23 Other Eastern Europe3 1,107 948 852 821' 805 798' 799' 755' 839 932 24 Canada 16,482 21,006 25,368 24,052' 23,776 22,482 23,285' 18,988' 16,730 18,828 25 Latin America and Caribbean 202,674 208,825 214,789 206,713' 212,862 201,047' 211,079' 213,272' 209,838 209,719 26 Argentina 11,462 12,091 11,996 12,238 12,235 12,077 12,023 11,804 11,880 11,791 27 Bahamas 58,258 59,342 64,587 63,255' 64,281 59,345' 67,238' 67,003 68,815 69,323 28 Bermuda 499 418 471 430 676 596 511 483 475 519 29 Brazil 25,283 25,716 25,897 25,909 25,622 25,461 26,399 25,735' 25,838 25,480 30 British West Indies 38,881 46,284 50,042 49,610' 55,201 48,859' 50,650' 54,739' 50,045 50,092 31 Chile 6,603 6,558 6,308 5,677 5,656 5,459 5,319 5,401 5,176 5,140 32 Colombia 3,249 2,821 2,740 3,029 3,023 3,016 2,978 22,,993388 22,,886677 22,,880055 33 Cuba 0 0 1 0 0 0 0 11 11 11 34 Ecuador 2,390 2,439 2,286 2,156 2,185 2,168 2,162 2,075 2,046 2,024 35 Guatemala4 194 140 144 148 150 175 167 198 185 188 36 Jamaica4 224 198 188 184 187 201 205 211' 214 202 37 Mexico 31,799 30,698 29,532 25,885 25,971 25,645 25,386' 24,636' 24,425 24,326 38 Netherlands Antilles 1,340 1,041 980 1,269 1,158 1,491 1,427 1,309 1,143 1,105 39 Panama 6,645 5,436 4,744 2,370 2,176 2,214 2,350 2,506 2,535 2,534 40 Peru 1,947 1,661 1,329 1,192 1,063 1,065 1,012 1,012 11,,001111 952 41 Uruguay 960 940 963 889 891 850 888 910 888800 856 42 Venezuela 10,871 11,108 10,843 10,862 10,754 10,803 10,736' 10,732' 10,743 10,906 43 Other Latin America and Caribbean 2,067 1,936 1,738 1,610' 1,633 1,623' 1,626' 1,580 1,560 1,475 44 Asia 66,212 96,126 106,0% 128,455' 124,809 124,686' 113300,,228822'' 113300,,778866'' 113355,,777722 114400,,446633 China Mainland 639 787 %8 953' 824 756 777 762 830 881 46 Taiwan 1,535 2,681 4,592 3,305' 3,182 3,040 3,845 4,184 3,852 3,960 47 Hong Kong 6,797 8,307 8,218 7,451 8,419 9,500' 10,831' 10,134' 8,789 8,016 48 India 450 321 510 541' 533 627' 568 560 645 628 49 Indonesia 698 723 580 786 773 808 767 730 669 735 50 Israel 1,991 1,634 1,363 l,178r 1,184 1,174 1,231' 1,137' 1,0% 1,042 51 Japan 31,249 59,674 68,658 92,516' 87,200 87,276' 89,520' 90,137' 99,026 104,146 52 Korea 9,226 7,182 5,148 4,909 5,137 5,187 5,390' 5,219' 4,961 4,891 53 Philippines 2,224 2,217 2,071 2,030 2,009 1,912 1,900 1,876' 1,847 1,900 54 Thailand 845 578 496 683 759 766 778 850 887 931 55 Middle East oil-exporting countries 4,298 4,122 4,858 6,212 6,401 5,388' 6,657 6,110' 5,341 5,828 56 Other Asia 6,260 7,901 8,635 7,891 8,389 8,253 8,018 9,087' 7,829 7,504 57 Africa 5,407 4,650 4,742 5,462 5,454 5,633 5,629 5,720 5,922 6,069 58 Egypt 721 567 521 530 535 540 532 509 494 566 59 Morocco 575 598 542 478 478 476 488 511 524 532 60 South Africa 1,942 1,550 1,507 1,711 1,693 1,707 1,698 1,681 1,688 1,718 61 Zaire 20 28 15 36 16 17 18 17 16 16 62 Oil-exporting countries6 630 694 1,003 1,359 1,388 1,483 1,491 1,523 1,534 1,520 63 Other 1,520 1,213 1,153 1,348 1,343 1,410 1,402 1,479 1,666 1,717 64 Other countries 3,390 3,294 3,129 2,328' 2,154 2,728 2,645 2,410 2,720 2,717 65 Australia 2,413 1,949 2,100 1,4% 1,389 1,879 1,586 1,517' 1,711 1,682 66 All other 978 1,345 1,029 832 765 849 1,059 894' 1,009 1,035 67 Nonmonetary international and regional organizations7 1,030 3,021 3,404 2,448' 5,586 3,104' 4,781' 2,006 2,439 1,391 1. Reporting banks include all kinds of depository institutions besides commer- 4. Included in "Other Latin America and Caribbean" through March 1978. cial banks, as well as some brokers and dealers. 5. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and 2. Includes the Bank for International Settlements. Beginning April 1978, also United Arab Emirates (Trucial States). includes Eastern European countries not listed in line 23. 6. Comprises Algeria, Gabon, Libya, and Nigeria. 3. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German 7. Excludes the Bank for International Settlements, which is included in Democratic Republic, Hungary, Poland, and Romania. "Other Western Europe." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A63 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the United States1 Payable in U.S. Dollars Millions of dollars, end of period 1988' 1989 TTyyppee ooff ccllaaiimm 11998855 11998866 11998877 Aug. Sept. Oct. Nov. Dec. Jan. Feb/ 1 Total 444444433333330000000,,,,,,,444444488888889999999 444444477777778888888,,,,,,,666666655555550000000 444444499999997777777,,,,,,,666666633333335555555 555555511111112222222,,,,,,,888888800000004444444 555555533333337777777,,,,,,,333333388888880000000 22 BBaannkkss'' oowwnn ccllaaiimmss oonn ffoorreeiiggnneerrss 444444400000001111111,,,,,,,666666600000008888888 444444444444444444444,,,,,,,777777744444445555555 444444455555559999999,,,,,,,888888877777777777777 468,554 444444477777777777777,,,,,,,000000022222223333333 465,538 485,973 444444499999990000000,,,,,,,111111188888883333333 480,883 492,825 33 FFoorreeiiggnn ppuubblliicc bboorrrroowweerrss 66666660000000,,,,,,,555555500000007777777 66666664444444,,,,,,,000000099999995555555 66666664444444,,,,,,,666666600000005555555 62,975 66666665555555,,,,,,,000000077777772222222 61,940 64,949 66666661111111,,,,,,,777777766666668888888 63,803 62,329 44 OOwwnn ffoorreeiiggnn ooffffiicceess 111111177777774444444,,,,,,,222222266666661111111 222222211111111111111,,,,,,,555555533333333333333 222222222222224444444,,,,,,,777777722222227777777 237,060 222222244444445555555,,,,,,,444444477777773333333 237,455 255,005 222222255555556666666,,,,,,,555555511111115555555 256,236 262,387 55 UUnnaaffffiilliiaatteedd ffoorreeiiggnn bbaannkkss 111111111111116666666,,,,,,,666666655555554444444 111111122222222222222,,,,,,,999999944444446666666 111111122222227777777,,,,,,,666666600000009999999 127,962 111111122222224444444,,,,,,,555555566666660000000 122,071 123,299 111111122222229999999,,,,,,,555555544444442222222 118,946 125,367 66 DDeeppoossiittss 44444448888888,,,,,,,333333377777772222222 55555557777777,,,,,,,444444488888884444444 66666660000000,,,,,,,666666688888887777777 60,678 66666661111111,,,,,,,222222299999995555555 54,372 55,980 66666665555555,,,,,,,999999999999991111111 58,667 62,886 77 OOtthheerr 66666668888888,,,,,,,222222288888882222222 66666665555555,,,,,,,444444466666662222222 66666666666666,,,,,,,999999922222222222222 67,284 66666663333333,,,,,,,222222266666665555555 67,699 67,318 66666663333333,,,,,,,555555555555552222222 60,279 62,481 88 AAllll ootthheerr ffoorreeiiggnneerrss 55555550000000,,,,,,,111111188888885555555 44444446666666,,,,,,,111111177777771111111 44444442222222,,,,,,,999999933333336666666 40,557 44444441111111,,,,,,,999999911111118888888 44,072 42,720 44444442222222,,,,,,,333333355555559999999 41,898 42,742 99 CCllaaiimmss ooff bbaannkkss'' ddoommeessttiicc ccuussttoommeerrss33...... 22222228888888,,,,,,,888888888888881111111 33333333333333,,,,,,,999999900000005555555 33333337777777,,,,,,,777777755555558888888 33333335555555,,,,,,,777777788888881111111 44444447777777,,,,,,,111111199999996666666 3333333,,,,,,,333333333333335555555 4444444,,,,,,,444444411111113333333 3333333,,,,,,,666666699999992222222 5555555,,,,,,,333333399999991111111 8888888,,,,,,,222222288888889999999 11 Negotiable and readily transferable 11111119999999,,,,,,,333333333333332222222 22222224444444,,,,,,,000000044444444444444 22222226666666,,,,,,,666666699999996666666 22222220000000,,,,,,,888888899999996666666 22222225555555,,,,,,,333333377777772222222 12 Outstanding collections and other 6666666,,,,,,,222222211111114444444 5555555,,,,,,,444444444444448888888 7777777,,,,,,,333333377777770000000 9999999,,,,,,,444444499999994444444 11111113333333,,,,,,,555555533333335555555 13 MEMO: Customer liability on 22222228888888,,,,,,,444444488888887777777 22222225555555,,,,,,,777777700000006666666 22222223333333,,,,,,,111111100000007777777 11111118888888,,,,,,,666666677777777777777 11111119999999,,,,,,,444444488888884444444 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States 38,102 43,984 40,087 50,321 43,182 42,362 49,297 42,520 44,507 n.a. 1. Data for banks' own claims are given on a monthly basis, but the data for parent foreign bank. claims of banks' own domestic customers are available on a quarterly basis only. 3. Assets owned by customers of the reporting bank located in the United Reporting banks include all kinds of depository institutions besides commercial States that represent claims on foreigners held by reporting banks for the account banks, as well as some brokers and dealers. of their domestic customers. 2. U.S. banks: includes amounts due from own foreign branches and foreign 4. Principally negotiable time certificates of deposit and bankers acceptances. subsidiaries consolidated in "Consolidated Report of Condition" filed with bank 5. Includes demand and time deposits and negotiable and nonnegotiable regulatory agencies. Agencies, branches, and majority-owned subsidiaries of certificates of deposit denominated in U.S. dollars issued by banks abroad. For foreign banks: principally amounts due from head office or parent foreign bank, description of changes in data reported by nonbanks, see July 1979 BULLETIN, and foreign branches, agencies, or wholly owned subsidiaries of head office or p. 550. 3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States1 Payable in U.S. Dollars Millions of dollars, end of period 1988 MMaattuurriittyy;; bbyy bboorrrroowweerr aanndd aarreeaa 11998855 11998866 11998877 Mar/ Juner Sept/ Dec. 1 Total 227,903 232,295 235,130 219,609 228,348 230,356 232,980 By borrower 2 Maturity of 1 year or less 160,824 160,555 163,997 152,967 163,819 167,861 172,383 3 Foreign public borrowers 26,302 24,842 25,889 26,257 27,520 29,361 26,382 4 All other foreigners 134,522 135,714 138,108 126,710 136,299 138,499 146,001 5 Maturity over 1 year 67,078 71,740 71,133 66,642 64,530 62,495 60,597 6 Foreign public borrowers 34,512 39,103 38,625 35,763 35,598 34,985 34,820 7 All other foreigners 32,567 32,637 32,507 30,878 28,932 27,510 25,776 By area Maturity of 1 year or less 8 Europe 56,585 61,784 59,027 51,694 55,986 54,243 55,999 9 Canada 6,401 5,895 5,680 4,989 6,664 6,410 6,275 10 Latin America and Caribbean 63,328 56,271 56,535 55,429 56,166 55,532 57,866 11 Asia 27,966 29,457 35,919 35,523 38,997 42,340 46,081 12 Africa 3,753 2,882 2,833 2,596 2,914 3,120 3,338 13 All other3 2,791 4,267 4,003 22,,773366 33,,009922 6,216 22,,882244 Maturity of over 1 year 14 Europe 7,634 6,737 6,696 5,885 5,337 5,327 4,736 15 Canada 1,805 1,925 2,661 2,213 2,344 2,062 1,929 16 Latin America and Caribbean 50,674 56,719 53,817 51,544 49,762 48,260 47,484 17 Asia 4,502 4,043 3,830 3,681 3,645 3,954 3,646 Africa 1,538 1,539 1,747 2,201 2,433 2,257 2,301 19 All other3 926 111 2,381 1,117 1,008 635 501 1. Reporting banks include all kinds of depository institutions besides commer- 2. Remaining time to maturity, cial banks, as well as some brokers and dealers. 3. Includes nonmonetary international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A64 International Statistics • June 1989 3.21 CLAIMS ON FOREIGN COUNTRIES Held by U.S. Offices and Foreign Branches of U.S.-Chartered Banks1-2 Billions of dollars, end of period 1986 1987 1988 AArreeaa oorr ccoouunnttrryy 11998844 11998855 Dec. Mar. June Sept. Dec. Mar. June Sept. Dec. 1 Total 405.7 385.4 385.1 395.4 384.6 387.7 381.4 370.0'' 350.5r 353.7r 348.8r 2 G-10 countries and Switzerland 148.1 146.0 156.6 162.7 158.1 155.2 160.0 157.2'' 151.2' 149.5 154.5' 3 Belgium-Luxembourg 8.7 9.2 8.3 9.1 8.3 8.2 10.1 9.3 9.2 9.5 9.0 4 France 14.1 12.1 13.7 13.3 12.5 13.7 13.8 11.5 10.8 10.0 10.7 5 Germany 9.0 10.5 11.6 12.7 11.2 10.5 12.6 11.8 10.6 8.9 9.9 6 Italy 10.1 9.6 9.0 8.7 7.5 6.6 7.3 7.4 6.1 5.9 6.4 7 Netherlands 3.9 3.7 4.6 4.4 7.3 4.8 4.1r 3.3 3.3 3.0 2.8 8 Sweden 3.2 2.7 2.4 3.0 2.4 2.6 2.1 2.1 1.9 2.0 2.0 9 Switzerland 3.9 4.4 5.8 5.8 5.7 5.4 5.6 5.1 5.6 5.2 5.7 10 United Kingdom 60.3 63.0 71.0 73.7 72.0 72.1 69.1 71.7' 70.5' 68. r 66.7' 11 Canada 7.9 6.8 5.3 5.3 4.7 4.7 5.5' 4.9 5.4 5.2 5.5 12 Japan 27.1 23.9 24.9 26.9 26.3 26.5 29.8 30.C 27.9 31.7 35.9 13 Other developed countries 33.6 29.9 25.7 25.7 25.2 25.9 26.2 26.2 23.7 22.7 20.9 14 Austria 1.6 1.5 1.7 1.9 1.8 1.9 1.9 1.6 1.6 1.6 1.6 15 Denmark 2.2 2.3 1.7 1.7 1.5 1.6 1.7 1.4 1.0 1.1 .9 16 Finland 1.9 1.6 1.4 1.4 1.4 1.4 1.3 1.0 1.2 1.3 1.2 17 Greece 2.9 2.6 2.3 2.1 2.0 1.9 2.0 2.3 2.2 2.1 1.9 18 Norway 3.0 2.9 2.4 2.2 2.1 2.0 2.3 2.0 2.0 2.0 1.8 19 Portugal 1.4 1.2 .8 .9 .8 .8 .5 .4 .4 .4 .5 20 Spain 6.5 5.8 5.8 6.3 6.1 7.4 8.0 9.0 7.2 6.3 6.2 21 Turkey 1.9 1.8 1.8 1.7 1.7 1.5 1.6 1.6 1.5 1.3 1.3' 22 Other Western Europe 1.7 2.0 1.4 1.4 1.5 1.6 1.6 1.9 1.6 1.9 1.3 23 South Africa 4.5 3.2 3.0 3.0 3.0 2.9 2.9 2.8 2.8 22..77 22..44 24 Australia 6.0 5.0 3.5 3.2 3.1 2.9 2.4 2.1 2.2 11..88 11..88 25 OPEC countries3 24.9 21.3 19.3 20.0 18.8 19.0 17.1 17.2 16.4 17.6 16.5 26 Ecuador 2.2 2.1 2.2 2.1 2.1 2.1 1.9 1.9 1.8 1.8 1.7 27 Venezuela 9.3 8.9 8.6 8.5 8.4 8.3 8.1 8.0' 8.0 7.9 7.9 28 Indonesia 3.3 3.0 2.5 2.4 2.2 2.0 1.9 1.9 1.9 1.9 1.9 29 Middle East countries 7.9 5.3 4.3 5.4 4.4 5.0 3.6 3.6 3.1 4.3 3.2 30 African countries 2.3 2.0 1.7 1.6 1.7 1.7 1.7 1.7 1.7 1.7 1.7 31 Non-OPEC developing countries 111.8 104.2 99.1 100.7 100.4 97.7 97.6' 94.3r 91.3 87.0 85.5' Latin America 32 Argentina 8.7 8.8 9.5 9.5 9.5 9.3 9.4 9.5 9.4 9.2 8.9 33 Brazil 26.3 25.4 25.2 26.2 25.1 25.1 24.7 23.9 23.7 22.4 22.5 34 Chile 7.0 6.9 7.1 7.3 7.2 7.0 6.9 6.6 6.4 6.2 5.7 35 Colombia 2.9 2.6 2.1 2.0 1.9 1.9 2.0 1.9 2.1 2.1 2.0 36 Mexico 25.7 23.9 23.8 24.1 25.3 24.8 23.7 22.5 21.1 20.6 19.0r 37 Peru 2.2 1.8 1.4 1.4 1.3 1.2 1.1 1.1 .9 .8 .8 38 Other Latin America 3.9 3.4 3.1 3.0 2.9 2.8 2.7 2.8 2.6 2.5 2.6' Asia China 39 Mainland .7 .5 .4 .9 .6 .3 .3 .4 .3 .2 .3 40 Taiwan 5.1 4.5 4.9 5.5 6.6 6.0 8.2 6.1 4.9 3.2 3.6 41 India .9 1.2 1.2 1.8 1.7 1.9 1.9 2.1 2.3 2.0 2.1 42 Israel 1.8 1.6 1.5 1.4 1.3 1.3 1.0 1.0 1.0 1.0 1.2 43 Korea (South) 10.6 9.2 6.6 6.2 5.6 4.9 4.9' 5.6r 5.9 6.0 6.1 44 Malaysia 2.7 2.4 2.1 1.9 1.7 1.6 1.5 1.5 1.5 1.6 1.6 45 Philippines 6.0 5.7 5.4 5.4 5.4 5.4 5.1 5.1 44..99 4.5 4.5 46 Thailand 1.8 1.4 .9 .9 .8 .7 .7 1.0 11..11 1.2 1.1 47 Other Asia 1.1 1.0 .7 .6 .7 .7 .7 .7 .8 .8 .9 Africa 48 Egypt 1.2 1.0 .7 .6 .6 .6 .5 .5 .6 ..55 .4 49 Morocco .8 .9 .9 .9 .9 .8 .9 ..99 ..99 ..88 .9 50 Zaire .1 .1 .1 .1 .1 .1 .0 ..11 ..11 .0 ..00 51 Other Africa4 2.1 1.9 1.6 1.4 1.3 1.3 1.3 1.2r 1.2 1.2 11..11 52 Eastern Europe 4.4 4.1 3.2 3.0 3.3 3.3 3.0 2.9 3.1 3.0 3.7 53 U.S.S.R .1 .1 .1 .1 .3 .5 .4 .3 .4 .4 .7 54 Yugoslavia 2.3 2.2 1.7 1.6 1.7 1.7 1.6 1.7 1.7 1.7 1.8 55 Other 2.0 1.8 1.4 1.3 1.3 1.2 1.0 .9 1.0 1.0 1.2 56 Offshore banking centers 65.6 62.9 61.3 63.1 60.7 64.3 54.3 50.8r 42.4r 46.5r 45.5' 57 Bahamas 21.5 21.2 22.0 23.9 19.9 25.5 17.1 15.T 8.6' 12.5' 1111..55'' 58 Bermuda .9 .7 .7 .8 .6 .6 .6 .8 1.0 .9 ..88 59 Cayman Islands and other British West Indies 11.8 11.6 12.4 12.2 14.0 12.8 13.3 11.7' 10.C 11.5' 13.1 60 Netherlands Antilles 3.4 2.2 1.8 1.7 1.3 1.2 1.2 1.3 1.2 1.2 1.0 61 Panama 6.7 6.0 4.0 4.3 3.9 3.7 3.7 3.3' 3.0 2.7 22..66 62 Lebanon .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 ..11 63 Hong Kong 11.4 11.4 11.1 11.4 12.5 12.3 11.2' 11.3 11.7 10.6 10.2 64 Singapore 9.8 9.8 9.2 8.6 8.3 8.1 7.0 7.4 6.8 7.0 6.2 65 Others6 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 66 Miscellaneous and unallocated7 17.3 16.9 19.8 20.1 18.1 22.3 23.2 21.5 22.3' 27.0 21.8 1. The banking offices covered by these data are the U.S. offices and foreign from $50 million to $150 million equivalent in total assets, the threshold now branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks. applicable to all reporting branches. Offices not covered include (1) U.S. agencies and branches of foreign banks, and 3. This group comprises the Organization of Petroleum Exporting Countries (2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are shown individually, other members of OPEC (Algeria, Gabon, Iran, Iraq, Kuwait, adjusted to exclude the claims on foreign branches held by a U.S. office or another Libya, Nigeria, Qatar, Saudi Arabia, and United Arab Emirates), and Bahrain and foreign branch of the same banking institution. The data in this table combine Oman (not formally members of OPEC). foreign branch claims in table 3.14 (the sum of lines 7 through 10) with the claims 4. Excludes Liberia. of U.S. offices in table 3.18 (excluding those held by agencies and branches of 5. Includes Canal Zone beginning December 1979. foreign banks and those constituting claims on own foreign branches). 6. Foreign branch claims only. 2. Beginning with June 1984 data, reported claims held by foreign branches 7. Includes New Zealand, Liberia, and international and regional organizahave been reduced by an increase in the reporting threshold for "shell" branches tions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A65 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States1 Millions of dollars, end of period 1987 1988 TTyyppee,, aanndd aarreeaa oorr ccoouunnttrryy 11998844 11998855 11998866 Dec. Mar. June' Sept. Dec." 1 Total 29,357 27,825 25,587 27,889r 29,416' 29,564 31,560 33,357 2 Payable in dollars 26,389 24,296 21,749 22,504r 23,869' 24,319 26,391 28,195 3 Payable in foreign currencies 2,968 3,529 3,838 5,385r 5,547' 5,244 5,168 5,162 By type 4 Financial liabilities 14,509 13,600 12,133 11,882r 13,635' 13,219 14,076 14,613 5 Payable in dollars 12,553 11,257 9,609 8,358' lO.OOC 9,746 10,719 11,205 6 Payable in foreign currencies 1,955 2,343 2,524 3,525 3,635' 3,473 3,357 3,408 7 Commercial liabilities 14,849 14,225 13,454 16,006'' 15,78C 16,345 17,484 18,744 8 Trade payables 7,005 6,685 6,450 7,433' 6,581' 6,899 6,610 6,741 9 Advance receipts and other liabilities 7,843 7,540 7,004 8,573r 9,199' 9,445 10,874 12,003 10 Payable in dollars 13,836 13,039 12,140 14,146' 13,869' 14,573 15,673 16,990 11 Payable in foreign currencies 1,013 1,186 1,314 1,86C 1,912' 1,771 1,811 1,754 By area or country Financial liabilities 12 Europe 6,728 7,700 7,917 8,078' 9,411' 8,890 10,092 10,039 13 Belgium-Luxembourg 471 349 270 202 241 269 326 387 14 France 995 857 661 364 39C 353 354 326 15 Germany 489 376 368 583 585' 625 709 746 16 Netherlands 590 861 542 884 1,008' 880 1,014 897 17 Switzerland 569 610 646 493 777' 706 797 1,232 18 United Kingdom 3,297 4,305 5,140 5,358' 6,228' 5,885 6,722 6,240 19 Canada 863 839 399 36C 394' 403 391 645 20 Latin America and Caribbean 5,086 3,184 1,944 889' 1,177' 1,188 801 1,061 21 Bahamas 1,926 1,123 614 293' 264' 225 213 191 22 Bermuda 13 4 4 0 0 0 0 0 23 Brazil 35 29 32 25 0 0 0 0 24 British West Indies 2,103 1,843 1,146 503' 849' 919 581 465 25 Mexico 367 15 22 13 15 26 2 1 26 Venezuela 137 3 0 0 2 0 0 0 27 Asia 1,777 1,815 1,805 2,452' 2,573' 2,662 2,785 2,816 28 Japan 1,209 1,198 1,398 2,042 2,112' 2,066 2,196 2,135 29 Middle East oil-exporting countries^ 155 82 8 8 11 11 4 3 30 Africa 14 12 1 4 5 2 3 1 31 Oil-exporting countries3 0 0 1 1 3 1 1 0 32 All other4 41 50 67 100 75 74 3 50 Commercial liabilities 33 Europe 4,001 4,074 4,446 5,616' 5,738 5,844 6,845 7,711 34 Belgium-Luxembourg 48 62 101 134 156 150 208 168 35 France 438 453 352 451 441 436 470 479 36 Germany 622 607 715 916 818 799 1,204 1,689 37 Netherlands 245 364 424 428 463 514 653 567 38 Switzerland 257 379 385 559 527 482 486 586 39 United Kingdom 1,095 976 1,341 1,657' 1,798 1,848 2,186 2,115 40 Canada 1,975 1,449 1,405 1,301 1,392 1,167 1,109 1,204 41 Latin America and Caribbean 1,871 1,088 924 865 976' 1,032 999 1,030 42 Bahamas 7 12 32 19 15 58 20 45 43 Bermuda 114 77 156 168 325 272 222 184 44 Brazil 124 58 61 46 59 54 58 92 45 British West Indies 32 44 49 19 14 28 30 32 46 Mexico 586 430 217 189 164 233 178 180 47 Venezuela 636 212 216 162 122' 140 204 177 48 Asia 5,285 6,046 5,080 6,573 5,888 6,285 6,653 6,905 49 Japan 1,256 1,799 2,042 2,580 2,510 2,661 2,769 3,093 50 Middle East oil-exporting countries'2, 2,372 2,829 1,679 1,964 1,062 1,320 1,312 1,386 51 Africa 588 587 619 574 575 626 465 564 52 Oil-exporting countries 233 238 197 135 139 115 106 201 53 All other4 1,128 982 980 1,078 1,211 1,391 1,414 1,330 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

A66 International Statistics • June 1989 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States1 Millions of dollars, end of period 1987 1988 TTyyppee,, aanndd aarreeaa oorr ccoouunnttrryy 11998844 11998855 11998866 Dec/ Mar/ June' Sept/ Dec.p 1 Total 29,901 28,876 36,265 31,086 31,154 37,599 37,345 32,590 2 Payable in dollars 27,304 26,574 33,867 28,514 28,997 35,421 34,660 30,436 3 Payable in foreign currencies 2,597 2,302 2,399 2,572 2,157 2,178 2,686 2,154 By type 4 Financial claims 19,254 18,891 26,273 20,440 20,368 26,194 26,336 20,848 5 Deposits 14,621 15,526 19,916 14,923 13,056 19,858 19,574 14,249 6 Payable in dollars 14,202 14,911 19,331 13,706 12,402 19,009 18,358 13,313 1 Payable in foreign currencies 420 615 585 1,217 653 849 1,216 936 8 Other financial claims 4,633 3,364 6,357 5,517 7,312 6,336 6,762 6,600 9 Payable in dollars 3,190 2,330 5,005 4,703 6,192 5,440 5,863 5,903 10 Payable in foreign currencies 1,442 1,035 1,352 814 1,120 895 899 696 11 Commercial claims 10,646 9,986 9,992 10,647 10,786 11,405 11,010 11,742 12 Trade receivables 9,177 8,696 8,783 9,581 9,673 10,370 10,025 10,655 13 Advance payments and other claims 1,470 1,290 1,209 1,065 1,113 1,036 985 1,087 14 Payable in dollars 9,912 9,333 9,530 10,105 10,403 10,971 10,439 11,219 15 Payable in foreign currencies 735 652 462 541 383 434 571 522 By area or country Financial claims 16 Europe 5,762 6,929 10,744 9,581 10,116 11,754 10,934 10,324 17 Belgium-Luxembourg 15 10 41 7 15 16 49 11 18 France 126 184 138 335 335 185 212 252 19 Germany 224 223 116 105 97 170 113 129 20 Netherlands 66 161 151 351 336 337 364 350 21 Switzerland 66 74 185 84 54 82 84 90 22 United Kingdom 4,864 6,007 9,855 8,472 9,062 10,642 9,543 9,123 23 Canada 3,988 3,260 4,808 2,851 2,696 2,960 3,545 2,578 24 Latin America and Caribbean 8,216 7,846 9,291 6,983 6,607 10,951 11,166 7,100 25 Bahamas 3,306 2,698 2,628 1,998 2,371 4,164 4,109 1,747 26 Bermuda 6 6 6 7 43 126 188 19 27 Brazil 100 78 86 63 86 46 44 47 28 British West Indies 4,043 4,571 6,078 4,399 3,574 6,111 6,359 4,792 29 Mexico 215 180 174 172 154 147 133 151 30 Venezuela 125 48 21 19 35 28 27 22 31 Asia 961 731 1,317 888 874 422 570 575 32 Japan 353 475 999 607 707 187 385 385 33 Middle East oil-exporting countries2 13 4 7 10 7 6 6 6 3 3 4 5 Af O ri i c l a - exporting countries3 21 8 0 5 1 2 0 9 3 2 8 8 5 65 7 53 7 6 1 0 0 96 9 10 1 6 0 36 All other4 117 21 28 72 23 47 26 165 Commercial claims 37 Europe 3,801 3,533 3,725 4,209 4,201 4,725 4,281 4,967 38 Belgium-Luxembourg 165 175 133 179 194 159 172 175 39 France 440 426 431 652 554 686 535 672 40 Germany 374 346 444 562 637 773 605 605 41 Netherlands 335 284 164 135 151 173 146 265 42 Switzerland 271 284 217 185 172 262 183 316 43 United Kingdom 1,063 898 999 1,097 1,084 1,121 1,197 1,209 44 Canada 1,021 1,023 934 931 1,155 927 933 927 45 Latin America and Caribbean 2,052 1,753 1,857 1,944 1,927 2,080 2,104 2,140 46 Bahamas 8 13 28 19 14 13 12 30 47 Bermuda 115 93 193 170 171 174 161 156 48 Brazil 214 206 234 226 209 232 233 294 49 British West Indies 7 6 39 26 24 25 22 20 50 Mexico 583 510 412 368 374 412 463 459 51 Venezuela 206 157 237 296 274 318 266 225 52 Asia 3,073 2,982 2,755 2,919 2,857 2,994 2,994 2,948 53 Japan 1,191 1,016 881 1,160 1,109 1,169 957 933 54 Middle East oil-exporting countries 668 638 563 450 408 446 411 440 55 Africa 470 437 500 401 419 425 425 433 56 Oil-exporting countries 134 130 139 144 126 136 137 122 57 All other4 229 257 222 241 227 254 273 326 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 A67 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 1989 1988 1989 Transactions, and area or country 1987 1988' Jan.- Aug. Sept. Oct. Nov. Dec. Jan. Feb. Feb. U.S. corporate securities STOCKS 1 Foreign purchases 249,122 181,048 30,301 17,360' 11,971 13,232 11,973 11,224 11,923 18,378 2 Foreign sales 232,849 183,039 30,283 16,704 12,565' 14,852 11,861 12,467 11,789 18,494 3 Net purchases, or sales (—) 16,272 -1,991 18 657' -594' -1,620 112 -1,243 134 -116 4 Foreign countries 16,321 -1,816 81 633' -567' -1,507 89 -1,198 167 -86 5 Europe 1,932 -3,353 -225 372' -625' -128 -901 -771 -99 -126 6 France 905 -281 197 -21 -38' 89 -49 -64 38 159 7 Germany -70 218 89 9 107 -20 -53 30 59 8 Netherlands 892 -535 64 -5 -56 17 -30 -1 128 -64 9 Switzerland -1,123 -2,242 -1,525 -37 -506 -217 -268 -273 -345 -1,181 10 United Kingdom 631 -954 874 241' -41 -579 -424 74 800 11 Canada 1,048 1,087 -41 162 44 -116 576 274 320 -361 12 Latin America and Caribbean 1,318 1,249 1,170 159 310 374 98 -21 599 571 13 Middle East' -1,360 -2,473 166 91 -191' -846 151 -132 -100 265 14 Other Asia 12,896 1,365 -1,147 -228 -128' -693 138 -567 -603 -544 15 Japan 11,365 1,922 -1,050 -282 23' -626 133 -407 -563 -487 16 Africa 123 188 33 41 5 5 21 -1 29 4 17 Other countries 365 121 126 36 19 -102 6 19 21 106 18 Nonmonetary international and regional organizations -48 -176 -63 23 -28 -112 23 -45 -33 -30 BONDS2 19 Foreign purchases 105,856 86,362 15,748 5,966 7,450 7,552 7,650 8,423 6,137 9,611 20 Foreign sales 78,312 58,301 9,322 4,194' 5,583' 4,674 4,795 4,441 4,593 4,729 21 Net purchases, or sales (—) 27,544 28,062 6,426 1,772' 1,866' 2,878 2,856 3,982 1,544 4,881 22 Foreign countries 26,804 28,608 6,440 1,787' 1,802' 3,002 2,825 3,978 1,524 4,915 23 Europe 21,989 17,338 2,725 1,432' 1,107' 2,341 1,240 2,560 663 2,062 24 France 194 143 154 5 90 45 13 -130 107 47 25 Germany 33 1,344 54 166 160 34 -122 75 15 38 26 Netherlands 269 1,514 9 41 415 545 171 17 30 -21 27 Switzerland 1,587 513 260 84 97 175 -13 273 130 131 28 United Kingdom 19,770 13,088 2,065 1,138' 289' 1,339 1,141 2,468 313 1,751 29 Canada 1,296 711 309 27 -155 20 5 178 180 129 30 Latin America and Caribbean 2,857 1,930 881 194' 45 198 58 240 229 652 31 Middle East' -1,314 -174 32 -87 -14 -45 143 159 -128 160 32 Other Asia 2,021 8,900 2,446 254 916 485 1,353 840 552 1,893 33 Japan 1,622 7,686 1,960 178 575 381 1,210 746 392 1,567 34 Africa 16 -8 5 1 1 4 -1 0 3 2 35 Other countries -61 -89 42 -33 -98' -1 26 2 24 18 36 Nonmonetary international and regional organizations 740 -547 -14 -14 64 -124 31 3 20 -34 Foreign securities 37 Stocks, net purchases, or sales (-) 1,081 -1,850 -1,520 -255' -79' -126 -222 -1,102' -891 -629 38 Foreign purchases 95,458 74,792 14,926 5,907' 5,054 6,070 7,625 7,472' 6,856 8,070 39 Foreign sales 94,377 76,642 16,446 6,162' 5,133' 6,196 7,846 8,573' 7,748 8,698 40 Bonds, net purchases, or sales (-) -7,946 -10,170 -733 -363 -51C -3,407 433 -1,720 -247 -486 41 Foreign purchases 199,089 216,461 33,544 17,038 25,271 20,525 20,873 20,51C 14,835 18,709 42 Foreign sales 207,035 226,631 34,278 17,401 25,781' 23,932 20,440 22,230' 15,083 19,195 43 Net purchases, or sales (—), of stocks and bonds .... -6,865 -12,020 -2,253 -618' -589' -3,533 211 -2,822' -1,139 -1,114 44 Foreign countries -6,757 -12,496 -2,308 -648' -570' -3,582 175 -2,916' -1,115 -1,192 45 Europe -12,101 -10,319 -877 -894' -450' -2,881 -476 -1,543' -80 -797 46 Canada -4,072 -3,799 -908 216 -730 -273 392 -658 -378 -530 47 Latin America and Caribbean 828 1,386 145 -34 271' -120 23 -32 68 77 48 Asia 9,299 856 -905 -114 189 112 166 -189 -872 -34 49 Africa 89 -54 -2 37 28 -189 18 -33 6 -9 50 Other countries -800 -567 240 143 121 -230 52 -461 139 100 51 Nonmonetary international and regional organizations -108 476 54 30 -19 49 36 94 -23 78 1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, ties sold abroad by U.S. corporations organized to finance direct investments Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). abroad. 2. Includes state and local government securities, and securities of U.S. government agencies and corporations. Also includes issues of new debt securi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A68 International Statistics • June 1989 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign Transactions Millions of dollars 1989 1988 1989 CCoouunnttrryy oorr aarreeaa 11998877 11998888 Jan.- Feb. Aug. Sept. Oct. Nov. Dec. Jan. Feb." Transactions, net purchases or sales (-) during period1 11 EEssttiimmaatteedd ttoottaall22 222555,,,555888777 444888,,,777777CCC 111111,,,999777333 ---333777999''' ---111,,,999333444''' 222,,,111999333 888,,,555888222 333333777''' 222,,,888666888 999,,,111000555 22 FFoorreeiiggnn ccoouunnttrriieess22 333000,,,888888999 444888,,,000888444''' 111222,,,333000999 ---111444444''' ---222,,,222555666''' ---222444444 888,,,222444777 222,,,333444888''' 222,,,000888222 111000,,,222222888 33 EEuurrooppee22 222333,,,777111666 111444,,,222666ccc 666,,,333555222 ---888333666 ---111,,,222333333 ---111777555 111,,,777111999 333000444''' 222,,,222444999 444,,,111000222 44 BBeellggiiuumm--LLuuxxeemmbboouurrgg 666555333 999222333 111333777 ---222000999 ---333333333 ---333 111333333 ---999000 ---111 111333888 55 GGeerrmmaannyy 111333,,,333333000 ---555,,,333444888 111,,,000111444 ---222,,,000222000 ---777222000 222777777 ---111,,,000111555 ---444000666 888222888 111888666 66 NNeetthheerrllaannddss ---999111333 ---333555666 444000333 ---333444666 ---555888 444111 111333555 ---111111444 222666888 111333555 77 SSwweeddeenn 222111000 ---333222333 111888222 111777555 ---111222111 ---111666222 333555555 111111888 ---111111555 222999777 88 SSwwiittzzeerrllaanndd22 111,,,999111777 ---111,,,000777444 777000888 333444444 ---111,,,333555555 888777 ---444111111 ---111888 222777111 444333777 99 UUnniitteedd KKiinnggddoomm 333,,,999777555 999,,,666666777 111,,,444666000 444111666 222,,,000222333 ---111,,,000111999 111,,,999444555 ---222333111 ---111555777 111,,,666111777 1100 OOtthheerr WWeesstteerrnn EEuurrooppee 444,,,555666333 111000,,,777888 rrr 222,,,444444777 888000333 ---666666333 666111555 555777777 111,,,000555999''' 111,,,111555444 111,,,222999333 1111 EEaasstteerrnn EEuurrooppee ---111999 ---111000 000 000 ---777 ---111000 ---222 ---111555 000 000 1122 CCaannaaddaa 444,,,555222666 333,,,777666111 555555 ---333111555 ---111666777 666333333 ---333666888 777888888 444333 111222 1133 LLaattiinn AAmmeerriiccaa aanndd CCaarriibbbbeeaann ---222,,,111999222 777000333''' 444333555 ---333000888''' 222777222''' ---555777444 555888222 ---111000444 ---888666 555222111 1144 VVeenneezzuueellaa 111555000 ---111000999 ---333666 ---111222888 ---111777 111 000 000 ---333777 111 1155 OOtthheerr LLaattiinn AAmmeerriiccaa aanndd CCaarriibbbbeeaann ---111,,,111444222 111,,,111222ccc 999999 ---222888777''' 222888888''' ---333333111 555000666 111444000 ---111444555 222444444 1166 NNeetthheerrllaannddss AAnnttiilllleess ---111,,,222000000 ---333000888 333777222 111000888 111 ---222444444 777777 ---222444444 %%% 222777666 444,,,444888888 222777,,,555888555''' 666,,,555111000 999111999 ---111,,,333555111 ---111000777 666,,,888777000 111,,,000111111''' 555555333 555,,,999555777 18 Japan 888666888 222111,,,777555222''' 222,,,555777444 111,,,555444000 ---222,,,888444111 222222000 444,,,222222444 ---111555777 777333 222,,,555000111 19 Africa ---555666 ---111333 111444 555 333111 000 ---888 ---777 ---111 111555 20 All other 444000777 111,,,777888666 ---111,,,000555666 333999111 111999333 ---222111 ---555444888 333555888 ---666777666 ---333777999 21 Nonmonetary international and regional organizations ---555,,,333000000 666888999 ---333333777 ---222333333''' 333222222''' 222,,,444333888 333333555 ---222,,,000111111 777888555 ---111,,,111222222 22 International ---444,,,333888777 111,,,111444222 ---222999555 ---222888222 222999444 222,,,333666555 444888999 ---222,,,000111999 777777777 ---111,,,000777222 23 Latin America regional 333 ---333111 ---111000 ---888 000 000 111000 111000 000 ---111000 Memo 24 Foreign countries 333000,,,888888999 444888,,,000888444''' 111222,,,333000999 ---111444444''' ---222,,,222555666''' ---222444444 888,,,222444777 222,,,333444888''' 222,,,000888222 111000,,,222222888 25 Official institutions 333111,,,000666444 222666,,,555999333 666,,,333999333 ---111,,,444555000 ---111,,,444888111 555777777 222,,,111%%% 222,,,222111222 111,,,999222222 444,,,444777222 26 Other foreign2 ---111888111 222111,,,444888999''' 555,,,999111555 111,,,333000555''' ---777777666''' ---888222111 666,,,000555000 111333666''' 111666000 555,,,777555555 Oil-exporting countries 27 Middle East3 ---333,,,111444222 111,,,999444333''' 333,,,666888555 444444999 ---111888222 ---111,,,000222333 222,,,111222111 111,,,000888000''' 111333222 333,,,555555333 28 Africa" 111666 111 000 000 000 000 000 000 000 000 1. Estimated official and private transactions in marketable U.S. Treasury 3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and securities with an original maturity of more than 1 year. Data are based on United Arab Emirates (Trucial States). monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds and 4. Comprises Algeria, Gabon, Libya, and Nigeria. notes held by official institutions of foreign countries. 2. Includes U.S. Treasury notes publicly issued to private foreign residents denominated in foreign currencies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Interest and Exchange Rates A69 3.26 DISCOUNT RATES OF FOREIGN CENTRAL BANKS Percent per year Rate on Apr. 30, 1989 Rate on Apr. 30, 1989 Rate on Apr. 30, 1989 Country Country Country Month Month Month Percent effective effective Percent effective Austria.. 5.0 Apr. 1989 France 8.25 Jan. 1989 Norway 8.0 June 1983 Belgium . 8.75 Apr. 1989 Germany, Fed. Rep. of 4.5 Apr. 1989 Switzerland .... 4.5 Apr. 1989 Brazil ... 49.0 Mar. 1981 Italy 13.5 Mar. 1989 United Kingdom2 Canada.. 12.62 Apr. 1989 Japan 2.5 Feb. 1987 Venezuela Denmark 7.5 Apr. 1983 Netherlands 5.5 Apr. 1989 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 comdiscounts Treasury bills for 7 to 10 days. mercial banks or brokers. For countries with more than one rate applicable to 2. Minimum lending rate suspended as of Aug. 20, 1981. such discounts or advances, the rate shown is the one at which it is understood the NOTE. Rates shown are mainly those at which the central bank either discounts central bank transacts the largest proportion of its credit operations. 3.27 FOREIGN SHORT-TERM INTEREST RATES Percent per year, averages of daily figures 1988 1989 CCoouunnttrryy,, oorr ttyyppee 11998866 11998877 11998888 Oct. Nov. Dec. Jan. Feb. Mar. Apr. 1 Eurodollars 6.70 7.07 7.86 8.51 8.91 9.30 9.28 9.61 10.18 10.01 2 United Kingdom 10.87 9.65 10.28 11.94 12.23 13.07 13.06 12.97 13.00 13.09 3 Canada 9.18 8.38 9.63 10.48 10.86 11.15 11.34 11.69 12.22 12.58 4 Germany 4.58 3.97 4.28 5.03 4.91 5.32 5.63 6.36 6.57 6.42 5 Switzerland 4.19 3.67 2.94 3.62 4.10 4.77 5.31 5.69 5.75 6.05 6 Netherlands 5.56 5.24 4.72 5.35 5.30 5.60 5.99 6.75 6.88 6.70 7 France 7.68 8.14 7.80 7.87 8.03 8.36 8.55 9.11 9.07 8.61 8 Italy 12.60 11.15 11.04 11.30 11.48 11.96 11.84 12.26 12.88 12.21 9 Belgium 8.04 7.01 6.69 7.24 7.18 7.38 7.59 8.04 8.28 8.17 10 Japan 4.96 3.87 3.96 4.26 4.22 4.16 4.24 4.21 4.21 4.20 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

A70 International Statistics • June 1989 3.28 FOREIGN EXCHANGE RATES1 Currency units per dollar 1988 1989 CCoouunnttrryy//ccuurrrreennccyy 11998866 11998877 11998888 Nov. Dec. Jan. Feb. Mar. Apr. 1 Australia/dollar2 67.093 70.136 78.408 85.07 85.73 87.05 85.64 81.69 80.35 2 Austria/schilling 15.260 12.649 12.357 12.307 12.359 12.904 13.022 13.148 13.161 3 Belgium/franc 44.662 37.357 36.783 36.670 36.815 38.441 38.792 39.136 39.148 4 Canada/dollar 1.3896 1.3259 1.2306 1.2186 1.1962 1.1913 1.1891 1.1954 1.1888 5 China, P.R./yuan 3.4615 3.7314 3.7314 3.7314 3.7314 3.7314 3.7314 3.7314 3.7314 6 Denmark/krone 8.0954 6.8477 6.7411 6.7547 6.7891 7.1143 7.2094 7.2912 7.2803 7 Finland/markka 5.0721 4.4036 4.1933 4.1522 4.1408 4.2553 4.3006 4.2994 4.1961 8 France/franc 6.9256 6.0121 5.9594 5.9746 5.9994 6.2538 6.3004 6.3321 6.3223 9 Germany/deutsche mark 2.1704 1.7981 1.7569 1.7491 1.7563 1.8356 1.8505 1.8686 1.8697 10 Greece/drachma 139.93 135.47 142.00 145.22 146.10 152.25 154.72 157.34 159.23 11 Hong Kong/dollar 7.8037 7.7985 7.8071 7.8095 7.8062 7.8047 7.8009 7.7969 7.7828 12 India/rupee 12.597 12.943 13.899 14.966 15.019 15.092 15.240 15.467 15.718 13 Ireland/punt2 134.14 148.79 152.49 152.70 152.29 145.82 144.10 142.84 142.67 14 Italy/lira 1491.16 1297.03 1302.39 1300.22 1295.61 1345.12 1355.28 1372.50 1371.80 15 Japan/yen 168.35 144.60 128.17 123.20 123.61 127.36 127.74 130.55 132.04 16 Malay sia/ringgit 2.5830 2.5185 2.6189 2.6779 2.6935 2.7221 2.7307 2.7535 2.7211 17 Netherlands/guilder 2.4484 2.0263 1.9778 1.9729 1.9824 2.0723 2.0895 2.1085 2.1098 18 New Zealand/dollar2 52.456 59.327 65.558 64.067 63.621 62.412 61.629 61.547 61.167 19 Norway/krone 7.3984 6.7408 6.5242 6.5796 6.5234 6.6808 6.7254 6.8059 6.7964 20 Portugal/escudo 149.80 141.20 144.26 145.57 145.56 150.74 152.10 154.05 154.54 21 Singapore/dollar 2.1782 2.1059 2.0132 1.9616 1.9442 1.9404 1.9285 1.9407 1.9497 22 South Africa/rand 2.2918 2.0385 2.1900 2.3943 2.3487 2.3847 2.4570 2.5393 2.5480 23 South Korea/won 884.61 825.93 734.51 696.08 687.89 685.28 680.28 675.68 672.10 24 Spain/peseta 140.04 123.54 116.52 115.17 113.73 114.78 115.67 116.40 116.146 25 Sri Lanka/rupee 27.933 29.471 31.847 32.989 33.016 33.132 33.115 33.416 34.021 26 Sweden/krona 7.1272 6.3468 6.1369 6.0968 6.0888 6.2725 6.3238 6.3933 6.3689 27 Switzerland/franc 1.7979 1.4918 1.4642 1.4675 1.4799 1.5619 1.5740 1.6110 1.6469 28 Taiwan/dollar 37.837 31.756 28.636 28.170 28.199 27.821 27.716 27.591 26.998 29 Thailand/baht 26.314 25.774 25.312 25.146 25.146 25.322 25.386 25.542 25.524 30 United Kingdom/pound2 146.77 163.98 178.13 180.85 182.58 177.37 175.34 171.34 170.08 MEMO 31 United States/dollar3 112.22 96.94 92.72 91.91 91.88 95.12 95.77 96.99 97.24 1. Averages of certified noon buying rates in New York for cable transfers. currencies of 10 industrial countries. The weight for each of the 10 countries is the Data in this table also appear in the Board's G.5 (405) release. For address, see 1972-76 average world trade of that country divided by the average world trade of inside front cover. all 10 countries combined. Series revised as of August 1978 (see FEDERAL 2. Value in U.S. cents. RESERVE BULLETIN, vol. 64, August 1978, p. 700). 3. Index of weighted-average exchange value of U.S. dollar against the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A71 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 po- "U.S. government securities" may include guaranteed litical subdivisions. issues of U.S. government agencies (the flow of funds figures In some of the tables, details do not add to totals because also include not fully guaranteed issues) as well as direct of rounding. STATISTICAL RELEASES List Published Semiannually, with Latest Bulletin Reference Issue Page Anticipated schedule of release dates for periodic releases June 1989 A101 SPECIAL TABLES Published Irregularly, with Latest Bulletin Reference Assets and liabilities of commercial banks, September 30, 1987 April 1988 A70 Assets and liabilities of commercial banks, December 31, 1987 June 1988 A70 Assets and liabilities of commercial banks, March 31, 1988 June 1989 A72 Assets and liabilities of commercial banks, June 30, 1988 June 1989 A78 Terms of lending at commercial banks, May 1988 September 1988 A70 Terms of lending at commercial banks, August 1988 January 1989 A72 Terms of lending at commercial banks, November 1988 April 1989 A72 Terms of lending at commercial banks, February 1989 June 1989 A84 Assets and liabilities of U.S. branches and agencies of foreign banks, March 31, 1988 September 1988 A82 Assets and liabilities of U.S. branches and agencies of foreign banks, June 30, 1988 January 1989 A78 Assets and liabilities of U.S. branches and agencies of foreign banks, September 30, 1988 May 1989 A72 Assets and liabilities of U.S. branches and agencies of foreign banks, December 31, 1988 June 1989 A90 Pro forma balance sheet and income statements for priced service operations, June 30, 1987 November 1987 A74 Pro forma balance sheet and income statements for priced service operations, September 30, 1987 February 1988 A80 Pro forma balance sheet and income statements for priced service operations, March 31, 1988 ... August 1988 A70 Special tables begin on next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Special Tables • June 1989 4.20 DOMESTIC AND FOREIGN OFFICES, Insured Commercial Bank Assets and Liabilities1 2 Consolidated Report of Condition, March 31, 1988 Millions of dollars Banks with foreign offices3,4 Bank o s f f w ic i e th s o d n o l m y estic IItteemm Total Total Foreign Domestic Over 100 Under 100 1 Total assets6 3,00,610 1,728,965 447,727 1,341,864 877,164 394,481 2 Cash and balances due from depository institutions 328,542 229,823 125,039 104,784 64,790 33,929 3 Cash items in process of collection, unposted debits, and currency and coin 1 68,874 1,844 67,029 27,023 1 4 Cash items in process of collection and unposted debits | n.a. n.a. 55,864 18,910 1 5 Currency and coin 1 n.a. n.a. 11,165 8,114 6 Balances due from depository institutions in the United States 35,730 22,871 12,859 21,823 n.a. 7 Balances due from banks in foreign countries and foreign central banks n.a. 103,175 100,175 2,999 4,245 8 Balances due from Federal Reserve Banks 22,045 149 21,897 11,698 I MEMO t 9 Noninterest-bearing balances due from commercial banks in the United States 1 (included in balances due from depository institutions in the U.S.) t n.a. n.a. 8,328 12,804 10,079 10 Total securities, loans and lease financing receivables, net 2,451,137 1,332,110 n.a. n.a. 775,366 343,661 11 Total securities, book value 519,151 218,951 28,726 190,225 183,573 116,626 12 U.S. Treasury securities and U.S. government agency and corporation obligations 313,299 113,518 964 112,554 115,611 8844,,117700 n U.S. Treasury securities n.a. 64,462 592 63,870 64,571 n.a. 14 U.S. government agency and corporation obligations n.a. 49,056 372 48,684 51,040 n.a. is All holdings of U.S. government-issued or guaranteed certificates of participation in pools of residential mortgages 75,557 40,766 352 40,414 2211,,220022 1133,,558899 16 All other n.a. 8,290 20 8,270 29,837 n.a. 17 Securities issued by states and political subdivisions in the United States 115,543 48,945 725 48,220 44,121 22,477 18 Taxable 1,906 351 6 345 708 847 19 Tax-exempt 113,637 48,594 719 47,876 43,413 21,630 70 Other securities 90,308 56,488 27,037 29,451 23,841 9,979 7] nn..aa.. 2299,,113388 11,,550099 2277,,662299 2233,,442244 22 All holdings of private certificates of participation in pools of residential mortgages 4,267 1,451 0 1,451 1,935 888811 73 All other 58,274 27,687 1,509 26,178 21,489 9,098 "M 27,350 25,528 1,822 417 25 Federal funds sold and securities purchased under agreements to resell 143,307 70,626 49,087 70,396 47,710 24,970 26 Federal funds sold 108,870 41,943 n.a. n.a. 42,832 24,095 27 Securities purchased under agreements to resell 34,437 28,683 n.a. n.a. 4,879 875 28 Total loans and lease financing receivables, gross 1,853,633 1,086,707 228,893 857,815 559,195 207,731 79 LESS: Unearned income on loans 14,808 6,722 2,155 4,567 5,799 2,287 30 Total loans and leases (net of unearned income) 1,838,825 1,079,985 226,738 853,247 553,396 205,444 31 LESS: Allowance for loan and lease losses 49,995 37,302 n.a. n.a. 9,313 3,380 V LESS: Allocated transfer risk reserves 151 150 n.a. n.a. 1 0 33 EQUALS: Total loans and leases, net 1,788,680 1,042,533 n.a. n.a. 544,082 202,065 Total loans, gross, by category 34 Loans secured by real estate 612,826 291,308 21,086 227700,,222222 222255,,119900 9966,,332288 35 Construction and land development A i k 79,485 34,003 7,355 36 T T 1 1,634 4,107 8,847 37 1-4 family residential properties 105,954 107,565 53,015 38 Revolving, open-end loans, extended under lines of credit n.a. n.a. n.a. 16,767 12,857 1,908 39 89,187 94,708 51,107 40 Multifamily (5 or more) residential properties 1 1 1 9,305 6,503 1,901 41 Nonfarm nonresidential properties t t T 73,843 73,013 25,209 42 Loans to depository institutions 64,397 57,236 26,887 30,349 6,362 799 43 To commercial banks in the United States n.a. 24,051 888 23,164 5,396 n.a. 44 To other depository institutions in the United States n.a. 3,791 493 3,298 829 n.a. 45 To banks in foreign countries n.a. 29,394 25,506 3,888 138 n.a. 46 Loans to finance agricultural production and other loans to farmers 28,536 5,374 431 4,943 6,320 16,842 47 594,004 416,014 110,721 305,293 133,088 44,902 48 n.a. 321,047 18,844 302,203 132,758 n.a. 49 To non-U.S. addressees (domicile) n.a. 94,967 91,877 3,090 330 n.a. 50 Acceptances of other banks 3,441 1,102 406 696 1,282 1,057 51 U.S. banks n.a. 470 62 409 n.a. n.a. 52 Foreign banks n.a. 632 345 287 n.a. n.a. 53 Loans to individuals for household, family and other personal expenditures (includes 346,206 149,450 12,303 137,147 153,937 42,820 54 Credit cards and related plans 102,090 45,014 n.a. n.a. 54,723 2,352 55 Other (includes single payment and installment) 244,117 104,436 n.a. n.a. 99,213 40,468 56 Obligations (other than securities) of states and political subdivisions in the U.S. (includes nonrated industrial development obligations) 50,882 31,048 566 3300,,448822 1177,,558899 22,,224466 57 Taxable 958 286 0 286 566 105 58 Tax-exempt 49,925 30,762 566 30,196 17,022 2,140 59 All other loans 122,284 109,299 52,176 57,123 10,799 2,187 60 Loans to foreign governments and official institutions n.a. 38,427 36,356 2,070 314 n.a. 61 n.a. 70,872 15,820 55,053 10,485 n.a. 62 Loans for purchasing and carrying securities n.a. n.a. n.a. 15,089 2,886 n.a. 63 All other loans n.a. n.a. n.a. 39,964 7,599 n.a. 64 Lease financing receivables 31,056 25,876 4,317 21,560 4,629 551 65 Assets held in trading accounts 42,001 41,222 18,297 22,925 577 203 66 Premises and fixed assets (including capitalized leases) 44,835 23,272 1 n.a. 14,586 6,977 67 Other real estate owned 11,669 5,056 1 n.a. 3,876 2,737 68 Investments in unconsolidated subsidiaries and associated companies 2,277 1,573 n.a. 656 47 69 Customers' liability on acceptances outstanding 34,196 33,777 n.a. n.a. 395 24 70 Net due from own foreign offices, Edge and agreement subsidiaries and IBFs n.a. n.a. 46,011 n.a. n.a. 71 Intangible assets 4,788 2,990 1 n.a. 1,628 170 72 Other assets 81,166 59,142 t n.a. 15,290 6,734 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A73 4.20—Continued Banks with foreign offices3'4 Bank o s f f w ic i e th s o d n o ly m estic Item Total Foreign Domestic Over 100 Under 100 73 Total liabilities, limited-life preferred stock, and equity capital ,000,610 1,728,965 n.a. n.a. 877,164 394,481 74 Total liabilities7 ,818,498 1,643,456 447,676 1,256,406 814,918 360,123 75 Limited-life preferred stock 84 67 n. a. n.a. 3 13 76 Total deposits ,304,970 1.236,534 333,727 902,808 716,837 351,599 77 Individuals, partnerships, and corporations J 183,488 810,449 652,490 319,890 78 U.S. government 1 2,253 1,423 594 79 States and political subdivisions in the United States 1 37,241 43,245 25,516 80 Commercial banks in the United States n. i. n. a. n.a. 30,414 11,133 2,051 8 8 2 1 B O a th n e k r s d in e p f o o s r i e t i o g r n y c i o n u st n i t t r u i t e i s o ns in the United States 1 j 3 7, , 5 8 6 8 1 2 2,5 3 8 2 3 7 n 1 . , a 2 . 4 5 83 Foreign governments and official institutions 28,284 26,807 1,477 248 n.a. 84 Certified and official checks 17,805 10,160 630 9,530 5,387 2,258 85 All other8 TO 802 44 86 Total transaction accounts 304,088 205,561 94,188 87 Individuals, partnerships, and corporations 253,550 180,987 83,995 88 U.S. government 1,314 1,022 417 89 States and political subdivisions in the United States 8,115 9,325 6,402 90 Commercial banks in the United States n.a. n.a. n.a. 20,500 7,243 742 91 Other depository institutions in the United States 3,245 1,501 360 92 Banks in foreign countries 6,844 90 93 Foreign governments and official institutions 991 6 n.a. 94 Certified and official checks 1 99,,553300 5,387 2,258 95 All other 13 96 Demand deposits (included in total transaction accounts) 234,533 130,628 50,201 97 Individuals, partnerships, and corporations 185,821 110,604 44,239 98 U.S. government 1,301 1,002 405 99 States and political subdivisions in the United States 6,303 4,810 2,196 100 Commercial banks in the United States 20,500 7,239 740 101 Other depository institutions in the United States 3,245 1,491 350 102 Banks in foreign countries 6,844 90 n.a. 103 Foreign governments and official institutions 990 5 104 Certified and official checks 99,,553300 55,,338877 2,258 105 All other 13 106 Total nontransaction accounts 598,719 511,277 257,411 107 Individuals, partnerships, and corporations n.a. n.a. n a. 556,900 471,503 235,895 108 U.S. government 940 402 178 109 States and political subdivisions in the United States 29,127 33,920 19,114 110 Commercial banks in the United States 9,914 3,890 1,309 111 U.S. branches and agencies of foreign banks 582 253 n.a. 112 Other commercial banks in the United States 9,333 3,636 n.a. 113 Other depository institutions in the United States 637 1,082 885 114 Banks in foreign countries 716 238 n.a. 115 Foreign branches of other U.S. banks 10 192 n.a. 116 Other banks in foreign countries 706 45 n.a. 117 Foreign governments and official institutions 486 243 n.a. 118 Allother 31 119 Federal funds purchased and securities sold under agreements to repurchase.. 252,060 198,584 153,565 197,963 50,962 2,514 120 Federal funds purchased 152,805 123,597 n.a. n.a. 28,167 1,041 121 Securities sold under agreements to repurchase 99,253 74,987 n a. n.a. 22,795 1,473 122 Demand notes issued to the U.S. Treasury n.a. n.a. n.a. 16,380 3,857 538 123 Other borrowed money 117,021 87,224 38,227 48,998 28,574 1,223 124 Banks liability on acceptances executed and outstanding 34,293 33,874 8 029 25,845 395 24 125 Notes and debentures subordinated to deposits 17,407 14,555 n a. n.a. 2,676 175 126 Net due to own foreign offices, Edge and agreement subsidiaries, and IBFs... n. a. n.a. n.a. 14,614 n.a. n.a. 127 All other liabilities 71,970 56,304 n.a. n.a. 11,617 4,049 128 Total equity capital9 182,029 85,442 n.a. n.a. 62,242 34,345 MEMO 129 Holdings of commercial paper included in total loans, gross 2,575 1,684 891 841 n.a. 130 Total individual retirement accounts (IRA) and Keogh plan accounts 35,789 34,759 15,824 131 Total brokered deposits 27,649 9,288 1,217 132 Total brokered retail deposits 5,288 5,420 1,080 133 Issued in denominations of $100,000 or less 918 3,070 760 134 Issued in denominations greater than $100,000 and participated out by the broker in shares of $100,000 or less 4,370 2,350 320 Savings deposits 135 Money market deposit accounts (MMDAs) 176,747 131,221 51,191 136 Other savings deposits (excluding MMDAs) 75,802 73,266 33,368 137 Total time deposits of less than $100,000 152,030 198 129,204 138 Time certificates of deposit of $100,000 or more n. a. n.a. n.a. 166,981 104,920 42,131 139 Open-account time deposits of $100,000 or more 27,159 4,312 1,518 140 All NOW accounts (including Super NOW) 65,198 72,556 42,407 141 Total time and savings deposits 668,275 586,209 301,398 Quarterly averages 142 Total loans 825,294 541,830 202,203 143 Obligations (other than securities) of states and political subdivisions in the United States 31,273 17,492 n.a. 144 Transaction accounts in domestic offices (NOW accounts, ATS accounts, and telephone and preauthorized transfer accounts) 68,963 74,035 43,514 Nontransaction accounts in domestic offices 145 Money market deposit accounts (MMDAs) 174,409 130,639 50,929 146 Other savings deposits 73,563 72,202 32,566 147 Time certificates of deposit of $100,000 or more 165,965 103,624 40,859 148 All other time deposits 179,117 199,221 129,403 149 Number of banks 13,465 251 n.a. n.a. 2,454 10,760 Footnotes appear at the end of table 4.22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Special Tables • June 1989 4.21 DOMESTIC OFFICES, Insured Commercial Banks with Assets of $100 Million or more or with foreign offices1-2-6 Consolidated Report of Condition, March 31, 1988 Millions of dollars Members NNoonn-- IItteemm TToottaall mmeemmbbeerrss Total National State 1 Total assets6 2,219,028 1,783,673 1,409,552 374,122 435,355 2 Cash and balances due from depository institutions 169,575 140,655 110,103 30,552 28,920 3 Cash items in process of collection and unposted debits 74,774 68,110 53,037 15,073 6,664 4 Currency and coin 19,279 15,934 13,245 2,689 3,345 5 Balances due from depository institutions in the United States 34,682 23,379 19,420 3,959 11,302 6 Balances due from banks in foreign countries and foreign central banks 7,245 5,390 4,353 1,037 1,855 7 Balances due from Federal Reserve Banks 33,595 27,842 20,048 7,794 5,754 S Total securities, loans and lease financing receivables, (net of unearned income) 1,898,548 1,511,508 1,208,317 303,192 387,040 9 Total securities, book value 373,798 281,735 219,316 62,419 92,063 10 U.S. Treasury securities 128,441 98,554 78,582 19,973 29,887 11 U.S. government agency and corporation obligations 99,724 76,172 60,777 15,395 23,552 12 All holdings of U.S. government-issued or guaranteed certificates of participation in pools of residential mortgages 61,616 51,966 40,976 10,990 99,,665500 13 Mother 38,108 24,206 19,801 4,404 13,902 14 Securities issued by states and political subdivisions in the United States 92,341 72,561 53,294 19,267 19,780 15 Taxable 1,053 757 623 134 296 16 Tax-exempt 91,288 71,804 52,671 19,133 19,485 17 Other domestic securities 51,053 32,459 25,947 6,511 18,594 18 All holdings of private certificates of participation in pools of residential mortgages 3,386 2,527 1,273 1,254 860 19 All other 47,667 29,932 24,674 5,258 17,735 20 Foreign securities 2,239 1,989 716 1,273 250 21 Federal funds sold and securities purchased under agreements to resell10 118,107 98,356 72,702 25,655 19,750 22 Federal funds sold 42,833 27,602 24,844 2,758 15,230 23 Securities purchased under agreements to resell 4,879 3,967 3,543 425 911 24 Total loans and lease financing receivables, gross 1,417,010 1,139,390 922,497 216,893 277,620 25 LESS: Unearned income on loans 10,367 7,973 6,199 1,775 2,393 26 Total loans and leases (net of unearned income) 1,406,643 1,131,417 916,299 215,118 275,227 Total loans, gross, by category 27 Loans secured by real estate 495,412 375,951 319,680 56,271 119,461 28 Construction and land development 113,488 92,770 76,812 15,958 20,718 79 Farmland 5,741 3,917 3,447 470 1,825 30 1-4 family residential properties 213,518 156,235 133,405 22,829 57,284 31 Revolving, open-end and extended under lines of credit 29,624 22,951 19,693 3,259 6,672 37, All other loans 183,895 133,283 113,713 19,570 50,611 33 Multifamily (5 or more) residential properties 15,808 12,344 10,884 1,460 3,464 34 Nonfarm nonresidential properties 146,856 110,686 95,132 15,555 36,170 35 Loans to commercial banks in the United States 28,559 25,147 20,007 5,140 3,412 36 Loans to other depository institutions in the United States 4,127 3,855 3,114 742 271 37 Loans to banks in foreign countries 4,025 3,932 2,502 1,430 93 38 Loans to finance agricultural production and other loans to farmers 11,263 9,022 7,981 1,041 2,241 39 Commercial and industrial loans 438,381 363,101 285,372 77,729 75,279 40 To U.S. addressees (domicile) 434,961 359,945 282,748 77,197 75,016 41 To non-U.S. addressees (domicile) 3,420 3,156 2,624 532 264 42 1,978 1,370 1,229 141 608 43 Of U.S. banks 735 571 523 48 165 44 Of foreign banks 430 339 300 39 91 45 Loans to individuals for household, family, and other personal expenditures 291,083 231,426 190,923 40,503 59,658 46 Loans to foreign governments and official institutions 2,384 2,161 1,525 636 224 47 Obligations (other than securities) of states and political subdivisions in the United States 48,071 40,458 30,090 10,368 7,612 48 Taxable 853 551 456 96 301 49 Tax-exempt 47,218 39,907 29,635 10,272 7,311 50 Other loans 65,538 59,811 41,521 18,291 5,726 51 Loans for purchasing and carrying securities 17,974 16,873 10,579 6,294 1,102 52 All other loans 47,563 42,938 30,942 11,996 4,625 53 Lease financing receivables 26,189 23,155 18,554 4,601 3,034 54 Customers* liability on acceptances outstanding 25,480 24,355 17,150 7,205 1,125 55 Net due from own foreign offices, Edge and agreement subsidiaries, and IBFs 46,011 42,087 31,519 10,568 3,924 56 Remaining assets 125,425 107,155 73,982 33,173 18,270 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A73 4.20—Continued Members NNoonn-- IItteemm TToottaall mmeemmbbeerrss Total National State 57 Total liabilities and equity capital 2,219,028 1,783,673 1,409,552 374,122 435,355 58 Total liabilities4 2,071,325 1,668,387 1,319,885 348,502 402,937 59 Total deposits 1,619,645 1,264,783 1,017,034 247,748 354,862 60 Individuals, partnerships, and corporations 1,462,939 1,137,471 917,858 219,613 325,469 61 U.S. government 3,677 2,985 2,636 349 692 62 States and political subdivisions in the United States 80,487 61,184 51,642 9,542 19,302 63 Commercial banks in the United States 41,547 37,090 27,610 9,480 4,456 64 Other depository institutions in the United States 6,465 5,232 4,034 1,198 1,234 65 Banks in foreign countries 7,888 7,154 3,879 3,276 734 66 Foreign governments and official institutions 1,725 1,526 804 721 200 67 Certified and official checks 14,917 12,141 8,572 3,570 2,776 68 Total transaction accounts 509,649 415,409 325,579 89,830 94,239 69 Individuals, partnerships, and corporations 434,537 349,016 277,314 71,703 85,520 70 U.S. government 2,335 1,883 1,582 301 452 71 States and political subdivisions in the United States 17,440 14,156 11,512 2,644 3,284 72 Commercial banks in the United States 27,743 26,471 19,446 7,025 1,272 73 Other depository institutions in the United States 4,746 4,149 3,062 1,087 597 74 Banks in foreign countries 6,934 6,708 3,597 3,110 226 75 Foreign governments and official institutions 997 885 495 390 111 76 Certified and official checks 14,917 12,141 8,572 3,570 2,776 77 Demand deposits (included in total transaction accounts) 365,161 304,364 232,535 71,829 60,797 78 Individuals, partnerships, and corporations 296,425 242,786 188,204 54,583 53,639 79 2,303 1,856 1,558 298 447 80 States and political subdivisions in the United States 11,113 9,374 7,608 1,766 1,738 81 Commercial banks in the United States 27,738 26,470 19,445 7,025 1,268 87. Other depository institutions in the United States 4,736 4,144 3,056 1,087 592 83 Banks in foreign countries 6,934 6,707 3,597 3,110 226 84 Foreign governments and official institutions 995 885 495 390 110 85 Certified and official checks 14,917 12,141 8,572 3,570 2,776 86 Total nontransaction accounts 1,109,996 849,373 691,455 157,918 260,623 87 Individuals, partnerships, and corporations 1,028,403 788,454 640,544 147,910 239,948 88 U.S. government 1,341 1,101 1,054 48 240 89 States and political subdivisions in the United States 63,047 47,028 40,130 6,898 16,018 90 Commercial banks in the United States 13,804 10,620 8,165 2,455 3,184 91 U.S. branches and agencies of foreign banks 835 193 142 51 643 97 Other commercial banks in the United States 12,969 10,427 8,023 2,404 2,542 93 Other depository institutions in the United States 1,719 1,083 972 111 637 94 Banks in foreign countries 954 447 281 165 507 95 Foreign branches of other U.S. banks 203 13 3 10 190 96 Other banks in foreign countries 751 434 279 155 317 97 Foreign governments and official institutions 728 640 309 331 88 98 Federal funds purchased and securities sold under agreements to repurchase12 248,925 226,388 174,805 51,583 22,537 99 Federal funds purchased 28,167 21,338 18,258 3,081 6,829 100 Securities sold under agreements to repurchase 22,804 14,914 12,157 2,757 7,890 101 Demand notes issued to the U.S. Treasury 20,238 18,698 13,512 5,186 1,539 102 Other borrowed money 77,571 64,271 50,199 14,073 13,300 103 Banks liability on acceptances executed and outstanding 26,240 25,115 17,874 7,241 1,125 104 Notes and debentures subordinated to deposits 2,676 1,474 1,339 135 1,203 105 Net due to own foreign offices, Edge and agreement subsidiaries, and IBFs 14,614 12,908 9,569 3,339 1,706 106 Remaining liabilities 76,029 67,658 45,122 22,536 8,371 107 147,704 115,286 89,667 25,620 32,417 MEMO 108 Holdings of commercial paper included in total loans, gross 1,732 1,000 885 115 773322 109 Total individual retirement accounts (IRA) and Keogh plan accounts 70,548 54,684 45,135 9,549 15,865 110 Total brokered deposits 36,937 28,414 23,388 5,026 8,523 111 Total brokered retail deposits 10,708 6,694 5,766 928 4,014 11? Issued in denominations of $100,000 or less 3,988 1,484 1,351 133 2,504 113 Issued in denominations greater than $100,000 and participated out by the broker in shares of $100,000 or less 6,720 5,210 4,415 795 11,,551100 Savings deposits 114 Money market deposit accounts (MMDAs) 307,968 224411,,004422 119955,,883344 4455,,220088 6666,,992266 115 Other savings accounts 149,067 114,455 88,855 25,600 34,612 116 Total time deposits of less than $100,000 349,589 260,940 220,082 40,858 88,648 117 Time certificates of deposit of $100,000 or more 271,901 205,616 167,461 38,155 66,285 118 Open-account time deposits of $100,000 or more 31,470 27,320 19,222 8,098 4,151 119 All NOW accounts (including Super NOW accounts) 137,754 105,868 88,155 17,713 31,886 120 Total time and savings deposits 1,254,483 960,419 784,499 175,920 294,065 Quarterly averages 171 1,367,124 1,098,059 888877,,887755 221100,,118844 226699,,006655 122 Obligations (other than securities) of states and political subdivisions in the United States 48,765 41,361 30,499 10,862 7,404 123 Transaction accounts (NOW accounts, ATS accounts, and telephone preauthorized transfer accounts) 142,997 110,476 91,044 1199,,443322 3322,,552211 Nontransaction accounts 124 Money market deposit accounts (MMDAs) 305,048 238,990 194,011 44,980 66,058 125 145,765 111,623 86,966 24,656 34,142 176 Time certificates of deposits of $100,000 or more 269,589 204,611 166,867 37,744 64,978 127 378,338 286,638 237,857 48,781 91,700 128 2,705 1,558 1,321 237 1,147 Footnotes appear at the end of table 4.22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Special Tables • June 1989 4.22 DOMESTIC OFFICES, Insured Commercial Bank Assets and Liabilities12-6 Consolidated Report of Condition, March 31, 1988 Millions of dollars Members NNoonn-- IItteemm Total mmeemmbbeerrss Total National State 1 Total assets6 2,613,509 1,946,138 1,541,719 404,419 667,371 2 Cash and balances due from depository institutions 203,503 154,888 121,935 32,953 48,615 3 Currency and coin 23,116 17,525 14,542 2,983 5,591 4 Noninterest-bearing balances due from commercial banks 31,211 17,959 15,088 2,871 13,252 5 Other 149,176 119,404 92,304 27,100 29,772 6 Total securities, loans, and lease financing receivables (net of unearned income) 2,245,589 1,654,117 1,324,019 330,098 591,472 7 Total securities, book value 490,425 327,822 256,951 70,871 162,603 8 U.S. Treasury securities and U.S. government agency and corporation obligations 312,335 207,794 166,225 41,569 104,541 9 Securities issued by states and political subdivisions in the United States 114,818 81,302 60,443 20,859 33,516 1,900 1,033 855 178 867 11 Tax-exempt 112,918 80,269 59,589 20,681 32,649 12 Other securities 63,271 38,726 30,283 8,444 24,545 13 All holdings of private certificates of participation in pools of residential mortgages 4,267 2,933 1,543 1,389 1,335 14 All other 59,006 35,793 28,739 7,054 23,213 15 Federal funds sold and securities purchased under agreements to resell 143,077 109,711 82,088 27,622 33,366 16 Federal funds sold 66,928 38,403 33,692 4,711 28,525 17 Securities purchased under agreements to resell 5,754 4,521 4,082 439 1,232 18 Total loans and lease financing receivables, gross 1,624,741 1,225,567 991,977 233,589 399,174 19 LESS: Unearned income on loans 12,653 8,982 6,998 1,984 3,671 20 Total loans and leases (net of unearned income) 1,612,088 1,216,585 984,979 231,605 395,503 Total loans, gross, by category 21 Loans secured by real estate 591,740 415,373 351,407 63,966 176,367 22 Construction and land development 120,844 95,831 79,320 16,511 25,013 14,588 6,914 5,837 1,077 7,674 24 1-4 family residential properties 266,533 178,308 150,995 27,313 88,225 25 Revolving, open-end loans, and extended under lines of credit 31,532 23,782 20,341 3,440 7,750 26 All other loans 235,001 154,527 130,654 23,873 80,475 27 Multifamily (5 or more) residential properties 17,710 13,113 11,510 1,603 4,597 28 Nonfarm nonresidential properties 172,065 121,207 103,744 17,463 50,858 29 Loans to depository institutions 37,511 33,333 25,990 7,343 4,177 30 Loans to finance agricultural production and other loans to farmers 28,105 15,120 12,771 2,349 12,985 31 Commercial and industrial loans 483,283 382,723 301,204 81,520 100,560 32 Acceptances of other banks 3,035 1,836 1,618 218 1,199 33 Loans to individuals for household, family, and other personal expenditures (includes purchased paper) 333,903 249,620 205,724 43,896 84,284 34 Obligations (other than securities) of states and political subdivisions in the United States 50,316 41,336 30,824 10,512 8,981 35 Nonrated industrial development obligations 958 595 487 108 363 36 Other obligations (excluding securities) 49,359 40,741 30,337 10,404 8,618 37 All other loans 70,109 62,881 43,743 19,138 7,228 38 Lease financing receivables 26,739 23,346 18,697 4,649 3,394 39 Customers' liability on acceptances outstanding 25,504 24,365 17,157 7,208 1,139 40 Net due from own foreign offices, Edge and agreement subsidiaries, and IBFs 46,011 42,087 31,519 10,568 3,924 41 Remaining assets 138,913 112,768 78,609 34,159 26,145 42 Total liabilities and equity capital 2,613,509 1,946,138 1,541,719 404,419 667,371 43 Total liabilities4 2,431,448 1,816,927 1,440,875 376,052 614,521 1,971,244 1,409,498 1,135,104 274,394 561,746 45 Individuals, partnerships, and corporations 1,782,829 1,269,380 1,025,444 243,936 513,449 46 U.S. government 4,271 3,231 2,833 398 1,040 47 States and political subdivisions in the United States 106,002 70,751 59,518 11,233 35,251 48 Commercial banks in the United States 43,598 38,392 28,638 9,753 5,206 49 Other depository institutions in the United States 7,710 5,883 4,572 1,312 1,827 50 Certified and official checks 17,176 13,165 9,401 3,764 4,011 51 Allother 9,657 8,6% 4,698 3,998 %1 603,836 454,568 357,689 %,879 149,268 53 Individuals, partnerships, and corporations 518,532 383,885 305,973 77,912 134,647 54 U.S. government 2,752 2,058 1,724 334 695 55 States and political subdivisions in the United States 23,842 16,493 13,451 3,043 7,348 56 Commercial banks in the United States 28,485 27,044 19,835 7,209 1,440 57 Other depository institutions in the United States 5,106 4,326 3,210 1,116 780 58 Certified and official checks 17,176 13,165 9,401 3,764 4,011 59 All other 7,944 7,597 4,095 3,502 347 60 Demand deposits (included in total transaction accounts) 415,363 325,935 250,104 75,831 89,428 61 Individuals, partnerships, and corporations 340,664 261,587 203,579 58,008 79,077 62 U.S. government 2,708 2,028 1,698 330 681 63 States and political subdivisions in the United States 13,309 10,200 8,297 1,903 3,109 64 Commercial banks in the United States 28,478 27,043 19,834 7,209 1,436 65 Other depository institutions in the United States 5,086 4,316 3,200 1,116 770 66 Certified and official checks 17,716 13,165 9,401 3,764 4,011 67 All other 7,942 7,597 4,095 3,501 345 68 Total nontransaction accounts 1,367,407 954,930 777,415 177,515 412,477 69 Individuals, partnerships, and corporations 1,264,297 885,495 719,472 166,024 378,802 70 U.S. government 1,519 1,173 1,109 64 346 71 States and political subdivisions in the United States 82,161 54,258 46,067 8,191 27,903 72 Commercial banks in the United States 15,113 11,347 8,803 2,544 3,766 73 Other depository institutions in the United States 2,604 1,558 1,362 196 1,047 74 All other 1,713 1,099 602 497 614 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks All 4.22—Continued Members NNoonn-- IItteemm TToottaall mmeemmbbeerrss Total National State 75 Federal funds purchased and securities sold under agreements to repurchase 251,439 227,771 175,793 51,977 23,669 76 Federal funds purchased 29,209 21,992 18,652 3,340 7,217 77 Securities sold under agreements to repurchase 24,277 15,643 12,751 2,891 8,634 78 Demand notes issued to the U.S. Treasury 20,776 18,945 13,710 5,234 1,832 79 Other borrowed money 78,795 64,758 50,519 14,239 14,037 80 Banks liability on acceptances executed and outstanding 26,264 25,125 17,881 7,244 1,139 81 Notes and debentures subordinated to deposits 2,852 1,533 1,393 140 1,318 82 Net due to own foreign offices, Edge and agreement subsidiaries, and IBFs 14,614 12,908 9,569 3,339 1,706 83 Remaining liabilities 80,078 69,297 46,475 22,822 10,781 84 Total equity capital9 182,062 129,212 100,845 28,367 52,850 MEMO 85 Assets held in trading accounts 23,705 23,384 12,886 10,498 321 86 U.S. Treasury securities 14,567 14,537 6,810 7,727 29 87 U.S. government agency corporation obligations 3,770 3,766 2,473 1,293 4 88 Securities issued by states and political subdivisions in the United States 1,309 1,285 982 303 23 89 Other bonds, notes, and debentures 187 148 52 96 39 90 Certificates of deposit 446 445 378 67 1 91 Commercial paper 70 70 70 0 0 92 Bankers acceptances 1,868 1,849 1,268 581 19 93 Other 1,123 1,123 710 413 0 94 Total individual retirement accounts (IRA) and Keogh plan accounts 86,372 60,906 50,235 10,671 25,466 95 Total brokered deposits 38,154 28,845 23,741 5,105 9,309 96 Total brokered retail deposits 11,788 7,057 6,056 1,001 4,731 97 Issued in denominations of $100,000 or less 4,748 1,790 1,604 186 2,958 98 Issued in denominations greater than $100,000 and participated out by the broker in shares of $100,000 or less 7,041 5,267 4,451 815 1,774 Savings deposits 99 Money market deposit accounts (MMDAs) 359,159 263,116 213,881 49,235 96,043 100 Other savings deposits 182,435 128,263 99,829 28,434 54,172 101 Total time deposits of less than $100,000 478,792 311,289 260,936 50,353 167,503 102 Time certificates of deposit of $100,000 or more 314,033 224,442 183,141 41,301 89,591 103 Open-account time deposits of $100,000 or more 32,988 27,821 19,628 8,193 5,168 104 All NOW accounts (including Super NOW) 180,162 122,952 102,280 20,672 57,209 105 Total time and savings deposits 1,555,881 1,083,563 885,000 198,564 472,318 Quarterly averages 106 Total loans 11,,556699,,332288 1,182,169 955,834 226,334 338877,,115599 107 Transaction accounts (NOW accounts, ATS accounts, and telephone and preauthorized transfer accounts) 186,512 127,866 105,394 22,473 58,645 Nontransaction accounts 108 Money market deposit accounts (MMDAs) 355,977 260,915 211,953 48,962 95,063 109 Other savings deposits 178,331 125,101 97,686 27,414 53,230 110 Time certificates of deposit of $100,000 or more 310,448 222,927 182,151 40,776 87,521 Ill All other time deposits 507,740 336,874 278,726 58,148 170,866 112 Number of banks 13,465 5,630 4,557 1,073 7,835 1. Effective Mar. 31, 1984, the report of condition was substantially revised for respondents file the FFIEC 032 or FFIEC 033 call report.) The 'under 100' column commercial banks. Some of the changes are as follows: (1) Previously, banks with refers to those respondents whose assets, as of June 30 of the previous calendar international banking facilities (IBFs) that had no other foreign offices were year, were less than $100 million. (These respondents filed the FFIEC 034 call considered domestic reporters. Beginning with the Mar. 31, 1984 call report these report.) banks are considered foreign and domestic reporters and must file the foreign and 6. Since the domestic portion of allowances for loan and lease losses and domestic report of condition; (2) banks with assets greater than $1 billion have allocated transfer risk reserve are not reported for banks with foreign offices, the additional items reported; (3) the domestic office detail for banks with foreign components of total assets (domestic) will not add to the actual total (domestic). offices has been reduced considerably; and (4) banks with assets under $25 million 7. Since the foreign portion of demand notes issued to the U.S. Treasury is not have been excused from reporting certain detail items. reported for banks with foreign offices, the components of total liabilities (foreign) 2. The "n.a." for some of the items is used to indicate the lesser detail available will not add to the actual total (foreign). from banks without foreign offices, the inapplicability of certain items to banks 8. The definition of 'all other' varies by report form and therefore by column in that have ohly domestic offices and/or the absence of detail on a fully consolidated this table. See the instructions for more detail. basis for banks with foreign offices. 9. Equity capital is not allocated between the domestic and foreign offices of 3. All transactions between domestic and foreign offices of a bank are reported banks with foreign offices. in "net due from" and "net due to." All other lines represent transactions with 10. Only the domestic portion of federal funds sold and securities purchased parties other than the domestic and foreign offices of each bank. Since these under agreements to resell are reported here, therefore, the components will not intraoffice transactions are nullified by consolidation, total assets and total add to totals for this item. liabilities for the entire bank may not equal the sum of assets and liabilities 11. "Acceptances of other banks" is not reported by domestic respondents less respectively, of the domestic and foreign offices. than $300 million in total assets, therefore the components will not add to totals for 4. Foreign offices include branches in foreign countries, Puerto Rico, and in this item. U.S. territories and possessions; subsidiaries in foreign countries; all offices of 12. Only the domestic portion of federal funds purchased and securities sold Edge act and agreement corporations wherever located and IBFs. are reported here, therefore the components will not add to totals for this item. 5. The 'over 100' column refers to those respondents whose assets, as of June 13. Components of assets held in trading accounts are only reported for banks 30 of the previous calendar year, were equal to or exceeded $100 million. (These with total assets of $1 billion or more; therefore the components will not add to the totals for this item. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Special Tables • June 1989 4.20 DOMESTIC AND FOREIGN OFFICES, Insured Commercial Bank Assets and Liabilities1-2 Consolidated Report of Condition, June 30, 1S38 Millions of dollars Banks with foreign offices3-4 Bank o s f f w ic i e th s o d n o l m y5 e stic IItteemm Total Total Foreign Domestic Over 100 Under 100 1 Total assets6 3,039,134 1,758,095 431,797 1,382,268 884,098 396,941 2 Cash and balances due from depository institutions 336,634 235,480 123,679 111,802 67,606 33,548 3 Cash items in process of collection, unposted debits, and currency and coin ... A 77,458 1,740 75,718 28,810 A 4 Cash items in process of collection and unposted debits t n.a. n.a. 63,274 19,853 t 5 Currency and coin | n.a. n.a. 12,445 8,958 6 Balances due from depository institutions in the United States 36,598 23,459 13,139 21,464 n.a. 7 Balances due from banks in foreign countries and foreign central banks n.a. 101,714 98,310 3,404 5,639 8 Balances due from Federal Reserve Banks 19,710 170 19,541 11,693 t MEMO 1 9 Noninterest-bearing balances due from commercial banks in the United 1 States (included in balances due from depository institutions in the U.S.) T n.a. n.a. 8,553 12,581 10,151 10 Total securities, loans and lease financing receivables, net 2,481,353 1,355,689 n.a. n.a. 779,177 346,487 11 Total securities, book value 519,689 219,004 26,534 192,470 183,156 117,530 12 U.S. Treasury securities and U.S. government agency and corporation obligations 317,321 115,026 1,207 113,819 111166,,886633 8855,,443322 13 U.S. Treasury securities n.a. 63,354 708 62,646 64,719 n.a. 14 U.S. government agency and corporation obligations n.a. 51,672 499 51,173 52,144 n.a. 15 All holdings of U.S. government-issued or guaranteed certificates of participation in pools of residential mortgages 78,929 42,683 481 42,202 21,658 1144,,558888 16 All other n.a. 8,989 18 8,971 30,486 n.a. 17 Securities issued by states and political subdivisions in the United States 111,760 48,784 639 48,146 41,093 21,883 18 2,078 367 31 336 768 942 19 Tax-exempt 109,682 48,417 608 47,809 40,324 20,941 20 Other securities 90,609 55,194 24,688 30,506 25,200 10,215 "M nn..aa.. 3311,,224477 11,,880088 2299,,443399 2244,,885500 22 All holdings of private certificates of participation in pools of residential mortgages 4,281 1,450 0 1,450 1,951 879 73 All other 62,031 29,797 1,808 27,989 22,898 9,336 '>4 23,947 22,880 1,066 351 25 Federal funds sold and securities purchased under agreements to resell 137,937 73,910 53,435 72,945 41,875 22,152 26 Federal funds sold 108,024 49,236 n.a. n.a. 37,148 21,645 27 Securities purchased under agreements to resell 29,908 24,674 n.a. n.a. 4,727 507 28 Total loans and lease financing receivables, gross 1,888,010 1,106,150 220,457 885,693 569,311 212,549 29 LESS: Unearned income on loans 15,145 6,818 2,186 4,631 5,979 2,348 30 Total loans and leases (net of unearned income) 1,872,865 1,099,332 218,270 881,062 563,332 210,201 31 LESS: Allowance for loan and lease losses 49,026 36,445 n.a. n.a. 9,184 3,396 32 LESS: Allocated transfer risk reserves 112 111 n.a. n.a. 1 0 33 EQUALS: Total loans and leases, net 1,823,727 1,062,775 n.a. n.a. 554,147 206,805 Total loans, gross, by category 34 Loans secured by real estate 635,144 306,945 21,195 285,750 229,344 98,855 35 Construction and land development i A 1 81,640 34,034 7,572 36 Farmland T T 1 1,739 4,253 9,149 37 1-4 family residential properties 115,137 110,486 54,341 38 Revolving, open-end loans and extended under lines of credit n.a. n.a. n.a. 18,660 13,957 2,145 39 All other loans 96,477 96,529 52,197 40 Multifamily (5 or more) residential properties I 1 1 9,441 6,474 1,909 41 Nonfarm nonresidential properties T T T 77,793 74,097 25,883 42 63,278 56,534 26,153 30,380 5,894 850 43 To commercial banks in the United States n.a. 23,257 894 22,363 5,096 n.a. 44 To other depository institutions in the United States n.a. 3,989 502 3,487 621 n.a. 45 To banks in foreign countries n.a. 29,288 24,758 4,530 177 n.a. 46 Loans to finance agricultural production and other loans to farmers 30,538 5,593 291 5,302 6,791 18,154 47 597,379 416,593 105,464 311,129 135,453 45,333 48 n.a. 327,178 19,261 307,917 135,147 n.a. 49 To non-U.S. addressees (domicile) n.a. 89,415 86,203 3,212 306 n.a. 50 Acceptances of other banks 3,273 1,081 401 680 1,306 885 51 U.S. banks n.a. 413 86 327 n.a. n.a. 52 n.a. 668 315 353 n.a. n.a. 53 Loans to individuals for household, family, and other personal expenditures 353,639 151,724 11,845 139,879 158,414 43,500 54 Credit cards and related plans 103,195 44,290 n.a. n.a. 56,440 2,465 55 Other (includes single payment and installment) 250,444 107,435 n.a. n.a. 101,974 41,035 56 Obligations (other than securities) of states and political subdivisions in the U.S. (includes nonrated industrial development obligations) 49,293 30,472 597 29,874 16,647 2,175 57 912 323 0 323 505 84 58 48,381 30,148 597 29,551 16,141 2,091 59 123,345 110,424 50,418 60,006 10,683 2,238 60 Loans to foreign governments and official institutions n.a. 37,295 35,298 1,997 232 n.a. 61 n.a. 73,129 15,120 58,009 10,451 n.a. 62 Loans for purchasing and carrying securities n.a. n.a. n.a. 13,991 2,043 n.a. 63 All other loans n.a. n.a. n.a. 44,018 8,408 n.a. 64 Lease financing receivables 32,120 26,784 4,092 22,692 4,777 559 65 Assets held in trading accounts 38,285 37,407 16,982 20,424 661 218 66 Premises and fixed assets (including capitalized leases) 45,079 23,706 A n.a. 14,397 6,977 67 Other real estate owned 12,135 5,559 T n.a. 3,841 2,735 68 Investments in unconsolidated subsidiaries and associated companies 2,056 1,297 n.a. 711 48 69 Customers' liability on acceptances outstanding 32,911 32,445 n.a. n.a. 436 30 70 Net due from own foreign offices, Edge and agreement subsidiaries, and IBFs ... n.a. n.a. 41,353 n.a. n.a. 71 Intangible assets 4,910 3,162 i n.a. 1,575 173 72 Other assets 85,770 63,351 t n.a. 15,693 6,725 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A73 4.20—Continued Banks with foreign offices3-4 Bank o s f f w ic i e th s o d n o l m y5 e stic IItteemm TToottaall Total Foreign Domestic Over 100 Under 100 73 Total liabilities, limited-life preferred stock, and equity capital 3,039,134 1,758,095 n a. n.a. 884,098 396,941 74 Total liabilities7 2,852,236 1,668,733 431,706 1,292,997 821,357 362,146 75 Limited-life preferred stock 84 67 n a. n.a. 4 13 76 Total deposits 2,341,909 1,272,229 329,122 943,107 717,143 352,536 77 Individuals, partnerships, and corporations 183,517 844,296 653,246 321,083 78 U.S. government i 2,420 1,425 649 79 States and political subdivisions in the United States 38,774 42,644 25,141 80 Commercial banks in the United States n.a. n.a. n.a. 30,887 10,657 1,963 81 Other depository institutions in the United States 1 4,139 2,593 1,212 8 8 2 3 B Fo a r n e k i s g n i n g f o o v r e e r i n gn m e c n o t u s n a tr n i d es official institutions - 26,807 25, 1)80 9 1 , , 2 7 2 2 3 7 4 29 0 4 7 n n . . a a . . 84 Certified and official checks 20,540 12,220 580 11,640 5,877 2,443 85 All other8 119,946 44 86 Total transaction accounts 324,985 207,636 94,910 87 Individuals, partnerships, and corporations 268,648 181,429 84,044 88 1,356 1,027 464 89 States and political subdivisions in the United States 8,999 10,562 6,835 90 Commercial banks in the United States n.a. n.a. n.a. 21,279 7,070 757 91 Other depository institutions in the United States 3,343 1,425 349 92 Banks in foreign countries 8,505 215 n.a. 93 Foreign governments and official institutions 1,215 30 n.a. 94 Certified and official checks 11,640 5,877 2,443 95 All other 17 % Demand deposits (included in total transaction accounts) 254,118 133,181 51,103 97 Individuals, partnerships, and corporations 199,890 112,205 44,786 98 U.S. government 1,341 1,000 450 99 States and political subdivisions in the United States 6,905 5,380 2,312 100 Commercial banks in the United States 21,279 7,065 756 101 Other depository institutions in the United States 3,343 1,410 341 102 Banks in foreign countries 8,505 215 n.a. 103 Foreign governments and official institutions 1,215 30 n.a. 104 Certified and official checks 11,640 5,877 2,443 105 All other 16 106 Total nontransaction accounts 618,122 509,507 257,627 107 Individuals, partnerships, and corporations n a. n.a. n a. 575,648 471,817 237,038 108 1,065 398 185 109 States and political subdivisions in the United States 29,775 32,081 18,306 110 Commercial banks in the United States 9,608 3,587 1,206 111 U.S. branches and agencies of foreign banks 711 81 n.a. 11? Other commercial banks in the United States 8,898 3,506 n.a. 113 Other depository institutions in the United States 797 1,167 864 114 Banks in foreign countries 718 192 n.a. 115 Foreign branches of other U.S. banks 11 191 n.a. 116 Other banks in foreign countries 707 11 n.a. 117 Foreign governments and official institutions 512 226644 n.a. 118 All other 27 119 Federal funds purchased and securities sold under agreements to repurchase 241,720 186,144 150,556 185,766 52,415 3,161 120 Federal funds purchased 145,372 117,234 n.a. n.a. 26,809 1,329 121 Securities sold under agreements to repurchase 96,349 68,909 n a. n.a. 25,607 1,832 1?? Demand notes issued to the U.S. Treasury n.a. n a. n a. 24,293 5,077 628 173 Other borrowed money 115,347 81,669 34,118 47,551 32,182 1,497 124 Banks liability on acceptances executed and outstanding 33,018 32,551 6,648 25,903 436 30 125 Notes and debentures subordinated to deposits 17,108 14,725 n.a. n.a. 2,211 172 126 Net due to own foreign offices, Edge and agreement subsidiaries, and IBFs n.a. n.a. n.a. 14,617 n.a. n.a. 177 73,135 57,121 n a. n.a. 11,893 4,121 128 186,815 89,295 n.a. n.a. 62,738 34,782 MEMO 129 Holdings of commercial paper included in total loans, gross 2,218 1,297 921 973 n.a. 130 Total individual retirement accounts (IRA) and Keogh plan accounts 38,166 35,507 16,346 131 30,345 11,719 1,313 132 Total brokered retail deposits 5,682 7,061 1,132 133 Issued in denominations of $100,000 or less 846 3,858 836 134 Issued in denominations greater than $100,000 and participated out by the broker in shares of $100,000 or less 4,836 3,203 296 Savings deposits 135 Money market deposit accounts (MMDAs) 118811,,008833 112266,,663377 4499,,883377 136 Other savings deposits (excluding MMDAs) 80,296 74,241 33,884 137 Total time deposits of less than $100,000 160,116 201 130,922 138 Time certificates of deposit of $100,000 or more n a. n.a. n.a. 169,325 103,813 41,505 139 Open-account time deposits of $100,000 or more 27,301 4,212 1,480 140 All NOW accounts (including Super NOW) 68,802 72,182 42,233 141 Total time and savings deposits 688,989 583,962 301,433 Quarterly averages 147 851,254 554488,,886611 205,639 143 Obligations (other than securities) of states and political subdivisions in the United States 3322,,335599 1166,,446655 n.a. 144 Transaction accounts in domestic offices (NOW accounts, ATS accounts, and telephone and preauthorized transfer accounts) 72,125 73,800 43,522 Nontransaction accounts in domestic offices 145 Money market deposit accounts (MMDAs) 178,933 126,765 49,956 146 Other savings deposits 78,195 73,382 33,273 147 Time certificates of deposit of $100,000 or more 166,544 102,265 41,148 148 All other time deposits 186,723 202,923 131,203 149 Number of banks 13,334 252 n.a. 2,423 10,659 Footnotes appear at the end of table 4.22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Special Tables • June 1989 4.21 DOMESTIC OFFICES, Insured Commercial Banks with Assets of $100 Million or more or with foreign offices12 6 Consolidated Report of Condition, June 30, 1988 Millions of dollars Members NNoonn-- IItteemm TToottaall mmeemmbbeerrss Total National State 1 2,266,366 1,818,780 1,443,103 375,677 447,586 2 Cash and balances due from depository institutions 179,407 147,789 117,536 30,253 31,618 3 Cash items in process of collection and unposted debits 83,126 75,824 59,359 16,465 7,302 4 21,402 17,650 14,522 3,129 3,752 Balances due from depository institutions in the United States 34,603 23,502 19,309 4,193 11,101 6 Balances due from banks in foreign countries and foreign central banks 9,043 5,710 4,670 1,040 3,333 7 Balances due from Federal Reserve Banks 31,233 25,103 19,678 5,425 6,130 8 Total securities, loans and lease financing receivables, (net of unearned income) 1,934,839 1,537,800 1,233,305 304,494 397,039 9 Total securities, book value 375,626 280,547 218,759 61,789 95,079 10 U.S. Treasury securities 127,365 95,919 76,127 19,791 31,446 11 U.S. government agency and corporation obligations 103,317 78,582 62,920 15,662 24,735 12 All holdings of U.S. government-issued or guaranteed certificates of participation in pools of residential mortgages 63,860 5533,,442222 4422,,336655 11,058 10,438 n All other 39,457 25,160 20,555 4,604 14,298 14 Securities issued by states and political subdivisions in the United States 89,238 70,348 51,782 18,565 18,890 IS Taxable 1,105 770 600 170 334 16 Tax-exempt 88,133 69,577 51,182 18,396 18,556 17 Other domestic securities 54,289 34,652 27,382 7,270 19,637 18 All holdings of private certificates of participation in pools of residential mortgages 3,401 2,620 1,281 1,339 781 19 All other 50,887 32,032 26,101 5,931 18,855 20 1,417 1,047 547 500 370 21 Federal funds sold and securities purchased under agreements to resell10 114,820 98,081 72,460 25,621 16,738 77 Federal funds sold 37,153 23,841 21,257 2,583 13,312 23 Securities purchased under agreements to resell 4,727 4,116 3,612 503 611 24 Total loans and lease financing receivables, gross 1,455,004 1,167,292 948,421 218,872 287,711 25 LESS: Unearned income on loans 10,610 8,121 6,334 1,787 2,489 26 Total loans and leases (net of unearned income) 1,444,394 1,159,171 942,087 217,084 285,222 Total loans, gross, by category 27 Loans secured by real estate 515,094 391,526 333,714 57,812 123,568 28 Construction and land development 115,674 94,342 78,826 15,516 21,333 ?9 Farmland 5,992 4,116 3,613 503 1,876 30 1-4 family residential properties 225,622 165,630 141,516 24,114 59,993 31 Revolving, open-end and extended under lines of credit 32,616 25,265 21,595 3,670 7,351 3?, 193,006 140,364 119,920 20,444 52,642 33 Multifamily (5 or more) residential properties 15,915 12,547 11,093 1,454 3,367 34 Nonfarm nonresidential properties 151,891 114,891 98,666 16,225 36,999 35 Loans to commercial banks in the United States 27,460 24,466 20,181 4,285 2,993 36 Loans to other depository institutions in the United States 4,108 3,877 2,933 943 231 37 Loans to banks in foreign countries 4,707 4,572 2,378 2,194 136 38 Loans to finance agricultural production and other loans to farmers 12,093 9,626 8,503 1,123 2,467 39 Commercial and industrial loans 446,582 368,140 290,059 78,081 78,443 40 443,064 364,881 287,404 77,477 78,183 41 To non-U.S. addressees (domicile) 3,518 3,258 2,655 604 260 42 Acceptances of other banks" 1,987 1,277 1,095 182 709 43 Of U.S. banks 711 515 460 55 196 44 Of foreign banks 491 371 304 67 120 45 Loans to individuals for household, family, and other personal expenditures (includes purchased paper) 298,293 235,933 195,647 40,286 62,361 46 Loans to foreign governments and official institutions 2,229 2,127 1,429 698 102 47 Obligations (other than securities) of states and political subdivisions in the United States .... 46,521 39,145 29,100 10,045 7,376 48 828 558 408 150 270 49 Tax-exempt 45,693 38,587 28,692 9,895 7,106 50 68,460 62,455 43,856 18,599 6,005 51 Loans for purchasing and carrying securities 16,034 15,154 9,770 5,384 880 52 All other loans 52,426 47,302 34,086 13,216 5,124 53 Lease financing receivables 27,469 24,149 19,527 4,622 3,321 54 Customers' liability on acceptances outstanding 25,581 24,408 17,441 6,967 1,173 55 Net due from own foreign offices, Edge and agreement subsidiaries, and IBFs 41,353 38,297 26,636 11,660 3,056 56 126,539 108,784 74,820 33,963 17,755 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks A73 4.20—Continued State 57 Total liabilities and equity capital 2,266,366 1,818,780 1,443,103 375,677 58 Total liabilities4 2,114,354 1,699,890 1,351,213 348,677 59 Total deposits 1,660,250 1,300,723 1,044,188 256,535 60 Individuals, partnerships, and corporations 1,497,542 1,168,343 943,060 225,283 61 U.S. government 3,845 3,206 2,807 398 62 States and political subdivisions in the United States 81,418 61,639 51,704 9,935 63 Commercial banks in the United States 41,544 37,103 27,515 9,588 64 Other depository institutions in the United States 6,732 5,386 4,100 1,285 65 Banks in foreign countries 9,630 8,759 4,586 4,173 66 Foreign governments and official institutions 2,021 1,862 988 874 67 Certified and official checks 17,517 14,425 9,428 4,998 68 Total transaction accounts 532,621 435,503 339,361 96,142 69 Individuals, partnerships, and corporations 450,077 362,866 287,798 75,068 70 U.S. government 2,383 1,940 1,591 349 71 States and political subdivisions in the United States 19,561 15,750 12,782 2,968 72 Commercial banks in the United States 28,349 26,895 19,823 7,071 73 Other depository institutions in the United States 4,768 4,136 2,979 1,157 74 Banks in foreign countries 8,721 8,314 4,301 4,013 75 Foreign governments and official institutions 1,245 1,176 659 517 76 Certified and official checks 17,517 14,425 9,428 4,998 77 Demand deposits (included in total transaction accounts) 387,299 323,626 245,536 78,090 78 Individuals, partnerships, and corporations 312,095 256,585 198,548 58,037 79 U.S. government 2,340 1,902 1,556 346 80 States and political subdivisions in the United States 12,284 10,208 8,256 1,951 81 Commercial banks in the United States 28,344 26,893 19,822 7,071 82 Other depository institutions in the United States 4,753 4,123 2,966 1,157 83 Banks in foreign countries 8,721 8,313 4,301 4,013 84 Foreign governments and official institutions 1,245 1,176 659 517 85 Certified and official checks 17,517 14,425 9,428 4,998 86 Total nontransaction accounts 1,127,629 865,220 704,827 160,393 87 Individuals, partnerships, and corporations 1,047,465 805,477 655,262 150,215 88 U.S. government 1,462 1,265 1,216 49 89 States and political subdivisions in the United States 61,857 45,889 38,922 6,967 90 Commercial banks in the United States 13,195 10,209 7,692 2,517 91 U.S. branches and agencies of foreign banks 792 294 200 94 92 Other commercial banks in the United States 12,403 9,915 7,492 2,423 93 Other depository institutions in the United States 1,964 1,250 1,121 129 94 Banks in foreign countries 910 445 285 160 95 Foreign branches of other U.S. banks 201 11 1 10 % Other banks in foreign countries 708 434 284 150 97 Foreign governments and official institutions 776 686 329 357 98 Federal funds purchased and securities sold under agreements to repurchase12 238,181 212,392 167,373 45,019 99 Federal funds purchased 26,809 20,026 16,869 3,157 100 Securities sold under agreements to repurchase 25,618 15,136 12,133 3,003 101 Demand notes issued to the U.S. Treasury 29,370 27,372 21,921 5,451 102 Other borrowed money 79,733 64,744 52,458 12,285 103 Banks liability on acceptances executed and outstanding 26,340 25,166 18,169 6,998 104 Notes and debentures subordinated to deposits 2,215 1,305 1,172 133 105 Net due to own foreign offices, Edge and agreement subsidiaries, and IBFs 14,617 11,634 8,547 3,087 106 Remaining liabilities 78,265 68,187 45,931 22,255 107 Total equity capital9 152,013 118,890 91,890 27,000 MEMO 108 Holdings of commercial paper included in total loans, gross 1,894 996 902 94 109 Total individual retirement accounts (IRA) and Keogh plan accounts 73,673 57,280 47,351 9,929 110 Total brokered deposits 42,063 31,864 26,043 5,821 111 Total brokered retail deposits 12,743 7,756 6,572 1,184 112 Issued in denominations of $100,000 or less 4,704 1,843 1,700 143 113 Issued in denominations greater than $100,000 and participated out by the broker in shares of $100,000 or less 8,038 5,913 4,871 1,041 Savings deposits 114 Money market deposit accounts (MMDAs) 307,720 241,833 195,845 45,989 115 Other savings accounts 154,538 119,112 92,360 26,753 116 Total time deposits of less than $100,000 360,719 269,975 228,050 41,925 117 Time certificates of deposit of $100,000 or more 273,138 206,832 169,413 37,419 118 Open-account time deposits of $100,000 or more. ". 31,514 27,467 19,159 8,308 119 All NOW accounts (including Super NOW accounts) 140,984 108,969 91,367 17,603 120 Total time and savings deposits 1,272,951 977,097 798,651 178,445 Quarterly averages 121 Total loans 1,400,115 1,125,404 914,058 211,346 122 Obligations (other than securities) of states and political subdivisions in the United States ... 48,824 41,688 29,522 12,166 123 Transaction accounts (NOW accounts, ATS accounts, and telephone preauthorized transfer accounts) 145,926 112,804 93,848 Nontransaction accounts 124 Money market deposit accounts (MMDAs) 305,698 240,245 195,122 45,124 125 Other savings deposits 151,577 116,489 90,535 25,954 126 Time certificates of deposit of $100,000 or more 268,809 204,606 167,331 37,275 127 All other time deposits 389,646 295,472 245,793 49,680 128 Number of banks 2,675 1,541 1,303 238 Footnotes appear at the end of table 4.22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Special Tables • June 1989 4.22 DOMESTIC OFFICES, Insured Commercial Bank Assets and Liabilities126 Consolidated Report of Condition, June 30, 1988 Millions of dollars Members NNoonn-- IItteemm TToottaall mmeemmbbeerrss Total National State 1 Total assets6 2,663,307 1,981,581 1,575,246 406,336 681,726 2 Cash and balances due from depository institutions 212,955 161,859 129,208 32,651 51,096 3 Currency and coin 25,614 19,391 15,944 3,447 6,224 4 Noninterest-bearing balances due from commercial banks 31,285 18,236 15,215 3,021 13,049 5 Other 156,056 124,232 98,049 26,183 31,823 6 Total securities, loans, and lease financing receivables (net of unearned income) 2,284,722 1,680,951 1,349,160 331,791 603,771 7 Total securities, book value 493,156 326,911 256,644 70,266 166,245 8 U.S. Treasury securities and U.S. government agency and corporation obligations 316,114 208,053 166,362 41,691 108,061 9 Securities issued by states and political subdivisions in the United States 111,121 78,817 58,703 20,114 32,304 10 Taxable 2,047 1,075 855 220 972 11 Tax-exempt 109,074 77,742 57,848 19,894 31,332 12 Other securities 65,921 40,041 31,580 8,462 25,880 13 All holdings of private certificates of participation in pools of residential mortgages 4,281 3,024 1,554 1,469 1,257 14 All other 61,643 37,019 30,027 6,993 24,623 15 Federal funds sold and securities purchased under agreements to resell 136,972 108,105 80,656 27,449 28,867 16 Federal funds sold 58,798 33,556 29,161 4,395 25,242 17 Securities purchased under agreements to resell 5,234 4,424 3,905 519 810 18 Total loans and lease financing receivables, gross 1,667,553 1,255,107 1,019,026 236,081 412,446 19 LESS: Unearned income on loans 12,959 9,171 7,166 2,005 3,788 20 Total loans and leases (net of unearned income) 1,654,594 1,245,936 1,011,859 234,076 408,659 Total loans, gross, by category 21 Loans secured by real estate 613,949 431,871 366,098 6655,,777744 118822,,007777 22 Construction and land development 123,246 97,464 81,370 16,094 25,782 23 Farmland 15,141 7,214 6,094 1,120 7,927 24 1-4 family residential properties 279,964 188,245 159,485 28,760 91,719 25 Revolving, open-end and extended under lines of credit 34,761 26,197 22,320 3,878 8,564 26 All other loans 245,203 162,048 137,165 24,882 83,155 27 Multifamily (5 or more) residential properties 17,824 13,315 11,716 1,599 4,509 28 Nonfarm nonresidential properties 177,773 125,633 107,433 18,200 52,140 29 Loans to depository institutions 37,124 33,353 25,896 7,457 3,771 30 Loans to finance agricultural production and other loans to farmers 30,247 16,045 13,534 2,511 14,202 31 Commercial and industrial loans 491,915 387,929 305,943 81,985 103,987 32 Acceptances of other banks 2,872 1,673 1,447 226 1,199 33 Loans to individuals for household, family, and other personal expenditures (includes purchased paper) 341,793 254,432 210,676 43,757 87,361 34 Obligations (other than securities) of states and political subdivisions in the United States 48,696 39,974 29,790 10,184 8,722 35 Nonrated industrial development obligations 912 586 430 156 327 36 Other obligations (excluding securities) 47,784 39,389 29,360 10,029 8,395 37 All other loans 72,927 65,493 45,975 19,518 7,434 38 Lease financing receivables 28,029 24,336 19,668 4,668 3,693 39 Customers' liability on acceptances outstanding 25,611 24,422 17,453 6,969 1,189 40 Net due from own foreign offices, Edge and agreement subsidiaries, and IBFs 41,353 38,297 26,636 11,660 3,056 41 Remaining assets 140,019 114,349 79,425 34,924 25,670 42 Total liabilities and equity capital 2,663,307 1,981,581 1,575,246 406,336 681,726 43 Total liabilities4 2,476,500 1,848,686 1,472,142 376,544 627,814 44 Total deposits 2,012,786 1,445,421 1,161,940 283,481 567,365 45 Individuals, partnerships, and corporations 1,818,625 1,300,477 1,050,576 249.901 518,148 46 U.S. government 4,494 3,473 3,029 444 1,021 47 States and political subdivisions in the United States 106,559 71,062 59,435 11,627 35,497 48 Commercial banks in the United States 43,508 38,282 28,404 9,878 5,225 49 Other depository institutions in the United States 7,944 5,966 4,591 1,375 1,979 50 Certified and official checks 19,961 15,516 10,310 5,206 4,444 51 All other 11,695 10,644 5,595 5,048 1,052 52 Total transaction accounts 627,531 474,922 371,592 103,330 152,608 53 Individuals, partnerships, and corporations 534,121 397,798 316,429 81,370 136,323 54 U.S. government 2,847 2,118 1,742 376 729 55 States and political subdivisions in the United States 26,396 18,271 14,876 3,395 8,125 56 Commercial banks in the United States 29,106 27,421 20,149 7,273 1,685 57 Other depository institutions in the United States 5,116 4,297 3,117 1,180 820 58 Certified and official checks 19,961 15,516 10,310 5,206 4,444 59 All other 9,983 9,500 4,969 4,531 482 60 Demand deposits (included in total transaction accounts) 438,402 345,490 263,287 82,203 92,912 61 Individuals, partnerships, and corporations 356,881 275,637 214,085 61,552 81,244 62 U.S. government 2,790 2,077 1,705 372 713 63 States and political subdivisions in the United States 14,596 11,058 8,968 2,090 3,538 64 Commercial banks in the United States 29,100 27,419 20,147 7,272 1,680 65 Other depository institutions in the United States 5,094 4,282 3,102 1,179 812 66 Certified and official checks 19,961 15,516 10,310 5,206 4,444 67 All other 9,981 9,500 4,969 4,531 481 68 Total nontransaction accounts 1,385,256 970,499 790,348 180,151 414,757 69 Individuals, partnerships, and corporations 1,284,504 902,679 734,147 168,532 381,825 70 U.S. government 1,647 1,355 1,287 68 292 71 States and political subdivisions in the United States 80,163 52,791 44,559 8,233 27,371 72 Commercial banks in the United States 14,401 10,861 8,256 2,606 3,540 73 Other depository institutions in the United States 2,828 1,669 1,474 195 1,159 74 All other 1,712 1,143 626 517 569 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks All 4.22—Continued Members NNoonn-- IItteemm TToottaall mmeemmbbeerrss Total National State 75 Federal funds purchased and securities sold under agreements to repurchase 241,343 213,886 168,474 45,412 27,456 76 Federal funds purchased 28,138 20,749 17,336 3,413 7,389 77 Securities sold under agreements to repurchase 27,451 15,907 12,767 3,140 11,543 78 Demand notes issued to the U.S. Treasury 29,998 27,657 22,151 5,506 2,341 79 Other borrowed money 81,230 65,331 52,871 12,460 15,899 80 Banks liability on acceptances executed and outstanding 26,370 25,181 18,181 7,000 1,189 81 Notes and debentures subordinated to deposits 2,387 1,362 1,224 138 1,025 82 Net due to own foreign offices, Edge and agreement subsidiaries, and IBFs 14,617 11,634 8,547 3,087 2,983 83 Remaining liabilities 82,387 69,848 47,302 22,546 12,538 84 Total equity capital9 186,807 132,895 103,103 29,792 53,912 MEMO 85 Assets held in trading accounts13 21,303 20,980 12,498 8,482 323 86 U.S. Treasury securities 11,761 11,752 6,352 5,400 10 87 U.S. government agency corporation obligations 3,899 3,899 2,229 1,670 0 88 Securities issued by states and political subdivisions in the United States 1,422 1,413 1,076 337 9 89 Other bonds, notes, and debentures 248 203 89 114 44 90 Certificates of deposit 521 521 426 96 0 91 Commercial paper 118 118 118 0 0 92 Bankers acceptances 1,598 1,587 1,034 553 11 93 Other 1,310 1,307 1,006 301 3 94 Total individual retirement accounts (IRA) and Keogh plan accounts 90,019 63,718 52,626 11,092 26,301 95 Total brokered deposits 43,377 32,308 26,416 5,892 11,068 % Total brokered retail deposits 13,874 8,125 6,879 1,247 5,749 97 Issued in denominations of $100,000 or less 5,540 2,180 1,984 196 3,361 98 Issued in denominations greater than $100,000 and participated out by the broker in shares of $100,000 or less 8,334 5,946 4,895 1,051 2,388 Savings deposits 99 Money market deposit accounts (MMDAs) 357,557 263,277 213,339 49,938 94,279 100 Other savings deposits 188,422 133,104 103,509 29,595 55,318 101 Total time deposits of less than $100,000 491,641 320,954 269,335 51,619 170,687 102 Time certificates of deposit of $100,000 or more 314,643 225,192 184,604 40,588 89,452 103 Open-account time deposits of $100,000 or more 32,993 27,972 19,561 8,411 5,021 104 All NOW accounts (including Super NOW) 183,217 126,009 105,436 20,573 57,208 105 Total time and savings deposits 1,574,384 1,099,931 898,654 201,278 474,453 Quarterly averages 106 Total loans 1,605,753 1,210,549 982,683 227,866 395,205 107 Transaction accounts (NOW accounts, ATS accounts, and telephone and preauthorized transfer accounts) 189,448 130,191 108,158 22,033 59,257 Nontransaction accounts 108 Money market deposit accounts (MMDAs) 355,654 261,697 212,665 49,033 93,957 109 Other savings deposits 184,850 130,228 101,483 28,745 54,623 110 Time certificates of deposit of $100,000 or more 309,957 222,822 182,453 40,368 87,136 Ill All other time deposits 520,849 346,447 287,151 59,296 174,402 112 Number of banks 13,334 5,558 4,488 1,070 7,776 1. Effective Mar. 31, 1984, the report of condition was substantially revised refers to those respondents whose assets, as of June 30 of the previous calendar for commercial banks. Some of the changes are as follows: (1) Previously, banks year, were less than $100 million. (These respondents filed the FFIEC 034 call with international banking facilities (IBFs) that had no other foreign offices were report.) considered domestic reporters. Beginning with the Mar. 31, 1984 call report these 6. Since the domestic portion of allowances for loan and lease losses and banks are considered foreign and domestic reporters and must file the foreign and allocated transfer risk reserve are not reported for banks with foreign offices, the domestic report of condition; (2) banks with assets greater than $1 billion have components of total assets (domestic) will not add to the actual total (domestic). additional items reported; (3) the domestic office detail for banks with foreign 7. Since the foreign portion of demand notes issued to the U.S. Treasury is not offices has been reduced considerably; and (4) banks with assets under $25 million reported for banks with foreign offices, the components of total liabilities (foreign) have been excused from reporting certain detail items. will not add to the actual total (foreign). 2. The "n.a." for some of the items is used to indicate the lesser detail 8. The definition of 'all other' varies by report form and therefore by column available from banks without foreign offices, the inapplicability of certain items to in this table. See the instructions for more detail. banks that have only domestic offices and/or the absence of detail on a fully 9. Equity capital is not allocated between the domestic and foreign offices of consolidated basis for banks with foreign offices. banks with foreign offices. 3. All transactions between domestic and foreign offices of a bank are 10. Only the domestic portion of federal funds sold and securities purchased reported in "net due from" and "net due to." All other lines represent under agreements to resell are reported here, therefore, the components will not transactions with parties other than the domestic and foreign offices of each bank. add to totals for this item. Since these intraoffice transactions are nullified by consolidation, total assets and 11. "Acceptances of other banks" is not reported by domestic respondents less total liabilities for the entire bank may not equal the sum of assets and liabilities than $300 million in total assets, therefore the components will not add to totals respectively, of the domestic and foreign offices. for this item. 4. Foreign offices include branches in foreign countries, Puerto Rico, and in 12. Only the domestic portion offederal funds purchased and securities sold are U.S. territories and possessions; subsidiaries in foreign countries; all offices of reported here, therefore, the components will not add to totals for this item. Edge act and agreement corporations wherever located and IBFs. 13. Components of assets held in trading accounts are only reported for banks 5. The 'over 100' column refers to those respondents whose assets, as of June with total assets of $1 billion or more; therefore the components will not add to the 30 of the previous calendar year, were equal to or exceeded $100 million. (These totals for this item. respondents file the FFIEC 032 or FFIEC 033 call report.) The 'under 100' column Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A84 Special Tables • June 1989 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, February 6-10, 19891 A. Commercial and Industrial Loans2 Weighted Loan rate (percent) Loans AAmmoouunntt ooff AAvveerraaggee aavveerraaggee made Partici- Characteristic (tho lo u a s n a s n ds (tho s u iz s e a nds mmaattuurriittyy33 WWeeiigghhtteedd Standard Inter- co u m nd m er it - p l a o t a i n o s n of dollars) of dollars) average quartile ment ((ppeerrcceenntt)) Days effective4 range6 (percent) ALL BANKS 1 Overnight8 11,348,937 6,093 * 10.22 .22 9.84-10.47 66.3 11.9 2 One month and under 6,622,320 818 17 10.62 .12 10.02-10.80 79.0 6.9 3 Fixed rate 4,433,544 856 18 10.55 .06 10.03-10.72 73.2 7.9 4 Floating rate 2,188,775 750 15 10.78 .23 9.89-11.06 90.9 4.8 5 Over one month and under a year . 7,931,990 125 128 11.35 .17 10.26-12.13 76.5 10.4 6 Fixed rate 3,685,518 123 97 10.82 .18 10.25-11.20 75.0 12.0 7 Floating rate 4,246,472 127 155 11.81 .17 10.92-12.68 77.7 9.0 8 Demand9 17,046,234 262 * 11.43 .12 10.33-12.28 83.5 7.9 9 Fixed rate 2,436,134 471 * 10.31 .11 9.77-10.76 85.5 11.4 10 Floating rate 14,610,099 244 * 11.62 .15 10.79-12.55 83.2 7.3 11 Total short term 42,949,480 310 44 10.97 .11 10.06-11.57 77.0 9.3 12 Fixed rate (thousands of dollars) .. 21,903,556 520 23 10.40 .10 9.91-10.69 71.3 11.1 13 1-24 232,303 8 115 12.63 .08 11.91-13.51 17.4 .1 14 25-49 121,431 33 123 12.06 .15 11.31-13.11 25.2 2.4 15 50-99 150,659 67 115 12.10 .11 11.48-12.84 29.8 1.0 16 100-499 431,176 179 99 11.83 .20 11.02-12.75 43.0 5.9 17 500-999 326,061 659 49 11.06 .11 10.42-11.53 78.4 10.5 18 1000 and over 20,641,926 7,841 19 10.31 .05 9.90-10.63 73.0 11.4 19 Floating rate (thousands of dollars) 21,045,924 219 108 11.57 .14 10.59-12.55 82.9 7.4 20 1-24 456,404 10 154 12.72 .10 12.03-13.31 72.8 .9 21 25-49 533,302 34 150 12.50 .09 11.85-13.24 79.2 2.3 22 50-99 896,265 66 159 12.40 .07 11.63-13.10 83.3 3.5 23 100-499 3,141,843 199 135 12.14 .07 11.46-12.68 86.6 5.4 24 500-999 1,366,466 648 133 11.81 .08 11.07-12.47 89.6 9.5 25 1000 and over 14,651,644 5,700 93 11.30 .15 10.26-12.13 81.9 8.2 Months 26 Total long term 2,359,209 149 53 11.71 .18 10.84-12.68 66.4 4.6 27 Fixed rate (thousands of dollars) .. 592,066 85 54 11.67 .21 10.66-12.13 61.5 5.3 28 1-99 88,412 14 35 14.08 .49 11.85-13.88 15.3 .3 29 100-499 46,336 201 74 12.59 .72 11.02-12.68 30.3 3.5 30 500-999 46,548 567 58 11.56 .27 11.02-12.13 49.9 31.9 31 1000 and over 410,768 3,435 55 11.06 .21 10.58-11.46 76.3 3.6 32 Floating rate (thousands of dollars) 1,767,144 199 52 11.72 .19 10.85-12.68 68.0 4.4 33 1-99 183,170 29 43 12.66 .13 12.01-13.24 29.7 .5 34 100-499 408,495 203 71 12.27 .14 11.57-12.75 49.2 4.9 35 500-999 143,684 669 47 12.07 .16 11.30-12.68 73.7 12.2 36 1000 and over 1,031,795 3,405 48 11.29 .19 10.24-12.19 81.5 3.9 Loan rate (percent) DDaayyss Prime rate Effective4 Nominal10 LOANS MADE BELOW PRIME12 37 Overnight8 10,516,949 8,348 10.13 9.65 10.57 64.3 13.6 38 One month and under 5,228,801 3,434 15 10.23 9.75 10.59 78.2 5.8 39 Over one month and under a year . 3,733,719 658 112 10.32 9.91 10.62 88.0 13.0 40 Demand9 6,137,830 1,795 * 10.16 9.74 10.62 67.7 5.9 41 Total short term 25,617,299 2,157 26 10.18 9.73 10.59 71.4 10.1 42 Fixed rate 18,893,635 2,194 19 10.17 9.71 10.58 70.7 12.6 43 Floating rate 6,723,665 2,059 73 10.22 9.77 10.61 73.3 3.1 Months 44 Total long term 850,274 623 49 10.49 10.04 10.74 84.6 4.3 45 Fixed rate .... 248.620 310 52 10.50 10.09 10.61 62.9 3.3 46 Floating rate .. 601,653 1,068 48 10.48 10.02 10.80 93.5 4.7 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A85 4.23—Continued A. Commercial and Industrial Loans2—Continued Weighted Loan rate (percent) Loans MMoosstt Amount of AAvveerraaggee mmaaddee PPaarrttiiccii-- common Characteristic ( o t f h o ll d oo u o aa s l nn l a ss a n r d s s ) ( o t f h o d s u o iz s l e l a a n r d s s ) mmaa D ttuu a rr y ii s tt yy33 WW e a f v f ee e e iigg c r t a hh i g tt v ee e e dd 4 St ee a rr n rroo d rr a 55 r d q r II u a nn a n tt r g ee t rr e i -- l 6 e ( c p o u m e m n r e c d m n e e t n i r t t - ) (p pp l e o aa r tt a c ii n e oo s n nn t) pricing LARGE BANKS 1 Overnight8 8,125,311 7,786 * 10.27 .11 9.84-10.63 61.5 16.5 Fed funds 2 One month and under 4,937,231 3,401 17 10.55 .18 10.02-10.71 82.6 6.8 Domestic 3 Fixed rate 3,152,857 3,758 18 10.51 .08 10.06-10.70 76.7 8.9 Domestic 4 Floating rate 1,784,374 2,912 15 10.61 .38 9.74-10.72 93.0 3.2 Domestic 5 Over one month and under a year 5,042,561 806 121 11.05 .19 10.26-11.64 81.7 13.9 Prime 6 Fixed rate 2,501,752 1,336 89 10.52 .23 10.06-10.88 85.2 16.0 Foreign 7 Floating rate 2,540,808 580 153 11.57 .17 10.61-12.68 78.1 11.9 Prime 8 Demand9 11,438,928 665 * 11.33 .22 10.27-12.13 79.3 7.0 Prime 9 Fixed rate 1,468,860 2,918 * 10.33 .14 9.86-10.81 84.7 8.1 Domestic 10 Floating rate 9,970,069 597 * 11.48 .26 10.32-12.40 78.5 6.8 Prime 11 Total short term 29,544,030 1,138 39 10.86 .15 10.04-11.30 75.4 10.8 Prime 12 Fixed rate (thousands of dollars) 15,248,780 3,580 21 10.36 .08 9.94-10.71 70.8 14.0 Fed funds 13 1-24 9,671 10 87 12.38 .10 11.85-13.12 22.6 1.0 Prime 14 25-49 11,792 33 77 12.11 .12 11.57-12.75 29.7 2.1 Prime 15 50-99 22,842 64 73 11.78 .10 11.07-12.40 51.4 3.6 Prime 16 100-499 121,530 209 57 11.50 .28 10.95-12.08 66.0 1.1 Prime 17 500-999 159,848 681 33 11.06 .15 10.42-11.63 79.7 8.2 None 18 1000 and over 14,923,097 8,620 20 10.34 .08 9.93-10.66 70.8 14.2 Fed funds 19 Floating rate (thousands of dollars)... 14,295,251 659 96 11.39 .23 10.27-12.28 80.2 7.3 Prime 20 1-24 79,109 11 144 12.63 .19 11.63-13.24 76.5 .5 Prime 21 25-49 116,533 34 139 12.44 .17 11.57-13.24 78.6 1.1 Prime 22 50-99 230,917 66 148 12.31 .13 11.57-12.96 80.8 2.3 Prime 23 100-499 1,094,388 209 151 11.98 .09 11.27-12.68 86.1 6.0 Prime 24 500-999 633,024 651 144 11.80 .11 11.02-12.40 90.5 7.8 Prime 25 1000 and over 12,141,280 7,469 90 11.28 .25 10.20-12.19 79.2 7.5 Prime Months 26 Total long term 1,151,558 565 47 11.16 .23 10.24-11.73 88.5 4.0 Prime 27 Fixed rate (thousands of dollars) .. 222,008 549 35 10.81 .21 10.52-11.19 87.0 .4 Other 28 1-99 6,926 23 49 12.12 .50 11.59-13.88 30.0 .5 None 29 100-499 9,373 202 60 11.05 .81 11.02-12.40 66.6 10.0 Other 30 500-999 2,364 552 30 10.69 .77 10.02-11.57 100.0 .0 Fed funds 31 1000 and over 203,344 3,548 33 10.76 .35 10.47-11.19 89.7 .0 Other 32 Floating rate (thousands of dollars) 929,551 569 50 11.24 .30 10.24-11.99 88.9 4.8 Prime 33 1-99 27,795 33 39 12.90 .26 11.85-13.80 63.0 .2 Prime 34 100-499 114,204 239 42 12.19 .22 11.30-12.68 76.5 9.8 Prime 35 500-999 95,346 673 54 11.96 .18 11.25-12.68 85.1 11.9 Prime 36 1000 and over 692,206 4,232 51 10.92 .29 10.10-11.49 92.5 3.2 Prime Loan rate (percent) DDaayyss rnme rate Effective4 Nominal10 LOANS MADE BELOW PRIME12 37 Overnight8 7,298,472 8,960 10.15 9.66 10.55 58.1 17.2 38 One month and under 4,049,127 6,936 15 10.21 9.74 10.58 80.4 6.4 39 Over one month and under a year 2,928,734 5,446 107 10.25 9.84 10.53 89.6 14.1 40 Demand9 4,877,556 5,506 * 10.19 9.75 10.61 61.3 4.5 41 Total short term 19,153,889 6,787 27 10.19 9.73 10.57 68.4 11.2 42 Fixed rate 13,193,868 6,895 19 10.18 9.72 10.57 67.7 15.2 43 Floating rate 5,960,021 6,560 68 10.20 9.75 10.57 70.1 2.6 Months 44 Total long term 612,881 2,744 47 10.37 9.95 10.66 97.8 2.1 45 Fixed rate .... 134,963 1,610 30 10.37 10.02 10.61 91.2 .5 46 Floating rate .. 477,918 3,425 52 10.38 9.94 10.68 99.6 2.6 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A84 Special Tables • June 1989 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, February 6-10, 1989'—Continued A. Commercial and Industrial Loans2—Continued Weighted Loan rate (percent) Loans Amount of Average average made Partici- Characteristic (tho lo u a s n a s n ds (tho s u iz sa e nds maturity3 Weighted Standard Inter- co u m nd m er it - p l a o t a i n o s n of dollars) of dollars) Days e a f v fe e c ra ti g v e e 4 error5 q r u a a n r g ti e l 6 e (p m er e c n e t n t) (percent) OTHER BANKS 1 Overnight8 3,223,626 3,937 2 One month and under 1,685,089 254 17 10.84 10.09-11.07 68.6 7.0 3 Fixed rate 1,280,687 295 16 10.63 9.96-10.80 64.5 5.4 4 Floating rate 404,402 176 19 11.51 10.22-12.68 81.6 12.0 5 Over one month and under a year . 2,889,429 51 141 11.88 10.92-12.68 67.4 4.4 6 Fixed rate 1,183,766 42 115 11.46 10.54-12.69 53.4 3.8 7 Floating rate 1,705,663 59 158 12.16 11.46-12.68 77.1 4.8 8 Demand9 5,607,305 117 11.63 11.02-12.55 92.2 9.7 9 Fixed rate 967,274 207 10.27 9.75-10.38 86.7 16.5 10 Floating rate 4,640,031 107 11.91 11.07-12.68 93.4 8.3 11 Total short term 13,405,450 119 11.21 10.09-12.13 80.6 6.0 12 Fixed rate (thousands of dollars) .. 6,654,776 176 28 10.47 9.89-10.68 72.5 4.3 13 1-24 222,633 8 116 12.64 11.91-13.52 17.1 .1 14 25-49 109,639 33 128 12.06 11.31-13.17 24.7 2.4 15 50-99 127,816 67 123 12.15 11.83-12.84 25.9 .6 16 100-499 309,646 169 116 11.96 11.07-12.75 34.0 7.8 17 500-999 166,213 638 66 11.05 10.42-11.13 77.3 12.8 18 1000 and over 5,718,829 6,345 15 10.21 9.85-10.45 78.6 4.2 19 Floating rate (thousands of dollars) 6,750,674 91 131 11.95 11.07-12.68 88.6 7.6 20 1-24 377,295 10 155 12.74 12.13-13.31 72.0 1.0 21 25-49 416,769 33 152 12.51 11.85-13.24 79.4 2.6 22 50-99 665,348 66 161 12.44 11.85-13.10 84.2 3.9 23 100-499 2,047,455 194 130 12.23 11.57-12.68 86.9 5.1 24 500-999 733,442 646 127 11.82 11.07-12.55 88.9 11.1 25 1000 and over 2,510,364 2,657 110 11.43 11.02-12.13 94.9 11.5 Months 26 Total long term 1,207,651 87 12.24 .13 11.50-12.79 45.3 5.3 27 Fixed rate (thousands of dollars) .. 370,058 56 12.18 .24 10.99-12.55 46.2 8.3 28 1-99 81,486 13 14.24 .76 11.85-13.88 14.0 .3 29 100-499 36,963 201 12.98 1.20 11.30-12.75 21.1 1.9 30 500-999 44,185 567 11.61 .24 11.02-12.13 47.2 33.6 31 1000 and over 207,424 3,331 11.35 .25 10.97-11.85 63.1 7.2 32 Floating rate (thousands of dollars) 837,593 115 12.26 .12 11.63-12.82 44.9 4.0 33 1-99 155,375 28 12.62 .06 12.01-13.24 23.7 .5 34 100-499 294,292 192 12.29 .17 11.85-12.75 38.7 2.9 35 500-999 48,338 661 12.29 .29 11.57-13.24 51.0 12.7 36 1000 and over 339,588 2,435 12.06 .16 11.57-12.82 59.1 5.2 Loan rate (percent) Days Effective Nominal LOANS MADE BELOW PRIME12 37 Overnight8 3,218,477 7,230 10.08 9.61 10.60 78.4 5.4 38 One month and under 1,179,674 1,257 15 10.27 9.80 10.63 70.6 3.6 39 Over one month and under a year 804,985 157 129 10.59 10.17 10.97 82.2 9.0 40 Demand9 1,260,275 498 10.05 9.66 10.65 92.2 11.5 41 Total short term 6,463,411 714 10.17 9.72 10.66 80.1 6.7 42 Fixed rate 5,699,767 851 18 10.15 9.70 10.62 77.8 6.7 43 Floating rate 763,644 324 111 10.38 9.93 10.94 97.9 7.1 Months 44 Total long term 237,393 10.27 9.8 45 Fixed rate 113,657 158 10.66 10.18 10.61 29.3 6.6 46 Floating rate 123,736 292 10.88 10.36 11.27 69.9 12.8 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A25 4.23—Continued B. Construction and Land Development Loans1 Loan rate (percent) AAmmoouunntt ooff AAvveerraaggee WWeeiigghhtteedd LLooaannss mmaaddee PPaarrttiiccii-llooaannss ssiizzee aavveerraaggee uunnddeerr ppaattiioonn CChhaarraacctteerriissttiicc ((tthhoouussaannddss ((tthhoouussaannddss mmaattuurriittyy Weighted Standard Inter- ccoommmmiittmmeenntt llooaannss ooff ddoollllaarrss)) ooff ddoollllaarrss)) ((mmoonntthhss))33 e a f v fe e c r t a i g v e e 4 error5 q r u a a n r g t e il 6 e ((ppeerrcceenntt)) ((ppeerrcceenntt)) ALL BANKS 1 Total 1,906,640 112 12 12.09 .10 11.57-12.68 90.0 8.9 2 Fixed rate (thousands of dollars) 511,482 141 6 11.41 .20 11.15-11.83 87.1 15.8 1-24 19,359 8 8 12.10 .19 11.63-12.75 80.6 .8 4 25-49 19,115 39 13 11.34 .30 10.38-12.75 68.8 .9 50-99 29,387 55 7 11.95 .16 11.83-12.37 95.7 .0 6 100-499 42,193 189 26 11.95 .37 11.57-12.40 64.0 24.1 7 500 and over 401,429 4,395 3 11.29 .24 11.15-11.53 90.1 17.5 8 Floating rate (thousands of dollars) ... 1,395,158 104 15 12.34 .08 12.13-12.68 91.1 6.3 9 1-24 77,539 10 7 12.81 .09 12.13-13.31 93.8 1.5 10 25-49 73,358 35 11 12.75 .10 12.13-13.31 88.0 1.6 11 50-99 97,351 67 12 12.59 .08 12.13-13.10 84.6 4.0 12 100-499 292,951 211 17 12.49 .09 12.13-12.75 91.1 5.6 13 500 and over 853,960 1,597 16 12.18 .10 11.86-12.68 91.8 7.7 By type of construction 14 Single family 437,431 38 13 12.43 .15 12.13-13.10 8844..22 99..55 15 Multifamily 185,969 204 15 12.45 .10 12.13-12.96 88.7 5.6 16 Nonresidential 1,283,240 275 11 11.92 .13 11.44-12.55 92.2 9.1 LARGE BANKS13 1 Total 842,555 447 9 11.88 .17 11.43-12.55 90.4 10.0 2 Fixed rate (thousands of dollars) 323,588 1,833 2 11.46 .30 11.23-11.53 88.5 14.2 1-24 549 9 7 11.84 .15 11.57-12.19 65.2 .0 4 25-49 614 30 2 11.56 .43 11.30-12.13 93.2 .0 5 50-99 1,403 66 18 11.44 .25 11.02-12.01 59.0 .0 6 100-499 3,391 189 21 11.22 .74 11.02-11.89 80.7 .0 7 500 and over 317,631 5,672 2 11.46 .38 11.23-11.53 88.7 14.5 8 Floating rate (thousands of dollars) ... 518,967 304 16 12.15 .12 11.85-12.68 91.7 7.4 9 1-24 5,459 10 12 12.69 .14 12.13-13.24 90.8 2.4 10 25-49 9,286 36 14 12.49 .13 12.09-12.96 96.7 3.4 11 50-99 17,281 70 17 12.44 .11 12.13-12.69 90.0 1.7 1? 100-499 93,085 223 17 12.47 .13 12.13-12.96 95.8 5.6 13 500 and over 393,856 1,692 16 12.05 .14 11.57-12.68 90.7 8.2 By type of construction 14 Single family 82,129 106 20 12.47 .16 12.13-12.68 8800..44 22..55 15 Multifamily 47,514 257 13 12.13 .19 11.57-12.69 72.8 .3 16 Nonresidential 712,912 769 8 11.80 .21 11.23-12.40 92.8 11.5 OTHER BANKS13 1 Total 1,064,086 70 14 12.26 .11 11.91-12.68 89.7 7.9 2 Fixed rate (thousands of dollars) 187,894 54 13 11.33 .28 10.61-12.13 84.9 18.4 1-24 18,810 8 8 12.11 .34 11.63-12.75 81.0 .8 4 25-49 18,501 39 13 11.33 .44 9.92-13.01 68.0 .9 5 50-99 27,984 55 7 11.97 .23 11.83-12.37 97.5 .0 6 100-499 38,802 190 27 12.01 .21 11.85-12.40 62.5 26.2 7 500 and over * * * * * * * * 8 Floating rate (thousands of dollars) ... 876,191 75 15 12.45 .08 12.13-12.70 90.7 5.7 9 1-24 72,080 10 7 12.82 .12 12.13-13.31 94.0 1.4 10 25-49 64,072 35 11 12.79 .12 12.13-13.31 86.7 1.4 11 50-99 80,069 66 10 12.62 .11 12.13-13.12 83.4 4.5 17 100-499 199,866 206 17 12.50 .12 12.13-12.75 88.9 5.6 13 500 and over 460,105 1,524 17 12.30 .16 12.13-12.68 92.8 7.2 By type of construction 14 Single family 355,302 33 11 12.42 .28 12.01-13.24 85.1 11.1 15 Multifamily 138,456 191 16 12.56 .08 12.13-12.96 94.1 7.4 16 Nonresidential 570,328 152 17 12.08 .18 11.63-12.68 91.4 6.1 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A84 Special Tables • June 1989 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, February 6-10, 1989'—Continued C. Loans to Farmers14 Size class of loans (thousands) Characteristic All sizes $1-9 $10-24 $25-49 $50-99 $100-249 an $ d 2 5 o 0 v er ALL BANKS 1 Amount of loans (thousands of dollars) $902,752 $94,008 $112,399 $106,112 $121,800 $175,163 $293,270 2 3 N W u e m ig b h e te r d o f a v lo e a ra n g s e maturity (months)3 40, 1 3 4 5 . 3 6 26,1 8 9 . 9 4 7, 1 4 1 6 . 1 4 3, 1 2 5 5 . 9 0 1 2 ,8 9 0 .1 4 1, 1 2 4 0 . 3 9 4 9 2 . 7 4 4 Weighted average interest rate (percent)4 12.28 12.49 12.28 12.48 12.33 12.18 12.18 6 5 I S n ta te n r d q a u r a d r t e il r e r o r r a nge6 11.68-12. . 7 4 5 4 11. 89-13. . 0 1 0 9 11.83-12. . 7 2 6 2 11.83-13. . 1 6 0 4 11.58-13. . 2 7 4 7 11.68-12. . 6 2 5 8 11.54-12. . 5 5 5 9 By purpose of loan 7 Feeder livestock 12.20 12.83 12.03 12.53 12.21 11.93 12.27 8 Other livestock 12.19 12.68 12.69 * * * * 9 Other current operating expenses 12.42 12.37 12.31 12.57 12.59 12.42 12.32 10 Farm machinery and equipment 12.39 12.68 12.21 12.87 * * * 11 Farm real estate 12.18 12.01 11.49 * * * * 12 Other 11.94 12.57 12.59 11.89 11.55 12.43 11.74 Percentage of amount of loans 13 With floating rates 65.6 47.4 52.6 62.8 62.7 77.7 71.3 14 Made under commitment 62.7 41.9 41.4 47.4 47.7 72.3 83.5 By purpose of loan 15 Feeder livestock 25.0 11.9 7.8 13.3 12.5 38.7 37.1 16 Other livestock 6.7 6.9 4.2 * * * 1/ Other current operating expenses 47.2 59.6 65.5 58.6 54.6 39.2 33.8 18 Farm machinery and equipment 5.1 11.5 11.2 7.4 * * * 19 Farm real estate 4.3 2.5 3.5 * * * * 20 Other 11.7 7.6 7.8 6.8 14.2 8.3 17.1 LARGE BANKS14 1 Amount of loans (thousands of dollars) $348,155 $7,539 $13,073 $17,009 $29,219 $60,241 $221,074 3 2 W Nu e m ig b h e te r d o f a v lo e a ra n g s e maturity (months)3 4,3 7 4 . 4 9 1,8 8 7 .7 6 9 9 2 .2 0 5 8 0 .9 5 1 4 0 3 . 3 9 1 3 1 9 . 1 0 2 5 1 .5 9 4 Weighted average interest rate (percent)4 12.16 12.87 12.70 12.55 12.29 12.31 12.02 6 5 I S n t t a e n r d q a u r a d r t e il r e r o ra r nge6 11.57-12. . 5 4 5 0 12.22-13. . 3 1 1 1 12.10-13. . 2 1 4 6 12.01-13. . 1 6 6 0 11.91-12. . 7 5 5 8 11.63-12. . 7 0 5 6 11.46-12. . 5 2 5 8 By purpose of loan 7 Feeder livestock 12.20 12.57 12.53 12.43 12.06 12.02 12.23 8 Other livestock 11.87 12.71 13.22 * * * 9 Other current operating expenses 12.20 12.88 12.66 12.61 12.36 12.38 11.91 10 Farm machinery and equipment 12.92 12.86 12.98 * * * * 11 Farm real estate 13.19 13.23 * * * * * 12 Other 11.97 12.91 12.74 12.42 12.34 12.47 11.59 Percentage of amount of loans 13 With floating rates 89.0 88.6 92.0 94.7 97.3 98.8 84.6 14 Made under commitment 86.3 77.3 78.2 84.4 91.0 94.8 84.4 By purpose of loan 15 Feeder livestock 36.4 6.0 6.8 12.6 20.5 33.7 43.9 16 Other livestock 8.4 3.6 4.3 * * * 17 Other current operating expenses 32.7 65.9 66.4 52.4 45.6 34.5 25.9 18 Farm machinery and equipment 1.1 5.1 4.3 * * * * 19 Farm real estate 2.7 2.4 * * * * * 20 Other 18.6 17.0 15.1 27.8 24.1 21.1 16.8 OTHER BANKS14 1 Amount of loans (thousands of dollars) $554,597 $86,469 $99,326 $89,102 $92,581 $114,922 * 2 Number of loans 36,009 24,324 6,541 2,754 1,371 811 * 3 Weighted average maturity (months)3 16.9 8.4 11.7 15.9 33.1 16.3 * 4 Weighted average interest rate (percent)4 12.35 12.45 12.23 12.47 12.34 12.11 * 5 Standard error .16 .15 .14 .22 .50 .26 * 6 Interquartile range6 11.68-12.90 11 84-12.90 11.82-12.75 11.83-13.10 11.58-13.24 11.68-12.65 * By purpose of loan 7 Feeder livestock 12.20 12.84 11.97 * * # * 8 Other livestock 12.49 12.68 * * * * * 9 Other current operating expenses 12.50 12.32 12.26 12.56 12.64 * * 10 Farm machinery and equipment 12.34 12.67 12.18 * * * * 11 Farm real estate 11.85 * * * * * * 12 Other 11.90 12.50 12.54 * * * ** For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A25 4.23—Continued C. Loans to Farmers14—Continued Size class of loans (thousands) Characteristic $250 All sizes $1-9 $10-24 $25-49 $50-99 $100-249 and over Percentage of amount of loans 13 With floating rates 50.9 43.8 47.5 56.7 51.8 66.6 * 14 Made under commitment 47.8 38.8 36.6 40.3 34.0 60.5 * By purpose of loan 15 Feeder livestock 17.8 12.4 7.9 * 16 Other livestock 5.7 7.1 * * * * * 17 Other current operating expenses 56.3 59.0 65.4 59.8 57.4 * 18 Farm machinery and equipment 7.6 12.1 12.1 * * 19 Farm real estate 5.4 * 20 Other 7.3 6.8 6.9 * * * * *Fewer than 10 sample loans. 6. The interquartile range shows the interest rate range that encompasses the 1. The survey of terms of bank lending to business collects data on gross loan middle 50 percent of the total dollar amount of loans made. extensions made during the first full business week in the mid-month of each 7. The most common base rate is that rate used to price the largest dollar quarter by a sample of 340 commercial banks of all sizes. A subsample of 250 volume of loans. Base pricing rates include the prime rate (sometimes referred to banks also report loans to farmers. The sample data are blown up to estimate the as a bank's "basic" or "reference" rate); the federal funds rate; domestic money lending terms at all insured commercial banks during that week. The estimated market rates other than the federal funds rate; foreign money market rates; and terms of bank lending are not intended for use in collecting the terms of loans other base rates not included in the foregoing classifications. extended over the entire quarter or residing in the portfolios of those banks. 8. Overnight loans are loans that mature on the following business day. Construction and land development loans include both unsecured loans and loans 9. Demand loans have no stated date of maturity. secured by real estate. Thus, some of the construction and land development 10. Nominal (not compounded) annual interest rates are calculated from survey loans would be reported on the statement of condition as real estate loans and the data on the stated rate and other terms of the loan and weighted by loan size. remainder as business loans. Mortgage loans, purchased loans, foreign loans, and 11. The prime rate reported by each bank is weighted by the volume of loans loans of less than $1,000 are excluded from the survey. extended and then averaged. As of Dec. 31, 1987, assets of most of the large banks were at least $6.0 billion. 12. The proportion of loans made at rates below prime may vary substantially from the proportion of such loans outstanding in banks' portfolios. For all insured banks total assets averaged $220 million. 13. 58.5 percent of construction and land development loans were priced 2. Beginning with the August 1986 survey respondent banks provide informa- relative to the prime rate. tion on the type of base rate used to price each commercial and industrial loan 14. Among banks reporting loans to farmers (Table C), most "large banks" made during the survey week. This reporting change is reflected in the new (survey strata 1 to 3) had over $600 million in total assets, and most "other banks" column on the most common base pricing rate in table A and footnote 13 from (survey strata 4 to 6) had total assets below $600 million. table B. The survey of terms of bank lending to farmers now includes loans secured by 3. Average maturities are weighted by loan size and exclude demand loans. farm real estate. In addition, the categories describing the purpose of farm loans 4. Effective (compounded) annual interest rates are calculated from the stated have now been expanded to include "purchase or improve farm real estate." In rate and other terms of the loan and weighted by loan size. previous surveys, the purpose of such loans was reported as "other." 5. The chances are about two out of three that the average rate shown would differ by less than this amount from the average rate that would be found by a complete survey of lending at all banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Special Tables • June 1989 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, Decmeber 31, 19881 Millions of dollars All states2 New York California Illinois Item inc T I l B o u t F d a s i l n g I o B nl F y s 5 inc T I l B o u t F d a s i l n g o IB nl F y s 5 inc T I l B o u t F d a s i l n g o IB nl F y s 3 in T c I l B o u t F d a s i l n g I o B nl F y s 3 1 Total assets4 513,754 247,835 376,339 194,052 74,777 33,697 36,739 12,851 2 Claims on nonrelated parties 464,368 198,952 341,562 157,508 67,712 26,255 36,306 11,935 3 Cash and balances due from depository institutions 120,412 101,999 99,192 83,850 10,824 10,023 8,956 7,392 4 Cash items in process of collection and unposted debits 696 0 657 0 20 0 8 0 5 Currency and coin (U.S. and foreign) 29 n.a. 21 n.a. 2 n.a. 2 n.a. 6 Balances with depository institutions in United States 62,286 46,264 50,480 37,139 5,822 5,133 5,329 3,873 7 U.S. branches and agencies of other foreign banks (including their IBFs) 54,297 43,664 43,991 34,753 5,312 5,003 4,568 3,810 8 Other depository institutions in United States (including their IBFs) 7,990 2,601 6,489 2,386 510 130 761 63 9 Balances with banks in foreign countries and with foreign central banks 56,483 55,735 47,349 46,710 4,900 4,890 3,535 3,519 10 Foreign branches of U.S. banks 1,386 1,315 1,164 1,101 150 145 40 40 11 Other banks in foreign countries and foreign central banks 55,097 54,420 46,185 45,609 4,751 4,745 3,495 3,479 12 Balances with Federal Reserve Banks 918 n.a. 684 n.a. 81 n.a. 83 n.a. 13 Total securities and loans 276,902 88,962 187,697 67,572 47,419 14,912 25,510 4,118 14 Total securities, book value 33,869 10,077 27,573 7,686 4,133 1,755 1,313 470 15 U.S. Treasury 5,866 n.a. 5,491 n.a. 150 n.a. 156 n.a. 16 Obligations of U.S. government agencies and corporations 44,,770033 n.a. 44,,665533 n.a. 4444 n.a. 00 n.a. 17 Other bonds, notes, debentures and corporate stock (including state and local securities) 23,300 10,077 17,429 7,686 3,939 1,755 1,156 470 18 Federal funds sold and securities purchased under agreements to resell 19,523 1,506 17,570 1,050 1,170 235 398 120 19 U.S branches and agencies of other foreign banks .... 11,116 912 9,545 523 1,017 230 324 100 20 Commercial banks in United States 5,406 48 5,117 31 123 5 64 10 21 Other 3,000 545 2,908 495 29 0 10 10 22 Total loans, gross 243,274 78,920 160,299 59,916 43,335 13,159 24,208 3,649 23 Less: Unearned income on loans 241 34 175 30 48 3 10 1 24 Equals: Loans, net 243,033 78,886 160,125 59,886 43,286 13,156 24,198 3,648 Total loans, gross, by category 75 Real estate loans 22,085 258 11,719 216 55,,339977 31 22,,880055 0 26 Loans to depository institutions 66,252 44,070 47,094 29,783 12,843 9,838 4,685 3,186 27 Commercial banks in United States (including IBFs) . 36,634 16,782 25,367 10,088 7,592 4,710 3,297 1,810 28 U.S. branches and agencies of other foreign banks . 33,562 16,165 22,702 9,627 7,270 4,555 3,262 1,809 29 Other commercial banks in United States 3,072 617 2,665 462 322 155 34 1 30 Other depository institutions in United States (including IBFs) 112 4 62 4 50 0 0 0 31 Banks in foreign countries 29,506 27,284 21,665 19,691 5,201 5,128 1,389 1,376 32 Foreign branches of U.S. banks 647 541 579 477 52 52 11 11 33 Other banks in foreign countries 28,859 26,743 21,085 19,214 5,149 5,076 1,377 1,365 34 Other financial institutions 5,877 495 3,693 339 850 90 652 40 35 Commercial and industrial loans 124,770 17,645 76,868 14,866 22,268 2,162 15,698 294 36 U.S. addressees (domicile) 103,064 304 59,752 183 19,341 115 15,229 6 37 Non-U.S. addressees (domicile) 21,706 17,342 17,116 14,683 2,927 2,048 469 288 38 Acceptances of other banks 827 18 668 14 121 0 14 4 39 U.S. banks 221 0 175 0 34 0 0 0 40 Foreign banks 606 18 493 14 88 0 14 4 41 Loans to foreign governments and official institutions (including foreign central banks) 18,323 16,192 16,311 14,471 1,090 1,034 144 125 42 Loans for purchasing or carrying securities (secured and unsecured) 2,954 59 2,217 54 685 0 11 0 43 All other loans 2,185 183 1,729 173 80 3 220088 0 44 All other assets 47,532 6,485 37,103 5,037 8,299 1,085 1,442 304 45 Customers' liability on acceptances outstanding 30,116 n.a. 23,268 n.a. 5,933 n.a. 630 n.a. 46 U.S. addressees (domicile) 19,297 n.a. 13,004 n.a. 5,612 n.a. 625 n.a. 47 Non-U.S. addressees (domicile) 10,819 n.a. 10,264 n.a. 321 n.a. 6 n.a. 48 Other assets including other claims on nonrelated parties 17,416 6,485 13,835 5,037 2,366 1,085 812 304 49 Net due from related depository institutions5 49,386 48,883 34,776 36,544 7,065 7,442 433 916 50 Net due from head office and other related depository institutions5 49,386 n.a. 34,776 n.a. 7,065 n.a. 433 n.a. 51 Net due from establishing entity, head offices, and other related depository institutions5 n.a. 48,883 n.a. 36,544 n.a. 7,442 n.a. 916 52 Total liabilities4 513,754 247,835 376,339 194,052 74,777 33,697 36,739 12,851 53 Liabilities to nonrelated parties 440,591 218,715 336,281 173,041 67,722 31,141 20,707 7,750 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. Branches and Agencies A91 4.30—Continued Millions of dollars All states2 California Illinois Item ex T c IB l o u t F d a s i l n g o IB nl F y s 3 ex T c IB l o u F t d a s i l ng o IB nl F y s 3 ex T c IB l o u t F d a s i l ng o IB nl F y s 3 ex T c IB l o u t F d a s i l ng 54 Total deposits and credit balances 68,146 173,321 54,900 151,877 2,830 12,058 3,648 55 Individuals, partnerships, and corporations 54,768 14,386 43,083 9,412 2,221 334 2,971 56 U.S. addressees (domicile) 42,140 456 35,240 442 625 0 2,167 57 Non-U.S. addressees (domicile) 12,628 13,930 7,843 8,970 1,5% 334 804 58 Commercial banks in United States (including IBFs) 9,002 55,490 7,829 47,361 489 5,643 651 59 U.S. branches and agencies of other foreign banks 3,653 49,065 2,727 41,800 349 5,059 557 60 Other commercial banks in United States 5,348 6,426 5,102 5,561 140 584 94 61 Banks in foreign countries 1,736 95,463 1,602 87,387 41 5,979 3 62 Foreign branches of U.S. banks 216 7,843 196 6,509 20 998 0 63 Other banks in foreign countries 1,520 87,619 1,407 80,878 21 4,981 3 64 Foreign governments and official institutions (including foreign central banks) 1,111 7,751 975 7,485 19 101 2 65 All other deposits and credit balances 808 231 765 231 29 0 2 66 Certified and official checks 722 n.a. 645 n.a. 31 n.a. 19 67 Transaction accounts and credit balances (excluding IBFs) 6,847 5,671 257 224 68 Individuals, partnerships, and corporations 4,440 3,524 212 199 69 U.S. addressees (domicile) 3,083 2,529 167 195 70 Non-U.S. addressees (domicile) 1,357 995 45 4 71 Commercial banks in United States (including IBFs) 239 234 1 0 72 U.S. branches and agencies of other foreign banks 91 91 0 0 73 Other commercial banks in United States 147 143 1 0 74 Banks in foreign countries 814 746 11 3 75 Foreign branches of U.S. banks 30 30 0 0 76 Other banks in foreign countries 784 715 11 2 77 Foreign governments and official institutions (including foreign central banks) 457 358 78 All other deposits and credit balances 175 164 79 Certified and official checks 722 645 80 Demand deposits (included in transaction accounts and credit balances) 5,843 4,931 179 208 81 Individuals, partnerships, and corporations 3,809 3,141 135 183 82 U.S. addressees (domicile) 2,684 2,287 107 179 83 Non-U.S. addressees (domicile) 1,124 854 28 4 84 Commercial banks in United States (including IBFs) 79 76 0 0 85 U.S. branches and agencies of other foreign banks 22 22 0 0 86 Other commercial banks in United States 57 54 0 0 87 Banks in foreign countries 699 637 11 3 88 Foreign branches of U.S. banks 30 30 0 0 89 Other banks in foreign countries 668 607 11 2 90 Foreign governments and official institutions (including foreign central banks) 418 322 2 2 91 All other deposits and credit balances 116 110 0 2 92 Certified and official checks 722 645 31 19 93 Non-transaction accounts (including MMDAs, excluding IBFs) 61,299 49,229 2,573 3,424 94 Individuals, partnerships, and corporations 50,328 39,559 2,009 2,772 95 U.S. addressees (domicile) 39,057 32,711 458 1,972 96 Non-U.S. addressees (domicile) 11,272 6,848 1,551 800 97 Commercial banks in United States (including IBFs) 8,763 7,596 488 651 98 U.S. branches and agencies of other foreign banks 3,562 2,636 349 557 99 Other commercial banks in United States 5,201 4,959 139 94 100 Banks in foreign countries 922 857 30 0 101 Foreign branches of U.S. banks 185 165 20 0 102 Other banks in foreign countries 736 691 10 0 103 Foreign governments and official institutions (including foreign central banks) 653 617 18 0 104 All other deposits and credit balances 632 602 28 1 105 IBF deposit liabilities 173,321 151,877 12,058 106 Individuals, partnerships, and corporations 14,386 9,412 334 107 U.S. addressees (domicile) 456 442 0 108 Non-U.S. addressees (domicile) 13,930 8,970 334 109 Commercial banks in United States (including IBFs) 55,490 47,361 5,643 110 U.S. branches and agencies of other foreign banks 49,065 41,800 5,059 111 Other commercial banks in United States 6,426 5,561 584 112 Banks in foreign countries 95,463 87,387 5,979 113 Foreign branches of U.S. banks 7,843 6,509 998 114 Other banks in foreign countries 87,619 80,878 4,981 115 Foreign governments and official institutions (including foreign central banks) 7,751 7,485 101 116 All other deposits and credit balances 231 231 0 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Special Tables • June 1989 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 1988'—Continued Millions of dollars All states2 New York California Illinois IItteemm inc T I l B o u t F d a s i l n g o IB nl F y s 3 inc T I l B o u t F d a s i l n g o IB nl F y s 3 inc T I l B o u t F d a s i l n g o IB nl F y s 3 in T c IB l o u t F d a s i l n g o IB nl F y s 3 117 Federal funds purchased and securities sold under agreements to repurchase 45,687 4,505 34,521 2,135 8,730 2,126 1,896 45 118 U.S. branches and agencies of other foreign banks ... 11,982 1,709 7,921 386 3,430 1,271 404 0 119 Other commercial banks in United States 13,291 406 8,199 62 3,728 342 1,245 0 120 Other 20,414 2,390 18,400 1,688 1,572 513 247 45 121 Other borrowed money 105,616 35,129 58,516 14,532 34,748 16,009 10,041 3,660 122 Owed to nonrelated commercial banks in United States (including IBFs) 65,583 13,641 34,454 3,041 23,393 8,797 6,003 1,236 123 Owed to U.S. offices of nonrelated U.S. banks 29,201 2,465 17,401 868 7,663 1,327 3,429 81 124 Owed to U.S. branches and agencies of nonrelated foreign banks 36,382 11,176 17,054 2,173 15,730 7,470 2,573 1,155 125 Owed to nonrelated banks in foreign countries 19,405 18,921 9,463 9,052 7,131 7,121 2,400 2,389 126 Owed to foreign branches of nonrelated U.S. banks .. 2,335 2,228 770 665 1,228 1,228 209 209 127 Owed to foreign offices of nonrelated foreign banks... 17,070 16,694 8,693 8,386 5,903 5,893 2,190 2,180 128 Owed to others 20,628 2,566 14,599 2,440 4,224 91 1,638 35 129 All other liabilities 47,821 5,761 36,466 4,496 9,357 948 1,316 237 130 Branch or agency liability on acceptances executed and outstanding 33,423 n.a. 24,882 n.a. 77,,332288 n. a. 777744 n.a. 131 Other liabilities to nonrelated parties 14,398 5,761 11,584 4,496 2,029 948 542 237 132 Net due to related depository institutions5 73,163 29,120 40,058 21,011 7,055 2,556 16,032 5,101 133 Net due to head office and other related depository institutions5 73,163 n.a. 40,058 n.a. 7,055 n.a. 16,032 n.a. 134 Net due to establishing entity, head office, and other related depository institutions5 n.a. 29,120 n.a. 21,011 n.a. 2,556 n.a. 5,101 MEMO 135 Non-interest bearing balances with commercial banks in United States 2,153 29 1,884 27 131 0 74 00 136 Holding of commercial paper included in total loans 789 556 1 157 76 1 137 Holding of own acceptances included in commercial and industrial loans 2,594 1,584 708 165 138 Commercial and industrial loans with remaining maturity of one year or less 64,834 36,247 12,655 9,485 139 Predetermined interest rates 40,432 n.a. 21,348 n. a. 9,414 n.a. 5,421 n.a. 140 Floating interest rates 24,402 14,899 3,242 4,065 141 Commercial and industrial loans with remaining maturity of more than one year 59,936 40,620 9,613 6,213 142 Predetermined interest rates 21,027 15,415 3,417 1,783 143 Floating interest rates 38,909 25,205 6,196 4,430 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. Branches and Agencies A93 4.30—Continued Millions of dollars All states2 New York California Illinois IItteemm ex T c IB l o u t F d a s i l ng o IB nl F y s 3 ex T c IB l o u t F d a s i l n g o IB nl F y s 3 ex T c IB l o u F t d a s i l n g o IB nl F y s 3 ex T c IB l o u t F d a s i l ng o IB nl F y s 3 111144444444 CCCCoooommmmppppoooonnnneeeennnnttttssss ooooffff ttttoooottttaaaallll nnnnoooonnnnttttrrrraaaannnnssssaaaaccccttttiiiioooonnnn aaaaccccccccoooouuuunnnnttttssss,,,, iiiinnnncccclllluuuuddddeeeedddd iiiinnnn ttttoooottttaaaallll ddddeeeeppppoooossssiiiittttssss aaaannnndddd ccccrrrreeeeddddiiiitttt bbbbaaaallllaaaannnncccceeeessss ooooffff t t t t nnnnoooonnnnttttrrrraaaannnnssssaaaaccccttttiiiioooonnnnaaaallll aaaaccccccccoooouuuunnnnttttssss,,,, iiiinnnncccclllluuuuddddiiiinnnngggg IIIIBBBBFFFFssss 77,888 65,989 2,196 3,785 111144445555 TTTTiiiimmmmeeee CCCCDDDDssss iiiinnnn ddddeeeennnnoooommmmiiiinnnnaaaattttiiiioooonnnnssss ooooffff $$$$111100000000,,,,000000000000 oooorrrr mmmmoooorrrreeee 45,030 36,917 1,323 2,029 111144446666 OOOOtttthhhheeeerrrr ttttiiiimmmmeeee ddddeeeeppppoooossssiiiittttssss iiiinnnn ddddeeeennnnoooommmmiiiinnnnaaaattttiiiioooonnnnssss ooooffff $$$$111100000000,,,,000000000000 oooorrrr mmmmoooorrrreeee n.a. n.a. n.a. 111144447777 TTTTiiiimmmmeeee CCCCDDDDssss iiiinnnn ddddeeeennnnoooommmmiiiinnnnaaaattttiiiioooonnnnssss ooooffff $$$$111100000000,,,,000000000000 oooorrrr mmmmoooorrrreeee 11,511 1 9,504 n.a. 651 J 1,167 I wwwwiiiitttthhhh rrrreeeemmmmaaaaiiiinnnniiiinnnngggg mmmmaaaattttuuuurrrriiiittttyyyy ooooffff mmmmoooorrrreeee tttthhhhaaaannnn 1 11112222 mmmmoooonnnntttthhhhssss 2J,346 19,568 222 589 All states2 New York California Illinois inc T I l B o u t F d a s i l n g o IB nl F y s 3 inc T I l B o u t F d a s i l n g o IB nl F y s 3 inc T I l B o u t F d a s i l n g o IB nl F y s 3 in T c I l B o u t F d a s i l n g o IB nl F y s 3 111144448888 MMMMaaaarrrrkkkkeeeetttt vvvvaaaalllluuuueeee ooooffff sssseeeeccccuuuurrrriiiittttiiiieeeessss hhhheeeelllldddd 3311,,663377 9,595 2255,,667722 7,322 33,,882288 1,643 11,,229944 466 111144449999 IIIImmmmmmmmeeeeddddiiiiaaaatttteeeellllyyyy aaaavvvvaaaaiiiillllaaaabbbblllleeee ffffuuuunnnnddddssss wwwwiiiitttthhhh aaaa mmmmaaaattttuuuurrrriiiittttyyyy ggggrrrreeeeaaaatttteeeerrrr tttthhhhaaaannnn oooonnnneeee ddddaaaayyyy iiiinnnncccclllluuuuddddeeeedddd iiiinnnn ooootttthhhheeeerrrr bbbboooorrrrrrrroooowwwweeeedddd mmmmoooonnnneeeeyyyy 6611,,881166 n.a. 3322,,444488 n.a. 2244,,008866 n.a. 33,,995533 n.a. 551177 223377 112255 5544 1. Data are aggregates of categories reported on the quarterly form FFIEC 002, that no IBF data are reported for that item, either because the item is not an "Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign eligible IBF asset or liability or because that level of detail is not reported for Banks." Details may not add to totals because of rounding. This form was first IBFs. From December 1981 through September 1985, IBF data were included in used for reporting data as of June 30, 1980, and was revised as of December 31, all applicable items reported. 1985. From November 1972 through May 1980, U.S. branches and agencies of 4. Total assets and total liabilities include net balances, if any, due from or due foreign banks had filed a monthly FR 886a report. Aggregate data from that report to related banking institutions in the United States and in foreign countries (see were available through the Federal Reserve statistical release G.ll, last issued on footnote 5). On the former monthly branch and agency report, available through July 10, 1980. Data in this table and in the G. 11 tables are not strictly comparable the G.ll statistical release, gross balances were included in total assets and total because of differences in reporting panels and in definitions of balance sheet liabilities. Therefore, total asset and total liability figures in this table are not items. comparable to those in the G.ll tables. 2. Includes the District of Columbia. 5. "Related banking institutions" includes the foreign head office and other 3. Effective December 1981, the Federal Reserve Board amended Regulations U.S. and foreign branches and agencies of the bank, the bank's parent holding D and Q to permit banking offices located in the United States to operate company, and majority-owned banking subsidiaries of the bank and of its parent International Banking Facilities (IBFs). As of December 31, 1985, data for IBFs holding company (including subsidiaries owned both directly and indirectly). are reported in a separate column. These data are either included in or excluded 6. In some cases two or more offices of a foreign bank within the same from the total columns as indicated in the headings. The notation "n.a." indicates metropolitan area file a consolidated report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A94 Federal Reserve Board of Governors ALAN GREENSPAN, Chairman MARTHA R. SEGER MANUEL H. JOHNSON, Vice Chairman WAYNE D. ANGELL OFFICE OF BOARD MEMBERS DIVISION OF INTERNATIONAL FINANCE JOSEPH R. COYNE, Assistant to the Board EDWIN M. TRUMAN, Staff Director DONALD J. WINN, Assistant to the Board LARRY J. PROMISEL, Senior Associate Director BOB STAHLY MOORE, Special Assistant to the Board CHARLES J. SLEGMAN, Senior Associate Director DAVID H. HOWARD, Deputy Associate Director ROBERT F. GEMMILL, Staff Adviser LEGAL DIVISION DONALD B. ADAMS, Assistant Director PETER HOOPER III, Assistant Director J. VIRGIL MATTINGLY, JR., General Counsel KAREN H. JOHNSON, Assistant Director RICHARD M. ASHTON, Associate General Counsel RALPH W. SMITH, JR., Assistant Director OLIVER IRELAND, Associate General Counsel RLCKI R. TIGERT, Associate General Counsel SCOTT G. ALVAREZ, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS MARYELLEN A. BROWN, Assistant to the General Counsel MICHAEL J. PRELL, Director EDWARD C. ETTIN, Deputy Director OFFICE OF THE SECRETARY THOMAS D. SIMPSON, Associate Director LAWRENCE SLIFMAN, Associate Director MARTHA BETHEA, Deputy Associate Director WILLIAM W. WILES, Secretary PETER A. TLNSLEY, Deputy Associate Director JENNIFER J. JOHNSON, Associate Secretary BARBARA R. LOWREY, Associate Secretary MYRON L. KWAST, Assistant Director SUSAN J. LEPPER, Assistant Director PATRICK M. PARKINSON, Assistant Director DIVISION OF CONSUMER MARTHA S. SCANLON, Assistant Director DAVID J. STOCKTON, Assistant Director AND COMMUNITY AFFAIRS JOYCE K. ZLCKLER, Assistant Director LEVON H. GARABEDIAN, Assistant Director GRIFFITH L. GARWOOD, Director (Administration) GLENN E. LONEY, Assistant Director ELLEN MALAND, Assistant Director DOLORES S. SMITH, Assistant Director DIVISION OF MONETARY AFFAIRS DIVISION OF BANKING DONALD L. KOHN, Director DAVID E. LLNDSEY, Deputy Director SUPERVISION AND REGULATION BRIAN F. MADIGAN, Assistant Director RICHARD D. PORTER, Assistant Director WILLIAM TAYLOR, Staff Director NORMAND R.V. BERNARD, Special Assistant to the Board DON E. KLINE, Associate Director FREDERICK M. STRUBLE, Associate Director WILLIAM A. RYBACK, Deputy Associate Director OFFICE OF THE INSPECTOR GENERAL STEPHEN C. SCHEMERING, Deputy Associate Director RICHARD SPILLENKOTHEN, Deputy Associate Director BRENT L. BOWEN, Inspector General HERBERT A. BIERN, Assistant Director BARRY R. SNYDER, Assistant Inspector General JOE M. CLEAVER, Assistant Director ROGER T. COLE, Assistant Director JAMES I. GARNER, Assistant Director JAMES D. GOETZINGER, Assistant Director MICHAEL G. MARTINSON, Assistant Director ROBERT S. PLOTKIN, 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

A95 and Official Staff H. ROBERT HELLER JOHN P. LA WARE EDWARD W. KELLEY, JR. 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 EDWARD T. MULRENIN, Assistant Staff Director PORTIA W. THOMPSON, Equal Employment Opportunity Programs Officer DIVISION OF FEDERAL RESERVE BANK OPERATIONS DIVISION OF HUMAN RESOURCES MANAGEMENT CLYDE H. FARNSWORTH, JR., Director DAVID L. SHANNON, Director DAVID L. ROBINSON, Associate Director JOHN R. WEIS, Associate Director C. WILLIAM SCHLEICHER, JR., Associate Director ANTHONY V. DLGLOIA, Assistant Director BRUCE J. SUMMERS, Associate Director JOSEPH H. HAYES, JR., Assistant Director CHARLES W. BENNETT, Assistant Director FRED HOROWITZ, Assistant Director JACK DENNIS, JR., Assistant Director EARL G. HAMILTON, Assistant Director JOHN H. PARRISH, Assistant Director OFFICE OF THE CONTROLLER LOUISE L. ROSEMAN, Assistant Director FLORENCE M. YOUNG, Assistant Director GEORGE E. LIVINGSTON, Controller STEPHEN J. CLARK, Assistant Controller (Programs and Budgets) DARRELL R. PAULEY, Assistant Controller (Finance) DIVISION OF SUPPORT SERVICES ROBERT E. FRAZIER, Director GEORGE M. LOPEZ, Assistant Director DAVID L. WILLIAMS, Assistant Director OFFICE OF THE EXECUTIVE DIRECTOR FOR INFORMATION RESOURCES MANAGEMENT ALLEN E. BEUTEL, Executive Director STEPHEN R. MALPHRUS, Deputy Executive Director DIVISION OF HARDWARE AND SOFTWARE SYSTEMS BRUCE M. BEARDSLEY, Director THOMAS C. JUDD, Assistant Director ELIZABETH B. RIGGS, Assistant Director ROBERT J. ZEMEL, Assistant Director DIVISION OF APPLICATIONS DEVELOPMENT AND STATISTICAL SERVICES WILLIAM R. JONES, Director DAY W. RADEBAUGH, Assistant Director Digitized forR FICRHAASREDR C. STEVENS, Assistant Director http://fraser.PsAtlToRuiIsCfIeAd .Ao.r gW/ ELCH, Assistant Director Federal Reserve Bank of St. Louis

A96 Federal Reserve Bulletin • June 1989 Federal Open Market Committee FEDERAL OPEN MARKET COMMITTEE MEMBERS ALAN GREENSPAN, Chairman E. GERALD CORRIGAN, Vice Chairman WAYNE D. ANGELL MANUEL H. JOHNSON JOHN P. LAWARE ROGER GUFFEY SILAS KEEHN THOMAS C. MELZER H. ROBERT HELLER EDWARD W. KELLEY, JR. MARTHA R. SEGER RICHARD F. SYRON ALTERNATE MEMBERS EDWARD G. BOEHNE W. LEE HOSKINS JAMES H. OLTMAN ROBERT H. BOYKIN GARY H. STERN STAFF DONALD L. KOHN, Secretary and Economist THOMAS E. DAVIS, Associate Economist NORMAND R.V. BERNARD, Assistant Secretary DAVID E. LINDSEY, Associate Economist GARY P. GILLUM, Deputy Assistant Secretary ALICIA H. MUNNELL, Associate Economist J. VIRGIL MATTINGLY, JR., General Counsel LARRY J. PROMISEL, Associate Economist ERNEST T. PATRIKIS, Deputy General Counsel KARL A. SCHELD, Associate Economist MICHAEL J. PRELL, Economist CHARLES J. SIEGMAN, Associate Economist EDWIN M. TRUMAN, Economist THOMAS D. SIMPSON, Associate Economist ANATOL B. BALBACH, Associate Economist LAWRENCE SLIFMAN, Associate Economist RICHARD G. 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 DONALD N. BRANDIN, President SAMUEL A. MCCULLOUGH, Vice President J. TERRENCE MURRAY, First District B. KENNETH WEST, Seventh District WILLARD C. BUTCHER, Second District DONALD N. BRANDIN, Eighth District SAMUEL A. MCCULLOUGH, Third District LLOYD P. JOHNSON, Ninth District THOMAS H. O'BRIEN, Fourth District JORDAN L. HAINES, Tenth District FREDERICK DEANE, JR., Fifth District JAMES E. BURT III, Eleventh District KENNETH L. ROBERTS, Sixth District PAUL HAZEN, Twelfth District HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Associate Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A97 and Advisory Councils CONSUMER ADVISORY COUNCIL JUDITH N. BROWN, Edina, Minnesota, Chairman WILLIAM E. ODOM, Dearborn, Michigan, Vice Chairman NAOMI G. ALBANESE, Greensboro, North Carolina ROBERT A. HESS, Washington, D.C. GEORGE H. BRAASCH, Chicago, Illinois RAMON E. JOHNSON, Salt Lake City, Utah BETTY TOM CHU, Arcadia, California BARBARA KAUFMAN, San Francisco, California CLIFF E. COOK, Tacoma, Washington A. J. (JACK) KING, Kalispell, Montana JERRY D. CRAFT, Atlanta, Georgia MICHELLE S. MEIER, Washington, D.C. DONALD C. DAY, Boston, Massachusetts RICHARD L. D. MORSE, Manhattan, Kansas R.B.(JOE) DEAN, JR., Columbia, South Carolina LINDA K. PAGE, Columbus, Ohio RICHARD B. DOBY, Denver, Colorado SANDRA PHILLIPS, Pittsburgh, Pennsylvania WILLIAM C. DUNKELBERG, Philadelphia, Pennsylvania VINCENT P. QUAYLE, Baltimore, Maryland RICHARD H. FINK, Washington, D.C. CLIFFORD N. ROSENTHAL, New York, New York JAMES FLETCHER, Chicago, Illinois ALAN M. SPURGIN, New York, New York STEPHEN GARDNER, Dallas, Texas RALPH E. SPURGIN, Columbus, Ohio ELENA G. HANGGI, Little Rock, Arkansas DAVID P. WARD, Peapack, New Jersey JAMES HEAD, Berkeley, California LAWRENCE WINTHROP, Portland, Oregon THRIFT INSTITUTIONS ADVISORY COUNCIL GERALD M. CZARNECKI, Honolulu, Hawaii, President DONALD B. SHACKELFORD, Columbus, Ohio, Vice President CHARLOTTE CHAMBERLAIN, Glendale, California JOE C. MORRIS, Overland Park, Kansas ROBERT S. DUNCAN, Hattiesburg, Mississippi JOSEPH W. MOSMILLER, Baltimore, Maryland ADAM A. JAHNS, Chicago, Illinois LOUIS H. PEPPER, Seattle, Washington H. C. KLEIN, Jacksonville, Arkansas MARION O. SANDLER, Oakland, California PHILIP E. LAMB, Springfield, Massachusetts CHARLES B. STUZIN, Miami, Florida Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A99 Federal Reserve Board Publications For ordering assistance, write PUBLICATIONS SER- Federal Reserve Regulatory Service, $250.00 per year. VICES, MS-138, Board of Governors of the Federal Reserve Each Handbook, $90.00 per year. System, Washington, D.C. 20551 or telephone (202) 452- THE U.S. ECONOMY IN AN INTERDEPENDENT WORLD: A 3244. When a charge is indicated, payment should accom- MULTICOUNTRY MODEL, May 1984. 590 pp. $14.50 pany request and be made payable to the Board of Governors each. of the Federal Reserve System. Payment from foreign resi- WELCOME TO THE FEDERAL RESERVE. MARCH 1989. 14 PP. dents should be drawn on a U.S. bank. PROCESSING AN APPLICATION THROUGH THE FEDERAL RE- SERVE SYSTEM. August 1985. 30 pp. INDUSTRIAL PRODUCTION—1986 EDITION. December 1986. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNC- 440 pp. $9.00 each. TIONS. 1984. 120 pp. FINANCIAL FUTURES AND OPTIONS IN THE U.S. ECONOMY. ANNUAL REPORT. December 1986. 264 pp. $10.00 each. ANNUAL REPORT: BUDGET REVIEW, 1988-89. FEDERAL RESERVE BULLETIN. Monthly. $25.00 per year or $2.50 each in the United States, its possessions, Canada, and Mexico. Elsewhere, $35.00 per year or CONSUMER EDUCATION PAMPHLETS $3.00 each. Short pamphlets suitable for classroom use. Multiple copies BANKING AND MONETARY STATISTICS. 1914-1941. (Reprint are available without charge. of Part I only) 1976. 682 pp. $5.00. ANNUAL STATISTICAL DIGEST Consumer Handbook on Adjustable Rate Mortgages 1974-78. 1980. 305 pp. $10.00 per copy. Consumer Handbook to Credit Protection Laws 1981. 1982. 239 pp. $ 6.50 per copy. Federal Reserve Glossary 1982. 1983. 266 pp. $ 7.50 per copy. A Guide to Business Credit and the Equal Credit Opportunity 1983. 1984. 264 pp. $11.50 per copy. Act 1984. 1985. 254 pp. $12.50 per copy. A Guide to Federal Reserve Regulations 1985. 1986. 231 pp. $15.00 per copy. How to File A Consumer Credit Complaint 1986. 1987. 288 pp. $15.00 per copy. If You Use A Credit Card 1987. 1988. 272 pp. $15.00 per copy. SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SE- Series on the Structure of the Federal Reserve System RIES OF CHARTS. Weekly. $30.00 per year or $.70 each in The Board of Governors of the Federal Reserve System the United States, its possessions, Canada, and Mexico. The Federal Open Market Committee Elsewhere, $35.00 per year or $.80 each. Federal Reserve Bank Board of Directors THE FEDERAL RESERVE ACT and other statutory provisions Federal Reserve Banks affecting the Federal Reserve System, as amended Organization and Advisory Committees through December 1988. 608 pp. $10.00 REGULATIONS OF THE BOARD OF GOVERNORS OF THE A Consumer's Guide to Mortgage Lock-Ins FEDERAL RESERVE SYSTEM. A Consumer's Guide to Mortgage Closings ANNUAL PERCENTAGE RATE TABLES (Truth in Lending— A Consumer's Guide to Mortgage Refinancing Regulation Z) Vol. I (Regular Transactions). 1969. 100 Making Deposits: When Will Your Money Be Available? pp. Vol. II (Irregular Transactions). 1969. 116 pp. Each volume $2.25; 10 or more of same volume to one address, $2.00 each. INTRODUCTION TO FLOW OF FUNDS. 1980.68 pp. $1.50 each; PAMPHLETS FOR FINANCIAL INSTITUTIONS 10 or more to one address, $1.25 each. Short pamphlets on regulatory compliance, primarily suit- FEDERAL RESERVE REGULATORY SERVICE. Looseleaf; updated at least monthly. (Requests must be prepaid.) able for banks, bank holding companies, and creditors. Consumer and Community Affairs Handbook. $75.00 per year. Limit of 50 copies Monetary Policy and Reserve Requirements Handbook. $75.00 per year. The Board of Directors' Opportunities in Community Rein- Securities Credit Transactions Handbook. $75.00 per year. vestment The Payment System Handbook. $75.00 per year. The Board of Directors' Role in Consumer Law Compliance Federal Reserve Regulatory Service. 3 vols. (Contains all Combined Construction/Permanent Loan Disclosure and three Handbooks plus substantial additional material.) Regulation Z $200.00 per year. Community Development Corporations and the Federal Re- Rates for subscribers outside the United States are as serve follows and include additional air mail costs: Construction Loan Disclosures and Regulation Z Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A100 Finance Charges Under Regulation Z 154. THE EFFECTS ON CONSUMERS AND CREDITORS OF How to Determine the Credit Needs of Your Community PROPOSED CEILINGS ON CREDIT CARD INTEREST Regulation Z: The Right of Rescission RATES, by Glenn B. Canner and James T. Fergus. The Right to Financial Privacy Act October 1987. 26 pp. Signature Rules in Community Property States: Regulation B 155. THE FUNDING OF PRIVATE PENSION PLANS, by Mark J. Signature Rules: Regulation B Warshawsky. November 1987. 25 pp. Timing Requirements for Adverse Action Notices: Regula- 156. INTERNATIONAL TRENDS FOR U.S. BANKS AND BANKtion B ING MARKETS, by James V. Houpt. May 1988. 47 pp. What An Adverse Action Notice Must Contain: Regulation B 157. M2 PER UNIT OF POTENTIAL GNP AS AN ANCHOR FOR Understanding Prepaid Finance Charges: Regulation Z THE PRICE LEVEL, by Jeffrey J. Hallman, Richard D. Porter, and David H. Small. April 1989. 28 pp. STAFF STUDIES: Summaries Only Printed in the REPRINTS OF BULLETIN ARTICLES Bulletin Studies and papers on economic and financial subjects that Most of the articles reprinted do not exceed 12 pages. are of general interest. Requests to obtain single copies of the full text or to be added to the mailing list for the series Limit of 10 copies may be sent to Publications Services. Foreign Experience with Targets for Money Growth. 10/83. Intervention in Foreign Exchange Markets: A Summary of Staff Studies 114-145 are out of print. Ten Staff Studies. 11/83. A Financial Perspective on Agriculture. 1/84. 146. THE ROLE OF THE PRIME RATE IN THE PRICING OF Survey of Consumer Finances, 1983. 9/84. BUSINESS LOANS BY COMMERCIAL BANKS, 1977-84, Bank Lending to Developing Countries. 10/84. by Thomas F. Brady. November 1985. 25 pp. Survey of Consumer Finances, 1983: A Second Report. 147. REVISIONS IN THE MONETARY SERVICES (DIVISIA) 12/84. INDEXES OF THE MONETARY AGGREGATES, by Helen Union Settlements and Aggregate Wage Behavior in the T. Farr and Deborah Johnson. December 1985. 42 pp. 1980s. 12/84. 148. THE MACROECONOMIC AND SECTORAL EFFECTS OF The Thrift Industry in Transition. 3/85. THE ECONOMIC RECOVERY TAX ACT: SOME SIMULA- A Revision of the Index of Industrial Production. 7/85. TION RESULTS, by Flint Brayton and Peter B. Clark. Financial Innovation and Deregulation in Foreign Industrial December 1985. 17 pp. Countries. 10/85. 149. THE OPERATING PERFORMANCE OF ACQUIRED FIRMS Recent Developments in the Bankers Acceptance Market. IN BANKING BEFORE AND AFTER ACQUISITION, by 1/86. Stephen A. Rhoades. April 1986. 32 pp. The Use of Cash and Transaction Accounts by American 150. STATISTICAL COST ACCOUNTING MODELS IN BANK- Families. 2/86. ING: A REEXAMINATION AND AN APPLICATION, by Financial Characteristics of High-Income Families. 3/86. John T. Rose and John D. Wolken. May 1986. 13 pp. Prices, Profit Margins, and Exchange Rates. 6/86. 151. RESPONSES TO DEREGULATION: RETAIL DEPOSIT Agricultural Banks under Stress. 7/86. PRICING FROM 1983 THROUGH 1985, by Patrick I. Ma- Foreign Lending by Banks: A Guide to International and honey, Alice P. White, Paul F. O'Brien, and Mary M. U.S. Statistics. 10/86. McLaughlin. January 1987. 30 pp. Recent Developments in Corporate Finance. 11/86. 152. DETERMINANTS OF CORPORATE MERGER ACTIVITY: A Measuring the Foreign-Exchange Value of the Dollar. 6/87. REVIEW OF THE LITERATURE, by Mark J. Warshawsky. Changes in Consumer Installment Debt: Evidence from the April 1987. 18 pp. 1983 and 1986 Surveys of Consumer Finances. 10/87. 153. STOCK MARKET VOLATILITY, by Carolyn D. Davis and Home Equity Lines of Credit. 6/88. Alice P. White. September 1987. 14 pp. U.S. International Transactions in 1988. 5/89. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A101 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC RELEASES—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM1 (Payment must accompany requests.) Annual Approximate Date of period Weekly Releases rate release days to which data refer • Aggregate Reserves of Depository Institutions and $15.00 Thursday Week ended previous the Monetary Base. H.3 (502) [1.20] Wednesday • Actions of the Board: Applications and Reports $35.00 Friday Week ended previous Saturday Received. H.2 (501) • Assets and Liabilities of Insured Domestically $15.00 Monday Wednesday, 3 weeks earlier Chartered and Foreign Related Banking Institutions. H.8 (510) [1.25] • Changes in State Member Banks. K.3 (615) $15.00 Tuesday Week ended previous Saturday • Factors Affecting Reserves of Depository $15.00 Thursday Week ended previous Institutions and Condition Statement of Federal Wednesday Reserve Banks. H.4.1 (503) [1.11] • Foreign Exchange Rates. H.10 (512) [3.28] $15.00 Monday Week ended previous Friday • Money Stock, Liquid Assets, and Debt Measures. $35.00 Thursday Week ended Monday of H.6 (508) [1.21] previous week • Selected Borrowings in Immediately Available $15.00 Wednesday Week ended Thursday of Funds of Large Member Banks. H.5 (507) [1.13] previous week • Selected Interest Rates. H. 15 (519) [1.35] $15.00 Monday Week ended previous Saturday • Weekly Consolidated Condition Report of Large $15.00 Friday Wednesday, 1 week earlier Commercial Banks, and Domestic Subsidiaries. H.4.2 (504) [1.26, 1.28, 1.29, 1.30] Monthly Releases • Capacity Utilization: Manufacturing, Mining, $ 5.00 Midmonth Previous month Utilities, and Industrial Materials. G.3 (402) [2.12] • Changes in Status of Banks and Branches. G.4.5 $15.00 1st of month Previous month (404) • Consumer Installment Credit. G.19 (421) [1.55, $ 5.00 5th working day of 2nd month previous 1.56] month • Debits and Deposit Turnover at Commercial Banks. $5.00 12th of month Previous month G.6 (406) [1.22] • Finance Companies. G.20 (422) [1.51, 1.52] $ 5.00 5th working day of 2nd month previous month • Foreign Exchange Rates. G.5 (405) [3.28] $5.00 1st of month Previous month • Industrial Production. G.12.3 (414) [2.13] $15.00 Midmonth Previous month • Loans and Securities at all Commercial Banks. G.7 $ 5.00 3rd week of month Previous month (407) [1.23] • Major Nondeposit Funds of Commercial Banks. $ 5.00 3rd week of month Previous month G. 10 (411) [1.24] • Monthly Report of Assets and Liabilities of Large $ 5.00 20th of month Wednesday, 2 weeks earlier International Banking Facilities. G.14 (416) 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 respective BULLETIN tables that report the data are designated in brackets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A102 Annual Approximate Date or period to which data Monthly Releases—Continued rate release days refer • Research Library—Recent Acquisitions. G.15 (417) Free of 1st of month Previous month charge • Selected Interest Rates. G.13 (415) [1.35] $ 5.00 3rd working day of Previous month month Quarterly Releases • Agricultural Finance Databook. E.15 (125) $ 5.00 End of March, January, April, July, and June, September, October and December • Country Exposure Lending Survey. E. 16 (126) $ 5.00 January, April, Previous 3 months July, and October • Domestic Offices, Commercial Bank Assets and $ 5.00 March, June, Previous 6 months Liabilities Consolidated Report of Condition. September, and E.3.4 (113) [1.26, 1.28] December • Flow of Funds: Seasonally Adjusted and $15.00 23rd of February, Previous quarter Unadjusted. Z.l (780) [1.58, 1.59] May, August, and November • Flow of Funds Summary Statistics Z.7 (788) [1.57, $ 5.00 15th of February, Previous quarter 1.58] May, August, and November • Geographical Distribution of Assets and Liabilities $ 5.00 15th of March, Previous quarter of Major Foreign Branches of U.S. Banks. E.ll June, September, (121) and December • Survey of Terms of Bank Lending. E.2 (111) [1.34] $ 5.00 Midmonth of February, May, August, and March, June, November September, and December • List of OTC Margin Stocks. E.7 (117) $ 5.00 January, April, February, May, August, and July, and November October Semiannual Releases • Balance Sheets of the U.S. Economy. C.9 (108) $ 5.00 October and April Previous year Annual Releases • Aggregate Summaries of Annual Surveys of $ 5.00 February End of previous June Securities Credit Extension. C.2 (101) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A103 Index to Statistical Tables References are to pages A3-A93 although the prefix "A" is omitted in this index ACCEPTANCES, bankers (See Bankers acceptances) Demand deposits Agricultural loans, commercial banks, 19, 20, 87 Banks, by classes, 18-21, 73, 75, 77, 79, 81, 83 Assets and liabilities (See also Foreigners) Ownership by individuals, partnerships, and Banks, by classes, 18-20, 72-83 corporations, 22 Domestic finance companies, 36 Turnover, 15 Federal Reserve Banks, 10 Depository institutions Financial institutions, 26 Reserve requirements, 8 Foreign banks, U.S. branches and agencies, 21, 90-93 Reserves and related items, 3, 4, 5, 12 Automobiles Deposits (See also specific types) Consumer installment credit, 39, 40 Banks, by classes, 3, 18-20, 21, 73, 75, 77, 79, 81, 83 Production, 49, 50 Federal Reserve Banks, 4, 10 Turnover, 15 Discount rates at Reserve Banks and at foreign central BANKERS acceptances, 9, 23, 24 banks and foreign countries (See Interest rates) Bankers balances, 18-20, 72, 74, 76, 78, 80, 82. (See also Discounts and advances by Reserve Banks (See Loans) Foreigners) Dividends, corporate, 35 Bonds (See also U.S. government securities) New issues, 34 Rates 24 Branch banks, 21, 57, 90-93 EMPLOYMENT, 47 Business activity, nonfinancial, 46 Eurodollars, 24 Business expenditures on new plant and equipment, 35 Business loans (See Commercial and industrial loans) FARM mortgage loans, 38 Federal agency obligations, 4, 9, 10, 11, 31, 32 CAPACITY utilization, 48 Federal credit agencies, 33 Capital accounts Federal finance Banks, by classes, 18, 73, 75, 77, 79, 81, 83 Debt subject to statutory limitation, and types and own- Federal Reserve Banks, 10 ership of gross debt, 30 Central banks, discount rates, 69 Receipts and outlays, 28, 29 Certificates of deposit, 24 Treasury financing of surplus, or deficit, 28 Commercial and industrial loans Treasury operating balance, 28 Commercial banks, 16, 19, 72, 74, 76, 78, 80, 82, 84-86, Federal Financing Bank, 28, 33 90-91 Federal funds, 6, 17, 19, 20, 21, 24, 28 Weekly reporting banks, 19-21 Federal Home Loan Banks, 33 Commercial banks Federal Home Loan Mortgage Corporation, 33, 37, 38 Assets and liabilities, 18-20, 84-86 Federal Housing Administration, 33, 37, 38 Commercial and industrial loans, 16, 18, 19, 20, 21, Federal Land Banks, 38 84-86 Federal National Mortgage Association, 33, 37, 38 Consumer loans held, by type, and terms, 39, 40 Federal Reserve Banks Loans sold outright, 19 Condition statement, 10 Nondeposit funds, 17 Discount rates (See Interest rates) Number, by classes, 73, 75, 77, 79, 81, 83 U.S. government securities held, 4, 10, 11, 30 Real estate mortgages held, by holder and property, 38 Federal Reserve credit, 4, 5, 10, 11 Terms of lending, 84-88 Federal Reserve notes, 10 Time and savings deposits, 3 Federal Savings and Loan Insurance Corporation insured Commercial paper, 23, 24, 36 institutions, 26 Condition statements (See Assets and liabilities) Federally sponsored credit agencies, 33 Construction, 46, 51, 85 Finance companies Consumer installment credit, 39, 40 Assets and liabilities, 36 Consumer prices, 46, 48 Business credit, 36 Consumption expenditures, 53, 54 Loans, 39, 40 Corporations Paper, 23, 24 Nonfinancial, assets and liabilities, 35 Financial institutions Profits and their distribution, 35 Loans to, 19, 20, 21 Security issues, 34, 67 Selected assets and liabilities, 26 Cost of living (See Consumer prices) Float, 4 Credit unions, 26, 39. (See also Thrift institutions) Flow of funds, 41, 43, 44, 45 Currency and coin, 18, 72, 74, 76, 78, 80, 82 Foreign banks, assets and liabilities of U.S. branches and Currency in circulation, 4, 13 Customer credit, stock market, 25 agencies, 21, 90-93 Foreign currency operations, 10 Foreign deposits in U.S. banks, 4, 10, 19, 20 DEBITS to deposit accounts, 15 Foreign exchange rates, 70 Debt (See specific types of debt or securities) Foreign trade, 56 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A104 Foreigners REAL estate loans Claims on, 57, 59, 62, 63, 64, 66 Banks, by classes, 16, 19, 20, 38, 74, 86 Liabilities to, 20, 56, 57, 59, 60, 65, 67, 68 Financial institutions, 26 Real estate loans—Continued GOLD Terms, yields, and activity, 37 Certificate account, 10 Type of holder and property mortgaged, 38 Stock, 4, 56 Repurchase agreements, 6, 17, 19, 20, 21 Government National Mortgage Association, 33, 37, 38 Reserve requirements, 8 Gross national product, 53 Reserves Commercial banks, 18, 73, 79 HOUSING, new and existing units, 51 Depository institutions, 3, 4, 5, 12 Federal Reserve Banks, 10 INCOME, personal and national, 46, 53, 54 U.S. reserve assets, 56 Industrial production, 46, 49 Residential mortgage loans, 37 Installment loans, 39, 40 Retail credit and retail sales, 39, 40, 46 Insurance companies, 26, 30, 38 Interest rates SAVING Bonds, 24 Flow of funds, 41, 43, 44, 45 Commercial banks, 84-88 National income accounts, 53 Consumer installment credit, 40 Savings and loan associations, 26, 38, 39, 41. (See also Federal Reserve Banks, 7 Thrift institutions) Foreign central banks and foreign countries, 69 Savings banks, 26, 38, 39 Money and capital markets, 24 Savings deposits (See Time and savings deposits) Mortgages, 37 Securities (See also specific types) Prime rate, 23 Federal and federally sponsored credit agencies, 33 International capital transactions of United States, 55-69 Foreign transactions, 67 International organizations, 59, 60, 62, 65, 66 New issues, 34 Inventories, 53 Prices, 25 Investment companies, issues and assets, 35 Special drawing rights, 4, 10, 55, 56 Investments (See also specific types) State and local governments Banks, by classes, 18, 19, 20, 21, 26 Deposits, 19, 20 Commercial banks, 3, 16, 18-20, 38, 72, 78 Holdings of U.S. government securities, 30 Federal Reserve Banks, 10, 11 New security issues, 34 Financial institutions, 26, 38 Ownership of securities issued by, 19, 20, 26 Rates on securities, 24 LABOR force, 47 Stock market, selected statistics, 25 Life insurance companies (See Insurance companies) Stocks (See also Securities) Loans (See also specific types) New issues, 34 Banks, by classes, 18—20 Prices, 25 Commercial banks, 3, 16, 18-20, 72, 74, 76, 78, 80, 83, 84-88 Student Loan Marketing Association, 33 Federal Reserve Banks, 4, 5, 7, 10, 11 Financial institutions, 26, 38 TAX receipts, federal, 29 Insured or guaranteed by United States, 37, 38 Thrift institutions, 3. (See also Credit unions and Savings and loan associations) MANUFACTURING Time and savings deposits, 3, 13, 17, 18, 19, 20, 21, 73, 75, Capacity utilization, 48 77, 79, 81, 83 Production, 48, 50 Trade, foreign, 56 Margin requirements, 25 Treasury cash, Treasury currency, 4 Member banks (See also Depository institutions) Treasury deposits, 4, 10, 28 Federal funds and repurchase agreements, 6 Treasury operating balance, 28 Reserve requirements, 8 Mining production, 50 UNEMPLOYMENT, 47 Mobile homes shipped, 51 U.S. government balances Monetary and credit aggregates, 3, 12 Commercial bank holdings, 18, 19, 20 Money and capital market rates, 24 Treasury deposits at Reserve Banks, 4, 10, 28 Money stock measures and components, 3, 13 U.S. government securities Mortgages (See Real estate loans) Bank holdings, 18-20, 21, 30, 72, 74, 76, 78, 80, 82 Mutual funds, 35 Dealer transactions, positions, and financing, 32 Federal Reserve Bank holdings, 4, 10, 11, 30 Mutual savings banks (See Thrift institutions) Foreign and international holdings and transactions, 10, 30, 68 NATIONAL defense outlays, 29 National income, 53 Open market transactions, 9 Outstanding, by type and holder, 26, 30 OPEN market transactions, 9 Rates, 24 U.S. international transactions, 55-69 PERSONAL income, 54 Utilities, production, 50 Prices Consumer and producer, 46, 52 VETERANS Administration, 37, 38 Stock market, 25 Prime rate, 23 WEEKLY reporting banks, 19-21 Producer prices, 46, 52 Wholesale (producer) prices, 46, 52 Production, 46, 49 Profits, corporate, 35 YIELDS (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A105 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 George N. Hatsopoulos Richard F. Syron Richard N. Cooper Robert W. Eisenmenger NEW YORK* 10045 Cyrus R. Vance E. Gerald Corrigan Ellen V. Futter James H. Oltman Buffalo 14240 Mary Ann Lambertsen John T. Keane PHILADELPHIA 19105 Peter A. Benoliel Edward G. Boehne Gunnar E. Sarsten William H. Stone, Jr. CLEVELAND* 44101 Charles W. Parry W. Lee Hoskins John R. Miller William H. Hendricks Cincinnati 45201 Owen B. Butler Charles A. Cerino1 Pittsburgh 15230 James E. Haas Harold J. Swart1 RICHMOND* 23219 Hanne Merriman Robert P. Black Leroy T. Canoles, Jr. Jimmie R. Monhollon Baltimore 21203 Thomas R. Shelton Robert D. McTeer, Jr.1 Charlotte 28230 William E. Masters Albert D. Tinkelenberg1 Culpeper Communications John G. Stoides1 and Records Center 22701 ATLANTA 30303 Bradley Currey, Jr. Robert P. Forrestal Larry L. Prince Jack Guynn Delmar Harrison1 Birmingham 35283 Nelda P. Stephenson Fred R. Herr1 Jacksonville 32231 Winnie F. Taylor James D. Hawkins1 Miami 33152 Jose L. Saumat James Curry III Nashville 37203 Patsy R. Williams Donald E. Nelson New Orleans 70161 James A. Hefner Robert J. Musso CHICAGO* 60690 Robert J. Day Silas Keehn Marcus Alexis Daniel M. Doyle Detroit 48231 Richard T. Lindgren Roby L. Sloan1 ST. LOUIS 63166 Robert L. Virgil, Jr. Thomas C. Melzer H. Edwin Trusheim James R. Bowen Little Rock 72203 L. Dickson Flake John F. Breen1 Louisville 40232 Thomas A. Alvey Howard Wells Memphis 38101 Seymour B. Johnson Ray Laurence MINNEAPOLIS 55480 Michael W. Wright Gary H. Stern John A. Rollwagen Thomas E. Gainor Helena 59601 Warren H. Ross Robert F. McNellis KANSAS CITY 64198 Fred W. Lyons, Jr. Roger Guffey Burton A. Dole, Jr. Henry R. Czerwinski Denver 80217 James C. Wilson Kent M. Scott Oklahoma City 73125 Patience S. Latting David J. France Omaha 68102 Kenneth L. Morrison Harold L. Shewmaker DALLAS 75222 Bobby R. Inman Robert H. Boykin Hugh G. Robinson William H.Wallace Tony J. Salvaggio1 El Paso 79999 Diana S. Natalicio Sammie C. Clay Houston 77252 Andrew L. Jefferson, Jr. Robert Smith, III1 San Antonio 78295 Lawrence E. Jenkins Thomas H. Robertson SAN FRANCISCO 94120 Robert F. Erburu Robert T. Parry Carolyn S. Chambers Carl E. Powell John F. Hoover1 Los Angeles 90051 Yvonne B. Burke Thomas C. Warren2 Portland 97208 Paul E. Bragdon Angelo S. Carella1 Salt Lake City 84125 Don M. Wheeler E. Ronald Liggett1 Seattle 98124 Carol A. Nygren Gerald R. Kelly1 *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. 1. Senior Vice President. Digitized for FR2.A ESxEecRu tive Vice President. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A106 The Federal Reserve System Boundaries of Federal Reserve Districts and Their Branch Territories April I9S4 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 Three booklets on the mortgage process are also PUBLICATIONS available: A Consumer's Guide to Mortgage Refinancing, A Consumer's Guide to Mortgage Lock-Ins, and The Federal Reserve Board publishes a series of A Consumer's Guide to Mortgage Closings. These pamphlets covering individual credit laws and topics, booklets were prepared in conjunction with the Fedas pictured below. The series includes such subjects as eral Home Loan Bank Board and in consultation with how the Equal Credit Opportunity Act protects wom- other federal agencies and trade and consumer en against discrimination in their credit dealings, how groups. to use a credit card, and how to resolve a billing error. Copies of consumer publications are available free The Board also publishes the Consumer Handbook of charge from Publications Services, Mail Stop 138, to Credit Protection Laws, a complete guide to con- Board of Governors of the Federal Reserve System, sumer credit protections. This 44-page booklet ex- Washington, D.C. 20551. Multiple copies for classplains how to use the credit laws to shop for credit, room use are also available free of charge. apply for it, keep up credit ratings, and complain about an unfair credit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Publications of Interest NEW HANDBOOK AVAILABLE FROM THE containing all Board regulations and related statutes, REGULATORY SERVICE interpretations, policy statements, rulings, and staff opinions. For those with a more specialized interest in The Federal Reserve Board has announced publica- the Board's regulations, parts of this service are pubtion of The Payment System Handbook. The new lished separately as handbooks pertaining to monetary handbook, which is part of the Federal Reserve Reg- policy, securities credit, consumer affairs, and, availulatory Service, deals with expedited funds availabil- able for the first time in September 1988, The Payment ity, check collection, wire transfers, and risk-reduc- System Handbook. tion policy. It includes Regulation CC (Availability of For domestic subscribers, the annual rate for The Funds and Collection of Checks), Regulation J (Col- Payment System Handbook is $75. For subscribers lection of Checks and Other Items and Wire Transfers outside the United States, the price, including addiof Funds by Federal Reserve Banks), the Expedited tional air mail costs, is $90. For the Federal Reserve Funds Availability Act and related statutes, official Regulatory Service, not including handbooks, the an- Board commentary on Regulation CC, and policy nual rate is $200 for domestic subscribers and $250 for statements on risk reduction in the payment system. In subscribers outside the United States. All subscription addition, it contains detailed subject and citation in- requests must be accompanied by a check payable to dexes. It is published in loose-leaf binder form and is "Board of Governors of the Federal Reserve updated monthly. System." Orders should be addressed to Publications To promote public understanding of its regulatory Services, Mail Stop 138, Board of Governors of the functions, the Board publishes the Federal Reserve Federal Reserve System, Washington, D.C. 20551. Regulatory Service, a three-volume loose-leaf service Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis