Full text of Federal Reserve Bulletin : April 1973
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F e d e ra l R e se rv e
Bulletin
BOARD O F G O V ER N O R S
O F THE
FEDERAL R ESER V E SY STEM
W A S H I N G T O N , D .C . 2 0 5 5 1
A P R IL 1973
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FEDERAL RESERVE BULLETIN
CONTENTS
N U M B E R 4 □ V O L U M E 59 □ A P R IL 1973
243
D evelopm ents in U .S . B alance of P aym en ts
257
State and Local B orrow ing Anticipations and R ealizations
261
C h a n g e s in Tim e and S a vin g s Deposits, J u ly 1 9 7 2 -Ja n u a ry 1973
276
Statem ents to C o n g re ss
286
R ecord of Policy Actions of the Federal O p e n Market C om m ittee
293
Law Departm ent
313
A n nouncem ents
315
National S u m m a ry of B usiness C onditions
Financial and B usiness Statistics
A
A
A
A
A
1
3
3
4
72
Contents
Guide to Tabular Presentation
Statistical Releases: Reference
U.S. Statistics
International Statistics
A
98
Board of G o v e rn o rs and Staff
A 100
O p e n Market Com m ittee and Staff; Federal A d v is o ry C ouncil
A 101
Federal R e se rve B anks and B ranches
A 102
Federal R e se rve Board Publications
A 106
Index to Statistical Ta b le s
Map of Federal R e se rve S ystem on Inside Back C o v e r
E D IT O R IA L C O M M IT T E E
J. C h a rles Partee
Robert S olom on
Ralph C . Bryant
Robert C . Holland
Jo s e p h R. C o yn e
Kenneth B. W illiam s
Elizabeth B. Sette
T he Federal R eserve B U L L E T IN is issued m onthly under the direction o f the staff e d i
torial co m m ittee. T h is com m ittee is resp onsib le for o p in io n s exp ressed ex cep t in official
statem ents and sign ed articles. D irection for the art w ork is provided by M ack R o w e.
D e v e lo p m e n ts
in t h e
U .S .
B a la n c e o f P a y m e n ts
D u r in g th e la tte r p a r t o f
1 9 7 2 th e re w a s in c re a s in g d o u b t h e re a n d
a b ro a d
in
1971
in
th a t th e
c o u ld ,
changes
even
in te rn a tio n a l
th e
w o rs e n in g
over
tra d e
of
th e
exchange
a lo n g
and
a c c e p te d
th a t th e
p e rio d ,
p a y m e n ts .
U .S .
tra d e
tr a d e s u r p lu s e s in G e r m a n y
a lly
ra te s
e ffe c te d
re s to re
re a s o n a b le
C o n fid e n c e
b a la n c e
a t th e
and
w as
th e
e ffe c ts
of
d e v a lu a tio n
of
b a la n c e
shaken
p e rs is te n c e
a n d J a p a n — e v e n th o u g h
e a rly
end
by
of
it w a s g e n e r
w e re
lik e ly
to
w o rs e n ra th e r th a n im p ro v e th e s e im b a la n c e s . S u c h d o u b ts d id n o t
re a c h
a fla s h p o in t in
1 9 7 2 , a lth o u g h th e re
w e re
flo w s w h e n s te r lin g w a s flo a te d in m id y e a r .
CHANGES IN FOREIGN EXCHANGE RATES
c a p ita l in flo w s , m a n y
c o u n trie s
in s titu te d
la rg e s p e c u la tiv e
T o fe n d o ff u n w a n te d
c o n tro ls
and
b a rrie rs
of
v a rio u s k in d s .
I
B y e a r ly
JAPAN
2 IS
130
e s p e c ia lly
1973
am ong
th e
th e
need
fo r fu rth e r e x c h a n g e -ra te
U n ite d
S ta te s ,
G e rm a n y ,
a d ju s tm e n t—
and
Jap an — w as
b e g in n in g to b e c le a r ly r e c o g n iz e d , s e ttin g in m o tio n m a s s iv e flo w s
of
liq u id
fu n d s.
announcem ent on
by
10
per
re n e w e d
u p w a rd
c e n t,
o u tflo w s
The
F e b ru a ry
fo llo w e d
in
la te
th a t
th e n
12 th a t th e
by
fu rth e r
F e b ru a ry
d o lla r,
th e
s u c c e s s iv e
p o te n tia l
o c c u rre d
d o lla r
and
has been
M arch
a g a in s t th e
in
c re a te d
fo r
F oreign ex ch an g e rates in U .S . cents
per unit o f fo reig n c u rre n c y ; q u a r
terly averag es o f noon b u y in g rates;
m o n th ly av erag es in 1973.
d o lla r
a g a in s t th e
has
d e p re c ia te d
by
about
c u rre n c ie s o f o th e r G -1 0
17
per
w hen
b ro u g h t
an
d o lla r.
a
m a jo r
v a lu e
s h if t in
y e a rs . S in c e 1 9 7 0
cent on
c o u n trie s
th e
d e v a lu e d
th e e x c h a n g e
in te r n a tio n a l tr a d in g r e la tio n s h ip s in th e n e x t f e w
th e
be
a d ju s tm e n ts
e a rly
re d u c tio n s
in c lu d e d
w o u ld
s m a lle r
flo a t o f m o s t m a jo r c u r r e n c ie s
A s a r e s u lt o f th e
o f th e
changes
th e
a v erag e
(G e rm a n y , F ra n c e ,
th e N e th e r la n d s , B e lg iu m , I ta ly , S w e d e n , C a n a d a , J a p a n , a n d th e
U n ite d K in g d o m ) a n d S w itz e rla n d , w e ig h te d b y th e s h a re s o f th e s e
244
FEDERAL RESERVE BULLETIN □ APRIL 1973
c o u n trie s
in
G e rm a n
by
w o rld
m a rk
15
and
20
re v a lu a tio n s
It
has
th e s e
BA LA N CE
is
been
to
th e
sam e
yen
b a s is
have
re s p e c tiv e ly .
30
be
and
37
and
a tte m p t to
in
c o m p u ta tio n
re v a lu e d
th e
d o lla r
d iffic u lt
exchange
e x a m in e
and
e ffe c ts
th e
on
ra te s .
re la tiv e
in
d e fic it
in
of
w hat
o f th e
in th e U .S .
1972.
th e
tr a n s a c tio n s — th e
a t a little
of
im p o rta n c e
tra d e
to
flo w s
M uch
c h a n g e s a n d o th e r f a c to r s in th e d e c l in e
The
th e s e
c o m p le x
tra d e
e x c h a n g e -ra te
b a la n c e
th e
u p w a rd
p e r c e n t, re s p e c tiv e ly .
lo n g e r-te rm
changes
of
been
A g a in s t
e x tra o rd in a rily
n e a r-te rm
an
O n
Jap an ese
c e n t,
u n p re c e d e n te d
fo llo w s
B A S IC
have
th e
th e
per
p ro v e d
e v a lu a te
tra d e .
and
sum
of
“ b a s ic
c u rre n t-a c c o u n t
and
b a la n c e ” — re m a in e d
o v e r $ 9 b illio n , fa r a b o v e a n y
lo n g -te rm
c a p ita l
unchanged
in
1972
e x p e rie n c e d b e fo re
1971.
W ith in th is a g g r e g a te , th e b a la n c e o n g o o d s a n d s e r v ic e s w o rs e n e d
b y a b o u t $ 5 b illio n w h ile flo w s o f lo n g - te r m
b ly
by
$4
th e
sam e
b illio n
to
a
th e y e a r a n d
OVER ALL BALANCES
m o v e m e n ts
o u tflo w
CURRENT ACCOUNT
AND LONG-TERM CAPITAL
a
in
econom y
'.BASICBALANCE'
w h ic h
re g is te re d
and
a
as
$ 6 .8
a
b illio n
c a p ita l s h ifte d f a v o r a
o f th e
w as
in d e ta il la te r .
tra d e
th e
account by
m a jo r
P riv a te
s m a ll n e t in flo w ,
re a c tio n
in
lo n g
th e
to
In
fe a tu re
lo n g -te rm
in c o n tr a s t
is s u e s ) ro s e
by
$ 2 .2
year
of
d ire c t
to g e th e r
p u rc h a se s
a ffe c tin g
th e
c a te g o rie s
p a rtic u la r,
in v e s to rs
n e t fo re ig n
O th e r c h a n g e s
s p e c u la tio n
v a rio u s
te rm .
fo re ig n
and
T re a su ry
of
w o rs e n in g
to
of
c a p ita l
th e
la rg e
1 9 7 1 , re fle c tin g b o th th e s tro n g p e r f o r m a n c e o f th e U .S .
and
b illio n ,
OFFICIAL SETTLEMENTS
d e fic it
The
is d is c u s s e d
a p p e a re d
c la s s ifie d
U .S .
a m o u n t.
U .S .
som e
of
tra n s a c tio n s
in v e s t m e n t flo w s
s h ifte d
of
b e fo re ,
c a p ita l
fa v o ra b ly
s e c u ritie s
by
by
$ 1 .8
(o th e r
th a n
b illio n .
th e
b a s ic
b a la n c e
w e re
an
in c re a s e
in
n e t m ilita r y e x p e n d itu r e s a s s a le s u n d e r m ilita r y c o n tr a c ts d e c lin e d ,
la rg e
b u t o ffs e ttin g
in c re a s e s
o n in v e s tm e n ts , a n d
Q uarterly d a ta at seaso n ally ad ju sted
annu al rates.
U .S .
in
re c e ip ts
and
c o m p u te d
p riv a te
q u a rte rly ,
lo n g -te rm
b illio n .
M E R C H A N D IS E
TRA D E
th e
The
th e
d e fic it o n
second
q u a rte r
o f a b o u t $ 2 .6
b illio n .
The
U .S .
tra d e
g re a te r th a n
th e
re fle c tin g
c a p ita l.
o f c a p ita l re d u c e d
in
o f in c o m e
r e d u c tio n in
G o v e r n m e n t c a p ita l o u tflo w s .
T h e re w e re s iz a b le flu c tu a tio n s d u rin g
as
p a y m e n ts
a s u b s ta n tia l, th o u g h te m p o ra ry ,
In
b a s ic
and
th e
fo u rth
d e fic it to
goods
by
and
th e
d e fic it w a s
$ 6 .8
d e fic it in
1971.
1 9 7 2 in th e b a s ic b a la n c e ,
m a in ly
o s c illa tio n s
q u a rte r
an
a n n u a l ra te
s e rv ic e s
fo u rth
q u a rte r
a fte r
in
In
1 9 6 0 ’s th e r e
1972,
is
th e
y e a r re fle c te d
e x te n t
to
w h ic h
th e
a fu rth e r d e te rio ra tio n
d e e p e n in g
about $4
in
of
of
a peak
re g is te re d
had
a v e r a g e a n n u a l s u r p lu s o f $ 4 b illio n in th e tr a d e b a la n c e .
q u e s tio n
flo w s
n e t in flo w
of about $6
im p ro v e d
b illio n
th e
in
a la rg e
th e
o u r u n d e rly in g
a ra te
b illio n
been
A
an
m a jo r
d e fic it
la s t
tra d e p o s i-
U.S. BALANCE OF PAYMENTS
CHANGES IN U.S. EXPORTS (NONAGRICULTURAL)
AND FOREIGN INDUSTRIAL PRODUCTION
----------- m a m m m m m m m m
tio n ,
tra n s ito ry
fa c to rs
c o n d itio n s h e re
fro m
th e
245
s te m m in g
fro m
d iffe re n c e s
a n d a b r o a d , o r th e in itia l a d v e r s e
changes
in e x c h a n g e
ra te s
s in c e
o f IV
about
W
2
/2
per
per
v a lu e ; p ric e s
ris e
in
c e n t in
cent
in
of
(a s
v o lu m e .
a c c o u n te d
p ric e s
p ric e s
fo r
im p o r ts
th a n
m e a su re d
E x p o rts
/2
V
p ric e s
by
ro se
per cent of
in
b u s in e s s
1970.
T h e v a lu e o f im p o r ts in c r e a s e d b y 2 2 p e r c e n t in
a ris e
in
e ffe c ts re s u ltin g
of
1 9 7 2 , in c lu d in g
u n it v a lu e s ) a n d
14
per
cent
th a t ris e .
by
The
g re a te r
e x p o rts
in
a c c o u n te d
fo r
r o u g h ly o n e - h a lf o f th e $ 4 b illio n d e te r io r a tio n in o u r tr a d e b a la n c e
fro m
1D ata have b een ad ju sted to ex clu d e
auto m o tiv e e x p o rts to C an a d a , e x
ports of a irc ra ft, and effects o f d o ck
strik es. U .S . D ep t, o f C o m m erce
data.
1 9 7 1 to 1 9 7 2 . S o m e o f th e g r o w th in th e v a lu e o f b o th e x p o r ts
and
im p o rts
p re c e d in g
th e
re fle c te d
year
e ffe c t o f
in
th e
dock
liftin g
la tte r
th e tra d e
by
h a lf
d e liv e rie s
th e
of
d e fic it to
s trik e s ,
im p o rt
1971.
in
a s e x p o rts
in
th e
$6%
th e
th ird
began
fo u rth
to
and
T hese
in
1972
th e
case
th a t
s p e c ia l
d e la y e d
of
had
fa c to rs
o f m o re th a n
q u a rte r
th e
w hen
up
at a
it
fe ll
fa s te r
d e fic it ro s e
to
pace
a g a in
to
fro m
in
h e lp e d
$7
ra is e
in e a c h
to b e s lo w ly
$6
b illio n
th a n
an
by
e ffe c t
to
b illio n
a
th e
im p o rts ,
been
1 9 7 2 . T h e d e fic it a p p e a r e d
m ove
q u a rte r
e a rly
su rc h a rg e
a n a n n u a l ra te
o f th e firs t tw o q u a r te r s o f
s u b s id in g
in
ra te ,
im p o rts .
annual
B ut
ra te
of
b illio n .
E x p o rts .
sh arp
A n
o u ts ta n d in g
in c re a s e
in
b illio n , n e a rly
$2
th e
ris e
fe a tu re
s h ip m e n ts
b illio n
re s u lte d
fro m
of
of
m o re th a n
h ig h e r
e x p o rts
a g ric u ltu ra l
in
1971.
p ric e s
(u n it
la s t
year
w as
c o m m o d itie s
to
th e
$9V £
A b o u t o n e -fo u rth o f
v a lu e s ).
T hese
h ig h e r
p r ic e s d id n o t c a u s e a r e d u c tio n in th e v o lu m e o f p u r c h a s e s ; r a th e r
th e y
re fle c te d
th e
fo rc e
of
w o rld
dem and
in
th e
p re sen c e
of
a
w o rld w id e s h o rta g e o f s u p p lie s o f g ra in s o u ts id e th e U n ite d S ta te s .
S h ip m e n ts o f g r a in to
th e S o v ie t U n io n
cent of
in
o f th e
of
COUNTRY SHARES OF WORLD EXPORTS
OF MANUFACTURES
m w tr w m r m m
GERMANY
th e
to ta l
ris e
in c re a s e w a s
poor
h a rv e s ts
th e
of
a c c o u n te d
fo r o n ly
a g ric u ltu ra l
o th e r
c o u n trie s .
E x p o r ts
m a c h in e ry
and
la s t y e a r , p a rtic u la rly
in
of
25 per
e x p o rts ;
in s h ip m e n ts to tr a d itio n a l m a r k e ts a s
in
c o m m o d itie s — p a rtic u la rly
a ls o in c re a s e d
v a lu e
m ost
a re s u lt
n o n a g ric u ltu ra l
in d u s tria l
m a te ria ls —
th e s e c o n d h a lf , a s f o r e ig n
e c o n o m ic a c tiv ity e x p a n d e d . P ric e s o f n o n a g ric u ltu ra l e x p o rts ro s e
by
a
2 V2 p e r
m odest
c e n t;
th e
in c re a s e
in
v o lu m e
w as
about
e ffe c t
of
8
p e r c e n t.
W h ile
it
is
o b v io u s ly
d iffic u lt
to
s e p a ra te
th e
th e
S m ith s o n ia n r e a lig n m e n t o f e x c h a n g e ra te s fro m th e e ffe c ts o f o th e r
f a c t o r s , it d o e s
to
som e
d e g re e
appear
by
th a t
U .S .
e x p o rts
in
exchange
changes
w e re
fa v o ra b ly
ra te s .
O ne
a ffe c te d
m e th o d
of
m a k i n g s u c h a n a s s e s s m e n t is to e x a m i n e t h e c h a n g e in t h e r e l a t i v e
p o s itio n
W P P I'
D ollar values deflated by e x p o rt unit
values for 11 in d u strial c o u n trie s.
or
“ sh are”
m a n u fa c tu re d
goods
a p p ea rs
th a t th e
v o lu m e
te rm s ,
of
U .S .
m ay
th e
U n ite d
la s t y e a r .
sh are
have
of
been
B ased
S ta te s
on
in
w o rld
s till v e ry
e x p o rts
p a rtia l d a ta ,
such
tra d e
in
1972,
m e a su re d
about
th e
sam e
as
1971.
in
of
it
in
T h is
FEDERAL RESERVE BULLETIN □ APRIL 1973
246
d e p a rtu re
th ro u g h
over
$1
fro m
1971
th e
b illio n
im p ro v e m e n t
m ay
e c o n o m ic
a b ro a d
s in c e
in
d e c lin e
c o m p a re d
fo re ig n
d e c lin e
s te a d y
in
th e
U .S .
sh are
1964
th e
have
w ith
re s u lte d
a c tiv ity .
th a t h a d
U .S .
th e
sh are
e a rlie r
fro m
B u t th e re
not had
of
th e
had
any
e x p o rts ,
tre n d .
U .S .
S m ith s o n ia n
re a lig n m e n ts
upon
Som e
m o d e ra te
been
1964
a p p re c ia b le
so
th e
of
th is
u p tu rn
in
c y c lic a l v a ria tio n s
it s e e m s
a s s ig n a s u b s ta n tia l p a r t o f th e i m p r o v e m e n t in
o f th e
fro m
r e p r e s e n ts a d if f e r e n c e in U .S . e x p o r ts o f s o m e t h in g
e ffe c t o n
re a s o n a b le
th e
to
1 9 7 2 to th e e ffe c ts
c o m p e titiv e
p o s itio n o f
e x p o rte rs .
TABLE 1
U.S. BALANCE OF PAYMENTS, 1960-72
In b illio n s o f d o llars
Item
19 6 0 -6 4
average
19 6 5 -6 9
average
1970
1971
1972
1
E x p o rts o f g oods and s e rv ic e s 1 ..................................................
M erch a n d ise, ex clu d in g m ilitary ...........................................
M ilitary sales .................................................................................
In v e stm e n t in c o m e 2 ......................................................................
O th e r serv ices .................................................................................
31 .3
21 .7
.6
5.1
4 .0
4 7 .0
31 .3
1.1
8 .6
6 .0
6 2 .9
4 2 .0
1.5
11.4
8 .0
6 6 .2
4 2 .8
1.9
12.9
8.5
7 3 .5
4 8 .8
1.2
13.8
9 .7
2
Im ports of g oods and s e rv ic e s1 ..................................................
M erch an d ise, e x clu d in g m ilitary ...........................................
M ilitary ex p en d itu res ..................................................................
In vestm ent in c o m e 2 ......................................................................
O th er services .................................................................................
-2 5 .4
-1 6 .2
- 3 .0
- 1.2
- 5 .0
-4 2 .6
-2 8 .5
- 4.1
- 2 .8
- 7 .2
-5 9 .3
-3 9 .9
- 4 .9
- 5 .2
- 9 .4
-6 5 .4
-4 5 .5
- 4 .8
- 4 .9
-1 0 .2
-7 7 .8
-5 5 .7
- 4 .7
- 5 .9
-1 1 .5
3
B a la n c e o n g o o d s a n d s e r v ic e s 1 ..............................................
M erch an d ise, e x clu d in g m ilitary ...........................................
M ilitary sales and e x p en d itu res .............................................
In v estm en t in c o m e 2 ......................................................................
O ther services .................................................................................
-
4 .4
2.8
-2 .9
5 .7
- 1.2
-
3 .6
2.1
3 .4
6 .2
1.4
-
-
5 .9
5 .4
2 .4
3 .9
1.0
4
5
6
R em ittances and p en sio n s, net ...................................................
U .S . G o v t, grants and c a p ita l,3 n e t ................................................
L ong-term p riv ate c ap ital, net .....................................................
-
.7
2 .9
2 .9
-
1.1
3.7
1.8
-
7
B a la n c e o n c u r r e n t a c c o u n t a n d lo n g -te r m c a p ita l
(lines 3 thro u g h 6) ..................................................................
-
.7
-
2 .2
8
9
N o nliquid short-term p rivate cap ital, net ...............................
E rro rs and o m issio n s .......................................................................
-
1.1
1.0
-
10
N e t liq u id ity b a la n c e (ex clu d in g SD R allo catio n s)
(lines 7 th ro u g h 9) ..................................................................
L iquid private cap ital, n e t .................................................................
-
2 .8
.6
O fficial s e ttle m e n ts b a la n c e (ex clu d in g SD R allo catio n s)
(lines 10 and 11) ......................................................................
-
Line
11
12
Financed by ch an g e in:
U .S . official reserve assets (exclu d in g SD R a llo catio n s),
d ecrease ( + j .................................................................................
U .S . liab ilities to fo reig n official
a g en c ie s, increase ( + ) ..........................................................
M EM O:
SD R a llo c a tio n s .....................................................................................
B alance in cluding SD R allo catio n s—
N et liquid ity b a l a n c e .....................................................................
Official settlem en ts b a la n c e ..........................................................
E x c lu d in g tran sfers under m ilitary g rants.
2E x clu d in g und istrib u ted earn in g s o f subsid iaries.
3Includes n o n liquid liabilities to o th er than official reserve
holders.
-
-
.8
2 .7
2 .9
8 .0
1.7
1.5
3.8
1.5
-
1.5
4 .4
4.1
-
1.6
3 .6
.1
-
3 .1
-
9 .3
-
9 .2
.2
1.0
-
.5
1.2
- 2 .4
-1 1 .1
-
1.6
3.8
-
3 .4
3 .4
-
4 .7
6 .0
- 2 2 .7
- 7 .8
-1 4 .7
3 .7
2 .2
-
.0
-1 0 .7
- 3 0 .5
- 1 1 .0
1.0
-
.0
3.3
3.1
.7
.1
7 .4
2 7 .4
10.3
.9
.7
.7
3 .9
9 .8
-2 2 .0
- 2 9 .8
-1 4 .0
-1 0 .3
1.2
-
-
-
4 .2
6 .8
3.5
7 .9
1.8
N o t e .— D etails m ay not add to to tals because o f ro u n d in g .
D ata are from U .S . D ept, o f C o m m e rc e, B ureau of E conom ic
A nalysis,
247
U.S. BALANCE OF PAYMENTS
U.S. EXPORT PRICES
m
W h ile th e U .S . s h a re s ta b iliz e d , th e re w a s a p r o n o u n c e d d e c lin e
Value*.
in
th e
sh are
in c re a s e d
of
th e
U n ite d
s te a d ily th ro u g h
K in g d o m .
th e
Japan,
1 9 6 0 ’s , m e r e l y
w hose
sh are
m a in ta in e d
had
its p o s i
tio n in 1 9 7 2 a s d id G e r m a n y , th e f o r e m o s t e x p o r te r o f m a n u f a c tu r e d
goods
s in c e
The
1965.
d o lla r
o f e x p o rts
d e v a lu a tio n
had
o f m a n u fa c tu re d
little
v is ib le
e ffe c t o n
g o o d s , w h ic h
ro se
d o lla r p ric e s
a b o u t in
lin e
w ith
th e r is e in w h o le s a le p r ic e s f o r d o m e s tic m a n u f a c tu r e d g o o d s . W ith
d e v a lu a tio n ,
U .S . D ep t, o f C o m m e rc e d ata.
e x p o rte rs — e s p e c ia lly
te c h n o lo g ic a lly
s u p e rio r
p ric e s
d e g re e,
to
som e
re v a lu in g
c u rre n c ie s
e x p o rte rs
ch o o se
v o lu m e ,
b a la n c e w o u ld
to
e x p o r t to
H o w e v e r,
m uch
b e tw e e n
on
dem and
o b ta in
th e
in
th e y
s e llin g
have
th e ir
ra is e d
p ric e s
a c tu a lly
d o lla r p ric e s
ju d g m e n ts
th e ir p ro d u c ts .
b e n e fit a n d
o n ly
as
ra is in g
th e ir
fo r
th o s e
p ro d u c ts — c o u ld
n o t re d u c in g
as
d e p e n d in g
o f fo re ig n
FOREIGN INDUSTRIAL PRODUCTION
U .S .
te rm s
d id .
O f
th e
p ric e
th e
c lo s in g
m o n th s
of
1972
d id
e x p o rt
e la s tic ity
tra d e
b e in d u c e d
b e n e fit o f h ig h e r d o lla r p r ic e s
th e
th e
c o u rse ,
U .S .
w o u ld
or
d o lla r
of
ra is in g
w ay
a d d itio n a l p ro d u c e rs
th e ir
in
and
about
E ith e r
u n iq u e
and
p ro fits .
d o lla r
e x p o rt
p ric e s o f fin is h e d g o o d s ris e ; th is s u g g e s ts th a t d o m e s tic p r o d u c e r s
d u r in g m o s t o f th e y e a r w e re e x p o r tin g g o o d s c o n tr a c te d fo r e a r lie r
a t a fix e d -d o lla r p ric e
p ric e s
to
fo re ig n e rs
o r fe lt th a t th e y
u n til
b u s in e s s
c o u ld
a c tiv ity
n o t ra is e
a b ro a d
th e ir d o lla r
had
begun
to
a c c e le ra te .
T h o u g h e c o n o m ic a c tiv ity in f o r e ig n in d u s tr ia l c o u n tr ie s e x p a n d e d
d u rin g
a
1 9 7 2 , it a p p e a r s th a t
w h o le
ro se
som ew hat
in d u s tria l p ro d u c tio n
le s s
th a n
th e
a n d u tiliz a tio n o f c a p a c ity w a s b e lo w
lo n g -te rm
fo r th e
ra te
of
y e a r as
g ro w th ,
p a r. T h a t b u s in e s s in v e s tm e n t
a b ro a d w a s r e v iv in g o n ly s lo w ly w a s e s p e c ia lly s ig n ific a n t fo r U .S .
S easonally ad ju sted O E C D q u arterly
data. E C (6 ) co n sists o f G e rm a n y ,
Ita ly , N e th erla n d s, B elg iu m , L u x
e m b o u rg , and F ran ce.
e x p o rts ,
an
dem and
a b ro a d
im p o rta n t
th u s
p a rt
had
of
w h ic h
a lim itin g
is
m a c h in e ry .
in flu e n c e
on
The
U .S .
s ta te
of
e x p o rts
of
n o n a g ric u ltu ra l g o o d s .
Im p o rts . T h e
sh arp
ris e
in
im p o rts
in
1972
p u rc h a s e s o f in d u s tria l m a te r ia ls , re fle c tin g
w as
le d
th e ra p id
by
heavy
e x p a n s io n
in
U .S . in d u s tria l p ro d u c tio n . Im p o rts o f p e tro le u m
ro s e v e ry s te e p ly ;
to ta l c o n s u m p tio n
p e tro le u m
fe ll fo r th e
o f e n erg y
second
s u c c e s s iv e
su rg e d
w h ile
y ear.
U .S .
Im p o rts
o u tp u t
o f p e tro le u m
can
be
e x p e c te d to in c r e a s e e v e n m o r e r a p id ly in c o m in g y e a r s a s d o m e s tic
needs
expand
fu rth e r.
Im p o rts
of
o th e r
m a jo r
c a te g o rie s
of
g o o d s — f o o d s , o th e r c o n s u m e r g o o d s , c a p ita l e q u ip m e n t— a ls o ro s e
s h a rp ly
In
w ith
1972
th e
th e
ra p id
d o lla r
in c re a s e s
p ric e s
in
(u n it
c o n s u m p tio n
v a lu e s )
of
and
in v e s tm e n t.
im p o r ts
of
fin is h e d
m a n u f a c t u r e s — t h e t y p e o f i m p o r t t h a t is l i k e l y to b e m o s t a f f e c t e d
b y e x c h a n g e - r a te c h a n g e s — r o s e , in th e a g g r e g a t e , o n ly m a r g in a lly
m o re
th e
th a n
in
th e
e x c h a n g e -ra te
s u b s ta n tia lly
le s s
tw o
p re c e d in g
y ears.
T h is
m ean s,
c h a n g e s , th a t th e ir fo r e ig n - c u r re n c y
th a n
in
p re c e d in g
y ears.
In te rn a l
in
v ie w
p ric e s
p ric e s
in
of
ro se
th e
248
U.S. IMPORT PRICES
FEDERAL RESERVE BULLETIN □ APRIL 1973
c o u n trie s fro m
s lig h tly
th a t m a n y
in
w h ic h w e
le s s th a n
th e ir
fo re ig n
d o lla r
p ro d u c e rs
p ric e s
changes
w o u ld
m a rg in s
th a n
o b ta in th e s e g o o d s ro s e
th e r a te o f in c r e a s e in
to
have
d id
U .S .
not put
in to
c u s to m e rs
in d ic a te d ,
la s t y e a r a t o n ly
1 9 7 1 ; th e r e f o r e it a p p e a r s
e ffe c t
th a t
th e re b y
th e
th e
s e llin g
advances
exchange
at
lo w e r
ra te
p ro fit
b e fo re .
H o w e v e r , th e r e w e r e m a r k e d d if f e r e n c e s in d o lla r p r ic e c h a n g e s
INDUSTRIAL
SUPPLIES
am ong
th e
tu re s .
p rin c ip a l
P ric e s
of
c o m m o d ity
a u to m o b ile s
g ro u p s
and
w ith in
o th e r
fin is h e d
co n su m er
in c re a s e d s h a r p ly , w h e re a s th e u n it v a lu e s o f im p o r te d
co n su m er go ods
in
u . s . D ept, o f C o m m erce d ata.
1972
th a n
and
in
1971.
p ric e s ro s e ra p id ly
p le tio n
c a p ita l
s m a lle r
th e
case
re fle c ts
c a p ita l
u n d e r e a rlie r c o n tra c ts
in c re a s e
in
1972
in
n o n d u ra b le c o n s u m e r g o o d s th a n
im p o r ts
of
to
goods
n o n d u ra b le
have
ris e n
e q u ip m e n t,
le s s
d o lla r
in th e s e c o n d h a lf o f 1 9 7 2 , s u g g e s tin g th e c o m
o f d e liv e rie s
The
In
e q u ip m e n t a p p e a r
m a n u fa c
d u ra b le
in
p a rt
a
th e
in
a t fix e d -d o lla r p ric e s .
d o lla r
p ric e s
of
im p o rte d
o th e r ty p e s o f fin is h e d
g ro w in g
im p o rta n c e ,
as
th e
goods
so u rc e
of
s u c h im p o r ts , o f th o s e c o u n trie s th a t d id n o t c h a n g e th e ir e x c h a n g e
ra te s
in
1971
a g a in s t th e
im p o rts o f n o n d u ra b le
oped
d o lla r.
c o u n trie s , p a rtic u la rly
H ong
K ong,
and
In
1972,
a b o u t o n e -h a lf o f o u r
co n su m er goods cam e
K o re a .
th o s e
A s
in
fro m
th e le s s - d e v e l
S o u th e a s te rn
in d u s tria l
A sia — T a iw a n ,
c a p a c itie s
have
in c re a s e d ,
th e r e h a s b e e n a d e c id e d s h if t in r e c e n t y e a r s to w a r d th o s e c o u n tr ie s
and
aw ay
(a s id e
fro m
fro m
T h is
Japan
in
our
a u to m o b ile s )
s h ift,
to g e th e r
im p o rts
of
d u ra b le
fin is h e d
as w e ll a s o f n o n d u ra b le
w ith
our
in c re a s e d
goods
goods.
re q u ire m e n t
fo r
o il,
a c c o u n te d f o r th e v e ry la rg e in c r e a s e in im p o r ts fr o m th e d e v e lo p in g
c o u n trie s
of
A sia
d e fic it w ith
and
th e m
in
la s tin g re v e rs a l fro m
U n ite d
S ta te s
had
U n it-v a lu e
in c re a s e
in
in
fo r
is ,
in
m a rk e d
re c o rd e d
im p o rt
fo r
1972
d o lla r
re s u lte d
is a
a
s u b s ta n tia l
and
p e rh a p s
tra d e
a lo n g -
th e c u s to m a r y s iz a b le tr a d e s u r p lu s e s th a t th e
in d e x e s
s tro n g ly
and
T h is
p re v io u s ly
m a n u fa c tu re s — th a t
m o re
A fric a ,
1972.
fo o d s
th a n
p ric e s
in
w as
w ith
th e s e
c a te g o rie s
and
th e
c o u n trie s .
o th e r
in d u s tria l
p re c e d in g
p ro b a b ly
th a n
y ear.
re la te d
fin is h e d
m a te ria ls — ro s e
to
Som e
th e
o f th e
changes
in
e x c h a n g e r a te s , e v e n th o u g h th e m a jo r p a r t o f th e s e im p o r ts c o m e s
fro m
The
c o u n trie s
w h o se
re a lig n m e n ts
c u rre n c ie s
le d
to
a
c o m m o d itie s
in
som e
e x p o rt p ric e s
to
m a in ta in
in
te rm s
of
ris e
cases
re v a lu in g
s ta y e d
in
because
th e
lin e
w ith
p ric e s
c o u n trie s
p u rc h a s in g
c o u n trie s ’
in
d o lla r
of
and
th e
d o lla r.
w o rld -tra d e d
ra is e d
pow er
c u rre n c ie s ,
of
th e ir
d o lla r
th e ir e a rn in g s
in
p a rt
s im p ly
b e c a u s e b u y e r s in r e v a lu in g c o u n tr ie s w e r e w illin g to m a in ta in th e ir
o u tla y s
in c re a s e
a b ro a d
c ia lly
in
th e ir
w as
a n d to
s tro n g
ow n
re la te d
c u rre n c ie s .
to
s u p p ly
th e s tr e n g th e n in g
dem and
in
th e
H o w ev e r,
lim ita tio n s
in w o r ld
U n ite d
in
m uch
th e
e c o n o m ic
S ta te s .
of
U n ite d
th e
p ric e
S ta te s
or
a c tiv ity , e s p e
249
U.S. BALANCE OF PAYMENTS
I t is n o t p o s s ib le to id e n tif y w ith p r e c is i o n
th a t p a r t o f th e p ric e
c h a n g e s th a t w a s d ir e c tly c o n n e c te d w ith c h a n g e s in e x c h a n g e r a te s .
Som e
o f th e
m o re
ra p id
in c re a s e
d u ra b le m a n u fa c tu re s — a n d
in
th e
in p r ic e s
p ric e
of
o f fo o d s
U .S .
im p o r ts o f
a n d m a te ria ls — w a s
u n d o u b te d ly a re fle c tio n o f th e s e c h a n g e d e x c h a n g e ra te s . A ro u g h
a p p r o x im a tio n w o u ld
in e x c h a n g e
v a lu e
ra te s
o f im p o rts
Som e
of
be
th a t h ig h e r p ric e s re s u ltin g
fro m
b e tw e e n
b illio n
added
in
th e se
$1
b illio n
and
v o lu m e
w e re
p ric e
p ro b a b ly
fo r a d e v a lu a tio n
s u p p ly
of
a
c o n su m e rs
to
be
e ffe c ts
to
ju s t
w ill
b e g in n in g .
e ffe c tiv e
s a tis fa c to ry
can,
changes
to
th e
1972.
a d v erse
be
d e c r e a s e d v o lu m e o f im p o rts o v e r tim e . D u rin g
in
$2
is
th e
d o m e s tic a lly
som e
e x te n t,
A
o ffse t
n e c e ssa ry
a v a ila b ility
p ro d u c e d
s h ift th e ir
th ro u g h
a
1972 such ch an g es
c o n d itio n
o f a s u ffic ie n t
s u b s titu te
p u rc h a se s
so
th a t
aw ay
fro m
th e f o r e ig n p ro d u c t. T h e s p e e d w ith w h ic h d o m e s tic p ro d u c e rs re a c t
to th e ir n e w
m a rk e tin g o p p o rtu n itie s b y p ro d u c in g
(a s
re a c tio n s
w e ll
as
it w i l l b e
A s
a
b e fo re
th e
by
fo r e ig n
s u p p lie rs )
e ffe c ts o f a d e v a lu a tio n
co n seq u en ce
of
th e
v a ria tio n
in
s u c h s u b s titu te s
d e te rm in e s
a re
how
lo n g
fe lt.
re sp o n se s
by
d o m e s tic
p r o d u c e r s o f v a r io u s ty p e s o f g o o d s , th e im p a c t o f th e S m ith s o n ia n
A g re e m e n t o n
So
fa r,
th e
ap p ea rs
th e
v o lu m e
o f im p o rts
g re a te s t e ffe c t o n
to
have
been
c o n s u m e r d u ra b le
in
s e e m s to
have
im p o rt v o lu m e s
dem and
fo r
been
m ix e d .
of
th e
d e v a lu a tio n
a u to m o b ile s
and
som e
o th e r
goods.
L ast
year
s a le s
of
s lig h tly
and
th e ir
sh are
fo re ig n
of
c ars
th e
in
th e
U .S .
U n ite d
S ta te s
a u to m o b ile
ro se
o n ly
m a rk e t d e c lin e d
f o r th e fir s t tim e s in c e 1 9 6 2 . S a le s o f th e n e w d o m e s t ic s u b c o m p a c ts
e x p a n d e d b y 2 0 p e r c e n t la s t y e a r , w h ile s a le s o f th e th re e le a d in g
fo re ig n m o d e ls d e c lin e d b y 5 p e r c e n t. F ro m M a rc h
1 9 7 3 th e
re ta il p ric e s o f d o m e s tic
s u b c o m p a c ts
1 9 7 1 to J a n u a r y
ro se
o n ly m a r g in
a lly — b y a b o u t 2 p e r c e n t; re ta il p ric e s o f th e le a d in g fo r e ig n m a k e s
in c r e a s e d
b e tw e e n
to o r s lig h tly
o f F e b ru a ry
8
above
and
13
th o s e
1 2 , th e
per
c e n t,
o f d o m e s tic
p ric e d is p a r ity
m a k in g
cars.
s h o u ld
th e ir
W ith
w id e n
p ric e s
th e
equal
d e v a lu a tio n
fu r th e r th is y e a r
in f a v o r o f th e d o m e s t i c m o d e ls if U .S . c a r p r o d u c e r s c a n s u c c e e d
in
m a in ta in in g
th e ir p ric e s
C o lo r te le v is io n
s u m e rs re s p o n d in g
and
d o m e s tic
p ro d u c t.
s a le s
c o lo r
of
m i d - 1 9 6 0 ’s .
in
th e
fa c tu re r— w a s
sh are.
by
In
in
s e ts
S ta te s
som e
im p o rt
fe ll
th a t th e
p a rt, fro m
U n ite d
th e
th e
fo r
of
th e
b e g in n in g
fo r
in
to ta l
fir s t
of
tim e
d ro p
in
th e
re ta il
s in c e
cheaper
th e
d o m e s tic
of a Jap an ese
th e
to
U .S .
o f p ro d u c tio n
a s u b s id ia ry
p re d o m in a n t re a s o n
of con
b e tw e e n fo re ig n
th e ir p u rc h a s e s
sh are
a v a ila b ility
th e
by
a n o th e r e x a m p le
p ric e d is p a r ity
s w itc h in g
1972
a p p e a rs
fu rn is h
g ro w in g
te le v is io n
It
s e ts — re s u ltin g ,
v is io n s
to th e
m akes
d o m e s tic
a t o r n e a r p re s e n t le v e ls .
s e ts a p p e a r to
th e
o f te le
m anu
im p o r t
250
FEDERAL RESERVE BULLETIN □ APRIL 1973
For
a
heavy
num ber
v o lu m e
ite m s c a n
be
of
at
o th e r
h ig h e r
d iv id e d
ite m s ,
p ric e s
in to
h o w ev er,
fo llo w in g
tw o
g ro u p s.
im p o r ts
th e
The
c o n tin u e d
d e v a lu a tio n .
in
T hese
firs t in c lu d e s p r o d u c ts
fo r w h ic h U .S . p ro d u c tio n h a s v irtu a lly d is a p p e a r e d ; h e n c e im p o r ts
p ro v id e
a lm o s t
(in c lu d in g
th e
e n tire
m o to rc y c le s ,
s u p p ly
ta p e
a v a ila b le
re c o rd e rs,
on
d o m e s tic
m a rk e ts
3 5 -m m .
cam eras,
ra d io s ,
sm a ll e le c tr o n ic d e s k c a lc u la to rs , a n d so fo r th ). T h e s e c o n d in c lu d e s
i te m s f o r w h i c h t h e r e is a d o m e s t i c p r o d u c t i o n
o u tp u t e ith e r d id
d em an d — such
th e
c h a n g in g
not expand
as
s u ffic ie n tly
b ic y c le s — o r
re q u ire m e n ts
d id
of
to
n o t s h ift
c u s to m e rs .
b a s e b u t fo r w h ic h
m e e t ra p id ly
in
g ro w in g
s tru c tu re
F o r e x a m p le ,
to
m eet
d o m e s tic
d e m a n d f o r ra d ia l tir e s h a s b e e n e s tim a te d a t a b o u t 14 m illio n tir e s ,
b u t U .S .
h a lf
of
o u tp u t o f s u c h
th a t.
tire s
Im p o rte d
1 9 7 2 — n o t o n ly
m ade
is e s t i m a t e d
tire s — v a lu e d
up
th e
at
to
have
n e a rly
d iffe re n c e
but
been
$400
a ls o
le s s th a n
m illio n
p ro v id e d
in
s m a ll
s iz e d re p la c e m e n t tire s fo r m o re th a n 9 m illio n f o r e ig n c a rs r e g is
te re d
in
th e
U n ite d
U .S . p r o d u c e r s .
S ta te s ,
o f te x tile
m a c h in e ry
to
h a lf a b illio n
n e a rly
c h in e ry
th e
used
a b ility
a
m a rk e t
th a t
has
been
n e g le c te d
by
A n o t h e r c a s e is t h a t o f t e x t i l e m a c h i n e r y . I m p o r t s
in
in c re a s e d
by
d o lla rs
m a k in g
o f d o m e s tic
th e
m o re
th a n
30
p e r c e n t in
1972
a s th e n e e d fo r th e s p e c ia liz e d
p o p u la r d o u b le -k n it fa b ric s
p ro d u c e rs
to
p ro v id e
such
m a
exceeded
e q u ip m e n t.
O v e r a ll it a p p e a r s t h a t , a s a r e s u l t o f th e d e v a l u a t i o n , th e v o l u m e
of
im p o rts
it w o u l d
la s t
o th e rw is e
o u tw e ig h e d
to
$2
th e
year
by
b illio n
in itia l
m ay
have
th e
of
been
been.
e s tim a te d
d is c u s s e d
e ffe c t
have
T h is
d e v a lu a tio n
$1
b illio n
in
on
on
b illio n
le s s
th a n
e ffe c t
is ,
o f c o u rse,
e ffe c t
of
$1
p ric e
T hus,
e x p e c t e d , a n d t h a t it r a i s e d th e
%l/ i
p o s itiv e
n e g a tiv e
e a rlie r.
th e
about
b a la n c e ,
im p o rts
b illio n
it a p p e a r s
w as
th a t
a d v erse ,
as
v a lu e o f im p o rts b y a p p ro x im a te ly
1972.
T h e d o m in a n t f a c to r in th e s te e p
w a s th e e x c e p tio n a lly
tiv ity . R e a l G N P
v ig o ro u s
e x p a n s io n
g ro w th
in th e U n ite d
in
in
im p o r ts la s t y e a r
d o m e s tic
S ta te s ro s e b y
6 .4
e c o n o m ic
ac
p e r c e n t— m o re
CHANGES IN U.S. IMPORTS AND GNP
th a n
tw ic e
th e
o th e r a g g re g a te
1971
ris e
and
th e
m e a s u r e s o f th e
im p r o v e m e n t s in c e
th e
la rg e s t
ris e
econom y
m i d - 1 9 6 0 ’s .
I t is
a ls o
s in c e
1966.
M o st
sho w ed
th e la r g e s t
c h a ra c te ris tic
th a t w h e n
d o m e s tic p r o d u c tio n a n d c o n s u m p tio n a d v a n c e th is s h a r p ly , im p o r ts
ris e b y a n e v e n g r e a te r a m o u n t (s e e a c c o m p a n y in g c h a r t) . P la c in g
an
exact
n u m e ric a l
GROSS NATIONAL PRODUCT
— 0
I
1964
I
I
1966
I
I
1968
I
I
1970
I
th is
tru e
re la tio n s h ip ,
fo r
1972
h o w e v er,
w hen
so
is
v e ry
m a n y o th e r
and
so
fo rth )
and
th e
re c o v ery
fro m
of
1 9 7 1 — w e re s ig n ific a n t. T h e s h a rp
u p tu rn
of
th e
added
th e
in th e
dock
econom y
la s t
year
o u r im p o r t b ill. B o th th e
im p o rt
c o m m o d ity
m ay
have
q u a n tity
c a te g o rie s
about
s trik e s
ra te o f g ro w th
1972
1D ata have b een ad ju sted to ex clu d e
a u tom o tiv e im ports from C an a d a and
effects o f do ck strik es.
on
f a c to r s — s u c h a s th e a d ju s tm e n t o f e x c h a n g e r a te s , s u p p ly s h o rta g e s
(o il, m e a t,
I
v a lu e
d iffic u lt. T h a t w a s p a r tic u la r ly
$ \V
2
b illio n
to
a n d p ric e s o f m o s t o f th e m a jo r
a p p e a re d
to
have
been
a ffe c te d
by
U.S. BALANCE OF PAYMENTS
th e
e x p a n s io n
in
d o m e s tic
im p o rts o f in d u s tria l
251
d em an d s,
w ith
th e
g re a te s t
e ffe c t
on
m a te ria ls .
T o s u m m a r i z e , it a p p e a r s th a t th e p r i n c i p a l f a c t o r in th e $ 4 b i l l i o n
w o rs e n in g
in
th e
U .S .
tra d e
d e fic it
la s t y e a r
in d o m e s t i c d e m a n d , w h ile d e m a n d
a te ly a n d o u tp u t w a s s till b e lo w
w as
th e
a b ro a d e x p a n d e d
th e lo n g -te r m
re su rg e n c e
m o re m o d e r
tre n d . T h e s e c y c lic a l
m o v e m e n ts w e re r e s p o n s ib le f o r m o re th a n h a lf o f th e to ta l in c re a s e
in
th e
tra d e
d e fic it
changes of
1971
in
1972.
a p p e a r s to
a d v e r s e . W h ile th e
The
net
have
e ffe c t o f
been
th e
e x c h a n g e -ra te
n e u tra l o r o n ly
v a lu e o f im p o r ts w a s
b o o s te d
by
m o d e ra te ly
h ig h e r d o lla r
p ric e s re s u ltin g fro m
th e d e v a lu a tio n , th is in c r e a s e w a s p a r tly o ff s e t
by
in
v o lu m e
d e c lin e s
e x c h a n g e -ra te
d o lla r p ric e
sh are
som e
changes
advances
o f w o rld
on
e x p o rts
and
e x p o rts
im p o r t c a te g o r ie s .
The
e ffe c t o f th e
w a s fa v o ra b le , p e rm ittin g
h a ltin g
th e
d o w n w ard
o f m a n u fa c tu re d
d r if t in
som e
th e
U .S .
goods.
T h e n e t e f f e c t o f s p e c ia l f a c to r s in 1 9 7 2 — s o m e a d v e r s e a n d s o m e
fa v o ra b le — in c lu d in g d o c k
a b u lg e
in e x p o r ts
s t r i k e s , im p o r t s u r c h a r g e s in
o f a g ric u ltu ra l c o m m o d itie s ,
s ig n if ic a n t. O il im p o r ts
w e re
a ls o b e g in n in g
1971, and
w a s p ro b a b ly
a sh arp
ris e ;
in
not
1972
th e y w e re u p $1 b illio n , c o m p a re d w ith a ris e o f h a lf a b illio n d o lla rs
in
1971.
A
la rg e
y e a r— a b o u t $1
have
can
been
be
o n ly
T hese
le s s -d e v e lo p e d
and
to
S E R V IC E S
AND
M IL IT A R Y T R A N S A C T I O N S
th e
need
le v e l
d e liv e rie s
of
th e
tra d e
b a la n c e
som e
d e la y
th e
tra d e
d e te rio ra tio n
1972
The
som e
and
th a t
re la
c a p a b ility
w id e
to
tim e ,
of
ra n g e
som e
o n o ffic ia l f o r e ig n
s e rv ic e s ,
m a in
s a le s
c o s ts ,
in c lu d in g
o ffs e t s a v in g s fro m
ris e
in
d o lla r
w e re
o n ly
th e
by
o f m a n u fa c tu re s
m ilita r y
n e a rly
n e g a tiv e
c o n tra c ts
tra n s a c tio n s ,
$1
b illio n
fa c to rs
and
a
of changes
of
in
by
fo r e ig n
c u rre n c y
v a lu e s
of
to u ris t
U .S .
re fle c tin g
n e a rly
$1
a
and
th e ir
d ro p
in
a lm o s t
$1
in te re s t p a id
S ta te s . M ilita ry
in
in
d o lla r te rm s as
exchange
ra te s ,
tro o p w ith d r a w a ls . D e s p ite — o r b e c a u s e o f — th e
ris in g
U .S .
th e re
b illio n
w as
a s tro n g
e x p e n d itu re s ,
in c re a s e
m a in ly
in
in
th e
E u ro p e,
in c o m e s .
R e c e ip ts o f in c o m e a n d fe e s fro m
ro se
fro m
w e re
ris e
s lig h tly re d u c e d
e ffe c t
am ount
p ro b a b ly
th e
a d ju s t th e ir p r o d u c t lin e s
h o ld in g s o f a s s e ts in th e U n ite d
e x p e n d itu re s a b ro a d
of
c o n d itio n s .
re d u c e d
m ilita ry
a
p ro d u c e rs
fro m
w e re
1971.
under
s u p p ly
fo r
b ill i o n in in c o m e p a y m e n t s to f o r e i g n e r s — p r i n c i p a l l y
h ig h e r
la s t
b y c h a n g e d c o s t-p ric e
in c re a s e d
c o m p e titiv e
in
in
to
d o m e s tic
in v e s tm e n t in c o m e
re c o rd
re st
our
c o u n trie s
fo r
re c e ip ts
th e
w ith
in c lu d e
m e e t c h a n g in g
N et
of
b illio n — re fle c ts th e c o n tin u a tio n o f c o n d itio n s th a t
w o rs e n in g
a ffe c te d
tio n s h ip s .
p a rt
la s t y e a r ,
U .S . d ire c t in v e s tm e n ts a b ro a d
on
to p
of
a
1 9 7 1 . T h e s e re c e ip ts h a v e a lm o s t d o u b le d s in c e
$ 1 .5
b illio n
ris e
1 9 6 6 . T h e ra p id
g a in s in th e p a s t 2 y e a r s w e r e m a r k e d b y a s h a r p s te p - u p in e a r n i n g s
o f th e
p e tro le u m
in d u s try
a b ro a d ,
as
w e ll
as
by
th e
re c o v ery
of
252
FEDERAL RESERVE BULLETIN □ APRIL 1973
e c o n o m ic
a c tiv ity
is i n v e s t e d
been
th e
in
m a jo r
c o u n trie s
and
th e
g ro w in g
in f a c i l i t i e s c o m i n g i n t o p r o d u c t i o n .
g re a te r d o lla r e q u iv a le n t o f g iv e n
to ta l
th a t
A n o th e r fa c to r h a s
fo re ig n
c u rre n c y e a rn
in g s .
C A P IT A L
FLO W S
R e c o rd e d
p riv a te
b illio n — a
re c o rd e d
in
a
d e g re e
of
a c tin g
th e
p riv a te fu n d s ,
in flo w
ra te s w a s
re la tiv e
and
in
th e
th e
th e
b illio n
s w in g
of
E u ro -d o lla r
o f $ 6 .7
m a rk e t w e re
th e U .S .
ban k s,
a re
s u b je c t
not
fro m
banks
re d u c in g
th e ir
lia b ilitie s
lia b ilitie s
changed
little
in
net
b illio n
such
in
as
re serv e
In
to
ow n
in
d u rin g
ra te s
th e ir
as
and
th e
flo w s
in
of
1971
of
in
year
to
a net
in e x c h a n g e
U n ite d
p ro d u c e
S ta te s
a s iz a b le
b ra n c h e s o f fo r e ig n
re q u ire m e n ts
1971,
liq u id
m o s t o f th e y e a r ,
th e
to
a g e n c ie s a n d
to
2 ).
re s to ra tio n
c o u p le d ,
fu n d s
a b ro a d .
b illio n
(T a b le
in te re s t ra te s .
w as
s h o rt-te rm
th ro u g h
w h ic h
th e
la s t y e a r . F e a r o f c h a n g e s
v e ry
o f $ 2 .2
$ 1 4 .2
of exchange
im p o r ta n t c o n s id e ra tio n
c o s ts
of
o m is s io n s
econom y,
s h o rt-te rm
in flo w , m a in ly
b o rro w in g s
and
s ta b ility
re c o rd e d
a n e t in flo w
o u tflo w
o f flo w s w e re
U .S .
U .S .
net
e rro rs
a n e t o u tflo w
$5
not an
and
in
ris in g
fro m
o f n e a rly
1972 show
th e
a ll ty p e s
of
la rg e s t
in
to
in c lu d in g
on
s tre n g th
p r o g r e s s e d , w ith
fa r
not
c o n fid e n c e
g ro w in g
By
c o n tra s t
1971,
M a jo r fa c to rs
th e
c a p ita l flo w s
m a rk e d
U .S .
banks
b ra n c h e s
on
th e ir
had
been
a b ro a d ,
but
su ch
1972.
A n o t h e r m a j o r y e a r - t o - y e a r g a i n w a s in f o r e i g n p u r c h a s e s o f U . S .
c o rp o ra te
s e c u ritie s .
Such
1 9 7 2 , a lm o s t d o u b le th e
a b le
to
s e ll
about
$2
p u rc h a se s
a m o u n t in
b illio n
of
re a c h e d
1971.
debt
$ 4 .5
U .S .
is s u e s
b illio n
net
in
c o rp o ra tio n s w e re
o ffsh o re ,
in c lu d in g
a
la rg e a m o u n t o f c o n v e r tib le d e b e n tu re s m a d e a ttra c tiv e b y a ris in g
U .S . s to c k
s to c k s
m a rk e t.
e a rly
th is a c tiv ity
w hen
in
th e
A ls o , fo r e ig n e rs m a d e la rg e p u rc h a s e s o f U .S .
year and
a g a in
in
m a d e u p fo r re la tiv e ly
m a rk e ts
w e re
w eak
and
th e
lo w
fo u rth
q u a rte r.
in f lo w s in
Som e
1970 and
of
1971,
u n c e rta in .
D ir e c t in v e s to r s a c c o u n te d fo r a b o u t $ 1 .8 b illio n o f th e f a v o r a b le
s h ift. F o r e ig n c o n c e r n s , m a in ly J a p a n e s e , h a d d ra w n la rg e a m o u n ts
o f fu n d s fro m
th e U n ite d
S ta te s in
1 9 7 1 , b u t la s t y e a r th e y b ro u g h t
in a m o d e r a t e a m o u n t o f f u n d s . U . S . c o m p a n i e s w i t h d i r e c t i n v e s t
m e n ts
a b ro a d
re d u c e d
th e ir
tia lly le s s th a n in
1970 and
re fle c te d
a
in
p a rt
re a c tio n
n e t o u tflo w s
to
$ 3 .3
b illio n ,
1 9 7 1 . T h e s l o w d o w n in
to
excess
o u tflo w s
s u b s ta n
1 9 7 2 p ro b a b ly
th e
year
b e fo re
g e n e r a te d b y e x c h a n g e m a rk e t u n c e r ta in ty . H o w e v e r, d a ta fo r p la n t
and
th e
e q u ip m e n t
m a jo r
e x p e n d itu re s
in flu e n c e
a b ro a d — e s p e c ia lly
e x p e n d itu re s a b ro a d
in d o l l a r t e r m s in
w as
th e
a ffe c tin g
of
th e
e a rlie r
fo r e ig n
a ffilia te s
s lo w in g
o v e r-a ll b u s in e s s
in
suggest
th a t
e c o n o m ic
a c tiv ity
in v e s tm e n t.
C a p ita l
b y a ffilia te s o f U .S . firm s ro s e o n ly 2 p e r c e n t
1 9 7 2 ; th e y a re p r o je c te d to in c r e a s e a t a s o m e w h a t
f a s t e r b u t s till m o d e s t 9 p e r c e n t r a te in 1 9 7 3 . T h e u p t u r n is c e n t e r e d
U.S. BALANCE OF PAYMENTS
253
TABLE 2
PRIVATE CAPITAL FLOWS
In m illions of dollars; outflow from U .S . ( —)
1972
1971
Item
Line
1972
I
II
III
IV
(Seasonally adjusted)
1
U .S . a n d fo re ig n p r iv a te c a p ita l ......................
-7 ,8 6 8
-1 4 ,2 2 8
2 ,1 5 0
-1 ,7 0 8
2 ,7 2 8
-9 3 4
2 ,0 6 2
2
3
4
5
6
7
8
9
10
-6 ,8 8 6
-5 ,7 5 3
-4 ,4 0 0
-9 4 2
175
-5 8 6
-1 ,1 3 2
-1 ,1 2 2
-9 ,7 8 1
-6 ,3 4 8
-4 ,7 6 5
-9 0 9
-5 6 5
- 109
-3 ,4 3 4
-2 ,3 7 3
- 8 ,3 3 9
- 5 ,4 2 7
-3 ,3 3 9
-6 1 9
-1 ,2 5 0
-2 1 9
-2 ,9 1 2
- 2 ,2 6 3
-3 ,1 9 2
- 1,915
- 1,266
-3 9 3
-1 7 8
-7 8
-1 ,2 7 7
- 1 ,1 2 0
-1 1 0
-8 7 7
- 100
-3 5 4
-3 5 2
-7 1
767
779
-2 ,3 4 4
-1 ,2 7 0
- 1,116
211
-3 3 5
-3 0
- 1 ,0 7 4
-8 3 9
- 2 ,6 9 5
-1 ,3 6 7
-8 5 7
-8 4
-3 8 5
-4 1
-1 ,3 2 8
-1 ,0 8 3
11
U .S . p riv a te c a p ita l ................................................
L ong-term ....................................................................
Direct investm ents abroad ............................
Net purchases of foreign securities ..........
C laim s reported by U .S . banks ................
C laim s reported by U .S . nonbanks ..........
Sh ort-term ....................................................................
C laim s reported by U .S . banks .................
Short-term assets related to direct invest
m ents1 ...............................................................
Other ......................................................................
-8 4
74
-2 2 5
-8 3 6
-8 9 6
247
- 148
-9
-3 8 4
372
-1 9 2
-4 3
-1 7 2
-7 3
12
13
14
15
16
17
18
19
20
21
F o r e ig n n o n liq u id p riv a te a ss e ts in U .S . ...
L on g-term ....................................................................
Related to U .S . direct investm ents abroad2
N ew issues o f securities ...........................
Other .................................................................
U .S . corporate stocks'* ...................................
Other U .S . corporate securities4 ...............
Foreign direct investm ents in U .S ..............
Other ......................................................................
Sh ort-term , n o n liq u id ..............................................
5 ,2 5 7
4 ,3 5 5
1,934
822
1,112
697
671
1,030
23
902
2 ,2 4 5
2 ,2 6 9
1,464
1,161
303
849
272
-6 7
-2 4 9
-2 4
5 ,6 7 2
5 ,5 3 3
2 ,5 3 6
1,974
562
2 ,463
64
322
148
139
930
834
223
296
-7 3
695
76
-3 6 0
200
96
1,649
1,627
1,004
766
238
165
25
350
83
22
969
1,015
613
372
241
380
-1 4 2
237
-7 3
-4 6
2 ,1 2 4
2 ,0 5 7
696
540
156
1,223
105
95
-6 2
67
22
23
24
25
F o re ig n liq u id p riv a te a ss e ts in U .S ................
Of foreign com m ercial banks ..........................
Of international and regional organizations..
Of other private foreigners ................................
-6 ,2 4 0
-6 ,5 0 8
181
87
-6 ,6 9 1
-6 ,9 0 8
682
-4 6 5
4 ,8 1 6
3 ,905
102
809
554
476
25
53
1,189
980
-7 2
281
440
316
-3 1
155
2 ,6 3 3
2 ,1 3 3
180
320
MEMO: Capital transactions related to U .S . direct
investm ents abroad (lines 4 , 10, 15, and 16).
- 2 ,2 5 0
-3 ,5 2 6
- 1,699
- 1 ,1 9 1
520
-6 9 5
-3 3 3
’U nexpended proceeds of the new issues included in line
15, held abroad.
2Includes new security issues sold abroad for the purpose
of financing direct investm ents plus borrowing abroad by U . S .
corporations. Includes securities new ly issued by finance subsidiaries incorporated in the Netherlands A ntilles to the extent
that the proceeds are transferred to U .S . parent com panies.
p rim a rily
in
th e
m e n ts e x p e c te d
U .S .
th a n
in
;,ExcIudes transactions included in line 14.
4Includes transactions of international and regional and institutions other than the IMF. Excludes U . S . Treasury issues,
S o u r c e . — U . S . Dept, of C om m erce, Bureau o f E conom ic
A nalysis,
p e tro le u m
to
G o v e rn m e n t
any
o th e r
in d u s try ,
c o n tin u e
c a p ita l
o u tflo w s
re c e n t y e a r,
g re a t. T h e d e c lin e re s u lte d
w ith
m a n u fa c tu rin g
in v e s t
r a th e r fla t.
(n e t)
th o u g h
fro m
th e
w e re
s m a lle r
a b s o lu te
a te m p o ra ry
in
d ro p
s lo w d o w n
1972
w as
not
in le n d in g
u n d e r v a r io u s p r o g r a m s . A c o n s i d e r a b l e r is e is a n t i c i p a t e d f o r 1 9 7 3 ,
in c lu d in g
by
th e
In
c re d its
c o v e r in g
U .S .
a g ric u ltu ra l
e x p o rts
and
le n d in g
E x p o rt-Im p o rt B a n k .
a d d itio n
to
th e
re c o rd e d
fa v o ra b le
s h ift
in
c a p ita l
flo w s
in
1 9 7 2 , u n r e c o r d e d n e t p a y m e n ts — r e f le c tin g p r im a r ily s h if ts in le a d s
and
la g s
e ra b ly
or
fro m
o th e r
a
v o la tile
re c o rd
$11
c a p ita l
m o v e m e n ts — s u b s id e d
b illio n
in
u n r e c o r d e d p a y m e n ts s till to ta le d
even
w ith
som e
re s to ra tio n
n e a rly
1971.
H o w ev e r,
c o n s id
th e s e
net
$ 4 b illio n , in d ic a tin g th a t
o f c o n fid e n c e
in
th e
d o lla r th e re w e re
FEDERAL RESERVE BULLETIN □ APRIL 1973
254
la r g e
net
o u tflo w s
of
th e
ty p e s
of
c a p ita l
th a t
a re
d iffic u lt
to
re c o rd .
O V E R -A L L
BA LA N CE
A s a c o n s e q u e n c e o f th e f a v o r a b le tu rn
in r e c o r d e d a n d u n r e c o r d e d
c a p ita l f lo w s , th e d e f ic it o n th e o ff ic ia l s e tt le m e n ts b a s is ( a p a r t f r o m
a llo c a tio n s o f S p e c ia l D ra w in g R ig h ts ) d im in is h e d
fro m
$30
th is
b illio n
AND
O U TLOO K
to
$11
b illio n
im p ro v e m e n t m o re
th a n
b e tw e e n
in
D EV ELO PM EN TS
1971
o u tflo w s
p riv a te
RECEN T
in
to
in flo w s
c a p ita l,
n e g a tiv e
S in c e
th e
th e
e rro rs
tu rn
tra d e
and
about
and
of
b illio n
y ears
$7
1972.
O f
re s u lte d
in
th e
b illio n
fro m
th e
re c o rd e d
re s u lte d
m o re th a n
$19
b illio n
s h ift fro m
flo w
o f liq u id
th e
re d u c tio n
fro m
o m is s io n s .
th e
b a la n c e .
$11
in
y e a r , th e re
The
tra d e
has
d e fic it
been
in
som e
Ja n u a ry
i m p r o v e m e n t in
and
F e b ru a ry
ra n
a t a $ 5 .3 b illio n a n n u a l ra te (b a la n c e o f p a y m e n ts b a s is ) , c o m p a r e d
w ith
a $ 6 .7
and
e a rly
o u tflo w s
b illio n
M arch
ra te
th is
re s p o n d in g
in
th e
fin a l
q u a rte r o f
im p ro v e m e n t
to
exchange
w as
1972.
F e b ru a ry
o v e rw h e lm e d
by
u n c e rta in tie s
and
m a rk e t
r is e in E u r o d o l l a r i n t e r e s t .r a t e s , w h ic h o c c u r r e d
p a n ts s w itc h e d fro m
In
c a p ita l
to
th e
as m a rk e t p a rtic i
d o lla r s in to o th e r c u r r e n c ie s . In flo w s o f f o r e ig n
f u n d s to p u r c h a s e U .S . c o r p o r a te s to c k s a n d o f f s h o r e b o n d o f f e r in g s
w e r e a t a v e r y h ig h le v e l in J a n u a r y a n d F e b r u a r y b u t th e n d e c l in e d
u n d e r th e
As
o f fu n d s
th e
in flu e n c e
u n e a s in e s s
fro m
p e rio d
o f m a rk e t u n c e rta in tie s .
about
th e
fro m
exchange
U n ite d
th e
m a rk e ts
S ta te s
la s t w e e k
s p u rte d
in c re a s e d ,
to
o f Ja n u a ry
m a s s iv e
th ro u g h
th e
o u tflo w
a m o u n ts .
m id -M a rc h
In
th e
d e f ic it o n th e o ffic ia l s e tt le m e n ts b a s is to ta le d w e ll o v e r $ 1 0 b illio n .
As
u s u a l,
th e
o u tflo w ,
it is
in fo rm a tio n .
in th e
n o t p o s s ib le
nor
a re
O ne
a v a ila b le
to
id e n tify
re c ip ie n t c o u n trie s
lin k
in
s ta tis tic s
th e
flo w
of
fo r b a n k
th e
tra n s a c tio n s
a b le
fu n d s
to
a t th e
p o s itio n s ;
in itia tin g
c o n trib u te
tim e
banks
in
m uch
is s h o w n
th e
U n ite d
S ta te s , in c lu d in g a g e n c ie s a n d b ra n c h e s o f fo r e ig n b a n k s , in c re a s e d
th e ir fo re ig n
a s s e ts (m a in ly d e n o m in a te d
in U .S . d o lla r s ) b y a b o u t
$ 3 1 /2
in
th e ir
b illio n
a n d o th e rs
in
lo a n s
th e
a b ro a d
to
p e rio d
by
fo re ig n
and
m o re
banks
re d u c ed
th a n
by
fo r e ig n b a n k s a n d o th e rs d ra w
$1
b illio n .
U .S .
to
banks
C o m m o n ly , in c re a s e s
c o m m e rc ia l
o n th e ir e x is tin g
is n o i n d i c a t i o n t h a t f o r e i g n e x c h a n g e
fo r th e ir o w n
lia b ilitie s
banks
occur
as
c re d it lin e s . T h e r e
m a r k e t a c tiv ity b y th e b a n k s
a c c o u n t w a s a s ig n ific a n t f a c to r .
It r e m a in s
an open
q u e s tio n w h e th e r th e u n id e n tifie d p o r tio n o f th e o u tflo w r e p r e s e n te d
a c tiv ity
of
la rg e
U .S .
or
fo re ig n
c o rp o ra tio n s
or
of
o th e r m a rk e t
p a rtic ip a n ts .
A f te r th e
a n n o u n c e m e n t o f th e
P a ris o n M a r c h
E xchange
c e n tra l
ra te s
b an k s.
new
m o n e ta ry
a rra n g e m e n ts
in
1 6 , fo re ig n e x c h a n g e m a rk e ts w e re re la tiv e ly s ta b le .
w e re
The
fa irly
p rim e
s te a d y
re q u is ite
w ith o u t m a jo r
fo r
in te rv e n tio n s
s tim u la tin g
th e
re tu rn
by
of
U.S. BALANCE OF PAYMENTS
a
m a jo r
p o rtio n
in e a r ly
U n ite d
1973
S ta te s
p o s s ib ility
c h a n g e -ra te
th e
has
h o ld in g
a h ig h
th e
fu n d s
under
been
th e
new
w ill
c o s ts
and
fa c ilita te
th e
th e
c o u n try
c o m p e titiv e
as
p ric e s
v ie w
1970.
by
To
a lw a y s
U n ite d
le v e l o f e ffic ie n c y .
accept and
in to
s in c e
re q u ire ,
le ft
o f th e
e x c h a n g e -ra te
b ro u g h t
c o u n tr y — th e
dow n
th a t
is a d e m o n s t r a t i o n
re a d ju s tm e n ts
a lig n m e n ts
d e v a lu in g
of
255
in
and
n e c e ssa ry
of
a ls o
th e
such
th e
T h is
b e n e fits
cases,
its e lf
m a in ta in in g
a d ju s tm e n ts
and
c u m u la tiv e
se c u re
re q u ire
1971
re la tio n s h ip s .
S ta te s — s h o w s
It w ill
in
p o w e r o f th e
th a t
c a p a b le
p ro d u c tio n
ex
of
th e
of
at
th a t o th e r c o u n tr ie s
in
tra d e
flo w s .
□
S ta te a n d L o c a l B o rro w in g A n tic ip a tio n s
a n d R e a liz a tio n s
S ta te a n d
$24
lo c a l
b illio n
g o v e rn m e n ts
of
lo n g -te r m
1 9 7 2 . In v ie w
o f th e
is s u e d
bonds
in
im p ro v in g
m o re
th a n
TABLE 1
fis c a l
year
LONG-TERM DEBT OFFERINGS AND REVENUES
OF STATE AND LOCAL GOVERNMENTS
fin a n c ia l p o s i
tio n o f th e s e g o v e r n m e n ts , th e m o d e r a te g ro w th
Fiscal years 1965-72
in t h e i r c a p i t a l o u t l a y s , a n d t h e i r h e a v y i s s u a n c e
In billions of dollars
of
lo n g -te rm
debt
in
th e
p re v io u s
1 2 -m o n th
p e rio d , th is v o lu m e w a s s u rp ris in g ly
la rg e . O n
th e o th e r h a n d , th e f a c t th a t in te r e s t ra te le v e ls
w e re
a p p re c ia b ly
year
1972
th a n
u n d o u b te d ly
u n its
and
lo w e r
th e y
d u rin g
had
fa c ilita te d
m ay
have
m ost
been
in
fis c a l
fis c a l
1971
fo r
m any
b o rro w in g
sp u rre d
of
som e
o th e rs
to
a c c e le r a te th e ir fin a n c in g p la n s .
The
F e d e ra l
su rv e y
R e se rv e -B u re a u
o f b o rro w in g
o f th e
a n tic ip a tio n s
and
C ensus
re a liz a
Long-term
debt issues
Total
revenues
1965
1966
1967
1968
11.1
1 1.7
13.2
14.3
7 4 .0
8 3 .0
9 1 .2
101.3
1969
1970
1971
1972
15.4
13.3
2 3 .2
2 4 .3
114.6
130.8
144.9
163.0
Fiscal year
S o u r c e . — Debt issues: Securities Industry A ssociation
(SIA ); Revenues: Department of C om m erce, Bureau of E co
nom ic A nalysis (B E A ).
tio n s b y th e S ta te a n d lo c a l g o v e r n m e n t s e c to r 1
m a k e s p o s s ib le a n a n a ly s is o f in te rr e la tio n s h ip s
a m o n g fin a n c in g p la n s , a c tu a l b o rr o w in g , in te r
est
ra te
m o v e m e n ts ,
and
a d m in is tra tiv e
d e c i
s io n s o n p r o j e c t s . A c tu a l b o r r o w i n g in a n y g iv e n
p e rio d
is
a
c o m b in a tio n
th a t ta k e s p la c e o n
th a t
w as
not
of
s c h e d u le
a n tic ip a te d
at
p la n n e d
fin a n c in g
a n d o f b o rro w in g
th e
tim e
of
th e
r e p o r tin g p e r io d . T a b le s 2 to 7 , w h ic h s u m m a
riz e
th e
re s u lts
of
th e
su rv e y s
fo r
fis c a l
year
1 9 7 2 , p r o v i d e d e t a i l e d i n f o r m a t i o n t h a t is u s e f u l
in e v a l u a t i n g n o t o n l y f a i l u r e t o r e a l i z e b o r r o w
in g p la n s b u t a ls o
a c c e l e r a t i o n s in b o r r o w i n g .
N o t e . — T h is article w as prepared by E leanor
M.
Pruitt o f the B oard ’s D iv isio n o f R esearch and S tatistics.
*This sum m ary is based on a quarterly survey o f
borrow ing an ticip ation s and realization s con d u cted by
the Board o f G overn ors o f the Federal R eserve S ystem
and the Bureau o f the C en su s. T he G overn m en ts D iv i
sio n o f the Bureau o f the C en su s is resp onsib le for the
p o llin g o f resp ond en ts. D ata provided by the S ecu rities
Industry A sso cia tio n a llo w identification o f those units
that borrow ed w ithou t h avin g indicated p reviou s plans.
For tech n ical d eta ils co n cern in g the questionnaires
used and the su rvey p roced u res, as w ell as results of
p reviou s su rv e y s, see Paul S ch n eid erm an , “ Planned and
Actual L ong-T erm B orrow in g by State and Local G o v
ern m en ts,” Federal R eserve B u l l e t i n (D ec. 1971),
and J .E . P etersen , “ R esp o n se o f State and Local G o v
ernm ents to V aryin g Credit C ondition s , ” Federal R e
serve B u l l e t i n (M ar. 1971).
L o n g -te rm
e n ts in
b o n d o ffe r in g s b y s u rv e y r e s p o n d
fis c a l y e a r
1 9 7 2 to ta le d
T h e s e re s p o n d e n ts
p e c te d to b o r r o w
in d ic a te d
$ 2 2 .4
th a t th e y
b illio n .2
had
ex
$ 2 5 .4 b illio n d u r in g th e y e a r ,
b u t o n ly $ 1 7 .4 b illio n o f th e p la n n e d is s u e s w e re
a c t u a lly s o ld ; in o t h e r w o r d s , a l m o s t o n e - t h i r d
of
th e
b o rro w in g
th a t
S ta te
and
lo c a l
u n its
r e p o r t e d in th e s u r v e y a s b e i n g p l a n n e d f o r fis c a l
1972
w as
not
re a liz e d .
d iffe re n c e s b e tw e e n
T a b le
a n tic ip a te d
a c tu a l d e b t is s u e s b y
sh ow s
th e
b o rro w in g
3
and
ty p e o f g o v e rn m e n t.
N o t a ll u n its th a t e x p e r ie n c e d s u c h s h o r tf a lls
e la b o r a te d o n th e r e a s o n s , b u t T a b le 4 s u m m a
riz e s th e r e a s o n s th a t a c c o u n te d f o r $ 6 .0 b illio n
o f th e g r o s s d if f e r e n c e b e tw e e n a n tic ip a tio n s a n d
re a liz a tio n s .
w as
le g a l
or
The
c o u n te d fo r $ 3 .2
re p o rte d
m a jo r
o b s ta c le
a d m in is tra tiv e
to
d e la y s ;
fin a n c in g
th e y
ac
b illio n , o r 5 3 p e r c e n t o f th e
s h o rtfa ll.
z a tio n a c c o u n te d fo r
F a ilu re
to
o b ta in
a u th o ri
16 p e r c e n t . P r a c t i c a l l y a ll
2Total borrow ing for fiscal 1972 as reported on the
su rveys accou n ts for 9 2 per cen t o f long-term debt issu es
as reported by the S IA . A lthou gh the resp onse rate to
the survey is h ig h , it is thought that the sam p le used
in fiscal 1972 did not contain a representative listin g
o f units that offered industrial p ollu tion control b onds.
Steps have been taken to rem edy this d eficien cy in future
su rveys.
257
FEDERAL RESERVE BULLETIN □ APRIL 1973
258
TABLE 2
ANTICIPATIONS VERSUS REALIZATIONS
Fiscal year 1972
In billions of dollars
1971
Line
1972
Borrow ing
Q3
Q4
Q1
Q2
Fiscal
1972
1.
Anticipatecf ..................
Authorized .............
Not yet authorized
6 .2
5 .5
.7
6 .8
5 .4
1.4
6 .7
5 .8
.9
5 .8
4 .2
1.6
2 5 .4
2 0 .9
4 .5
2.
R ealized
4 .5
4 .6
4 .9
3 .4
17.4
3.
Unplanned
1.3
1.2
.9
1.6
5 .0
4.
Total
5 .8
5 .9
5.8
5.1
2 2 .4
1.7
.4
2 .2
.9
1.7
.9
2.4
.7
8 .0
3 .0
..
........
MEMO:
Gross shortfalls (line 1 - 2 ) . .
Net shortfalls (line 1 - 4) ....
N o t e . — D etails may not add to totals because o f rounding.
of
th e
d o lla r
v o lu m e
of
p o s tp o n e m e n ts
and
le g a l o r a d m in is tr a tiv e p r o b le m s w e re th e m a jo r
c a n c e lla tio n s b y s c h o o l d is tric ts w a s a ttrib u ta b le
c a u s e o f d e la y
to th e s e th r e e f a c to r s . O f th e $ 6 .0 b illio n to ta l,
s o n a b le to a s s u m e th a t m a n y o f th e s e d e b t is s u e s
o n ly 5 p e r c e n t w a s d u e to in te r e s t r a te f a c to r s ,
w ill e v e n tu a lly
th a t is , re s tr a in ts
b e l ittl e p e r m a n e n t r e d u c t i o n in p l a n n e d c a p i t a l
im p o s e d
by
in te re s t ra te c e i l
in g s o r th e ju d g m e n t th a t in te r e s t ra te s w e r e to o
h ig h
In
E v e n th o u g h th e d is c r e p a n c y b e tw e e n a n tic i
on
c a p ita l
re a liz a tio n s
la rg e ,
th e
im p a c t
been
used
a
num ber
o th e r
s u b s titu te
of
m eans
fo r
in s ta n c e s
th e
o f fin a n c in g
bond
fu n d s
in
g o v e rn m e n ts
a te m p o ra ry
o rd e r
c a p ita l
have
been
s p e n d in g
had
to
be
of
in te rim
s h o rt-te rm
b o rro w in g ,
ta k e
p la c e
c a p ita l
as
p la n n e d ,
s p e n d in g
im m e d ia te
need
th e re
because
f o r th e
w as
th e re
fu n d s.
no
had
S in c e
o u tla y s .
to
a v o id
by
d ra w in g
The
fa c t
th a t
u n its
re s o rte d
N ot
a ll
u n its
re p o rte d
Fiscal year 1972
In billions o f dollars
States
State
co lleg es Counties
C ities
T ow ns
Special School
districts districts
Total
1.
Anticipations ...................................
Authorized .................................
Not yet authorized ..................
8 .0
7 .2
.9
.9
.6
.3
1.9
1.4
.5
6 .6
5 .6
1.0
.6
.5
3.8
2 .9
.9
3 .6
2 .6
.9
2 5 .4
20.5
4 .5
2.
Realized
...........................................
6 .3
.7
1.0
4 .6
.3
2 .6
1.9
17.4
3.
Unplanned ........................................
1.7
.1
.7
1.1
.7
.7
5 .0
4.
Total
..................................................
8 .0
.8
1.7
5.7
.3
3.3
2 .6
2 2 .4
MEMO:
Gross shortfalls (line 1 - 2 ) .............
Net shortfalls (line 1 - 4 ) ..................
1.7
.2
.1
.9
.2
2 .0
.9
.3
.3
1.2
.5
1.7
1.0
8 .0
3 .0
N o t e . — D etails may not add to totals because o f rounding.
th e s e
i s s u i n g t h e p r o p o s e d l o n g - t e r m b o n d s in t h e n e a r
fu tu re .
ANTICIPATIONS AND REALIZATIONS BY TYPE OF UNIT
Borrowing
to
m e th o d s in d ic a te s th a t th e y h a d e x p e c ta tio n s o f
TABLE 3
Line
as
d o w n liq u id a s s e ts , o r b y p o s tp o n in g o th e r c a s h
on
no
m ay
fin a n c e d $ 2 .5 b illio n o f c a p ita l s p e n d in g b y u s e
of
to
In th e m a jo r ity o f th e c a s e s w h e re b o r r o w in g
effe c t
th a t th e re
A c c o r d in g to T a b le 5 , o n ly a b o u t
m illio n
not
and
d e la y s in c o n s tr u c t io n p la n s . F o r e x a m p l e , th e y
a p p e a rs
c a n c e le d .
d id
flo a te d
re la
o u tla y s
tiv e ly s m a ll.
$530
w as
be
b o r r o w i n g , it is r e a
s p e n d in g .
at th a t tim e .
p a tio n s a n d
in p l a n n e d
on
th e
w ays
in
STATE AND LOCAL BORROWING
259
TABLE 4
DOLLAR VOLUME OF REPORTED SHORTFALLS BY REASON
FOR SHORTFALL
Fiscal year 1972
In m illions of dollars
1972
1971
Fiscal
1972
Reason
Q4
Q3
Authorization not obtained .......
Other adm inistrative or legal
delays .............................................
Interest rate ceiling .....................
Interest rates too high .................
Interest rates expected to fall ..
Construction costs too high ....
Federal/State grant or loan not
available ......................................
Other ..................................................
T otal
w h ic h th e y m a in ta in e d
th e ir c a p ita l o u tla y p r o
g r a m , b u t T a b le 6 lis ts a lte r n a tiv e f in a n c in g f o r
$ 5 .0
b illio n o f th e
It is
n o te w o rth y
a n tic ip a te d
and
$ 6 .0
b illio n
th a t th e
re a liz e d
has
d e b t,
160
473
950
852
94
55
32
680
9
47
213
3
663
12
75
45
983
9
2
9
1
3 ,1 7 8
125
180
300
4
6
217
18
363
67
282
30
325
120
1,188
1,348
1,561
1,304
1,832
6 ,0 4 5
th e y
in d ic a te d
th a t
fa ilu re
to
o b ta in a u th o r iz a tio n s , le g a l m a tte r s , a n d a d m in
is tra tiv e p ro b le m s w e re r e s p o n s ib le fo r m o s t o f
s h o rtfa ll.
d iffe r e n c e b e tw e e n
b o rro w in g
.................- .........................
lo n g -te rm
227
91
Q2
Ql
ra n g e d
th e d e la y s a n d c a n c e lla tio n s . W h e n in te r e s t r a te s
a n d m a rk e t c o n d itio n s a re v ie w e d as fa v o ra b le ,
3
fa ilu r e o f s o m e u n its to re a liz e b o r r o w in g p la n s
y e a rs fo r w h ic h s u rv e y s h a v e b e e n m a d e . T h e re
is o f f s e t t o a l a r g e e x t e n t b y a c c e l e r a t i o n o f d e b t
h a s b e e n r e la tiv e ly little d if f e r e n c e in th e v o lu m e
is s u e s
o f th is g r o s s s h o r tf a ll th r o u g h o u t th e in te r e s t ra te
s h o r t f a l l is r e l a t i v e l y
c y c le . N e v e r th e le s s , th e r e a s o n s c ite d f o r f a ilu r e
c re d it c o n d itio n s a re tig h t, g ro s s s h o rtfa lls a n d
to
n e t s h o rtfa lls a re
fro m
$6
b illio n
e x e c u te
to
p la n n e d
$ 8 b illio n
in e a c h
b o rro w in g
d id
o f th e
change.
In
s h a rp ly
and
c re d it
lo c a l
duced
g o v e rn m e n ts
p ro b le m s
ro w in g .
B u t in
c o n d itio n s w e re
c o n d itio n s
m uch
as
d e s ig n a te d
th e
g e n e ra lly
w e re
o f th e p e r io d , S ta te a n d
m a in
in te re s t-ra te -in
d e te rre n t
la te r fis c a l y e a r s , w h e n
to
b o r
m a rk e t
m o re f a v o r a b le f o r flo ta tio n o f
o th e r
g o v e rn m e n ts
s m a ll.
lik e ly
and
In
th u s
th e
c o n tra s t,
net
w hen
to b e a b o u t th e s a m e .
A c tu a l b o r r o w i n g in f is c a l y e a r 1 9 7 2 w a s o n l y
fis c a l y e a r 1 9 7 0 , w h e n in te r e s t r a te s w e r e r is in g
s trin g e n t d u rin g
by
$ 3 .0
b illio n
s h o rt o f th e
c a u s e a c c e le ra tio n
a c c o u n te d
a n tic ip a te d
o f b o rro w in g
fo r a b o u t $ 5 .0
by
b illio n
to ta l,
som e
be
u n its
o f u n p la n n e d
b o rro w in g . In te re s t ra te tre n d s w e re
an
im p o r
t a n t f a c t o r in th e s e d e c i s i o n s ; a b o u t o n e - q u a r t e r
of
th e
v o lu m e
of
u n p la n n e d
b o rro w in g
w as
TABLE 5
IMPACT OF BORROWING REDUCTIONS1 ON CAPITAL OUTLAYS
Fiscal year 1972
In m illions o f dollars
1971
1972
Type o f unit
States ..........................................................
State c o lleg es .........................................
C ounties .....................................................
C ities ..........................................................
T ow ns ........................................................
Special districts ......................................
School districts ......................................
Ql
10.0
13.8
8 .9
2 5 .0
3.8
12.1
7 1 .2
12.0
3 1 .2
.4
11.9
3 6 .2
3.8
38 .3
123.2
5 .6
25.8
5 .6
86 .3
7 .3
5 6 .9
135.6
7 .7
154.1
176.7
T otal
.....................................................
5 5 .2
2 0 4 .0
117.4
155.5
5 3 2 .1
1.2
Q2
Fiscal
1972
Q4
Q3
'Total o f capital outlay reductions or postponem ents connected with borrowing shortfalls
reported by those units for which the shortfall was greater than 10 per cent o f anticipations.
260
FEDERAL RESERVE BULLETIN □ APRIL 1973
TABLE 6
FINANCE SUBSTITUTIONS BECAUSE OF SHORTFALLS
Fiscal year 1972
In billions o f dollars
1971
Financial alternative
Fiscal
1972
Q4
.3
.1
.2
.1
l Z L Z Q2
.2
.3
.1
.1
.1
.6
.2
.7
.1
.2
.5
.1
.4
.5
.1
.9
2 .4
.2
1.2
1.3
1.1
1.4
5 .0
Short-term borrowing ....................
Liquid assets .....................................
Postponem ent o f other
cash outlays .................................
M oney not needed imm ediately
Other m ethods .................................
T o ta l
1972
Q3
Z
1.0
.5
N o t e .— Details may not add to totals because o f rounding
u n d e r ta k e n in o r d e r to ta k e a d v a n t a g e o f d e c l i n
year
in g
ance
in te re s t ra te s .
M o st of
th is
b o rro w in g
oc
1 9 7 2 , w h e n in te re s t ra te s d e c lin e d o n b a l
and
s u p p lie s
of
fu n d s
a v a ila b le
in
th e
c u r r e d in th e f ir s t tw o q u a r t e r s o f th e fis c a l y e a r ,
m u n ic ip a l b o n d m a r k e t w e r e a m p le , in te r e s t ra te
a p p a re n tly
c o n s id e ra tio n s
in te re s t
P hase
in
I
a fte r
b e in g
b e c o m in g
to
th e
w a g e - p ric e
A n o th e r 4 0
p la n s
re sp o n se
ra te s
free z e
per cent w as
re a d y
a v a ila b le
th e
sh arp
d e c lin e
announcem ent
in
th e
of
A u gu st
in
th e
1971.
re s u lt o f p ro je c t
e a rly
or
of
a u th o riz a tio n s
ahead
o f tim e .
fis c a l y e a r , w h e n
w e re
re c e iv e d ,
a n tic ip a te d
by
in th e la s t q u a r t e r o f th e
$ 1 0 b illio n
som e
of
o f F e d e ra l g ra n ts
w h ic h
had
not
th e lo c a l g o v e r n m e n ts .
been
F u rth e r
m o r e , a la r g e n u m b e r o f u rtits a c c e l e r a t e d p la n s
in
e x p e c ta tio n
Ja n u a ry -M a rc h
of
ris in g
1972
in te re s t
p e rio d ,
m a in ly
th e
tim in g
of
d e b t is s u e s o f S ta te a n d
v io u s ly
a re
s u b je c t to
a n d a d m in is tra tiv e
lo c a l g o v e r n m e n ts o b
m any
p itfa lls
o f a le g a l
n a tu re . T h e d is c re p a n c y b e
tw e e n a n tic ip a te d a n d re a liz e d b o rro w in g , e v e n
A s s h o w n in T a b l e 7 , a f a ir l y la r g e p r o p o r t i o n
o f th e la tte r o c c u r r e d
a ffe c te d
d e b t is s u e s . B u t th e p la n n in g a n d p r o c e s s in g o f
ra te s
w hen
in
d u rin g
on
p e rio d s
in g a n tic ip a t io n s
passes,
o f fa v o ra b le
m a rk e t c o n d i
a p p re c ia b ly
s u g g e s ts
th a t
th e
as
th e
p e rio d
fis c a l y e a r
over
w h ic h
m a n y m u n ic ip a l g o v e r n m e n ts c a n m a k e d e fin ite
p l a n s is q u i t e s h o r t .
G ro ss
th e
y ie ld s
th e
tio n s , a s w e ll a s th e te n d e n c y to r e v is e b o r r o w
by
s h o rtfa lls
c o u ld
p ro b a b ly
im p ro v e m e n t o f a d m in is tra tiv e
be
re d u c e d
p ro c e d u re s,
ta x - e x e m p t b o n d s b e g a n to a d v a n c e . R a te s d id ,
le n g th e n in g o f th e p la n n in g h o r iz o n , a n d b e tte r
in f a c t , r is e to a p e a k
c o o rd in a tio n
A s had
in
A p ril o f th a t y e a r .
b e e n e x p e c te d , s u rv e y s m a d e d u rin g
r e s p e c t to
of
in te rg o v e rn m e n ta l
m a tc h in g
fu n d s.
p la n s
H o w ev e r,
w ith
fin a n c ia l
th e p a s t th r e e fis c a l y e a r s in d ic a te th a t b o r r o w i n g
p la n s o f S ta te a n d lo c a l g o v e r n m e n ts w ill a lw a y s
b y S t a t e a n d l o c a l g o v e r n m e n t s is q u i t e s e n s i t i v e
be
to in te r e s t r a te s a n d c r e d it c o n d itio n s .
o r c a n c e lla tio n .
In fis c a l
s u b je c t,
to
TABLE 7
DOLLAR VOLUME OF ACCELERATED BORROWING BY REASONS GIVEN
Fiscal year 1972
In billions o f dollars
1971
1972
R easons
Q3
Authorized sooner than
expected ........................................
Project plans ready early ..........
Interest rates expected to rise ..
Interest rates declined .................
More costly than expected
Other ....................................................
T otal
........................................
.2
.2
.2
.5
.1
.1
1.3
Q4
.3
.1
’.’5
.1
.3
1.2
Ql
.1
.1
.2
.1
.4
.9
Q2
.6
.3
.1
.2
.1
.3
1.6
N o t e . — D etails may not add to total because of rounding.
Fiscal
1972
1.2
.8
.5
1.3
.3
1.0
5 .0
som e
e x te n t,
to
p o s tp o n e m e n ts
□
C h a n g e s in T im e a n d S a v in g s D e p o s its
a t C o m m e rc ia l B a n k s
J u ly
In te re s t
tim e
ra te s
o ffered
d e p o s its
m oved
on
1 9 7 2 -J a n u a ry
la rg e -d e n o m in a tio n
s te a d ily
u p w a rd
at m ost
1973
3 ) o ffe re d
by banks on
c o m m e rc ia l b a n k s d u rin g th e 6 m o n th s e n d in g
c e n t in
J a n u a r y , a c c o r d in g to r e c e n t s u rv e y s o f tim e a n d
a n d to 5 .8 1
s a v in g s d e p o s it s .1 R a te s o ffe re d o n
T h e s e in c r e a s e s in C D
n o m in a tio n ,
c o n s u m e r-ty p e
little f u r th e r , h o w e v e r , a s th e y
o r c lo s e
to
th e
R e g u la tio n
c e ilin g
Q;
banks had
in
th e
re m a in in g
such
la tte r
banks
d e p o s its .
a lre a d y a t
p e rm itte d
la rg e
under
p ro p o rtio n
of
th e ir ra te s o n d e p o s its o f th is
s iz e to th e m a x im u m
D u rin g
a
in c re a s e d
w e re
le v e ls
fa c t,
ra is e d
s m a lle r-d e -
d e p o s its
b y th e e a r ly p a r t o f 1 9 7 2 .
h a lf
ra is e d
As
of
1972
th e ir
a re s u lt,
m ost
th e
in
J u ly
1972
to 5 .1 5
W ith
s a v in g s
p e r c e n t in O c t o b e r
p e r c e n t o n J a n u a ry 31 o f th is y e a r .
m a rk e t y ie ld s
a s s e ts .
c e rtifi
4 .8 9 p e r
on
ra te s
d e p o s its
ra te s re fle c t th e a d v a n c e
c o m p e tin g
on
m oney
c o n s u m e r-ty p e
a t o r c lo s e
to
m a rk e t
tim e
c e ilin g
and
le v e ls ,
a n d w ith in te re s t ra te s o n c o m p e tin g s h o rt-te rm
m o n e y m a rk e t in s tru m e n ts ris in g , b a n k s s o u g h t
f u n d s to m e e t n e w
h ig h e r ra te s
on
c re d it d e m a n d s b y o ffe rin g
tim e
d e p o s its
s till
b e lo w
th e ir
of
th e
ra te s
on
R e g u la tio n
Ja n u a ry
31
in J u l y a n d e v e n in O c t o b e r b a n k s w e r e p a y i n g
o ffe rin g
by
la rg e n e g o tia b le
c a t e s o f d e p o s i t ( C D ’s ) i n c r e a s e d f r o m
Q
c e ilin g s .
C o n s e q u e n tly ,
s u rv e y d a te m o re th a n 9 5 p e r c e n t o f th e d o lla r
as m u c h as 6 p er c en t o n
v o l u m e o f o u t s t a n d i n g ti m e d e p o s i t s in d e n o m i
o f th e ir o u t s ta n d in g C D ’s , b y J a n u a r y m o r e th a n
n a tio n s o f
75
le s s th a n
$ 1 0 0 ,0 0 0
r e tu r n e q u a l to c e ilin g
As
of
fo u rth s
Ja n u a ry
of
a ll
w as
re c e iv in g
a
31,
cent
of
such
in s tru m e n ts
10 p e r c e n t
w e re
p a y in g
a t le a s t a 6 p e r c e n t r e t u r n ; in f a c t , 2 0 p e r c e n t
ra te s .
in s u re d
per
le s s th a n
w h e re a s
1973,
m o re
banks
w e re
th a n
th re e -
p a y in g
th e
w e re
p a y in g
in te re s t
ra te s
of
6 .5
per
cent
or
m o r e . [A t la rg e w e e k ly r e p o r tin g b a n k s — w h ic h
m a x im u m 4 .5 p e r c e n t ra te o n s a v in g s d e p o s its .
a re
H o w e v e r,
C D ’s — r a t e s o n th e s e c e r t i f i c a t e s h a v e c o n t i n u e d
30
per
som e
cent
s ta n d in g
la rg e r
of
th e
s a v in g s
d o lla r
ra te o n th e s e
e a rly
1972,
s till
o ffe rin g
A lm o s t h a lf
and
th e
of
lo w e r
o f th e se
ra te
d e p o s its
in
n e a rly
a ll
o u t
lo w e re d
a c c o u n ts to 4 . 0
m any
o f th e
p e r c e n t ra te w e re
v o lu m e
d e p o s its — h a d
o ffe rin g
in
b a n k s — h o ld in g
th e ir
per cent
banks
Ja n u a ry
re c e iv in g
w e re
1973.
th e
in W e s t C o a s t b a n k s .
4 .0
[S u b
to
th e
ris e
m a jo r
is s u e rs
s u b s ta n tia lly
of
s in c e
la rg e
th e
Ja n u a ry
in la te M a r c h s o m e la r g e N e w
re p o rtin g
a n o ffe rin g
s h o rt-te rm
is s u e s
ra te
su rv e y ;
Y o rk b a n k s w e re
above
th a t h a v e
n e g o tia b le
7 per cent on
n o re g u la to ry
c e il
in g .] A v e ra g e in te r e s t ra te s p a id o n o th e r la rg e d e n o m in a tio n
tim e
d e p o s its
(n o n n e g o tia b le
C D ’s a n d o p e n a c c o u n ts o f m o r e th a n $ 1 0 0 ,0 0 0 )
s e q u e n t to th e s u r v e y , m o s t o f th e s e b a n k s ra is e d
a ls o in c r e a s e d b y a p p r o x im a te ly 6 5 b a s is p o in ts
th e ir o f f e r in g ra te b a c k to 4 .5 p e r c e n t e ff e c tiv e
b e tw e e n
M arch
1,
T h e a v e r a g e o f th e m o s t c o m m o n ra te s (T a b le
N o t e .—
Martha Strayhorn of the Board’s Division of
Research and Statistics prepared this article.
1 Previous surveys of time and savings deposits at all
member banks were conducted by the Board of Gover
nors in late 1965, in early 1966, and quarterly beginning
in 1967. In 1968 the surveys were expanded to provide
figures for all insured commercial banks and were con
ducted jointly by the Board of Governors and the
Federal Deposit Insurance Corporation. The results of
earlier surveys have appeared in B u l l e t i n s for
1966-72, the most recent being October 1972, pp.
867-77.
J u ly
1972 an d Ja n u a ry
A s m a rk e t in te re s t ra te s o n
1 9 7 3 .]
ro se
d u rin g
su rv e y
s a v in g s
s h ip s ,
th e
p e rio d ,
O c to b e r
a g g re g a te
d e p o s its
and
h e ld
by
c o rp o ra tio n s
1973.
c o m p e tin g a s s e ts
1972— Jan u a ry
in flo w s
of
in d iv id u a ls ,
(IP C )
1973
tim e
and
p a rtn e r
in c re a s e d
at
a
s lo w e r p a c e th a n in th e p r e v io u s f o u r q u a r te r s .
A lth o u g h th e s l o w d o w n w a s r e f le c te d in a l m o s t
a ll
d e p o s it
c a te g o rie s ,
s a v in g s
d e p o s its
c o n s u m e r - ty p e tim e d e p o s its w ith
le s s
th a n
2 y e ars
e x p e rie n c e d
th e
s m a lle s t
c re a s e s — n o d o u b t b e c a u s e th e
ra te s
banks
d e p o s its ,
w e re
o ffe r in g
on
th e s e
and
m a tu ritie s o f
in
th a t m o s t
even
261
FEDERAL RESERVE BULLETIN □ APRIL 1973
262
TABLE 1
TYPES OF TIME AND SAVINGS DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS HELD BY
INSURED COMMERCIAL BANKS ON SURVEY DATES, APRIL 1972— JANUARY 1973
Am ount (in millions o f dollars)
N um ber o f issuing banks.
1973
1972
Type o f deposit
1973
Percentage change
in deposits
(quarterly rate)
Jan. 31
Oct. 31,1972July 3 1 Oct. 31,1972 Jan. 31, 1973
1972
A pr. 30
July 31
Oct. 31
Jan. 31
Total time and savings deposits..........
13,461
13,461
13,567
13,589
249,100 259,705 268,734 275,611
3 .5
2 .6
Sayings.................................................
13,045
13,127
13,175
13,252
114,768 116,644 119,686 121,453
2 .6
1 .5
13,219
13,244
13,392
13,396
91,198
94,630
96,636 100,280
2.1
3 .8
12,333
12,367
10,720
12,459
12,433
10,840
12,643
12,559
11,033
12,798
12,647
11,117
45,365
20,514
25,319
46,334
21,539
26,757
46,091
22,137
28,407
46,693
22,791
30,796
-.5
2.8
6 .2
1.3
3 .0
8 .4
3,544
3,514
3,384
3,518
27,206
28,457
27,410
28,637
- 3 .7
4.5
5,952
3,067
5,916
2,861
6,255
3,195
6,131
3,098
37,021
25,959
42,028
29,892
46,009
33,330
48,206
35,065
9 .5
11.5
4 .8
5 .2
3,513
3,670
3,725
3,690
11,063
12,136
12,679
13,141
4 .5
3 .6
8,424
8,396
7,969
8,257
6,113
6,403
6,403
5,672
Time deposits in denominations oi
less than $100,000—T otal---A ccounts with original m aturity
of —
Less th an 1 year........................
1 up to 2 years......................... .
2 years o r m o re .........................
All m aturities:
Open accounts—Passbook or
statem ent fo rm 1.................
Time deposits in denominations of
$100,000 or more—T o tal___
Negotiable C D ’s ............................
Nonnegotiable C D ’s and open
acco u n t....................................
C hristmas savings and other special
fu n d s............................................
i Includes time deposits, open account, issued in passbook, state
ment, or other forms that are direct alternatives for regular savings
accounts. M ost o f these are believed to be in accounts totaling less
than $100,000. The figures shown on this line are included above in
the appropriate m aturity category.
N o t e .—D ata were compiled jointly by the Board o f Governors o f
the Federal Reserve System and the Federal Deposit Insurance
Corporation. For April 30 and July 31,1972, and January 31,1973, the
th o u g h
w ith
a t th e c e ilin g
th e
le v e l,
a ttra c tiv e n e s s
m a rk e t a s s e ts .
On
of
c o u ld
th e
b a la n c e ,
n o t c o m p e te
h ig h e r -y ie ld in g
s m a ll b a n k s
(w ith
Apr. 30
July 31
Oct. 31
information was reported by a probability sample o f all insured com
mercial banks; for October 31,1972, the data for member banks were
reported by virtually all such banks and for insured nonmember banks
by the same sample o f these banks reporting in earlier surveys.
Some deposit categories include a small am ount o f deposits out
standing in a relatively few banks that no longer issue these types o f de
posits and are not included in the number o f issuing banks. D ollar
amounts may not add to totals because o f rounding.
F o llo w in g
v e ry
a n d O c to b e r,
and
ra p id
n e g o tia b le
C D ’s ,
s lo w e r ra te s
a s m a ll a b s o l u t e d e c l in e in s a v in g s d e p o s i t s , b u t
p o s it in flo w s w e r e
th is
re la tiv e ly
liq u id .
CD
s u ffic ie n tly
o f th e
m o re
la rg e r
th a n
o ffse t
banks
th a t
by
in flo w s
w e re
to
p a y in g
som e
th e
4 .5
ra te s
p e r c e n t r a te . In g e n e r a l, b a n k s p a y in g le s s th a n
s h o rt-te rm
th e
fe w e r fu n d s
m a x im u m
ra te
had
a ttra c tin g n e w
d e p o s its .
e ra l
th e
banks
in te n d e d
in
y ears
b e tw e e n
su rv e y
and
th a t
a n tic ip a te d
in
or
tim e
m o re
O c to b e r
c o m p a ra b le
d e p o s its
w ith
in c re a s e d
by
1972
and
Ja n u a ry
in l o n g - t e r m
o f re c e n t
th e
ra te
a c c o u n ts , w h ic h
th a n
th e
5 .7 5
2 -y e a r-a n d -o v e r a c c o u n ts .
IP C ,
1972.
s tro n g , a n d
H ence
ra te s .
in c re a s e d
As
th a n
b a n k s w e r e s till
th e y
d id
to
keep
pace
a
re s u lt,
th e y
at m uch
In g e n e r a l, to ta l d e
had
n o t in c re a s e
w ith
banks
e a rlie r
o th e r
a ttra c te d
in
th e
year
w h e n c o m p e tin g s h o r t- te r m ra te s h a d b e e n ris in g
th e y
le s s r a p id ly .
in
a re
per
1973.
of
cent
A l
d e p o s its w a s
by banks
y ears,
it w a s
o f g ro w th
o f th e
w e re p a y in g c o n
s u m e r s in te r e s t ra te s 0 .5 to 0 .7 5 o f a p e r c e n ta g e
p o in t le s s
in la te
A p ril
tim e d e p o s its
sev
m a tu ritie s
8 .4
ra te s e x p e r ie n c e d
p e rio d s
s tro n g e r th a n
s h o rte r-te rm
b e tw e e n
It s h o u ld b e n o te d , h o w e v e r , th a t a f te r a llo w
an ce fo r se a so n a l
in flu e n c e s ,
s a le s
o f C D ’s in
th e 3 m o n th s e n d in g J a n u a r y 3 1 r e m a in e d q u ite
c o n s id e ra b ly b e lo w
in
in d ic a te d
no banks
th o u g h th is in c re a s e
m uch
su ccess
in r a te s .
In flo w s o f
2
or no
A s o f J a n u a ry 31
to r a is e th e ir r a te to th e m a x im u m
th e n e a r fu tu r e
d u c tio n
little
g ro w th
la rg e -d e n o m in a tio n
to ta l d e p o s its o f le s s th a n $ 1 0 0 m illio n ) s u ffe re d
w as
-1 1 .4
per
cent
ra te
on
th e
s tr o n g — w e ll a b o v e th o s e o f a y e a r e a r lie r . [ A l
th o u g h
o n ly
IP C
fig u re s
a re
re p o rte d
in
th e
s u r v e y , s a l e s o f C D ’s to o t h e r s t h a n I P C , e s p e
c ia lly
to
e s p e c ia lly
S ta te
and
s tro n g
lo c a l
in
th e
g o v e rn m e n ts ,
w e re
D e c e m b e r-Ja n u a ry
p e r io d . S in c e th e J a n u a r y s u r v e y , s a le s o f C D ’s
a t la rg e w e e k ly
even
m o re
re p o rtin g b a n k s h a v e in c re a s e d
ra p id ly
th a n
in
p re c e d in g
m o n th s ,
a s b a n k s h a v e tr i e d to o f f s e t th e r e d u c e d in flo w s
o f c o n s u m e r - ty p e tim e d e p o s its a n d to m e e t lo a n
d e m a n d s b y a g g r e s s iv e ly b id d in g f o r C D f u n d s .]
CHANGES IN TIME AND SAVINGS DEPOSITS
263
TABLE 2
TIME AND SAVINGS DEPOSITS, IPC, HELD BY INSURED COMMERCIAL BANKS ON JANUARY 31, 1973, AND
OCTOBER 31, 1972, BY TYPE OF DEPOSIT, BY MOST COMMON RATE PAID ON NEW DEPOSITS IN EACH
CATEGORY, AND BY SIZE OF BANK
Size o f bank (total deposits in
millions o f dollars)
All banks
Group
Jan.
31
Oct.
31
Less than 100
100 and over
Jan.
31
Jan.
31
Oct.
31
Oct.
31
N um ber o f banks, o r percentage distribution
Savings deposits:
Issuing banks............................................
Size o f bank (total deposits in
millions o f dollars)
All banks
13,252 13 175 12,560 12,511
693
Jan.
31
Oct.
31
Less than 100
100 and over
Jan.
31
Jan.
31
Oct.
31
Oct.
31
A m ount o f deposits (in millions o f dollars),
or percentage distribution
664 121,453 119,686 47,090 47,212 74,363 72,474
Percentage distribution by m ost com
m on rate paid on new deposits:
T o ta l.......................................................
100
100
100
100
100
100
100
100
100
100
100
100
3.50 o r less........................................
3.51-4.00...........................................
4.01-4.50............................................
4 .4
17.6
77.9
5 .6
18.2
76.2
4 .6
17.4
78.0
5.8
17.9
76.3
2.5
21.5
76.0
2.7
24.9
72.4
1.6
29 .4
6 9.0
2 .0
31.2
66.8
2.1
13.7
84.2
3 .0
14.3
82.7
1.4
39.2
59.4
1.4
42.2
56.4
12,798 12,643 12,105
11,980
693
Time deposits in denominations of less
than $100,000:
M aturities less than 1 year:
Issuing banks........................................
663 46,693 46,091
22,008 21,311
24,685 24,779
Percentage distribution by most
com m on rate paid on new de
posits:
T o ta l...................................................
100
100
100
100
100
100
100
100
100
100
100
100
4.50 or less....................................
4.51-5.00.......................................
3.2
96.8
4 .2
95.8
3.2
96.8
4.1
95.9
3.2
96.8
5 .0
95.0
2 .7
97.2
3.4
96.6
1.0
99.0
1.4
98.6
4 .3
95.7
5.1
94.9
12,647 12,559 11,973 11,920
674
639 22,791
22,132 16,564 16,125
6,227
6,006
M aturities o f 1 up to 2 years:
Issuing banks........................................
Percentage distribution by m ost
common rate paid on new de
posits:
T o ta l...................................................
100
100
100
100
100
100
100
100
100
100
100
100
4.50 or less..............................
4.51-5.00........................................
5.01-5.25........................................
5.26-5.50........................................
.6
6.6
1.1
91.8
.7
7 .6
1.1
90.6
.6
6.5
1.1
91.9
.7
7 .4
1.0
90.9
.4
8.2
2.2
89.0
1.1
10.8
2.8
85.3
.1
7 .6
1.1
91.2
.2
7.9
1.3
90.5
.1
8.1
.7
91.2
.1
8.3
1.0
90.6
6.5
2.3
91.2
.1
7 .0
2.1
90.2
11,117 11,033 10,463 10,412
654
621 30,782 28,356 16,937 15,369 13,845
12,987
100
100
100
.2
.5
2.1
4.9
.3
2.9 ” ” 3.’8
94.5
90.8
.6
5.3
.3
4 .7
89.0
M aturities o f 2 years and over:
Issuing banks........................................
Percentage distribution by m ost
common rate paid on new de
posits :
T o ta l...................................................
100
100
100
4.50 or less....................................
4.51-5.00........................................
5.01-5.25........................................
5.26-5.50........................................
5.51-5.75........................................
.1
1.3
.1
2 .0
96.4
.2
2.3
.3
2.9
94.2
.1
1.1
.1
1.9
96.8
Negotiable CD’s in denominations of
$100,000 or more:
Issuing banks............................................
3,098
3,195
2,652
Percentage distribution by m ost
common rate paid on new de
posits :
T o ta l.......................................................
4.50 or less........................................
4.51-5.00............................................
5.01-5.50............................................
5.51-6.00............................................
6.01-6.50............................................
6.51-7.00............................................
7.01-7.50............................................
7.51 and over....................................
i Less than 0.05 per cent.
For Note, see p. 265.
2,761
446
100
100
100
.1
3 .0
.1
2.3
94.5
.2
.1
.6
99.1
435 35,046 33,323
3,044
2.3
*” i.*8
95.9
100
100
.1
.9
4 .8
.1
.7 " " 3 . 4
98.2
91.8
.1
5 .6
.1
4 .2
90.1
100
2,823 32,002 30,499
100
100
100
100
100
100
100
100
100
100
100
100
1.9
14.0
29.8
39.2
9 .2
5 .0
4 .2
35.6
23.1
25.6
6.1
4 .0
1.4
.1
1.9
14.3
29.0
38.7
9 .6
5.7
.9
4 .3
34.0
20.7
28.1
6.7
4 .6
1.6
.1
1.6
12.6
34.8
42.6
7 .2
.9
.4
3.7
45.7
38.6
9 .2
2.1
.8
4 .0
19.2
56.6
17.2
2.2
.1
5.1
39.6
46.1
6 .0
2 .9
.1
.1
4 .0
7 .3
25.8
54.1
6.5
1.8
.4
3.6
28.1
26.8
32.8
5.8
1.7
1.0
.1
.4
3.7
18.5
56.8
18.2
2.1
5 .2
40.7
47.9
3.5
2.6
.8
(1>.5
264
FEDERAL RESERVE BULLETIN □ APRIL 1973
TABLE 3
AVERAGE OF MOST COMMON INTEREST RATES PAID ON VARIOUS CATEGORIES OF TIME AND SAVINGS
DEPOSITS, IPC, AT INSURED COMMERCIAL BANKS
Per cent per annum
Time deposits in denominations o f—
Bank location and size o f bank
(total deposits in millions
o f dollars)
All
time and
savings
deposits
Savings
and
small-denomination time
deposits
Less than $100,000
Savings
$100,000 or more
M aturing in Total
Less
than
1 year
1 up to
2 years
2 years
or more
Nego
tiable
C D ’s
All
other
O ctober 31, 1972
All banks:
All size g ro u p s................................
Less than 10.................................
10-50.............................................
50-100...........................................
100-500.........................................
500 and o v er................................
4.83
5.03
4.93
4.85
4.79
4.76
4.76
5.02
4 .90
4.80
4.71
4.60
4.32
4.32
4.39
4.40
4.34
4.24
5.30
5.39
5.35
5.31
5.26
5.23
4.98
5.00
4.99
4.99
4.98
4.95
5.45
5.47
5.44
5.46
5.43
5.46
5.71
5.74
5.74
5.74
5.73
5.66
5.15
5.65
5.55
5.41
5.22
5.10
5.27
5.41
5.50
5.48
5.26
5.19
Banks in—
Selected large SMSA’s : 1
All size g roups............................
Less than 10............................
10-50.........................................
50-100.......................................
100-500.....................................
500 and o v er............................
4.77
4.86
4.83
4.78
4.77
4.76
4.65
4.83
4.78
4.74
4.68
4.60
4.30
4.38
4.41
4.40
4.34
4.25
5.26
5.35
5.33
5.29
5.26
5.23
4.96
4.99
4.99
4.99
4.98
4.95
5.45
5.46
5.45
5.43
5.43
5.47
5.69
5.74
5.73
5.74
5.74
5.65
5.12
5.46
5.42
5.35
5.19
5.10
5.22
5.35
5.48
5.27
5.24
5.19
All other SMSA’s:
All size groups............................
Less than 10............................
10-50.........................................
50-100.......................................
100-500.....................................
500 and o v er............................
4.82
4.86
4.87
4.89
4.79
4.70
4.76
4.83
4.83
4.82
4.74
4.59
4.32
4.26
4.37
4.38
4.34
4.11
5.29
5.38
5.34
5.31
5.25
5.25
4.98
4.99
4.98
4.99
4.98
5.00
5.45
5.43
5.45
5.49
5.43
5.46
5.73
5.74
5.74
5.73
5.72
5.75
5.29
5.58
5.52
5.40
5.25
5.21
5.37
5.91
5.57
5.76
5.22
5.18
Banks outside SM SA’s:
All size groups.................................
Less than 10.................................
10-50.............................................
50-100...........................................
100-500.........................................
500 and o v er................................
5.00
5.08
5.00
4.91
4.87
4.96
4.97
5.07
4.97
4.87
4.79
4.91
4.38
4.33
4.39
4.41
4.37
4.50
5.36
5.39
5.36
5.32
5.31
5.31
4.99
5.00
4.99
4.99
5.00
5.00
5.46
5.48
5.44
5.46
5.44
5.50
5.74
5.74
5.74
5.74
5.75
5.75
5.62
5.78
5.70
5.58
5.43
5.32
5.49
5.35
5.50
5 48
5.56
5.25
January 31, 1973
All banks:
Less than 10................................
10-50.............................................
50-100...........................................
100-500........................................
Banks in—
Selected large SM SA’s 1:
All size groups............................
10-50........................................
50-100......................................
100-500....................................
All other SMSA’s:
All size groups............................
Less than 10............................
10-50........................................
50-100......................................
100-500....................................
Banks outside SMSA’s:
10-50.............................................
50-100..........................................
100-500........................................
For notes, see p. 265.
4.96
5.04
4.97
4.87
4.86
4.99
4.78
5.03
4.93
4.79
4.73
4.62
4.33
4.34
4.42
4.39
4.36
4.25
5.32
5.39
5.36
5.32
5.28
5.26
4.98
4.99
5.00
4.99
4.98
4.97
5.46
5.46
5.45
5.47
5.45
5.47
5.73
5.74
5.75
5.75
5.74
5.69
5.81
5.84
5.70
5.67
5.64
5.85
5.65
5.76
5.60
5.61
5.61
5.69
4.95
4.91
4.86
4.81
4.86
5.00
4.67
4.88
4.80
4.73
4.70
4.62
4.31
4.38
4.42
4.39
4.35
4.26
5.28
5.38
5.34
5.30
5.28
5.26
4.97
5.00
4.98
4.99
4.98
4.97
5.46
5.47
5.45
5.44
5.45
5.47
5.71
5.72
5.74
5.74
5.74
5.68
5.83
5.75
5.65
5.59
5.65
5.85
5.67
5.58
5.66
5.57
5.62
5.69
4.88
4.86
4.96
4.92
4.85
4.78
4.79
4.83
4.90
4.85
4.75
4.61
4.33
4.32
4.40
4.37
4.36
4.13
5.32
5.36
5.37
5.33
5.27
5.27
4.99
4.98
5.00
4.99
4.98
5.00
5.46
5.42
5.47
5.49
5.45
5.49
5.74
5.73
5.75
5.75
5.73
5.74
5.64
5.40
5.81
5.64
5.60
5.59
5.63
5.90
5.86
5.67
5.55
5.62
5.03
5.09
5.02
4.94
4.92
5.12
5.00
5.08
5.00
4.86
4.82
4.93
4.41
4.33
4.43
4.42
4.40
4.50
5.37
5.39
5.37
5.32
5.34
5.30
5.00
4.99
5.00
4.99
5.00
5.00
5.46
5.46
5.45
5.49
5.45
5.50
5.75
5.74
5.75
5.75
5.74
5.75
5.75
6.01
5.65
5.78
5.62
6.37
5.58
5.71
5.46
5.63
5.78
6.81
CHANGES IN TIME AND SAVINGS DEPOSITS
265
TABLE 4
ESTIMATED PERCENTAGE OF TIME DEPOSITS, IPC, HELD BY BUSINESSES AT MEMBER BANKS
ON OCTOBER 31, 1972
Denominations o f less than $100,000
All time
deposits
(excluding
passbook
savings)
All
maturities
All banks reporting information...................
38.5
Size of bank (total deposits in millions of
dollars):
U nder 10.......................................................
10-50..............................................................
50-100...........................................................
100-500..................... ...................................
500 and over.................................................
G roup
D enom inations o f $100,000 and over
M aturing in—
All types
Negotiable
C D ’s
N on
negotiable
C D ’s and
open
account
Less
than
1 year
1 up to
2 years
2 years
or m ore
11.3
13.2
9.9
8 .2
75.8
82.3
56.0
9 .8
12.0
17.7
29.6
52.3
7 .2
7.5
9 .0
11.9
14.2
9 .6
9 .3
10.1
14.7
15.0
5.9
6.8
9 .8
9 .0
15.9
6 .0
5 .2
6.1
6 .6
11.5
71.3
55.2
58.5
66.5
78.9
74.4
54.1
60.1
72.6
84.9
67.3
56.4
57.1
57.4
55.3
Federal Reserve district:
B oston...........................................................
New Y o rk .....................................................
Philadelphia.................................................
46.1
66.4
23.5
7 .6
21.2
14.9
8.9
24.3
19.2
4.8
23.5
8.2
2 .8
11.5
13.7
80.2
83.7
63.9
80.3
88.6
69.4
79.6
63.6
56.2
Cleveland.......................................................
Richm ond.....................................................
A tlanta...........................................................
29.0
33.1
31.0
8.7
9.1
12.6
11.5
11.0
14.2
6.1
9 .9
11.3
4 .8
5.5
10.0
74.1
78.4
66.0
78.5
79.4
74.9
59.0
76.5
53.1
Chicago.........................................................
St. L o u is.......................................................
M inneapolis..................................................
30.0
18.4
19.3
7 .3
6.8
6.1
8.1
9 .3
7.1
7.5
5.7
5.8
4.8
4 .3
4 .8
70.1
74.2
81.4
81.9
80.3
86.7
33.6
66.1
55.0
Kansas City..................................................
D allas.............................................................
San Francisco...............................................
26.8
37.2
37.7
10.0
13.0
13.5
14.1
15.7
12.9
6 .4
10.6
18.4
5.1
9 .7
12.2
66.1
61.6
74.3
67.1
65.2
84.8
63.0
41.6
54.0
N ote.—D ata are for member banks o f the Federal Reserve System
only. N o insured nonmember banks reported this information,
and there was some nonreporting among member banks. Never
theless, the member banks that did report accounted for more than
80 per cent of the total deposits o f these types in all member banks.
Passbook savings and Christmas savings and other special funds are
excluded.
NOTE TO TABLE 2:
N o t e .—The m ost common interest rate for each instrum ent refers
to the basic stated rate per annum (before compounding) in effect on
the survey date th at was generating the largest dollar volume o f de
posit inflows. I f the posted rates were unchanged during the 30-day
period just preceding the survey date, the rate reported as the most
com m on rate was the rate in effect on the largest dollar volume of
deposit inflows during the 30-day period. I f the rate changed during
th at period, the rate reported was the rate prevailing on the largest
dollar volume o f inflows from the time o f the last rate change to the
survey date.
While rate ranges o f Va or Vi o f a percentage point are shown in
this and other tables, the most common rate reported by most banks
was the top rate in the range; for example, 4.00, 4.50, etc. On negotia
ble C D ’s in denominations o f $100,000 and over, however, some large
banks have had rates at intervals o f Vs o f a percentage point. Some
deposit categories exclude a small am ount o f deposits outstanding in
a relatively few banks that no longer issue these types o f deposits and
are not included in the number o f issuing banks.
Figures may not add to totals because o f rounding.
NOTES TO TABLE 3:
1 The selected large Standard M etropolitan Statistical Areas, as defined by the Office o f Management and Budget and arranged by size o f popula
tion in the 1970 Census, are as follows:
New Y ork City
Los Angeles-Long Beach
Chicago
Philadelphia
D etroit
San Francisco-Oakland
Washington, D . C.
Boston
Pittsburgh
St. Louis
Baltimore
Cleveland
Houston
Newark
Minneapolis-St. Paul
Seattle-Everett
Milwaukee
A tlanta
Cincinnati
Paterson-Clifton-Passaic
Dallas
Buffalo
San Diego
M iami
Kansas City
Denver
San Bemadino-Riverside
Indianapolis
San Jose
New Orleans
Tampa-St. Petersburg
Portland
Phoenix
Columbus
Rochester
San Antonio
Dayton
Louisville
Sacramento
Memphis
Ft. W orth
Birmingham
Albany-Schenectady-Troy
Richmond
Akron
Jacksonville
H artford
Flint
Norfolk-Portsmouth
Tulsa
Syracuse
Orlando
Gary-Hammond-E. Chicago Charlotte
Oklahoma City
W ichita
Honolulu
West Palm Beach
Ft. Lauderdale-Hollywood
Des Moines
Jersey City
Ft. Wayne
Salt Lake City
Baton Rouge
Omaha
Rockford
Jackson, Miss.
Nashville-Davidson
Youngsto wn-Warren
N o t e .—The average rates were calculated by weighting the most common rate reported on each type of deposit at each bank by the am ount
o f th at type o f deposit outstanding. Christmas savings and other special funds, for which no rate information was collected, were excluded.
FEDERAL RESERVE BULLETIN □ APRIL 1973
266
APPENDIX TABLE 1-SAVINGS DEPOSITS
Most common interest rates paid by insured commercial banks on new deposits
M ost common rate paid (per cent)
G roup
Total
3.50
o r less
4.00
M ost common rate paid (per cent)
Total
4.50
3.50
o r less
NUM BER O F BANKS
4.00
4.50
M ILL IO N S O F D O LLARS
October 31, 1972
Size of bank (total deposits in millions of dollars):
10-50...................................................................................
50-100.................................................................................
100-500...............................................................................
Federal Reserve district:
New Y o rk ..........................................................................
San Francisco....................................................................
13,175
741
2,401
10,033
119,686
2,437
37,315
79,933
6,060
5,691
760
499
165
474
222
27
13
5
1,302
837
97
106
59
4,284
4,632
636
379
101
5,933
28,157
13,122
23,808
48,667
309
758
345
334
691
1,086
3,820
1,835
6,671
23,904
4,539
23,580
10,941
16,803
24,071
318
451
430
7
6
64
58
88
100
254
357
266
4,966
19,054
7,561
62
422
686
1,410
4,321
2,944
3,494
14,310
3,931
754
740
1,692
61
14
59
142
98
419
552
629
1,214
10,654
8,774
9,002
126
106
239
3,343
1,637
2,166
7,184
7,030
6,597
2,592
1,237
1,374
197
62
187
474
233
464
1,921
942
723
21,870
4,391
2,907
452
118
166
4,217
801
514
17,201
3,472
2,228
1,905
1,284
396
77
6
232
37
56
1,595
1,241
340
4,658
4,247
21,604
47
13
207
65
15,690
4,403
4,169
5,914
January 31. 1973
All banks.................................................................................
13,252
589
2,340
10,324
121,453
2,042
35,647
83,765
Size of bank(total deposits in millions of dollars):
Less than 10......................................................................
10-50...................................................................................
50-100.................................................................................
100-500...............................................................................
500 and over......................................................................
5,911
5,943
705
526
167
421
127
24
12
5
1,266
811
114
95
54
4,224
5,005
567
419
108
6,251
29,040
11,799
24,768
49,595
273
408
320
327
714
1,202
3,500
1,758
6,202
22,985
4,776
25,132
9,722
18,239
25,895
338
448
430
5
5
44
52
68
151
281
376
234
4,917
19,047
8,023
56
420
569
1,250
4,014
3,069
3,611
14,613
4,386
Cleveland............................................................................
R ichm ond..........................................................................
A tlan ta................................................................................
755
740
1,717
60
11
58
148
87
330
547
642
1,330
11,287
9,018
9,162
102
100
173
3,532
1,392
1,692
7,653
7,526
7,297
C hicago...............................................................................
St. L ouis.............................................................................
M inneapolis.......................................................................
2,601
1,263
1,375
175
65
117
459
253
501
1,968
945
758
21,822
4,252
3,164
421
111
46
3,225
793
753
18,177
3,348
2,365
Kansas C ity.......................................................................
D allas..................................................................................
San Francisco...................................................................
1,880
1,305
399
46
4
158
78
56
1,676
1,224
343
4,846
4,255
21,659
29
15
120
197
15,610
4,697
4,043
6,050
Federal Reserve district:
B oston.................................................................................
New Y o rk ..........................................................................
NOTES TO APPENDIX TABLES 1-6:
1 Less than $500,000.
2 Omitted to avoid individual bank disclosure.
N o t e .— In the October 31 survey, data were compiled from in
formation reported by all member banks and by a probability sample
of all nonmember insured commercial banks. The latter were expanded
to provide universe estimates. For January 31, the information was
reported by a probability sample o f all insured commercial banks.
Figures exclude banks that reported no interest rate paid and that
held no deposits on the survey date, and they also exclude a few
banks that had discontinued issuing these instruments but still had
some deposits outstanding on the survey date. Time deposits, open
account, exclude Christmas savings and other special accounts. D ollar
amounts may not add to totals because o f rounding.
In the headings o f these tables under “ M ost common rate paid
(per cent)” the rates shown are those being paid by nearly all reporting
banks. However, for the relatively few banks that reported a rate in
between those shown, the bank was included in the next higher rate.
267
CHANGES IN TIME AND SAVINGS DEPOSITS
APPENDIX TABLE 2— TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000— MATURING
IN LESS THAN 1 YEAR
Most common interest rates paid by insured commercial banks on new deposits
M ost com m on rate paid (per cent)
G roup
Total
4 .50
or less
M ost com m on rate paid (per cent)
Total
5.00
4.75
4.50
o r less
NUM BER O F BANKS
5.00
4.75
M ILLIO N S O F DOLLARS
October 31, 1972
12,643
527
72
12,044
46,091
1,582
762
43,747
5,785
5,441
754
498
165
195
270
29
21
11
5
38
7
14
8
5,585
5,133
718
462
146
3,562
12,544
5,205
9,033
15,747
23
230
53
238
1,039
1
32
15
221
494
3,539
12,283
5,137
8,574
14,215
341
432
346
7
58
33
16
13
4
318
360
309
1,523
4,452
2,231
2
272
34
12
120
142
1,509
4,060
2,056
Richm ond...........................................................................
A tlan ta................................................................................
670
672
1,642
43
57
129
2
6
9
625
609
1,504
3,183
2,892
4,713
( 2)
131
63
( 2)
66
13
3,157
2,695
4,637
Chicago...............................................................................
St. Louis.............................................................................
M inneapolis.......................................................................
2,470
1,185
1,231
31
69
11
9
2,430
1,116
1,220
10,514
2,547
2,460
249
37
3
8
10,257
2,510
2,457
San Francisco....................................................................
1,967
1,294
393
37
37
15
1
7
5
1,929
1,250
374
2,692
2,573
6,311
( 2)
40
719
(2)
46
350
2,681
2,487
5,241
Size of bank (total deposits in millions of dollars):
10-50...................................................................................
50-100.................................................................................
100-500...............................................................................
Federal Reserve district:
January 31, 1973
All banks................................................................................
12,798
404
63
12,331
46,693
1,285
237
45,171
Size of bank (total deposits in millions of dollars):
Less than 10......................................................................
10-50...................................................................................
50-100.................................................................................
100-500..............................................................................
500 and o v er.....................................................................
5,692
5,709
703
526
167
203
164
16
15
7
3
50
4
4
2
5,487
5,496
683
507
157
3,666
13,786
4,557
9,023
15,662
( 2)
117
57
233
(2)
( 2)
34
14
92
( 2)
3,618
13,634
4,486
8,697
14,736
325
446
344
9
48
44
1
5
25
315
394
276
1,565
4,430
2,093
( 2)
239
17
(2)
14
80
1,563
4,177
1,977
Cleveland............................................................................
R ichm ond..........................................................................
719
651
1,678
70
54
92
6
12
649
591
1,575
3,113
2,959
4,849
44
78
28
102
13
3,069
2,779
4,808
C hicago..............................................................................
St. Louis...................................................... ......................
M inneapolis ...................................................................
2,463
1,263
1,256
14
44
7
2,442
1,219
1,256
10,691
2,771
2,444
98
23
6
Kansas City........................................................................
1,935
1,340
376
10
11
9
5
3
1,925
1,324
364
2,725
2,821
6,231
Federal Reserve district:
B oston................................................................................
Philadelphia.......................................................................
San Francisco....................................................................
For notes to Appendix Tables 1-6, see p. 266.
(!)
3
255
5
15
10,587
2,747
2,444
2,725
2,814
5,461
268
FEDERAL RESERVE BULLETIN □ APRIL 1973
APPENDIX TABLE 3— TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000— MATURING
IN 1 UP TO 2 YEARS
Most common interest rates paid by insured commercial banks on new deposits
M ost com m on rate paid (per cent)
G roup
Total
M ost com m on rate paid (per cent)
Total
4 .50
or
less
5.00
5.25
4.50
or
less
5.50
N U M BER O F BANKS
5.00
5.50
5.25
M IL L IO N S O F DO LLARS
October 31, 1972
All banks..............................................................................
12,559
94
954
137
11,374
22,132
55
1,759
284
20,034
Size of bank (total deposits in millions of dollars):
Less than 10....................................................................
10-50.................................................................................
50-100...............................................................................
100-500............................................................................
500 and over....................................................................
5,799
5,392
729
481
158
63
21
2
5
2
332
495
58
48
21
52
46
22
15
3
5,352
4,831
647
413
132
4,999
9,143
1,983
2,459
3,547
8
10
227
974
133
294
129
51
69
( 2)
28
( 2)
4,713
8,090
1,813
2,128
3,291
Federal Reserve district:
B o ston..............................................................................
New Y o rk ........................................................................
Philadelphia....................................................................
223
392
367
2
6
2
43
78
61
6
17
4
172
292
300
151
766
1,297
( 2)
2
7
168
167
( 2)
22
( 2)
136
573
1,088
699
666
1,488
4
9
9
122
62
124
8
13
24
566
581
1,331
1,243
933
2,004
O)
6
3
203
75
265
14
6
36
1,026
846
1,700
<C hicago............................................................................
St. L o u is..........................................................................
M inneapolis....................................................................
2,475
1,272
1,312
6
2
97
145
44
33
7
3
2,339
1,117
1,264
4,774
2,776
1,947
2
( 2)
167
463
(2)
124
( 2)
( 2)
4,481
2,308
1,862
K ansas C ity .....................................................................
D allas...............................................................................
San Francisco..................................................................
2,007
1,268
390
30
1
23
44
111
24
9
9
4
1,925
1,148
339
2,402
1,861
1,979
4
( 2)
29
47
87
27
5
11
2,345
1,757
1,912
Cleveland..........................................................................
( 2)
9
( 2)
( 2)
( 2)
January 31, 1973
All banks..............................................................................
12,647
72
830
141
11,603
22,791
13
1,751
251
20,776
Size of bank (total deposits in millions of dollars):
Less than 10....................................................................
10-50.................................................................................
50-100...............................................................................
100-500............................................................................
500 and over....................................................................
5,561
5,727
685
514
160
60
8
1
3
345
393
36
33
22
63
52
11
10
4
5,093
5,274
636
467
134
5,239
9,588
1,737
2,595
3,631
7
3
391
852
102
244
162
39
58
4,802
8,675
1,623
2,321
3,355
217
402
377
3
16
57
68
2
25
Philadelphia.....................................................................
199
316
309
144
709
1,503
Cleveland.........................................................................
R ichm ond....................................................... ................
A tla n ta .................................................... , .......................
693
654
1,559
89
48
108
2
32
11
580
575
1,430
1,275
984
2,112
C hicago............................................................................
St. L ouis..........................................................................
M inneapolis................. ..................................................
2,447
1,314
1,351
104
227
25
28
2,315
1,086
1,326
4,925
2,919
2,035
Kansas C ity.....................................................................
D allas...............................................................................
San Francisco.................................................................
1,973
1,288
372
12
53
23
7
31
5
1,930
1,204
333
2,461
1,631
2,092
Federal Reserve district:
B o sto n ..............................................................................
For notes to Appendix Tables 1-6, see page 266.
22
10
1
25
11
( 2)
( 2)
(!)
( 2)
6
O)
O)
6
( 2)
( 2)
115
( 2)
122
190
( 2)
29
134
558
1,313
177
43
133
( 2)
48
25
1,095
893
1,948
263
685
37
114
4,548
2,234
1,999
11
42
38
8
10
15
2,442
1,579
2,034
269
CHANGES IN TIME AND SAVINGS DEPOSITS
APPENDIX TABLE 4— TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000— MATURING
IN 2 YEARS OR MORE
Most common interest rates paid by insured commercial banks on new deposits
M ost common rate paid (per cent)
G roup
Total
M ost com m on rate paid (per cent)
Total
4 .5 0
or
less
5.00
5.25
5.50
4.50
or
less
5.75
NU M BER O F BANKS
5.00
5.25
5.50
5.75
M ILL IO N S O F D OLLARS
October 31, 1972
255
30
327
10,395
28,356
16
863
4,860
4,846
706
463
158
94
108
20
14
19
1
22
5
2
161
123
14
19
10
4,600
4,579
664
425
127
2,845
9,430
3,094
4,510
8,477
( 2)
5
(2)
( 2)
(2)
46
74
16
53
673
Federal Reserve district:
B oston........................................
New Y o rk ..................................
Philadelphia.............................. .
216
338
317
13
28
9
5
26
6
196
276
300
283
1,714
2,303
( 2)
( 2)
( 2)
6
123
240
C leveland................................... .
R ichm ond..................................
A tla n ta ....................................... .
628
600
1,297
27
13
47
48
18
45
549
560
1,194
2,360
1,952
2,388
( 2)
C hicago...................................... .
St. L o u is.................................... .
M inneapolis.............................. .
2,265
979
1,135
17
6
7
52
40
2
2,192
931
1,126
6,197
1,835
2,152
K ansas C ity ................................
D a lla s ..........................................
San Francisco.............................
1,775
1,105
378
16
40
34
18
56
9
1,735
1,000
335
1,932
1,508
3,732
All banks........................................
11,033
Size of bank (total deposits in
millions of dollars):
Less than 10..............................
10-50..........................................
50-100........................................
100-500......................................
500 and over..............................
26
660
26,791
20
59
35
97
( 2)
2,778
9,281
3,031
4.350
7.351
( 2)
( 2)
( 2)
120
( 2)
275
1,467
1,841
48
15
45
( 2)
19
6
28
2,289
1,924
2,307
( 2)
( 2)
108
( 2)
(2)
( 2)
106
(2)
(2)
5,978
1,822
2,115
O)
9
28
227
9
93
19
1,912
1,377
3,485
700
567
29,504
38
42
16
79
392
3,014
10,999
2,777
4,781
7,933
8
1
27
( 2)
(2)
( 2)
11
January 31, 1973
All banks........................................
11,117
Size of banks (total deposits in
millions of dollars):
Less than 10..............................
10-50..........................................
50-100........................................
100-500......................................
500 and over.............................
4,531
5,278
653
495
159
Federal Reserve district:
B oston........................................
New Y o rk ..................................
Philadelphia..............................
10,717
30,782
74
30
11
15
17
84
100
16
18
7
4,373
5,127
624
458
135
3,077
11,064
2,796
4,916
8,928
( 2)
O)
( 2)
(!)
219
356
294
12
7
4
16
2
205
326
286
376
1,814
2,450
( 2)
Cleveland....................................
R ichm ond..................................
A tlanta........................................
650
613
1,351
2
9
24
37
7
63
610
594
1,258
2,366
2,132
2,744
C hicago......................................
St. L o u is....................................
M inneapolis..............................
2,249
1,040
1,128
5
21
7
1
1
2,230
1,018
1,127
6,911
2,233
2,249
Kansas C ity ...............................
D allas..........................................
San Francisco............................
1,740
1,115
361
7
65
15
1,724
1,008
331
1,983
1,524
4,000
146
12
224
For notes to Appendix Tables 1-6, see p. 266.
17
1
(2)
13
2
56
603
5
128
( 2)
( 2)
( 2)
(2)
O)
10
25
O)
61
22
C1)
2
15
13
( 2)
( 2)
( 2)
( 2)
367
1,688
2,000
(2 )!
15
2,316
2,115
2,703
96
O)
O)
6,754
2,210
2,222
2
1,978
1,492
3,678
15
309
FEDERAL RESERVE BULLETIN □ APRIL 1973
270
APPENDIX TABLE 5— NEGOTIABLE CD's, IPC, IN DENOMINATIONS OF $100,000 OR MORE
Most common interest rates paid by insured commercial banks on new deposits
Most common rate paid (per cent)
Group
Total 4.0 0
or
less
4 .5 0 5.00 5.50
6.00
Most common rate paid (per cent)
6.50 7.00
7 .5 0 Total 4.00
and
or
over
less
NUMBER OF BANKS
4.50 5.00 5.50
6.00
7.50
6.50 7.00 and
over
MILLIONS OF DOLLARS
October 31, 1972
All banks...................................
3,195
21
Size of bank (total deposits in
millions of dollars):
Less th an 10.........................
10-50......................................
50-100....................................
100-500..................................
500 and o v e r........................
720
1,714
327
284
150
6
10
4
Federal Reserve district:
B o sto n ...................................
New Y o rk ............................
Philadelphia.........................
113 1,137
739
816
195
127
47 33,323
77 1,614 13,212 15,368 1,994
8
177
36 1,732
1
915
2 3,746
26,753
2
10
11
270
552
116
126
73
109
356
106
103
65
143
558
76
31
8
90
83
13
7
2
81
46
1
12
75
10
14
1
177
208
109
1
1
2
10
17
20
90
100
28
42
52
23
21
35
30
11
1
3
1
1
Cleveland..............................
R ichm ond.............................
A tlan ta..................................
177
132
573
1
2
4
6
12
77
40
139
28
45
107
55
28
214
10
6
56
C hicago.................................
St. Louis...............................
M inneapolis.........................
552
124
171
6
3
17
8
6
229
64
60
156
27
45
87
17
40
K ansas C ity..........................
D allas....................................
San Francisco......................
295
504
171
2
1
1
4
5
4
80
150
80
75
93
47
80
173
35
973
48
37
15
33
3
29
( 2)
( 2)
(2)
3
64
28
68 438 415
290 314
( 2)
( 2) 1,609 1,485
( 2) 10,811 13,126
35
652
240
335
733
28
88
50
197
( 2)
1,414
2 12,604
2 1,345
( 2)
( 2)
( 2)
43 1,063
158
1,497 6,106 4,604
12 307 412
139
393
29
( 2)
( 2)
2
2
37
1 1,538
4
990
6 1,717
( 2)
( 2)
24
1
5
31
2
11
3 4,114
1
534
586
5
19
58
1
22
17
2
14 1,060
8 2,699
4,720
3 1,202
6 393
9 572
63
( 2)
( 2)
( 2)
( 2)
8
( 2)
( 2)
( 2)
( 2)
259
507
801
69
60
280
4
16
36
( 2)
( 2)
( 2)
433 3,302
148
237
162 382
132
138
34
162
( 2)
6
( 2)
( 2)
383 407
( 2)
643 1,528
( 2)
12 1,710 2,861
152
434
135
89
68
( 2)
11
14
( 2)
11
9
188 1,421 6,720 19,828 6,032
764
19
21
37
47
31
155 376 1,037
122
47 372 564
45
419 1,458 1,600 432
779 4,476 16,580 5,403
( 2)
31
( 2)
( 2)
( 2)
13
9
1
( 2)
4
10
1
( 2)
( 2)
1
January 31, 1973
All banks...........................................
3,098
Size of bank (total deposits in
millions of dollars):
Less than 10.................................
10-50.............................................
50-100...........................................
100-500.........................................
500 and o v er................................
561
1,748
343
295
151
Federal Reserve district:
B oston...........................................
New Y o rk ....................................
Philadelphia.................................
181
183
95
Cleveland......................................
R ichm ond....................................
A tlanta........................................ .
101
169
631
C hicago.......................................
St. Louis.....................................
M inneapolis...............................
479
145
121
Kansas C ity...............................
D allas..........................................
San Francisco............................
309
498
186
49
433
924 1,216
287
155
1
1
1
36
7
4
1
95
240
43
44
11
132
492
145
106
49
164
727
135
117
74
92
151
12
18
14
76
74
1
2
2
1
3
5
5
9
32
31
4
71
54
30
70
87
43
3
6
2
1
23
1
29
17
48
22
32
122
35
69
300
5
95
33
22
164
44
37
59
36
28
117
141
89
8
6
3
1
For notes to Appendix Tables 1-6, see page 266.
1
26 35,046
74
151
1,831
1,062
2 4,065
27,936
( 2)
( 2)
( 2)
97
( 2)
60
( 2)
4
1,493
12,830
1 1,367
(2)
( 2)
22
( 2)
7
50
192
33
416 989
16
718 7,939 3,929
343 381 ( 2)
558
( 2)
9
5
110
3
24
40
1 1,586
1,296
10 1,923
( 2)
89
( 2)
35
321
131
454 1,071
232 523
528 1,169
23
56
73
( 2)
75
9
( 2)
118
46
45
44
1
15
50
21
4,419
482
3
572
153 1,911 1,813
104 254
31
141
26
48
409
( 2)
356
52
( 2)
93
255
55
27
62
2
6
6 1,096
4 3,005
1 4,977
430 463
999 1,647
558 3,531
120
319
599
63
... „
24
2
8
73
( 2)
( 2)
17
39
277
2
12
( 2)
( 2)
1
3
1
( 2)
271
CHANGES IN TIME AND SAVINGS DEPOSITS
APPENDIX TABLE 6— NONNEGOTIABLE CD's AND OPEN ACCOUNT TIME DEPOSITS, IPC, IN DENOMINATIONS
OF $100,000 OR MORE
Most common interest rates paid by insured commercial banks on new deposits
M ost common rate paid (per cent)
G roup
M ost com m on rate paid (per cent)
Total
Total
7.50
4 .50 5.00 5.50 6.00 6.50 7.00 and
over
4 .0 0
or
less
7.5 0
4.50 5.00 5.50 6.00 6.50 7.00 and
over
4.00
or
less
M ILL IO N S O F DOLLARS
NUM BER O F BANKS
O ctober 31, 1972
All banks...........................................
151 1,264
785 1,145
109
98
89 12,603
81
128
376
136
103
41
254
703
113
67
7
22
79
3
3
1
16
68
12
1
7
167
80 1,480
3 1,175
2,949
6,833
3
26
4
17
( 2)
42
114
54
16
55
24
13
23
41
1
2
1
196
2,992
538
12
16
18
76
92
192
43
112
114
44
111
216
7
5
35
5
2
21
1
519
4
835
8 1,226
(2)
14
3
53
16
22
270
244
455
8
36
2
27
11
5
254
110
38
131
121
29
152
97
53
16
7
3
23
3
1
4 1,846
34
447
141
5
4
3
12
2
4
131
109
54
55
54
29
157
201
36
12
19
2
26
15
8
531
29
792
1 2,540
4
3,725
83
668
2,077
485
372
121
31
38
5
7
2
14
85
23
18
11
195
647
190
173
59
Philadelphia..................................
73
221
145
2
4
4
1
23
19
Cleveland......................................
R ich m o n d .....................................
A tlan ta...........................................
190
353
611
3
11
6
C hicago.........................................
St. Louis........................................
M inneapolis..................................
616
420
131
Kansas City..................................
D allas.............................................
San Francisco..............................
406
433
126
Size of bank (total deposits in
millions of dollars):
Less than 10.................................
10-50..............................................
50-100............................................
100-500..........................................
Federal Reserve district:
( 2)
( 2)
2
(2)
( 2)
( 2)
384 4,592 5,707 1,509
144
141
46
7
52
( 2)
( 2)
( 2)
4
37
96
( 2)
2
38
( 2)
64
30
5
55 471 323
35 378 343
73 1,096 1,109
215 2,584 3,902
51
477
306
598
76
108
24
( 2)
1 55 1,482 1,375
22 250 157
36
74
79
121
379
380
57
120
330
50
5
7
501 1,144
217 111
41
31
123
85
60
13
9
12 ( 2)
( 2)
( 2)
1
12
11
( 2)
142
232 136
143 197
649 1,652
126
325
94
8
10
( 2)
4
97
10
16
( 2)
167 2,344 2,759 6,598
767
272
41
30
49
83
( 2)
29 447 395 525
7 215 324 321
56 397 913 1,484
75 1,256 1,078 4,184
27
57
149
322
211
41
( 2)
10
(2)
593
103
121
79
561 1,831
186 173
142
47
(2)
( 2)
2
52
13
( 2)
4
( 2)
20
( 2)
( 2)
2
January 31, 1973
All banks...........................................
3,690
27
104
865
944 1,320
229
120
82 12,983
Size of bank (total deposits in
millions of dollars):
Less than 10................................
10-50.............................................
50-100...........................................
100-500.........................................
500 and o v er................................
653
2,114
396
403
124
1
15
1
7
2
2
71
8
17
6
128
512
92
96
37
159
510
132
111
31
270
731
129
149
41
63
115
27
18
5
29
82
3
4
2
193
79 1,555
3 1,028
3,231
6,975
Federal Reserve district:
B o sto n ...........................................
New Y o rk ....................................
Philadelphia..................................
113
198
167
1
2
7
20
9
31
15
68
34
53
44
42
24
69
46
6
4
1
Cleveland......................................
R ichm ond.....................................
A tlanta..........................................
242
242
618
2
2
7
6
15
65
61
204
98
57
104
48
110
194
20
4
61
C hicago.........................................
St. Louis........................................
M inneapolis..................................
561
378
133
9
3
8
2
3
161
52
31
158
136
27
186
151
64
26
7
Kansas C ity..................................
D allas.............................................
San Francisco..............................
4191
503
115
4
82
67
24
112
90
22
122
248
58
50
39
11
1
For notes to Appendix Tables 1-6, see p. 266.
34
( 2)
1
( 2)
26
( 2)
4
63 “ *37
(2)
( 2)
34
( 2)
272
3,171
531
( 2)
( 2)
2
2
17
627
795
22 1,309
( 2)
( 2)
33
(l)
18
168
143
372
267
211
355
144
348
443
4
79
85
( 2)
(2)
30
13
1,791
27
418
125
12
23
( 2)
( 2)
( l)
209
133
13
398
130
44
932
139
66
51
11
165
1
88
130
361
134 213
163 337
189 1,894
44
234
69
7
46
31
2
4
27
527
905
2,513
8
( 2)
( 2)
6
5
2
33
28
13
14
272
APPENDIX TABLE 7
INSURED COMMERCIAL BANKS CHANGING THE MOST COMMON RATE PAID ON NEW TIME AND SAVINGS DEPOSITS, IPC, BETWEEN
OCTOBER 31, 1972, AND JANUARY 31, 1973
Time deposits in denom inations o f—
$100,000 o r m ore
Less than $100,000 m aturing in—
Savings
G ro u p
All
size
groups
Size o f bank
(total deposits
in millions
o f dollars)
N um ber o f issuing banks
January 31, 1973.............
13,254
12,564
100
and
over
690
U nder
100
12,813
12,123
100
and
over
690
All
size
groups
Size o f bank
(total deposits
in millions
o f dollars)
U nder
100
12,648
11,977
All
size
groups
100
and
over
671
Size o f bank
(total deposits
in millions
o f dollars)
U nder
100
11,122
10,469
All
size
groups
100
and
over
652
Size o f bank
(total deposits
in millions
o f dollars)
U nder
100
3,101
100
and
over
All
size
groups
Size o f bank
(total deposits
in millions
o f dollars)
U nder
100
100
and
over
445
3,686
3,163
523
100.0
100.0
100.0
100.0
PERCENTA G E D IST R IB U T IO N O F N U M B ER O F BANKS IN G R O U P*
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
N o change in rate,
Oct. 31-J a n . 3 1 ...............
9 5 .4
9 5 .2
97.1
95.6
95.8
92.8
94.6
94.9
90.1
94.5
94.7
9 2.0
48.0
52.0
24.3
51.4
53 .4
38.8
2.1
6 .9
2 .4
2 .3
4 .4
33.8
28.1
67.6
28.9
25.7
48.7
.i
.4
1.6
.5
.6
.1
5 .6
(2). i
.1
.5
.5
(2). ,
2 .2
(2). ,
2.1
.2
3.2
( 2)
1.2
2.3
9 .9
6 .9
9 .0
2 .2
1.1
.9
.1
.2
.1
1.1
2 .0
8 .4
5 .0
7 .6
1.6
1.2
.9
.1
.2
1.8
4.5
18.6
18.3
17.0
5 .6
.9
.7
.2
.1
1.8
3 .0
8 .0
5 .8
6 .3
2 .6
.3
.3
.2
.6
1.7
2 .9
7 .4
4 .8
5 .2
2 .4
.3
.3
.2
.7
Banks raising ra te ...............
New m ost com m on
ra te 1 (per cen t):
7 5(1 nr
3 51-4 00
4 01-4 50
.........
4.51 5 .0 0 .....................
5 01 5 25
...............
5 .2 6 -5 .5 0 .....................
5.51 5 .75 ...................
5 .7 6 6.0 0 ...................
6 .0 1 -6 .2 5 .....................
6 .2 6 6 .5 0 .....................
6.51 6.75 ...................
6 .7 6 -7 .0 0 .....................
7 01—7 50
7 si a nn
8.01—R. 50.....................
3 .4
3.5
2 .5
.1
7
2 .7
.1
7
2 .7
2 .4
2 .0
1.7
6.4
2.3
( 2)
1.9
( 7 .7
6 .4
(2 ). i
.4
i .8
.1
.6
2 .2
4 .2
11.7
12.0
13.1
3 .7
.2
.4
.6
1973
100.0
□ APRIL
100.0
BULLETIN
T o tal...............................
RESERVE
2,656
FEDERAL
U nder
100
All
size
groups
Size o f bank
(total deposits
in millions
o f dollars)
All other
Negotiable C D ’s
2 years and over
1 up to 2 years
Less than 1 year
Banks introducing new in
strum ent ........................
M ost com m on r a te 1
(per cent):
4.0 0 or less..................
4 .0 1 -4 .5 0
4 .5 1 -5 .0 0
5 .0 1 -5 .2 5
5 .2 6 -5 .5 0
5 .5 1 -5 .7 5
5 .7 6 -6 .0 0
6 .0 1 -6 .2 5
6 .2 6 -6 .5 0
6 .5 1 -6 .7 5
6 .7 6 -7 .0 0
7 .0 1 -7 .5 0
7 .5 1 -8 .0 0
8 .0 1 -8 .5 0
1.1
1.1
( 2)
1.1
1.6
1.5
.2
.2
.2
(2).7
.3
( 2)
1.0
.3
(2)
(2)
1 .0
.3
(2)
2 .0
.2
.2
1.3
1.4
1.5
1.5
(2)
.2
.2
( 2)
( 2)
1.2
(2)
(2)
1.3
.2
.2
( ? .3
i.’3
5 .9
6 .0
5 .8
6.7
6.6
7.9
.5
1.1
.9
1.6
.7
.9
.3
.3
1 .2
.2
1.7
1 .0
.9
.9
.3
.2
.1
1.1
.2
1.7
.9
1.0
1.0
.3
.6
1.4
1.7
.6
1.6
1.8
.2
2 .3
13.0
14.3
4.7
.2
1.3
2 .0
2.1
1.7
.5
3 .7
.1
.7
.2
1.5
2 .2
2 .4
1.9
.4
4 .2
.1
.9
( 2)
( 2)
.9
1.7
.8
.3
(2)
♦ Shaded areas indicate th a t rates shown in the stub are higher
than the m axim um permissible rate on the various instruments.
1 F o r description o f m ost com m on rate, see N ote to Table 2,
p. 265.
2 .3
( 2)
1.0
.3
” .V
( 2)
2.3
(2)
(2)
(2)
(2)
.1
2 .2
.3
(2)
2 .2
2 Less than 0.05 per cent.
N ote.—This table was compiled by comparing rates as reported
by the sample banks that had these types o f deposits outstanding
on O ctober 31,1972, with the rates reported by the same banks on
(2). i
1 .0
1.1
1.6
.4
.9
.4
.1
.1
(2)
"i.’o
1.2
1.6
.3
.9
.5
.2
.1
.2
.2
1.9
12.3
14.0
.5
1.4
.1
.1
1.8
1.9
2.1
2 .2
3.1
.7
.1
.1
.1
(2)
2.1
2 .2
2 .3
2.5
3.5
.8
.1
.1
.2
.2
January 31, 1973. The table excludes banks th at issued these types
o f deposits on October 31, but no longer issued them on January
31. Percentages may not add to totals because o f rounding.
273
1.2
CHANGES IN TIME AND SAVINGS DEPOSITS
Banks reducing r a te ...........
New m ost com m on
r a te 1 (per cent):
3 .50 o r less..................
3 .5 1 -4 .0 0
4 .0 1 -4 .5 0
4 .5 1 -5 .0 0
5 .0 1 -5 .2 5
5 .2 6 -5 .5 0
5 .5 1 -5 .7 5
5 .7 6 -6 .0 0
6 .0 1 -6 .2 5
6 .2 6 -6 .5 0
6 .5 1 -6 .7 5
6 .7 6 -7 .0 0
7 .0 1 -7 .5 0
7 .5 1 -8 .0 0
8 .0 1 -8 .5 0
rv>
APPENDIX TABLE 8
INSURED COMMERCIAL BANKS CHANGING THE MOST COMMON RATE PAID ON NEW TIME AND SAVINGS DEPOSITS, IPC, BETWEEN JULY 31
AND OCTOBER 31, 1972
Time deposits in denom inations o f—
$100,000 o r m ore
Less than $100,000 m aturing in—
Savings
Less than 1 year
1 up to 2 years
All
size
groups
Size o f bank
(total deposits
in millions
o f dollars)
U nder
100
N um ber o f issuing banks,
O ctober 31, 1972.............
13,062
12,391
100
and
over
671
All
size
groups
Size o f bank
(total deposits
in millions
o f dollars)
Under
100
12,499
11,828
100
and
over
671
All
size
groups
Size o f bank
(total deposits
in millions
o f dollars)
U nder
100
12,305
11,657
Negotiable C D ’s
2 years and over
G ro u p
All
size
groups
100
and
over
648
Size o f bank
(total deposits
in millions
o f dollars)
U nder
100
10,927
10,304
All
size
groups
100
and
over
622
All other
Size o f bank
(total deposits
in millions
o f dollars)
U nder
100
All
size
groups
100
and
over
Size o f bank
(total deposits
in millions
o f dollars)
U nder
100
100
and
over
2,808
432
3,572
3,072
500
100.0
100.0
100.0
100.0
100.0
100.0
3,240
PERCENTA G E D ISTR IB U TIO N O F N U M B ER O F BANKS IN G R O U P*
T otal.
N o change in rate,
July 31-O c t. 31, 1972.
Banks raising ra te ..........
New m ost com m on
r a te 1 (per cen t):
3 .5 0 o r less..............
3 .5 1 -4 .0 0
4 .0 1 -4 .5 0
4 .5 1 -5 .0 0
5 .0 1 -5 .2 5
5 .2 6 -5 .5 0
5 .5 1 -5 .7 5
5 .7 6 -6 .0 0
6 .0 1 -6 .2 5
6 .2 6 -6 .5 0
6 .5 1 -6 .7 5
6 .7 6 -7 .0 0
7 .0 1 -7 .5 0
7 .5 1 -8 .(X )
8 .0 1 -8 .5 0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
97.9
97.9
9 8 .0
95.3
96.1
82.3
94.6
95.2
84.0
91.4
91.7
86.4
46.9
50.4
24.5
48.3
50.2
37.0
1.3
1.3
1.9
2.0
1.3
14.5
3.3
2.8
12.4
3.2
2 .8
9.5
25.2
19.3
63 .4
24.7
21.0
4 7.8
( 2)
1.3
1.3
.1
1.8
( 2)
.2
1.8
(2).>
1.2
1.0
13.5
( 2)
1.0
(2).3
2 .4
1.1
7 .4
6 .4
5.7
4 .6
4 .4
2 .0
.7
.1
.3
.1
.1
3 .4
3.6
3.6
4 .6
2 .0
.5
.1
.4
.1
.1
.7
25 .4
19.1
10.9
3.1
2.1
1.9
.2
.5
6 .8
4 .4
3.8
1.8
4 .8
.4
( 2)
.9
.5
.9
.4
5 .2
3 .2
3 .0
1.1
5 .2
.3
1.2
17.1
11.8
8.8
5 .9
2 .3
(2>.3
.3
2.7
.1
1.8
.5
10.0
.1
( 2)
.4
2.7
(? .o
.6
1.1
.7
.1
.4
.2
.1
.4
.2
.7
( 2)
3 .0
.1
.6
2 .2
(2)
2 .0
.1
.4
1.4
.1
.4
1.5
1.4
( 2)
8
( ? .3
.1
.6
( 2)
1.3
.1
2.5
1.6
1.5
.5
.3
1.1
.5
( 2)
3.8
( 2)
3.9
1 .5
( 2)
.4
2 .0
.5
2 .9
.6
3 .0
2 Less than 0.05 per cent.
N ote.—This table was compiled by comparing rates as reported
by the sample banks that had these types o f deposits outstanding
on July 31, 1972, with the rates reported by the same banks on
2.1
10.1
10.3
.2
.2
6 .0
1.2
1.6
.4
.1
.2
.1
.2
.1
.2
.2
6 .2
1.1
1.6
17.8
20 .0
.2
1.2
9 .0
.7
1.7
1.0
2 .3
.3
.3
.3
.2
1.3
10.3
.8
1.8
1.0
2 .6
.4
.4
.3
.9
.3
8.5
12.9
13.2
.5
4 .7
1.5
1.2
.7
(J). t
2.5
4 .2
.6
2 .0
.6
2 .6
.1
2.8
4.1
.3
2.2
.7
2.9
.1
.2
.1
.2
.1
10.9
( 2)
3.7
14.0
15.6
4 .3
1.0
.2
4.9
.5
2 .0
1.1
5.3
.6
DEPOSITS
1.9
* Shaded areas indicate th a t rates shown in the stub are higher
than the maximum permissible rate on the various instruments.
1 F o r description o f m ost com m on rate, see N ote to Table 3,
p. 265.
.1
October 31, 1972. The table excludes banks that issued these
types o f deposits on July 31, but no longer issued them on October
31. Percentages may not add to totals because o f rounding.
275
.6
IN TIME AND SAVINGS
Banks introducing new
in stru m e n t................
M ost com m on r a te 1
(per cent) :
4 .0 0 o r le ss..............
4 .0 1 -4 .5 0
4 .5 1 -5 .0 0
5 .0 1 -5 .2 5
5 .2 6 -5 .5 0
5 .5 1 -5 .7 5
5 .7 6 -6 .0 0
6 .0 1 -6 .2 5
6 .2 6 -6 .5 0
6 .5 1 -6 .7 5
6 .7 6 -7 .0 0
7 .0 1 -7 .5 0
7 .5 1 -8 .0 0
8 .0 1 -8 .5 0
.7
CHANGES
Banks reducing ra te ...........
New m ost com m on
ra te 1 (per cent):
3 .5 0 o r le ss..................
3 .5 1 -4 .0 0 .....................
4 .0 1 -4 .5 0 .....................
4 .5 1 -5 .0 0 .
5 .0 1 -5 .2 5 .,
5 .2 6 -5 .5 0 .,
5 .5 1 -5 .7 5 .,
5 .7 6 -6 .0 0 .
6 .0 1 -6 .2 5 .,
6 .2 6 -6 .5 0 .
6 .5 1 -6 .7 5 .
6 .7 6 -7 .0 0 .
7 .0 1 -7 .5 0 .
7 .5 1 -8 .0 0 .
8 .0 1 -8 .5 0 .
Statements to Congress
Statem ent by G eorge W. M itch ell, M em b er,
B oard o f G overnors o f the Federal R eserve
System , before the Subcom m ittee on Financial
Institutions o f the C om m ittee on B a nking,
H ousing and Urban A ffa ir s, f7.S. S enate,
Marc/z 2 / , 7973.
I appreciate this opportunity to present the views
of the Board of G overnors on S. 1008.
The Board w elcom es Chairm an M cIntyre’s
call for a constructive dialogue on the issues
addressed by this legislation: nam ely, extension
of the authority to regulate interest rate ceilings
on deposits and the developm ent of negotiable
orders of w ithdraw al (N O W ’s) for use by sav
ings account custom ers as currently offered by
m utual savings banks in M assachusetts and New
H am pshire. In particular, the appearance of
NOW accounts as a com petitive m utation
som ew here betw een traditional dem and deposits
and savings deposits com pels a reconsideration
of the roles of thrift and banking institutions
in the paym ents m echanism today and in the
future.
First, let me com m ent on Section 1 of S.
1008, which w ould extend for 1 year, through
M ay 31, 1974, the authority granted in 1966
for flexible and coordinated regulation of rates
payable on time and savings deposits. The
Board continues to recom m end that this author
ity be made perm anent. This is not to say that
interest rate ceilings on time and savings depos
its should be forever in place. In m aking the
authority permanent, the Congress would, of
course, enable the regulatory agencies to adjust
or suspend ceilings when conditions warrant.
“NOW” ACCOUNTS
W ith respect to N O W accounts, let me say at
the outset that the present situation, from the
standpoint of the financial institutions that com
pete with m utual savings banks in New H am p
shire and M assachusetts, is an intolerable one.
276
The Board shares the concern of those who feel
that the developm ents in New England have
occurred w ithout the needed guidance from the
Congress to insure com petitive equity.
If they are left to develop w ithout proper
consideration of their com petitive im pact, the
adverse effects of NOW accounts on other in
stitutions could becom e extrem ely serious.
Should this subcom m ittee, and the Congress as
a w hole, find NOW accounts to be a w orthw hile
initiative, then ways m ust be found for an o r
derly phasing-in of sim ilar powers for all finan
cial institutions along with their assum ption of
com parable regulatory constraints.
The Board believes the program I shall out
line below m eets the need for com petitive equity
while still recognizing the desirability of im
provem ents in the banking and m oney services
offered to the A m erican fam ily. C orporations,
governm ents, businesses, foreign institutions,
and nonprofit entities find it more feasible than
individuals to keep surplus funds continuously
invested. By and large, most fam ilies are d e
pendent on the range of services and yields that
depositary institutions are willing and able to
offer them . The B oard’s program would provide
more leeway for com petitive forces to enrich
and extend the services of depositary institu
tions.
At the same tim e, how ever, the public interest
and simple fairness suggest that any such
changes be accom panied by the im position of
com petitive equity in interest rate ceilings, re
serve requirem ents, and tax treatm ent. The
adoption of the legislative proposals I shall
outline could go a long way toward the estab
lishm ent of a firm base for continued evolution
of a banking and financial system geared to the
needs of the econom y.
LEGISLATIVE RECOMMENDATIONS
The Board suggests a three-part legislative pro
gram:
(1) All financial institutions should be au
thorized to offer m oney transfer services on
savings accounts that bear interest and that are
used prim arily for household purposes. These
accounts (“ fam ily accounts” ) would be subject
to regulation by the appropriate Federal regula
tory authorities and to the conditions set forth
in (2) and (3) below .
(2) Fam ily accounts in all financial institu
tions should be subject to identical interest rate
ceilings set by the appropriate Federal regula
tory authorities. This requirem ent applies to all
financial institutions w hether they operate under
Federal or State charter.
(3) All institutions offering family accounts
should be required to m aintain identical reserves
against these accounts with the Federal Reserve
System , in accordance with regulations to be
established by the Board. Lim ited access to the
Federal R eserve’s discount w indow m ight be
provided institutions m aintaining such reserves.
The first recom m endation extends to com
mercial banks, savings and loan associations,
savings banks, and certain other depositary in
stitutions the right to offer their custom ers what
are in effect checking services on savings ac
counts, as this power may be circum scribed by
their respective regulatory authorities. Checking
or transfer privileges for interest-bearing ac
counts should be lim ited, in the first instance,
to accounts owned by individuals. Savings and
loan associations at present have lim ited money
transfer pow ers, but have exercised them very
little. O ther institutions generally have not ac
quired this pow er, though there are some e x
ceptions established by State law.
Under the second recom m endation, the F ed
eral regulatory agencies would establish com
petitive equality am ong various types of institu
tions with respect to the new category of fam ily
accounts. A perm issible interest rate ceiling for
such accounts m ight lie som ew here betw een the
rate currently allow ed on passbook savings ac
counts and the zero level accorded dem and
deposits. The flexibility with regard to interest
rate ceilings w ould allow for an orderly phasing-in of fam ily accounts in institutions choos
ing to offer them .
The regulatory agencies should be given suf
ficient latitude to distinguish accounts affording
instant liquidity in the form of money transfer
facilities from other savings and time deposits
for the purpose of establishing interest rate ceil
ings. Regular savings accounts, at higher inter
est ceilings but w ithout checking or transfer
privileges, would continue to be available to
individuals and others who now may hold such
accounts under existing regulations.
The third recom m endation, relating to reserve
requirem ents, reflects a position the Board has
held for some tim e, nam ely that there be uni
versal applicability of reserve requirem ents e s
tablished by the Federal Reserve to institutions
offering money transfer services.
In part, this recom m endation arises out of the
need for com petitive equity— having all institu
tions that share the same money transfer func
tions also sharing the econom ic burden em bod
ied in the reserve requirem ents set forth by the
Congress in the Federal Reserve Act.
Beyond this, how ever, the m onetary control
exercised through reserve requirem ents should
impinge on all institutions participating in the
N ation’s m onetary processes and m echanism s.
To require the m aintenance of nonearning
reserve assets by only one class of institution—
com m ercial banks that are m em bers of the F ed
eral Reserve System — is not only unfair com
petitively, and, therefore, likely to be less b en
eficial to the public, but it also makes reserve
requirem ents less useful as an instrum ent of
Federal Reserve policy. As the institutional
source of the m oney stock broadens— and it will
if savings institutions continue to move in the
direction indicated by the NOW account— the
reserve base should also broaden, so that m one
tary policy actions can be sm oothly transm itted
through the entire financial system . As it applies
to family accounts, this argum ent would require
that m em ber and nonm em ber com m ercial
banks, as well as thrift institutions, have identi
cal reserve requirem ents.
TRANSITION TO NEW STRUCTURE
If the Congress accepts this principle with re
spect to family accounts, the Board would want
som ewhat greater flexibility in the range of
reserve requirem ents that can, by statute, be
imposed on various types of deposit liabilities.
The statutory range on time deposits— now from
3 per cent to 10 per cent— m ight well be e x
277
278
FEDERAL RESERVE BULLETIN □ APRIL 1973
tended dow nw ard, for instance, so that consid
eration could be given to reducing to m inimal
levels reserve requirem ents on the sm aller per
sonal tim e and savings accounts of the types
now held by banks and thrift institutions. The
new fam ily accounts might bear a reserve re
quirem ent som ew here betw een the present stat
utory m inim um requirem ent on savings ac
counts— 3 per cent— and that on dem and ac
counts— 7 per cent. Com m ercial banks and
thrift institutions would add to their reserve
accounts with the Federal Reserve at this rate
as their fam ily-account business grew.
The transition to this new structure would
require care and time to work out any m onetary
policy effects and to prevent any unfavorable
effects on particular institutions; but, with co
operation on the part of the Federal regulatory
authorities, it could probably be accom plished
w ithout great difficulty.
The Board looks forw ard to the extension of
transfer pow ers to thrift institutions, therefore,
only if there is a corresponding assum ption of
costs and public responsibilities by those insti
tutions. The developm ent of the NOW account
and of sim ilar instrum ents makes it clear that
the need for the Congress to deal with this
question is urgent, even though im plem entation
of any changes the Congress authorizes will
necessarily be gradual.
Paym ents M echanism issued a statem ent in D e
cem ber elaborating on this and other p o in ts.1
Second, even allow ing for the existence of
private clearing arrangem ents, the Board b e
lieves that the public system using check or
electronic transfers of funds from one institution
to another should be such as to insure that the
conditions of entry into a general clearing ar
rangem ent are fair and that equitable treatm ent
is assured for institutions with similar powers
and responsibilities.
Third, the costs of the transfer system and
the benefits of participating in it should be
equitably distributed am ong all of the institu
tions involved and am ong their depositors.
As implied in the foregoing, the Board b e
lieves in com parable treatm ent for institutions
having like pow ers, but the existing situation
fails to m eet this standard. Some institutions,
namely banks that are not m em bers of the F ed
eral Reserve System , have a com petitive ad
vantage. A lthough in most States the nominal
reserve percentage for banks is com parable to
that im posed on m em ber banks, the reserves
required by the States may be carried in the form
of what are effectively earning assets: G overn
ment obligations and correspondent balances.
Reserves m aintained with the Federal R eserve,
on the other hand, are generally nonearning
assets. A lthough nonm em ber banks do not keep
reserves with the Federal Reserve, nevertheless
they are accorded certain Federal Reserve
check-clearing services deem ed essential to the
public’s need for prom pt money paym ent. If,
in the future, extensive checking-account
powers are developed for savings institutions,
the extension of the benefits of the paym ents
m echanism — w hether conventional or elec
tronic— to such institutions, without their as
suming a fair share of the costs, would exacer
bate existing inequities.
THREE GENERAL PRINCIPLES
The B oard’s legislative recom m endations have
been developed while keeping in mind the Fed
eral R eserve’s present responsibilities in operat
ing a clearing system for the handling of checks.
The Federal R eserve regards its role in expedit
ing and accom m odating money transfers as
highly im portant.
The Board believes, first, that so far as public
participation and support are concerned, there
should be a single, integrated nationw ide m ech
anism for efficient transfer of funds. The exist
ing system , using checks and drafts and func
tioning through com m ercial banks and the Fed
eral Reserve B anks, is substantially of that
character. In this connection, the Federal R e
serve’s Steering C om m ittee on Im proving the
BACKGROUND FOR THE EVOLVING
PAYMENTS SYSTEM
D escribing some of the background behind the
principles enum erated above can help indicate
^ ‘Evolution of the Payments Mechanism,” Federal
Reserve B u l l e t i n for December 1972, pp. 1009-12.
STATEMENTS TO CONGRESS
how NOW accounts are related to larger d evel
opm ents in the paym ents system . For some
years concern has been grow ing that the volume
of checks being handled is reaching the point
where our present check-collection and clear
ance system s will soon be inadequate. Last year,
for exam ple, individuals and institutions in this
country wrote som ew hat over 25 billion checks.
Those checks were draw n on 94 m illion ac
counts, with balances aggregating $192 billion.
Seventy-nine per cent of these accounts had
balances of less than $1,000— the average was
$253; nearly all of these accounts were fam ily
or personal accounts.
To process nearly 500 million items w eekly,
about 30 per cent of which flows directly
through Federal Reserve facilities, we have
stepped up check-processing activities, revised
procedures, and installed new electronic-processing and w ire-transfer equipm ent. Yet we
anticipate that in 5 years m oney transfers will
increase about Wi tim es from the levels in 1972.
O bviously, we m ust m ove, and should move
quickly, to a system placing m uch greater reli
ance on the electronic transfer of funds.
Up to now the bulk of the expenditures for
research and developm ent in the paym ents area
has been borne either by the Federal Reserve
or by com m ercial banks. This activity has had
tangible results. In the sum m er of 1970 the
Federal Reserve System opened a new elec
tronic communications center that was equipped
with special-purpose message-switching units
capable of high-speed transmission in order to
provide for the anticipated increases in funds
transfer and in other types of electronic messages.
Individual banks are experim enting with
electronic paym ents system s using term inals in
retail stores that can be activated by plastic
cards. On a m ore com prehensive basis the F ed
eral Reserve has cooperated with banks in
G eorgia and C alifornia in draw ing up plans for
paym ents system s that will m inim ize paper and
em phasize electronics. M ore recently the thrift
industry has begun to consider the im plications
of electronics paym ents. The m utual savings
bank industry last July incorporated M INTS
(M utual Institutions National Transfer System)
as an affiliate of their association.
279
There appears to be no question that this
attention to the future shape of the paym ents
system , shared by the Federal R eserve, is both
necessary and tim ely. The more innovative
thinking that is applied to the problem s involv
ing the paym ents system , the better the ultim ate
solutions will be.
At present there are 183 m illion savings ac
counts at financial institutions, with balances
totaling $396 billion. About 46 per cent of those
accounts are at com m ercial banks, 28 per cent
at savings and loan associations, 12 per cent
at mutual savings banks, and 14 per cent at
credit unions. About 67 per cent of these ac
counts have balances of less than $1,000, and
they average about $205 per account. The bulk
of the m oney in savings deposits, about 79 per
cent, is found in those accounts with balances
between $1,000 and $20,0002.
The institutional shares in savings accounts,
measured by dollars rather than number of ac
counts, are: commercial banks, 30 per cent; sav
ings and loan associations, 47 per cent; mutual
savings banks, 18 per cent; and credit unions, 5
per cent.
T oday, large corporate custom ers m onitor
their dem and balances with great skill, keeping
them just at the levels required to cover credit
availability and the costs of m oney transfer
services they receive. Any additional funds they
have are invested in such assets as Treasury
bills, com m ercial paper, and bank negotiable
certificates of deposit. Individuals, too, have
moved some of their funds from dem and deposit
balances into interest-bearing accounts. They
may want to reduce further the proportion of
their funds that were kept in dem and bal
ances.
Thus, by offering the convenience of NOW
accounts, some mutual savings bankers have
gained an early start in a possible evolution of
the paym ents system that is logical and probably
feasible. They have opened an avenue of explo
2 A tabulation of deposit accounts in financial institu
tions, June 30, 1972, which accompanied the original
statement, is available upon request to Publications
Services, Division of Administrative Services, Board
of Governors of the Federal Reserve System, Washing
ton, D.C. 20551.
280
FEDERAL RESERVE BULLETIN □ APRIL 1973
ration as to what type of deposit account ought
to be available to consumers in coming years,
regardless of present practices.
By building oft past experience, it would be
both prudent and responsive to afford household
savings accounts greater flexibility through
granting the regulatory agencies authority to
approve money transfer arrangements as tech
nology evolves. The proposals set forth above
are consistent with this view.
□
Statem ent by A rth u r F. B u rn s, C h airm an ,
B o a r d of G overnors of the Federal R e serve
S yste m , before the Com m ittee on Banking and
Currency, House of Represen tatives, M arch 30,
1973.
must be to slow down the growth of real output
to a pace that is sustainable over the longer run.
If the rate of real expansion does not moderate
relatively soon, pressures on wage rates and
prices will intensify, imbalances will develop,
and conditions will be fostered that could lead
in time to a downturn in economic activity.
I am convinced that our battle to curb infla
tion and to establish the basis for a lasting
prosperity can be won. Prudent monetary and
fiscal policies are essential to achieving that
objective, and signs are multiplying that such
policies will in fact be followed. The pace of
monetary expansion has moderated significantly
in recent months, and the President has just
reaffirmed his determination to keep Federal
spending within targeted budget levels. In deal
ing with the current inflationary problem, it
would be inappropriate, however, to rely exclu
sively on governmental efforts to moderate the
pace of aggregate demand.
A significant part of the rise in wage rates
and prices over recent years has stemmed from
sources other than the pressures of excess de
mand. The structure of our modern econom y—
in particular, the power of some large corpora
tions and trade unions to raise prices and wage
rates above the levels that would prevail under
conditions of active competition— exposes us to
inflationary troubles that cannot readily be
solved with monetary and fiscal tools alone.
This problem is not confined to the United
States. Other nations are experiencing similar
and, in many cases, more pronounced difficul
ties with cost-push inflation.
The best way to combat inflationary forces
that are structural in origin is to improve the
functioning of labor and product markets so that
wage rates and prices of commodities and ser
vices behave more nearly as they would in a
freely competitive system. Such improvements
I am pleased to appear before this committee
in my capacity as Chairman of the Committee
on Interest and Dividends. In that capacity I
have certain responsibilities under the Economic
Stabilization Act. Let me therefore state at the
outset that I strongly support extension of the
Act for another year.
Our economy is experiencing at present a
robust upsurge in production and employment.
Over the past year industrial output has risen
by 10 per cent, and 2 Vi million additional per
sons have found employment in our Nation’s
factories, shops, service enterprises, and gov
ernmental offices. These gains in employment
and production have reduced substantially the
margins of unused labor and capital. Skilled
labor is already in relatively short supply in
some lines of activity, and many manufacturing
plants are now operating at or near their practi
cal capacity. Increasing numbers of business
firms are experiencing delays in the delivery of
raw materials or component parts; and in some
industries, inventories of finished goods have
been reduced below desired levels by surging
customer demands.
We may reasonably expect the expansion of
real output to continue over the months imm e
diately ahead in response to the rapid pace of
consumer spending and to business demands for
additional inventory and for increased long-term
capital investment. A continuing expansion in
output and employment is needed if we are to
make further progress, as I believe we w ill, in
reducing unemployment. Nevertheless, a major
objective of monetary and fiscal policies in 1973
STATEMENTS T O CONGRESS
in our economy are badly needed, but the path
to meaningful reform is long and arduous. I
reluctantly conclude, therefore, that there is
need for continuing legislative authority to per
mit some direct controls over wages and prices.
Our efforts to curb upward wage and price
pressures through direct governmental interven
tion have undergone a natural evolution since
August 1971. First came the shock therapy of
a virtually complete wage-price freeze; next
came a phase in which most sectors of the
nonfarm economy were subjected to mandatory
controls and explicit requirements with regard
to prenotification, reporting, and policing; fi
nally, the program was altered to allow greater
freedom in private decision-making and to place
more reliance on self-discipline in abiding by
rules of appropriate behavior.
A gradual move toward greater flexibility
was, I believe, a necessary and desirable char
acteristic of the control program, and the
Congress acted w isely in providing the broad
legislative authority that would allow the pro
gram to respond to changing economic condi
tions. With the passage of time, any rigid sys
tem of controls leads to some economic ineffi
ciency and distortion, to some misallocation of
resources, to increasing administrative burdens,
and to growing inequities. In the end incentives
to constructive innovation and enterprise are
damaged, and the basis for economic prosperity
may be seriously weakened.
Recent sharp increases in major price indexes
have given rise to concern that the move to
Phase III in early January was inappropriately
timed and perhaps unjustified. A careful reading
of recent price movements, however, indicates
that much of the recent worsening in the rate
of inflation is not really connected with the
transition from Phase II to Phase III. By far
the most disturbing development has been the
skyrocketing cost of meats, grains, and other
food products. These increases have reflected
special factors. The demand for foodstuffs has
expanded sharply both here and abroad during
the past year, while supplies have been adverse
ly influenced by weather conditions. Sim i
larly, the sharp rise over recent months in prices
of internationally traded commodities, espe
cially industrial materials, stems from world
281
wide shortages of supply relative to burgeoning
world demand. The recent devaluation of the
dollar will undoubtedly bring some further in
creases in the prices of imported goods.
The administration has already taken a
number of steps to relieve upward price pres
sures on strategic commodities, and further
measures are being considered by the Cost of
Living Council. Import restrictions have been
eased for meats and fuel, substantial sales from
the Government’s stockpile of materials are
being planned, and farmers have been en
couraged to expand their plantings of crops and
their grazing operations. The production of
wheat, soybeans, and feed grains should, there
fore, be substantially larger this year, and once
prices of animal feeds ease, meat supplies will
also tend to expand. M eanwhile, the ceiling on
meat prices announced last evening by the
President will help tremendously in curbing the
rise in food prices. The index of food prices
will therefore taper off although some increases
in the prices of consumer foods may still occur
over the next few months.
In my judgment the doubts that are now being
expressed about Phase III cannot be resolved
by focusing attention on the behavior of prices
during the past 2 or 3 months. Nor will the
effectiveness of Phase III in moderating
cost-push pressures on prices be indicated con
clusively by the behavior of prices— either at
the consumer or wholesale level— over the next
month or two. The critical questions about
Phase III are these: Will it succeed in holding
down wage gains in major bargaining contracts
to reasonable amounts this year? Will the pace
of wage rate increases in nonunionized indus
tries conform to the guidelines? Will increases
in the prices charged by large firms be held
within limits that are clearly justified by rising
costs? These questions cannot be answered
confidently at present.
I would urge the Congress, therefore, not to
write into the Economic Stabilization Act a
specific form of control for this or that sector
of the economy in which price behavior is most
troublesome at the moment. It would be wiser
to maintain flexibility in the legislative mandate
so that new factors and conditions may be dealt
with administratively as they emerge. I believe
282
FEDERAL RESERVE BULLETIN □ APRIL 1973
also that administrative flexibility is by far the
best course in the field of interest rates, which
up till now have been subjected to restraints
under the voluntary program supervised by the
Committee on Interest and Dividends.
Since its inception, the efforts of the com mit
tee to hold down interest rates have focused on
institutional lending rates, often termed “ ad
ministered” rates. These interest rates are ad
ministered in the sense that they change on the
basis of institutional decisions. Traditionally,
they have been less volatile than market interest
rates. One reason for the smaller fluctuation of
institutional rates is that to some degree they
reflect relatively inflexible costs— items such as
overhead, advertising, and rates of return paid
on some types of funds. Another reason is that
the policies of institutional lenders commonly
reflect longer-run considerations, such as the
maintenance of favorable relationships with
their borrowing customers.
Institutional lending rates must be distin
guished sharply from the interest rates that are
set in the open and highly competitive market
for securities. In this market interest rates
change continuously in response to the shifting
needs, preferences, and attitudes of large
numbers of individual lenders and borrowers.
In the upward phase of the business cycle,
market interest rates usually tend to rise as credit
demands grow, particularly when inflationary
expectations are being generated by advances
in costs and prices. In a weakening econom y,
on the other hand, market interest rates tend to
fall.
Short-term market interest rates, after rising
about 2 percentage points in the course of 1972
from their lows early in the year, have increased
from 1 to 1 Vz percentage points further thus far
in 1973. These increases reflect the vigor of the
recent expansion of our economy and the greatly
increased demand for money and credit accom
panying this expansion. Longer-term market
interest rates— those on corporate, State, mu
nicipal, and Treasury securities— have shown a
much less marked upward movement; they were
essentially stable during 1972, on balance, and
have risen by less than one-half percentage point
so far this year. Moreover, interest rates of all
types— short as well as long, market as well
as institutional— are still well below the peaks
reached in 1969 and early 1970.
The Committee on Interest and Dividends
realized from the start that it would be both
fruitless and counterproductive to attempt to
interfere with market interest rates. Any effort
to keep such rates artificially low in a strong
economy could have disastrous inflationary
consequences. For the only means of balancing
supplies of lendable funds with the demands for
them, in such an environment, would be to keep
creating additional supplies of credit through
monetary expansion. Hence, the committee has
not sought to influence market interest rates in
any way. The committee has, however, devoted
close attention to institutional interest rates, and
has worked energetically to see that rates set
administratively by our lending institutions are
kept at the lowest practicable levels consistent with
the movements in market rates generally.
The com m ittee’s initial objective was to en
courage financial institutions to reduce lending
rates more promptly than in the past as the cost
of funds to the institutions declined. This was
consistent with the philosophy of the econom ic
stabilization program, which called on all seg
ments of our society— business firms and wage
earners alike— to forego for the sake of the
general welfare some of the earnings that they
might otherwise have realized. More recently,
as short-term market rates have surged upward,
some institutional lenders— particularly the
larger banks— have found the cost of the funds
that they acquire, as well as the general cost
of their operations, going up sharply. But the
main principle that needs to be observed by the
financial institutions in the new situation re
mains unchanged: any increase in interest rates
on their loans should be fully justified by the
costs that the institutions incur in obtaining
lendable funds.
The committee has stressed from the begin
ning the importance of holding down the interest
rates that matter most to American families—
that is, the rates paid for home mortgage loans
and consumer credit. The committee has also
urged banks to exercise restraint in adjusting the
interest rate charged on loans to prime business
customers since this rate tends to influence—
especially in the larger banks— the entire lend
STATEMENTS TO CONGRESS
ing rate structure. On February 23 the com m it
tee specifically suggested that increases in inter
est rates on business loans should be decidedly
less than for open market rates; that adjustments
should be delayed until it became clear that the
increase in open market rates was not merely
a temporary phenomenon; and that, if any rise
in the prime rate occurred, special moderation
should be observed in any adjustments of inter
est rates charged to small businesses and farmers
as well as to homebuyers and consumers.
The Committee on Interest and Dividends
recognizes, of course, the need to take account
of changes that occur in the underlying circum
stances of financial markets. In the last week
of 1972 and in February 1973 the prime loan
rate charged by many banks was lifted, first to
6 and then to 6!4 per cent. But short-term
market interest rates were rising still more rap
idly under the pressure of strong short-term
credit demands from business. With the prime
rate lagging behind, virtually all of the enlarged
credit demand fell on banks. Business loans at
banks rose at an extraordinarily rapid rate during
the first 2 months of this year. A sizable part
of this increase represented a diversion of bor
rowing from the commercial paper market. Still,
the basic strength of the demand for business
credit is indicated by an annual rate of expansion
approximating 30 per cent in the combined total
of business borrowing from banks and from the
commercial paper market.
The fact that the prime rate has recently been
below open market rates, therefore, has been
encouraging an excessive and potentially un
healthy expansion of bank credit. The upsurge
in bank lending, moreover, has involved a sub
sidy to large business borrowers, who have been
calling upon banks to honor previous loan com
mitments tied to the prime rate. This has the
effect of funneling credit to the sector that is
especially able to afford higher interest rates in
a period of surging econom ic activity. And if
the increase in bank lending to large corporate
customers lasted many more months, it could
lead to a diversion of bank credit from other
groups— homebuyers, consumers, small busi
nesses, and State and local governments.
My discussions last week with the banks that
had just announced a 6 3A per cent prime loan
283
rate led to a suggestion that would correct this
inequitable situation— namely, the establish
ment of a dual prime rate. One rate would be
applicable to large, widely known corporations
that have access to the national money and
capital market, and this rate could respond flex
ibly to changes in open market rates. Thus, large
businesses would sustain interest costs on bank
loans commensurate with their costs on alterna
tive sources of funds. The prime rate and the
entire structure of rates charged to smaller
businesses, on the other hand, would not move
with the prime rate for large customers. Special
moderation could thus be observed with respect
to loans to smaller businesses, which rely
principally on local banks and have only limited
access to other sources of credit.
As you may know, I have urged bankers to
give prompt consideration to this suggestion as
a way of enabling the credit markets to function
efficiently while still maintaining effective re
straint on the interest rates charged for small
business loans. I have also reaffirmed the great
public importance of continuing to practice
moderation in interest charges to farmers,
homebuyers, and consumers.
Banks appear to be in the process of devel
oping policies in the spirit of the proposal for
a split prime rate. Some banks are considering
plans to offer different prime rates on loans of
different sizes, with one rate for smaller
loans— $350,000 or less, for example— and an
other more flexible rate for loans above that
amount. Other banks are considering the intro
duction of a graduated prime rate, under which
some stated amount of a business loan would
be subject to a specified interest rate and the
excess above this amount would be at the higher
rate generally charged by money market banks.
And still other banks are proposing that one rate
apply to their local customers and the other,
higher rate be charged to customers outside their
community.
The Committee on Interest and Dividends is
looking into these various plans, and its staff
is studying the criteria by which large and small
business borrowers might be differentiated. It
is still too early to judge what can work well
in practice. In the meantime, the banks that had
announced a prime lending rate of 6% per cent
284
FEDERAL RESERVE BULLETIN □ APRIL 1973
have, at our urging, rolled back their prime rate
to 6 V2 per cent.
I am hopeful that a way can be found in the
near future that will permit more flexibility in
the rates charged to large borrowers while
maintaining effective restraint on interest rates
for smaller businesses. An additional principle,
of course, must also be kept in mind. Regardless
of the rates that are charged on very large loans,
considerations of equity will require that the
banks and other institutions continue to extend
adequate credit to homebuyers, smaller busi
nesses, consumers, and farmers.
On balance, I can report to you that the
committee thus far has had a good deal of
success in restraining the upward movement of
institutional lending rates. New data, collected
as a part of the com m ittee’s surveillance pro
gram, show that the rates charged on consumer
loans by banks and finance companies have
changed little or actually declined since January
1972. Rates on bank loans to small businesses
and farmers have increased by less than one-half
per cent over the same period. And rates on
new-home mortgage loans, although they have
drifted gently upward in recent months, remain
slightly below their pre-Phase I levels and sub
stantially below their highs reached in late 1969
and early 1970.
I can report also that adherence to the divi
dend part of the com m ittee’s program of volun
tary restraint has been nearly perfect. In N o
vember 1971 we issued a guideline allowing no
more than a 4 per cent increase per annum in
dividends per share; this percentage limitation
has been extended to cover dividend payments
in 1973. The guideline applies to approximately
7,000 of the larger corporations.
The e x c e lle n t— in d eed , truly extraor
dinary— record of compliance with our volun
tary program on dividends was a major factor
in limiting the increase of total dividend pay
ments by domestic corporations to 3.6 per cent
last year— a percentage substantially below the
increase in most other categories of income.
One of the byproducts of this reduced dividend
payout has been a significant reduction in busi
ness needs for external financing— by some $2
billion last year. As a result, the dividend pro
gram has reduced somewhat the upward pres
sures on interest rates over this period, to the
benefit of business and other types of borrowers
alike.
In view of the exuberant pace of economic
expansion that we are now experiencing, I can
not assure you that interest rates will not move
upward in the months ahead. As I indicated
earlier, it would be very dangerous to try to
prevent increases in those interest rates that are
freely determined in highly competitive mar
kets. Any attempt to do so would, in present
circumstances, simply result in excessive m on
etary expansion and an escalating pace of infla
tion.
I can and do assure you that the committee
will continue to do everything in its power to
see to it that substantial restraint is practiced
by lending institutions with respect to the inter
est rates that bear most directly on our families
and small businesses. I must, however, draw
your attention to the fact that institutional inter
est rates are, by and large, also competitively
determined, so that there is less to be accom
plished by governmental intervention than in the
case of various product and labor markets. You
therefore should not expect more from the
Committee on Interest and Dividends than it,
or any similar group, can usefully accomplish
in practice.
In that context let me counsel strongly against
mandatory controls or ceilings on institutional
lending rates. The inflexibility imposed by a
mandatory program could have the most serious
consequences for the American economy. First,
it could easily lead to a renewed large outflow
of dollars to foreign money markets where
higher interest rates may be obtained. Second,
artificially low interest rates could lead to a
drastic reduction in lending by our financial
institutions to the detriment of all businesses,
homebuyers, and consumers needing credit.
Third, a drying up in institutional sources of
credit would lead to the development of black
markets for credit, where the interest rates de
manded may far exceed the highest we have
experienced at any time in the postwar period.
In short, the financial and economic distortions
that could be caused by interest rate ceilings
far exceed any possible benefits that might be
gained.
STATEMENTS T O CONGRESS
In conclusion, the Committee on Interest and
Dividends has played, and can continue to play,
a supportive role in our current effort to contain
inflation. In waging war against inflation, sacri
fices must be spread as evenly as possible over
the whole of society— including financial insti
tutions. The committee can see to it that finan
cial institutions understand the need to avoid
disproportionate profits at a time when govern
mental policy is striving to restore general price
stability to our troubled econom y. It can see
to it that American fam ilies, small businessmen,
and farmers do not pay excessive rates of inter
est relative to the costs of financial institutions.
It can see to it that dividend recipients share
285
in the moderation of income growth that is
necessary to put our econom y back on a noninflationary footing.
But the role of the committee and, for that
matter the whole effort of the Cost of Living
Council, should not be exaggerated. Success in
dealing with our Nation’s stubborn inflationary
problem depends fundamentally on frugality in
Government expenditures, on appropriate re
straint in the conduct of monetary policy, and
on prudence in the spending behavior of the
private sector. Early extension of the Economic
Stabilization Act will help buttress these funda
mental policies and seems to me an essential
need in the current environment.
□
Record of Policy Actions
o f th e F ed eral O p e n
M a rk et C o m m itte e
Records of policy actions taken by the Federal Open Market
C om m ittee at each m eeting, in the form in which they will appear
in the Board’s Annual Report, are released approximately 90 days
follow in g the date of the m eeting and are subsequently published
in the Federal R eserve B u l l e t i n .
The record for each m eeting includes the votes on the policy
decisions made at the m eeting as w ell as a resume of the basis
for the decisions. The summary descriptions of econom ic and
financial conditions are based on the information that was available
to the Com m ittee at the time of the m eeting, rather than on data
as they may have been revised since then.
P olicy directives of the Federal Open Market Com m ittee are
issued to the Federal R eserve Bank of N ew York— the Bank
selected by the Com m ittee to execute transactions for the System
Open Market Account.
Records of policy actions have been published regularly in the
B u l l e t i n beginning with the July 1967 issue, and such records
have continued to be published in the Board’s Annual Reports.
The record for the m eeting held on January 16, 1973, follow s:
286
MEETING HELD ON JANUARY 16, 1973
Current economic policy directive
The information review ed at this m eeting suggested that growth
in real output of goods and services (real gross national product)
had accelerated appreciably in the fourth quarter of 1972 from an
annual rate of nearly 6.5 per cent in the third quarter. Staff
projections for the first half of 1973 continued to suggest that growth
in real output— w hile slow ing from the high rate that seem ed
indicated for the fourth quarter of 1972— would remain rapid.
In D ecem ber industrial production continued to expand at a fast
pace, and growth from the third to the fourth quarter was substan
tial. Total nonfarm payroll em ploym ent rose little in D ecem ber,
follow in g sizable gains over the preceding 4 m onths. The unem
ploym ent rate, at 5 .2 per cent, was unchanged from Novem ber
but was w ell below the level prevailing from June through October.
A ccording to the advance report, retail sales increased slightly in
D ecem ber after having declined som ewhat in Novem ber; never
theless, sales were considerably higher in the fourth quarter than
in the third.
Average hourly earnings of production workers advanced sharply
in D ecem ber. From August to Decem ber the average rate of gain
was considerably higher than it had been earlier in 1972. W holesale
prices of industrial com m odities increased little in Decem ber, but
those of grains, livestock, m eats, and other farm and food products
rose very sharply, in part because of adverse weather during the
autumn m onths. In N ovem ber, when retail prices of foods had
increased substantially, over-all consumer prices had continued to
rise at about the same average rate as earlier in the year.
The latest staff projections for the first half of 1973 were very
similar to those of 4 w eeks earlier although business fixed invest
ment now was expected to expand at a som ewhat faster pace, as
suggested by the latest Department of Com merce survey of business
spending plans. It was still anticipated that consum ption expendi
tures w ould remain strong, in part because of large refunds of
personal incom e taxes withheld in 1972; that State and local
governm ent purchases of goods and services would continue to
grow rapidly; and that business inventory investm ent would in-
287
288
FEDERAL RESERVE BULLETIN □ APRIL 1973
crease further. The projections also suggested that outlays for
residential construction w ould turn down.
On January 11 the President announced the third phase of the
econom ic stabilization program— which had been inaugurated in
August 1971— and requested legislation to authorize extension of
the program for an additional year in order to reduce inflation,
m inim ize unem ploym ent, and improve the N ation’s com petitive
position in world trade. With respect to inflation, the President
established a goal of a further reduction in the over-all rate of
increase in prices to 2.5 per cent or less by the end of 1973.
U .S . merchandise imports rose appreciably more than exports
in N ovem ber, and the trade deficit increased sharply after a gradual
im provem ent that had begun at midyear. In the fourth quarter the
over-all deficit in the U .S . balance of payments was still substantial,
despite large foreign purchases of U .S . corporate stocks and som e
inflows of liquid funds such as usually occur near the end of the
year. Exchange markets had been quiet in recent w eeks, and rates
for the dollar against m ost other major currencies had changed
little on balance.
At U .S . com m ercial banks expansion in loans outstanding to
businesses slow ed in Decem ber from an exceptionally high rate
in N ovem ber, w hile real estate and consum er loans continued to
grow rapidly. Bank holdings of U .S . Governm ent securities again
increased by substantial amounts in association with two Treasury
financings during the month.
Growth in the narrowly defined m oney stock ( M x) x accelerated
sharply in D ecem ber, after having been moderate on average during
the A ugust-N ovem ber period; over the second half of the year
growth was at an annual rate of about 8.5 per cen t.2 Although
a part of the growth in M x during Decem ber could be attributed
to a large increase in demand deposits of State and local govern
ments follow in g initial distribution of funds under the Federal
C u r r e n c y held outside the T reasury, Federal R eserve B an k s, and the vaults
o f all com m ercial banks, plus dem and d ep osits other than interbank and U .S .
G overn m en t.
2 G row th rates cited are calcu lated on the basis o f the d aily-average level in the
last m onth of the period relative to that in the last m onth o f the p reced in g period.
M oreover, they are based on revised series for the m onetary agg reg a tes, w hich
w ere released to the public in early February.
289
RECORD OF POLICY ACTIONS OF FOMC
revenue-sharing program, expanding transactions dem ands for
m oney associated with the high and rising level of econom ic
activity may have been a major factor.
Inflows of consum er-type time and savings deposits to com m er
cial banks also accelerated in D ecem ber, and the broadly defined
m oney stock (M 2)3 grew much more rapidly than in the im m ediately
preceding months; growth of M 2 over the second half of the year
was at an annual rate of about 11 per cent. U .S . Government
deposits declined in D ecem ber, but the outstanding volum e of
large-denom ination C D ’s increased, and the bank credit proxy4
grew a little more rapidly than in N ovem ber.
Inflows of savings funds to nonbank thrift institutions were
maintained from N ovem ber to D ecem ber, after having moderated
earlier in the fourth quarter, and they remained large by historical
standards. Contract interest rates on conventional m ortgages and
yields in the secondary market for Federally insured mortgages
were again virtually stable in Decem ber.
In capital markets the over-all volum e of new public offerings
of corporate and State and local governm ent bonds was reduced
substantially in Decem ber by the holidays. Although the volum e
was expected to rebound in January, it appeared likely to remain
w ell below the m onthly average for 1972. On D ecem ber 27 the
Treasury announced an auction of a long-term bond in w hich, for
the first tim e, the low est bid price accepted would be the price
on all accepted tenders. In the auction, which was held on January
4 , $625 m illion of a 20-year bond was sold at a price to yield
6 .7 9 per cent. The Treasury was expected to announce on January
31 the terms on which it w ould refund securities maturing on
February 15, including $4 .8 billion held by the public.
System open market operations since the D ecem ber 19 m eeting
had been guided by the C om m ittee’s decision to seek bank reserve
and m oney market conditions that would support slow er growth
in monetary aggregates over the months ahead than appeared to
be indicated for the second half of 1972. Operations had been
:iM x plus tim e and savin gs d ep osits at com m ercial banks other than large-d e
nom in ation certificates o f d ep osits CCD’s).
4D aily -a v era g e m em ber
n on d ep osit sou rces.
bank
d ep o sits,
adjusted
to
include
funds
from
290
FEDERAL RESERVE BULLETIN □ APRIL 1973
directed toward fostering growth in reserves available to support
private nonbank deposits (R P D ’s) at an annual rate within a range
of 4 to 11 per cent in the Decem ber-January period, while avoiding
marked changes in m oney market conditions and taking account
of Treasury financing operations and possible credit market d evel
opm ents.
Early in the inter-meeting period data becom ing available had
suggested that the rate of growth in R P D ’s would be substantially
above the specified range. C onsequently, the System had acted to
restrain expansion in reserves provided through open market
operations— to the extent feasible in light of the even-keel constraint
associated with the Treasury’s auction of the long-term bond— and
m oney market conditions had firmed over the period. The Federal
funds rate had risen to about 5 3A per cent in the days before this
m eeting from around 5 V2 per cent at the time of the preceding
m eeting, and member bank borrowings had increased to an average
of about $ 1 ,2 0 0 m illion in the 4 w eeks ending January 10 from
an average of about $600 m illion in the preceding 4 w eeks. At
the time of this m eeting it still appeared that in the D ecem ber-Jan
uary period R P D ’s would grow at a rate w ell above the specified
range.
Short- and long-term market interest rates in general had risen
m oderately further since the C om m ittee’s m eeting on Decem ber
19. In short-term markets demands for Treasury bills and some
other instruments were strengthened by State and local government
investm ent of receipts from Federal revenue sharing. On the day
before this m eeting the market rate on 3-month Treasury bills was
5 .2 7 per cent, compared with 5. 17 per cent 4 w eeks earlier. In
recognition of the substantial rise in short-term market interest rates
that had occurred over recent months and the sharply increased
level of member bank borrowings, Federal Reserve discount rates
were raised one-half of a percentage point to 5 per cent, effective
January 15.
The Com m ittee agreed that the econom ic situation continued to
call for growth in the monetary aggregates over the months ahead
at slow er rates than those recorded in the second half of 1972.
The members took note of a staff analysis of prospective reserve-d eposit relationships, which suggested that more moderate
rates of monetary growth might be achieved in the January-Feb-
RECORD OF POLICY ACTIONS OF FOMC
ruary period by fostering growth in R P D ’s in that period at an
annual rate within a range of 9 to 11 per cent. In view of the
very rapid monetary expansion in D ecem ber, how ever, the
members concluded that open market operations should be directed
at achieving still greater restraint and that reserve-supplying opera
tions that would result in an easing of m oney market conditions
should be avoided unless the annual rate of RPD growth appeared
to be dropping below 4 .5 per cent. Specifically, they decided that
operations should be directed at fostering RPD growth during the
January-February period within a range of 4 .5 to 10.5 per cent,
w hile continuing to avoid marked changes in m oney market condi
tions. They also agreed that in the conduct of operations account
should be taken of the forthcom ing Treasury financing and possible
credit market developm ents, and that allowance should be made
in operations if growth in the monetary aggregates appeared to
be deviating from an acceptable range. It was understood that the
Chairman might consider calling upon the C om m ittee to appraise
the need for supplementary instructions before the next scheduled
m eeting if significant inconsistencies appeared to be developing
am ong the C om m ittee’s various objectives and constraints.
The follow in g current econom ic policy directive was issued to
the Federal Reserve Bank of N ew York:
The information reviewed at this meeting suggests that real output
of goods and services expanded much more rapidly in the fourth
quarter than in the third quarter, and the unemployment rate de
clined. Wage rates have increased more rapidly in recent months
than earlier in the year. Consumer prices rose considerably again
in November. W holesale prices of farm and food products advanced
sharply in December but those of industrial com modities increased
little. On January 11 the President announced Phase III of the
econom ic stabilization program, which has among its major objec
tives a further reduction in the rate of inflation. The over-all deficit
in the U .S. balance of payments has remained substantial in recent
months, and U .S. merchandise imports rose more than exports in
November.
Growth in the narrowly and broadly defined money stock was
exceptionally rapid in December, after having been moderate on
average during the preceding 4 months. In recent weeks interest
rates on both short- and long-term securities have risen moderately.
291
292
FEDERAL RESERVE BULLETIN □ APRIL 1973
Effective January 15, Federal Reserve discount rates were raised
one-half of a percentage point to 5 per cent.
In light of the foregoing developments, it is the policy of the
Federal Open Market Committee to foster financial conditions con
sonant with the aims of the econom ic stabilization program, includ
ing further abatement of inflationary pressures, sustainable growth
in real output and employment, and progress toward equilibrium
in the country’s balance of payments.
To implement this policy, while taking account of the forthcoming
Treasury financing and possible credit market developm ents, the
Committee seeks to achieve bank reserve and money market condi
tions that will support slower growth in monetary aggregates over
the months ahead than occurred in the second half of last year.
Votes for this action: Messrs. Burns, Brimmer,
Bucher, Coldwell, Daane, Eastburn, MacLaury,
M itchell, Robertson, Sheehan, Winn, and Treiber.
Votes against this action: None.
Absent and not voting: Mr. Hayes. (Mr. Treiber
voted as his alternate.)
Law Department
Statutes, regulations, interpretations, and decisions
RULES OF ORGANIZATION
Effective March 1, 1973, the Board has revised
its Rules of Organization to read as follows:
SECTION 1— BASIS AND SCOPE
These Rules are issued by the Board of Gover
nors of the Federal Reserve System (the “ Board” )
pursuant to the requirement of section 552 of Title
5 of the United States Code that each agency shall
publish in the Federal Register a description of
its central and field organization.
SECTION 2— COMPOSITION AND
LOCATION
(a) G overnors, C hairm an, Vice C hairm an.
The Board consists of seven members appointed
by the President, by and with the advice and
consent of the Senate, for fourteen-year terms. The
members of the Board are required by law to
devote their entire time to the business of the
Board. One of them is designated by the President
as Chairman and one as Vice Chairman, to serve
as such for terms of four years. At m eetings, the
Chairman presides or, in his absence, the Vice
Chairman presides. In the absence of the Chairman
and Vice Chairman, the member of the Board
present with the longest service acts as Chairman.
The Chairman of the Board, subject to its supervi
sion, is its active executive officer. The Board
meets regularly and frequently to consider matters
relating to monetary and credit policies, regulatory
and supervisory duties with which it has been
charged by the Congress, and administrative and
other questions arising in the conduct of the work
of the Board.
(b) L o c a tio n an d b u s in e s s h o u r s . The
principal offices of the Board are in the Federal
Reserve Building, 20th Street and Constitution
Avenue, N .W ., Washington, D. C. 20551. The
Board’s regular business hours are from 8:45 a.m.
to 5:15 p.m . each weekday except Saturday; but
such business hours may be changed from time
to time.
SECTION 3— CENTRAL ORGANIZATION
The Board’s central organization consists of the
members of the Board and the follow ing Offices,
Divisions, and officials:
(a) Office of the Executive D irector is headed
by an Executive Director whose functions include
the coordination and overall planning of the activ
ities of the staff in carrying out the Board’s pro
grams, and the handling of administrative affairs
under the direction of the Chairman of the Board
and other Board members with delegated func
tions. The Executive Director is responsible to the
Board for the direct supervision of the Office of
the Secretary, Division of Personnel Administra
tion, Office of the Controller, Division of Admin
istrative Services, Division of Data Processing,
and for certain special programs. The Director has
administrative and coordination responsibilities for
the Legal Division, Division of Federal Bank
Operations, Division of Research and Statistics,
Division of International Finance, Division of
Supervision and Regulation, and for the Federal
Reserve Labor Relations Panel. In addition, the
Executive Director is concerned with coordination
of the functions of the Board and its Divisions
with the activities of the Federal Reserve Banks,
operating through the appropriate division of the
Board’s staff, and with the Conference of Chair
men of the Federal Reserve Banks, the Conference
*of Presidents of the Federal Reserve Banks, and
other System organizations.
(b) Office of the Secretary, headed by the
Board’s Secretary, coordinates items regarding
Board actions, prepares agendas for Board m eet
ings, and implements actions taken. This Office
clears and conducts official correspondence of the
Board, and is charged with responsibility for
maintaining and providing reference service to the
official records of the Board and of the Federal
Open Market Committee.
(c) Legal D ivision, headed by the Board’s
General Counsel, advises and assists the Board
with respect to legal aspects of its daily operations,
including applicable statutes, regulations, applica
293
294
FEDERAL RESERVE BULLETIN □ APRIL 1973
tions, interpretations, opinions, orders, hearings,
litigation, and legislation.
(d) D ivision of R esearch and Statistics,
headed by a Director, provides the Board and the
Federal Open Market Committee with the ec o
nomic analysis and information needed for current
operations, for the formulation of monetary and
credit policies, and for the exercise of respon
sibilities with regard to bank regulation; prepares,
publishes, and interprets a variety of statistical
series in the financial and nonfinancial fields; con
ducts basic research relating to the effects of mon
etary policy on econom ic activity and prices, and
to the effects of financial regulation on the structure
and functioning of financial markets.
(e) D ivision of International F inance, headed
by a Director, advises and assists the Board on
international financial, banking, and econom ic
matters and conducts research in this field. It
carries on staff work in connection with the super
vision of foreign operations of the Federal Reserve
System, the membership of the Chairman of the
Board on the National Advisory Council on Inter
national Monetary and Financial Policies, and the
administration of the Voluntary Foreign Credit
Restraint Program.
(f) D ivision of Federal R eserve Bank O pera
tions, headed by a Director, advises and assists
the Board with respect to matters concerning the
planning and programs for operation of the Federal
Reserve Banks. The Division monitors the im ple
mentation and achievement of such programs and
informs the Board of the status of each program.
It is responsible for the examination of the Federal
Reserve Banks and the System Open Market A c
count; reviews and appraises Reserve Bank audit
activities; provides an appraisal of Reserve Bank
building programs; provides analysis and recom
mendations for Board policy in the payments
mechanism area; administers an accounting system
for collection and analysis of budget and expense
data; reviews the lending and credit activities of
the Reserve Banks; and maintains liaison with the
Treasury and other Government agencies on fiscal
agency operations and with various interested par
ties on payments mechanism matters. The Division
also coordinates the printing, issuance, and re
demption of Federal Reserve notes and is jointly
responsible with the Bureau of the Mint for the
production and distribution of coin.
(g) Division of Supervision and R egulation,
headed by a Director, coordinates the bank super
visory functions of the System and evaluates the
examination procedures of the Reserve Banks;
exercises general supervision of the commercial
and fiduciary activities of State member banks;
administers the supervisory features of laws and
regulations relating to affiliates and bank holding
companies; supervises various foreign banking
activities of member banks and foreign banking
and financing corporations; administers the public
disclosure provisions of the Securities Exchange
Act of 1934, as amended, in their application to
State member banks, and the provisions of the Act
giving responsibility to the Board for regulating
security credit transactions; drafts regulations pur
suant to the Truth in Lending Act for financial
institutions and other firms engaged in consumer
lending and administers the regulations in their
application to State member banks; administers the
provisions of the Fair Credit Reporting Act, the
Currency and Foreign Transactions Reporting Act,
and the Civil Rights Act of 1968 in their applica
tion to State member banks; processes and presents
to the Board applications filed pursuant to the Bank
Holding Company Act of 1956, as amended, and
the Bank Merger Act and various other applica
tions submitted under the provisions of the Federal
Reserve Act or related statutes; and advises the
Board regarding developments in banking and
bank supervisory policies and procedures.
(h) D ivision of P ersonnel A dm inistration,
headed by a Director, is responsible for the devel
opment and implementation of Board personnel
policies and programs, serves as the Board’s per
sonnel security office, and advises and assists the
Board on personnel matters pertaining to the Fed
eral Reserve Banks.
(i) D ivision of A dm inistrative Services,
headed by a Director, serves as the central pro
curement, duplicating, communications, and serv
ice unit of the Board and advises and assists the
Board with respect to such matters. It also per
forms various administrative functions, including
the distribution of Board publications and the
operation of the Board’s building and other facili
ties.
(j) Office of the C ontroller, headed by the
Board’s Controller, is responsible for maintaining
an effective internal financial management system,
including budgeting, accounting, reporting, inter
nal and contract auditing, and operational analy
ses; determining assessments on the Federal Re
serve Banks for funds to cover expenses of the
Board; receiving and disbursing the Board’s funds;
and handling reimbursement to the Treasury
Department for the printing, issuance, and re
demption of Federal Reserve notes.
(k) D ivision of D ata P rocessing, headed by a
Director, supports the Board organization through
LAW DEPARTMENT
the development, operation, and maintenance of
information processing systems. Activities include
systems and mathematical statistical analysis,
computer programming, equipment operation,
data and production control, advanced planning
and implementation of computer systems and
communication networks. The Division develops,
collects, and processes statistical information on
banking developments and on the condition of
Federal Reserve Banks and member banks; and
designs and produces graphics used in econom ic
analysis and information presentation.
(1)
O ther p ersonnel. In addition to the D ivi
sions mentioned above, the staff of the Board
includes Advisers, Assistants, and Special A ssis
tants to the Board. The Federal Reserve B u l l e t i n
is issued monthly under the direction of a Staff
Editorial Committee. The Board does not employ
administrative law judges or hearing officers as
regular members of its staff; but, in accordance
with applicable provisions of law and in individual
cases as the need may arise, the Board obtains
and utilizes administrative law judges and hearing
officers, whose functions in such capacity are
appropriately separated, as required by law, from
investigative and prosecuting functions of the
staff.
SECTION 4— FIELD ORGANIZATION
295
the appropriate district or a branch thereof, and
the Board requests all persons to follow this pro
cedure.
(b)
Federal R eserve A gents. Each Federal
Reserve Bank has nine directors, three of whom
are appointed by the Board. One of the directors
appointed by the Board is designated by the Board
as Chairman of the Board of Directors of the Bank
and as Federal Reserve Agent. He acts as the
Board’s official representative and maintains a
local office of the Board on the premises of the
Federal Reserve Bank.
SECTION 5— DELEGATIONS OF
AUTHORITY
The Board does not delegate any of its functions
relating to rule-making or pertaining principally
to monetary or credit policies or involving any
questions of general policy. However, the Board
delegates certain of its supervisory and other
functions prescribed by statute or regulations of
the Board to its members or em ployees or to the
Federal Reserve Banks as provided in its Rules
Regarding Delegation of Authority (12 CFR 265).
In addition, the Board delegates to the Federal
Reserve Banks certain functions not provided for
by statute or regulations of the Board, including
authority to extend the time within which certain
transactions may be consummated.
(a)
Federal R eserve Banks. The United States
is divided into twelve Federal Reserve districts.
RULES OF PROCEDURE
In one city in each Federal Reserve district there
is located a Federal Reserve Bank; in ten of the
Effective March 1, 1973, the Board has revised
districts there are one or more branches of the
its Rules of Procedure to read as follows:
Federal Reserve Bank in other cities; and in some
SECTION 2 6 2 .1 — BASIS AND SCOPE
districts there are offices or facilities with special
ized functions. Each Federal Reserve Bank is a
This Part is issued pursuant to section 552 of
Title 5 of the United States Code, which requires
separate legal entity, created pursuant to the Fed
eral Reserve Act and operating under the general
that every agency shall publish in the Federal
supervision of the Board. The locations of the
Register statements of the general course and
twelve Federal Reserve Banks and the twenty-four
method by which its functions are channeled and
branches and the boundaries of the Federal R e
determined, rules of procedure, and descriptions
serve district and branch territories are shown in
of forms available or the places at which forms
the Appendix. Each Federal Reserve Bank, in
may be obtained.
addition to its other duties, carries out local func
SECTION 2 6 2 .2 — PROCEDURE FOR
tions for the Board pursuant to instructions of the
REGULATIONS
Board, and in many matters acts as the Board’s
field representative in the Bank’s district. Each
(a)
N otice. Notices of proposed regulations of
Reserve Bank assists in the regional administration
the Board of Governors of the Federal Reserve
of the Board’s regulations and policies, keeps the
System (the “ Board” ) or amendments thereto are
Board informed of local conditions, and recom
published in the Federal Register, except as speci
mends such actions as it thinks appropriate in
fied in paragraph (e) of this section or otherwise
particular cases. In general, persons concerned
excepted by law. Such notices include a statement
with Federal Reserve matters should deal in the
of the terms of the proposed regulations or
first instance with the Federal Reserve Bank of
amendments and a description of the subjects and
296
FEDERAL RESERVE BULLETIN □ APRIL 1973
issues involved; but the giving of such notices does
not necessarily indicate the Board’s final approval
of any feature of any such proposal. The notices
also include a reference to the authority for the
proposed regulations or amendments and a state
ment of the time, place, and nature of public
participation.
(b) Public participation. The usual method of
public submission of data, view s, or arguments
is in writing. It is ordinarily preferable that they
be sent to the Secretary of the Board, Washington,
D. C. 20551, with copies to the appropriate Fed
eral Reserve Bank. The locations of the twelve
Federal Reserve Banks and the boundaries of the
Federal Reserve districts are shown in the Appen
dix to the Board’s Rules of Organization. Such
material will be made available for inspection and
copying upon request, except as provided in §
261.6(a) of this chapter regarding availability of
information.
(c) Preparation of draft and action by B oard.
In the light of consideration of all relevant matter
presented or ascertained, the appropriate division
of the Board’s staff, in collaboration with other
divisions, prepares drafts of proposed regulations
or amendments, and the staff submits them to the
Board. The Board takes such action as it deems
appropriate in the public interest. Any other docu
ments that may be necessary to carry out any
decision by the Board in the matter are usually
prepared by the Legal Division, in collaboration
with the other divisions of the staff.
(d) Effective dates. Any substantive regulation
or amendment thereto issued by the Board is
published not less than 30 days prior to the effec
tive date thereof, except as specified in paragraph
(e) of this section or as otherwise excepted by law.
(e) E xceptions as to notice or effective date.
In certain situations, notice and public partici
pation with respect to proposed regulations may
be impracticable, unnecessary, contrary to the
public interest, or otherwise not required in the
public interest, or there may be reason and good
cause in the public interest why the effective date
should not be deferred for 30 days. The reason
or reasons in such cases usually are that such
notice, public participation, or deferment of effec
tive date would prevent the action from becoming
effective as promptly as necessary in the public
interest, would permit speculators or others to reap
unfair profits or to interfere with the Board’s
actions taken with a view to accommodating com
merce and business and with regard to their bear
ing upon the general credit situation of the country,
would provoke other consequences contrary to the
public interest, would unreasonably interfere with
the Board’s necessary functions with respect to
management or personnel, would not aid the per
sons affected, or would otherwise serve no useful
purpose. The follow ing may be mentioned as some
examples of situations in which advance notice or
deferred effective date, or both, will ordinarily be
omitted in the public interest: The review and
determination of discount rates established by
Federal Reserve Banks, and changes in general
requirements regarding reserves of member banks,
maximum interest rates on time and savings de
posits, or credit for purchasing or carrying securi
ties.
SECTION 26 2 .3 — APPLICATIONS
(a) Form s. Any application, request, or peti
tion (hereafter referred to as “ application” ) for
the approval, authority, determination, or permis
sion of the Board with respect to any action for
which such approval, authority, determination, or
permission is required by law or regulation of the
Board (including actions authorized to be taken
by a Federal Reserve Bank or others on behalf
of the Board pursuant to authority delegated under
Part 265 of this chapter) shall be submitted in
accordance with the pertinent form, if any, pre
scribed by the Board. Copies of any such form
and details regarding information to be included
therein may be obtained from any Federal Reserve
Bank. Any application for which no form is pre
scribed should be signed by the person making
the application or by his duly authorized agent,
should state the facts involved, the action re
quested, and the applicant’s interest in the matter,
and should indicate the reasons why the applica
tion should be granted. Applications for access to,
or copying of, records of the Board should be
submitted as provided in § 261.4(d) of this
chapter.
(b) F iling of applications. Any application
should be sent to the Federal Reserve Bank of the
district in which the applicant is located, except
as otherwise specified on application forms, and
that Bank will forward it to the Board when
appropriate.
(c) A nalysis by staff. In every case, the Re
serve Bank makes such investigation as may be
necessary, and, except when acting pursuant to
delegated authority, reports the relevant facts, with
its recommendation, to the Board. In the light of
consideration of all relevant matter presented or
ascertained, the Board’s staff prepares and submits
to the Board comments on the subject.
LAW DEPARTMENT
(d) A ction on applications. The Board takes
such action as it deems appropriate in the public
interest. Such documents as may be necessary to
carry out any decision by the Board are prepared
by the Board’s staff. With respect to actions taken
by a Federal Reserve Bank on behalf of the Board
under delegated authority, statements and neces
sary documents are prepared by the staff of such
Federal Reserve Bank.
(e) N otice of action. Prompt notice is given to
the applicant of the granting or denial in whole
or in part of any application. In the case of a
denial, except in affirming a prior denial or where
the denial is self-explanatory, such notice is ac
companied by a simple statement of the grounds
for such action.
(f) A ction at B oard ’s initiative. When the
Board, without receiving an application, takes
action with respect to any matter as to which
opportunity for hearing is not required by statute
or Board regulation, similar procedure is follow ed,
including investigations, reports, and recom
mendations by the Board’s staff and by the Reserve
Banks, where appropriate.
(g) G eneral procedures for bank holding
com pany and m erger applications. In addition
to procedures applicable under other provisions of
this Part, the follow ing procedures are applicable
in connection with the Board’s consideration of
applications under sections 3 and 4 of the Bank
Holding Company Act of 1956 (12 U .S .C . § 1842
and § 1843), hereafter referred to as “ section 3
applications” or “ section 4 applications” , and of
applications under section 18(c) of the Federal
Deposit Insurance Act (12 U .S .C . § 1823),
hereafter called “ merger applications.” Except as
otherwise indicated, the follow ing procedures
apply to all such applications.
(1) The Board issues each week a list that
identifies section 3 and section 4 and merger ap
plications received and acted upon during the
preceding week by the Board or the Reserve Banks
pursuant to delegated authority. Notice of receipt
of all section 3 applications and of section 4(c)(8)
applications acted on by the Board is published
in the Federal Register.
(2) If a hearing is required by law or if the
Board determines that a formal hearing for the
purpose of taking evidence is desirable, the Board
issues an order for such a hearing, and notice
thereof is published in the Federal Register. Any
such formal hearing is conducted by an adminis
trative law judge in accordance with the Board’s
Rules of Practice for Formal Hearings (Part 263
297
of this chapter) except that, unless otherwise or
dered by the Board, such a hearing is public.
(3) In any case in which a formal hearing is
not ordered by the Board, the Board may afford
the applicant and other properly interested persons
(including Governmental agencies) an opportunity
to present views orally before the Board or its
designated representative. Unless otherwise or
dered by the Board, any such oral presentation
is public and notice of such public proceeding is
published in the Federal Register.
(4) Each action taken by the Board on an ap
plication is embodied in an Order that indicates
the votes of members of the Board. The Order
either contains reasons for the Board’s action ( i.e .,
an Expanded Order) or is accompanied by a State
ment of the reasons for the Board’s action. Both
the Order and any accompanying Statement are
released to the press. Each such Order is published
in the Federal Register. Each Order accompanied
by a Statement and any Order of general interest,
together with a list of other Orders, are published
in the Federal Reserve B u l l e t i n . Action by a Re
serve Bank under delegated authority as provided
for under Part 265 of this chapter is reflected in
a letter of notification to the applicant.
(5) After action by the Board on an application,
the Board will not grant any request for recon
sideration of its action unless the request presents
relevant facts that, for good cause shown, were
not previously presented to the Board, or unless
it otherwise appears to the Board that recon
sideration would be appropriate.
(6) Unless the Board shall otherwise direct,
each section 3 and section 4 and merger applica
tion is made available for inspection by the public
except for portions thereof as to which the Board
determines that nondisclosure is warranted under
section 552(b) of Title 5 of the United Stated
Code.
(h)
Special p rocedures for certain ap plica
tions. The follow ing types of applications require
procedures exclusive of, or in addition to, those
described in (g )(l)-(6 ) above.
(1)
Special rules pertaining to section 3 and
merger applications fo llo w .— (i) Each Order of the
Board and each letter of notification by a Reserve
Bank acting pursuant to delegated authority ap
proving a section 3 application includes, pursuant
to the Act approved July 1, 1966 (12 U .S .C . §
1849(b)), a requirement that the transaction ap
proved shall not be consummated before the thir
tieth calendar day follow ing the date of such
Order, (ii) Each Order of the Board approving a
FEDERAL RESERVE BULLETIN □ APRIL 1973
298
merger application includes, pursuant to the Act
approved February 21, 1966 (12 U .S .C . §
1828(c)( 1)(6)), a requirement that the transaction
approved shall not be consummated before the
thirtieth calendar day follow ing the date of such
Order, except as the Board may otherwise deter
mine pursuant to emergency situations as to which
the Act permits consummation at earlier dates, (iii)
Each Order or each letter of notification approving
an application also includes, as a condition of
approval, a requirement that the transaction ap
proved shall be consummated within three months
and, in the case of acquisition by a holding com
pany of stock of a newly organized bank, a re
quirement that such bank shall be opened for
business within six months, but such periods may
be extended for good cause by the Board (or by
the appropriate Federal Reserve Bank where au
thority to grant such extensions is delegated to the
Reserve Bank).
(2) For special rules governing procedures for
section 4(c)(8) applications, refer to § 225.4(a)-(c)
of this chapter.
(3) For special rules governing procedures for
section 4(c)(9) applications, refer to § 225.4(g)
of this chapter.
(4) For special rules governing procedures for
section 4(c)(12) applications, refer to § 225.4(d)
of this chapter.
(5) For special rules governing procedures for
section 4(c)(13) applications, refer to § 225.4(f)
of this chapter.
SECTION 262.4— ADJUDICATION WITH
FORMAL HEARING
In connection with adjudication with respect to
which a formal hearing is required by law or is
ordered by the Board, the procedure is set forth
in Part 263 of this chapter, entitled “ Rules of
Practice for Formal Hearings.”
SECTION 262.5— APPEARANCE AND
PRACTICE
Appearance and practice before the Board in all
matters are governed by § 263.3 of this chapter.
SECTION 2 62.6— FORMS
Necessary forms to be used in connection with
applications and other matters are available at the
Federal Reserve Banks. A list of all such forms,
which is reviewed and revised periodically, may
be obtained from any Federal Reserve Bank.
FEDERAL OPEN MARKET COMMITTEE
RULES OF ORGANIZATION
The Federal Open Market Committee has
amended its Rules of Organization in order to
include references to the selection of a Deputy
Manager of the System Open Market Account and
a Deputy Special Manager for Foreign Currency
Operations. Effective March 20, 1973, section 5
of the Rules of Organization is amended to read
as follows:
SECTION 5— M ANAGER, SPECIAL
M ANAGER, AND DEPUTIES
The Committee selects a Manager of the System
Open Market Account and a Special Manager for
Foreign Currency Operations for such Account,
and it may also select a Deputy Manager and a
Deputy Special Manager for Foreign Currency
Operations. All of the foregoing shall be satis
factory to the Federal Reserve Bank selected by
the Committee to execute open market transactions
for such Account, and all shall serve at the pleas
ure of the Committee. The Manager and Special
Manager, or their Deputies, keep the Committee
informed on market conditions and on transactions
they have made and render such reports as the
Committee may specify.
RULES REGARDING DELEGATION OF AUTHORITY
In order to grant the Federal Reserve Banks
discretionary authority to deny applications by
State banks for waiver of the requirement for six
months’ notice of intention to withdraw from Fed
eral Reserve membership. Section 265.2(f)(3) is
amended to read as follow s, effective with respect
to applications received by the Reserve Banks on
and after March 8, 1973:
SE C T IO N 2 6 5 .2 — SPEC IFIC F U N C T IO N S
DELEGATED TO BOARD EMPLOYEES AND
FEDERAL RESERVE BANKS
(f)
Each Federal
as to member banks
zations headquartered
paragraph (25) of this
Reserve Bank is authorized,
or other indicated organi
in its district, or under subparagraph, as to its officers:
(3)
Under the provisions of the tenth paragraph
of section 9 of the Federal Reserve Act (12 U .S .C .
328), to approve or deny applications by State
banks for waiver of the required six months’ notice
of intention to withdraw from Federal Reserve
membership.
299
LAW DEPARTMENT
In order to delegate to the Federal Reserve
Banks authority to grant bank holding companies
extensions of time in which to file annual reports
to the Board, § 265.2(f) is amended, effective
March 23, 1973, by adding subparagraph (27) to
read as follows:
SEC TIO N 2 6 5 .2 — SPEC IFIC F U N C T IO N S
DELEGATED TO BOARD EMPLOYEES AND
FEDERAL RESERVE BANKS
(f)
Each Federal Reserve Bank is authorized,
as to member banks or other indicated organi
zations headquartered in its district, or under subparagraph (25) of this paragraph, as to its officers:
(27) Under the provisions of section 5(c) of the
Bank Holding Company Act, as amended (12
U .S .C . 1844(c)), to grant to a bank holding com
pany a 90-day extension of time in which to file
an annual report; and for good cause shown an
additional extension of time, not to exceed 90
days, may be granted.
ORDERS UNDER SECTION 3(a) OF BANK HOLDING
COMPANY ACT
BARNETT BANKS OF FLORIDA, INC.,
JACKSONVILLE, FLORIDA
O r d er D e n y in g
A c q u is it io n o f B a n k
Barnett Banks of Florida, Inc., Jacksonville,
Florida, a bank holding company within the
meaning of the Bank Holding Company Act, has
applied for the Board’s approval under § 3(a)(3)
of the Act (12 U .S .C . 1842(a)(3)) to acquire 90
per cent or more of the voting shares of Peninsula
State Bank, Tampa, Florida ( “ Peninsula Bank” ).
Notice of the application, affording opportunity
for interested persons to submit comments and
view s, has been given in accordance with § 3(b)
of the Act. The time for filing comments and views
has expired and the Board has considered the
application and all comments received in light of
the factors set forth in § 3(c) of the Act (12 U .S .C .
1842(c)).
Applicant controls 37 banks with aggregate de
posits of $1.1 billion, representing 6.6 per cent
of the deposits of commercial banks in Florida and
is the second largest banking organization in the
State. (All banking data are as of June 30, 1972,
and reflect bank holding company formations and
acquisitions approved through January 31, 1973.)
The acquisition of Peninsula Bank, which has total
deposits of $38.2 m illion, would increase Appli
cant’s control of State deposits by .2 percentage
points, and its rank among State banking organi
zations would not change.
Peninsula Bank controls 3.4 per cent of the
commercial deposits in the Tampa banking market
as the second largest of the 10 remaining inde
pendent banks. The acquisition of Peninsula Bank
would represent Applicant’s third entry into this
market. Applicant’s larger market subsidiary,
Barnett Bank of Tampa, Tampa, Florida (“ Tampa
Bank” ), located four miles northeast of Peninsula
Bank, controls deposits of $16.6 million, repre
senting 1.5 per cent of total market deposits.
Applicant’s other market bank, Barnett Bank of
Brandon, N .A ., opened in October 1972 and is
located 16 miles to the east in Brandon, Florida.
Applicant also has two subsidiaries located ap
proximately 20 miles from Tampa in Clearwater
and St. Petersburg. The record indicates that ap
proximately 75 per cent of the deposits and 22
per cent of the loans of Peninsula Bank are derived
from the service area of Tampa Bank, and that
approximately 14 per cent of the deposits and 22
per cent of the loans of Tampa Bank are derived
from Peninsula Bank’s service area. The Board
concludes that substantial existing competition
would be eliminated by consummation of this
proposal.
The Tampa banking market encompasses the
City of Tampa and its suburbs in Hillsborough
County where 25 banks presently compete and
eight of the State’s 25 multi-bank holding com pa
nies are represented. The market is highly con
centrated; the three largest holding companies
control 69 per cent of market deposits. Applicant’s
acquisition of subject bank would remove one of
the remaining independent banks, located close to
the downtown Tampa area, which could serve as
a possible means of entry by a banking organi
zation not presently represented in the market. It
is the Board’s judgment, based on this record, that
area competition would be adversely affected by
consummation of the proposed acquisition. Not
only would substantial existing competition be
eliminated and potential competition foreclosed,
but a medium for deconcentrating the Tampa mar
ket would also be eliminated. Pursuant to the Act,
the Board is required to deny this application based
on its adverse competitive findings unless there are
benefits accruing to the public which would prevail
over and outweigh the adverse features cited
above.
The financial condition of Applicant and its
subsidiary banks appears to be generally satis
factory, especially in view of Applicant’s com
mitment to improve the capital position of its
subsidiaries. Management for Applicant’s group
300
FEDERAL RESERVE BULLETIN □ APRIL 1973
is also generally satisfactory and prospects for
Applicant and its system of banks appear favor
able. The financial condition and managerial re
sources of Peninsula Bank are considered to be
generally satisfactory and its prospects also appear
favorable. Banking factors are consistent with ap
proval of the application.
The banking needs of the Tampa area are satis
factorily served by existing financial institutions.
Although Applicant proposes to assist Peninsula
Bank in establishing trust services, in expanding
data processing services, and in modernizing the
bank’s premises, it appears that none of these
additions or improvements is of such import or
benefit to the public that they would override the
adverse effects this proposal would have on com
petition in the Tampa area. It is the Board’s
judgment that consummation of the proposed ac
quisition would not be in the public interest and
the application should be denied.
On the basis of the record, the application is
denied for the reasons summarized above.
By order of the Board of Governors, effective
March 13, 1973.
of the total commercial bank deposits in Florida,
and is the eighth largest banking organization in
the State. Inasmuch as Bank is a proposed new
bank, no existing competition would be eliminated
nor would the concentration level of banking re
sources be immediately increased in any relevant
area.
Bank would be competing in the New Port
Richey banking market of an estimated 65,000
people located in the western portion of Pasco
County on Florida’s west coast. Applicant is the
largest banking organization in the relevant market
and controls, through two subsidiary banks (lo
cated 6 V2 and 7 miles south, respectively, from
the proposed bank site), 80.9 per cent of total
deposits as of June 30, 1972. Several factors have
caused Applicant’s dominance in the market area
to be reduced in recent years. The establishment
of two new banks since 1970 reduced Applicant’s
share of total deposits from 100 per cent to 80.9
per cent as of June 30, 1972. Even this percentage
is somewhat overstated because, since that date,
two additional banks have been opened. Popula
tion in the market area increased 266.4 per cent
from 1960 to 1970, and total deposits expanded
313.7 per cent from 1967 to 1971. Much of this
growth in population and total deposits was due
to the immigration of retirees into Pasco County
which has the highest per cent of persons over
65 years old in Florida— 3 1 per cent. In view of
the expected large population increases and ac
companying growth in deposits, it appears that the
market will continue to remain attractive for de
novo entry as evidenced by the new banks which
recently opened in the area. Accordingly, it ap
pears that consummation of the proposal herein
would not adversely alter the competitive situation
nor the concentration of resources in the market,
nor is there any evidence that Applicant is at
tempting to pre-empt a site before there is a need
for a bank.
Voting for this action: Vice Chairman Robertson, and Gov
ernors Mitchell, Brimmer, and Bucher. Absent and not voting:
Chairman Burns, and Governors Daane, and Sheehan.
[s e a l ]
(Signed) T y n a n S m i t h ,
Secretary of the Board.
ELLIS BANKING CORPORATION,
BRADENTON, FLORIDA
O r d e r A p p r o v in g A c q u is it io n o f B a n k
Ellis Banking Corporation, Bradenton, Florida,
a bank holding company within the meaning of
the Bank Holding Company Act, has applied for
the Board’s approval under § 3(a)(3) of the Act
(12 U .S .C . 1842(a(3)) to acquire all of the voting
shares (less directors’ qualifying shares) of First
National Bank of Hudson, Hudson, Florida, a
proposed new bank ( “ Bank” ).
Notice of the application, affording opportunity
for interested persons to submit comments and
view s, has been given in accordance with § 3(b)
of the Act. The time for filing comments and views
has expired, and the Board has considered the
application and all comments received in light of
the factors set forth in § 3(c) of the Act (12 U .S.C .
1842(c)).
Applicant controls 16 banks with aggregate de
posits of $447.3 m illion ,1 representing 2.6 per cent
1 Bank deposit data are as of June 3 0, 1972 and reflect
holding com pany formations and acquisitions approved through
Decem ber 3 1 , 1972.
The unincorporated community of Hudson with
a currently estimated population of 2,800 has no
commercial banking facility at the present time.
Approval of this application would provide a more
convenient source of banking services to its resi
dents. Therefore, considerations relating to the
convenience and needs of the area to be served
lend support to approval of the application.
The financial and managerial resources of Ap
plicant and its subsidiary banks are generally sat
isfactory; Bank, as a proposed new bank, has no
operating history but its projected earnings and
growth under Applicant’s control appear favor
LAW DEPARTMENT
301
able.2 Banking factors are consistent with approval
of this application. It is the Board’s judgment that
the proposed acquisition would be in the public
interest and that the application should be ap
proved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction shall not be consummated (a) before
the thirtieth calendar day follow ing the effective
date of this Order or (b) later than three months
after that date, and (c) First National Bank of
Hudson, Hudson, Florida, shall be opened for
business not later than six months after the effec
tive date of this Order. Each of the periods d e
scribed in (b) and (c) may be extended for good
cause by the Board, or by the Federal Reserve
Bank of Atlanta pursuant to delegated authority.
By order of the Board of Governors, effective
March 6, 1973.
Voting for this action: Chairman Burns and Governors
Mitchell, Sheehan, and Bucher. Dissenting from this action:
Governors Robertson and Brimmer. Absent and not voting:
Governor Daane.
It was not inevitable that it should always anticipate increases
in the demand for ingot and be prepared to supply them.
Nothing compelled it to keep doubling and redoubling its
capacity before others entered the field. It insists that it never
excluded competitors; but we can think of no more effective
exclusion than progressively to embrace each new opportunity
as it opened, and to face every newcomer with new capacity
already geared into a great organization, having the advantage
of experience, trade connections and the elite of personnel.
Only in case we interpret “ exclusion” as limited to maneuvers
not honestly industrial, but actuated solely by a desire to
prevent competition, can such a course, indefatigably pursued,
be deemed not “ exclusionary.” So to limit it would in our
judgment emasculate the Act; would permit just such consoli
dations as it was designed to prevent. 148 F. 2d at 431.
This doctrine has also been recognized by the
Board in decisions under the Bank Holding C om
pany Act. In its denial of an application of First
Wisconsin Bankshares Corporation, Milwaukee,
W isconsin, to acquire a proposed new bank, the
Board stated:
In the present case, consummation of the proposal would
result in expansion of the dominant banking organization in
Milwaukee County and would tend to preclude entry which
could lessen the extent of Applicant’s dominance in the county,
and provide competition to offices of Applicant’s present sub
sidiaries which serve the immediate area. 1968 F.R. B u l l e t i n
at 1026.
(Sign ed ) T y n a n S m it h ,
Secretary of the Board.
[s e a l ]
D
isse n tin g
Statement
G overnors R obertson
and
of
B r im m er
We dissent from the majority’s action today in
approving the acquisition of a de novo bank by
an Applicant having 80.9 per cent control of
commercial deposits in the relevant market area.
Prior to May, 1970, Applicant controlled 100
per cent of total commercial bank deposits in the
market; thereafter, its share dropped to 85.5 per
cent at year end 1971 and to 80.9 per cent by
June 30, 1972. A rare competitive situation exists
in that all four of the banks that compete with
Applicant’s two subsidiaries in the market have
been in existence less than two years and ten
months. (Three of those four banks opened for
business during 1972— one in March, another in
July, and the third in October.) Approval of this
application will reverse, or at least retard, the trend
of deconcentration which began in 1970.
The Courts have recognized that de novo activ
ity by the dominant organization in the market may
be a device for “ excluding” competitors from that
market. In United States v. A lco a , 148 F. 2d 416
(2d Cir. 1945), Judge Learned Hand wrote:
2 Applicant has projected, and not unreasonably, that Bank
will grow to $3.8 million in total deposits during the first three
years of operation.
In addition, the three newly-formed banks in the
market will be placed at a disadvantage in attempting
to compete with the established Applicant banks;
these new banks should be permitted an opportunity
to commence business and become viable without
having the market’s dominant organization “ embrace
each new [market] opportunity” as it arises.
In our opinion, considerations relating to the con
venience and needs of the community to be served—
upon which the majority relies— are not being viewed
in the proper perspective. It is not disputed that the
west coast of Florida and particularly the New Port
Richey banking market are experiencing a significant
increase in population which will at some point
necessitate additional banking facilities. In fact, the
population of this banking market is projected to
increase by 80 per cent from 1970-1975 and by 42
per cent from 1975 to 1980.1 Yet, after the introduc
tion of Bank, the population per banking office will
be 9,286, and total deposits per office will be $15.6
million, compared to State averages of 13,579 and
$27.9 million, respectively. Further, focusing upon
the unincorporated community of Hudson, the site
of the proposed new bank, we find 2,800 residents
adequately served by other banks in this area, the
closest being three-fourths of a mile outside the town
limits. Accordingly, convenience and needs consid
erations, while entitled to some weight, do not out
1Source The Pasco County Parks and Open Space Advisory
C om m ittee, February 18, 1972.
302
FEDERAL RESERVE BULLETIN □ APRIL 1973
weigh the significant anticompetitive effects result
ing from this acquisition.
On the basis of the record, it is our judgment
that the proposed acquisition would not be in the
public interest and therefore the application should
be denied.
Bank is proposed to be located in the city of
Leesburg in northern Lake County in central
Florida. The three banks presently located in the
city of Leesburg (which includes one subsidiary
bank of Applicant) appear to compete in the North
Lake County banking market, which is approxi
mated by the Golden Triangle area (which includes
the towns of Tavares, Eustis, Mount Dora, and
Umatilla) and the area immediately surrounding
and including the city of Leesburg. First Bank
(Applicant’s subsidiary) is located in the down
town area of Leesburg 1.6 miles east of the
proposed site of Bank. Citizens National Bank of
Leesburg ($21 [27.1] million deposits), located 5
[0.5] miles northeast from the proposed location
of Bank, holds approximately 39 per cent of de
posits in the Leesburg area and is part of the largest
banking organization in the market which holds
approximately 35 per cent of deposits in North
Lake County.
Lake Eustis separates the Leesburg area from
much of the Golden Triangle area, but two major
roads, one passing Lake Eustis on the north and
one on the south, connect the two areas, and all
the major towns in the Golden Triangle area are
within a radius of twenty-two miles of Leesburg.
Residential and commercial development has o c
curred recently just west of the Golden Triangle
area toward Leesburg, just east of Leesburg toward
the Golden Triangle area, and in the intervening
area between Leesburg and the Golden Triangle
area. Further development is expected in this in
tervening area, spurred in part by the expected
construction of a community college approxi
mately midway along the major road joining
Leesburg and the Golden Triangle area. In view
of the foregoing, commuting patterns in Lake
County, and the responsiveness of Leesburg banks
to changes in the banking charges and services
at the other banks in North Lake County, the Board
regards the relevant banking market in the present
case as North Lake County.
Since Applicant’s proposal involves the estab
lishment of a new bank which will be opened only
in the event of approval of the application, no
existing competition nor potential competition be
tween Applicant’s subsidiaries and Bank would be
eliminated by the proposal, and there would be
no immediate increase in banking concentration
in any area. However, in addition, the Board is
concerned and has focused its attention particularly
on the competitive effects of Applicant’s proposal
on the Leesburg portion of the relevant market,
wherein Applicant already controls over 60 per
cent of the deposits.
FIRST AT ORLANDO CORPORATION,
ORLANDO, FLORIDA
O r d er D e n y in g
A c q u isit io n
of
B ank
First at Orlando Corporation, Orlando, Florida,
a bank holding company within the meaning of
the Bank Holding Company Act, has applied for
the Board’s approval under § 3(a)(3) of the Act
(12 U .S .C . 1842(a)(3) to acquire all of the voting
shares (less directors’ qualifying shares) of Citrus
First National Bank of Leesburg, Leesburg,
Florida, a proposed new bank.
Notice of the application, affording opportunity
for interested persons to submit comments and
view s, has been given in accordance with § 3(b)
of the Act. The time for filing comments and views
has expired, and the Board has considered the
application and all comments received in light of
the factors set forth in § 3(c) of the Act (12 U .S.C .
1842(c)).
Applicant, the second largest banking organi
zation in Florida, controls 32 banks which holds
aggregate deposits of $1.1 billion, representing 6.6
per cent of the total deposits in commercial banks
in the State. (Unless otherwise indicated, banking
data are as of June 30, 1972, and reflect holding
company acquisitions and formations approved by
the Board through December 31, 1972.) The First
National Bank of Leesburg ( “ First Bank” ), a
subsidiary of Applicant, holds approximately 24
per cent of the total deposits held by commercial
banks located in the North Lake County banking
market; Applicant ranks thereby as the second
largest banking group and the largest bank holding
company in the market. First Bank ($34 [39.6]
million deposits) is the largest of nine banks in
the market, and the largest of three banks within
the immediate Leesburg area, with approximately
61 per cent of deposits in that area. In addition,
through other subsidiary banks, Applicant controls
43 per cent of deposits in the neighboring Orlando
banking market (south of Lake County) and is the
largest banking organization in that market; and
Applicant controls 35 per cent of the neighboring
Ocala banking market (north of Lake County) and
is the largest banking organization in that market
as well.
303
LAW DEPARTMENT
The Leesburg area, as a result of its location
on Highway 27, one of the major highway ap
proaches to the newly-opened Disney World com
plex, its proximity to Disney World, approxi
mately 42 miles to the southeast, and increases
in the retirement population of the area, has expe
rienced increased econom ic activity over the past
two years. This growth has occurred primarily in
the portion of Leesburg west of the downtown
area, and Bank would be located close to the
intersection of Highway 27 and Route 441, the
major highway connecting Leesburg with the
Golden Triangle area. A new bank, the third in
the area, opened in August, 1972, and is located
on Route 27 less than one mile to the north [south]
of the proposed location of Bank. Deposits in
Leesburg banks increased by approximately 30 per
cent during 1971, and total deposits of all banks
in the North Lake County market increased by
approximately 43 per cent during the period from
June, 1970 to June, 1972.
However, in spite of this activity, the population
of Leesburg has remained somewhat stable, in
creasing about 5 per cent (11,172 to 11,879) from
1960 to 1970, and it appears that the Leesburg
and the North Lake County banking market al
ready have an adequate number of banking offices
in comparison to the rest of the State. Presently,
there are an average 13,579 persons per banking
office in the State of Florida. In Leesburg, the
present ratio is 8,940 persons per banking office;
should the proposed transaction be consummated,
the ratio would drop to 6,930 persons per banking
office, approximately half the State average. The
ratio of population to banking office in the North
Lake County banking market is approximately
6,317 to one and would become 5,685 to one if
Bank were to open. Subsquent to the granting of
a charter to Bank, two groups withdrew charter
applications for locations in the Leesburg area
apparently in the belief that the Leesburg area
could not support an additional bank. The facts
tend to support this belief. Lake County Bank,
which opened in August, 1972, has experienced
heavy start-up operating losses, reducing its undi
vided profits account by half, and has encountered
difficulties in attracting local deposits. In com
menting on the instant application, Lake County
Bank has asserted that the opening of Bank at a
location of approximately .7 miles distant from
its own office could seriously jeopardize its viabil
ity. In view of the past experiences, the Board
finds that approval of this application is likely to
have the effect of hindering significantly the ability
of Lake County Bank to establish itself as a viable
competitor in the market. The Board has pre
viously denied applications where the establish
ment of a de novo bank by a bank holding com
pany with an already strong competitive position
would have such an effect by adversely affecting
the competitive position of a smaller or recentlyopened bank.1 While the Board will not act simply
to protect an ineffective competitor from its own
inability to successfully compete, the Board will
not sanction the efforts of the area’s dominant
banking organization to solidify its position in the
area at the direct expense of a newly emerging
competitor.
Given the present state of banking concentration
in the area, the Board is of the view that the
probable effect of the opening at this time of a
new bank at the proposed location by Applicant,
which appears to be dominant in the Leesburg
area, as well as in neighboring banking markets,
and possesses considerable market power in the
North Lake County banking market,2 would be to
reduce further the likelihood of a deconcentration
of banking resources in the Leesburg area and the
North Lake County banking market. The U .S.
Supreme Court, in another context, has noted that
“ if concentration is already great, the importance
of . . . preserving the possibility of eventual
deconcentration is correspondingly great.” 3 The
elimination of such a possibility, even as a result
of de novo entry, may be substantially to lessen
competition. The Board has acted against the e s
tablishment of a de novo bank by a holding com
pany in an area in which the bank holding com
pany is considered dominant.4 This has been the
*See Statement accom panying Order of D ecem ber 2 0 , 1 9 5 7 ,
denying Application of W isconsin Bankshares Corporation to
Acquire Shares of Proposed Capital National Bank of M ilw au
kee ( 4 4 Federal Reserve B u l l e t i n 15 ( 1 9 5 8 ) ; Statement
accom panying Order of March 2 3 , 1 9 6 7 , denying Application
of First National Corporation to Acquire Shares of Proposed
First National Bank W est ( 5 3 Federal R eserve B u l l e t i n 5 8 2
(1 9 6 7 )).
2With approxim ately 2 4 per cent of market deposits, A ppli
cant is the second largest banking group controlling the largest
bank in the market. The largest banking group controls 3 5
per cent of market deposits and the third largest group and
bank in the market holds approxim ately 14 per cent of market
deposits. Therefore, of the seven banking organizations in the
North Lake County banking market, the three largest control
approximately 7 3 per cent of market deposits, and the two
largest control approxim ately 5 9 per cent of market deposits.
United S tates v. P h iladelphia N ation al B an k , 3 7 4 U .S .
3 2 1 , 3 6 5 n. 4 2 ( 1 9 6 3 ) .
4See Statement accom panying Order of January 4 , 1 9 6 6 ,
denying A pplication of Central W isconsin Bankshares, Inc.
to Acquire Shares of Proposed Central National Bank of Stettin
( 5 2 Federal R eserve B u l l e t i n 2 9 ( 1 9 6 6 ) ) .
304
FEDERAL RESERVE BULLETIN □ APRIL 1973
case even where a real need for a new hank has
been clearly and convincingly established.5
the development of competition in the Leesburg
area and the North Lake County banking market
by jeopardizing the competitive ability of Lake
County Bank and by foreclosing entry by other
banking organizations and thereby perpetuating a
high level of concentration of banking resources.
In view of such conclusions, the Board is pre
cluded from approving the application unless the
anti-competitive effects are outweighed by other
factors in the record.
The financial and managerial resources and fu
ture prospects of Applicant and its subsidiary
banks appear generally satisfactory, as do financial
and managerial resources and future prospects of
Bank, which would be dependent upon assistance
from Applicant. These factors are consistent with,
but lend no weight toward, approval of the appli
cation.
The banking needs of the Leesburg and North
Lake County areas are presently being adequately
met by the already existing banking institutions.
The recent opening of the Lake County Bank
suggests that those needs will continue to be met
in the reasonably foreseeable future. Bank would
serve as a more convenient source of banking
services for a number of residents of west L ees
burg who are presently customers of First Bank
in that Bank would be located approximately one
and one-half miles closer to them. However, there
is no evidence that this distance causes those
residents any great hardship; furthermore, the
Board does not regard this slight (almost insig
nificant) increase in convenience as outweighing
the adverse competitve effects inherent in the
proposed transaction.
On the basis of all relevant facts in the record,
and in the light of the factors set forth in section
3(c) of the Act, it is the Board’s judgment that
the proposed acquisition would have adverse e f
fects on competition, without any significant off
setting benefits under considerations relating to the
banking factors or the convenience and needs of
the communities to be served. Accordingly, the
Board concludes that consummation of the pro
posal would not be in the public interest and that
the application should be, and the application is
hereby, denied.
Inasmuch as entry into a commercial banking market is re
stricted, opportunities for deconcentration are limited. This is
particularly true in a State . . . where branching is highly
restricted. If every newly developing need for banking facilities
which arises in a concentrated market were to be filled by
the market’s dominant organization, any meaningful decon
centration of the market’s banking resources would be made
impossible, and further concentration might be encouraged.
Each application by such an organization to expand within its
present trade area, even through acquisition of a new bank,
must therefore be examined to determine its probable effect
on existing concentration, whether it will foreclose an oppor
tunity for new entry which could provide additional competi
tion and possibly promote a decrease in concentration, and
its effect in limiting the development of existing competitors
located in or near the area to be served by the new institution.6
In addition to the effect consummation of the
proposed transaction is expected to have on at least
one existing competitor in the Leesburg area and
the perpetuation of a high degree of banking con
centration, the proposal would eliminate the pos
sibilities for increased competition and a decon
centration of banking resources by reducing the.
opportunity for new entry by a bank organization
not already represented in the market— an alterna
tive that the Board considers to be clearly prefera
ble to the proposal herein. The receipt of a charter
by the organizers of Bank was apparently one of
the factors that resulted in the abandonment of
charter application plans by two other banking
groups. In view of Applicant’s already existing
market position in Leesburg, Applicant’s entry via
the proposal herein can be expected to have even
a more formidable effect on entry plans of the two
groups mentioned above or on others. This factor
alone provides substantial weight for the denial
of this application in the absence of any counter
vailing considerations.7
On the basis of the foregoing and other facts
of record, the Board concludes that consummation
of the proposed transaction would adversely affect
5 See Statement accom panying Order of Novem ber 27, 1968,
denying Application of First W isconsin Bankshares Corpora
tion to Acquire Shares o f Proposed First W isconsin National
Bank of Greenfield. (54 Federal Reserve B u l l e t i n
1024
(1968)).
6 Statement accom panying Order of July 2, 1968, approving
Application o f First W isconsin Bankshares Corporation to
Acquire Shares o f Proposed First Northwestern National Bank
o f M ilw aukee (54 Federal R eserve B u l l e t i n 6 4 5 , 647-48
(1 9 68)).
7See Statement accom panying Order of October 19, 1970,
denying Application of Security Financial S ervices, Inc. to
Acquire Shares of Proposed Security W est Side Bank (56
Federal Reserve B u l l e t i n 834 (1970)).
By order of the Board of Governors, effective
March 6, 1973.
Voting for this action: Chairman Burns and Governors
Robertson, Mitchell, Daane, Brimmer, Sheehan, and Bucher.
(Signed) T y n a n Sm it h ,
[seal]
Secretary of the Board.
305
LAW DEPARTMENT
ORDERS UNDER SECTION 4(c)(8)
OF BANK HOLDING COMPANY ACT
NCNB CORPORATION, CHARLOTTE,
NORTH CAROLINA
O rd er C o n d it io n a l l y
to
A p p r o v in g P r o p o s a l
O p e r a t e a T r u s t C o m p a n y in
S o u t h C a r o l in a
NCNB Corporation, Charlotte, North Carolina,
a bank holding company within the meaning of
the Bank Holding Company Act, has proposed
under § 4(c)(8) of the Act and § 225.4(b)(1) of
the Board’s Regulation Y, to engage indirectly de
novo in the performance of certain activities that
may be performed by a trust company, including
acting as executor, administrator, receiver, assig
nee, trustee and in any other fiduciary capacity
acting as an investment and financial adviser,
manager, and counselor, investing, re investing
and generally managing the funds entrusted to it
in its fiduciary or advisory capacity, and other
incidental activities necessary to conduct a general
trust company business. These activities would be
performed by the American Trust Company, Inc.,
Camden, South Carolina, a wholly-owned subsid
iary of NCNB Corporation.
Notice of the proposal, affording opportunity for
interested persons to express or submit comments
and views on the proposal, has been published
(October 8, 1971, The Camden Chronicle) in
accordance with § 225.4(b)(1) of the Board’s
Regulation Y. The time for filing comments and
views has expired, and those received, including
testimony and exhibits received in an oral presen
tation conducted on February 17, 1972, at the
Charlotte Branch of the Federal Reserve Bank of
Richmond, have been considered in light of the
factors set forth in § 4(c)(8) of the Act (12 U .S.C .
1843(c)(8)).
Based upon the record and for the reasons set
forth in the Board’s Statement of this date, the
proposal of NCNB Corporation to operate a trust
company in South Carolina is hereby approved to
the extent permitted by South Carolina law, pro
vided that the transaction shall not be consum
mated later than one year after the effective date
of this Order, unless such period is extended for
good cause by the Board. In the event South
Carolina law is hereafter modified by statute or
court decision in such a manner as to remove the
presently existing prohibitions against the per
formance of certain activities by out-of-State bank
holding companies, Applicant may not commence
the performance of such activities in that State
without compliance with the appropriate proce
dures relating to nonbank acquisitions by bank
holding companies. This determination is also
subject to the conditions set forth in § 225.4(c)
of Regulation Y and to the Board’s authority to
require such modification or termination of the
activites of a holding company or any of its sub
sidiaries as the Board may find necessary to ensure
compliance with the provisions and purposes of
the Act, and the Board’s regulations and orders
issued thereunder, or to prevent evasion thereof.
By order of the Board of Governors, effective
March 9, 1973.
Voting for this action: Vice Chairman Robertson and G ov
ernors Mitchell, Brimmer, and Sheehan. Absent and not vot
ing: Chairman Burns and Governors Daane and Bucher.
[s e a l ]
(Signed) T y n a n S m i t h ,
Secretary of the B oard .
Statem ent
NCNB Corporation, Charlotte, North Carolina
( “ N C N B ” ), a bank holding company within the
meaning of the Bank Holding Company Act, has
proposed under § 4(c)(8) of the Act and §
225.4(b)(1) of the Board’s Regulation Y, to en
gage indirectly de novo in the performance of
certain activities that may be performed by a trust
company, including acting as executor, adminis
trator, receiver, assignee, trustee and in any other
fiduciary capacity, acting as an investment and
financial adviser, manager, and counselor, invest
ing, re investing and generally managing the funds
entrusted to it in its fiduciary or advisory capacity,
and other incidental activities necessary to conduct
a general trust company business. These activities
would be performed by the American Trust Com
pany, Inc., Camden, South Carolina ( “ ATC” ),
a wholly-owned subsidiary of NCNB. The activi
ties as herein described have been determined by
the Board to be closely related to banking or
m anaging or co n tro llin g banks (12 CFR
225.4(a)(4) and (5)).
Statutory considerations. NCNB controls North
Carolina National Bank, Charlotte, North Carolina
(“ Bank” ), the second largest bank in North Caro
lina. Bank engages in a fiduciary business, but
does not and may not solicit trust business in South
Carolina due to the enactment in 1970 of a statute
in South Carolina which, in effect, prohibits
foreign corporations domiciled or licensed in a
State contiguous to South Carolina from serving
as testamentary trustee of an estate of a South
Carolina domiciliary (§ 67-53 Code of Laws of
South Carolina 1962 (1971 Cum. Supp.)). NCNB
also controls Trust Company of Florida, Orlando,
306
FEDERAL RESERVE BULLETIN □ APRIL 1973
Florida, which does not compete significantly in
South Carolina. C. Douglas Wilson & C o., Inc.,
the largest mortgage banking firm in South Caro
lina, and Stephenson Finance Company, Inc., a
South Carolina corporation engaged in lending and
leasing activities, are also subsidiaries of NCNB.
Neither engages in trust company activities.
ATC, a newly-formed corporation, would
operate from a single office in Camden. There is
presently no trust company or trust department
office in Camden. However, there are presently
six bank trust offices in Columbia, located thirty
miles from Camden, and trust officers from these
offices make regularly-scheduled trips to Camden
and apparently are on call at less than an hour’s
notice to meet in Camden with trust customers
residing there. Represented among these six o f
fices are the three largest banks in South Carolina
which together account for approximately 78 per
cent of the personal trust assets held by the at least
22 corporations that are trustees in South Carolina.
Several South Carolina government officials,
banks, and bankers’ associations have objected to
the proposal of NCNB on several grounds, one
of which is that presently the trust needs of Cam
den and South Carolina residents are being ade
quately met. Further, the objectors have contended
that entry into South Carolina by NCNB through
the instrumentality of ATC will set what they
consider an undesirable precedent for entry into
South Carolina trust markets by out-of-State bank
holding companies. Apart from the question of the
desirability of such a precedent, such objections
ignore the role of this Board and that of the South
Carolina Board of Bank Control, both of which
may withhold necessary prior approvals where the
effect of bank holding company entry would be
adverse to the public interest. Further, the Board
questions the characterization of the entry of addi
tional competitors into South Carolina trust mar
kets as undesirable. The record in this matter
discloses sufficient evidence for the Board to con
clude reasonably that corporate-held personal trust
assets are highly concentrated in the hands of the
three largest South Carolina banks. The entry of
NCNB into South Carolina may serve to reduce
this concentration by the introduction of an addi
tional alternative source for personal trust services;
this would constitute, in the Board’s view , a
substantial public benefit.
In addition, although present trust needs of the
Camden and South Carolina communities are
presently being adequately served, the Board may
not ignore the fact that greater service may result
from the entry of another qualified competitor.
This greater service derives from more than just
the greater convenience to Camden residents of
the location of a full-time trust office in their
community. It derives primarily from the fact that
N C N B ’s entry will increase competition by the
reasonably anticipated increase in services and a
heightened quality of existing services rather than
in rate competition. The likelihood that present
South Carolina corporate trustees may be required
to increase the number of services offered and the
quality of those services in order to remain com
petitive constitutes a recognizable public benefit
directly flowing from the proposed transaction.
The public benefits enumerated above which are
expected to be produced by the performance of
trust services by ATC in South Carolina outweigh,
in the Board’s judgment, any possible adverse
effects of the proposal. The Board considers as
wholly speculative allegations contained in the
record that the proposal will lead to undue con
centration of econom ic resources or will result in
decreased or unfair competition. It is obvious that
de novo entry will not have an immediate effect
of unduly concentrating resources, for Applicant’s
proposal does not contemplate an acquisition of
an existing company nor is there any evidence that
either the purpose or effect of the proposal is or
will be to preempt entry into any area. To the
contrary, it has been contended that the proposal,
if consummated, will encourage further entry by
other bank holding companies. Apparently, it is
this further entry in combination with N C N B ’s
proposed entry that is at the heart of the contention
that the proposal will result in an undue concen
tration of econom ic resources. Although § 4(c)(8)
of the Act directs this Board to consider “ possi
b le” adverse effects of bank holding company
actions, the amount of weight accorded to “ p ossi
ble” adverse effects depends directly upon the
likelihood of the occurrence of such effects. The
record neither identifies likely additional entrants
nor rebuts the previously-stated position that the
Board itself stands as a barrier to entry where entry
would be adverse to the public interest. The con
tention that the proposal will lead to undue con
centration of resources further underestimates the
competitive and staying abilities of South Carolina
banks that presently offer trust services. Endowed
with reputations already familiar to their potential
trust customers and with the ability to offer onestop full service banking, these banks will possess
a considerable competitive advantage over ATC
and any newly-formed foreign-controlled trust
LAW DEPARTMENT
company which would necessarily lack such ad
vantages.
The contention is also made that the smaller
South Carolina banks which presently offer trust
services, allegedly as a loss leader to draw deposit
business, will be unable to successfully compete
with ATC and w ill, as a result of the proposed
transaction, be forced out of the trust business.
However, the objectors have presented little more
than bare allegations to this effect. The Board does
not believe this contention to have reasonable
probability in the light of the continued presence
of these small banks in the trust business despite
the presence of the larger South Carolina banks
in that business; the expressed intention of ATC
to compete primarily for the larger accounts that
are presently being won by the larger South Caro
lina banks, but to a more substantial degree that
are being entrusted to individual trustees; and the
inability of ATC to accept deposits. In any case,
the Bank Holding Company Act does not authorize
the Board, nor is the Board inclined, to shield
competitors from the impact of fair competition.
In brief, since the Board believes that the likeli
hood that the instant proposal will lead to an undue
concentration of resources is considerably less than
probable, the Board deems the possible adverse
effects to be of little weight.
Contentions have also been made that the pro
posal will result in decreased competition. NCNB
presently does not compete for trust business in
South Carolina. Its entry into that business in
South Carolina will not, in the foreseeable future,
result in a decrease in existing competition in the
South Carolina markets for trust services, and, as
noted above, the Board does not believe that the
proposal will result in a decrease in existing com
petition even as a long-term effect. Absent e v i
dence indicating that de novo entry in a particular
case will either have the purpose or effect of
foreclosing future competition, such entry is gen
erally considered a healthy competitive develop
ment. The record shows that the instant proposal
may encourage future entry rather than foreclose
such entry. It has also been contended that the
proposal will result in unfair competition. The
Board finds no evidence in the record which would
support such a conclusion. Nor does the Board
find any evidence of conflicts of interests or un
sound banking practices in the record.
During the making of the record in this case,
certain bills were pending in the South Carolina
legislature which were enacted, signed, and be
came effective subsuquent to the oral presentation
in this matter. Theses statutes (§§ 19-592 and
307
67-53(a)(3) of the Code of Laws of South Caro
lina, 1962) appear, among other effects, to prohibit
any corporation controlled by a foreign corporation
from serving as an executor, administrator, or
testamentary trustee in South Carolina.
In Whitney National Bank in Jefferson Parish
v. Bank of N ew Orleans & Trust C o 379 U .S.
411 (1965) the United States Supreme Court
stated:
. .the Board could not approve a holding com pany
arrangement involving the organization and opening of a new
bank if the opening of the bank, by reason of its ow nership
by bank holding com pany, w ould be prohibited by a valid
State la w .” (p .419)
The Board believes that if an application under
section 4(c)(8) of the Act contemplated action that
would clearly and totally be prohibited by State
law, the language of Whitney would require the
Board to deny that application. However, in the
instant case, only certain of the activities contem
plated by NCNB appear to be clearly prohibited
by South Carolina law. Under that law, ATC
could, assuming that it is able to secure the ap
proval of the South Carolina Board of Bank Con
trol, still serve as an inter vivos or corporate trustee
and act as an investment and financial adviser.
Accordingly, and since the Board would approve
the entire proposal but for the above-cited South
Carolina statutes, the Board believes that it may
approve the proposal to the extent permitted by
South Carolina law.
Counsel for N CNB, citing the Whitney case as
authority, has urged that, in the event the Board
finds the pertinent South Carolina statutes applica
ble to this proposal, the Board must proceed to
consider the constitutional validity of the statutes.
Despite language to the contrary in the dissenting
opinion of Mr. Justice Douglas in Whitney, which
was joined by Mr. Justice Black, the Board does
not believe that it is bound to read the majority
opinion in Whitney so broadly. In the Board’s
judgment, it possesses neither the authority nor
the expertise to pass on the constitutional validity
of State statutes. Accordingly, the Board declines
to trespass into what has traditionally been the
exclusive province of the judiciary by considering
the constitutional issue raised.
In the light of the above, it is the Board’s
judgment that the proposal is in the public interest
and should be approved to the extent presently
permitted by State law.
BOARD REVIEW UNDER THE GRANDFATHER
PROVISO IN SECTION 4(a)(2) OF THE BANK
HOLDING COMPANY ACT
308
FEDERAL RESERVE BULLETIN □ APRIL 1973
CHICAGO CITY BANCORPORATION, INC.,
CHICAGO, ILLINOIS
cago, Illinois (assets of approximately $128 m il
lion, as of December 31, 1970). Bank, control
of which was acquired by Registrant in January,
1968, had total deposits of $ 117 million as of June
30, 1972, representing less than one-half of one
per cent of the aggregate deposits held by the 263
banking organizations located in the Chicago
banking market (approximated by Cook and
DuPage Counties). On the basis of deposits, Bank
ranks 27th among the banking organizations lo
cated in the Chicago market.
While the present financial condition and pros
pects of Bank appear satisfactory, the Board is
concerned about Registrant’s financial condition
and certain actions taken by Registrant’s m anage
ment that have the potential for impairing Bank’s
financial condition. Of particular concern is R eg
istrant’s relationship with Mayflower Investors,
Inc. (“ Mayflower” ), Chicago, Illinois. M ay
flower bacame a bank holding company on D e
cember 31, 1970, by virtue of its 100 per cent
ownership of Registrant. Mayflower, whose pri
mary activity is the development and sale of land
in Florida, has indicated its intent to cease to be
a bank holding company prior to December 31,
1980, and states that it does not now own directly
any shares of Registrant. Before said divestiture
by Mayflower of ownership of shares in R egis
trant, Mayflower caused Registrant to declare (1)
a cash dividend that appears to have been financed
by Registrant borrowing the necessary funds and
(2) a noncash dividend consisting of a 10-year
interest bearing note. These dividends increased
considerably the indebtedness of Registrant. Since
Registrant’s principal source of income is Bank,
the debt servicing requirements of Registrant could
result in an undesirably high level of payout of
Bank’s earnings. The Board views with concern
any continued relationship between Registrant and
Mayflower and urges the elimination of any exist
ing tie between said two organizations; and the
Board intends to explore further Mayflower’s
dealings in stock of Registrant and whether M ay
flower has effectively terminated its control of
Registrant.
Registrant, which was organized in 1967 (assets
of approximately $133 m illion, as of December
31, 1971), does not engage directly in any activity
other than holding the stock of Bank and 100 per
cent of the shares of Chicago City Investment
Co. ( “ Chicago C ity” ), Chicago, Illinois. Chicago
City (assets of $ 364,000 as of December 31,
1971), which became a subsidiary of Registrant
in January, 1968, engages in insurance agency
activities and also owns less than 5 per cent of
D e t e r m in a t io n
R e g a r d in g
“ G randfather”
P r iv il e g e s U n d e r B a n k H o l d in g C o m p a n y
A ct
Section 4 of the Bank Holding Company Act
(12 U .S .C . 1843) provides certain privileges
(“ grandfather” privileges) with respect to non
banking activities of a company that, by virtue
of the 1970 Amendments to the Bank Holding
Company Act, became subject to the Bank Hold
ing Company Act. Pursuant to § 4(a)(2) of the
Act, a “ company covered in 1970” may continue
to engage, either directly or through a subsidiary,
in nonbanking activities that such company was
lawfully engaged in on June 30, 1968 (or on a
date subsequent to June 30, 1968, in the case of
activities carried on as a result of the acquisition
by such company or subsidiary, pursuant to a
binding written contract entered into on or before
June 30, 1968, of another company engaged in
such activities at the time of the acquisition), and
has been continuously engaged in since June 30,
1968 (or such subsequent date).
Section 4(a)(2) of the Act provides, inter alia,
that the Board of Governors of the Federal Reserve
System may terminate such grandfather privileges
if, having due regard to the purposes of the Act,
the Board determines that such action is necessary
to prevent an undue concentration of resources,
decreased or unfair competition, conflicts of inter
est, or unsound banking practices. With respect
to a company that controls a bank with assets in
excess of $60 million on or after December 31,
1970, the Board is required to make such a deter
mination within a two year period.
Notice of the Board’s proposed review of the
grandfather privileges of Chicago City Bancor
poration, Inc., Chicago, Illinois, and an opportu
nity for interested persons to submit comments and
views or request a hearing, has been given (37
F.R. 22414). The time for filing comments, views,
and requests has expired, and all those received
have been considered by the Board in light of the
factors set forth in § 4(a)(2) of the Act.
On the evidence before it, the Board makes the
following findings. Chicago City Bancorporation,
Inc. (“ Registrant” ), Chicago, Illinois, became a
bank holding company on December 31, 1970,
as a result of the 1970 Amendments to the Act,
by virtue of Registrant’s ownership of approxi
mately 80 per cent of the voting shares of Chicago
City Bank and Trust Company (“ Bank” ), Chi
309
LAW DEPARTMENT
the outstanding voting shares of each of a number
of companies; and apparently has engaged in such
activities continuously since before June 30, 1968.
Ownership of less than 5 per cent of the out
standing voting shares of a company is exempt,
under § 4(c)(6 )1 of the Act, from the general
prohibition in § 4 of the Act relating to the non
banking activities of a bank holding company;
and, on that basis, no grandfather privileges are
needed to enable Registrant to continue such
holdings and investments. Chicago City received
insurance com m issions of approximately $141,000
during 1971 as a result of its insurance activities,
which appear to be limited to the type of insurance
activities on the Board’s list of acitvities closely
related to banking (12 CFR 225.4(a)(9)). R egis
trant states that almost all of the insurance sold
is related to Bank’s transactions. The facts before
the Board show that the bulk of insurance com
m ission income is attributable to physical damage
insurance on automobiles— 36 per cent of com
missions; home owner and fire insurance— 20 per
cent of com m issions; mortgage life and accident
and health insurance— 23 per cent of commissions;
and credit life insurance— 13 per cent of com m is
sions.
On the basis of the foregoing and all the facts
before the Board, it appears that the volume, scope
and nature of activities of Registrant and its
grandfathered subsidiary (Chicago City) do not
demonstrate an undue concentration of resources,
decreased or unfair competition, conflicts of inter
est, nor unsound banking practices.
There appears to be no reason to require R egis
trant to terminate its grandfather interests. It is the
Board’s judgment that, at this time, termination
of the grandfather privileges of Registrant is not
necessary in order to prevent an undue concentra
tion of resources, decreased or unfair competition,
conflicts of interest, or unsound banking practices.
However, this determination is not authority to
enter into any activity that was not engaged in
on June 30, 1968 and continuously thereafter, nor
any activity that is not the subject of this determi
1Section 4 (c)(6 ) o f the Act permits a bank holding com pany
(without the prior approval of the Board) to acquire and hold
“ shares o f any com pany w hich do not include more than 5
per centum o f the outstanding voting shares of such c o m
pan y;” .
nation; nor is this determination authority for
Registrant to engage in any additional type of
insurance agency activity or to acquire additional
shares in any company if the Registrant’s holdings
in such company will exceed 5 per cent of the
outstanding shares of such company.
A significant alteration in the nature or extension
of Registrant’s activities or a change in location
thereof (significantly different from any described
in this determination) will be cause for a re-evalu
ation by the Board of Registrant’s activities under
the provisions of § 4(a)(2) of the Act, that is,
whenever the alteration or change is such that the
Board finds that a termination of the grandfather
privileges is necessary to prevent an undue con
centration of resources or any of the other evils
at which the Act is directed. No merger, consoli
dation, acquisition of assets other than in the
ordinary course of business, nor acquisition of any
interest in a going concern, to which the Registrant
or any nonbank subsidiary thereof is a party, may
be consummated without prior approval of the
Board. Further, the provision of any credit, prop
erty, or service by the Registrant or any subsidiary
thereof shall not be subject to any condition which,
if imposed by a bank, would constitute an unlawful
tie-in arrangement under § 106 of the Bank Hold
ing Company Act Amendments of 1970.
The determination herein does not preclude a
later review by the Board of Registrant’s nonbank
activities and a future determination by the Board
in favor of termination of grandfather benefits of
Registrant. The determination herein is subject to
the Board’s authority to require modification or
termination of the activities of Registrant or of its
nonbanking subsidiary as the Board finds neces
sary to assure compliance with the provisions and
purposes of the Act and the Board’s regulations
and orders issued thereunder, or to prevent eva
sions thereof.
By determination of the Board of Governors,
effective March 13, 1973.
V oting for this action: V ice Chairman Robertson, M itchell,
Daane, Brimmer, and Sheehan. Absent and not voting: Chair
man Burns and Governor Bucher.
(Signed) T yn a n Smith,
[seal]
Secretary of the Board,
FEDERAL RESERVE BULLETIN □ APRIL 1973
310
ORDERS NOT PRINTED IN THIS ISSUE
During March 1973, the Board of Governors approved the applications listed below. The orders
have been published in the Federal Register, and copies of the orders are available upon request to
Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551.
ORDERS UNDER SECTION 3(a)(1) OF BANK HOLDING COMPANY ACT—
APPLICATIONS FOR FORMATION OF BANK HOLDING COMPANY
Applicant
The Citizens A gency, Inc.,
M inneapolis, Kansas
Federated Texas Bancorporation,
Inc., San Antonio, Texas
Northwest Iowa Bancorporation,
Le Mars, Iowa
Rock County BanCorp and
Jackman Management, both of
Janesville, Wisconsin
Southwest Florida Banks, Inc.,
Fort Myers, Florida
Bank(s)
The Citizens National Bank of M in
neapolis, M inneapolis, Kansas
Corpus Christi State National Bank,
Corpus Christi;
The American National Bank of
Austin, Austin;
The Alamo National Bank of San
Antonio, San Antonio, all in
Texas.
The Lakes National Bank,
Arnolds Park, Iowa
The Rock County National Bank of
Janesville;
Rock County Savings and Trust
Company, both located in Janes
ville, W isconsin
First National Bank in Fort Myers,
Fort Myers;
Beach First National Bank,
Fort Myers Beach;
East First National Bank,
Fort Myers;
National Bank of Sarasota,
Sarasota;
National Bank Gulf Gate,
Sarasota, all in Florida.
Board action
(effective
date)
Federal
Register
citation
3/19/73
38 F.R. 8019
3/27/73
38 F.R. 7421
3/21/73
3/13/73
3/6/73
3/13/73
3/6/73
38 F.R. 6930
3/14/73
38 F.R. 7364
3/20/73
38 F.R. 6931
LAW DEPARTMENT
311
ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACT—
APPLICATIONS FOR ACQUISITION OF BANK
Applicant
The Alabama Financial Group,
Inc., Birmingham, Alabama
American Bancorporation,
Columbus, Ohio
Barnett Banks of Florida, Inc.,
Jacksonville, Florida
Charter New York Corporation,
New York, New York
Commerce Bancshares, Inc.,
Kansas City, Missouri
Doraco, Inc.,
Doraville, Georgia
Ellis Banking Corporation,
Bradenton, Florida
First at Orlando Corporation,
Orlando, Florida
First Bancorp, Inc.,
Corsicana, Texas
First National Charter Corpora
tion, Kansas City, Missouri
The Fort Worth National Corpora
tion, Fort Worth, Texas
Frost Realty Company,
San Antonio, Texas
Jackman Management,
Janesville, W isconsin
Manufacturers Hanover Corpora
tion, Dover, Delaware
Southwest Bancshares, Inc.,
Houston, Texas
Bank(s)
Marion County Banking Company,
Guin, Alabama
The Continental Bank,
Continental, Ohio
Southern Bank of West Palm Beach,
West Palm Beach, Florida
Florida Southern Bank,
Palm Beach County, Florida
Nanuet National Bank,
Nanuet, New York
The Citizens National Bank of
Harrisonville, Harrisonville,
Missouri
The Northeast Commercial Bank,
Doraville, Georgia
First Park Bank,
Pinellas Park, Florida
First Security Bank,
Bradenton, Florida
Guaranty Bank of Miami,
West Dade Bank, both of Miami,
Florida
Citizens National Bank in Ennis,
Ennis, Texas
Citizens State Bank,
Malakoff, Texas
American Bank of De Soto,
De Soto, Missouri
Exchange Bank & Trust Company,
Dallas, Texas
The Frost National Bank of San
Antonio, Citizens National Bank
of San Antonio, both of San
Antonio, Texas
The Rock County National Bank of
Janesville, Janesville, Wisconsin
Rock County Savings and Trust
Company, Janesville, Wisconsin
State Bank of Ontario,
Ontario, New York
Arlington Bank of Commerce,
Arlington, Texas
Board action
(effective
date)
Federal
Register
citation
3/13/73
38 F.R. 7492
3/22/73
38 F.R. 6926
3/14/73
38 F.R. 8314
3/30/73
3/6/73
3/23/73
3/8/73
3/29/73
3/1/73
3/6/73
3/6/73
3/1/73
38 F.R. 7027
3/15/73
38 F.R. 8692
4/5/73
38 F.R. 6317
3/8/73
38 F.R. 6926
3/14/73
38 F.R. 6927
3/14/73
38 F.R. 6317
3/8/73
3/13/73
38 F.R. 7422
3/30/73
38 F.R. 8693
4/5/73
38 F.R. 8744
4/6/73
38 F.R. 8694
4/5/73
38 F.R. 8099
3/28/73
3/30/73
3/30/73
3/21/73
3/13/73
38 F.R. 7364
3/20/73
3/19/73
38 F.R. 8020
3/27/73
38 F.R. 8487
4/2/73
3/23/73
312
FEDERAL RESERVE BULLETIN □ APRIL 1973
ORDER UNDER SECTION 3(a)(5) OF BANK HOLDING COMPANY ACT—
APPLICATION FOR MERGER OF BANK HOLDING COMPANIES
Applicant
Mountain Banks, Ltd.,
Colorado Springs, Colorado
Bank
Boulder National Bank,
Boulder, Colorado
Board action
(effective
date)
3/23/73
38
Federal
Register
citation
F.R. 8315
3/30/73
ORDERS UNDER SECTION 4(c)(8) OF BANK HOLDING COMPANY ACT—
APPLICATIONS TO ENGAGE IN NONBANKING ACTIVITIES
Applicant
Bank of Virginia Company,
Richmond, Virginia
The Citizens Agency, Inc.,
M inneapolis, Kansas
County National Bancorporation,
Clayton, Missouri
Merchants National Corporation,
Indianapolis, Indiana
New Jersey National Corporation,
Trenton, New Jersey
Zions Utah Bancorporation,
Salt Lake City, Utah
Bank(s)
General Finance Service Corpora
tion, Huntingdon, Pennsylvania
Continuation of Insurance Agency
Activities
General Mortgage Company of St.
Louis, St. Ann, Missouri
Circle Leasing Corp.,
Indianapolis, Indiana
Underwood Mortgage & Title C o.,
Irvington, New Jersey
Financial Credit Corporation,
Idaho Falls, Idaho
Board action
(effective
date)
3/29/73
38
3/19/73
38
3/13/73
38
3/30/73
38
3/23/73
38
3/30/73
38
Federal
Register
citation
F.R. 8773
4/5/73
F.R. 8019
3/27/73
F.R. 7420
3/21/73
F.R. 8774
4/6/73
F.R. 8486
4/2/73
F.R. 8775
4 /6/73
ORDER UNDER BANK MERGER ACT
APPLICATIONS TO MERGE, CONSOLIDATE, OR ACQUIRE ASSETS
Applicant
Alabama Bank of Guin,
Guin, Alabama
North Moore Street Bank,
Arlington, Virginia
Board action
(effective
Bank(s)
date)
Marion County Banking Company,
3/13/73
38
Guin, Alabama
The Bank of Arlington,
3/13/73
38
Arlington, Virginia
Federal
Register
citation
F.R. 7492
3/22/73
F.R. 7422
3/21/73
Announcements
LETTER ON LOAN COMMITMENTS
The Board of Governors of the Federal Reserve
System announced on April 6, 1973, that a letter
on loan commitments had been sent by Chairman
Burns to all State member banks with deposits
exceeding $100 million.
Similar letters were sent to large national banks
by the Comptroller of the Currency and to large
State nonmember banks by the Federal Deposit
Insurance Corporation. The text of the letter fol
lows:
“ I am writing to you about a matter of concern
to all members of the Board— the heavy volume
of bank loan commitments to commercial and
industrial companies and financial institutions.
Banks supervised by other Federal banking agen
cies are receiving similar letters, so that the atten
tion of all banks likely to have substantial loan
commitments will be drawn to the need for appro
priate loan commitment policies.
“ By loan commitments we refer to all of your
bank’s official promises to lend which have been
expressly conveyed to your customers, typically
by means of either a formally executed com m it
ment agreement or a letter signed by one of your
officers confirming the availability of a line of
credit of specified size.
“ There is no question as to the legitimacy
of— and the need for— bank loan commitments.
They serve the purposes of sound business plan
ning, both for banks and for their customers. It
is the intention of the Federal bank supervisors
that this practice continue, but that it be based
on careful judgment, in the interests of a sound
banking system and healthy econom ic expansion.
The apparent large volume of bank commitments
currently outstanding and sharply increased take
downs thereunder are indicative of the need for
special attention to this subject at this time.
“ Each bank should maintain a record of the
aggregate volume of its commitments to lend.
Furthermore, it should periodically make a careful
judgment as to the potential volume of takedowns
of these commitments under reasonably foreseea
ble circumstances, including periods of strong as
well as weak loan demand, and the appropriateness
of the credit risks involved to its over-ail capital
position. Finally, it should give adequate consid
eration as to how it would obtain the funds to meet
such takedowns in sound and timely fashion, g iv
ing due allowance to the possibilities for changing
conditions in the local and national econom y and
in the central money markets.
“ Federal bank examiners will henceforth ask
the management of each bank they examine to
demonstrate that it is giving adequate attention to
the above principles. Steps are also being taken
by the bank supervisory authorites to obtain cur
rent information periodically as to ongoing devel
opments with respect to bank loan commitments.
“ We confidently expect that banks will cooper
ate in this program to help insure that bank loan
commitments play a sound and useful role in the
financing of business activity.”
CHANGE IN BOARD STAFF
The Board of Governors of the Federal Reserve
System appointed John M. Denkler of the Division
of Federal Reserve Bank Operations as Assistant
Controller, effective April 15, 1973, to succeed
Harry J. Hailey, who resigned.
Prior to joining the Board’s staff in January
1973, Mr. Denkler was a naval officer. He holds
a B .S. degree from the University of Maryland
and an M .S. degree from the Navy Postgraduate
School.
CHANGES IN REGULATION A
The Board of Governors has announced revisions
in its “ discount w indow ” regulations designed
primarily to assist smaller banks to meet the sea
sonal borrowing needs of their communities. The
changes were effective April 19, 1973.
The revisions, which are substantially the same
as those proposed for comment by the Board last
November 21, will also:
1. Make a number of technical and clarifying
changes in the Board’s Regulation A, which g o v
erns lending by Federal Reserve Banks, regarding
the eligibility of paper that can be accepted by
Reserve Banks as collateral for advances at the
discount rate.
2. Continue to provide, as in the past, for credit
to assist a member bank in adjusting to temporary
requirements for funds or to cushion more persist
313
314
FEDERAL RESERVE BULLETIN □ APRIL 1973
ent outflows, pending an orderly adjustment of a
member bank’s assets and liabilities.
3.
Reaffirm the System ’s readiness to extend
credit to member banks in emergency or unusual
circumstances, and also to make credit available
in emergency situations to other financial institu
tions, corporations, partnerships, and individuals
on the security of Government obligations.
The Board said that about 2,000 member banks,
based on historical lending and deposit patterns,
have substantial seasonal calls for credit in their
communities. The vast majority of these banks
have no more than $50 million in total deposits.
Today’s action is a further step in a program
by the Board to implement recommendations made
in a System report entitled “ Reappraisal of the
Federal Reserve Discount M echanism” and pub
lished in July 1968 by a Federal Reserve System
task force. Since that time, the System has incor
porated into its procedures the substance of task
force recommendations relating to emergency
credit to member and nonmember depositary in
stitutions. The seasonal borrowing privilege an
nounced today is consistent with task force rec
ommendations.
This new seasonal lending arrangement will be
available to member banks that lack reasonably
reliable access to national money markets. It is
intended to assist them in meeting seasonal needs
for funds, arising from a recurring pattern of
movements in deposits and loans that persists for
at least 8 weeks.
An eligible bank will be required under this
arrangement to provide part of its own seasonal
needs— up to 5 per cent of its average total depos
its in the preceding calendar year. It may obtain
its additional seasonal needs by borrowing from
the Federal Reserve.
The bank will be required to arrange in advance
with its Reserve Bank for seasonal borrowing.
Credit under this arrangement will be extended to
member banks for periods of up to 90 days at a
time. Under ordinary circumstances, a Federal
Reserve Bank will be prepared to grant renewals
extending the borrowing for the duration of the
demonstrated seasonal need.
No change in the stance of monetary policy,
in either the short or the long run, is intended or
expected to result from the revision of Regulation
A.
ADMISSION OF STATE BANKS TO
MEMBERSHIP IN THE
FEDERAL RESERVE SYSTEM
The follow ing banks were admitted to membership
in the Federal Reserve System during the period
March 16, 1973, through April 15, 1973:
Connecticut
Manchester .....................Manchester State Bank
Florida
T am p a........... North American Bank of Tampa
Montana
H a v re................... First Security Bank of Havre
M issoula ........First Security Bank of Missoula
Tennessee
N a sh v ille................Hamilton Bank of Nashville
National Summary of Business Conditions
R e l e a s e d for p u b lic a tio n April 16
Industrial production, nonfarm employment, and
retail sales advanced in March, and the unem
ployment rate was down slightly. The wholesale
price index continued to rise rapidly. Commercial
bank credit and time and savings deposits in
creased, and the money stock was about un
changed. Between mid-March and mid-April,
yields on Treasury bill rates were mixed and yields
on U .S. Government notes and bonds and munici
pal securities declined.
EMPLOYMENT
INDUSTRIAL PRODUCTION
The value of retail sales rose almost 2.5 per cent
in March, to a level 16 per cent above a year
earlier. Sales at both durable and nondurable goods
stores increased during the month.
Industrial production increased 0.7 per cent further
in March, to 121.7 per cent of the 1967 average.
This brought the index to 9.4 per cent above a
year earlier. The gains in output were widespread
among consumer goods, business equipment, and
materials.
Auto assemblies were unchanged from the Feb
ruary annual rate of 10.1 million units, and April
production schedules are at about the same level.
Output of furniture, some other household goods,
and nondurable consumer goods rose further in
March, and production of household appliances
was maintained at record levels. Gains in produc
tion of business equipment were widespread. Out
put of most durable and nondurable industrial
materials increased further; steel p rod u ction was
about unchanged from the advanced February level.
INDUSTRIAL PRODUCTION
RATIOSCALE, 1967=100
Nonfarm payroll employment rose substantially in
March with gains concentrated in retail trade and
in durable goods manufacturing industries. The
factory workweek was unchanged from February
at 4 0.9 hours. The unemployment rate was down
slightly to 5.0 per cent.
RETAIL SALES
WHOLESALE AND CONSUMER PRICES
The wholesale price index, seasonally adjusted,
increased 2.2 per cent from February to March.
Large and widespread increases were posted for
farm and food products, which increased 4 .7 per
cent, and for industrial com m odities, which rose
1.2 per cent.
The consumer price index rose 0.8 per cent,
seasonally adjusted, in February. Food prices
climbed about 2 per cent for the second month.
Substantial advances for other commodities and
services— of 0.5 and 0 .4 per cent, respec
tively— also contributed to the total rise, bringing
the index to a level 3.9 per cent higher than in
February 1972.
AGRICULTURE
F.R . indexes, seasonally adjusted. Latest figures: March.
During the month ending March 15, prices re
ceived by farmers increased 7 per cent. Together
with increases in the three previous months this
pushed farm prices 22 per cent above the midNovember 1972 level. Prices paid by farmers
increased 6 per cent during the 4-month period.
Rains have delayed field preparation and spring
planting. However, the high soil moisture levels
have contributed to the excellent condition of
winter wheat.
315
316
FEDERAL RESERVE BULLETIN □ APRIL 1973
BANK CREDIT, DEPOSITS, AND RESERVES
ary, rose even more sharply in March, by about
$6 billion.
Net borrowed reserves averaged about $ 1,660
million over the 4 weeks ending March 28 com
pared with $1,390 million in February. Member
bank borrowings continued to increase substan
tially and excess reserves declined further.
Commercial bank credit, after adjustment for
transfers of loans between banks and their affili
ates, rose at an annual rate of about 20 per cent
in March, almost as rapidly as in February. Busi
ness loan growth continued very strong, although
somewhat more moderate than in February. Con
sumer and real estate loans maintained their rapid
rates of growth as did loans to nonbank financial
institutions. Banks acquired a modest amount of
U .S. Treasury securities follow ing a substantial
reduction in February. Bank holdings of other
securities were unchanged.
The narrowly defined money stock was about
unchanged in March after increasing at an annual
rate of 6.1 per cent in February. Time and savings
deposits other than large negotiable C D ’s— at an
annual rate of 9.6 per cent— grew faster in March
than in February when the rate had slowed. How
ever, the March rate was slightly below the pace
of late 1972 and early 1973. Sales of large C D ’s,
which had increased by record volume in Febru-
SECURITY MARKETS
Rates on shorter-term Treasury bills edged som e
what higher on balance between mid-March and
mid-April, with the 3-month bill rate increasing
to 6.22 per cent. In contrast, rates on longer-term
bills declined by about 8 to 10 basis points over
the period, and yields on U .S. Government notes
and bonds fell by some 5 to 20 basis points.
From mid-March through mid-April, yields on
seasoned and new-issue corporate bonds remained
essentially stable. Yields on long-term tax-exempt
securities declined by about one-eighth of a per
centage point over the period.
INTEREST RATES
PRICES
Wholesale
i967=ioo
Consumer
Bureau of Labor Statistics. “ Farm products and fo o d s” is BLS
“ Farm products, and processed foods and fe e d s .” Latest
figures: Consum er, February; W holesale, March.
PER CENT
D iscount rate, range or level for all F.R . Banks. W eekly
average market yields for U .S . G ovt, bonds maturing in 10
years or more and for 90-day Treasury bills. Latest figures:
w eek ending Apr. 7.
A 1
Financial and Business Statistics
CONTENTS
A
3 GUIDE TO TABULAR PRESENTATION
A
3 STATISTICAL RELEASES: REFERENCE
U.S. STATISTICS:
A
A
A
A
A
A
A
A
A
4 Member bank reserves, Federal Reserve Bank credit,
and related items
7 Federal funds— Major reserve city banks
8 Reserve Bank interest rates
9 Reserve requirements
10 Maximum interest rates; margin requirements
11 Open market account
12 Federal Reserve Banks
14 Bank debits
15 U.S. currency
A
A
A
A
A
A
A
A
A
A
A
A
16
17
18
24
29
30
31
31
32
35
36
37
Money stock
Bank reserves; bank credit
Commercial banks, by classes
Weekly reporting banks
Business loans of banks
Demand deposit ownership
Loan sales by banks
Open market paper
Interest rates
Security markets
Stock market credit
Savings institutions
A
A
A
A
A
A
A
39
40
42
45
48
49
54
Federally sponsored credit agencies
Federal finance
U.S. Government securities
Security issues
Business finance
Real estate credit
Consumer credit
Continued on next page
A2
FEDERAL RESERVE BULLETIN □ APRIL 1973
U.S. STATISTICS— Continued
A
A
A
A
A
A
A
A
58
62
62
64
66
66
68
70
Industrial production
Business activity
Construction
Labor force, employment, and earnings
Consumer prices
Wholesale prices
National product and income
Flow of funds
INTERNATIONAL STATISTICS:
A
A
A
A
A
A
A
A
A
A
72
73
74
75
76
91
92
93
94
95
U.S. balance of payments
Foreign trade
U.S. gold transactions
U.S. reserve assets; position in the IMF
International capital transactions of the United States
Foreign exchange rates
Central bank rates
Open market rates; arbitrage on Treasury bills
Gold reserves of central banks and governments
Gold production
TABLES PUBLISHED PERIODICALLY:
A
96
A 106
Number of banks and branches in operation on
December 31, 1972
INDEX TO STATISTICAL TABLES
A 3
G u id e t o T a b u la r P r e s e n t a t io n
SYMBOLS AND ABBREVIATIONS
e
E stim ated
c
C orrected
p
Prelim inary
N .S .A .
r
R evised
rp
R ev ised prelim inary
I, II,
III,
IV Quarters
n .e .c .
N ot elsew h ere classified
A .R .
Annual rate
IPC
SM SA
A
L
S
U
*
S .A . M on thly (or quarterly) figures adjusted for
season al variation
M on thly (or quarterly) figures not adjusted
for season al variation
In d ivid u als, partnerships, and corporations
Standard m etropolitan statistical area
A ssets
L iab ilities
S ou rces of funds
U ses o f funds
A m ou nts insignificant in term s o f the par
ticular unit ( e .g ., less than 5 0 0 ,0 0 0
w h en the unit is m illion s)
(1) Z ero, (2) no figure to be e x p ected , or
(3) figure d elayed
GENERAL INFORMATION
M in u s sig n s are used to indicate (1) a d ecrea se, (2)
a n eg a tiv e figure, or (3) an ou tflow .
A h eavy vertical rule is used in the fo llo w in g in
stances: (1) to the right (to the left) o f a total w hen
the co m p o n en ts sh ow n to the right (left) o f it add to
that total (totals separated by ordinary rules include
m ore co m p o n en ts than those sh o w n ), (2) to the right
(to the left) o f item s that are not part o f a balance sh eet,
(3) to the left o f m em orandum item s.
“ U .S . G o v t, se cu rities” m ay include guaranteed
issu es o f U .S . G ovt, a g en cies (the flow o f funds figures
also include not fu lly guaranteed issu es) as w ell as direct
o b ligation s o f the Treasury. “ State and local g o v t .”
also in clu d es m u n icip a lities, sp ecial d istricts, and other
p olitical su b d iv isio n s.
In som e o f the tables d etails do not add to totals
b ecau se of rounding.
T he fo o tn o tes lab eled N o t e (w h ich alw ays appear
last) provide (1) the source or sou rces of data that do
not originate in the S ystem ; (2) n otice w hen figures
are estim ates; and (3) inform ation on other ch arac
teristics o f the data.
TABLES PUBLISHED SEMIANNUALLY OR ANNUALLY,
WITH LATEST BULLETIN REFERENCE
Semiannually
Banking offices:
Analysis of changes in number
On, and not on, Federal Reserve
Par List, number ...................
Issue
Mar. 1973
Mar. 1973
Page
A-98
A-99
Annually
Bank holding companies:
List, Dec. 31, 1971 .................
Banking offices and deposits of
group banks, Dec. 31, 1971 ..
Banking and monetary statistics:
1971
1972
June 1972
A-98
Aug. 1972
A-101
Mar. 1972
July 1972
Mar. 1973
A-98— A -110
A-98— A-101
A -100— A -114
Annually— Continued
Issue
Banks and branches, number,
by class and State ......................
Apr. 1973
A-96— A-97
Flow of funds:
Assets and liabilities:
1960-71 ...................................
June 1972
A-73.10— A-73.21
Flows:
1965-71 data ..........................
Nov. 1972
A-72— A-73.9
Income and expenses:
Federal Reserve Banks ............. .....Feb.
Insured commercial banks ....... .....May
Member banks:
Calendar year ..............................May
Income ratios ..............................May
Operating ratios .................... ..... July
Stock market credit .......................
1973
1972
A-98— A-99
A-98— A-99
1972
1972
1972
A-98— A -107
A -108— A-l 13
A -102— A -107
Jan. 1973
A-98— A-99
S ta tis tic a l R e le a s e s
LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE
Issue
Anticipated schedule of release dates for individual releases .................................................................................
December 1972
Page
A -109
A 4
BANK RESERVES AND RELATED ITEMS □ APRIL 1973
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS
(In millions o f dollars)
Factors supplying reserve funds
Reserve Bank credit outstanding
Period or date
U.S. Govt, securities 1
Total
Bought
out
right
Held
under
repur
chase
agree
ment
Loans
Other
F.R.
assets 3
Float 2
Total 4
Gold
stock
Special
Drawing
Rights
certificate
account
Treas
ury
cur
rency
ou t
stand
ing
Averages of daily figures
1939—D ec..................................
1941 _ D e c ..................................
1945—D ec..................................
1950—D ec..................................
1960—D ec..................................
2,510
2,219
23,708
20,345
27,248
2,510
2,219
23,708
20,336
27,170
1968—D ec..................................
1969—D ec..................................
1970—Dec..................................
1971—Dec..................................
52,529
57,500
61,688
69,158
1972—Mar.................................
Apr..................................
M ay................................
June................................
July..................................
Aug.................................
Sept.................................
Oct...................................
N ov.................................
D ec..................................
1973—Jan...................................
Feb..................................
Mar.^..............................
9
78
8
5
381
142
94
83
170
652
1,117
1,665
52,454
57,295
61,310
68,868
75
205
378
290
765
1,086
321
107
3,251
3,235
3,570
3,905
69,273
70,939
71,428
71,632
72,089
71,858
70,252
71,359
71,112
71,094
69,133
70,770
71,391
71,624
71,972
71,732
70,135
71,194
70,815
70,790
140
169
37
8
117
126
117
165
297
304
99
109
119
94
202
438
514
574
606
1,049
72,194
72,307
74,019
71,711
72,082
73,624
483
225
395
2,612
2,404
24,744
21,606
29,060
17,518
22| 759
20| 047
22*879
17)954
2,204
1,032
982
56,610
64,100
66,708
74,255
10,367
10 367
l l | 105
10,132
400
400
6,810
6 841
71145
7,611
2,948
3,031
3,140
3,370
3,548
3,345
3,723
4,112
2,966
3,479
780
990
934
933
1,111
957
894
1,202
1,170
1,138
73,181
75,171
75,705
76,108
77,035
76,676
75,451
77,331
75,959
76,851
9,588
9,588
10,224
10,410
10,410
10,410
10,410
10,410
10,410
10,410
400
400
400
400
400
400
400
400
400
400
7,859
7,922
7,991
8,043
8,080
8,137
8,183
8,230
8,278
8,293
1,165
1,593
1,859
3,267
2,556
2,395
1,329
1.004
839
78,063
77,600
79,228
10,410
10,410
10,410
400
400
400
8,321
8,353
8,406
2,956
3 1239
4! 322
4,629
5,396
Week ending—
1973—Jan.
3..........................
10..........................
17..........................
24..........................
31..........................
71,737
71,629
71,949
72,092
72,957
71,150
71,573
71,555
71,555
72,343
587
56
394
537
614
1,751
688
1,298
1,097
1,309
4,046
4,557
3,773
2,830
1,653
1,255
1,276
1,311
1,383
1,373
78,912
78,233
78,434
77,503
77,411
10,410
10,410
10,410
10,410
10,410
400
400
400
400
400
8,303
8,314
8,319
8,326
8,331
Feb.
7..........................
14..........................
21.........................
28..........................
71,973
72,058
72,569
72,629
71,905
71,884
72,083
72,457
68
174
486
172
1,232
1,991
1,672
1,482
2,596
2,170
2,783
2,683
1,322
1,337
662
694
77,207
77,664
77,931
77,611
10,410
10,410
10,410
10,410
400
400
400
400
8,343
8,347
8,352
8,371
Mar.
7 ..........................
14..........................
21^
28 v .......................
73,415
73,710
74,083
74,258
73,183
73,339
73,783
73,889
232
371
300
369
1,688
1,491
2,141
2,013
2,595
2.809
2,623
1,775
749
790
876
908
78,565
78,916
79,843
79,052
10,410
10,410
10,410
10,410
400
400
400
400
8,387
8,402
8,408
8,420
73,394
73,947
75,650
6 72,444
6 73,286
6 74,381
950
661
1,269
1,310
1,564
2,049
2.383
2,795
1.759
1,339
735
915
78,567
79,274
80,538
10,410
10,410
10,410
400
400
400
8,343
8,378
8,422
3..........................
10.........................
17.........................
24.........................
31..........................
73,615
71,509
72,275
73,298
73,394
6 71,361
6 71,509
6 71,616
6 71,768
6 72,444
2,254
659
1,530
950
891
830
1,072
2,008
1,310
4,146
4,627
4,399
2,899
2,383
1.274
1,302
1,380
1,522
1,339
80,119
78,344
79,274
79,868
78,567
10,410
10 410
10|410
10,410
10,410
400
400
400
400
400
8,305
8,316
8 1320
8,328
8,343
7.........................
14.........................
21.........................
28.........................
70,399
72,519
72,116
73,947
6,7 70,399
6 71,884
6,7 71,928
6 73,286
635
188
661
967
2,766
391
1,564
3,265
2,423
2,882
2,795
<
;
I
|
1.304
1.397
671
735
76,016
79,335
76,239
79,274
10 410
10|410
10,410
10,410
400
400
400
400
8,347
8 1347
8,355
8,378
l p.......................
14*>.......................
72,086
74,257
73,103
75,193
6,7 72,086
6 73,559
6,7 73,103
6 74,050
698
1,132
1,823
2,983
2,028
3,542
3,282
2,978
1,895
'
;
f
794
878
901
949
77,632
80,406
80,040
80,209
10 410
10|410
10 410
10|410
400
400
400
400
8 390
8,’407
8 412
8|422
End of month
1973—Jan...................................
Feb..................................
Mar.?'..............................
|
|
Wednesday
1973—Jan.
Feb.
Mar.
2\p .
28^.......................
For notes see opposite page.
1,143
APRIL 1973 □ BANK RESERVES AND RELATED ITEMS
A 5
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS— Continued
(In millions o f dollars)
Factors absorbing reserve funds
Cur
rency
in
cir
cula
tion
Treas
ury
cash
hold
ings
Deposits, other
than member bank
reserves,
with F.R. Banks
Treas
ury
For
eign
Other
F.R.
ac
counts 3
Other2
Other
F.R.
lia
bilities
and
capital 3
Member bank
reserves
With
F.R.
Banks
Cur
rency
and
coin5
Period or date
Total®
Averages of daily figures
7,609
10,985
28,452
27,806
33,019
2,402
2,189
2,269
1,290
408
616
592
625
615
522
50,609
53,591
57,013
61,060
756
656
427
453
60,137
60,717
61,182
61,874
62,669
62,726
62,913
63,385
64,543
66,060
248
292
493
739
1,029
11,473
12,812
16,027
17,391
16,688
-1 ,1 0 5
2,192
2,265
2,287
22,484
23,071
23,925
25,653
2,595
11,473
12,812
16,027
17,391
19,283
. 1939—Dec.
.1941—Dec.
.1945—Dec.
. 1950—Dec.
. 1960—Dec.
4,737
4,960
5,340
5,676
27,221
28,031
29,265
31,329
.1968—D ec.
.1969— Dec.
.1970—Dec.
.1971—Dec.
739
1,531
1,247
920
250
353
495
360
1,194
849
1,926
225
146
145
290
458
458
735
728
388
405
573
356
342
319
320
362
375
350
933
1,688
2,170
2,673
2,398
2,025
938
1,369
1,321
1,449
170
200
185
153
209
171
190
200
195
272
597
615
574
598
617
604
619
631
604
631
2,247
2,313
2,289
2,304
2,329
2,324
2,240
2,336
2,378
2,362
26,555
27,144
27,347
27,002
27,361
27,454
27,224
28,088
25,631
24,830
5,366
5,421
5,465
5,537
5,660
5,694
5,779
5,715
5,813
6,095
31,921
32,565
32,812
32,539
33,021
33,148
33,003
33,803
8 31,774
31,353
.1972—Mar.
..............Apr.
............. May
.............June
.............July
............. Aug.
.............Sept.
.............Oct.
.............Nov.*
.............Dec.
65,274
64,564
65,072
364
382
384
2,033
2,956
3,598
294
302
338
644
645
666
2,365
2,482
2,530
26,220
25,432
25.857
6,463
6,031
5,853
32,962
31,742
31,979
.1973—Jan.
.............Feb.
.............Mar.*
66,553
66,023
65,493
64,809
64,229
346
350
366
372
377
1,715
1,707
1,664
2,303
2,671
322
287
291
306
278
767
673
606
614
636
2,213
2,254
2,326
2,411
2,535
26,109
26,064
26,817
25,823
25,825
6,216
6,163
6,913
6,409
6,452
132,604
32,506
34,009
32,511
32,556
1973—Jan.
3
......................... 10
......................... 17
......................... 24
......................... 31
64,277
64,673
64,743
64,565
378
378
385
389
3,018
3,233
2,501
3,071
277
290
270
372
639
614
657
671
2,598
2,396
2,430
2,506
25,175
25,238
26,107
25,219
6,380
6,296
5,656
5,788
31,834
31,813
32,042
31,286
. Feb. 7
...........14
........... 21
........... 28
64,683
65,250
65,130
385
376
380
388
3,177
4,129
3,731
3,625
343
335
365
304
692
670
650
642
2,609
2,405
2,499
2,559
25,873
25,057
26,185
25,633
5,906
6,219
5,538
5,747
32,058
31,555
32,002
31,659
.Mar. 7
........... 14
........... 21*
........... 28*
64,312
64,696
65,182
372
379
409
2,747
2,073
2,881
310
455
327
674
633
696
2,576
2,574
2,648
26,727
27,653
27.628
6,452
5,788
5,862
*33,458
33,720
33,662
66,526
65,933
65,313
64,603
64,312
343
363
376
386
372
1,048
1,961
1,842
2,207
2,747
320
305
288
264
310
713
845
633
593
674
2,252
2,270
2,367
2,459
2,576
28,033
25,793
27,586
28,494
26,727
6,216
6,163
6,913
6,409
6,452
>34,528
32,235
34,778
35,182
33,458
.1973—Jan.
3
....................... 10
....................... 17
....................... 24
....................... 31
64,612
64,923
64,868
64,696
385
388
396
379
3,253
2,809
3,358
2,073
245
332
275
455
651
615
681
633
2,612
2,468
2,461
2,574
23,415
26.958
23,365
27,653
6,380
6,296
5,656
5,788
30,074
33,533
29,300
33,720
.Feb. 7
........... 14
........... 21
........... 28
65,093
65,409
65,318
65,354
381
378
394
396
3,799
4,321
4,424
3,382
296
311
287
359
635
665
633
709
2.615
2,442
2,493
2,596
24.013
26.098
25,714
26.646
5,906
6,219
5,538
5,747
30,198
32,596
31,531
32,672
. Mar. 7*
........... 14*
........... 21*
........... 28*
Week ending—
6 5 ,1 5 7
End of month
.1973—Jan.
.............Feb.
.............Mar.*
Wednesday
1 Includes Federal agency issues held under repurchase agreements as thereafter. Beginning with Jan. 1963, figures are estimated except for
o f Dec. 1, 1966, and Federal agency issues bought outright as o f Sept. 29,
weekly averages. Beginning Sept. 12, 1968, am ount is based on close1971.
2 Beginning with 1960 reflects a minor change in concept; see
of-business figures for reserve period 2 weeks previous to report date.
Feb. 1961 B u l l e t i n , p. 164.
6 Includes securities loaned—fully secured by U.S. Govt, securities
3 Beginning Apr. 16, 1969, “Other F.R. assets” and “Other F.R.
pledged with F.R. Banks.
7 Reflects securities sold, and scheduled to
liabilities and capital” are shown separately; formerly, they were
be bought back, under matched sale/purchase transactions.
netted together and reported as “ Other F.R. accounts.”
8 Beginning with week ending Nov. 15, 1972, includes $450 million o f
4 Includes industrial loans and acceptances until Aug. 21, 1959, when
reserve deficiencies on which F.R. Banks are allowed to waive penalties
industrial loan program was discontinued. For holdings o f acceptances
for a transition period in connection with bank adaptation to Regulation J
on Wed. and end-of-month dates, see tables on F.R. Banks on following
as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies
pages. See also note 2.
included are (beginning with first statement week o f quarter): Q l, $279
5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed
million.
A 6
BANK RESERVES AND RELATED ITEMS □ APRIL 1973
RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions of dollars)
Large banks 2
All member banks
Period
New York City
Excess
Borrow
Free
Excess
reserves1
ings
reserves1
Borrow
ings
City o f Chicago
Excess
Borrow
ings
All other banks
Other
Excess
Borrow
ings
Excess
Borrow
ings
5
1,188
1 ’303
418
232
1
96
50
671
804
1,011
663
3
4
46
29
8
23
13
85
27
4
8
100
67
50
90
6
42
-3 5
20
228
105
270
479
264
22
623
330
267
250
177
189
174
40
92
80
180
321
28
42
4
5
12
6
11
12
45
19
55
26
16
-2 4
7
-4 1
72
-2
24
-1
-4 2
9
22
31
40
64
134
195
240
248
429
159
116
105
164
148
167
136
140
-5
-1 6 0
15
34
26
48
117
177
171
230
275
264
108
105
102
-3 3
—33
26
578
693
856
-1
—28
-5 8
286
471
725
-1 4
16
-6
-1 2
6
57
4
14
—28
12
51
-7 4
42
2
8
21
160
157
162
73
146
10
4
11
8
24
26
23
-3 1
25
39
77
17
62
1
141
—36
68
125
229
233
272
156
182
171
96
225
193
184
246
1
80
-1 5
20
-1 1
26
-3 0
7
31
11
15
23
19
-4 0
91
-8 7
-6
261
447
192
136
226
163
176
60
-1 8 2
-1 0 0
285
289
291
267
243
21
24
17
-3 7
43
206
422
278
33
-2 4
34
1
75
13
21
-4 2
-3 4
-8 0
-8 1
118
300
514
654
-1 2 6
-1 7 2
-2 1 5
-1 4 4
353
286
264
186
-1 ,1 9 1
-5 6 2
-9 5 7
-1 ,1 3 1
-8 5 6
149
-2 1
46
-8 2
204
713
66
201
260
10
-1 0
17
-2 6
15
279
19
189
19
110
83
-1 0 7
-2 4
-1 6 5
—10
525
420
635
511
806
39
-1 5
23
-4 0
—35
234
183
273
307
393
1,232
1,991
1,672
1,482
- 1 ,0 8 5
-1 ,8 0 3
- 1 ,1 6 7
- 1 ,4 9 6
-7 8
-1
156
-1 2 8
221
709
155
211
-7
17
11
-2 1
16
178
104
121
-2 3
-7 5
47
-7 4
584
664
928
599
-2 4
-3 2
12
-7 0
411
440
485
551
1,688
1,491
2,141
2,013
- 1 ,3 4 7
-1 ,4 6 8
- 1 ,8 6 7
-1 ,9 4 3
92
-4 8
47
-5 6
242
178
225
28
43
-2 5
4
-4
99
113
103
130
-5 8
-1 1 2
24
-6 3
695
623
1,076
949
-1 5
-7 1
-8 0
-8 6
652
577
737
906
1939—Dec....................................................
1941—D ec......................................................
1945—D ec......................................................
1950—Dec......................................................
5 011
3,390
1 491
1 *027
3
5
334
142
5 008
3,385
1,157
885
2 ,6 1 1
’989
48
125
192
58
540
295
14
8
1960—D ec......................................................
1965—Dec......................................................
1967—Dec......................................................
1968—Dec......................................................
1969—D ec......................................................
1970—D ec......................................................
1971—D ec......................................................
756
452
345
455
257
272
165
87
454
238
765
1,086
321
107
669
-2
107
-3 1 0
-8 2 9
-4 9
58
29
41
18
100
56
34
25
19
111
40
230
259
25
35
4
15
8
15
18
7
1
1972— M ar.....................................................
A pr......................................................
M ay.....................................................
J u ly .....................................................
Aug......................................................
Sept.....................................................
Oct.......................................................
N ov.....................................................
D ec......................................................
233
136
104
204
147
255
162
247
314
219
99
109
119
94
202
438
514
574
606
1,049
134
27
-1 5
110
-5 5
-1 8 3
-3 5 2
-3 2 7
-2 9 2
-8 3 0
57
-2
14
34
32
6
29
61
4
-2 0
71
48
50
6
15
116
136
59
64
301
-9
6
9
-1
8
10
-1
22
-1 4
13
1973—Jan .......................................................
Feb.....................................................
M a r ^ .................................................
342
205
294
1,165
1 593
1,859
-8 2 3
—1,388
-1 ,5 6 5
95
—13
63
193
324
176
-6
1 .............................................
8 .............................................
15.............................................
2 2 .............................................
2 9 .............................................
82
176
393
-1 3 3
285
67
103
13
115
153
15
73
380
-2 4 8
132
-3 6
-9
186
-1 2 0
91
Oct.
4 .............................................
11 .............................................
18...........................................
2 5 .............................................
230
358
121
150
436
535
434
765
-2 0 6
-1 7 7
-3 1 3
-6 1 5
47
12
17
-3 9
Nov.
1 .............................................
8 .............................................
15.............................................
2 2 .............................................
2 9 .............................................
205
124
786
189
340
555
959
494
419
572
-3 5 0
-8 3 5
292
-2 3 0
-2 3 2
38
-3 2
196
-1 8
26
2
192
Dec.
6 .............................................
13.............................................
2 0 .............................................
2 7 .............................................
336
244
206
189
589
805
1,221
1,118
-2 5 3
-5 6 1
- 1 ,0 1 5
-9 2 9
1973—Jan.
3 .............................................
10.............................................
17.............................................
2 4 .............................................
3 1 .............................................
560
126
341
-3 4
453
1,751
688
1,298
1,097
1,309
Feb.
7 .............................................
14.............................................
2 1 .............................................
2 8 .............................................
147
188
505
-1 4
M ar.
7 .............................................
14.............................................
2 1*...........................................
28*..........................................
341
23
274
70
2
Week ending—
1972—M ar.
1 Beginning with week ending Nov. 15, 1972, includes $450 million of
reserve deficiencies on which F.R. Banks are allowed to waive penalties
for a transition period in connection with bank adaptation to Regulation J
as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies
included are (beginning with first statem ent week o f quarter): Q l, $279
million.
2 Beginning Nov. 9, 1972, designation o f banks as reserve city banks
for reserve-requirement purposes has been based on size o f bank (net
demand deposits o f more than $400 million), as described in the Bulletin
99
95
94
47
36
185
for July 1972, p. 626. Categories shown here as “large” and “ all other”
parallel the previous “ reserve city” and “country” categories, respectively
(hence the series are continuous over time).
N o t e .— Averages o f daily figures. M onthly data are averages o f daily
figures within the calendar m onth; they are not averages o f the 4 or 5
weeks ending on Wed. that fall within the month. Beginning with Jan.
1964 reserves are estimated except for weekly averages.
Borrowings at F.R. Banks: Based on closing figures.
APRIL 1973 □ MAJOR RESERVE C ITY BANKS
A 7
BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS
(In millions o f dollars, except as noted)
Basic reserve position
Less—
Reporting banks
and
week ending—
Excess
re
serves 1
Bor
rowings
at F.R .
Banks
Net
inter
bank
Federal
funds
trans.
Related transactions with
U.S. G ovt, securities dealers
Interbank Federal funds transactions
Gross transactions
N e tPer cent
of
Surplus
avg.
or
deficit required
reserves
N et transactions
Pur
chases
Sales
Total
tw o-w ay
trans
actions 2
P ur
chases
o f net
buying
banks
Sales
o f net
selling
banks
Loans
to
dealers 3
2,307
2 ,0 1 0
Bor
row
ings
from
dealers 4
N et
loans
Total— 46 banks
1973—Jan.
Feb.
3 .........
1 0 .........
17.........
2 4 .........
31.........
-1 8
42
30
-9 8
195
1,280
266
765
439
479
8,775
10,887
10,551
9,542
7,879
-10,073
- 11,111
-11,287
-10,079
- 8 ,1 6 3
70.5
77.7
7 5 .0
71.5
58.9
14,258
15,949
14,972
14,217
13,035
5,483
5,062
4,421
4,675
5,156
4,302
4,181
3,486
3,644
4,167
9,956
11,768
11,487
10,573
8 ,8 6 8
1,181
881
935
1,031
989
7 .........
14.........
2 1 .........
2 8 .........
73
31
257
31
424
1,239
710
591
8,743
8,963
8,957
8,897
- 9 ,0 9 3
-10,171
- 9 ,4 1 0
-9 ,4 5 7
66.5
73.3
13,854
15,062
15,767
14,394
5,111
6,099
6,809
5,497
4,161
4,390
4,670
4,131
9,693
10,672
11,097
10,263
950
1,709
2,140
1,366
3 .........
1 0 ........
17.........
2 4 .........
3 1.........
136
61
59
-2 9
161
626
4,467
5,184
5,129
4,199
3,485
- 4 ,9 5 7
-5 ,1 8 9
-5 ,2 4 3
- 4 ,4 8 0
—3,324
89.2
85.8
78.7
59.7
5,072
5,768
5,646
5,053
4,572
605
584
517
854
1,086
605
584
517
854
1,068
4,467
5,184
5,129
4,199
3,504
7
14.........
2 1 ........
2 8 .........
8
3,523
4,906
4,582
3,470
- 3 ,6 8 6
- 4 ,9 0 6
-4 ,5 2 7
- 3 ,6 2 8
66.9
87.4
80.5
6 7 .0
4,452
5,211
5,621
4,478
929
988
1,039
1,008
929
987
915
908
3,523
4,224
4,706
3,570
124
99
1 *021
60 .0
69.8
67.7
9,186
10,181
9,326
9,164
8,464
4,879
4,478
3,904
3,821
4,070
3,697
3,597
2,969
2,790
3,100
5,489
6,584
6,357
6,374
5,364
9,402
9,851
10,146
9,916
4,182
5,111
5,770
4,489
3,232
3,403
3,755
3,223
6 8 .1
69.7
199
93
248
455
388
2,108
2,128
1,603
1,268
1,241
1,628
1,492
2,069
307
362
445
373
1,703
1,266
1,048
1,696
1,650
1,521
1,207
1,184
57
52
84
149
145
1,594
1,469
1,123
1,035
967
169
1 118
2 ,2 2 1
1,851
1,724
1,629
8 in New York City
1973—Jan.
Feb.
-5
155
66
173
252
172
677
10 0
-2 0
138
8 6 .1
19
1 ,1 1 2
1,287
1 157
1,391
253
247
937
768
1,144
1,181
881
935
1,031
970
656
700
644
540
517
142
41
164
306
243
515
659
480
234
274
6,170
6,448
6,391
6,693
950
1,709
2,016
1,266
724
471
472
678
139
143
192
126
585
329
280
552
63
38
40
27
26
164
174
175
165
123
164
174
175
165
123
128
157
227
320
220
38 outside
New York City
1973—,J an.
Feb.
-1 5 4
655
10
-2 0
200
17
24
3 1 ........
-3 0
-6 9
34
593
187
479
4,307
5,703
5,422
5,343
4,394
- 5 ,1 1 6
-5 ,9 2 3
- 6 ,0 4 4
-5 ,5 9 9
-4 ,8 3 9
65
36
252
562
610
453
5,220
4,740
4,376
5,427
- 5 ,4 0 7
-5 ,2 6 5
- 4 ,8 8 3
-5 ,8 2 9
63.8
59.5
71.5
279
18
189
18
99
1,544
1,997
2,023
2,176
1,558
- 1 ,8 0 5
- 2 ,0 1 2
- 2 ,2 0 0
- 2 ,2 0 2
- 1 ,6 5 2
138.1
142.9
155.3
119.1
2,067
2,837
2,690
2,692
2,322
523
840
667
515
765
460
801
627
489
739
1,607
2,035
2,063
2,203
1,583
7
163
93
107
2 ,1 1 2
2,314
2,019
2,140
-2 ,1 1 5
- 2 ,4 5 6
- 2 ,0 8 9
—2,258
152.1
174.0
149.4
165.2
2,746
2,874
2,798
2,819
635
561
780
679
635
556
767
679
2 112
21
22
-1 1
2,318
2 032
2,140
4
13
128
157
227
320
-1 7 1
-2 3
-4 2
-6 2
30
376
182
403
169
380
2,764
3,706
3,399
3,167
2,837
-3 ,3 1 1
-3 ,9 1 1
- 3 ,8 4 4
-3 ,3 9 8
-3 ,1 8 6
46.8
55 7
5 2,0
48.6
46.2
7,119
7,345
6,637
6,473
6,142
4,355
3,639
3,238
3,306
3,305
3,237
2,796
2,342
2,301
2,360
3,882
4,549
4,295
4,171
3,781
1,118
843
895
1,004
945
492
526
468
375
393
142
41
164
306
243
350
485
364
69
151
61
16
80
62
245
399
517
346
3,109
2,426
2,357
3,287
-3 ,2 9 2
-2 ,8 0 9
-2 ,7 9 3
-3 ,5 7 1
48.5
41.0
41.1
52.6
6,656
6,977
7,347
7,097
3,547
4,551
4,990
3,810
2,598
2,846
2,988
2,544
4,058
4,130
4,359
4,553
950
1,704
2,003
1,266
596
314
245
358
139
143
192
126
457
172
53
231
3 ........
7 ........
14
21
2 8 ........
102
50
6 6 .6
5 8 .4
6 6 .1
5 in City o f Chicago
1973—j an.
Feb.
3
10
17
4
17
24
31
12
7
14
21
28
-7
4
4
1 2 4 .2
33 others
1973—Jan.
3 .........
.
10 , .
1 7 ........
24
3 1 ........
Feb.
7 .........
14 . .
....
2 8 ........
21
1 Based upon reserve balances, including all adjustments applicable to
th e reporting period. Prior to Sept. 25,1968, carryover reserve deficiencies,
if any, were deducted. Excess reserves for later periods are net o f all carry
over reserves.
2 Derived from averages for individual banks for entire week. Figure
for each bank indicates extent to which the bank’s weekly average pur
chases and sales are offsetting.
3 Federal funds loaned, net funds supplied to each dealer by clearing
banks, repurchase agreements (purchases o f securities from dealers
subject to resale), or other lending arrangements.
4
Federal funds borrowed, net funds acquired from each dealer by
clearing banks, reverse repurchase agreements (sales o f securities to
dealers subject to repurchase), resale agreements, and borrowings secured
by Govt, or other issues.
N o t e . —Weekly averages o f daily figures. F or description o f series
and back data, see Aug. 1964 B u l l e t in , pp. 944-74.
A 8
F.R. BANK INTEREST RATES □ APRIL 1973
CURRENT RATES
(Per cent per annum)
Loans to member banks—
Loans to all others under
last par. Sec. 133
Under Sec. 10(b) 2
Under Secs. 13 and 13a 1
Federal Reserve Bank
Rate on
M ar. 31,
1973
B oston............
New Y o rk . . .
P hiladelphia..
C leveland.. . .
R ich m o n d .. . .
A tla n ta...........
C hicago..........
St. Louis.........
M inneapolis..
K ansas C ity ..
D allas.............
San Francisco
Feb. 28,
Feb. 26,
Feb. 26,
Feb. 27,
Feb. 27,
Feb. 27,
Feb. 27,
Feb. 26,
Feb. 27,
Feb. 26,
Feb. 27,
M ar. 2,
5%
5%
5Vi
5Vi
5*4
5%
5%
5 Vi
5%
5%
5 Vi
5Vi
Previous
rate
Effective
date
R ate on
M ar. 31,
1973 -
Effective
date
Feb. 28,
Feb. 26,
Feb. 26,
Feb. 27,
Feb. 27,
Feb. 27,
Feb. 27,
Feb. 26,
Feb. 27,
Feb. 26,
Feb. 27,
M ar. 2,
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
1 D iscounts o f eligible paper and advances secured by such paper or by
U.S. Govt, obligations o r any other obligations eligible for F.R . Bank
purchase. Maximum m aturity: 90 days except that discounts o f certain
bankers’ acceptances and o f agricultural paper may have maturities not
over 6 months and 9 months, respectively.
2 Advances secured to the satisfaction o f the F.R . Bank.
M aximum
m aturity: 4 m onths.
3 Advances to individuals, partnerships, or corporations other than
member banks secured by direct obligations of, or obligations fully
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
Previous
rate
R ate on
M ar. 31,
1973
4 7Vi
7 Vi
7*4
7»/2
4 7Vi
4 7i/2
4 7Vi
4 7V4
5 Vi
5 Vi
51/z
5Vi
5Vi
51/2
5Vi
5Vi
5Vi
51/2
51/2
5 V4
471/2
4 7Vi
4 7%
7Vi
Effective
date
Feb. 28,
Feb. 26,
Feb. 26,
Feb. 27,
Feb. 27,
Feb. 27,
Feb. 27,
Feb. 26,
Feb. 27,
Feb. 26,
Feb. 27,
M ar. 2,
Previous
rate
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
1973
guaranteed as to principal and interest by, the U.S. G ovt, or any
agency thereof. M aximum m aturity: 90 days.
4 Also effective on the same dates as the other rates shown above for the
eight Reserve Banks so designated, a rate o f 5 Vi per cent was approved on
advances to nonm em ber banks, to be applicable in special circumstances
resulting from implementation o f changes in Regulation J, which became
effective on Nov. 9,1972. See “ A nnouncements” on p. 942 o f the Oct. 1972
B u l l e t in and p. 994 o f the Nov. 1972 B u l l e t in .
SUMMARY OF EARLIER CHANGES
(Per cent per annum)
Effective
date
Range
(or level)—
All F.R.
Banks
F.R.
Bank
of
N .Y.
In effect Dec. 31, 1954
lVi
1*4
1955—A pr. 14.............
15.............
M ay 2 .............
Aug. 4 .............
5 .............
12.............
Sept. 9 .............
13.............
Nov. 18.............
23.............
W 2- W 4
1*4
1V i-l 34
m
1 *4 - 2 1 4
1 *4 - 2 1 4
2 -2%
- 2 y4
2%
2 1 4 - 21/2
21/2
2
l 3/4
1%
1%
2
2
214
214
2 Vi
21/2
1956— Apr. 13.............
20.............
Aug. 24 .............
31.............
2% -3
234-3
234-3
3
234
234
3
3
1957—Aug.
9 .............
2 3
Nov. 15.............
Dec. 2 .............
3 -31/2
3Vi
3 -3Vi
3
3
31/2
3
3
1958—Jan. 22.............
2 4
M ar. 7 .............
13.............
21.............
Apr. 18.............
M ay 9 .............
Aug. 15.............
Sept. 12.............
23.............
O ct. 24.............
Nov. 7 .............
234-3
234-3
214-3
214-234
214
1%-214
3
234
214
214
Effective
date
1959—M ar.
6
16
M ay 29
June 12
Sept. 11
18
1960—June
3,
10,
14,
Aug. 12,
Sept. 9.
1963—July
17.
26.
13/4-2
1*4-2
2
2 -2 Vi
2Vi
l 3/4
1V4
1%
2
2
2
21/2
2 Vi-3
3
3 -3i/i
3*4
31/2-4
4
3
3
31/2
31/2
4
4
31/2-4
31/2-4
31/2
3 3~3Vl
4
31/2
31/2
3
3
3 -31/2
31/2
31/2
3Vi
3Vi-4
4
4
4
6.
13.
4
- 41/2
4Vi
41/2
4Vi
7.
14.
Nov. 20.
27.
4
- 41/2
4
-4Vi
41/2
4
4
4V i
41/2
41/2-5
5
5 -51/2
51/2
4Vi
5
51/2
51/2
5 Vi
51/4
5Vi
51/2
1965—Dec.
1968—M ar. 15.
22.
Apr. 19.
26.
Aug. 16.
30.
Dec. 18.
20.
N o t e .—Rates under Secs. 13 and 13a (as described in table and notes
above). For data before 1955, see Banking and M onetary S tatistics , 1943,
pp. 439-42, and Supplement to Section 12, p. 31.
F.R.
Bank
of
N.Y .
1964—Nov. 24.
30.
1967—Apr.
21/4
Range
(or level)—
All F.R.
Banks
4
514-5 Vi
514
51/4-51/2
51/2
Effective
date
Range
(or level)—
All F.R.
Banks
F.R .
Bank
of
N .Y .
5Vi-6
6
6
6
1970—Nov. 11......................
13......................
16......................
Dec. 1......................
4 ......................
11......................
534-6
534-6
534
51/2-534
5*4-5%
51/2
6
534
534
1971—Jan.
514-51/2
514
5 -514
5 - 51/4
5
434-5
434
434-5
5
434-5
1969—Apr.
4 ......................
8 ......................
8 ......................
15......................
19......................
22......................
Feb. 13.....................
19.....................
July
Nov. 11.....................
19.....................
Dec.
24 .....................
1973—Jan. 15....................
Feb.
M ar. 2 .....................
In effect M ar. 31,1973........
434
534
51/2
51/2
514
514
51/4
5
5
5
434
5
5
5
434
43 4
41/2-434
41/2-434
41/2
4Vi
41/2
5
-5Vi
5Vi
5
5Vi
5Vi
5Vi
5%
5
APRIL 1973 □ RESERVE AND MARGIN REQUIREM ENTS
A 9
RESERVE REQUIREMENTS ON DEPOSITS OF MEMBER BANKS
(Deposit intervals are in millions o f dollars. Requirements are in per cent o f deposits.)
Time 3
(all classes o f
banks)
N et demand 2
Effective
date 1
Over
5
0-5
In effect
Jan 1 1963
1966
...
Over
5
0-5
4
3%
3
16y2
17
17
17%
12
WA
4
5
6
Sav
ings
Over
400 5
0-5
Over
5
1972—Nov. 9 ........
Nov. 16
8
10
12
«16%
13
17Vi
73
73
75
In effect
M ar. 31, 1973...
8
10
12
13
17%
3
3
5
m
3
,2*
Present legal requirem ent:
Minimum
M aximum
10
7
3
22
14
10
5
1 W hen two dates are shown, the first applies to the change at reserve
city banks and the second to the change at country banks. F o r changes
prior to 1963 see B oard’s A nnual Reports.
2 (a) D em and deposits subject to reserve requirements are gross de
mand deposits minus cash items in process o f collection and demand
balances due from domestic banks.
(b) Requirement schedules are graduated, and each deposit interval
applies to that part o f the deposits o f each bank.
(c) Since Oct. 16,1969, member banks have been required under Regu
lation M to maintain reserves against balances above a specified base due
from domestic offices to their foreign branches. Effective Jan. 7, 1971, the
applicable reserve percentage was increased from the original 10 per cent
to 20 per cent. Regulation D imposes a similar reserve requirement on bor
rowings above a specified base from foreign banks by domestic offices
o f a member bank. For details concerning these requirements, see Regula
tions D and M and appropriate supplements and amendments thereto.
3 Effective Jan. 5, 1967, tim e deposits such as Christmas and vacation
club accounts became subject to same requirements as savings deposits.
F or other notes see 2(b) and 2(c) above.
4 Effective Nov. 9, 1972, a new criterion was adopted to designate re
serve cities, and on the same date requirements for reserves against net
dem and deposits o f m ember banks were restructured to provide that each
2-10 10-100 100-400
Over
5
4
July 1 4 ,2 1 ...
1967— M ar. 2 ..........
M ar. 16..........
1968—Jan. 11, 1 8 ...
1969—Apr. 17...........
1970—Oct. 1 .............
0-5
12
16%
O ther time
0-2
Sav
ings
Time 3
Effective
date
O ther time
O ther
Reserve city
N et demand 2,4
N et demand deposits, reserve city b anks...............
N et demand deposits, other b an k s........................
Time deposits..............................................................
member bank will maintain reserves related to the size o f its net demand
deposits. The new reserve city designations are as follows: A bank having
net demand deposits o f m ore than $400 million is considered to have the
character o f business o f a reserve city bank, and the presence o f the head
office o f such a bank constitutes designation o f that place as a reserve
city. Cities in which there are F.R. Banks or branches are also
reserve cities. Any banks having net demand deposits o f $400 million or
less are considered to have the character o f business o f banks outside of
reserve cities and are permitted to maintain reserves at ratios set for banks
not in reserve cities. F or details, see announcements on Regulation D in
1972 B u l l e t in s : July, pp. 649, 679; Oct., p. 942; Nov., p. 994.
5 Reserve city banks.
6 The 16!/ i per cent requirem ent applied for one week, only to form er
reserve city banks. F or other banks, the 13 per cent requirem ent was
continued in this deposit interval.
7 See preceding columns for earliest effective date o f this rate.
N o t e .—All required reserves were held on deposit with F.R . Banks
June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member
banks were allowed to count part o f their currency and coin as reserves;
effective Nov. 24, 1960, they were allowed to count all as reserves. F or
further details, see B oard’s A nnual Reports.
A 10
MAXIMUM INTEREST RATES; BANK DEPOSITS □ APRIL 1973
MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS
(Per cent per annum)
Rates beginning July 20, 1966
R ates Jan. 1, 1962—July 19, 1966
Effective date
Effective date
Type of deposit
Type o f deposit
Jan. 1,
1962
July 17,
1963
Nov. 24,
1964
Dec. 6,
Savings deposits...............
O ther time deposits:2
Multiple m aturity:3
30-89 days............
90 days-1 y e a r ...
1 year to 2 years..
2 years and o v e r..
Single-maturity:
Less than $100,000:
30 days to 1 y e a r ..
1 year to 2 years. .
2 years and o v e r. .
$100,000 and over:
30-59 d ays...........
60-89 d ay s...........
90-179 d a y s.........
180 days to 1 year.
1 year or m o re . . .
Savings deposits: 1
12 m onths or m o r e ..
Less than 12 m onths.
O ther time deposits: 2
12 m onths or m o r e .. . ,
6 months to 12 months
90 days to 6 m o n th s. . .
Less than 90 days........ .
(30-89 days)
4
3%
2%
1
July 20,
1966
1965
4%
4
1 Closing date for the Postal Savings System was M ar. 28, 1966. Max
imum rates on postal savings accounts coincided with those on savings
deposits.
2 F or exceptions with respect to certain foreign time deposits, see
B ulletins for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968,
p. 167.
3 M ultiple-maturity time deposits include deposits th at are autom ati
cally renewable at m aturity w ithout action by the depositor and deposits
that are payable after written notice o f withdrawal.
* The rates in effect beginning Jan. 21 through June 23, 1970, were 6*4
per cent on maturities o f 3 0 -59 days and 6 lA per cent on maturities of
Sept. 26,
1966
Apr. 19,
1968
4%
4
rA
5
5%
5y4
5
5V2
5 3/4
5%
5 Vi
1937—Nov.
1945—Feb.
July
1946—Jan.
1947— Feb.
1949—M ar.
1951—Jan.
1953—Feb.
1955—Jan.
Apr.
1958—Jan.
Aug.
Oct.
1960—July
1962—July
1963—Nov.
1
5
5
21
1
30
17
20
4
23
16
5
16
28
10
6
On convertible bonds
Ending
date
1945—Feb.
July
1946—Jan.
1947—Jan.
1949— M ar.
1951—Jan.
1953— Feb.
1955—Jan.
Apr.
1958—Jan.
Aug.
Oct.
1960—July
1962—July
1963—Nov.
1968—M ar.
1968—Mar. 11
June
8
1970—May
June
6
1971—Dec.
1970—May
1971—Dec.
6
1972—Nov.
Effective Nov. 24, 1972.
4,
4.
20.
31 .
29.
16.
19.
3.
22.
15
4.
27.
9.
5.
10.
7,
5.
22,
On short sales
(T)
40
50
75
100
75
50
75
50
60
70
50
70
90
70
50
70
50
50
75
100
75
50
75
50
60
70
50
70
90
70
50
70
70
80
65
55
65
50
60
50
50
50
70
80
65
55
65
N o t e .—Regulations G, T, and U, prescribed in accordance with the Securities Exchange Act o f 1934, limit the am ount of credit
to purchase and carry margin stocks th at may be extended on securities as collateral by prescribing a maximum loan value, which is
a specified percentage o f the market value o f the collateral at the time the credit is extended; margin requirements are the difference
between the market value (100 per cent) and the maximum loan value. The term margin stocks is defined in the corresponding regulation.
Regulation G and special margin requirements for bonds convertible into stocks were adopted by the Board o f Governors effective
Mar. 11, 1968.
( 4)
6V4
7
m
N o t e . —M aximum rates that may be paid by member banks are estab
lished by the Board o f Governors under provisions o f Regulation Q ;
however, a member bank may not pay a rate in excess o f the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located. Beginning
Feb. 1, 1936, maximum rates that may be paid by nonm em ber insured
commercial banks, as established by the FD IC , have been the same as
those in effect for member banks.
For credit extended under Regulations T (brokers and dealers),
U (banks), and G (others than brokers, dealers, or banks)
On margin stocks
( 4)
5V4
6
60-89 days. Effective June 24, 1970, maximum interest rates on these
maturities were suspended until further notice.
(Per cent o f m arket value)
Beginning
date
5%
>61/4
MARGIN REQUIREMENTS
Period
Jan. 21,
1970
APRIL 1973 □ OPEN MARKET ACCOUNT
A 11
TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT
(In millions of dollars)
Outright transactions in U.S. Govt, securities, by maturity
Treasury bills
Total
Others within 1 year
Month
Gross
pur
chases
Gross
sales
1972—Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
2,036
2,009
2,666
475
1,294
2,753
1,390
9,369
2,795
2,638
5,083
3,481
298
1,478
291
335
3,286
1,752
8,673
2,425
2,880
4,640
1973—Jan..
Feb.
3,060
6,275
1,735
5,216
Gross
pur
chases
Gross
sales
432
850
150
351
135
1,894
1,829
2,254
475
1,094
2,753
1,274
9,369
2,678
2,638
5,083
3,481
298
1,478
291
335
3,286
1,752
8,673
2,425
2,880
4,640
200
3,060
6,079
1,735
5,216
Redemp
tions
410
155
135
96
410
155
133
Outright transactions in U.S. Govt, securities—Continued
5-10 years
Over 10 years
Gross
pur
chases
1972—Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
O ct..
Nov..
Dec..
1973—Jan..
Feb..
Gross
sales
52
31
126
Gross
pur
chases
- 2 ,2 6 0
8
47
23.
Exch.
or ma
turity
shifts
Gross
sales
20
109
” 23*
'is'
166
" 'j'
32*
79
32
-2 ,0 6 8
432
850
150
300
42
200
25
Gross
pur
chases
Exch.,
maturity
shifts,
or
redemp
tions
Gross
sales
10
11
7
Gross
pur
chases
1,301
Gross
sales
-2 ,6 2 6
69
673
'79*
*35*
-4 1 1
360
-135
-1,408
Gross
sales
1.694
2.695
2,625
1,115
211
1,736
3,171
1,132
3,594
3,547
4,863
i , 326
1,736
2,459
1,844
3,594
3,547
4,765
-1,854
2,229
380
1,299
-2 5 1
-5 3 3
-8 2
-8 6 6
220
-5 9 3
405
9,719
2,774
8,928
3,034
2,116
599
1,694
2,022
3,298
Out
right
Repur
chase
agree
ments
77
83
169
Bankers’
acceptances
Out
right,
net
13
-1 2
19
1
-4
-6
-1 0
4
-4
7
-6
7
48
-28
11
-3
16
-1 6
25
-25
” 127*
-2 6
-3
-3 5
-2 2
157
134
3,476
61
Federal agency
obligations (net)
Net
change
in U.S.
Govt,
secur
ities
Exch.
or
maturity
shifts
959
73
92
255
-2
2,626
-9 0
-1 ,0 8 9
Repurchase
agreements
(U.S. Govt,
securities)
Month
Exch.
or ma
turity
shifts
Gross
pur
chases
Redemp
tions
1-5 years
74
-7 4
Under
repur
chase
agree
ments,
net
61
-61
65
-65
30
-3 0
23
95
Net
change1
-1,789
2,408
472
1,386
-2 2 1
-5 7 0
22
-1,009
206
-4 4 2
596
2,197
644
I
1 Net change in U.S. Govt, securities, Federal agency obligations, and
bankers’ acceptances.
N o t e . —Sales, redemptions, and negative figures reduce System hold
ings ; all other figures increase such holdings.
CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS
(In millions o f U.S. dollar equivalent)
Nether
lands
guilders
End o f
period
Total
Pounds
sterling
1968—D ec..............
1969—Dec...............
1970—D ec...............
2,061
1,967
257
1,444
1,575
154
8
1
*
1971—D ec...............
18
3
3
*
2
1
8
1972—Jan................
Feb...............
Mar............ ..
Apr...............
M ay.............
June.............
July..............
Aug..............
Sept..............
Oct...............
N o v .............
D ec...............
17
17
17
17
57
18
7
34
122
211
200
192
3
3
3
3
3
2
1
*
*
*
*
*
3
3
3
3
*
*
*
1
*
8
8
*
*
*
*
*
*
*
*
•
•
*
*
*
2
2
2
2
2
9
1
24
85
164
164
164
1
1
1
1
1
1
1
1
1
1
1
1
8
8
8
8
50
5
7
3
35
21
7
6
Austrian
schillings
Belgian
francs
Canadian
dollars
3
*
*
Danish
kroner
French
francs
433
199
German
marks
165
60
98
Italian
lire
1
125
Japanese
yen
1
1
1
4
3
*
16
20
20
Swiss
francs
3
4
4
A 12
FEDERAL RESERVE BANKS □ APRIL 1973
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday
End o f m onth
1973
Item
M ar. 28
M ar. 21
M ar. 14
10,303
400
10,303
400
10,303
400
1973
M ar. 7
Feb. 28
M ar. 31
1972
Feb. 28
M ar. 31
Assets
L oan s:
Acceptances:
Federal agency obligations:
U.S. G ovt, securities:
Bought outright:
B ills.................................................................................
Total bought o u trig h t.....................................................
Held under repurchase agreem ents.............................
10,303
400
10,303
400
10,303
400
10,303
400
9,475
400
352
361
364
365
366
358
366
327
2,028
2,983
1,823
1,132
1,564
2,049
1,564
255
75
69
75
78
88
78
79
154
77
88
79
154
82
61
1,280
59
1,280
1,280
59
1,294
1 .294
33
1,280
94
1,294
33
810
16
32,430
31,483
31,939
30,452
31,652
32,761
31,652
29,676
36,839
3,501
36,839
3,501
36,839
3,501
36,839
3,501
36,839
3,501
36,839
3,501
36,839
3,501
36,147
3,432
i 72,770
1,084
1,2 71,823
i 72,279
639
1,2 70,792
i 71,992
628
1 73,101
1,175
i 71,992
628
i 69,255
673
Total U.S. G ovt, securities................................................
73,854
71,823
72,918
70,792
72,620
74,276
72,620
69,928
Total loans and securities..................................................
Cash items in process o f collection.................................
Bank prem ises......................................................................
O ther assets:
Denom inated in foreign currencies.............................
All o th e r............................................................................
77,365
*>7,477
197
76,161
*8,851
197
76,246
9,485
197
73,296
9,600
196
75,744
8,584
194
77,864
*6,551
197
75,744
8,584
194
71,152
10,028
159
4
748
4
700
4
677
4
594
4
537
4
714
4
537
17
702
T otal assets............................................................................
*96,846
*96,977
97,676
94,758
96,132
*96,391
96,132
92,260
Liabilities
F.R . notes..............................................................................
D eposits:
M ember bank reserves...................................................
U.S Treasurer—General account................... ............
F o reig n ...............................................................................
O ther:
All o th e r........................................................................
57,572
57,553
57,636
57,342
56,955
57,419
56,955
53,110
*26,646
3,382
359
*25,714
4,424
287
26,098
4,321
311
24,013
3,799
296
27,653
2,073
455
*27,628
2,881
327
27,653
2,073
455
27,869
1,293
191
709
633
665
635
633
696
633
715
*31,096
*31,058
31,395
28,743
30,814
*31,532
30,814
30,068
5,582
685
5,873
664
6,203
685
6,058
656
5,789
695
4,792
709
5,789
695
6,743
555
*94,935
*95,148
95,919
92,799
94,253
*94,452
94,253
90,476
807
793
311
806
793
230
804
793
160
802
793
364
801
793
285
807
793
339
801
793
285
761
742
281
*96,846
*96,977
97,676
94,758
96,132
*96,391
96,132
92,260
Capital accounts
Contingent liability on acceptances purchased for
M arketable U.S. Govt, securities held in custody for
282
279
267
260
239
282
239
263
32,120
32,096
32,675
32,860
32,067
31,529
32,067
30,758
Federal Reserve Notes—Federal Reserve Agents’ Accounts
F .R . notes outstanding (issued to B an k ).......................
Collateral held against notes outstanding:
U.S. G ovt, securities.......................................................
i See note 6 on p. A-5.
61,591
61,552
61,577
61,440
61.476
61,615
61,476
57,027
2,191
61,380
2,191
61,370
2,191
61,370
2,191
61,370
2,191
61,370
2,291
61,331
2,191
61,370
2,445
56,075
63,571
63,561
63,561
63,561
63,561
63,622
63,561
58,520
2 See note 7 on p. A-5.
APRIL 1973 o FEDERAL RESERVE BANKS
A 13
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1973
(In millions of dollars)
Item
Total
Boston
New
York
Phila
del
phia
Cleve
land
Rich
mond
Atlan
ta
Chi
cago
St.
Louis
M inne
apolis
K an
sas
City
Dallas
San
Fran
cisco
Assets
Gold certificate a cc o u n t......................
Special Drawing Rights certif. acct.. .
F.R . notes o f other b anks...................
O ther cash...............................................
10,303
400
1,257
358
Loans:
Secured by U.S. Govt, and agency
2,017
obligations....................................
32
O th e r.................................................
Acceptances:
Bought o u trig h t..............................
Held under repurchase agreements
Federal agency obligations:
1,280
Bought o utright...............................
94
Held under repurchase agreements
U.S. G ovt, securities:
173,101
Bought o u trig h t..........................
1,175
Held under repurchase agreements
380
23
165
20
1,744
93
214
28
938
23
39
10
1,157
33
66
43
956
36
99
38
530
22
275
43
1,476
70
67
44
510
15
22
24
116
7
19
514
14
61
14
1,581
49
200
44
246
584
131
58
156
178
246
23
30
62
105
85
94
94
205
47
27
52
58
175
5,390
3,825
11,703
2,685
1,560
2,965
3,289
10,008
401
15
30
44
77
59
337
94
3,377
19,220
1,175
3,722
5,357
3,682 21,575
3,926
5,509
4,071
12,177
2,762
1,649
3,153
3,452
10,268
8,143
197
299
31
1,494
7
622
5
452
27
732
13
890
15
1,090
16
330
14
312
32
524
17
465
12
933
4
714
33
22
180
37
53
54
37
1
117
25
17
27
31
1
103
99,240
4,633 25,337
5,600
7,340
7,568
5,883
15,058
3,702
2,158
4,211
4,563
13,187
58,676
3,031
14,591
3,609
4,634
5,231
3,019
9,804
2,301
1,058
2,312
2,223
6,863
27,628
2,881
327
969
233
13
7,788
488
3 97
1,295
259
15
1,823
234
28
1,304
283
16
1,730
240
22
3,526
226
49
209
11
602
124
7
1.157
164
13
1,644
193
17
4,982
228
39
705
583
22
19
17
32
31,541
1,217
,956
1,591
2,085
1,622
2,009
3,833
1,028
1,336
1,859
5,270
6,375
709
273
32
1,083
201
271
35
401
50
555
49
687
37
1,005
107
282
24
305
17
453
30
350
30
710
97
97,301
4,553 24,831
5,506
7,170
7,457
5,752
14,749
3,635
2,115
4,131
4,462
12,940
807
793
339
208
207
91
Total liabilities and capital a cc o u n ts.. 99,240
4,633 25,337
5,600
7,340
474
14
26
Total loans and securities.............
Cash items in process o f collection.
Bank premises......................................
O ther assets:
Denom inated in foreign currencies
All o th e r.......................................
T otal assets.
77,864
Liabilities
F.R . n o te s .................................................
D eposits:
M ember bank reserves.......................
U.S. Treasurer—General acco u n t.,
F oreign..................................................
O ther:
All o th e r......................................... .
Total deposits.
D eferred availability cash item s..........
O ther liabilities and accrued dividends
Total liabilities..................... .
21
Capital accounts
C apital paid i n ........................................
Surplus......................................................
O ther capital accounts...........................
Contingent liability on acceptances
purchased for foreign correspond
en ts.........................................................
12
127
124
58
7,568
5,883
15,058
102
99
46
3,702
2,158
4,211
4,563
13,187
35
Federal Reserve Notes—Federal Reserve Agents’ Accounts
F.R . notes outstanding (issued to
B ank).................................................
Collateral held against notes out
standing :
Gold certificate acco u n t....................
U.S. Govt, securities..........................
61,615
3,233
15,562
3,669
4,837
5,398
3,289
10,087
2,402
1,094
2,398
2,353
2,291
61,331
280
3,010 15,801
300
3,500
350
4,700
501
4,950
3,500
700
9,900
155
2,330
1 ,1 1 0
2,450
5
2,480
7,600
Total collateral.
63,622
3,290
3,800
5,050
5,451
3,500
10,600
2,485
1 ,1 1 0
2,450
2,485
7,600
15,801
1 See note 6 to table at bottom o f p. A-5.
2 After deducting $2 million participations of other Federal Reserve
Banks.
3 After deducting $230 million participations o f other Federal Reserve
Banks.
7,293
4 After deducting $208 million participations o f other Federal Reserve
Banks.
N o t e .—Some figures for cash items in process o f collection and for
member bank reserves are preliminary.
A 14
FEDERAL RESERVE BANKS; BANK DEBITS □ APRIL 1973
MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
W ednesday
Item
End o f m onth
1973
1973
1972
M ar. 28
M ar. 21
M ar. 14
M ar. 7
Feb. 28
M ar. 31
Feb. 28
M ar. 31
Loans—T o tal........................................................................
W ithin 15 days..................................................................
16 days to 90 days...........................................................
91 days to 1 y e ar..............................................................
2,028
2,011
17
2,983
2,962
21
1,822
1.811
11
1,133
1,129
4
1,565
1,559
6
2,049
2,018
31
1,565
1,559
6
255
254
1
Acceptances—T otal.............................................................
144
84
60
75
21
54
166
111
55
78
23
55
233
175
58
165
102
63
233
175
58
143
70
73
U.S. Government securities—T o tal.................................
Within 15 d ays1...............................................................
16 days to 90 days...........................................................
91 days to 1 y e a r.............................................................
Over 1 year to 5 years.....................................................
Over 5 years to 10 years.................................................
Over 10 years....................................................................
73,854
6,199
20,890
13,047
28,021
4,119
1,578
71,823
4,125
20,834
13,146
28,021
4,119
1,578
72,918
4,782
21,537
12,881
28,021
4,119
1,578
70,792
3,098
21,433
12,543
28,021
4,119
1,578
72,620
4,609
20,753
13,540
28,021
4,119
1,578
74,276
5,013
22,524
13,021
28,021
4,119
1,578
72,620
4,609
20,753
13,540
28,021
4,119
1,578
69,928
3,296
18,119
15,218
26,410
5,678
1,207
Federal agency obligations—T o tal..................................
W ithin 15 d ay s* ...............................................................
16 days to 90 d ay s...........................................................
91 days to 1 y e a r..............................................................
Over 1 year to 5 years.....................................................
Over 5 years to 10 y ears.................................................
Over 10 y ears....................................................................
1,339
68
51
214
568
247
191
1,280
1,339
59
60
214
568
247
191
1,294
14
40
191
611
247
191
1,327
47
40
191
611
247
191
1,374
102
52
214
568
247
191
1,327
47
40
191
611
247
191
826
16
55
158
397
116
84
16 days to 90 days............................................................
91 days to 1 y e ar..............................................................
60
214
568
247
191
1 Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum m aturity o f the agreements.
BANK DEBITS AND DEPOSIT TURNOVER
(Seasonally adjusted annual rates)
Debits to demand deposit accounts1
(billions of dollars)
Period
Leading SMSA’s
6 others2
Total 232
SMSA’s
(excl.
N.Y.)
226
other
SMSA’s
Total
233
SM SA’s
N.Y.
6,013.9
5,631.4
5,801.4
5,939.2
5,780.8
5,6 3 3 .0
6,151.8
6,285.1
6,1 4 8 .6
6,979.3
6,604.8
2,913.1
2,932.9
3,053.1
3,148.8
3,096.4
2,996.3
3,2 3 3 .0
3,1 9 1 .0
3,225.8
3,411.9
3 ,495.4
7,013.2
7,153.2
7,367.0
7,460.1
7 ,499.5
7,361.2
7,817.4
7,737.6
7,748.1
8,175.4
8,178.7
4,1 0 0 .2
4,220.3
4,313.9
4,311.3
4,403.1
4,364.9
4 ,584.5
4,5 4 6 .6
4,522.3
4,763.5
4,6 8 3 .4
84.5
83.0
85.6
85.5
84.7
82.3
87.5
88.7
86.7
93.5
90.7
6,855.4
7 ,227.0
'3 ,6 6 3 .3
3,775.8
'8 ,6 3 9 .9
8,797.1
'4 ,9 7 6 .5
5,021.3
'9 4 .2
97.7
Total
233
SM SA’s
N.Y.
13,027.1
12,784.6
13,168.5
13,399.4
13,280.3
12,994.2
13,969.2
14,022.8
13,896.7
15,154.7
14,783.6
1973—Jan ................................... '1 5 ,4 9 5 .2
F eb.................................. 16,024.1
1972—Feb..................................
M ar.................................
A pr..................................
M ay ................................
Ju n e ................................
July.................................
A ug.................................
Sept.................................
O ct..................................
D ec..................................
1 Excludes interbank and U.S. Govt, demand deposit accounts.
2 Boston, Philadelphia, Chicago, D etroit, San Francisco-Oakland, and
Los Angeles-Long Beach.
Turnover o f demand deposits
Leading SMSA’s
6 others2
Total 232
SMSA’s
(excl.
N.Y.)
226
other
SM SA’s
205.1
195.2
202.1
200.8
199.9
194.4
206.9
214.9
208.3
229.2
215.7
82.6
83.3
87.3
89.8
88.1
84.2
90.2
89.8
89.2
93.9
95.5
56.2
57.2
58.9
58.7
58.6
57.1
60.2
60.1
59.2
62.1
61.8
45.7
46.9
47.8
46.9
47.5
46.7
48.8
48.8
47.8
50.0
48.9
224.0
238.0
'9 8 .8
102.6
'6 4 .5
65.8
'5 1 .4
51.8
N o t e .—Total SM SA’s includes some cities and counties not designated
as SMSA’s.
For back data see pp. 634-35 o f July 1972 B u l l e t in .
APRIL 1973 o U.S. CURRENCY
A 15
DENOMINATIONS IN CIRCULATION
(In millions o f dollars)
Coin and small denomination currency
Large denom ination currency
Total
in cir
cula
tion 1
Total
Coin
$1 2
$2
$5
$10
$20
Total
$50
$100
$500
1939........................
1941........................
1945........................
1947.......................
7,598
11,160
28,515
28,868
5,553
8,120
20,683
20,020
590
751
1,274
1,404
559
695
1,039
1,048
36
44
73
65
1,019
1,355
2,313
2,110
1,772
2,731
6,782
6,275
1,576
2,545
9,201
9,119
2,048
3,044
7,834
8,850
460
724
2,327
2,548
919
1,433
4,220
5,070
191
261
454
428
425
556
801
782
20
24
7
5
32
46
24
17
1950........................
1955........................
1959........................
27,741
31,158
32,591
19,305
22,021
23,264
1,554
1,927
2,304
1,113
1,312
1,511
64
75
85
2,049
2,151
2,216
5,998 8,529
6,617- 9,940
6,672 10,476
8,438
9,136
9,326
2,422
2,736
2,803
5,043
5,641
5,913
368
307
261
588
438
341
4
3
3
12
12
5
1960........................
1961........................
1962........................
1963........................
1 9 6 4 . .;.................
32,869
33,918
35,338
37,692
39,619
23,521
24,388
25,356
26,807
28,100
2,427
2,582
2,782
3,030
3,405
1,533
1,588
1,636
1,722
1,806
88
92
97
103
111
2,246
2,313
2,375
2,469
2,517
6,691
6,878
7,071
7,373
7,543
10,536 9,348
10,935 9,531
11,395 9,983
12,109 10,885
12,717 11,519
2,815
2,869
2,990
3,221
3,381
5,954
6,106
6,448
7,110
7,590
249
242
240
249
248
316
300
293
298
293
3
3
3
3
2
10
10
10
4
4
1965........................
1966........................
1967........................
1968........................
1969........................
42,056
44,663
47,226
50,961
53,950
29,842
31,695
33,468
36,163
37,917
4,027
4,480
4,918
5,691
6,021
1,908
2,051
2,035
2,049
2,213
127
137
136
136
136
2,618
2,756
2,850
2,993
3,092
7,794
8,070
8,366
8,786
8,989
15,162
13,369 12,214
14,201 12,969
13,758
16,508 14,798
17,466 16,033
3,540 8,135
3,700 8,735
3,915 9,311
4,186 10,068
4,499 11,016
245
241
240
244
234
288
286
285
292
276
3
3
3
3
3
4
4
4
4
1970........................
1971........................
57,093
61,068
39,639
41,831
6,281
6,775
2,310
2,408
136
135
3 ,1 6l
3,273
9,170 18,581 17,454
9,348 19,893 19,237
4,896 12,084
5,377 13,414
215
203
252
237
3
2
4
4
1972—Feb............. 59,795
M ar............ 60,388
A p r............. 60,535
M ay ........... 61,702
Ju n e ........... 62,201
July............. 62,435
A ug............ 62,744
Sept............ 62,599
O ct.............. 63,586
N ov............ 65,137
D ec............. 66,516
40,725
41,182
41,140
42,056
42,399
42,449
42,520
42,341
43,085
44,208
45,105
6,812
6,860
6,902
6,969
7,016
7,052
7,095
7,116
7,172
7,237
7,287
2,275
2,279
2,276
2,334
2,328
2,326
2,333
2,329
2,378
2,437
2,523
135
135
135
135
135
135
135
135
135
135
135
3,087
3,106
3,094
3,170
3,178
3,155
3,152
3,139
3,209
3,305
3,449
9,010
9,110
9,028
9,243
9,295
9,231
9,211
9,146
9,334
9,602
9,827
19,070
19,205
19,395
19,647
19,803
19,986
20,224
20,258
20,500
20,928
21,411
5,257
5,275
5,351
5,425
5,446
5,502
5,565
5,492
5,570
5,714
5,868
13,371
13,490
13,606
13,785
13,923
14,052
14,228
14,336
14,503
14,789
15,118
201
200
199
198
197
196
196
195
194
194
193
234
233
232
232
230
229
229
228
226
225
225
2
2
2
2
2
2
2
2
2
2
2
4
4
4
4
4
4
4
4
4
4
4
64,312
64,696
43,133
43,431
7,274
7,290
2,380
2,370
135
135
3,218
3,213
9,243 20,883 21,179
9,330 21,091 21,266
5,742
5,755
15,013
15,089
192
192
224
224
2
2
4
4
End o f period
1973—Jan ..............
Feb.............
1 Outside Treasury and F.R. Banks. Before 1955 details are slightly
overstated because they include small amounts o f paper currency held
by the Treasury and the F.R. Banks for which a denominational breakdown is not available.
19,405
19,692
19,705
20,204
20,446
20,550
20,594
20,477
20,857
21,491
21,883
$1,000 $5,000 $10,000
2 Paper currency only; $1 silver coins reported under coin,
N o t e .—Condensed from Statement o f United States Currency and
Coin, issued by the Treasury.
KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
(Condensed from Circulation Statement o f U nited States Money, issued by Treasury D epartm ent. In millions o f dollars)
Held in the Treasury
K ind o f currency
G o ld .........................................................................................
G old certificates....................................................................
Federal Reserve n o te s.........................................................
Treasury currency—T o tal...................................................
D ollars................................................................................
Fractional c o in .................................................................
United States n o tes..........................................................
In process o f retirement 3...............................................
Total, out
standing, As security
Feb. 28,
against
Treasury
1973
gold and
cash
silver
certificates
10,410
(10,303)
61,476
8,379
(10,303)
765
7,000
323
291
Total—Feb. 28, 1973........................................................... 4 80,264
Jan. 31, 1973............................................................ 4 80,683
Feb. 29, 1972........................................................... 4 74,171
(10.303)
(10.303)
(9,475)
1 Outside Treasury and F.R. Banks. Includes any paper currency held
outside the United States and currency and coin held by banks. Esti
mated totals for Wed. dates shown in table on p. A-5.
2 Consists o f credits payable in gold certificates, the Gold Certificate
Fund—Board o f Governors, FRS.
3 Redeemable from the general fund o f the Treasury.
107
For
F.R .
Banks
and
Agents
1973
Jan.
31
Feb.
29
56,796
7,901
56,428
7,884
52,369
7,426
675
6,599
320
290
598
6,214
321
293
1
4,519
367
43
65
2
41
325
681
6,610
320
290
4,887
5,697
4,533
64,696
10.302
10.302
9,474
1972
Feb.
28
161
111
379
372
370
2 10,302
Currency in circulation 1
Held by
F.R .
Banks
and
Agents
64,312
59,795
4 Does not include all items shown, as gold certificates are secured by
gold. Duplications are shown in parentheses.
N o te .— Prepared from Statement of United States Currency and Coin
and other data furnished by the Treasury. For explanation o f currency
reserves and security features, see the Circulation Statement or the Aug.
1961 B u l l e t in , p. 936.
A 16
MONEY STOCK □ APRIL 1973
MEASURES OF THE MONEY STOCK
(In billions of dollars)
Seasonally adjusted
M onth o r week
M%
Mi
Mx
(Currency plus
demand deposits)
N o t seasonally adjusted
Mz
(M i plus time
(M z plus deposits
deposits at coml. at nonbank thrift
institutions ) 2
banks other than
large time C D ’s) 1
Mi
(Currency plus
demand deposits)
Mz
{M i plus time
(M 2 plus deposits
deposits at coml. at nonbank thrift
banks other than
institutions ) 2
large tim e C D ’s) 1
1969—D e c
1970—D e c
1971—D e c
208.8
221.3
236.0
392.3
425.2
473.8
594.0
641.3
727.7
214.9
227.7
242.8
397.0
430.0
478.7
598.4
645.6
731.9
1972—Fe............ b
Mar.........
Apr..........
May........
June........
July.........
Aug.........
Sept.........
Oct..........
N ov.........
D ec..........
239.1
241.4
243.0
243.8
245.1
247.7
248.6
250.1
251.6
252.7
255.5
483.9
488.9
492.1
495.5
499.3
504.5
508.4
512.1
516.4
519.8
525.1
746.0
754.8
761.5
767.9
'775.1
'7 8 4 .0
'7 91.6
'799.1
'8 0 7 .0
'813.7
'8 2 2 .0
236.5
239.0
244.3
239.5
243.2
246.6
245.5
248.7
251.2
254.3
262.9
481.3
487.7
495.0
493.1
498.8
503.6
505.1
510.4
515.2
518.7
530.3
742.9
754.0
765.3
766.0
'7 7 5 .6
'78 4 .3
'78 8 .3
'796.9
'80 5 .2
'811.2
'8 2 6 .4
1973—Ja n
Feb..........
M ar.*. ..
255.4
256.7
256.8
527.9
530.5
532.9
'828.8
'834.8
839.4
262.6
254.0
254.3
534.1
527.8
531.6
'834.5
'831.5
838.5
Week ending—
1973— Feb. 28.
Mar.
7.
14.
21 .
28*
255.9
530.3
251.5
526.3
257.6
256.1
257.5
256.1
533.0
531.7
533.7
532.9
254.9
254.0
254.8
252.3
530.8
530.8
523.3
530.7
COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
(In billions o f dollars)
N o t seasonally adjusted
Seasonally adjusted
M onth
or
week
Commercial banks
Commercial banks
C ur
rency
D e
mand
depos
its
Time and savings
deposits
C D ’s 3
O ther
Total
N on
bank
thrift
institu
tions 4
C ur
rency
D e
m and
depos
its
Time and savings
deposits
C D ’s 3
O ther
N on
bank
thrift
i nstitutions 4
U.S.
G ovt,
depos
its 5
Total
1969—D ec......................
1970—D ec......................
1971—D ec......................
46.1
49.1
52.6
162.7
172.2
183.4
10.9
25.3
33.0
183.5
203.9
237.9
194.4
229.2
270.9
201.7
216.1
253.8
46.9
50.0
53.5
167.9
177.8
189.2
25.8
33.8
182.1
202.3
236.0
193.2
228.1
269.8
201.4
215.6
253.2
5.6
7.3
6.9
1972—Feb......................
July.....................
A ug.....................
Sept.....................
Oct......................
N ov.....................
Dec......................
53.2
53.6
53.9
54.2
54.4
54.6
54.8
55.3
55.7
56.2
56.8
185.8
187.7
189.1
189.6
190.7
193.1
193.8
194.8
195.9
196.5
198.7
33.7
33.8
35.2
36.8
37.5
38.3
39.1
39.8
40.0
41.2
43.2
244.8
247.5
249.1
251.8
254.2
256.8
259.8
262.0
264.8
267.1
269.6
278.6
281.3
284.3
288.6
291.7
295.0
298.9
301.9
304.8
308.4
312.8
262.1
265.9
269.4
272.4
275.7
'279.6
'283.3
'286.9
'290.6
'293.9
'296.9
52.6
53.1
53.5
53.9
54.4
55.1
55.1
55.2
55.7
56.7
57.8
184.0
185.9
190.8
185.6
188.8
191.5
190.5
193.5
195.5
197.7
205.0
33.6
33.3
33.8
35.1
35.8
37.0
39.9
4 1.0
41.9
43.3
44.3
244.8
248.7
250.7
253.6
255.6
257.0
259.6
261.7
264.0
264.4
267.5
278.4
282.0
284.5
288.6
291.4
294.0
299.5
302.7
305.9
307.7
311.7
261.6
266.3
270.3
272.9
'2 7 6 .8
'2 8 0 .7
'2 8 3 .2
'2 8 6 .5
'2 9 0 .0
'2 9 2 .5
'296.1
7.4
7.9
7 .7
10.5
6.9
7.3
5.3
5.9
1973—Jan .......................
Feb......................
M ar.* .................
57.0
57.5
57.9
198.4
199.3
198.9
44.4
48.8
54.9
272.5
'273.8
276.0
316.9
322.6
330.9
'300.8
'304.3
306.5
56.7
56.7
57.3
205.9
197.3
196.9
45.1
48.6
54.0
271.5
273.8
277.3
316.6
'322.5
331.4
'3 0 0 .5
'3 0 3 .7
306.9
57.3
198.6
50.7
274.4
325.0
56.3
195.2
50.5
274.9
325.4
1 0 .1
57.9
57.8
58.0
57.9
199.8
198. 3
199.5
198.2
52.2
54.5
55.2
56.3
275.3
275.6
276.2
276.9
327.5
330.1
331.4
333.2
57.3
57.5
57.4
57.0
197.6
196.5
197. 3
195.2
52. 1
53.9
54.2
55.2
275.9
276.8
277.5
278.5
328.0
330.7
331.8
333.6
9 .4
8.3
11.3
11.4
1 1 .1
6 .6
6 .2
7.3
8 .0
9 .6
1 0 .1
Week ending—
I 9 7 3 — peb. 2 8 .............
M ar.
7 .............
14.............
2 1 .............
28*...........
1 Includes, in addition to currency and demand deposits, savings de
posits, time deposits open account, and time certificates of deposits other
than negotiable time certificates of deposit issued in denominations of
$ 10 0,000 or more by large weekly reporting commercial banks.
2 Includes M 2 , plus the average o f the beginning and end o f m onth
deposits o f m utual savings banks and savings and loan shares.
3 Negotiable time certificates o f deposit issued in denominations of
$ 100 ,0 0 0 or more by large weekly reporting commercial banks.
4 Average o f the beginning and end-of-month figures for deposits o f
mutual savings banks and savings capital at savings and loan associations.
5 A t all commercial banks.
N o t e .— For description of revised series and for back data, see article
“Revision of the Money Stock Measures and M ember Bank Reserves and
Deposits” on pp. 61-79 o f the Feb. 1973 B u l l e t in .
Average o f daily figures. Money stock consists o f (1) demand deposits
at all commercial banks other than those due to domestic commer
cial banks and the U.S. Govt., less cash items in process o f collection and
F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency
outside the Treasury, F.R. Banks, and vaults of all commercial banks. Time
deposits adjusted are time deposits at all commercial banks other than
those due to domestic commercial banks and the U.S. Govt.
APRIL 1973 □ BANK RESERVES; BANK CREDIT
A 17
AGGREGATE RESERVES AND MEMBER BANK DEPOSITS
(In billions o f dollars)
Deposits subject to reserve requirem ents3
M em ber bank reserves, S. A .1
N.S.A .
S.A.
Period
Total
N on
bor
row ed
R e
quired
Avail
able2
Total
Time
and
savings
Total inember
bank d eposits
plus no:ndeposit
iteiUS4
D em and
Total
Private
U.S.
Govt.
D em and
Time
and
savings
Private
U.S.
Govt.
S.A.
N.S.A.
1969—D e c .. . .
1970—D ec___
1971—D e c .. . .
27.96
29.12
31.21
26.70
28.73
31.06
27.73
28.91
31.06
25.34
26.98
28.91
287.7
321.3
360.3
150.4
178.8
210.4
131.9
136.0
143.8
5.3
6.5
6.1
291.2
325.2
364.6
149.7
178.1
209.7
136.9
141.1
149.2
4 .6
6 .0
5 .7
307.7
332.9
364.3
311.1
336.8
368.7
1972—M a r.. . .
A pr........
M a y .. . .
Ju n e . . .
J u ly .. . .
A u g .. . .
S ep t.. . .
O ct........
N ov ___
D e c .. . .
32.02
32.61
32.85
33.03
33.17
33.38
33.33
33.83
31.88
31.31
31.89
32.47
32.72
32.94
33.02
33.04
32.87
33.30
31.30
30.06
31.81
32.43
32.71
32.81
32.99
33.21
33.14
33.60
31.54
31.07
29.66
29.82
29.92
30.14
30.32
30.56
30.89
30.97
29.50
28.86
370.5
374.5
379.3
381.3
384.4
387.3
390.4
394.1
397.6
402.0
217.6
220.1
223.4
225.6
228.1
230.8
233.0
235.1
237.9
241.2
147.2
147.6
148.4
149.5
151.1
152.0
152.4
152.7
152.8
154.3
5 .7
6.8
7.5
6.2
5.2
4 .5
5.1
6.3
6.9
6 .5
370.2
375.3
377.0
378.6
383.2
384.5
389.6
394.1
396.4
406.8
218.1
219.8
223.1
225.2
227.1
231.3
233.8
236.2
237.6
240.7
145.5
149.0
145.1
147.8
150.1
149.0
150.9
152.5
153.7
160.1
6 .6
6,5
8.8
5 .7
6.1
4.3
4.9
5.4
5.1
6.1
374.3
378.1
383.0
385.1
388.3
391.4
394.5
398.4
401.9
406.4
373.9
378.8
380.8
382.4
387.1
388.7
393.8
398.4
400.7
411.2
1973—Jan . . . .
Feb.......
M ar.* ..
32.24
r31.65
32.00
30.85
>■29.79
29.52
31.98
31.44
31.78
29.41
r29.30
29.61
404.7
410.2
416.9
243.7
248.5
256.0
153.9
154.5
153.4
7.1
7 .2
7.5
410.4
r409.0
416.4
243.8
248.5
256.2
160.0
152.4
151.8
6.6
8.1
8.5
409.2
r4 1 4 .8
421.8
414.9
413.5
421.4
1 Averages o f daily figures. M ember bank reserve series reflects actual
reserve requirement percentages with no adjustment to eliminate the
effect o f changes in Regulations D and M. Required reserves were in
creased by $660 million effective Apr. 16, 1969, and $400 million, effective
Oct. 16, 1969. Required reserves were reduced by $500 million (net)
effective Oct. 1, 1970. Required reserves were reduced by approximately
$2.5 billion, effective Nov. 9, 1972; by $1.0 billion, effective Nov. 15, and
increased by $300 million, effective Nov. 22.
2 Reserves available to support private nonbank deposits are defined
as (1) required reserves for (a) private dem and deposits, (b) total time
and savings deposits, and (c) nondeposit sources subject to reserve re
quirements, and (2) excess reserves. This series excludes required reserves
for net interbank and U.S. G ovt, demand deposits.
3 Averages o f daily figures. Deposits subject to reserve requirements
include total time and savings deposits and net demand deposits as defined
by Regulation D . Private demand deposits include all demand deposits
except those due to the U.S. Govt., less cash items in process o f collection
and demand balances due from domestic commercial banks. D ata for
1968 are not comparable with later data due to the withdrawal from the
System on Jan. 2, 1969, o f a large member bank.
4 Total member bank deposits subject to reserve requirements, plus
Euro-dollar borrowings, bank-related commercial paper, and certain
other nondeposit items. This series for deposits is referred to as “ the ad
justed bank credit proxy.”
N o t e .—F or description o f revised series and for back data, see article
“ Revision of the Money Stock Measures and M ember Bank Reserves and
D eposits” on pp. 61-79 o f the Feb. 1973 B u l l e t in .
D ue to changes in Regulations M and D , member bank reserves include
reserves held against nondeposit funds beginning Oct. 16, 1969. Back data
may be obtained from the Banking Section, Division o f Research and
Statistics, Board o f Governors o f the Federal Reserve System, Washington,
D.C. 20551.
LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS
(In billions o f dollars)
N ot seasonally adjusted
Seasonally adjusted
Loans
D ate
Total
loans
and
invest
m ents1,2 Total i , 2
Plus
loans
sold
1>2, 3
1968—Dec. 3 1 ___
1969—Dec. 3 1 4 ...
Commercial
and industrial
Total
Plus
loans
sold3
390.6
402.1
258.2
279.4
283.3
95.9
105.7
1970—Dec. 31 ___
435.9
292.0
294.9
109.6
111.7
1971—Dec. 3 1 ___
485.7
320.6
323.4
115.5
117.1
1972—M ar.
Apr.
M ay
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
2 9 ___
2 6 ___
3 1 ___
3 0 ___
2 6 * ....
30*.....
2 7 * ....
2 5 * ....
2 9 * . ..
3 1 * ....
505.0
507.4
516.1
517.5
521.9
529.8
535.3
540.4
549.4
554.2
333.8
335.9
341.9
343.7
348.4
356.2
360.0
367.2
373.6
376.6
336.6
338.5
344.4
346.0
350.7
358.6
362.3
369.4
376.1
379.2
118.4
119.9
121.2
5120.7
121.4
123.9
124.6
126.7
128.2
129.1
120.2
121.5
122.6
5122.2
122.9
125.4
126.0
128.2
129.9
130.8
1973—Jan. 3 1 * ...
Feb. 2 8 * ...
M ar. 2 8 * ....
562.8
572.6
581.9
384.3
395.7
404.7
386.9
398.8
407.8
133.0
137.9
141.6
134.7
140.0
143.6
" m 'S
U.S.
Treas
ury
Total
loans
and
invest
O ther2 m ents1, 2 T o tal1,2
Plus
loans
sold
1>2, 3
Securities
Commercial
and industrial
T o tal
Plus
loans
sold3
98.4
108.4
111.0
U.S.
Treas
ury
64.5
54.7
O ther2
71.4
71.2
400.4
412.1
264.4
286.1
290.0
58.0
85.9
446.8
299.0
301.9
112.5
114.6
61.7
86.1
60.7
104.5
497.9
328.3
331.1
118.5
120.1
64.9
104.7
62.3
62.6
63.1
63.2
62.3
61.4
62.0
59.9
60.6
62.0
108.9
108.9
111.1
110.6
111.2
112.3
113.3
113.3
115.1
115.6
501.5
506.6
513.7
521.6
522.0
526.5
534.6
540.2
549.4
568.1
330.5
335.1
341.6
349.8
350.9
354.5
360.6
365.5
371.8
385.6
333.3
337.8
344.0
352.1
353.3
356.9
362.9
367.7
374.3
388.2
118.4
120.1
120.8
5123.2
122.3
122.2
124.2
125.8
127.6
132.5
120.2
121.8
122.3
5124.6
123.7
123.8
125.7
127.3
129.2
134.2
62.5
61.9
61.2
60.3
59.6
59.3
60.3
60.9
63.2
66.6
108.5
109.7
110.9
111.5
111.5
112.6
113.7
113.8
114.4
115.9
62.0
60.2
60.6
116.5
116.6
116.6
563.1
568.7
577.5
382.0
391.6
400.4
384.6
394.7
403.6
131.8
136.4
141.5
133.5
138.5
143.5
65.4
61.3
60.7
115.6
115.8
116.4
61.0
51.5
1 Adjusted to exclude domestic commercial interbank loans.
2 Beginning June 30, 1971, Farmers Home Administration insured notes
totaling approximately $700 million are included in “ Other securities”
rather than in “ Loans.”
3 Loans sold outright by commercial banks to own subsidiaries,
foreign branches, holding companies, and other affiliates.
4 Beginning June 30, 1969, data revised to include all bank-premises
subsidiaries and other significant majority-owned domestic subsidiaries;
earlier data include commercial banks only. Also, loans and investments
are now reported gross, without valuation reserves deducted, rather than
net o f valuation reserves as was done previously. For a description o f the
revision, see Aug. 1969 B u l l e t in , pp. 642-46. D ata shown in this table
beginning January 1959 have been revised to include valuation reserves.
Loans
Securities
71.5
71.3
5 Beginning June 30, 1972, commercial and industrial loans were re
duced by about $400 million as a result o f loan reclassifications at one
large bank.
N o t e .—For monthly data on total loans and investments 1959-70, see
Dec. 1971 B u l l e t in , pp. 974-75. For monthly data, 1948-58, see Aug.
1968 B u l l e t in , pp. A-94—A-97. F or a description o f the seasonally ad
justed series see the following Bulletins: July 1962, pp. 797-802; July 1966,
pp. 950-55; Sept. 1967, pp. 1511-17; and Dec. 1971, pp. 971-73. F or
monthly data on commercial and industrial loans, 1959—71, see July 1972
B u l l e t in , p. A-109. F or description o f series, see July 1972 B u l l e t in ,
p. 683. D ata are for last Wednesday o f m onth except for June 30 and
Dec. 31; data are partly or wholly estimated except when June 30 and Dec.
31 are call dates.
A 18
COMMERCIAL BANKS □ APRIL 1973
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions o f dollars)
Deposits
Loans and investments
Securities
Class o f bank
and date
T otal
All commercial banks:
50,746
1941—Dec. 3 1 . ..
1945—Dec. 3 1 . .. 124,019
1947—Dec. 31 6. 116,284
Loans
l
U.S.
Treas
ury
21,714 21,808
26,083 90,606
38,057 69,221
Other
2
Total
assets—
Total
Cash
lia
assets 3 bilities
and
capital
ac
counts4
Interbank3
Total 3
O ther
Bor
row
ings
D em and
D e
mand
Time
N um
ber
of
banks
Time 5
U.S.
G ovt.
7,225 26,551 79,104 71,283
10,!?82
7,331 34,806 160,312 150,227
14,1065
240
9,006 37,502 155,377 144,103 12,792
Total
capital
ac
counts
O ther
44 ,349
10!>,921
1,343 94,367
15,952
30,241
35,360
23 7,173 14,278
219 8,950 14,011
65 10,059 14,181
1966--D e c .
1967--D e c .
1968-—Dec.
1969-—Dec.
1970--D ec.
1971--D ec.
3 1 . ..
3 0 . ..
3 1 . ..
31 7 .
3 1 ...
3 1 ...
322,661
359,903
401,262
421,597
461,194
516,564
217,726
235,954
265,259
295,547
313,334
346,930
56,163
62,473
64,466
54,709
61,742
64,930
48,772
61,477
71,537
71,341
86,118
104,704
69,119
77,928
83,752
89,984
93,643
99,832
403,368
451,012
500,657
530,665
576,242
640,255
352,287
395,008
434,023
435,577
480,940
537,946
19,770
21,883
24,747
27,174
30,608
32,205
967 4,992
1,314 5,234
1,211 5,010
735 5,054
1,975 7,938
2,908 10,169
1972--M a r.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
2 9 ...
2 6 ...
3 1 ...
3 0 ...
2 6 ...
3 0 ...
522,790
525,660
532,260
542,689
542,770
547,500
555,750
560,440
573,170
589,990
351,800
354.120
360.120
370,910
371.740
375,580
381.740
385,700
395,540
409,790
62,500 108,490
61,860 109,680
61,240 110,900
60,258 111,521
59,580 111,450
59,300 112,620
60,290 113,720
60,930 113,810
63,210 114,420
64,670 115,530
91,220
95,040
100,910
99,472
91,380
91.270
90,810
101,790
90.270
97,730
639,000
645,410
659,070
667,126
659,690
664,710
673,100
689,800
691,600
716,920
526,150
533,270
544,720
552,543
544.560
546,050
555,480
566,280
570.560
595,730
26,430
26,140
28,240
28,782
27,310
27,090
26,880
29,040
27,060
30,230
2,950 8,740 205,420 282,610 32,850 47,450 13,806
2,870 10,470 208,490 285,300 31,630 47,780 13,823
3,020 8.430 215,360 289,670 33,270 48,310 13,838
3,114 9,083 219,050 292,513 33,214 50,117 13,875
3,260 8,300 210,930 294,760 34,290 48,970 13,877
3,350 3,790 210,810 301,010 35,950 49,400 13,898
3,890 9.430 212,730 302,550 33,400 49,720 13.910
3,760 7,470 220,980 305,030 39.540 50,270 13.911
3,920 7,700 224,480 307,400 38,350 50,730 13,924
4,030 7,660 241,790 312,020 38.540 51,150 13,927
U p ..
25 p. .
29*..
U
p..
167,751
184,066
199,901
208,870
209,335
220,375
158,806 4,859 32,054 13,767
182,511 5,777 34,384 13,722
203,154 8,899 37,006 13,679
193,744 18,360 39,978 13,661
231,084 19,375 42,958 13,686
272,289 25,912 47,211 13,783
1973-—Jan. 31*.. 588,880 407,830 65,410 115,640 94,750 712,580 586,540 29,180 3,660 10,230 226,890 316,580 43,130 52,230 13,939
Feb. 28*.. 596,530 419,440 61,330 115,760 97,720 724,340 594,070 29,450 3,930 11.190 225,560 323,940 45,950 52,620 13.952
M ar. 28*.. 603,670 426,540 60,730 116,400 89,340 722,840 591,220 25,840 4,290 11.190 218,260 331,640 45,960 53,110 13.952
Members of
F.R. System:
1941—Dec. 31 . . .
1945—Dec. 3 1 ...
1947—Dec. 3 1 ...
43,521
107,183
97,846
18,021 19,539
22,775 78,338
32,628 57,914
5,961 23,113 68,121 61,717 10,385
6,070 29.845 138,304 129,670 13,576
7,304 32.845 132,060 122,528 12,353
140 1,709
64 22,179
50 1,176
37,136
69,640
80,609
12,347
24,210
28,340
4
208
54
5,886
7,589
8,464
6,619
6,884
6,923
1966--D e c .
1967--D e c .
1968-—Dec.
1969-—Dec.
1970--D ec.
1971--D ec.
3 1 ...
3 0 ...
3 1 ...
31 7 .
3 1 ...
3 1 ...
263,687
293,120
325.086
336,738
365,940
405.087
182,802
196,849
220,285
242,119
253,936
277,717
41,924
46,956
47,881
39,833
45,399
47,633
38,960
49,315
56,920
54,785
66,604
79,738
60,738
68,946
73,756
79,034
81,500
86,189
334,559
373,584
412,541
432,270
465,644
511,353
291,063
326,033
355,414
349,883
384,596
425,380
18,788
20,811
23,519
25,841
29,142
30,612
794
1,169
1,061
609
1,733
2,549
4,432
4,631
4,309
4,114
6,460
8,427
138,218
151,980
163,920
169,750
168,032
174,385
128,831 4,618 26.278
147,442 5,370 28,098
162,605 8,458 30,060
149,569 17,395 32,047
179,229 18,578 34,100
209,406 25,046 37.279
6,150
6,071
5,978
5,869
5,766
5,727
1972--M a r.
Apr.
M ay
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
2 9 ...
2 6 ...
3 1 ...
3 0 ...
2 6 ...
3 0 ...
2 7 ...
2 5 ...
2 9 ...
2 7 ...
409,024
409,925
414,469
422,356
422,102
425,392
432,150
435,460
446,621
460,023
281,182
282,298
286,310
294,730
295,275
297,851
303,049
305,996
314,463
326,224
45,486
44,643
44,403
43,708
42,932
42,727
43,506
43,691
45,799
46,794
82,356
82,984
83,756
83,918
83,895
84,814
85,595
85,773
86,359
87,005
78,710
82,345
87,524
86,430
79,164
79,057
78,503
88,219
78,553
85,056
508,747
513,123
523,538
529,645
522,562
525,983
532,624
546,521
548,210
568,903
413,132
418,730
427,426
433,574
426,242
426,716
434,554
442,792
446,441
466,924
25,154
24,893
26,913
27,311
25,923
25,742
25,502
27,528
25,759
28,697
2,590
2,510
2,663
2,717
2,867
2,954
3,495
3,360
3,520
3,637
7,216
8,939
6,825
7,630
6,953
2,966
8,033
6,172
6,463
6,457
161,976
164,071
169,496
172,419
165,393
164,851
166,353
172,615
175,739
189,708
216,196
218,317
221,529
223,498
225,106
230,203
231,171
233,117
234,960
238,425
5.713
5.713
5.713
5.714
5,705
5.702
5.703
5,699
5,701
5.704
1973--Jan. 3 1 ... 458,764 324,637 47,334 86,793 82,499 565,071 458,942 27,757 3,260
Feb. 2 8 ... 465,065 334,609 43,698 86,758 85,264 575,222 465,395 28,037 3,537
M ar. 28*.. 471,067 340,667 43,259 87,141 77,728 573,531 463,004 24,488 3,895
Large member banks:
New York City:*,», 10 u
1941—Dec. 3 1 . ..
12,896
1945- -D ec. 3 1 . ..
26,143
1947- -D ec. 3 1 ...
20,393
4,072 7,265
7,334 17,574
7,179 11,972
8,461 177,677 241,787 40,255 40,994 r5,690
9,364 176,525 247,932 42,912 41,309 5.688
9,407 170,560 254,654 42,649 41,578 5.688
6,637
6,439
7,261
19,862
32,887
27,982
17,932
30,121
25,216
6
17
12
866
6,940
267
12,051
17,287
19,040
807
1,236
1,445
195
30
1,648
2,120
2,259
36
37
37
14,869
18,797
19,948
22,349
21,715
22,663
64,424
74,609
81,364
87,753
89,384
91,461
467
51,837 6,370
741
60,407 7,238
622
63,900 8,964
268
62,381 10,349
956
67,186 12,508
71,723 13,825 1,186
1,016
1,084
888
694
1,039
1,513
26,535
31,282
33,351
36,126
32,235
30,943
17,449
20,062
20,076
14,944
20,448
24,256
1,874
1,880
2,733
4,405
4,500
5,195
5,298
5,715
6,137
6,301
6,486
7,285
12
12
12
12
12
12
68,029
68,798
70,852
72,432
69,508
69,330
70,323
72,568
74,550
78,742
1,231
1.162
1,198
1,175
1,312
1,345
1,591
1,530
1,752
1,831
1,360
2,013
1.038
1.038
1,170
288
1,454
1,097
1,032
1,093
28,793
28,842
29,918
30,637
28,396
27,497
27,718
29,046
30,710
33,731
24,971
25,330
26,395
26,649
27,050
28,521
28,146
28,509
28,417
28,375
8,428
6,650
8,103
7,314
7,431
8,188
6,861
9,170
9,335
8,241
7,342
7,372
7,618
7,650
7,612
7,736
7,714
7,756
7,944
7,972
12
12
13
13
13
13
13
13
13
13
77,213 13,919 1,574
79,567 14,040 1,708
77,435 11,744 1,951
1,257
1,506
1,789
31,292
30,533
29,032
29,171 10,142
31,780 10,321
32,919 9,938
8,074
8,142
8,047
13
13
13
3 1 . ..
3 0 . ..
3 1 ...
31 7 .
3 1 ...
3 1 . ..
46,536
52,141
57,047
60,333
62,347
63,342
35,941
39,059
42,968
48,305
47,161
48,714
4,920
6,027
5,984
5,048
6,009
5,597
5,674
7,055
8,094
6,980
9,177
9,031
1972--M ar.
Apr.
M ay
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
2 9 ...
2 6 ...
3 1 ...
3 0 ...
2 6 ...
3 0 ...
2 7 ...
2 5 ...
2 9 ...
2 7 ...
64,450
63,467
65,719
66,597
66,331
67,353
68,924
69,136
71,707
74,894
50,063
49,539
50,799
51,637
51,408
52,031
53,166
53,835
55,533
59,090
5,567
4,825
5,257
5,338
4,954
5,158
5,368
5,045
5,712
5,321
8,820
9,103
9,663
9,623
9,969
10,164
10,390
10,256
10,462
10,483
1973--Jan. 3 1 ...
Feb. 2 8 ...
M ar. 2 8 ...
73,744
75,727
76,368
58,304
61,629
62,584
5,439 10,001 23,203 102,923
4,463 9,635 23,059 105,571
4,498 9,286 20,133 103,402
37,683
37,928
38,356
39,358
38,649
38,979
39,190
39,567
39,966
40,250
1,559
1,235
1,242
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
1971 _ D e c .
For notes see p. A-21.
31,792
30,406
31,907
31,752
32,725
34,315
31,860
37,745
36,480
36,655
21,400 91,687
21,014 90,364
22.516 93,765
22,535 94,377
19.517 91,247
19,152 92,066
17,864 92,484
21,261 96,657
21,556 98,990
21,169 102,172
4,202
4,640
4,453
11,674
11,451
12,303
12,933
11,580
11,679
11,414
12,386
12,639
13,712
APRIL 1973 □ COMMERCIAL BANKS
A 19
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK— Continued
(Amounts in millions o f dollars)
D eposits
Loans and investments
Securities
Class o f bank
and date
Large member banks (cont.):
City of Chicago: 8. 9
1941- Dec 31
...
1945- Dec 31
1947- Dec 31
Loans
l
U.S.
Treas
ury
O ther
2
Total
assets—
Total
lia
Cash
bilities
and
assets3
Total
capital T otal 3
ac
counts4
Interbank3
95 4
1,333
1,801
1,43C
4,213
2,890
376
385
397
1,566
1,489
1,739
4,363
7,459'
6,866
4,057
7,046
6,402
1,035
1,312
1,217
3 1 .............
3 0 .............
3 1 .............
31 7.........
31.............
31.............
11,802
12,744
14,274
14,365
15,745
17,133
8,756
9,222
10,286
10,771
11,214
12,285
1,545
1,574
1,863
1,564
2,105
1,782
1,502
1,947
2,125
2,030
2,427
3,067
2,638
2,947
3,008
2,802
3,074
3,011
14,935i
16,296i
18,099'
17,927'
19,892:
21,214■
12,673
13,985
14,526
13,264
15,041
16,651
1,433
1,434
1 ,535;
1,677
1,930i
1,693
1972--M a r . 29.............
26.............
3 0 .............
27.............
25.............
29.............
27.............
17,668
17,761
18,147
18,541
18,582
19,20C
19,270
19,53C
20,370
21,208
12,898
12,99 i
13,2813,782
14,130
14,701
14,582
15,021
15,379
16,325
1,582
1 ,51(
1,665
1,662
1,39$
1,455
1,545
1,435
1,597
1,643
3,188
3,253
3,199
3,096
3,054
3,044
3,143
3,074
3,394
3,240
3,204
3,207
3,538
2,946,
3,070i
2,880i
3,135
3,119
2,659
3,640i
21,806i
21,8581
22,697r
22,562:
22,727
23,1281
23,479'
23,714■
24,042:
25,776i
15,912
16,017
16,509
16,912
16,695
17,147
17,812
17,738
18,021
19,417
1973-- J a n . 31.............
Feb. 28.............
M ar. 28.............
21,026
21,98;
22,660
16,371
17,54^
17,980
1,562
1,384
1,470
3,093
3,055
3,210
2,939
3,513
3,092
25,035:
26,575
26,821
Other large member: 8. 9
1941- Dec 3 1 .............
1945- Dec. 3 1 .............
1947-- D e c . 3 1 .............
15,347
40,108
36,040
7,105 6,467
8,514 29,552
13,449 20,196
M ay 31.............
July
Aug.
Sept.
Oct.
Nov.
Dec.
1966--D e c .
19671968--D e c .
1969-- D e c .
1970--D e c .
1971--D e c .
3 1 .............
3 1 .............
31 7.........
31.............
31.............
95,831 69,464
105,724 73,571
119,006 83,634
121,324 90,896
133,718 96,158
149,401 106,361
1972--M a r . 29............. 149,384 106,665
Apr. 26............. 149,586 107,362
M ay 31............. 151,153 108,846
155,085 113,213
July 26............. 154,528 113,172
Aug. 30............. 153,956 112,637
Sept. 27............. 156,822 115,352
Oct. 25............. 157,630 115,642
Nov. 29............. 163,011 119,961
Dec. 27............. 168,655 124,195
1973-- J a n . 31.............
Feb. 28.............
M ar. 28.............
All other member: 8, 9, 1° ,11
1941--D ec. 3 1 .............
1945--D ec. 3 1 .............
1947--D ec. 3 1 .............
1966--D ec.
19671968--D ec.
1969--D ec.
1970—Dec.
1971--D ec.
1972- M ar.
A pr.
M ay
June
Aug.
Sept.
Oct.
Nov.
Dec.
1,776 8,518
2,042 11,286
2,396 13,066
Time 5
Time
U.S.
G ovt.
O ther
127’ 2,419
1,552: 3,462:
72: 4,201
476
719
913
15i
49'
168
310i 6,008
267 6,250'
257 6,542:
175i 6,770>
282 6,663
364 6,896
4,898
6,013
6,171
4,626
6,117
7,530
1,398
1,344
1,412
1,331
1,447
1,487
1,406
1,455
1,262
1,433
191
191
182
139
194
196;
224
196
217
231
341
465
282
261
310
68
374
192
213
301
18,709
19,429
19,854
1,364
1,433
1,326
247
224
266
358
442
461
24,430i 22,313
51,898 49,085
49,659 46,467
4,356
6,418
5,627
8,593
9,374
10,181
10,663
11,317
11,241
288
377
426
13
12
14
484
383
682
1,290
1,851
1,935
1,199
1,346
1,433
1,517
1,586
1,682
11
10
9
9
9
9
6,462 7,520
6,381 7,636
6,631 8,002
6,603 8,579
6,157 8,587
6,226 9,170
6,435 9,373
6,264 9,631
6,565 9,764
7,332 10,120
3,180
2,972
3,280
2,639
3,187
2,985
2,768
2,945
3,137
3,426
1,820
1,829
1,836
1,857
1,850
1,850
1,859
1,875
1,855
1,876
6,605 10,135
6,778 10,552
6,439 11,362
9
9
9
9
9
9
9
9
9
9
7Q
3,276
4,075
3,910
1,895
1,891
1,878
9
9
104
491 12,557 4,806
30 8,221 24,655 9,760
22
405 28,990 11,423
2
1
1,967
2,566
2,844
351
359
353
25;
21
21
13,040i
14,667
15,036
11,944
14,700
15,912
13,326
17,487
20,337
18,484
22,860
27,129
24,228
26,867
28,136
29,954
31,263
33,732
123,863
136,626
151,957
157,512
171,733
190,880
108,804
120,485
132,305
126,232
140,518
155,226
1,633
1,715
1,884
1,575
2,547
3,557
49,004
53,288
57,449
58,923
59,328
62,474
49,341 1,952 9,471
55,798 2,555 10,032
62,484 4,239 10,684
54,829 9,881 11,464
66,734 10,391 12,221
77,020 14,799 13,197
169
163
161
157
156
156
14,583
14,434
14,362
14,141
13,873
13,501
13,692
13,699
14,734
15,615
28,136
27,790
27,945
27,731
27,483
27,818
27,778
28,289
28,316
28,845
29,082
32,579
34,413
33,806
30,832
31,452
31,640
35,635
29,350
33,052
186,613
190,334
193,947
197,155
193,689
193,592
196,672
201,551
200,829
210,331
944 2,889
147,937 9,004
894 3,839
151,394 9,079
155,174 9,985 1,020 2,763
156,850 9,645 1,008 3,527
153,772 9,688 1,098 2,867
152,570 9,458 1,150 1,015
156,023 9,509 1,285 3,512
158,214 10,202 1,239 2,374
159,305 8,844 1,156 2,828
167,413 10,064 1,180 2,776
57,001
58,129
60,716
61,701
58,980
58,564
58,956
61,147
62,229
67,422
78,099
79,453
80,690
80,970
81,139
82,383
82,761
83,252
84,248
85,971
13,657
13,725
13,890
14,020
14,011
14,062
14,132
14,193
14,331
14,491
156
157
157
157
157
156
157
156
156
156
9,239 1,044 3,470 63,011 86,654 21,086 14,619
9,365 1,210 3,942 62,627 87,906 22,434 14,760
8,355 1,283 3,761 60,676 91,175 22,182 14,819
156
156
156
168,522 123,907 15,844 28,771 30,426 207,904 163,418
169,752 126,901 13,957 28,894 r32,397 211,296 165,050
172,681 129,991 13,615 29,075 29,634 211,358 165,250
12,518
35,002
36,324
Total N um
capital ber
of
ac
counts banks
Bor
row
ings
Deimand
D e
m and
2,76C
5,931
5,088
1966--D e c .
1967-—Dec.
1968--D e c .
1969-- D e c .
1970-—Dec.
1971-—Dec.
O ther
5,890 4,377
5,596 26,999
10,199 22,857
2,250 6,402
2,408 10,632
3,268 10,778
19,466
46,059
47,553
17,415
43,418
44,443
792
1,207
1,056
233
310
307
242
592
933
30
225 10,109 6,258
17 5,465 24,235 12,494
432 28,378 14,560
17
16,508
16,766
16,435
17,592
17,595
18,421
17,788
20,469
18,629
19,890
4
11
23
1,982 6,219
2,525 6,476
2,934 6,519
109,518 68,641
122,511 74,995
134,759 83,397
140,715 92,147
154,130 99,404
175,211 110,357
22,419
24,689
24,998
21,278
22,586
24,343
18,458
22,826
26,364
27,291
32,140
40,511
19,004
20,334
22,664
23,928
25,448
26,783
131,338
146,052
161,122
169,078
184,635
207,798
117,749
131,156
144,682
148,007
161,850
181,780
2,392
2,766
2,839
3,152
3,387
3,853
69
96
111
84
135
263
1,474
1,564
1,281
1,671
2,592
2,993
56,672
61,161
66,578
67,930
69,806
74,072
57,144
65,569
73,873
75,170
85,930
100,600
308
552
804
1,820
1,836
3,118
10,309
11,005
11,807
12,766
13,807
15,114
5,958
5,886
5,796
5,691
5,589
5,550
29............. 177,522 111,556
26............. 179,111 112,399
31............. 179,450 113,382
30............. 182,133 116,098
182,661 116,565
30............. 184,883 118,482
187,134
119,949
27.............
25............. 189,164 121,498
29............. 191,533 123,590
27............. 195,266 126,614
23,754
23,874
23,119
22,568
22,707
22,613
22,901
23,512
23,756
24,215
42,212
42,838
42,949
43,467
43,389
43,788
44,284
44,154
44,187
44,437
25,024
25,545
27,057
27,142
25,745
25,573
25,864
28,204
24,988
27,195
208,641
210,567
213,129
215,551
214,899
217,197
219,989
224,599
224,349
230,624
181,254
182,521
184,891
187,380
186,267
187,669
190,396
194,272
194,565
201,352
3,078
3,019
3,213
3,401
3,208
3,118
3,173
3,485
3,014
3,488
224
263
263
395
263
263
395
395
395
395
2,626
2,622
2,742
2,804
2,606
1,595
2,693
2,509
2,390
2,287
69,720 105,606
70,719 105,898
72,231 106,442
73,479 107,300
71,860 108,330
72,564 110,129
73,244 110,891
76,158 111,725
76,235 112,531
81,223 113,959
3,676
4,018
4,089
4,208
4,512
4,721
4,443
5,161
5,379
5,098
14,864
15,002
15,012
15,831
15,176
15,331
15,485
15,743
15,836
15,911
5,536
5,535
5,534
5,535
5,526
5,524
5,524
5,521
5,523
5,526
195,472 126,055 24,489 44,928 25,931 229,209 199,602
197,603 128,535 23,894 45,174 26,295 231,780 201,349
199,358 130,112 23,676 45,570 24,869 231,950 200,465
3,235
3,199
3,063
395 3,376 76,769 115,827
395 3,474 76,587 117,694
395 3,396 74,413 119,198
3 1 .............
3 1 .............
317...........
31.............
31.............
1973Feb. 28 .............
M ar. 28*...........
For notes see p. A-21.
5,751 16,406 *■5,512
6,082 16,516 5,510
6,619 16,834 5,510
A 20
COMMERCIAL BANKS □ APRIL 1973
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY C U SS OF BANK— Continued
(Amounts in millions o f dollars)
Loans and investments
Classification by
FRS membershio
and FD IC
insurance
Securities
Total
Insured banks:
T o tal:
1941—Dec. 3 1 .. 49,290
1945—Dec. 3 1 .. 121,809
1947—Dec. 3 1 .. 114,274
Loans
l
U.S.
Treas
ury
21,259 21,046
25,765 88,912
37,583 67,941
O ther
2
Total
assets—
Total
Cash
lia
assets3 bilities
and
capital
ac
counts4
D eposits
Interbank3
O ther
T o tal3
Bor
row
ings
D em and
D e
m and
Time
5
Time
6,984 25,788 76,820 69,411
10, 654
7,131 34,292 157,544 147,775
13, 883
8,750 36,926 152,733 141,851 12,615
Total
capital
ac
counts
54
U.S.
G ovt.
O ther
1,762
23,740
1,325
41,298
80,276
92,975
15,699
29,876
34,882
10
215
61
N um
ber
of
banks
6,844 13,426
8,671 13,297
9,734 13,398
1963—Dec. 2 0 .. 252,579 155,261 62,723 34,594 50,337 310,730 273,657 15,077
1964—Dec. 3 1 .. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664
1965—Dec. 3 1 .. 303,593 200,109 59,120 44,364 60,327 374,051 330,323 18,149
443
733
923
6,712 140,702 110,723
6,487 154,043 126,185
5,508 159,659 146,084
3,571 25,277 13,284
2,580 27,377 13,486
4,325 29,827 13,540
1966—Dec. 3 1 .. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497
1967—Dec. 3 0 .. 358,536 235,502 62,094 60,941 77,348 448,878 394,118 21,598
1968—Dec. 3 1 .. 399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427
881
1 ,258
1 ,155
4,975 166,689 159,396
5,219 182,984 183,060
5,000 198,535 203,602
4,717 31,609 13,533
5,531 33,916 13,510
8,675 36,530 13,481
1969—June 307. 408,620 283,199 53,723 71,697 87,311 513,960 423,957 24,889
Dec. 3 1 .. 419,746 294,638 54,399 70,709 89,090 527,598 434,138 26,858
800
695
5,624 192,357 200,287 14,450 38,321 13.464
5,038 207,311 194,237 18,024 39,450 13.464
1970—Dec. 3 1 .. 458,919 312,006 61,438 85,475 92,708 572,682 479,174 30,233
1971—Dec. 3 1.. 514,097 345,386 64,691 104,020 98,281 635,805 535,703 31,824
1,874 7,898 208,037 231,132 19,149 42,427 13,502
2,792 10,150 219,102 271,835 25,629 46,731 13,602
1972—June 3 0 .. 539,093 368,275 59,984 110,833 98,252 661,838 549,985 28,398
3 ,033
National member:
1941—Dec. 3 1 ..
1945—Dec. 3 1 ..
1947—Dec. 3 1 ..
35
1,088
14,013
795
23,262
45,473
53,541
8,322
16,224
19,278
1963—Dec. 2 0 .. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863
1964—Dec. 3 1 .. 151,406 96,688 33,405 21,312 34,064 190,289 169,615 10,521
1965—Dec. 3 1 .. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064
146
211
458
3,691
3,604
3,284
76,836
84,534
92,533
1966—Dec. 3 1 .. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588
1967—Dec. 3 0 .. 208,971 139,315 34,308 35,348 46,634 263,375 231,374 13,877
1968—Dec. 3 1 .. 236,130 159,257 35,300 41,572 50,953 296,594 257,884 15,117
27,571
69,312
65,280
11,725 12,039
13,925 51,250
21,428 38,674
9,062 217,641 291,850 32,828 49,623 13,669
3,806 14,977
4,137 20,144
5,178 22,024
43,433
90,220
88,182
39,458
84,939
82,023
6, 786
9,:229
8,375
4
78
45
3,640
4,644
5,409
5,117
5,017
5,005
61,288
70,746
85,522
1,704 13,548
1,109 15,048
2,627 17,434
4,615
4,773
4,815
437
652
657
3,035 96,755 93,642
3,142 106,019 107,684
3,090 116,422 122,597
3,120 18,459
3,478 19,730
5,923 21,524
4,799
4,758
4,716
1969—June 307. 242,241 170,834 29,481 41,927 52,271 305,800 251,489 14,324
Dec. 3 1 .. 247,526 177,435 29,576 40,514 54,721 313,927 256,314 16,299
437
361
3,534 113,134 120,060 9,895 22,628
3,049 121,719 114,885 12,279 23,248
4,700
4,668
1970—Dec. 3 1 .. 271,760 187,554 34,203 50,004 56,028 340,764 283,663 18,051
1971—Dec. 3 1 .; 302,756 206,758 36,386 59,612 59,191 376,318 314,085 17,511
982
1 ,828
4,740 122,298 137,592 13,100 24,868
6,014 128,441 160,291 18,169 27,065
4,620
4,599
1972—June 3 0 .. 316,880 220,102 33,258 63,520 60,181 392,043 322,288 15,715
1,838
5,695 128,454 170,586 22,816 28,713
4,606
State member:
1941—Dec. 3 1 ..
1945—Dec. 3 1 ..
1947_D ec. 3 1 ..
15,950
37,871
32,566
6,295 7,500
8,850 27,089
11,200 19,240
2,155 8,145
1,933 9,731
2,125 10,822
24,688
48,084
43,879
22,259
44,730
40,505
3 ,'739
4,-411
3,978
1963—Dec. 2 0 ..
1964—Dec. 3 1 ..
1965—Dec. 3 1 ..
72,680
77,091
74,972
46,866 15,958 9,855 15,760
51,002 15,312 10,777 18,673
51,262 12,645 11,065 15,934
91,235
98,852
93,640
78,553
86,108
81,657
1966—Dec. 3 1 ..
1967—Dec. 3 0 ..
1968—Dec. 3 1 ..
77,377
85,128
89,894
54,560 11,569 11,247 19,049 99,504
58,513 12,649 13,966 22,312 111,188
61,965 12,581 15,348 22,803 116,885
1969—June 307.
Dec. 3 1 ..
88,346
90,088
64,007 9,902 14,437 26,344 119,358
65,560 10,257 14,271 24,313 119,219
1970—Dec. 3 1 ..
1971—Dec. 31 ..
15
621
8,166
381
13,874
24,168
27,068
4,025
7,986
9,062
1
130
9
2,246
2,945
3,055
1,502
1,867
1,918
5,655
6,486
5,390
236
453
382
2,295
2,234
1,606
40,725
44,005
39,598
29,642
32,931
34,680
1,795
1,372
1,607
7,506
7,853
7,492
1,497
1,452
1,406
85,547
95,637
98,467
6,200
6,934
8,402
357
516
404
1,397
1,489
1,219
41,464
45,961
47,498
36,129
40,736
40,945
1,498
1,892
2,535
7,819
8,368
8,536
1,351
1,313
1,262
93,858
94,445
9,773
9,541
285
248
1,341
1,065
45,152
48,030
37,307
35,560
4,104
5,116
8,689
8,800
1,236
1,201
94,760
102,813
66,963 11,196 16,600 25,472 125,460 101,512 11,091
71,441 11,247 20,125 26,998 135,517 111,777 13,102
750
721
1,720
2,412
45,734
45,945
42,218
49,597
5,478 9,232
6,878 10,214
1,147
1,128
75,047 10,450 20,398 26,248 138,021 111,705 11,595
879
1,935
43,965
53,331
8,936 10,645
1,108
4,162
10,635
12,366
3,360
5,680
6,558
6
7
7
959
1,083
1,271
6,810
6,416
6,478
1972—June 30..
105,895
Nonmember:
1941—Dec. 3 1 ..
1945—Dec. 3 1 ..
1947—Dec. 3 1 ..
5,776
14,639
16,444
3,241 1,509
2,992 10,584
4,958 10,039
1,025
1,063
1,448
2,668
4,448
4,083
8,708
19,256
20,691
7,702
18,119
19,340
262
4
53
1,560
149
1963—Dec. 2 0 ..
1964—Dec. 3 1 ..
1965—Dec. 3 1 ..
42,464
46,567
52,028
23,550 13,391
26,544 13,790
30,310 14,137
5,523
6,233
7,581
5,942
7,174
7,513
49,275
54,747
60,679
44,280
49,389
54,806
559
658
695
61
70
83
726
649
618
23,140
25,504
27,528
19,793
22,509
25,882
72
99
91
4,234
4,488
4,912
7,173
7,262
7,320
1966—Dec. 3 1 ..
1967—Dec. 3 0 ..
1968—Dec. 3 1 ..
56,857
64,449
73,553
33,636 13,873 9,349
37,675 15,146 11,629
43,378 16,155 14,020
7,777
8,403
9,305
65,921
74,328
84,605
59,434
67,107
76,368
709
786
908
87
89
94
543
588
691
28,471
31,004
34,615
29,625
34,640
40,060
99
162
217
5,342
5,830
6,482
7,384
7,440
7,504
1969—June 307.
Dec. 3 1 ..
78,032
82,133
48,358 14,341 15,333 8,696
51,643 14,565 15,925 10,056
88,802
94,453
78,610
83,380
791
1,017
78
85
749
924
34,070
37,561
42,921
43,792
451
629
7,004
7,403
7,528
7,595
1970—Dec. 3 1 ..
1971—Dec. 31 ..
92,399
108,527
57,489 16,039 18,871 11,208 106,457 93,998
67,188 17,058 24,282 12,092 123,970 109,841
1,091
1,212
141
242
1,438
1,723
40,005
44,717
51,322
61,946
571
582
8,326
9,451
7,735
7,875
1972—June 30..
116,317
73,126 16,276 26,915 11,822 131,774 115,992
1,088
316
1,432
45,222
67,934
1,076 10,265
7,955
129
244
1
For notes see p. A-21.
APRIL 1973 □ COMMERCIAL BANKS
A 21
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK— Continued
(Amounts in millions of dollars)
Loans and investments
Classification by
FRS membership
and FDIC
insurance
Securities
Total
Loans
l
U.S.
Treas
ury
Other
2
Total
assets—
Total
Cash
lia
assets3 bilities
and
Total3
capital
ac
counts 4
Deposits
Interbank3
Other
Bor
row
ings
Demand
D e
mand
Time
U.S.
Govt.
Noninsured
nonmember:
1941—Dec. 31...........
1945—Dec. 31 ...........
1947—Dec. 316.........
1,457
2,211
2,009
455
318
474
761
1,693
1,280
241
200
255
763
514
576
2,283
2,768
2,643
1,872
2,452
2,251
329
181
177
1963—Dec. 2 0 ...........
1964—Dec. 3 1...........
1965—Dec. 31...........
1,571
2,312
2,455
745
1,355
1,549
463
483
418
362
474
489
374
578
572
2,029
3,033
3,200
1,463
2,057
2,113
190
273
277
1967—Dec. 30...........
1968—D ec. 31...........
2,638
2,901
1,735
1,875
370
429
533
597
579
691
3,404
3,789
2,172
2,519
1969—June 30 7........
Dcc. 31...........
2,809
2,982
1,800
2,041
321
310
688
632
898
895
3,942
4,198
1970—D ec. 31...........
1971—Dec. 3 1 .........
3,079
3,147
2,132
2,224
304
239
642
684
934
1,551
1972—June 3 0 .........
4,192
3,230
274
688
1,220
Total nonmember:
1941—Dec. 31...........
1945—Dec. 31...........
1947—Dec. 31...........
7,233
16,849
18,454
3,696
3,310
5,432
2,270
12,277
11,318
1,266
1,262
1,703
3,431 10,992 9,573
4,962 22,024 20,571
4,659 23,334 21,591
457
425
439
1963—Dec. 2 0 ........... 44,035 24,295 13,854
1964—Dec. 31........... 48,879 27,899 14,273
1965—Dec. 31........... 54,483 31,858 14,555
5,885
6,707
8,070
6,316 51,304 45,743
7,752 57,780 51,447
8,085 63,879 56,919
15,516 12,162
16,585 14,617
Time
5
Total
capital
ac
counts
Num
ber
of
banks
Other
1,291
1,905
18 1,392
253
365
478
13
4
4
329
279
325
852
714
783
83
86
85
17
23
17
832
1,141
1,121
341
534
612
93
99
147
389
406
434
285
274
263
285
319
58
56
15
10
1,081
1,366
733
767
246
224
457
464
211
197
2,556
2,570
298
316
81
41
15
16
1,430
1,559
731
638
290
336
502
528
209
197
4,365
5,130
2,570
2,923
375
380
101
116
40
19
1,298
1,273
756
1,134
226
283
532
480
184
181
5,884
3,153
384
81
21
1,409
1,258
386
494
206
190
5 ,i 04
14,101
167 13,758
3,613
6,045
7,036
18
11
12
1,288
1,362
1,596
7,662
7,130
7,261
749
931
972
144
156
168
743 23,972 20,134
672 26,645 23,043
635 28,649 26,495
165
198
238
4,623
4,894
5,345
7,458
7,536
7,583
185
1967—Dec. 3 0 ..........
1968—Dec. 31...........
67,087 39,409
76,454 45,253
8,983 77,732 69,279
9,997 88,394 78,887
1,071
1,227
147
150
603 32,085 35,372
701 35,981 40,827
408
441
6,286
6,945
7,651
7,701
1969—June 30 7........
Dec. 3 1 ...........
80,841 50,159 14,662 16,021 9,594 92,743 81,166
85,115 53,683 14,875 16,556 10,950 98,651 85,949
1,090
1,333
160
126
765 35,500 43,652
940 39,120 44,430
741
965
7,506
7,931
7,737
7,792
1970—Dec. 3 1 ........... 95,478 59,621
1971—Dec. 3 1 ......... 111,674 69,411
16,342 19,514 12,143 110,822 96,568
17,297 24,966 13,643 129,100 112,764
1,466
1,592
243
359
1,478 41,303 52,078
1,742 45,990 63,081
796
866
8,858
9,932
7,919
8,056
1972—June 3 0 ____ 120,510 76,357
16,550 27,603
1,472
397
1,453 46,631 69,192
1,462
10,759
8,161
13,042 137,658 119,145
1 Beginning June 30, 1966, loans to farmers directly guaranteed by
CCC were reclassified as securities, and Export-Import Bank portfolio
fund participations were reclassified from loans to securities. This reduced
Total loans and increased “Other securities” by about $1 billion. Total
loans include Federal funds sold, and beginning with June 1967 securities
purchased under resale agreements, figures for which are included in
“Federal funds sold, etc.,” on p. A-22.
Beginning June 30, 1971, Farmers Home Administration notes are
classified as “Other securities” rather than “Loans.” As a result o f this
change, approximately $300 million was transferred to “Other securities”
for the period ending June 30, 1971, for all commercial banks.
See also table (and notes) at the bottom o f p. A-30.
2 See first two paragraphs o f note 1.
3 Reciprocal balances excluded beginning with 1942.
4 Includes items not shown separately. See also note 1.
5 See third paragraph o f note 1 above.
6 Beginning with Dec. 31, 1947, the series was revised; for description,
s e e note 4, p. 587, May 1964 B u l l e t i n .
7 Figure takes into account the following changes beginning June 30,
1969: (1) inclusion o f consolidated reports (including figures for all bankpremises subsidiaries and other significant majority-owned domestic
subsidiaries) and (2) reporting o f figures for total loans and for individual
categories o f securities on a gross basis—that is, before deduction o f
valuation reserves—rather than net as previously reported.
8 Beginning N ov. 9 ,1 972, designation o f banks as reserve city banks for
reserve-requirement purposes has been based on size o f bank (net demand
deposits o f more than $400 million), as described in the B u l l e t i n for
July 1972, p. 626. Categories shown here as “large” and “all other” parallel
the previous “reserve city” and “country” categories, respectively (hence
the series are continuous over time).
9 Regarding reclassification as a reserve city, see Aug. 1962 B u l l e t i n ,
p. 993. For various changes between reserve city and country status in
1960-63, see note 6, p. 587, May 1964 B u l l e t i n .
10 Beginning May 6, 1972, two New York City country banks, with
deposits o f $1,412 million, merged and were reclassified as a reserve city
bank.
N o t e . —Data are for all commercial banks in the United States (includ
ing Alaska and Hawaii, beginning with 1959). Commercial banks represent
all commercial banks, both member and nonmember; stock savings
banks; and nondeposit trust companies. ,
For the period June 1941—June 1962 member banks include mutual
savings banks as follows: three before Jan. 1960, two through Dec. 1960,
and one through June 1962. Those banks are not included in insured
commercial banks.
Beginning June 30, 1969, commercial banks and member banks exclude
a small national bank in the Virgin Islands; also, member banks exclude,
and noninsured commercial banks include, through June 30, 1970, a small
member bank engaged exclusively in trust business.
Comparability o f figures for classes o f banks is affected somewhat by
changes in F.R. membership, deposit insurance status, and the reserve
classifications o f cities and individual banks, and by mergers, etc.
Data for national banks for Dec. 31, 1965, have been adjusted to make
them comparable with State bank data.
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 B u l l e t i n ,
pp. 870-71.
A 22
COMMERCIAL BANKS □ APRIL 1973
LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Other loans 1
Class o f
bank and
call date
Total
loans i
and
invest
ments
Total: 2
1947—Dec. 3 1 .. 116,284
Fed
eral
funds
sold,
etc. 2
Total
3,4
Investments
Fo r
To
U.S. Treasury
purchasing
financial
securities 6
or
carrying
Com
institutions
Other,
mer Agri- securities
to
Real
cial
cul
es
in- Other
and
tu r To
ditate
in
al 5 bro
vidBills
uals3
dus
kers T o
and Notes Bonds
Others
Banks
Total certifi
and others
trial
deal
cates
ers
38,057 18,167 1,660
9,393 5,723
947 69,221
9,982 6,034 53,205 5,276 3,729
1969—Dec. 31 io 422,728 9,928 286,750 108,443 10,329 5,739 4,027 2,488 15,062 70,020 63,256 7,388 54,709
1971—Dec. 31. 517,244 19,954 127,656 118,526 12,497 7,292 3,659 4,591 16,926 81,601 74,514 8,049 64,930
1972—June 30. 543,285 20,598 350,910 123,162 13,610 ,608 4,012 5,041 18,353 89,227 80,243 8,651 60,258
59,183 12,158
82,420 22,284
86,598 24,923
All insured:
1941—Dec. 3 1 .. 49,290
1945—Dec. 3 1 .. 121,809
1947—Dec. 3 1 .. 114,274
830 1,220
21,259 9,214 1,450 614 662
25,765 9,461 1.314 3,164 3,606
37,583 18,012 1,610 823 1,190
115
State
and
ther
local Osecu
govt. rities*
secu
rities
40
49
114
4,773
4,505
21,046
988 3,159 16,899 3,651 3,333
4,677 2,361 1,132 88,912 21,526 16,045 51,342 3,873 3,258
9,266 5,654 914 67,941 9,676 5,918 52,347 5,129 3,621
1969—Dec. 31 io 419,746 9,693 284,945 107,685 10.314 5,644 3,991 2,425 14,890 69,669 63,008 7,319 54,399
1971—Dec. 31. 514,097 19,623 325,764 117,603 12,482 7,201 3,644 4,405 16,792 81,434 74,263 7,939 64,691
1972—June 30. 539,093 19,568 348,707 122,064 13,593 8,491 3,998 4,761 18,266 89,048 79,933 8,553 59,984
Member—Total:
1941—Dec. 3 1 .. 43,321
1945—Dec. 3 1 .. 107,183
1947—Dec. 3 1 .. 97,846
18,021 8,671
972 594 598
22,775 8,949 855 3,133 3,378
32,628 16,962 1,046 811 1,065
39
47
113
58,840 11,869
82,099 21,921
86,286 24,547
3,494
19,539
3,653
971 3,007 15,561 3,090 2,871
3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,254 2,815
7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 3,105
1969—Dec. 31 io 337,613 7,356 235,639 96,095 6,187 5,408 3,286 2,258 14,035 53,207 48,388 6,776 39,833
1971—Dec. 31. 405,570 15,373 262,826 101,479 7,311 6,895 3,167 4,123 15,713 61,091 55,839 7,207 47,633
1972—June 30. 422,775 15,561 279,588 104,419 7,924 “ ,260 3,477 4,520 17,104 66,518 59,603 7,765 43,708
New York C ity :11
1941—Dec. 3 1 .. 12,896
1945—Dec. 3 1 .. 26,143
1947—Dec. 3 1 .. 20,393
4,072 2,807
7,334 3,044
7,179 5,361
1969—Dec. 31 io 60,333
1971—Dec. 31. 63,342
1972—June 30. 66,597
802 47,503 28,189
774 47,941 26,526
649 50,987 25,972
3,695
4,701
5,665
2,760
5,931
5,088
954
732
1,333
760
1,801 1,418
48
211
73
52
233
87
1969—Dec. 31 io 14,365
1971—Dec. 31. 17,162
1972—June 30. 18,541
215 10,556 6,444
621 11,693 6,355
783 12,999 7,179
337
527
666
262
263
225
Other large banks:11
1941— Dec. 3 1 .. 15,347
1945— Dec. 3 1 .. 40,108
1947— Dec. 3 1 .. 36,040
7,105 3,456
8,514 3,661
13,449 7,088
C ity o f Chicago: 11
1941— Dec. 3 1 ..
1945— Dec. 3 1 ..
1947— Dec. 3 1 ..
412 169
2,453 1,172
545 267
300
205
225
32
26
93
123
80
111
47,227 7,558
65,244 14,494
67,777 16,141
7,265
522
311 1,623 5,331
287 272 17,574 3,910 3,325 10,339
564 238 11,972 1,642
558 9,772
776 1,047 4,547 3,835 3,595 1,807 5,048
677 1,722 3,997 4,496 4,151 1,641 5,597
768 1,834 4,936 5,288 4,561 1,930 5,338
114 194
427 1,503
170 484
22
36
46
186 1,219
382 1,568
242 2,015
4
17
15
95
51
149
842
862
949 1,167
1,011 1,054
1,527
1,459
3,147
1,430
40 4,213
26 2,890
659
648
818
20
42
23
183
471
227
1969— Dec. 31 io 141,286 3,318 89,401 23,762 4,739
1971—Dec. 31. 175,582 6,208 104,520 28,201 5,599
1972—June 30. 182,479 5,857 110,587 29,498 6,023
498
474
366
947
821
917
1941—Dec. 3 1 .. 12,518
1945— Dec. 3 1 .. 35,002
1947— Dec. 3 1 .. 36,324
Nonmember:
1947—Dec. 3 1 ..
5,890 1,676
5,596 1,484
10,199 3,096
614
20
156
1969—Dec. 31 io 85,115 2,572 51,111 12,348 4,141
1971—Dec. 31. 111,674 4,581 64,830 17,046 5,187
1972—June 30. 120,510 5,037 71,319 18,743 5,686
329
398
348
741
492
535
18,454
5,432 1,205
1 Beginning with June 30, 1948, figures for various loan items are
shown gross (i.e., before deduction o f valuation reserves); they do not
add to the total and are not entirely comparable with prior figures. Total
loans continue to be shown net. See also note 10.
2 Includes securities purchased under resale agreements. Prior to June 30,
1967, they were included in loans—for the most part in loans to “ Banks.”
Prior to Dec. 1965, Federal funds sold were included with “ Total” loans
and loans to “ Banks.”
3 See table (and notes), D eposits Accum ulated fo r Paym ent o f Personal
Loans , p. A-30.
2
4
5
1,823
1,881
3,827
256
1,600
367
153 1,022
749 1,864
248 2,274
354 1,564
431 1,782
542 1,662
6,467
295
751 5,421
1,508
855 387 29,552 8,016 5,653 15,883
1,969 351 20,196 2,731 1,901 15,563
182
181
213
193
204
185
1,837
2,688
2,771
192
379
325
956 820
1,126 916
1,342 1,053
16,625 1,859
23,459 3,670
23,510 4,222
110
1,528
4,377
481 3,787 1,222 1,028
707 359 26,999 5,732 4,544 16,722 1,342 1,067
1,979 224 22,857 3,063 2,108 17,687 2,006 1,262
148 2,263 28,824 26,362 1,858 21,278
348 2,651 33,347 31,117 1,962 24,343
308 2,381 35,859 33,215 2,019 22,568
2,266
830
629
604
6,192 788
7,729 1,302
8,491 1,132
876 6,006 19,706 17,569 2,757 11,944
1969—Dec. 311<> 121,628 3,021 88,180 37,701 1,386 878 1,300
1971—Dec. 31. 149,484 7,771 98,673 40,397 1,630 1,193 1,407 1,671 7,497 22,300 19,405 3,173 15,912
1972—June 30. 155,158 8,272 105,014 41,770 1,803 1,563 1,566 2,136 7,771 24,358 20,772 3,275 14,141
A ll other m enber:11
729
606
638
1,061
231 1,028 16,813 14,868
468 1,213 20,509 18,675
521 1,249 22,711 20,640
109 11,318 2,179
612 14,875
842 17,297
886 16,550
22,572 4,718
31,367 9,144
33,005 10,463
1,219 7,920
1,073
625
11,956 4,600
17,176 7,790
18,820 8,782
4 Breakdowns o f loan, investment, and deposit classifications are not
available before 1947; summary figures for 1941 and 1945 appear in the
table on pp. A-20—A-23.
5 Beginning with June 30, 1966, loans to farmers directly guaranteed
by CCC were reclassified as “ Other securities,” and Export-Im port Bank
portfolio fund participations were reclassified from loans to “ Other
securities.” This increased “ Other securities” by about $1 billion.
6 Beginning with Dec. 31, 1965, components shown at par rather than
at book value; they do not add to the total (shown at book value) and are
not entirely comparable with prior figures. See also note 10.
For other notes see opposite page.
APRIL 1973 □ COMMERCIAL BANKS
A 23
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Demand deposits
Class o f
bank and
call date
T otal:3
1947—Dec. 3 1 . . . .
Re
serves
with
F.R.
Banks
D e
Bal
Cur ances
mand
de
rency with
and
do
posits
coin mestic
ad
banks 7 justed »
17,796 2,216 10,216 87,123
Interbank
D o
For
mestic7 eign®
11,362
1,430
U.S.
Govt.
1,343
1969—Dec. 3110..
1971—Dec. 3 1 . . .
1972—June 3 0 . . .
21,449 7,320 20,314 172,079 24,553 2,620 5,054
27,478 7,541 25,548 185,907 29,349 2,855 10,169
27,119 6,799 25,764 184,468 25,522 3,261 9,083
A11 insured:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
673 1,762
12,396 1,358 8,570 37,845 9,823
15,810 1,829 11,075 74,722 12,566 1,248 23,740
17,796 2,145 9,736 85,751 11,236 1,379 1,325
1969—Dec. 31 io ..
1971—Dec. 3 1 . . .
1972—June 3 0 . . .
Member—Total:
1941—Dec. 31___
1945—Dec. 31___
1947—Dec. 3 1 . . . .
1969—Dec. 3110..
1971—Dec. 3 1 . . .
1972—June 3 0 . . .
12,396 1,087
15,811 1,438
17,797 1,672
671 1,709
6,246 33,754 9,714
7,117 64,184 12,333 1,243 22,179
6,270 73,528 10,978 1,375 1,176
93
111
151
1969—Dec. 31 i o . .
1971—Dec. 3 1 . . .
1972—June 3 0 . . .
4,358
5,362
5,375
463
459
383
C ity o f Chicago: 11
1941—Dec. 31 ___
1945—Dec. 31 ___
1947—Dec. 31 ___
1,021
942
1,070
43
36
30
298
200
175
2,215
3,153
3,737
1,027
1,292
1,196
1969—Dec. 3110..
1971—Dec. 3 1 . . .
1972—June 3 0 . . .
869
956
1,142
123
133
94
150
202
199
5,221
5,335
5,224
1,581
1,592
1,239
96
101
92
Other large banks: 11
1941—Dec. 3 1 . . . .
1945— Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
4,060
6,326
7,095
425
494
562
2,590 11,117
2,174 22,372
2,125 25,714
1969—D ec. 3110..
1971—Dec. 3 1 . . .
1972—June 3 0 . . .
2,581
IPC
84,987
U.S.
Govt.
Inter and
bank Postal1
Sav
ings
240i
17,558 11,899 179,413
735
17,665 10,130 192,581 2,908
17,687 10,652 190,710 3,114
3,677
5,098
6,692
1,077
2,585
2,559
3,066
4,240
5,504
1,009
2,450
2,401
21,449 5,676 11,931 133,435 23,441 2,399 4,114 13,274 10,483
27,478 5,778 14,893 140,446 28,056 2,556 8,427 12,955 8,587
27,119 5,093 15,822 138,566 24,363 2,947 7,630 13,177 8,859
5,105
4,015
4,639
All other member: 11
1941—Dec. 3 1 ___
1945— Dec. 3 1 ___
1947—Dec. 3 1 . . . .
6,799
Certi
fied
and
offi
cers’
checks,
etc.
36,544
72,593
83,723
158
70
54
695
21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401
27,478 7,532 24,171 184,366 29,145 2,680 10,150 17,547 9,810 191,746 2,792
27,119 6,773 24,713 182,806 25,335 3,064 9,062 17,568 10,172 189,900 3,033
New York C ity : 11
1 9 4 1 —Dec. 3 1 ___
1945—Dec. 3 1 . . . .
1947— Dec. 3 1 . . . .
1969—Dec. 31 io ..
1971—Dec. 3 1 . . .
1972—June 3 0 . . .
State
and
local
govt.
Time deposits
9,044 1,787
12,264 1,819
11,516 1,574
141 10,761
78 15,065
70 16,653
3,595
607
866
3,535 1,105 6,940
267
3,236 1,217
33,061
62,950
72,704
140
64
50
609
145,992
152,843 2,549
150,382 2,717
319
237
290
450
1,338
1,105
11,282
15,712
17,646
6
17
12
694
1,513
1,038
1,168
909
816
6,605
3,841
3,801
28,354
26,193
26,020
268
1,186
1,175
8
127
20 1,552
21
72
233
237
285
34
66
63
2,152
3,160
3,853
175
363
261
268
333
295
229
240
217
6,273
6,323
6,091
15
168
139
4,302
6,307
5,497
54
491
110 8,221
405
131
1,144
1,763
2,282
286
611
705
11,127
22,281
26,003
104
30
22
3,456 44,169 10,072
4,222 48,063 10,637
3,845 45,929 9,026
590 1,575
604 3,557
618 3,527
3,934
3,600
3,923
1,928
2,533
2,586
53,062
56,341
55,192
242
933
1,008
455 21,316 8,708 1,641
1,806 18,315 12,047 1,779
3,601 20,312 10,768 2,165
3,216 9,661
4,665 23,595
3,900 27,424
790
1,199
1,049
2
225
8 5,465
7
432
1,370
2,004
2,647
239
435
528
8,500
21,797
25,203
30
17
17
7,179 3,302
8,896 3,367
9,084 3,042
7,870 62,729
8,663 68,733
8,176 67,101
3,080
3,779
3,329
72 1,671
73 2,993
72 2,804
7,905
8,113
8,144
1,721
1,973
2,255
58,304
63,986
63,070
84
263
395
Nonmember:3
1947—Dec. 31
1969—Dec. 31 io
1971—Dec. 31
1972—June 30
544
13,595
385
1,644 8,383 38,644
1,763 10,655 45,462
1,706 9,942 45,901
1,112
1,293
1,159
3,947
167
1,295
180
12,284
190
222
940
299 1,742
313 1,453
55
4,284
4,710
4,510
1 416
1,543
1,793
33,420
39,737
40,328
126
359
397
7 Beginning with 1942, excludes reciprocal bank balances.
8 Through 1960 demand deposits other than interbank and U.S.
Govt., less cash items in process o f collection; beginning with 1961,
demand deposits other than domestic commercial interbank and U.S.
Govt., less cash items in process o f collection.
9 For reclassification o f certain deposits in 1961, see note 6, p. 589,
May 1964 B u l l e t i n .
10 Beginning June 30,1969, reflects (1) inclusion o f consolidated reports
(including figures for all bank-premises subsidiaries and other significant
majority-owned domestic subsidiaries) and (2) reporting o f figures for
total loans and for individual categories o f securities on a gross basis— that
is, before deduction o f valuation reserves. See also notes 1 and 6.
11 Beginning Nov. 9,1972, designation o f banks as reserve city banks for
reserve-requirement purposes has been based on size o f bank (net demand
deposits o f more than $400 million), as described in the B u l l e t i n for
July 1972, p. 626. Categories shown here as “large” and “all other”
IPC 3
866i 34,3831
Capi
Bor
tal
row
ac
ings counts
65I 10,059
211 13,221 181,443 i 18,360139,978
529 30,384 242,055 ! 25,912! 47,211
492:33,110 •259,506 i 33,214 50,117
59
103
111
492 15,146
496 29,277
826 33,946
10 6,844
215 8,671
61 9,734
211 13,166 180,860 18,024 39,450
529 30,303 241,003 25,628 46,731
491 33,027 258,332 32,828 49,623
50
99
105
418 11,878
399 23,712
693 27,542
4 5,886
208 7,589
54 8,464
186 9,951 140,308 17,395 32,047
445 23,890 185,553 25,046 37,279
387 25,668 197,861 31,752 39,358
10
12
29
20
14
778
1,206
1,418
1,648
195 2,120
30 2,259
207 14,692 4,405 6,301
45
51 2,060 22,145 5,195 7,285
24 2,331 24,294 7,314 7,650
2
526
796
929
2,210
4,527
4,993
111
State
and
local
govt.
9
1
216
809
1
2 1,047
20
38
45
476
719
902
288
377
426
4,409 1,290 1,517
6,749 1,935 1,682
7,529 2,639 1,857
243 4,542
160 9,563
332 11,045
1,967
2 2,566
1 2,844
86 4,609 50,439 9,881 11,464
225 10,516 66,362 14,799 13,197
180 10,809 70,054 17,592 14,020
31
52
45
146 6,082
219 12,224
337 14,177
4 1,982
11 2,525
23 2,934
54 4,920 70,768 1,820 12,766
167 10,505 90,298 3,118 15,114
182 11,480 95,983 -4,208 15,831
6
172
6,858
12 1,596
25 3,269 41 135 965 7.931
85 6,494 56,502 866 9.932
104 7,442 61,645 1,462 :10,759
parallel the previous “reserve city” and “country” categories, respectively
(hence the series are continuous over time).
N o t e . —Data are for all commercial banks in the United States; member
banks in U.S. possessions were included through 1968 and then excluded.
For the period June 1941—June 1962 member banks include mutual
savings banks as follows: three before Jan. 1960, two through Dec. 1960,
and one through June 1962. Those banks are not included in all insured or
total banks.
A small noninsured member bank engaged exclusively in trust business
is treated as a noninsured bank and not as a member bank for the period
June 30, 1969—June 30, 1970.
Comparability of figures for classes o f banks is affected somewhat by
changes in F.R. membership, deposit insurance status, and the reserve
classifications of cities and individual banks, and by mergers, etc.
For other notes see opposite page.
A 24
WEEKLY REPORTING BANKS □ APRIL 1973
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS
(In millions o f dollars)
Loans
Federal funds sold, etc .1
W ednesday
O ther
To brokers
and dealers
involving—
Total
loans
and
invest
ments
Total
To
com
mer
cial
banks
U.S.
Treas
ury
se
curi
ties
F o r purchasing
or carrying securities
To
others
Total
Other
se
curi
ties
Com
mer
cial
and
indus
trial
To brokers
and dealers
Agri
cul
tural
U.S.
Treas
ury
secs.
O ther
secs.
To nonbank
financial
institutions
To
others
U.S.
Treas
ury
secs.
O ther
secs.
Pers.
and
sales
finan.
O ther
COS.,
etc.
Large banks —
Total
1972
Mar.
8 ...............
15...............
22...............
29...............
283,777 9,919
288,182 11,531
287,254 11,475
288,161 11,892
8,932
10,445
10,350
10,988
734
725
670
490
172
272
228
240
81
89
227
174
191,742
194,387
193,952
194,777
82,484
83,309
83,261
83,627
2,364
2,372
2,393
2,396
900
1,118
869
683
5,802
6,270
6,183
6,152
175
186
174
169
2.537
2,550
2.538
2,516
6,094
6,531
6,343
6,399
8,007
8,173
8,203
8,307
12,770
12,976
13,095
13,384
1973
Feb.
7...............
1 4
21...............
28...............
324,773 13,169 11,412
327,745 14,143 13,086
328,161 14,417 13,116
328,586 13,302 12,139
1,366
598
662
719
214
245
285
240
177
214
354
204
228,830
231,598
232,911
234,416
93,320
94,681
95,252
96,250
3,007
3,021
3,015
3,017
1,455
942
1,070
898
7,340
7,262
7,190
7,338
277
248
248
272
2.906
2.906
2,947
2,949
7,049
7,391
7,450
7,554
Mar.
7*.............
14*.............
21*.............
28*.............
333,110
332,122
333,801
333,714
15,117
12,848
12,983
12,563
13,177
11,495
10,681
11,438
1,180
933
1,412
837
528
322
796
171
232
98
94
117
237,107
238,627
240,053
240,511
97,531
98,547
99,768
99,986
3,046
3,056
3,058
3,066
1,083
641
880
712
7,220
7,254
6,942
6,774
265
239
243
242
2,935
2,937
2.926
2.927
7,780 13,448
7,863 13,776
7,714 14,052
7,941 14,267
59,406
61,465
60,959
60,867
615
1,396
1,456
1,173
567
1,339
1,326
995
55
19
32
130
119
44,856
46,320
45,578
46,002
25,076
25,458
25,337
25,460
736
930
709
570
3,846
4,094
4,005
4,152
616
628
629
621
1,809
2,176
2,012
2,075
1,941
2,007
1,979
2,045
New York City
1972
Mar.
8 ...............
1 5
22...............
29...............
1973
Feb.
7 ...............
1 4
21...............
28...............
68,740
69,150
69,244
70,171
1,419
1,528
1,521
1,935
1,360
1,452
1,398
1,885
29
25
27
31
53,701
54,147
54,558
55,149
27,077
27,491
27,565
27,787
1,324
813
905
776
4,501
4,432
4,337
4,434
676
664
684
673
2,022
2,178
2,216
2,271
3,726
3,826
3,912
4,004
Mar.
7*.............
14*.............
21*.............
28*.............
70,302
70,230
71,266
70,687
1,164
1,029
1,535
1,509
1,090
905
1,459
1,433
43
103
50
60
56,098
56,428
56,508
56,378
28,183
28,556
28,850
28,688
950
498
714
589
4,395
4,555
4,235
4,124
658
658
649
649
2,359
2,371
2,196
2,397
4,041
4,196
4,236
4,363
224,371
9,304
226,717 10,135
226,295 10,019
227,294 10,719
8,365
9,106
9,024
9,993
705
700
670
435
172
272
228
236
146,886
148,067
148,374
148,775
57,408
57,851
57,924
58,167
2,337
2,345
2,365
2,368
164
188
160
113
1,956
2,176
2,178
2,000
127
135
125
121
1.921
1.922
1,909
1,895
4,285
4,355
4,331
4,324
6,066
6,166
6,224
6,262
Outside
New York City
1972
Mar.
8 ...............
1 5
22...............
29...............
1973
Feb.
7 ...............
14...............
21...............
28...............
256,033 11,750 10,052
258,595 12,615 11,634
258,917 12,896 11,718
258,415 11,367 10,254
1,337
573
635
688
214
245
285
240
147
163
258
185
175,129
177,451
178,353
179,267
66,243
67,190
67,687
68,463
2,950
2,965
131
129
165
122
2,839
2,830
2,853
2,904
224
205
214
239
2,230
2,242
2,263
2.276
5,027
5,213
5,234
5,283
9,044
9,150
9,183
9,380
Mar.
7*.............
14*.............
21*.............
28*.............
262,808
261,892
262,535
263,027
13,953 12,087
11,819 10,590
11,448 9,222
11,054 10,005
1,137
830
1,362
777
528
322
796
171
201
77
68
101
181,009
182,199
183,545
184,133
69,348
69,991
70,918
71,298
2,991
2,999
3,002
3,010
133
143
166
123
2,825
2,699
2,707
2,650
222
197
200
197
2.277
2,279
2.277
2.278
5,421
5,492
5,518
5,544
9,407
9,580
9,816
9,904
For notes see p. A-28.
APRIL 1973 □ WEEKLY REPORTING BANKS
A 25
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued
(In millions of dollars)
Loans (cont.)
Investments
O ther (cont.)
U.S. Treasury securities
N otes and bonds
m atu rin g -
To commercial
banks
W ednesday
Real
estate
D o
mes
tic
F o r
eign
C on
sumer
instal
ment
For
eign
govts. 2
All
other
Total
Bills
Certif
icates
W ithin
1 yr.
1 to
5 yrs.
After
5 yrs.
Large banks—
Total
1972
39,507
39,658
39,771
39,901
972
1,027
1,065
1,136
2,505
2,567
2,546
2,683
24,162
24,182
24,190
24,306
889
908
912
943
15,344
15,536
15,504
15,559
28,862
28,431
27,989
27,749
5,188
4,858
4,582
4,483
4,824
4,836
4,824
4,801
15,375
15,232
15,209
15,190
3,475
3,505
3,374
3,275
............................Mar. 8
...................................... 15
...................................... 22
...................................... 29
46,559
46,733
46,889
46,955
2,806
3,113
3,015
2,848
3,440
4,192
4,358
4,403
28,299
28,352
28,404
28,508
1,203
1,223
1,235
1,222
18,399
18,558
18,743
18,818
27,633
27,002
25,813
25,663
5,336
4,814
4,449
4,597
4,789
4,783
3,485
3,621
14,987
14,924
15,231
15,047
2,521
2,481
2,648
2,398
............................Feb. 7
....................................... 14
...................................... 21
...................................... 28
47,052
47,230
47,380
47,500
3,208
3,350
3,379
3,358
4,928
5,067
5,260
5,138
28,484
28,548
28,581
28,709
1,238
1,235
1,253
1,252
18,889
18,884
18,617
18,639
25,348
25,180
25,267
25,368
4,454
4,431
4,608
4,894
3,622
3,607
3,778
3,816
15,071
14,968
14,768
14,608
2,201
2,174
2,113
2,050
............................Mar. 7*
...................................... 14*
...................................... 21*
...................................... 28*
1973
New York City
1972
4,195
4,196
4,213
4,229
307
299
312
341
1,101
1,163
1,124
1,201
1,918
1,916
1,911
1,913
548
560
563
571
2,688
2,815
2,707
2,748
5,850
5,679
5,521
5,376
1,806
1,646
1,582
1,543
1,039
1,057
1,029
1,031
2,615
2,545
2,559
2,493
390
431
351
309
............................Mar. 8
............................... . . . 1 5
...................................... 22
...................................... 29
5,115
5,141
5,156
5,191
811
892
935
1,053
1,632
1,924
2,006
2,047
2,149
2,148
2,149
2,153
742
730
725
740
3,816
3,809
3,878
3,932
4,545
4,477
4,248
4,182
1,112
1,023
922
1,010
943
918
468
574
2,330
2,370
2,325
2,210
160
166
533
388
........................... Feb. 7
...................................... 14
...................................... 21
...................................... 28
5,221
5,169
5,217
5,239
1,195
1,311
1,282
1,299
2,211
2,268
2,398
2,287
2,150
2,155
2,159
2,164
738
739
739
741
3,899
3,853
3,734
3,737
4,032
4,078
4,237
4,204
959
1,125
1,275
1,410
508
479
525
560
2,280
2,214
2,242
2,087
285
260
195
147
............................Mar. 7*
...................................... 14*
...................................... 21*
...................................... 28*
1973
Outside
New York City
1972
35,312
35,462
35,558
35,672
665
728
753
795
1,404
1,404
1,422
1,482
22,244
22,266
22,279
22,393
341
348
349
372
12,656
12,721
12,797
12,811
23,012
22,752
22,468
22,373
3,382
3,212
3,000
2,940
3,785
3,779
3,795
3,770
12,760
12,687
12,650
12,697
3,085
3,074
3,023
2,966
............................Mar. 8
...................................... 15
...................................... 22
...................................... 29
41,444
41,592
41,733
41,764
1,995
2,221
2,080
1,795
1,808
2,268
2,352
2,356
26,150
26,204
26,255
26,355
461
493
510
482
14,583
14,749
14,865
14,886
23,088
22,525
21,565
21,481
4,224
3,791
3,527
3,587
3,846
3,865
3,017
3,047
12,657
12,554
12,906
12,837
2,361
2,315
2,115
2,010
........................... Feb. 7
...................................... 14
...................................... 21
......................................28
41,831
42,061
42 163
42,261
2,013
2,039
2,097
2,059
2,717
2,799
2,862
2,851
26,334
26,393
26,422
26,545
500
496
514
511
14,990
15,031
14,883
14,902
21,316
21,102
21,030
21,164
3,495
3,306
3,333
3,484
3,114
3,128
3,253
3,256
12,791
12,754
12 526
12,521
1,916
1,914
1 918
1,903
........................... Mar. 7*
......................................14*
......................................21*
......................................28*
1973
For notes see p. A-28.
A 26
WEEKLY REPORTING BANKS □ APRIL 1973
ASSETS AND LIABILITIES OF URGE COMMERCIAL BANKS—Continued
(In millions o f dollars)
Investments (cont.)
Other securities
Wednesday
Total
Obligations
of State
and
political
subdivisions
Tax
war
rants 3
All
other
Other bonds,
corp. stock,
and
securities
Certif.
of
partici
pation4
Cash
items
in
process
of
collec
tion
Re
serves
with
F.R.
Banks
Cur
rency
and
coin
Bal
ances
with
do
mestic
banks
Invest
ments
in sub
sidiar
ies not
consol
idated
Other
assets
Total
assets/
total
liabil
ities
All
others
Large banks —
Total
1972
53,254
53,833
53,838
53,743
8,648
9,031
9,251
9,144
36,927
37,051
36,902
36,946
1,552
1,549
1,521
1,567
6,127
6,202
6,164
6,086
31,469
33,101
28,400
27,114
19,727
19,781
20,044
21,726
3,377
3,475
3,612
3,667
9,351
9,521
8,597
8,790
919
920
920
922
16,225
16,724
16,493
16,632
364,845
371,704
365,320
367,012
7.............................
1 4
21.............................
28.............................
55,141
55,002
55,020
55,205
8,711
8,643
8,599
8,578
37,706
37,602
37,740
37,819
1,772
1,766
1,763
1,748
6,952
6,991
6,918
7,060
26,613
30,274
32,735
31,885
17,356
20,862
17,190
21,057
3,678
3,994
4,081
3,924
9,499
9,101
10,119
10,555
1.145
1.145
1,148
1,158
17,952
18,354
18,247
18,641
401,016
411,475
411,681
415,806
7*...........................
14*...........................
21*...........................
28*...........................
55,538
55,467
55,498
55,272
8,622
8,632
8,516
8,348
38,204
38,133
38,303
38,328
1,730
1,765
1,744
1,738
6,982
6,937
6,935
6,858
28,431
29,482
26,882
26,855
17,895
20,192
19,178
20,321
3,649
3,920
3,926
4,036
9,287
9,050
8,571
9,280
1.170
1,172
1.170
1,193
18,846
18,941
18,516
18,975
412,388
414,879
412,044
414,374
8,085
8,070
8,404
8,316
1,739
1,744
2,047
1,985
5,175
5,167
5,231
5,230
272
265
250
261
899
894
876
840
14,361
13,295
10,949
10,527
5,259
4,779
4,550
6,111
415
429
426
435
4,101
3,642
3,475
3,662
426
426
425
426
5,059
5,332
5,217
5,289
89,027
89,368
86,001
87,317
Mar.
8...........................
15...........................
22.............................
29...........................
Feb.
Mar.
1973
New York City
1972
Mar.
8 .............................
1 5
22.............................
29.............................
Feb.
7.............................
1 4
21.............................
28.............................
9,075
8,998
8,917
8,905
2,530
2,476
2,349
2,224
5,038
5,020
5,066
5,120
517
522
529
508
990
980
973
1,053
9,059
10,975
10,782
11,924
4,324
5,598
4,879
5,383
459
495
476
455
4,001
3,527
3,899
4,239
586
586
588
596
5,498
5,593
5,827
6,056
92,667
95,924
95,695
98,824
Mar.
7*...........................
14*...........................
21*...........................
28*...........................
9,008
8,695
8,986
8,596
2,166
2,052
2,060
1,927
5,331
5,136
5,446
5,248
510
525
510
510
1,001
982
970
911
9,367
10,341
8,810
9,824
4,966
4,955
4,334
4,958
451
483
466
478
3,858
3,670
3,213
3,869
609
611
609
611
6,030
6,073
5,972
6,165
95,583
96,363
94,670
96,592
45,169
45,763
45,434
45,427
6,909
7,287
7,204
7,159
31,752
31,884
31,671
31,716
1,280
1,284
1,271
1,306
5,228
5,308
5,288
5,246
17,108
19,806
17,451
16,587
14,468
15,002
15,494
15,615
2,962
3,046
3,186
3,232
5,250
5,879
5,122
5,128
493
494
495
496
11,166
11,392
11,276
11,343
275,818
282,336
279,319
279,695
1973
Outside
New York City
1972
Mar.
8 .............................
1 5
22.............................
29.............................
Feb.
7.............................
14.............................
21.............................
28.............................
46,066
46,004
46,103
46,300
6,181
6,167
6,250
6,354
32,668
32,582
32,674
32,699
1,255
1,244
1,234
1,240
5,962
6,011
5,945
6,007
17,554
19,299
21,953
19,961
13,032
15,264
12,311
15,674
3,219
3,499
3,605
3,469
5,498
5,574
6,220
6,316
559
559
560
562
12,454
12,761
12,420
12,585
308,349
315,551
315,986
316,982
Mar.
7*...........................
14*...........................
21*...........................
28*......................... .
46,530
46,772
46,512
46,676
6.456
6,580
6.456
6,421
32,873
32,997
32,857
33,080
1,220
1,240
1,234
1,228
5,981
5,955
5,965
5,947
19,064
19,141
18,072
17,031
12,929
15,237
14,844
15,363
3,198
3,437
3,460
3,558
5,429
5,380
5,358
5,411
561
561
561
582
12,816
12,868
12,544
12,810
316,805
318,516
317,374
317,782
1973
For notes see p. A-28.
APRIL 1973 o W EEKLY REPORTING BANKS
A 27
ASSETS AND LIABILITIES OF URGE COMMERCIAL BANKS—Continued
(In millions o f dollars)
Deposits
Demand
Total
IPC
States
and
polit
ical
sub
divi
sions
Time and savings
Domestic
interbank
U.S.
Govt.
Com
mer
cial
Foreign
IPC
■ Certi
fied
and
Com
offi
Mutual
cers*
sav Govts., mer
etc. 2
cial
checks
ings
banks
Total6
Sav
ings
Other
States
and
polit
ical
sub
divi
sions
Do
mes
tic
inter
bank
Wednesday
For
eign
govts. 2
Large banks—
Total
1972
144,988
152,257
144,487
143,920
99,463
105,652
100,849
100,608
6,209
6,205
6,593
6,575
3,899
6,127
6,296
5,599
24,357
22,597
20,953
20,190
665
669
625
653
654
778
667
822
2,504
2,618
2,555
2,627
7,237
7,611
5,949
6,846
144,740
143,659
144,026
144,863
56,879
57,104
57,382
57,616
62,261
61,209
61,527
61,916
17,644
17,482
17,291
17,488
2,291
2,253
2,251
2,270
5,194
5,151 ..........................15
5,151 ..........................22
5,133 ..........................29
148,485
154,547
156,859
157,135
105,669
108,612
110,309
109,337
6,919
6,851
6,708
6,968
4,700
9,388
7,064
7,230
20,168
18,355
21,426
22,531
781
749
772
656
889
758
991
895
2,999
3,163
3,077
3,160
6,360
6,671
6,512
6,358
164,388
165,250
166,422
168,212
58,175
58,088
58,110
58,091
75,143
75,966
76,877
78,195
20,785
20,731
20,948
21,386
2,909
2,918
2,920
2,963
6,745
6,890 ...................... 14
6,913 ..........................21
6,916 ..........................28
150,278
150,969
147,836
149,397
106,553
109,812
105,659
105,775
6,420
5,880
6,393
6,588
6,287
4,991
6,961
7,258
20,240
19,733
18,777
19,058
698
674
679
653
864
909
799
858
3,084
2,711
3,061
3,123
6,132
6,259
5,507
6,084
170,276
172,379
173,107
174,299
58,213
58,299
58,426
58,582
79,895
81,633
81,708
82,567
21,436
21,735
21,825
21,837
2,990
2,954
3,175
3,336
7,075
7,109
7,324
7,306
1973
New York City
1972
42,637
44,041
40,232
40,212
21,969
23,890
22,416
22,302
398
347
511
478
925 12,676
1,815 10,786
1,780 9,831
1,326 9,354
329
346
313
347
491
628
515
659
1,722
1,844
1,795
1,851
4,127
4,385
3,071
3,895
24,219
23,559
23,892
24,537
5,649
5,685
5,723
5,753
12,714
12,079
12,344
12,756
1,713
1,696
1,717
1,936
1,191
1,168
1,162
1,163
2,851
2,830 ......................... 15
2,846
2,827
39,685
40,300
42,204
43,650
23,117
23,799
24,422
24,381
464
398
436
372
917 8,736
1,888 7,460
1,351 9,216
1,428 11,031
420
399
403
341
739
615
848
748
2,151
2,200
2,202
2,339
3,141
3,541
3,326
3,010
29,043
29,274
29,742
30,616
5,543
5,531
5,533
5,515
16,088
16,280
16,764
17,451
2,336
2,232
2,190
2,423
1,596
1,600
1,605
1,616
3,390
3,529 ......................... 14
3,546 ......................... 21
3,509 ......................... 28
39,378
40,104
38,291
40,227
23,000
24,059
22,461
22,941
463
338
468
516
1,203
888
1,725
1,726
360
341
356
346
726
774
656
709
2,139
1,873
2,160
2,245
2,868
3,017
2,322
2,895
30,957
31,654
31,551
31,850
5,497
5,499
5,482
5,494
18,000
18,637
18,344
18,581
2,190
2,249
2,298
2,213
1,622
1,620
1,727
1,869
3,541
3,543
3,609
3,597 ......................... 28*
1973
8,619
8,814
8,143
8,849
Outside
New York City
1972
102,351
108,216
104,255
103,708
77,494
81,762
78,433
78,306
5,811
5,858
6,082
6,097
2,974
4,312
4,516
4,273
11,681
11,811
11,122
10,836
336
323
312
306
163
150
152
163
782
774
760
776
3,110
3,226
2,878
2,951
120,521
120,100
120,134
120,326
51,230
51,419
51,659
51,863
49,547
49,130
49,183
49,160
15,931
15,786
15,574
15,552
1,100
1,085
1,089
1,107
2,343
2,321 ..........................15
2,305
2,306
108,800
114,247
114,655
113,485
82,552
84,813
85,887
84,956
6,455
6,453
6,272
6,596
3,783
7,500
5,713
5,802
11,432
10,895
12,210
11,500
361
350
369
315
150
143
143
147
848
963
875
821
3,219
3,130
3,186
3,348
135,345
135,976
136,680
137,596
52,632
52,557
52,577
52,576
59,055
59,686
60,113
60,744
18,449
18,499
18,758
18,963
1,313
1,318
1,315
1,347
3,355 ............... Feb. 7
3,361 ..........................14
3,367
3,407
110,900
110,865
109,545
109,170
83,553
85,753
83,198
82,834
5,957
5,542
5,925
6,072
5,084
4,103
5,236
5,532
11,621
10,919
10,634
10,209
338
333
323
307
138
135
143
149
945
838
901
878
3,264
3,242
3,185
3,189
139,319
140,725
141,556
142,449
52,716
52,800
52,944
53,088
61,895
62,996
63,364
63,986
19,246
19,486
19,527
19,624
1,368
1,334
1,448
1,467
3,534
3,566 ..........................14*
3,715
3,709 .. ......................28*
1973
For notes see p. A-28.
A 28
WEEKLY REPORTING BANKS □ APRIL 1973
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued
(In millions o f dollars)
Reserves
for—
Borrowings
from—
Wednesday
Fed
eral
funds
F.R.
pur
chased, Banks
etc. 7
Other
liabili
ties,
Others etc.» Loans
Memoranda
Total
capital
Secur
ac
ities counts
Total
loans
(gross)
ad
justed9
Lar:ge negotiiable
Total
t ime CD’:s
Gross
loans
incl uded in 1time
liabili
and
De
and sa vings de*>osits i 1 ties of
invest mand
banks
ments deposits
to
ad
(gross)
Issued Issued their
ad
justed i o Total
to
to
foreign
justed 9
IPC’s others bran
ches
Large banks—
Total
1972
25,710
26,609
26,699
28,232
695
15
721
991
1,319
1,365
1,415
1,119
15,557
16,041
16,199
16,012
4,139
4,135
4,134
4,148
77
77
77
71
27,620
27,546
27,562
27,656
191,757
194,446
194,012
194,545
273,873
276,710
275,839
276,037
85,263
90,432
88,838
91,017
33,989
32,810
32,996
33,456
20,678
19,651
19,896
20,132
13,311
13,159
13,100
13,324
1,164
1,263
1,346
1,532
7 ........................
1 4
2 1 ........................
2 8 ........................
35,111
37,632
36,123
36,538
752
2,532
183
1,247
2,772
2,452
2,459
2,326
15,222
14,869
15,424
15,928
4,373
4,372
4,373
4,397
70
70
69
63
29,843
29,751
29,769
29,960
227,781
229,542
231,197
232,731
310,555
311,546
312,030
313,599
97,004
96,530
95,634
95,489
47,113
47,963
48,985
50,506
29,692
30,549
31,373
32,321
17,421
17,414
17,612
18,185
1,391
694
1,157
784
7 * ......................
14*......................
21*......................
28*......................
37,772
36,816
34,674
35,739
884
1,588
2,639
1,598
2,217
2,383
2,418
2,334
16,495
16,335
17,006
16,611
4,397
4,400
4,409
4,391
63
63
63
117
30,006
29,946
29,892
29,888
235,839
236,630
238,976
238,278
316,725
317,277
319,741
318,918
95,320
96,763
95,216
96,226
52,052
53,864
54,244
55,137
33,827
35,468
35,467
36,242
18,225
18,396
18,777
18,895
1,465
1,419
1,290
1,121
6,811
6,929
6,364
7,103
662
640
655
382
463
474
184
6,071
6,137
6,185
6,414
1,210
1,209
1,210
1,218
7,035
7,030
7,004
6,994
44,597
46,078
45,396
45,839
58,532
59,827
59,321
59,531
14,675
18,145
17,672
19,005
11,575
10,965
11,252
11,812
7,460
6,901
7,161
7,506
4,115
4,064
4,091
4,306
884
946
968
1,191
8,294
10,143 1,309
8,383
8,446 ” 269
1,162
1,005
950
972
5,638
5,053
5,585
5,955
1,251
1 ,251
1,256
1,265
7,594
7,589
7,575
7,651
52,949
53,331
53,746
54,146
66,569
66,806
66,911
67,233
20,973
19,977
20,855
19,267
16,394
16,603
16,980
17,798
10,813
11,064
11,541
12,050
5,581
5,539
5,439
5,748
1,095
503
834
559
845
1,003
976
906
6,372
6,429
6,651
6,433
1 ,264
1 ,264
1 ,272
1,251
7,617
7,599
7,578
7,566
54,977
55,241
55,302
55,155
68,017
68,014
68,525
67,955
20,189
20,061
19,613
19,828
18,195
18,880
18,716
19,045
12,663
13,301
12,997
13,210
5,532
5,579
5,719
5,835
915
828
996
728
937 9,486
902 9,904
941 10,014
935 9,598
2,929
2,926
2,924
2,930
77
77
77
71
20,585
20,516
20,558
20,662
147,160
148,368
148,616
148,706
215,341
216,883
216,518
216,506
70,588
72,287
71,166
72,012
22,414
21,845
21,744
21,644
13,218
12,750
12,735
12,626
9,196
9,095
9,009
9,018
280
317
378
341
Mar.
8 ........................
15........................
2 2 ........................
2 9 ........................
Feb.
Mar.
1973
New York City
1972
Mar.
8 ........................
1 5
2 2 ........................
2 9 ........................
1973
Feb.
7 ........................
1 4
2 1 ........................
2 8 ........................
Mar.
7 * ......................
14*......................
21*......................
28*......................
9,002
7 ,8 2 0
7,271
148
490
1,080
8,359
Outside
New York City
1972
18,899
19,680
20,335
21,129
33
15
81
336
7 ........................
14........................
2 1 ........................
2 8 ........................
26,817
27,489
27,740
28,092
752
1,223
183
978
1,610
1,447
1,509
1,354
9,584
9,816
9,839
9,973
3,122
3,121
3,117
3,132
70
70
69
63
22,249
22,162
22,194
22,309
174,832
176,211
177,451
178,585
243,986
244,740
245,119
246,366
76,031
76,553
74,779
76,222
30,719
31,360
32,005
32,708
18,879
19,485
19,832
20,271
11,840
11,875
12,173
12,437
296
191
323
225
7 * ......................
14*......................
21*......................
28 *......................
28,770
28,996
27,403
27,380
736
1,098
1,559
1,598
1,372 10,123
1,380 9,906
1,442 10,355
1,428 10,178
3,133
3,136
3,137
3,140
63
63
63
117
22,389
22,347
22,314
22,322
180,862
181,389
183,674
183,123
248,708
249,263
251,216
250,963
75,131
76,702
75,603
76,398
33,857
34,984
35,528
36,092
21,164
22,167
22,470
23,032
12,693
12,817
13,058
13,060
550
591
294
393
Mar.
8 ........................
1 5
2 2 ........................
2 9 ........................
Feb.
Mar.
1973
1 Includes securities purchased under agreements to resell.
2 Includes official institutions and so forth.
3 Includes short-term notes and bills.
4 Federal agencies only.
5 Includes corporate stock.
6 Includes U.S. Govt, and foreign bank deposits, not shown separately.
7 Includes securities sold under agreements to repurchase.
8 Includes minority interest in consolidated subsidiaries.
9 Exclusive of loans and Federal funds transactions with domestic com
mercial banks.
10 All demand deposits except U.S. Govt, and domestic commercial
banks, less cash items in process of collection.
11 Certificates of deposit issued in denominations of $100,000 or more.
APRIL 1973 o BUSINESS LOANS OF BANKS
A 29
COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In millions o f dollars)
Outstanding
Net change during—
1973
Industry
Mar.
28
Durable goods manufacturing:
Primary metals.................................
Machinery.........................................
Transportation equipment..............
Other fabricated metal products. . .
Other durable goods........................
Nondurable goods manufacturing:
Food, liquor, and tobacco..............
Textiles, apparel, and leather..........
Petroleum refining...........................
Chemicals and rubber.....................
Other nondurable goods.................
Mining, including crude petroleum
and natural gas...........................
Trade: Commodity dealers.................
Other wholesale.......................
Retail........................................
Transportation.....................................
Communication...................................
Other public utilities...........................
Construction........................................
Services.................................................
All other domestic loans.....................
Bankers’ acceptances...........................
Foreign commercial and industrial
loans..............................................
Total classified loans...........................
Mar.
21
1973
Mar.
14
Mar.
7
Feb.
28
Mar.
Feb.
1973
Jan.
I
1972
1972
IV
III
2nd
half
1st
half
-9 9
-101
-8 5
81
82
-7 9
395
—258
57
69
88
-1 7 2
-3 1 0
-1 4
340
2,143
5,423
2,094
1,992
3,447
2,133
5,439
2,141
1,994
3,417
2,121
5,263
2,140
1,931
3,358
2,118
5,138
2,138
1,878
3,283
2,119
5,033
2,170
1,834
3,195
24
390
—76
158
252
67
321
—35
68
304
34
109
111
7
-1 3
233
543
20
496
—173
-2 4
-1 3
3,637
3,137
1,201
2,604
1,898
3,726
3,124
1,195
2,583
1,882
3,573
3,029
1,122
2,417
1,869
3,551
2,987
1,078
2,344
1,826
3,489
2,943
1,078
2,322
1,814
148
194
123
282
84
130
263
-1 4
190
75
-8 8
-1 4
115
275
45
190
443
224
747
204
640
-351
10
-9
-6 5
187
185
-2 4
-253
95
827
-1 6 6
-1 4
-2 6 2
30
-273
567
-183
-135
-158
3,956
1,845
5,043
5,625
5,571
2,060
3,894
4,957
9,687
6,809
1,350
3,967
1,967
5,024
5,539
5,623
2,047
3,990
4,944
9,616
6,765
1,310
3,853
2,007
4,997
5,548
5,621
2,035
3,989
4,956
9,592
6,609
1,303
3,816
1,997
4,978
5,494
5,626
2,088
3,973
4,888
9,479
6,550
1,289
3,839
2,035
4,916
5,290
5,625
2,111
3,908
4,855
9,333
6,477
1,255
117
-1 9 0
127
335
-5 4
-5 1
-1 4
102
354
332
95
-2 6
100
266
378
66
132
257
93
263
498
-1 5
236
141
-4
-8 8
-3 1
120
65
98
-6 2
144
-281
327
51
389
625
-1 9
201
308
293
555
974
-201
-3 3
481
61
166
235
147
531
38
558
168
302
58
141
155
307
-2 7 7
277
408
326
-6 4
71
-2 0 2
25
622
216
473
-4 2
424
939
364
494
239
100
-203
-5 0 4
5
405
-1 4
121
-7 9
483
764
-5 8
-843
4,453 4,403 4,387 4,294 4,012
82,826 82,829 81,720 80,813 79,653
441
3,173
74
3,455
58
977
573
7,605
414
3,599
77
1,345
491
4,944
164
-9
Total commercial and industrial loans*
loans of large commercial banks. *99,986 *99,768 98,547 97,531 96,250
3,736
3,936
1,211
8,883
4,472
1,677
6,149
1,184
See
N o te
125
820
to table below.
"TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Outstanding
1973
Industry
Net change during—
1973
1972
Mar.
28
Feb.
28
Jan.
31
Dec.
27
Nov.
29
Oct.
25
1,335
2,313
1,174
1,305
2,300
1,218
1,331
2,264
1,247
1,268
2,154
1,205
1,278
2,034
1,256
1,201
1,303
1,905
1,307
785
1,520
765
1,462
749
1,346
720
1,239
707
1,196
680
1,193
1,350
1,322
1,300
1,234
1,191
892
842
1,479
1,100
840
778
1,438
1,062
766
781
1,357
1,004
723
698
1,153
894
699
681
1,143
913
2,872
150
1,055
1,823
4,234
746
2,234
1,709
4,339
1,871
2,821
125
1,004
1,733
4,281
771
2,244
1,626
4,173
1,779
2,895
125
979
1,663
4,252
748
2,060
1,622
4,106
1,698
2,685
121
894
1,592
4,180
682
1,975
1,558
4,026
1,597
2,567
2,327
2,356
2,366
Sept.
27
Aug.
30
1972
1972
II
2nd
half
-6 7
-4 9
-5 2
27
-113
-133
-1 0 2
200
-1 5 4
41
51
4
6
-11
37
45
57
116
155
153
19
308
169
144
326
206
12
19
-6
-2 4
57
-1 5
-6 5
46
15
-6 3
10
-1 0 6
69
4
-7 1
22
6
14
26
152
94
121
287
8
164
43
12
-2
-2 3
150
-219
64
282
142
143
131
-205
-1 7
-2 6
-4 0
-6 9
63
269
-1 3
45
-2 6 0
18
12
7
298
-125
185
569
150
307
174
July
26
I
IV
1,314
1,963
1,265
1,355
1,931
1,243
67
159
-31
-3 5
249
-1 0 2
679
1,188
713
1,147
710
1,130
65
281
1,182
1,079
1 ,079
1,029
731
658
1,190
939
711
679
1,159
918
677
653
1,178
879
690
685
1,190
856
2,726
121
880
1,588
4,070
549
1,825
1,528
3,999
1,532
2,748
123
876
1,497
4,078
537
1,759
1,520
3,951
1,459
2,679
107
864
1,444
4,086
561
1,688
1,550
3,862
1,554
2,724
107
845
1,376
4,188
510
1,623
1,456
3,826
1,471
2,723
110
886
1,346
4,234
511
1,455
1,397
3,760
1,532
187
29
161
231
54
64
259
151
313
970
2,264
2,177
2,143
2,069
2,033
-495
223
105
94
328
Total loans............................. *36,390 *35,373 34,649 32,964 32,180 31,688 31,466 31,063 30,806
3,426
1,498
803
-477
2,301
III
Durable goods manufacturPrimary metals...................
Machinery..........................
Transportation equipment.
Other fabricated metal
products..........................
Other durable goods..........
Nondurable goods manufac
turing :
Food, liquor, and tobacco.
Textiles, apparel, and
leather.............................
Petroleum refining.............
Chemicals and rubber.......
Other nondurable goods. .
Mining, including crude pe
troleum and natural gas.
Trade: Commodity dealers..
Other wholesale........
Retail.........................
Transportation.......................
Communication.....................
Other public utilities..............
Construction..........................
Services...................................
All other domestic loans . . . .
Foreign commercial and in
dustrial loans..................
N o t e . —About 160 weekly reporting banks are included in this series;
these banks classify, by industry, commercial and industrial loans amount
ing to about 90 per cent of such loans held by all weekly reporting banks
and about 70 per cent of those held by all commercial banks.
For description of series see article “Revised Series on Commercial and
Industrial Loans by Industry,” Feb. 1967 B u l l e t i n , p. 209.
1,282
1,907
Commercial and industrial “ term” loans are all outstanding loans with
an original maturity of more than 1 year and all outstanding loans granted
under a formal agreement—revolving credit or standby—on which the
original maturity of the commitment was in excess of 1 year.
A 30
DEMAND DEPOSIT OW NERSHIP a APRIL 1973
GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1
(In billions of dollars)
Type of holder
Class of bank, and quarter or month
Total
deposits,
IPC
Financial
business
Nonfinancial
business
Consumer
Foreign
AU
other
17.1
17.0
17.3
85.3
88.0
92.7
49.0
51.4
53.6
1.6
1.4
1.3
9.6
10.0
10.3
162.5
167.9
175.1
Dec..................................................................................
18.3
18.1
17.9
18.5
86.3
89.6
91.5
98.4
54.4
56.2
57.5
58.6
1.4
1.3
1.2
1.3
10.5
10.5
9.7
10.7
170.9
175.8
177.9
187.5
1972—Mar.................................................................................
June................................................................................
Sept.................................................................................
Dec.................................................................................
20.2
17.9
18.0
18.8
92.6
97.6
101.5
109.4
54.7
60.5
63.1
64.9
1.4
1.4
1.4
1.5
12.3
11.0
11.4
12.2
181.2
188.4
195.4
206.8
1971—Dec..................................................................................
14.4
58.6
24.6
1.2
5.9
104.8
1972—Feb.................................................................................
Mar.................................................................................
Apr..................................................................................
May................................................................................
June................................................................................
July.................................................................................
Aug.................................................................................
Sept.................................................................................
Oct..................................................................................
Nov.................................................................................
Dec.................................................................................
13.7
14.0
14.3
13.7
14.1
14.3
13.6
13.7
14.1
14.5
14.7
55.4
55.9
56.9
56.2
57.3
58.5
57.4
59.0
60.0
60.5
64.4
24.4
25.0
27.0
25.4
25.7
26.1
26.0
26.2
26.2
26.7
27.2
1.1
1.2
1.2
1.2
1.3
1.3
1.3
1.3
1.3
1.3
1.4
5.9
6.0
5.9
5.7
6.0
6.0
5.7
6.2
6.1
6.2
6.6
100.5
102.1
105.4
102.1
104.3
106.3
104.0
106.4
107.8
109.2
114.3
1973—Jan..................................................................................
Feb.*..............................................................................
15.0
14.3
63.1
60.3
27.8
26.3
1.4
1.6
6.8
6.5
114.1
109.0
All commercial banks:
1971—M ar.................................................................................
Weekly reporting banks:
1 Including cash items in process of collection.
N o t e . —Daily-average
balances maintained during month as estimated
from reports supplied by a sample of commercial banks. For a detailed
description of the type of depositor in each category, see June 1971
B u l l e t i n , p. 466.
DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS
(In millions of dollars)
Class of
bank
Dec. 31,
1969
All commercial.........................
Insured...................................
National member..................
State member.........................
All member...............................
1,131
1,129
688
188
876
Dec. 31,
1970
804
803
433
147
580
Dec. 31,
1971
680
677
387
95
482
June 30,
1972
595
592
340
79
419
N o t e . —These hypothecated deposits are excluded from Time deposits
and Loans at commercial banks beginning with June 30, 1966, as
shown in the tables on pp. A-18, A-19, and A-24-A-28 (consumer instal
ment loans), and in the table at the bottom of p. A-17. These changes
Class of
bank
All member—Cont.
Other reserve city...............
All nonmember......................
Noninsured.........................
Dec. 31,
1969
304
571
255
253
2
Dec. 31,
1970
143
437
224
223
1
Dec. 31,
1971
112
371
197
195
2
June 30,
1972
73
346
177
173
3
resulted from a change in Federal Reserve regulations. See June 1966
B u l l e t i n , p. 808.
These deposits have not been deducted from Time deposits and Loans
for commercial banks as shown on pp. A-20 and A-21 and on pp. A-22
and A-23 (IPC only for time deposits).
APRIL 1973 □ LOAN SALES BY BANKS; OPEN MARKET PAPER
A 31
LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS
(Amounts outstanding; in millions o f dollars)
To own subsidiaries, foreign branches,
holding companies, and other affiliates
To all others except banks
By type of loan
Date
Total
By type of loan
Total
Commercial
and
industrial
All other
Commercial
and
industrial
All other
1972—Dec.
6 ..........
13..........
20r ,, .
21r , .
2,567
2,563
2,652
2,598
1,670
1,639
1,725
1,674
897
924
927
924
1,774
1,787
1,787
1,782
309
309
309
306
1,465
1,478
1,478
1,476
1973—Jan.
3r
.
1 0 '........
17 r
24 r
31 r
2,736
2,750
2,690
2,690
2,608
1,774
1,818
1,803
1,774
1,733
962
932
887
916
875
1,858
1,790
1,775
1,819
1,824
365
307
296
299
298
1,493
1,483
1,479
1,520
1,526
Feb.
7 r ........
14r .......
21r . . . .
28 *•
2,640
2,695
2,946
3,116
1,710
1,753
2,050
2,072
930
942
896
1,044
1,841
1,839
1,841
1,848
308
308
304
296
1,533
1,531
1,537
1,552
Mar.
7 ,...
14
21 . . . .
28..........
3,013
3,136
3,000
3,152
1,985
1,958
1,882
1,988
1,028
1,178
1,118
1,164
1,879
1,869
1,863
1,871
310
288
290
294
1,569
1,581
1,573
1,577
N ote.—Amounts sold under repurchase agreement are excluded. Figures include small amounts sold
by banks other than large weekly reporting banks.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS* ACCEPTANCES OUTSTANDING
(In millions o f dollars)
Commercial and finance
company paper
Placed through
dealers
End of period
Dollar acceptances
Total
Accepting banks
Total
Bank
Bank
related Other1 related Other2
196
196
196
196
196
197
197
5
6
7
8
9
0
1
9,058
13,279
16,535
20,497
31,709
31,765
31,103
1,903
3,089
4,901
7,201
1,216 10,601
409 12,262
495 10,923
1972—Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
32,681
32,814
33,055
33,482
33,891
32,998
32,645
34,073
34,067
34,721
545
532
517
542
604
705
775
821
876
930
1973—Jan..
Feb.
35,727
35,196
911 11,641
956 9,968
12,233
12,394
12,043
12,325
12,319
12,239
12,313
12,737
12,345
11,242
Total
Own
bills
F.R. Banks
Others
Im
Ex
ports
ports
from
into
United United
States States
All
other
Bills
bought
Own
acct.
For
eign
corr.
129
215
459
144
191
156
109
146
250
254
2,090
2,717
3,674
4,057
3,894
792
997
1,086
1,423
1,889
2,601
2,834
974
829
989
952
1,153
1,561
1,546
1,626
1,778
2,241
2,053
2,408
2,895
3,509
7,155
10,190
11,634
13,296
3,078 16,814
1,940 17,154
1,478 18,207
3,392
3,603
4,317
4,428
5,451
7,058
7,889
1,223
1,198
1,906
1,544
1,567
2,694
3,480
1,094
983
1,447
1,344
1,318
1,960
2,689
249
735
791
200
187
193
164
58
64
57
261
18,276
18,244
19,013
19,186
19,316
18,338
17,964
18,807
19,137
20,842
7,985
7.734
7,443
7,069
6,643
6,639
6,602
6,748
6,864
6,898
3,083
2,840
2,874
2,817
2,430
2,298
2,403
2,394
2,529
2,706
2,246
2,009
2,117
2,082
1,873
1,829
1,833
1,881
1,995
2,006
837
830
757
735
557
469
569
514
535
700
143
83
143
73
63
96
62
70
63
106
263
265
261
251
263
287
261
219
199
179
4,496
4,547
4,165
3,927
3,887
3,958
3,876
4,065
4,073
3,907
2.597
2.597
2,683
2,657
2,492
2,532
2,538
2,585
2,621
2,531
1,774
1,707
1,596
1,569
1,606
1,631
1,646
1,786
1,844
1,909
3,613
3,431
3,164
2,843
2,545
2,476
2,418
2,377
2,400
2,458
1,795 C21,380
2,160 22,112
6,564
6.734
2,384
2,328
1,825
1,765
560
563
141
233
198
239
3,841
3,934
2,337
2,311
1,948
2,113
2,279
2,310
1,627
1,644
1,482
1,429
1,652
1,716
1,593
1.708
1.709
1,707
Data for commercial and finance company paper on new basis
beginning Dec. 1971. The new series reflects inclusion of paper issued
directly by real estate investment trusts and several additional finance
companies.
Based on—
Held by—
Placed
directly
1,837
2,022
1As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
2As reported by finance companies that place their paper directly with
investors.
A 32
INTEREST RATES □ APRIL 1973
PRIME RATE CHARGED BY BANKS
(Per cent per annum)
Rate
Effective date
1956—Apr. 13...........
Aug. 21...........
4
1957—Aug.
4%
6...........
3%
1958—Jan. 22...........
Apr. 21...........
Sept. 11...........
4
3%
4
1959—May 18...........
Sept. 1...........
4%
1960—Aug. 23...........
4%
1965—Dec.
6...........
7%
7%
7
6%
1971—Jan.
6%
6%
6
15
18
Feb. 16
Mar. 11
19
1966—Mar. 10............ 5%
June 29........... 5V4
Aug. 16........... 6
1967—Jan. 2 6 -2 7 ....
Mar. 27...........
Nov. 20...........
5*4-5%
5%
1968—Apr.
Sept.
Nov.
Dec.
6%
6-6%
6%
6%
19...........
25...........
13...........
2 ...........
18...........
1969—Jan. 7...........
Mar. 17...........
June 9...........
Nov.
Dec.
6%
1972—Jan.
m
8%
4 34-^7/8-5
Apr.
3.
5.
17.
434--5
1.
30.
5.-5i/ 8-5i4
May
5%-5%
5%
5%-6
6
1,
4,
July
514--53/*
3.
5 1 /4 --5 3 /8 -
5% --5s/g
17.
31.
5i/i
5%«-5%
5% --5% -
6,
5%-53/8-
25.
5%«
5% -5% 5%«
2
4
51/4--534
5V4-534-
534-
16
Nov.
534--5%
6
534534--57/8
20.
Dec. 26.
27
1973—Jan.
4
Feb.
2
14.
26.
27.
5-514"
10.
27,
31
3
17,
24
31
5-
Rate
11
5--5%
5%
Aug. 11.
14,
1972—Oct.
5-
5 --5 1 /8
29,
Effective date
434-
June 12.
26.
5%«-5%
5%5%-5%«
5%-5Vi-
8,
22,
6
7
5%
5%-5%
5%
43/8-41/24% 41/4-434.
Mar. 13,
23,
27.
6
Apr. 23,
May 11
July 6,
7,
Oct. 20,
5
Rate
1972—Feb. 28,
1970—Mar. 25
Sept. 21
Nov. 12
23
Dec. 22
5
Effective date
Rate
Effective date
5 3 4 .-6
53 4 - 6 .
6 .-6 %
6.
6 .-6 %
6% -
Mar. 19
26
614--634
61/2-
51/4
5%«-5%
5i4«
514--53/8
514. - 53/ 85i/4
514-53/8-
21,
29,
51/4"
5-5i/8-5 i4 4 3 4 - 5 - 51/ 4 -
Sept. 4,
5,
4% -4% --5
25,
4 5/8_43/4_ 5-
5i4-5i/45i/45% --5%
11
51 /2 --5 5 /8 -
5%
N o t e . —Beginning Nov. 1971, several banks adopted a floating prime
rate keyed to money market variables. - denotes prime rate charged by the
majority of commercial banks.
RATES ON BUSINESS LOANS OF BANKS
Size of loan (in thousands of dollars)
All sizes
10-99
1-9
100-499
500-999
1,000 and over
Center
Feb.
1973
Nov.
1972
Feb.
1973
Nov.
1972
Feb.
1973
Nov.
1972
Feb.
1973
Nov.
1972
Feb.
1973
Nov.
1972
Feb.
1973
Nov.
1972
6.60
6.27
6.78
6.57
6.74
6.52
6.71
6.52
6.33
6.93
6.35
6.65
6.53
6.38
6.24
6.01
6.41
6.17
6.38
6.27
6.30
6.30
6.13
6.65
6.27
6.41
6.38
6.32
6.14
6.05
6.39
6.11
6.21
6.04
6.24
6.47
6.27
6.23
6.42
7.93
6.75
6.42
6.41
6.40
6.47
6.29
6.86
6.36
6.27
6.19
6.09
6.35
5.84
6.55
6.29
6.40
6.53
6.32
6.18
7.67
6.82
6.32
6.05
5.99
6.21
6.03
5.75
6.36
6.08
6.82
6.08
6.70
7.29
7.51
7.20
6.67
7.13
6.47
6.89
7.02
7.76
6.62
8.24
6.76
5.78
6.66
7.90
7.88
6.17
6.77
7.06
6.91
6.94
6.98
8.71
8.45
7.06
6.61
6.29
6.73
7.30
8.25
6.76
6.27
Short-term
35 centers.....................................
New York City........................
7 Other Northeast....................
8 North Central.......................
7 Southeast...............................
8 Southwest..............................
4 West Coast............................
6.52
6.22
6.89
6.45
6.76
6.63
6.56
6.33
6.09
6.61
6.27
6.56
6.36
6.41
7.63
7.39
8.00
7.26
7.73
7.48
7.88
7.52
7.34
7.78
7.22
7.64
7.38
7.79
7.29
7.08
7.53
7.16
7.33
7.16
7.42
7.10
6.79
7.35
6.96
7.15
6.97
7.31
6.83
6.59
7.04
6.83
6.89
6.72
6.82
Revolving credit
35 centers................
New York C ity ..,
7 Other Northeast
8 North Central..
7 Southeast..........
8 Southwest.........
4 West Coast. . . .
6.40
6.53
6.38
6.25
7.24
6.83
6.37
6.11
6.01
6.22
6.12
6.20
6.50
6.14
7.24
7.07
7.51
8.50
6.00
7.65
7.25
6.87
7.51
6.26
8.14
5.97
6.98
7.14
c7.03
6.87
7.09
7.14
5.95
7.17
7.13
6.81
6.35
6.92
6.86
6.55
6.76
6.90
6.58
6.56
6.69
6.54
6.41
6.74
6.57
Long-term
15 centers.....................................
New York City........................
7 Other Northeast...................
8 North Central.......................
7 Southeast...............................
8 Southwest..............................
4 West Coast............................
7.11
6.90
7.08
7.04
8.29
7.88
7.17
6.67
6.26
6.74
7.35
7.79
6.72
6.38
7.50
6.64
7.28
7.34
7.38
8.20
7.73
7.43
7.14
7.37
6.94
9.67
6.81
7.42
N o t e . —Beginning Feb. 1971 the Quarterly Survey of Interest Rates on
Business Loans was revised. For description of revised series see pp. 46877 of the June 1971 B u l l e t i n .
7.49
c7.00
7.66
7.60
7.05
7.97
7.22
7.15
7.03
7.10
7.09
7.15
7.14
7.44
7.31
7.09
7.49
7.24
8.67
7.37
6.98
APRIL 1973 □ INTEREST RATES
A 33
MONEY MARKET RATES
(Per cent per annum)
Period
Prime
commercial
p a p er1
90-119
days
1966.
1967.
1968.
1969.
4- to 6m onths
Finance
CO.
paper
placed
directly,
3- to 6m onths2
U.S. G overnment securities4
Prime
bankers’
accept
ances,
90 days 1
Fed
eral
funds
ra te 3
3-month bills5
Rate
on new
issue
M arket
yield
6-month bills5
R ate
on new
issue
M arket
yield
9 -to 12-month issues 5
1-year
bill (m ar
ket yield)
O ther 6
3- to 5year
issues7
5.55
5.10
5.90
7.83
5.42
4.89
5.69
7.16
5.36
4.75
5.75
7.61
5.11
4.2 2
5.66
8.22
4.881
4.321
5.339
6.677
4.86
4.29
5.34
6.67
5.082
4.630
5.470
6.853
5.06
4.61
5.47
6.86
5.07
4.71
5.46
6.79
5.17
4.84
5.62
7.06
5.16
5.07
5.59
6.85
1970.
1971.
1972.
4.67
7.72
5.11
4.69
7.23
4.91
4 .52
7.31
4.85
4 .47
7.17
4.66
4.4 4
6.458
4.348
4.071
6.39
4.33
4.07
6.562
4.511
4.466
6.51
4.52
4.49
6.49
4.67
4.77
6.90
4.75
4.86
7.37
5.77
5.85
1972—M ar..
A p r..
M ay.
Ju n e.
J u ly .,
Aug..
Sept..
O c t..
N ov..
D e c..
4.10
4.55
4.45
4.60
4.83
4.75
5.07
5.21
5.18
5.40
4 .17
4.58
4.51
4.64
4.85
4.82
5.14
5.30
5.25
5.45
4.03
4.38
4.38
4.45
4 .72
4.58
4.91
5.13
5.13
5.24
3.95
4.43
4.25
4.47
4.73
4.67
4.84
5.05
5.01
5.16
3.83
4.1 7
4 .27
4 .46
4.55
4 .80
4.87
5.04
5.06
5.33
3.723
3.723
3.648
3.874
4.059
4.014
4.651
4.719
4.774
5.061
3.73
3.71
3.69
3.91
3.98
4.02
4.66
4.74
4.78
5.07
4.086
4.218
4.064
4.270
4.583
4.527
5.086
5.118
5.079
5.287
4.12
4.23
4.12
4.35
4.50
4.55
5.13
5.13
5.09
5.30
4.43
4.65
4.46
4.71
4.90
4.9 0
5.44
5.39
5.20
5.28
4.54
4.84
4.58
4.87
4.89
4.91
5.49
5.41
5.22
5.46
5.74
6.01
5.69
5.77
5.86
5.92
6.16
6.11
6.03
6.07
1973—Jan ...
Feb..
M ar..
5.76
6.17
6.76
5.78
6.22
6.85
5.56
5.97
6.45
5.60
6.14
6.82
5.94
6.58
7.09
5.307
5.558
6.054
5.41
5.60
6.09
5.527
5.749
6.430
5.62
5.83
6.51
5.58
5.93
6.53
5.78
6.07
6.81
6.29
6.61
6.85
Week ending—
1972—Dec.
2 ..
9 ..
16..
23..
30..
5.25
5.28
5.33
5.50
5.56
5.25
5.38
5.40
5.50
5.59
5.13
5.13
5.18
5.35
5.38
5.00
5.10
5.13
5.20
5.25
5.03
5.17
5.29
5.38
5.34
4.886
4.945
5.099
5.087
5.111
4.88
5.00
5.05
5.15
5.13
5.178
5.230
5.309
5.297
5.313
5.18
5.25
5.27
5.36
5.34
5.25
5.27
5.22
5.26
5.39
5.35
5.39
5.42
5.49
5.55
6.04
6.05
6.04
6.09
6.12
1973—Jan.
6 ..
13..
2 0..
2 7..
5.63
5.63
5.78
5.88
5.63
5.63
5.78
5.90
5.38
5.40
5.53
5.75
5.38
5.43
5.58
5.80
5.61
5.66
5.86
6.03
5.163
5.155
5.277
5.633
5.16
5.19
5.40
5.67
5.396
5.412
5.540
5.760
5.42
5.47
5.63
5.81
5.44
5.45
5.52
5.66
5.61
5.70
5.80
5.91
6.16
6.22
6.27
6.38
Feb.
3..
10.,
17.,
24.,
6.03
6.13
6.13
6.22
6.10
6.20
6.22
6.25
5.83
5.95
6 .00
6 .00
5.98
6.13
6.13
6.13
6.35
6.21
6.58
6.79
5.689
5.665
5.424
5.455
5.70
5.56
5.43
5.58
5.871
5.849
5.624
5.653
5.88
5.76
5.60
5.84
5.99
5.86
5.74
5.95
5.96
5.97
5.92
6.16
6.50
6.55
6.53
6.67
M ar.
3.
10.,
17.
24.
31.,
6.28
6.5 0
6.75
6.95
7.00
6 .30
6.53
6.85
7.08
7.13
6.05
6.23
6.38
6.60
6.75
6.30
6.65
6.83
7.00
7.0 0
6.75
7.02
7.13
6.96
7.11
5.811
5.879
5.997
6.334
6.251
5.81
5.85
6.05
6.31
6.29
6.045
6.272
6.440
6.759
6.632
6.11
6.29
6.56
6.70
6.67
6.18
6.35
6.56
6.69
6.66
6.39
6.56
6.84
7.02
6.99
6.76
6.84
6.90
6.91
6.79
1 Averages o f the m ost representative daily offering rate quoted by
dealers.
2 Averages o f the m ost representative daily offering rate published by
finance companies, for varying m aturities in the 90-179 day range.
3 Seven-day average for week ending Wednesday.
4 Except for new bill issues, yields are averages computed from daily
closing bid prices.
5 Bills quoted on bank discount rate basis.
6 Certificates and selected note and bond issues.
7 Selected note and bond issues.
N o t e . —Figures for U.S. Government securities are the revised series de
scribed on p. A-35 o f the Oct. 1972 B u l l e t in .
INTEREST RATES □ APRIL 1973
A 34
BOND AND STOCK YIELDS
(Per cent per annum)
Corporate bonds
Government bonds
Seasoned issues
State and local
Period
United
States
(long
term)
Total i
Aaa
Stocks
Baa
Newissue
Aaa
utility
By selected
rating
Dividend/
price ratio
Earnings/
price ratio
By
group
Total i
Aaa
Baa
Indus
trial
Rail
road
Public
utility
Pre
ferred
Com
mon
Com
m on
196 3
196 4
4 .0 0
4.15
3.28
3.28
3.06
3.09
3.58
3.54
4.21
4 .34
4.50
4.57
4.26
4.40
4.86
4.83
4 .42
4.52
4.65
4.67
4.41
4.53
4.30
4.32
3.17
3.01
5.68
5.5 4
196
196
196
196
196
5
6
7
8
9
4.21
4.66
4.85
5.25
6 .10
3.34
3.90
3.99
4.48
5.73
3.16
3.67
3.74
4 .20
5.45
3.57
4.21
4 .3 0
4.88
6.07
4 .50
5.43
5.82
6 .50
7.71
4.64
5.34
5.82
6.51
7.36
4.49
5.13
5.51
6.18
7.03
4.87
5.67
6.23
6 .94
7.81
4.61
5 .30
5.74
6.41
7 .22
4.72
5.37
5.89
6.77
7.46
4.60
5.36
5.81
6.49
7.49
4.33
4.97
5 .3 4
5.78
6.41
3.00
3.40
3.20
3.07
3.24
5.87
6.72
5.71
5.64
6.08
197 0
197 1
197 2
6.59
5 .74
5.63
6.42
5.62
5.30
6.12
5.22
5.04
6.75
5.89
5.60
8.68
7.62
7.31
8.51
7.94
7.63
8.04
7.39
7.21
9.11
8.56
8.16
8.26
7.57
7.35
8.77
8.38
7.99
8.68
8.13
7.74
7 .22
6.75
7.27
3.83
3.14
2.84
6.51
5.40
1972— M a r
A pr..............
M ay ............
June............
J u ly .............
Aug.............
Sept.............
O ct..............
N ov.............
D ec..............
5.66
5 .74
5 .64
5.59
5.57
5 .54
5.70
5.69
5.50
5.63
5.31
5.45
5.33
5.35
5.5 0
5.36
5.38
5.24
5.11
5.13
4.99
5.16
5.09
5.07
5.23
5.10
5.12
5.03
4.91
4.91
5.61
5.79
5.65
5.72
5.78
5.66
5.69
5.45
5.37
5.39
7 .24
7.45
7.38
7.32
7.38
7.37
7.40
7.38
7.09
7.15
7.66
7.71
7.71
7.66
7.66
7.61
7.59
7.59
7.52
7.47
7.24
7.30
7.30
7.23
7.21
7.19
7.22
7.21
7.12
7.08
8.24
8.24
8.23
8.20
8.23
8.19
8.09
8.06
7.99
7.93
7.35
7.42
7.43
7.36
7.39
7.35
7.36
7.36
7.28
7.22
8.03
8.04
8.01
7.98
8.00
7.99
7.97
7.97
7.95
7.91
7.81
7.87
7.88
7.83
7.80
7.69
7.63
7.63
7.55
7.48
6.76
6.91
6.90
6.93
6.99
6.90
7.00
7.03
6.93
6.92
2.86
2.83
2.88
2.87
2.90
2.80
2.83
2.82
2.73
2.70
5.42
1973—Ja................. n
Feb..............
M ar.............
5.94
6.14
6.20
5.13
5.17
5 .30
4 .90
4.95
5.07
5.39
5.44
5.58
7.38
7.40
7.49
7.49
7.57
7.62
7.15
7.22
7.29
7.90
7.97
8.03
7.27
7.34
7.43
7.87
7.92
7.94
7.51
7.61
7 .64
6.85
6.91
7.03
2.69
2.80
2.83
5.57
5.56
Week ending—
1973—Feb.
3 ...
10. . .
17. . .
24. . .
6.13
6.16
6.10
6.15
5.21
5.25
5.10
5.13
5.00
5.05
4.85
4 .90
5.45
5.50
5.40
5.40
7.36
7.46
7.34
7.54
7.56
7.57
7.57
7.20
7.22
7.23
7.22
7.95
7.97
7.97
7.97
7.33
7.34
7.35
7.35
7.87
7.91
7.92
7.92
7.55
7.62
7.61
7.60
6.87
6.82
6.96
6.93
2.74
2.80
2.77
2.78
M ar.
3 ...
10. . .
17. . .
24. . .
31 . . .
6.16
6.18
6.22
6.24
6.18
5.23
5.29
5 .3 4
5.35
5 .30
5.00
5.05
5.10
5.10
5 .10
5.45
5.55
5.65
5.65
5.6 0
7.52
7.45
7.57
7.59
7.61
7.63
7.65
7.25
7.27
7.29
7.31
7.31
7.97
7.99
8.01
8.05
8.08
7.35
7.38
7.41
7.46
7.48
7.92
7.94
7.95
7.96
7.94
7.60
7.63
7.64
7.64
7.66
6.92
6.97
7.04
7.06
7.06
2.86
2.79
2.78
2.89
2.87
N um ber o f issues2
10
20
5
5
121
20
30
41
30
40
14
500
1 Includes bonds rated Aa and A, data for which are not shown sep
arately. Because o f a limited num ber o f suitable issues, the number
o f corporate bonds in some groups has varied somewhat. As o f Dec.
23, 1967, there is no longer an A aa-rated railroad bond series.
2 N um ber o f issues varies over tim e; figures shown reflect most recent
count.
N o t e . —Annual yields are averages o f monthly or quarterly data.
Bonds: M onthly and weekly yields are computed as follows: (1) U.S.
Govt.: Averages o f daily figures for bonds maturing or callable in 10 years
or more; from Treasury Dept. (2) State and local govt. : General obligations
500
only, based on Thurs. figures; from M oody’s Investors Service. (3) Cor
porate: New-issue Aaa utility rates are weekly averages compiled by the
Board o f Governors o f the Federal Reserve System. Rates for seasoned
issues are averages o f daily figures from M oody’s Investors Service.
Stocks: Standard and Poor’s corporate series. Dividend/price ratios
are based on Wed. figures; eam ings/price ratios are as o f end o f period.
Preferred stock ratio is based on eight median yields for a sample o f noncallable issues— 12 industrial and two public utility; common stock ratios
on the 500 stocks in the price index. Q uarterly earnings are seasonally
adjusted at annual rates.
Notes to tables on opposite page:
Security Prices:
Terms on M ortgages:
i Begins June 30, 1965, at 10.90. On that day the average price o f a share
o f stock listed on the American Stock Exchange was $10.90.
i
Fees and charges—related to principal mortgage am ount—include
loan commissions, fees, discounts, and other charges, which provide
added income to the lender and are paid by the borrower. They exclude
any closing costs related solely to transfer o f property ownership.
N o t e .—Annual data are averages o f monthly figures. M onthly and
weekly data are averages o f daily figures unless otherwise noted and are
computed as follows: U.S. Govt, bonds, derived from average market
yields in table on preceding page on basis o f an assumed 3 per
cent, 20-year bond. Municipal and corporate bonds, derived from average
yields as computed by Standard and Poor’s Corp., on basis o f a 4 per cent,
20-year bond; Wed. closing prices. Common stocks, derived from com
ponent common stock prices. Average daily volume o f trading, normally
conducted 5 days per week for 5 l/ i hours per day, or 27 l/ i hours per week.
In recent years shorter days and/or weeks have cut total weekly trading
to the following number o f hours: 1967—Aug. 8-20, 20; 1968—Jan. 22M ar. 1, 20; June 30-Dec. 31, 22; 1969—Jan. 3-July 3, 20; July 7-D ec. 3122.5; 1970—Jan. 2-M ay 1, 25.
N o t e .—Compiled by Federal Home Loan Bank Board in cooperation
with Federal Deposit Insurance C orporation. D ata are weighted averages
based on probability sample survey o f characteristics o f mortgages
originated by major institutional lender groups (including mortgage
companies) for purchase o f single-family homes. D ata exclude loans for
refinancing, reconditioning, or m odernization; construction loans to
homebuilders; and perm anent loans that are coupled with construction
loans to owner-builders. Series beginning 1965, not strictly comparable
with earlier data. See also the table on Home-M ortgage Yields, p. A-53.
APRIL 1973 □ SECURITY MARKETS
A 35
SECURITY PRICES
C om m on stock prices
New York Stock Exchange
Bond prices
(per cent o f par)
Standard and Poor’s index
(1941-43= 10)
Period
New York Stock Exchange index
(Dec. 31, 1965 = 50)
U.S.
Govt.
(long
term)
State
and
local
Cor
porate
AAA
Total
Indus
trial
Rail
road
Public
utility
1963.
1964.
86.31
84.46
111.3
111.5
96.8
95.1
69.87
81.37
73.39
86.19
37.58
45.46
64.99
69.91
1965.
1966.
1967.
1968.
1969.
83.76
78.63
76.55
72.33
64.49
110.6
102.6
100.5
93.5
7 9.0
93.9
86.1
81.8
76.4
68.5
88.17 93.48
85.26 91.09
91.93 99.18
98.70 107.49
97.84 107.13
46.78
46.34
46.72
48.84
45.95
76.08
68.21
68.10
66.42
62.64
44.16
50.77
55.37
54.67
43.79
51.97
58.00
57.45
48.23
53.51
50.58
46.96
44.77
45.43
44.19
42.80
1970.
1971.
1972.
60.52
67.73
68.71
72.3
80.0
84.4
61.6
65.0
65.9
83.22 91.29
98.29 108.35
109.20 121.79
32.13
41.94
44.11
54.48
59.33
56.90
45.72
54.22
60.29
48.03
57.92
65.73
32.14
44.35
50.17
1972—M ar................
A p r.................
M ay.
Ju n e.
Ju ly ..
A ug..
Sept..
O ct...
N ov..
D e c ..
68.43
67.66
68.59
69.05
69.23
69.55
68.06
68.09
69.87
68.68
84.1
82.5
84.6
83.4
83.1
84.2
83.4
85.3
87.1
87.1
66.2
65.1
65.3
65.6
65.6
65.8
65.6
65.5
65.9
66.05
107.69
108.81
107.65
108.01
107.21
111.01
109.39
109.56
115.05
117.50
119.73
121.34
120.16
120.84
119.98
124.35
122.33
122.39
128.29
131.08
46.48
47.38
45.06
43.66
42.00
43.28
42.37
41.20
42.41
45.23
57.73
55.70
54.94
53.73
53.47
54.66
55.36
56.66
61.16
61.73
59.96
60.65
59.82
59.87
59.21
61.07
60.05
59.99
62.99
64.26
65.18
66.10
65.30
65.76
65.13
67.25
65.72
65.35
68.29
69.96
1973—J a n ...
F eb ..
M ar..
65.89
64.09
63.59
86.9
86.1
84.1
66.0
65.5
65.2
118.42
114.16
112.42
132.55
128.50
126.05
42.87
40.80
39.29
60.01
57.52
55.94
64.38
61.52
60.15
63.91
63.78
63.44
63.27
63.76
85.3
84.4
83.9
83.7
84.5
65.3
65.5
65.3
65.0
65.0
111.62 125.01
113.85 127.70
114.20 128.14
110.47 123.80
111.45 124.96
39.04
39.31
39.43
38.81
39.78
56.50
56.58
56.43
55.31
55.29
59.94
61.04
61.13
59.03
59.49
Total
Indus
trial
Trans
p orta
tion
Utility
Fi
nance
Amer
ican
Stock
Ex
change
total
index i
Volume of
trading in
stocks
(thousands of
shares)
NYSE A M EX
8.52
9.81
4,573
4,888
1,269
1,570
44.43
49.82
65.85
70.49
12.05
14.67
19.67
27.72
28.73
6,174
7,538
10,143
12,971
11,403
2,120
2,752
4,508
6,353
5,001
37.24
39.53
38.48
54.64
70.38
78.35
22.59
25.22
27.00
10,532
17,429
16,487
3,376
4,234
4,447
53.71
55.50
53.43
51.26
48.45
48.97
46.49
44.95
47.50
48.44
38.56
37.48
37.04
36.32
36.02
36.87
37.82
38.93
41.81
42.28
77.15
80.36
78.32
76.59
75.41
78.27
78.41
79.64
84.57
83.45
28.03 18,351
28.24 18,402
27.63 15,270
27.47 14,298
26.97 14,450
26.85 15,522
25.23 12,314
25.87 14,427
26.18 20,282
26.50 18,146
5,680
5,584
4,184
3,872
3,546
3,807
2.774
3,014
4,286
4.775
70.55
67.67
66.20
45.14
42.34
40.92
41.72
39.95
39.13
81.62
74.47
72.32
25.35
25.34
24.59
18.752
16.753
15,564
4,046
3,690
2,966
65.89
67.28
67.37
64.87
65.41
40.53
41.26
41.09
40.24
41.40
39.21
39.28
39.48
38.86
38.88
72.49
73.62
73.60
70.71
71.33
24.75
24.82
24.80
24.38
24.35
17,175
15,982
14,211
15,482
15,621
3,968
2,938
2,699
3,058
2,786
Week ending—
1973—M ar.
3.
10.
17.
24.
31.
For notes see opposite page.
TERMS ON CONVENTIONAL FIRST MORTGAGES
New homes
Period
C on
tract
rate
(per
cent)
Fees &
charges
(per
cent) 1
M aturity
(years)
Loan/
price
ratio
(per
cent)
Existing homes
Pur
Loan
chase
amount
price
(thous.
(thous. o f dollars)o f
dollars)
C on
tract
rate
(per
cent)
Fees &
charges
(per
cen t)1
M aturity
(years)
Loan/
price
ratio
(per
cent)
Pur
Loan
chase
am ount
price
(thous.
of
(thous. of dollars)
dollars)
1965..........................
1966..........................
1967..........................
1968..........................
1969..........................
5 .7 4
6.14
6.33
6.83
7.66
.49
.71
.81
.89
.91
25.0
24.7
25.2
25.5
25.5
73.9
73.0
73.6
73.9
72.8
25.1
26.6
28.0
30.7
34.1
18.3
19.2
20.4
22.4
24.5
5.87
6.30
6.40
6.90
7.68
.55
.72
.76
.83
.88
21.8
21.7
22.5
22.7
22.7
72.7
72.0
72.7
73.0
71.5
21.6
22.2
24.1
2 5.6
28.3
15.6
15.9
17.4
18.5
19.9
1970..........................
1971..........................
1972.........................
8.27
7.60
7.45
1.03
.87
.88
25.1
26.2
27.2
71.7
74.3
76.8
35.5
36.3
37.3
25.2
26.5
28.1
8.20
7.54
7.38
.92
.77
.81
22.8
24.2
25.7
71.1
73.9
76.0
30.0
31.7
33.4
21.0
23.1
25.0
1972—Feb...............
M ar..............
A pr...............
M ay.............
Ju n e.............
Ju ly..............
Aug..............
Sept..............
Oct...............
N ov..............
7.45
7.38
7.38
7.4 0
7.41
7.43
7.45
7.43
7.48
7.50
7.51
1.02
.84
.83
.84
.85
.83
.86
.86
.88
.90
.92
2 7.0
27.2
27.2
27.2
27.2
27.2
27.5
27.3
27.2
27.5
27.5
76.5
76.2
76.0
76.2
76.5
77.0
77.5
77.5
77.3
77.4
78.0
37.2
37.7
38.3
38.2
37.2
37.3
36.8
36.6
36.0
37.1
37.9
27.8
28.2
28.5
28.5
27.8
28.2
27.9
27.9
27.4
28.1
29.0
7.35
7.31
7.30
7.33
7.36
7.37
7.39
7.42
7.43
7.44
7.45
.79
.77
.78
.77
.78
.83
.81
.83
.84
.83
.86
25.4
25.1
25.2
2 5.2
25.5
25.6
26.3
26.2
26.1
26.2
26.4
75.8
75.6
75.3
75.4
76.1
76.2
76.5
76.5
76.3
76.7
76.8
33.1
32.7
33.6
33.3
33.8
33.8
33.7
32.9
33.3
33.7
34.0
24.8
2 4.4
24.9
24.6
25.2
25.2
25.4
24.8
25.0
25.3
25.7
1973—J a n .r ............
Feb...............
7.52
7.53
.92
.96
27.5
28.0
78.5
79.0
37.8
38.9
29.0
29.9
7.46
7.47
.83
.82
26.1
26.4
77.0
77.4
33.9
33.5
25.6
25.4
For notes see opposite page.
A 36
STOCK MARKET CREDIT □ APRIL 1973
STOCK MARKET CUSTOMER FINANCING
(In millions o f dollars)
M argin credit at brokers and banks 1
Regulated 2
End o f period
Unregu
lated 3
By source
By type
M argin stock
Total
Convertible
bonds
Subscription
issues
Brokers Banks
O ther
security
credit
a t banks 4
Free credit balances
at brokers 5
N onm argin
stock
credit at
banks
Brokers Banks Brokers Banks Brokers Banks
M argin
accts.
Cash
accts.
1972—Feb................
M ar...............
A pr...............
M ay ..............
J u n e ..............
July...............
Aug...............
Sept...............
Oct................
N ov..............
D ec...............
7,427
7,847
8,250
8,472
8,747
8,924
9,092
9,091
9,024
9,068
9,045
6,477
6,896
7,283
7,478
7,792
7,945
8,060
8,083
8,081
8,166
8,180
950
951
967
994
955
979
1,032
1,008
943
902
865
6,180
6,620
7,010
7,200
7,510
7,660
7,780
7,800
7,800
7,890
7,900
877
883
898
924
889
910
961
937
872
831
798
256
240
240
241
244
248
246
248
250
249
254
56
53
57
58
51
53
54
54
53
52
50
41
36
33
37
38
37
34
35
31
27
26
17
15
12
12
15
16
17
17
18
19
17
1,170
1,158
1,150
1,141
1,644
1,772
1,800
1,871
1,875
1,871
1,896
1,327
1,294
1,278
1,296
1,274
1,285
1,298
1,255
1,351
1,396
1,528
434
442
433
403
386
403
384
380
389
390
414
2,108
2,070
2,030
1,930
1,845
1,842
1,733
1,677
1,708
1,828
1 ,957
1973—Jan ................
F eb...............
8,840
8,628
7,975
7,753
865
875
7,700
7,480
796
807
249
248
48
48
26
25
21
20
1,940
1,978
1,484
1,508
413
431
1,883
1,770
1 M argin credit includes all credit extended to purchase or carry stocks
or related equity instruments and secured at least in part by stock (see
Dec. 1970 B u l l e t in ) . Credit extended by brokers is end-of-month data
for m ember firms o f the NY SE. June data for banks are universe totals;
all other data for banks represent estimates for all commercial banks
based on reports by a reporting sample, which accounted for 60 per cent
o f security credit outstanding at banks on June 30, 1971.
2 In addition to assigning a current loan value to margin stock generally,
Regulations T and U perm it special loan values for convertible bonds and
stock acquired through exercise o f subscription rights.
3 N onm argin stocks are those not listed on a national securities exchange
and not included on the Board o f Governors o f the Federal Reserve
System’s list o f OTC margin stocks. A t banks, loans to purchase or carry
nonmargin stocks are unregulated; at brokers, such stocks have no loan
value.
4 Includes loans to purchase or carry margin stock if these are unsecured
or secured entirely by unrestricted collateral (see Dec. 1970 B u l l e t in ).
5 Free credit balances are in accounts with no unfulfilled commitments
to the brokers and are subject to withdrawal by custom ers on dem and.
EQUITY STATUS OF MARGIN ACCOUNT DEBT
AT BROKERS
SPECIAL MISCELLANEOUS ACCOUNT BALANCES
AT BROKERS, BY EQUITY STATUS OF ACCOUNTS
(Per cent o f total debt, except as noted)
(Per cent o f total, except as noted)
End o f
period
Total
debt
(mil
lions
of
dol
lars) l
1972— F e b ..
M ar..
A p r..
M ay .
Ju n e.
J u ly ..
Aug..
Sept..
O c t...
N ov..
D e c ..
Equity class (per cent)
End o f period
80 or
more
70-79
60-69
50-59
40-49
Under
40
6,180
6,620
7,010
7,200
7,510
7,660
7,780
7,800
7,800
7,890
7,900
8 .4
7 .6
7.1
6.9
6 .0
5.5
5 .9
5 .5
5.5
6 .0
6.5
12.4
11.2
10.2
9 .9
9.1
8 .3
8.6
8 .0
8.1
9 .4
8.6
25.9
22.3
19.5
19.3
15.9
14.6
15.0
13.8
13.6
16.6
17.6
35.1
38.5
40 .0
38.6
33.9
30.8
33.6
31.4
30.8
35.1
31.9
8 .5
10.6
12.8
15.0
2 2.0
24.9
22 .4
24.9
25.0
20.5
20.3
9 .7
9 .7
10.5
10.4
13.2
15.7
14.6
16.4
17.0
12.4
15.0
1973—J a n . . 7,700
F eb .. 7,480
5 .8
5.3
8 .2
7.8
16.8
14.7
27.8
23.9
21.2
22.5
20.0
25.6
1 See note 1 to table above.
N o t e .—Each custom er’s equity in his collateral (market value of col
lateral less net debit balance) is expressed as a percentage o f current col
lateral values.
1973—J a n ........................
Feb.........................
N et
credit
status
Equity class o f accounts
in debit status
Total
balance
(millions
60 per cent Less than of dollars]
or more 60 per cent
35.1
35.8
35.5
34.7
34.3
34.4
33.4
33.7
33.3
33.6
34.4
57.0
56.0
56.5
57.1
56.3
55.2
55.2
53.8
53.4
54.5
52.9
7.9
8.1
8 .0
8 .0
9 .4
11.4
11.4
12.5
13.3
11.8
12.7
5,910
5,990
5,920
5,860
5,770
5,930
5,990
6,000
5,950
6,140
6,100
35.1
35.8
51.7
49.8
13.1
14.4
5,850
5,770
N o t e .—Special miscellaneous accounts contain credit balances that
may be used by customers as the margin deposit required for additional
purchases. Balances may arise as transfers based on loan values o f other
collateral in the custom er’s margin account or deposits of cash (usually
sales proceeds) occur.
APRIL 1973 □ SAVINGS IN S TITU TIO N S
A 37
MUTUAL SAVINGS BANKS
(In millions o f dollars)
Loans
End o f period
M ort
gage
Other
Securities
U.S.
Govt.
C orpo
rate
and •
o th e r1
State
and
local
govt.
Cash
O ther
assets
Total
assets—
Total
liabili
ties
and
general
reserve
accts.
Depos
its2
M ortgage loan
commitments 3
classified by m aturity
(in m onths)
O ther General
liabili reserve
ac
ties
counts
3 or
less
3-6
6-9
Over
9
Total
1963.................
1964.................
1965.................
1966.................
36,007
40,328
44,433
47,193
607
739
862
1,078
5,863
5,791
5,485
4,764
440
391
320
251
5,074
5,099
5,170
5,719
912
1,004
1,017
953
799
886
944
1,024
49,702
54,238
58,232
60,982
44,606
48,849
52,443
55,006
943
989
1,124
1,114
4,153
4,400
4,665
4,863
1967.................
1968.................
1969.................
1970.................
1971.................
50,311
53,286
55,781
57,775
62,069
1,203
1,407
1,824
2,255
2,808
4,319
3,834
3,296
3,151
3,334
219
194
200
197
385
8,183
10,180
10,824
12,876
17,674
993
996
912
1,270
1,389
1,138
1,256
1,307
1,471
1,711
66,365
71,152
74,144
78,995
89,369
60,121
64,507
67,026
71,580
81,440
1,260
1,372
1,588
1,690
1,810
4,984
5,273
5,530
5,726
6,118
742
811
584
619
1,047
982
799
1,034
1,166
452
485
946
322
302
688
627
463 1,310
2,523
3,011
2,467
1,931
3,447
1972—Jan .4 ..
F e b ....
M a r ...
A p r....
M a y ...
Ju n e ...
July. ..
A u g .. .
S ep t.. .
O ct___
N o v .. .
D e c.r. .
62,258
62,517
62,947
63,299
63,753
64,333
64,771
65,324
65,826
66,298
66,815
67,563
3,224
3,523
3,660
3,452
3,499
3,439
3,642
3,512
3,421
3,481
3,503
2,979
3,261
3,306
3,380
3,425
3,450
3,397
3,376
3,353
3,393
3,451
3,419
3,510
433
459
515
548
598
642
691
806
843
866
894
873
18,417
19,055
19,659
20,192
20,615
20,857
21,193
21,389
21,556
21,497
21,648
21,906
1,246
1,255
1,256
1 ,239
1,238
1,332
1,298
1,327
1,361
1,303
1,321
1,644
1,802 90,641
1,808 91,924
1,852 93,268
1,868 94,022
95,035
1,881
1,948 95,947
1,945 96,916
1,935 97,646
1,992 98,392
1,986 98,882
1,996 99,595
2,117 100,593
82,327
83,269
84,809
85,299
85,976
87,027
87,714
88,130
89,174
89,558
90,112
91,613
1,962
2,229
1,991
2,231
2,493
2,254
2,536
2,780
2,431
2,518
2,610
2,024
6,352
6,427
6,468
6,492
6,565
6,667
6,665
6,736
6,787
6,806
6,873
6,956
1,045
1,277
1,448
1,720
1,654
1,612
1,579
1,572
1,740
1,667
1,624
1,593
676
759
769
747
778
925
956
824
716
718
753
713
409
533
681
742
737
540
557
549
583
617
631
609
1,442
1,414
1,429
1,437
1,591
1,603
1,629
1,647
1,637
1,660
1,658
1,624
3,572
3,983
4,327
4,646
4,760
4,679
4,721
4,593
4,675
4,662
4,666
4,539
1973—J a n .. . .
68,021
3,624
3,489
935 22,190
1,319
2,055
101,632
92,398
2,221
7,014
1,569
915
688
1,541 4,712
1 Also includes securities o f foreign governments and international
organizations and nonguaranteed issues o f U.S. Govt, agencies.
2 Beginning with data for June 30, 1966, about $1.1 billion in “ D eposits
accumulated for paym ent o f personal loans” were excluded from “ Time
deposits” and deducted from “Loans” at all commercial banks. These
changes resulted from a change in Federal Reserve regulations. See table
(and notes), D eposits Accum ulated fo r Paym ent o f Personal Loans, p. A-30.
3 Commitments outstanding o f banks in New York State as reported to
the Savings Banks Assn. o f the State o f New York. D ata include building
loans beginning with Aug. 1967.
2,549
2,820
2,697
2,010
4 Balance sheet data beginning Jan. 1972 are reported on a gross o f
valuation reserves basis. The data differ somewhat from balance sheet
data previously reported by NAMSB which were net o f valuation reserves.
F or most items, however, the differences are relatively small.
N o t e .— N ational Assn. of M utual Savings Banks d ata; figures are
estimates for all savings banks in the U nited States and differ somewhat
from those shown elsewhere in the B u l l e t in ; the latter are for call dates
and are based on reports filed with U.S. Govt, and State bank supervisory
agencies.
LIFE INSURANCE COMPANIES
(In millions of dollars)
Business securities
G overnm ent securities
End o f period
Total
assets
Total
United State and Foreign *
local
States
Total
Bonds
Stocks
M ort
gages
Real
estate
Policy
loans
O ther
assets
Statement value:
1963.
1964,
1965.
1966.,
1967.
1968.
141,121
149,470
158,884
167,022
177,832
188,636
12,438
12,322
11,679
10,837
10,573
10,509
5,813
5,594
5,119
4,823
4,683
4,456
3,852
3,774
3,530
3,114
3,145
3,194
2,773
2,954
3,030
2,900
2,754
2,859
60,780
63,579
67,599
69,816
76,070
82,127
53,645
55,641
58,473
61,061
65,193
68,897
7,135
7,938
9,126
8,755
10,877
13,230
50,544
55,152
60,013
64,609
67,516
69,973
4,319
4,528
4,681
4,883
5,187
5,571
6,655
7,140
7,678
9,117
10,059
11,306
6,385
6,749
7,234
7,760
8,427
9,150
B ook value:
1966.,
1967.
1968 ,
1969.
1970.
1971 r
167,022
177,361
188,636
197,208
207,254
222,102
10,864
10,530
10,760
10,914
11,068
11,000
4,824
4,587
4,456
4,514
4,574
4,455
3,131
2,993
3,206
3,221
3,306
3,363
2,909
2,950
3,098
3,179
3,188
3,182
68,677
73,997
79,653
84,566
88,518
99,805
61,141
65,015
68,731
70,859
73,098
79,198
7,536
8,982
10,922
13,707
15,420
20,607
64,661
67,575
70,044
72,027
74,375
75,496
4,888
5,188
5,575
5,912
6,320
6,904
9,911
10,060
11,305
13,825
16,064
17,065
8,801
11,011
11,299
9,964
10,909
11,832
223,312
224,736
226,024
227,893
229,336
230,182
231,586
233,337
234,455
235,972
Nov................................. 237,971
D ec.................................. 239,407
11,325
11,341
11,517
11,083
11,128
11,105
11,075
11,086
11,125
11,132
11,193
11,080
4,594
4,609
4,744
4,476
4,516
4,394
4,372
4,389
4,385
4,396
4,459
4,333
3,535
3,535
3,532
3,373
3,366
3,355
3,356
3,351
3,350
3,347
3,356
3,522
3,196
3,197
3.241
3,234
3,246
3,356
3,347
3,346
3,390
3,389
3,378
3,406
101,350
102,821
103,798
105,249
106,434
107,074
108,236
109,728
110,300
111,616
113,066
112,980
80,087
80,795
81,099
82,293
83,060
83,382
84,539
85,187
85,912
86,874
87,425
86,605
21,263
22,026
22,699
22,956
23,374
23,692
23,697
24,541
24,388
24,742
25,641
26,375
75,517
75,456
75,424
75,469
75,493
75,547
75,626
75,723
75,813
75,952
76,207
77,319
7,097
6,999
7,048
7,034
7,094
7,149
7,185
7,235
7,245
7,229
7,272
7,310
17,074
17,132
17,212
17,360
17,441
17,528
17,605
17,689
17,773
17,854
17,922
17,998
10,949
10,987
11,025
11,698
11,746
11,779
11,859
11,876
12,199
12,189
12,311
12,720
1972-
Feb..................................
M ar.................................
A pr....................... 1____
M ay ................................
Ju n e................................
Ju ly .................................
Aug.................................
Sept.................................
* Issues o f foreign governments and their subdivisions and bonds of
the International Bank for Reconstruction and Development.
N ote . —Institute o f Life Insurance estimates for all life insurance
companies in the United States.
Figures are annual statement asset values, with bonds carried on an
amortized basis and stocks at year-end m arket value. Adjustments for
interest due and accrued and for differences between market and book
values are not made on each item separately but are included in total, in
“ Other assets.”
A 38
SAVINGS IN S TITU TIO N S □ APRIL 1973
SAVINGS AND LOAN ASSOCIATIONS
(In millions o f dollars)
Assets
End o f period
196 1
196 2
196 3
196 4
196 5
196 6
196 7
196 8
1969 5____
1970 5.........
M ort
gages
Invest
ment
secur
ities i
68,834
78,770
90,944
101,333
110,306
114,427
121,805
130,802
140,232
150,331
5,211
5,563
6,445
6,966
7,414
7,762
9,180
1 11,116
10,873
13,020
M ortgage loan
com m itm ents4
Liabilities
Cash
Other2
Total
assets—
Total
liabilities
4,775
5,346
6,191
7,041
7,960
8,378
9,107
9,571
8,606
9,326
82,135
93,605
107,559
119,355
129,580
133,933
143,534
152,890
162,149
176,183
3,315
3,926
3,979
4,015
3,900
3.366
3,442
2,962
2,438
3,506
Savings
capital
Reserves
and un
divided
profits
Bor
rowed
money 3
Loans
in
process
70,885
80,236
91,308
101,887
110,385
113,969
124,531
131,618
135,538
146,404
5,708
6,520
7,209
7,899
8,704
9,096
9,546
10,315
11,228
11,991
2,856
3,629
5,015
5,601
6,444
7,462
4,738
5,705
9,728
10,911
1,550
1,999
2,528
2,239
2,198
1,270
2,257
2,449
2,455
3,078
Other
1,136
1,221
1,499
1,729
1,849
2,136
2,462
2,803
3,200
3,799
M ade
during
period
807
1,602
O utstand
ing at
end o f
period
1,872
2,193
2,572
2,549
2,707
1,482
3,004
3,584
2,812
4,393
1971—Dec.
174,385
18,293
2,783
10,842
206,303
174,472
13,187
9,048
5,072
4,524
2,345
7,237
1972—Jan..
Feb..
Mar.
Apr.
M ay
June
July.
Aug.
Sept.
O c t..
Nov.
Dec.
175,838
177,614
180,145
182,711
185,431
188,884
191,642
194,955
197,881
200,554
203,266
206,387
19,691
20,682
21,427
21,449
22,070
21,644
22,130
22,113
22,018
22,390
22,505
*>21,821
2,785
2,829
2,521
2,551
2,456
2,414
2.367
2,208
2,084
2,258
2,245
*>2,670
10,926
11,144
11,291
11,440
11,691
11,865
11,942
12,125
12,277
12,457
12,689
12,693
209,240
212,269
215,384
218,151
221,648
224,807
228,081
231,401
234,260
237,659
240,705
243,571
177,738
180,556
184,843
186,617
188,826
192,564
194,770
196,571
199,966
202,012
203,889
207,305
13,250
13,248
13,261
13,262
13,257
13,583
13,577
13,569
13,586
13,587
13,592
p 14,740
8,053
7,275
6,759
6,847
6,802
7,273
7,216
7,512
8,080
8,327
8,503
9,847
4,874
4,853
5,077
5,283
5,608
5,887
5,997
6,100
6,119
6,086
6,067
6,225
5,325
6,337
5,444
6,142
7,155
5,500
6,521
7,649
6,509
7,647
8,654
p5 ,454
2,508
3,354
4,110
4,047
4,545
4,198
c4,205
4,106
3,767
3,731
3,777
3,169
7,510
8,659
9,864
10,837
11,793
11,663
11,878
11,876
11,908
11,959
12,007
11,333
1 U.S. Govt, securities only through 1967. Beginning 1968 the total
reflects liquid assets and other investment securities. Included are U.S.
Govt, obligations, Federal agency securities, State and local govt, securi
ties, time deposits at banks, and miscellaneous securities, except FHLBB
stock. Compensating changes have been made in “ Other assets.”
2 Includes other loans, stock in the Federal home loan banks, other
investments, real estate owned and sold on contract, and office buildings
and fixtures. See also note 1.
3 Consists o f advances from FHLBB and other borrowing.
4 Insured savings and loan assns. only. D ata on outstanding commit
ments are comparable with those shown for mutual savings banks (on
preceding page) except that figures for loans in process are not included
above but are included in the figures for m utual savings banks.
5 Balance sheet data for all operating savings and loan associations
were revised by the Federal H om e Loan Bank Board for 1969 and 1970.
N o t e .— Federal Home Loan Bank Board data; figures are estimates for
all savings and loan assns. in the United States. D ata are based on
monthly reports of insured assns. and annual reports o f noninsured assns.
D ata for current and preceding year are preliminary even when revised.
MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
Federal home loan banks
Assets
Liabilities and capital
End o f
period
A d
vances
to
m em
bers
Invest
ments
4,386
5,259
9,289
10,614
7,936
2,598
2,375
1,862
3,864
2,520
127
126
124
105
142
4,060
4,701
8,422
10,183
7,139
1,432
1,383
1,041
2,332
1,789
1972-- F e b ...
M a r ..
A p r...
M a y ..
J u n e ..
J u ly ..
A u g ...
Sept...
O c t...
N o v ..
D ec...
6,515
5,992
5,913
5,853
6,075
6,138
6,294
6,736
7,045
7,245
7,979
3,805
4,342
4,233
4,067
3,850
3,579
3,319
2,184
2,591
2,850
2,225
115
113
81
108
118
118
118
106
83
107
129
6,731
6,730
6,729
6,528
6,527
6,526
6,531
6,531
6,531
6,971
6,971
1973-—J a n .. .
F e b ...
7,831
7,944
2,264
2,421
91
106
6,971
7,220
1967.
1968.
1969.
1970.
1971.
Cash
and
de
posits
Bonds
and
notes
Banks
for
cooperatives
M ort
gage
loans
(A)
Deben
tures
and
notes
(L)
Loans
to
cooper
atives
(A)
Deben
tures
1,395
1,402
1,478
1,607
1,618
5,348
6,872
10,541
15,502
17,791
4,919
6,376
10,511
15,206
17,701
2,014
2,008
1,762
1,789
1,746
1,497
1,442
1,444
1,334
1,380
1,548
1,696
1,708
1,717
1,718
1,721
1,722
1,724
1,729
1,735
1,741
1,756
18,220
18,342
18,403
18,598
18,628
18,740
19,021
19,295
19,438
19,619
19,791
1,306
1,323
1,821
1,891
19,980
20,181
M em
ber
de
posits
Capital
stock
N o t e .—D ata from Federal H om e Loan Bank Board, Federal N ational
Mortgage Assn., and Farm Credit Admin. Among omitted balance
sheet items are capital accounts o f all agencies, except for stock o f FH L B ’s.
Bonds, debentures, and notes are valued at par. They include only publicly
Federal National
Mortgage Assn.
(secondary market
operations)
Federal
intermediate
credit banks
Deben
tures
(L)
Loans
and
dis
counts
(A)
1,506
1,577
1,732
2,030
2,076
1,253
1,334
1,473
1,755
1,801
17,814
17,992
18,131
17,959
18,560
18,194
18,194
18,939
18,724
19,041
19,238
2,149
2,267
2,260
2,181
2,145
2,137
2,156
2,233
2,355
2,313
2,298
19,252
19,402
2,876
2,936
Federal
land
banks
Bonds
(L)
M ort
gage
loans
(A)
3,411
3,654
4,275
4,974
5,669
3,214
3,570
4,116
4,799
5,503
5,609
6,126
6,714
7,186
7,917
4,904
5,399
5,949
6,395
7,063
1,840
1,840
1,833
1,852
1,786
1,731
1,710
1,710
1,837
1,905
1,944
5,720
5,967
6,105
6,229
6,378
6,330
6,255
6,201
6,110
6,048
6,094
5,591
5,689
5,879
6,018
6,118
6,174
6,148
6,063
5,952
5,872
5,804
8,039
8,139
8,238
8,343
8,430
8,517
8,631
8,749
8,857
8,972
9,107
7,186
7,186
7,382
7,382
7,382
7,659
7,659
7,798
8,012
8,012
8,012
1,950
2,188
6,087
6,179
5,891
5,969
9,251
9,387
8,280
8,280
(L)
offered securities (excluding, for FH LB ’s bonds held within the FH LB
System) and are not guaranteed by the U.S. G ovt.; for a listing o f these
securities, see table below. Loans are gross o f valuation reserves and
represent cost for FN M A and unpaid principal for other agencies.
APRIL 1973 o FEDERALLY SPONSORED CREDIT AGEN(
ISSUES OF FEDERALLY SPONSORED AGENCIES,
A m ount
(millions
o f dollars)
400
450
600
300
250
300
300
700
180
400
225
250
265
300
350
400
300
200
300
350
200
200
200
350
140
150
150
1,231
250
200
249
250
250
200
Agency, and date o f issue
and m aturity
Federal National Mortgage
Association—Cont.
Debentures:
11/10/70 - 3 /1 2 /7 3 ...
12/12/69 - 3 /1 2 /7 3 ...
6/12/61 - 6 /1 2 /7 3 ....
7/10/70 - 6 /1 2 /7 3 ....
7/12/71 - 6/12/73.........
3/10/70 - 9 /1 0 /7 3 ....
6/10/71 -9 /1 0 /7 3 .........
12/10/70 - 12/10/73. .
8/10/71 - 1 2 /1 0 /7 3 ....
12/11/72 - 12/10/73 ..
12/1/71 - 3/11/74. . ..
4/10/70 - 3/11/74. . . .
8/5/70 - 6/10/74........
11/10/71 - 6 / 1 0 / 7 4 .. ..
9/10/69 - 9/10/74.
2/10/71 - 9/10/74.........
5/10/71 - 1 2 /1 0 /7 4 ....
9/10/71 - 1 2 /1 0 /7 4 ....
11/10/70 - 3/10/75. . .
10/12/71 - 3 /1 0 /7 5 ...
4/12/71 -6 /1 0 /7 5 .........
10/13/70 - 9/10/75. . .
3/10/72 - 1 2 /1 0 /7 5 ...
3/11/71 - 3/10/76.........
6/10/71 -6 /1 0 /7 6 .........
2 /1 0 /7 2 -6 /1 0 /7 6 .........
11/10/71 - 9 / 1 0 / 7 6 ....
6 /1 2 /7 2 -9 /1 0 /7 6 .........
7/12/71 - 1 2 /1 0 /7 6 ....
12/11/72- 12/10/76...
2/13/62 - 2 /1 0 /7 7 ....
9/11/72 - 3/10/77.........
12/10/70 - 6/10/77. . .
5/10/71 -6 /1 0 /7 7 .........
9/10/71 -9 /1 2 /7 7 .........
10/12/71 - 12/11/78..
6 /1 2 /7 2 -9 /1 0 /7 9 .........
12/10/71 - 12/10/79. .
2/10/72 - 3/10/80.........
2/16/73 - 7/31/80.........
2/16/73 - 7/31/80........
1/16/73 - 10/30/80.. ..
12/11/72 - 12/10/80...
6 /2 9 /7 2 - 1/29/81 ........
1/21/71 - 6 /1 0 /8 1 ....
9/10/71 -9 /1 0 /8 1 .........
6 /2 8 /7 2 -5 /1 /8 2 ...........
2/10/71 - 6/10/82.........
9 /1 1 /7 2 -9 /1 0 /8 2 .........
3/11/71 -6 /1 0 /8 3 .........
11/10/71 - 9 / 1 2 / 8 3 ....
4/12/71 -6 /1 1 /8 4 .........
12/10/71 - 12/10/84. . ,
3/10/72 - 3 /1 0 /9 2 ....
6 /1 2 /7 2 -6 /1 0 /9 2 .........
Cou
pon
rate
Amount
(millions
of dollars)
A
FEBRUARY 28,
moui
lillioi
dollai
Agency, and date o f issue
and m aturity
Banks for cooperatives
Debentures:
7 .30
8 .30
4%
8.35
6.75
8.10
6.13
5.75
7.15
6.00
5.45
7.75
7.90
5.70
7.85
5.65
6.10
6.45
7.55
6.35
5.25
7.50
5.70
5.65
6.70
5.85
6.13
5.85
7.45
6.25
41/2
6.30
6.38
6.50
6.88
6.75
6.40
6.55
6.88
5.19
3.18
5.47
6.60
6.15
7.25
7.25
5.84
6.65
6.80
6.75
6.75
6.25
6.90
7.00
7.05
450
250
146
350
550
300
350
500
500
200
400
350
400
350
250
300
250
450
300
600
500
350
500
500
250
450
300
500
300
500
198
500
250
150
300
300
300
350
250
1
9
5
300
156
250
250
58
250
200
200
250
200
250
200
200
10/2/72 - 4/2/73.........
1 1 /1 /7 2 -5 /1 /7 3 .........
12/4/72- 6/4/73.........
1/2/73 - 7/2/73...........
2/1/73 - 8/1/73...........
10/1/70 - 10/1/73.. .
Federal intermediate
credit banks
Debentures:
3/2/70 - 3/1/73.........
6 /1 /7 2 - 3/1/73...........
7/3/72 - 4/2/73 .........
8 /1 /7 2 - 5/1/73...........
9/5/72 - 6 /4 /7 3 ...........
1 0/2/72- 7/2/73.........
9 /1 /7 0 -7 /2 /7 3 ...........
11/1/72 - 8/1/73.........
1 2 /4 /7 2 -9 /4 /7 3 .........
1/2/73 - 10/1/73.........
2/1/73 - 11/1/73.........
7/1/71 - 1/2/74...........
1/4/71 - 7/1/74.........
5/1/72 - 1/2/75...........
1 /3 /7 2 -7 /1 /7 5 ...........
5.40
5.45
5.30
5.60
5.95
7 .30
380
336
360
443
569
100
7.75
4.80
4.80
5.05
5.00
5.60
5.55
5.65
5.45
5.70
6.00
6.85
5.95
6.05
5 .70
203
489
489
563
508
373
200
540
491
591
544
212
224
240
302
4^
5.20
8.45
7.95
7 .80
5.80
5.55
ai/2
7.30
5.85
5.85
5.3 0
148
433
198
350
300
462
450
155
354
350
326
300
220
200
425
300
300
123
373
150
300
150
269
285
235
400
300
Federal land banks
Bonds:
2/20/63 - 2/20/73-78
4 /2 0 /7 2 - 4 /2 3 /7 3 ....
1/20/70 - 7 /2 0 /7 3 ...
8/20/73 - 7 /2 0 /7 3 ....
4/20/70 - 10/22/73. .
10/23/72- 10/23/73..
7/20/72 - 1 /2 1 /7 4 ...
2/20/72 - 2 /2 0 /7 4 ...
10/20/70 - 4/22/74. .
9 /1 5 /7 2 - 4 /2 2 /7 4 ....
10/21/71 - 7/27/74. .
4/20/71 - 10/21/74...
2/20/70 - 1 /2 0 /7 5 ...
4/20/65 - 4 /2 1 /7 5 ...
2/15/72 - 7 / 2 1 / 7 5 .. ..
7/20/71 - 10/20/75...
4/20/72 - 1 /2 0 /7 6 ....
2/21/66 - 2 /2 4 /7 6 ...
1/22/73 - 4 /2 0 /7 6 ... .
7/20/66 - 7/20/76. . .
10/27/71 - 10/20/77.
5/2/66 - 4 /2 0 /7 8 ....
7/20/72 - 7/20/78. . .
2/2 0 /6 7 - 1/22/79.. ..
9 /1 5 /7 2 - 4 /2 3 /7 9 ....
10/23/72- 10/23/79..
1/22/73 - 1/21/80... .
2/23/71 - 4 / 2 0 / 8 1 ....
4 /2 0 /7 2 -4 /2 0 /8 2 ___
by the U.S. G o v t.; see also note to table at bottom of opposite page.
5.70
7.20
6%
5.00
6%
5%
6.35
5^
6.40
5.00
6.85
6.80
6.70
6.70
6.90
A 40
FEDERAL FINANCE □ APRIL 1973
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions o f dollars)
U.S. budget
Means of financing
Receipt-expenditure account
Period
Budget
receipts
Net
ex
pendi
tures
Borrowings from the public 2
Net
lend
ing
Budget
out
lays^
Budget
surplus
or
deficit
(-)
Less: Cash and
monetary assets
Less: InvestPublic Plus: ments b>y Govt,
Equals: Trea
acccrnnts
Less:
debt Agency
Total
sury
securi securi
Special borrow operat
notes3
ties
ties
ing
ing
Special Other
balance
issues
Other
means
of
financ
ing,
net4
Other
Fiscal year:
196 9
197 0
197 1
197 2
187,784 183,072
193,743 194,456
188,392 210,318
208,649
633
1,476 184,548
3,236 6,142
2,131 196,588 -2 ,8 4 5 17,198 -1 ,7 3 9
1,107 211,425 -23,033 27,211
-3 4 7
231,876 -23,227 29,131 -1 ,2 6 9
7,364
9,386
6,616
6,813
2,089 -1 ,3 8 4 2-1,295
676
5,397
800
19,448
1,607
19,442
596
2,151
710
1,362
1,616
-581
-979
1,108
H a lf year:
1971—Jan.-June
July-D ee.
1972—Jan.-June
July-D ee.
100,809 106,201
93,180 110,608
115,549
106,061
-3 2 6
1,008 107,209 -6 ,4 0 0 8,971
948 111,554 -18,374 26,001 -1 ,1 1 7
120,319 -4 ,8 5 0 3,130 -1 5 0
876
118,586 -12,525 22,037
4,809
2,803
4,010
6,388
647
523
1,089
-861
3,189
21,561
-2 ,1 1 4
17,386
656
973
389
-9 5 6
303 4,039
80 -2 ,1 2 2
1,028 8,377
386 -5 ,4 3 0
M o n th :
1972—Fe b
M ar.........
A pr..........
M ay.........
Ju n e.........
Ju ly .........
Aug..........
Sept.........
O ct...........
N ov.........
Dec..........
r 15,241
15,237
24,534
17,275
25,589
15,207
18,213
22,183
14,738
16,748
18,972
r567 1,450
-103
-683
- 4 4 -1 ,7 7 0
272 3,527
-3 7 0 2,975
9 1,409
534 2,639
22 -1 ,3 3 9
24 3,085
380 -659
-9 3
1,104
'297
97
1,746
-2 9
-628
-6
16
-508
88
42
-343
>•-11
3,795
-2 ,0 5 9
-618
-3 ,3 6 8
3,730
934
376
2,851
5,298
4,197
1973—Ja............. n
Feb..........
21,130
18,067
168
119
1,519
3,863
302
408
Less:
Special
notes 3
Equals:
Total
held
by
public
20,000
19,113
19,723
327
-515
237
18,764
20,327
18,598
19,960
23,202
18,591
20,581
18,471
20,055
21,165
19,721
-3,523 1,169
-5,090 3,312
5,935 -2,0 3 9
-2,685 2,607
2,387 -651
-3,384 5,123
-2,369 3,056
3,712 -1,493
-5,317 6,000
-4,418 4,301
-7 5 0 5,051
23,631
20,227
-2,501
-2,160
770
4,770
18
-9
-9 0 0
780
269
-9 8 2
3,586
6,255
-4 ,0 1 8
r —184 r —667
591
-1 6
1,869
4,047
1,338 1,508
-2 ,0 3 0 -1 ,6 1 7
-3 4 6
2,080 3,478
417
-1 ,1 2 9 -1 ,8 1 0 -3 ,2 8 4
-4 ,0 1 2
222 -2 ,3 5 5
-9 2
4,783
604
-1 ,7 8 6
37
717
305
7 -5 6 9
2,795
57 -595
99 1,383
-212 -1 ,5 0 7
Selected balances
Federal securities
Treasury operating balance
End
of
period
F.R.
Banks
Tax
and
loan
accounts
Other
deposi
taries5
Total
Public
debt
securities
Agency
securities
Less:
Investments of
Govt, accounts
Special
issues
Other
Memo:
Debt of
Govt.sponsored
corps.—
Now
private6
Fiscal year:
1969........................
1970.........................
1971.........................
1972.........................
1,258
1,005
1,274
2,344
4,525
6,929
7,372
7,934
112
111
109
5 139
5,894
8,045
8,755
10,117
353,720
370,919
398,130
427,260
14,249
12,510
12,163
10,894
66,738
76,124
82,740
89,539
20,923
21,599
22,400
24,023
825
825
825
825
279,483
284,880
304,328
323,770
24,991
35,789
36,886
41,044
Calendar year:
1971.........................
1972.........................
2,020
1,856
9,173
8,907
113
310
11,306
11,073
424,131
449,298
11,044
11,770
85,544
95,924
22,922
23,164
825
825
325,884
341,155
39,860
42,640
M onth:
1972—Feb...............
Mar..............
Apr...............
May.............
June.............
July.............
Aug..............
Sept..............
Oct...............
Nov..............
Dec..............
884
1,293
1,871
2,144
2,344
2,298
1,730
1,395
1,613
1,182
1,856
6,075
6,391
9,724
7,420
7,934
6,547
3,025
8,105
6,051
6,786
8,907
134
2
136
136
139
144
222
259
309
310
310
7,094
7,685
11,732
9,700
10,117
8,988
4,976
9,759
7,973
8,278
11,073
424,032
427,343
425,304
427,912
427,260
432,383
435,439
433,946
439,947
444,247
449,298
11,137
11,034
10,991
11,263
10,894
10,903
11,437
11,459
11,483
11,863
11,770
85,486
84,804
83,034
86,561
89,539
90,944
93,616
92,281
95,365
94,821
95,924
22,839
22,935
24.681
24,652
24,023
24,018
24,002
23,490
23,579
23,506
23,164
825
825
825
825
825
825
825
825
825
825
825
326,019
329,814
327,755
327,137
323,770
327,499
328,433
328,809
331,660
336,958
341,155
39,883
40,109
40,632
40,426
41,044
40,981
41,037
41,724
41,760
42,496
42,640
1973—Jan...............
Feb..............
2,749
2,073
8,317
9,401
310
310
11,376
11,784
450,068
454,838
11,787
11,779
95,024
95,804
23,332
23,451
825
825
342,674
346,537
43,057
1 Equals net expenditures plus net lending.
2 The decrease in Federal securities resulting from conversion to private
ownership of Govt.-sponsored corporations (totaling $9,853 million) is
not included here. In the bottom panel, however, these conversions de
crease the outstanding amounts of Federal securities held by the public
mainly by reductions in agency securities. The Federal National Mortgage
Association (FNMA) was converted to private owership in Sept. 1968 and
the Federal intermediate credit banks (FICB) and banks for coopera
tives in Dec. 1968.
3 Represents non-interest-bearing public debt securities issued to the
International Monetary Fund and international lending organizations.
New obligations to these agencies are handled by letters of credit.
4 Includes accrued interest payable on public debt securities, deposit
funds, miscellaneous liability and asset accounts, and seigniorage.
5 As of Jan. 3, 1972, the Treasury operating balance was redefined to
exclude the gold balance and to include previously excluded “Other deposi
taries” (deposits in certain commercial depositaries that have been con
verted from a time to a demand basis to permit greater flexibility in
Treasury cash management).
6 Includes debt of Federal home loan banks, Federal land banks, R.F.K.
Stadium Fund, FNMA (beginning Sept. 1968), FICB, and banks for
cooperatives (beginning Dec. 1968).
N ote.—H alf years may not add to fiscal year totals due to revisions in
series which are not yet available on a monthly basis.
APRIL 1973 □ FEDERAL FINANCE
A 41
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions o f dollars)
Budget receipts
Corporation
income taxes
Individual income taxes
Period
Total
on
W ith N
held with
held
Fiscal year:
1969........................................
1970........................................
1971........................................
1972........................................
187,784
193,743
188,392
208,649
70,182
77,416
76,490
83,200
27,258
26,236
24,262
25,679
Re
funds
N et
total
10,191
13,240
14,522
14,143
87,249
90,412
86,230
94,737
Social insurance taxes
and contributions
Em ployment
taxes and
Gross Re contributions1 Un- O ther Net
re
empl. net
total
re
ceipts funds Pay
insur. ceipts2
Selfroll empl.
taxes
38,338
35,037
30,320
34,926
1,660
2,208
3,535
2,760
H alf year:
1971—Jan .-Ju n e................. 100,808 39,025 18,693 13,957 43,761 17,576 2,069
July-D ee................... 93,180 38,449 5,589
574 43,465 13,262 1,448
1972—Jan .-Ju n e ................. 115,469 44,751 20,090 13,569 51,272 21,664 1,312
July-D ee................... 106,061 46,058 5,784
688 51,154 15,315 1,459
M onth:
1972—Feb............................. *•15,241 *■7,576
M ar........................... 15,237 7,782
A pr............................ 24,534 6,599
17,275 8,141
Ju n e........................... 25,589 8,020
J u ly ............................ 15,207 7,052
Aug............................. 18,213 8,175
Sept............................ 22,183 7,305
O ct.............................. 14,738 7,187
N ov............................ 16,748 8,425
D ec............................. 18,972 7,915
1973—Jan.............................
Feb.............................
682
1,323
8,650
1,413
3,704
548
362
3,794
469
257
353
1,416
5,200
3,284
2,997
670
245
157
95
61
69
61
*•6,841
3,905
11,985
6,557
11,054
7,355
8,380
11,005
7,595
8,613
8,206
878
4,995
5,145
967
8,452
1,258
855
5,289
1,287
853
5,772
21,130 8,254 4,671
27 12,897 1,539
18,067 8,404
865
768 1,104 8,067
212
273
250
234
185
187
190
324
323
294
140
32,521
37,190
39,751
44,088
1,715
1,942
1,948
2,032
3,328
3,465
3,673
4,357
2,353
2,700
3,206
3,437
39,918
45,298
48,578
53,914
21,983 1,815 2,325 1,630
19,643
155 1,518 1,673
24,445 1,877 4,736 1,764
22,493
165 2,437 1,773
27,753
22,989
30,925
26,867
4,774
147
545
3,787
167
71
3,877 1,153
343
223 1,636
5,281
3,682
92
64
3,727
260
5,367
1,175
3,529
63
145
3,225
15
210
4,044
637
2,601
92
5
158 3,833
193 5,900
139
167
174
684
Estate Misc.
and
re
gift ceipts 3
Excise Cus
taxes toms
15,222
15,705
16,614
15,477
2,319
2,430
2,591
3,287
3,491
3,644
3,735
5,436
2,908
3,424
3,858
3,633
8,462 1,274 2,198 1,853
8,961 1,838 2,395 1,718
6,516 1,449 3,041 1,915
8,244 1,551 2,333 2,056
819
1,130
1,091
1,371
1,363
1,442
1,351
1,327
1,387
1,452
1,286
224
264
215
235
252
237
278
237
281
284
234
596
602
372
461
388
334
423
316
409
487
364
*■353
263
342
475
144
492
266
295
343
383
276
340 4,486 1,437
278 7,029 1,186
289
255
396
568
244
289
274
325
283
303
285
289
307
302
311
287
277
5,740
4,350
5,655
7,443
4,122
4,277
6,849
4,038
3,759
4,969
2,975
Budget outlays 4
Inter
est
Gen
eral
govt.
G en
eral
reve
nue
shar
ing
2,965
7,289 56,697 8,677
3,357 8,226 70,607 9,776
4,282 9,751 81,988 10.731
3,957 10,500 93,880 11,795
4,931 10,110 103,709 11.732
18,312
19,608
20,582
22,808
24,672
3,336
3,970
4,890
5,631
6,025
-6,380
-7,376
-7,858
6,786 -8,381
6,035 -9,131
Total
Fiscal year:
197 0
197 1
197 2
1973' 6................
1974«...................
196,588
211,425
231,876
249,796
268,665
80,295
77,661
78,336
76,435
81,074
3,570
3,095
3,726
3,341
3,811
3,749
3,381
3,422
3,061
3,135
6,201
5,096
7.063
6.064
5,572
2,568
2,716
3,761
876
3,663
9,310
11,310
11,201
12,543
11,580
H alf year:
1971—Jan.-June
July-D ee.
1972—Jan.-June,
July-D ee.
107,242
111,557
120,319
118,586
39,178
35,755
42,583
35,350
1,475
1,752
2,037
1,640
1,661
1,777
1,645
1,676
679
5,999
1,062
4,616
1,152
1,952
1,807
329
5,475
6,030
5,164
6,200
1,705
2,181
2,035
2,637
4,906
4,355
5,842
5,133
37,454
38,131
43,407
43,212
5,162
5,003
5,744
5,740
10,014
10,050
10,532
10,604
2,147
2,392
2,498
2,870 7 2,617
-3,770
-3,822
-4,036
-4,039
M o n th :
1972—Fe b
M ar..........
A pr..........
M ay .........
Ju n e .........
July..........
Aug..........
Sept..........
O ct...........
N ov..........
D ec..........
18,764
20,327
18,598
19,960
23,202
18,591
20,581
18,471
20,055
21,165
19,721
*•6,328
7,158
6,738
7,107
9,087
5,139
5,873
5,397
6,305
6,501
6,135
r306
361
265
268
487
313
300
198
259
350
221
276
310
238
207
292
289
289
273
271
272
284
r299
16
-1 9 6
126
120
2,397
1,127
102
806
329
-1 4 6
237
265
255
265
520
-8 2 1
554
321
-1 6
353
-4 0
619
876
793
713
1,350
827
1,333
1,173
1,056
982
829
254
342
9
490
505
529
658
408
244
384
414
r907
932
728
1,033
1,429
764
905
852
800
851
960
6,938
7,111
6,936
6,914
8,703
6,214
6,779
6,970
7,688
7,851
7,710
864
1.045
929
973
911
884
858
832
896
1,279
989
'1,715
1,801
1,792
1,784
1,709
1,695
1,723
1,899
1 ,559
1,919
1,809
r402
401
419
389
497
612
610
322
463
448
415 7 2,617
-3 8 4
-2 9 3
-3 0 8
-3 7 1
-2,402
-2 5 2
-4 0 9
-2 7 6
-2 7 6
-3 5 3
-2,474
23,630
20,227
6,633
6,265
82
280
271
241
994 -1,053
431
230
1,546
567
483
368
904
8,130
7,907
1,157
1.046
1,777
2,002
2,514
9
-2 9 7
-3 9 7
1973—Ja.............. n
Feb...........
Intl.
affairs
Space
re
search
N at
Com
A gri
ural
merce
re
and
cul
ture sources transp.
Com.
mun.
deve
lop.
and
hous
ing
N a
tional
de
fense
Period
1 Old-age, disability, and hospital insurance, and Railroad Retirement
accounts.
2 Supplementary medical insurance premiums and Federal employee
retirement contributions.
3 Deposits o f earnings by Federal Reserve Banks and other miscellane
ous receipts.
4 Outlays by functional categories are published in the M onthly Treas
ury Statem ent (beginning April 1969). M onthly back data (beginning
July 1968) are published in the Treasury Bulletin o f June 1969.
5 Consists o f government contributions for employee retirement and
interest received by trust funds.
Educa
H ealth
tion
and
and
m an
wel
power
fare
Vet
erans
586
374
Intragovt.
trans
ac
tions 5
6 Estimates presented in the Jan. 1974 Budget Document. Breakdowns do
not add to totals because special allowances for contingencies, Federal pay
increase (excluding D epartm ent o f Defense), totaling $500 million for
fiscal 1973, and $1,750 million for fiscal 1974, are not included.
7 Outlays o f $6,786 million in fiscal 1973 contain retroactive payments
o f $2,600 million for fiscal 1972.
N ote.—Half years may not add to fiscal year totals due to revisions in
series which are not yet available on a monthly basis.
A 42
U.S. GOVERNMENT SECURITIES □ APRIL 1973
GROSS PUBLIC DEBT, BY TYPE OF SECURITY
(In billions o f dollars)
Public issues
End o f period
Total
gross
public
debt 1
M arketable
Total
Total
Bills
Con
vert
ible
Bonds 2 bonds
Nonm arketable
Special
issues 5
Total 3
Sav
ings
bonds
& notes
8.9
56.5
6.1
49.8
7.0
24.6
2 .4
1.5
3.1
4.3
3.8
50.3
50.8
51.7
52.3
52.2
46.3
52.0
57.2
59.1
71.0
Foreign
Certifi
cates
Notes
30.0
6.0
10.1
33.6
119.5
50.2
48.3
61.4
76.5
85.4
104.2
99.2
95.2
85.3
69.9
2.8
2.7
2 .6
2.5
2 .4
52.9
52.3
54.9
56.7
56.9
1941 _ D e c .
1946—Dec.
57.9
259.1
50.5
233.1
41.6
176.6
2.0
17.0
1965—Dec.
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
320.9
329.3
344.7
358.0
368.2
270.3
273.0
284.0
296.0
295.2
214.6
218.0
226.5
236.8
235.9
60.2
64.7
69.9
75.0
80.6
1970—Dec.
1971—Dec..
389.2
424.1
309.1
336.7
247.7
262.0
87.9
97.5
101.2
114.0
58.6
50.6
2 .4
2.3
59.1
72.3
5.7
16.8
52.5
54.9
78.1
85.7
1972— M ar.
Apr..
May
June.
July.
Aug.
Sept.
O ct..
Nov.
Dec.
427.3
425.3
427.9
427.3
432.4
435.4
433.9
439.9
444.2
449.3
340.6
340.4
339.5
335.8
339.6
339.9
339.8
342.7
347.6
351.4
265.4
263.0
261.9
257.2
257.7
258.1
257.7
260.9
265.6
269.5
102.4
98.3
98.1
94.6
95.2
96.2
96.4
97.5
100.7
103.9
112.9
114.7
113.4
113.4
113.4
115.7
115.7
117.7
119.4
121.5
50.1
50.0
50.4
49.1
49.1
46.2
45.7
45.6
45.5
44.1
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
72.9
75.1
75.2
76.3
79.5
79.5
79.8
79.6
79.6
79.5
16.5
18.4
18.2
19.0
22.0
21.7
21.7
21.2
21.0
20.6
55.6
55.9
56.2
56.5
56.7
57.0
57.2
57.5
57.8
58.1
84.9
83.1
86.6
89.6
91.0
93.6
92.3
95.4
94.9
95.9
1973—Jan ..
Feb.,
M ar.
450.1
454.8
458.6
353.2
357.1
360.4
271.1
269.9
269.8
104.9
105.0
105.0
121.5
120.2
120.2
44.7
44.6
44.6
2.3
2.3
2.3
79.7
84.9
88.3
20.5
25.4
28.3
58.4
58.7
59.0
95.0
95.8
96.4
5.9
1 Includes non-interest-bearing debt (of which $621 million on M ar. 31,
1973, was not subject to statutory debt limitation).
2 Includes Treasury bonds and m inor am ounts o f Panam a Canal and
postal savings bonds.
3 Includes (not shown separately): depositary bonds, retirement plan
bonds, foreign currency series, foreign series, and Rural Electrification
Administration bonds; before 1954, Armed Forces leave bonds; before
1956, tax and savings notes; and before Oct. 1965, Series A investment
bonds.
4 Nonm arketable certificates o f indebtedness, notes, and bonds in the
Treasury foreign series and foreign currency series issues.
5 Held only by U.S. Govt, agencies and trust funds and the Federal
home loan banks.
N o t e .—Based on Daily Statement o f U.S. Treasury. See also second
paragraph in N o t e to table below.
OWNERSHIP OF PUBLIC DEBT
(Par value, in billions o f dollars)
H eld by private investors
Held b y Total
gross
public
debt
U.S.
Govt.
agencies
and
trust
funds
F.R .
Banks
Total
1939—D ec.................
1946—D ec.................
41.9
259.1
6.1
27.4
2.5
23.4
1965—Dec.................
1966—D ec.................
1967—D ec.................
1968—D ec.................
320.9
329.3
344.7
358.0
59.7
65.9
73.1
76.6
1969—D ec.................
1970—Dec.................
1971—D ec.................
368.2
389.2
424.1
1 9 7 2 -M a r.................
A pr.................
M a y ...............
Ju n e ................
July.................
Aug.................
Sept................
O ct..................
N ov.................
D ec.................
1973—Jan..................
Feb..................
End of
period
Com
mercial
banks
M utual
savings
banks
Insur
ance
com
panies
Other
corpo
rations
State
and
local
govts.
33.4
208.3
12.7
74.5
2.7
11.8
5.7
24.9
2.0
15.3
40.8
44.3
49.1
52.9
220.5
219.2
222.4
228.5
60.7
57.4
63.8
66.0
5.3
4 .6
4.1
3 .6
10.3
9.5
8.6
8.0
89.0
97.1
106.0
57.2
62.1
70.2
222.0
229.9
247.9
56.8
62.7
65.3
2.9
2.8
2.7
427.3
425.3
427.9
427.3
432.4
435.4
433.9
439.9
444.2
449.3
105.5
105.5
109.1
111.5
112.8
115.4
113.5
116.7
116.1
116.9
69.9
70.3
71.6
71.4
70.8
70.7
69.7
70.1
69.5
69.9
251.9
249.5
247.2
244.4
248.8
249.3
250.7
253.1
258.6
262.5
63.3
61.9
61.0
60.5
60.2
60.0
60.8
61.0
63.5
67.0
450.1
454.8
116.2
117.1
72.0
72.6
261.8
265.1
66.0
62.4
1 Consists of investm ents of foreign and in tern atio n al accounts in
the U nited States.
2 Consists o f savings and loan assns., nonprofit institutions, cor
porate pension tru st funds, and dealers and brokers. A lso included
are certain G ovt, deposit accounts and G ovt.-sponsored agencies.
N o t e .—Reported data for F.R . Banks and U.S. Govt, agencies and
trust funds; Treasury estimates for other groups.
Individuals
Foreign O ther
and
misc.
inter
inves
national 1 tors 2
Savings
bonds
Other
securities
.4
6.3
1.9
44.2
7.5
20.0
.2
2.1
.3
9 .3
15.8
14.9
12.2
14.2
22.9
24.3
24.1
2 4.4
49.7
50.3
51.2
51.9
22.4
24.3
22.8
23.9
16.7
14.5
15.8
14.3
16.7
19.4
19.9
22.4
7.1
7 .0
6.6
11.7
9 .4
12.4
25.9
25.2
25.0
51.8
52.1
54.4
29.6
29.8
19.6
11.2
20.6
46.9
24.9
20.4
15.0
2.7
2.7
2.8
2.7
2.7
2.6
2.8
2.7
2.7
2.6
6.5
6.4
6.3
6 .2
6.1
6 .0
6.1
5.9
6.1
6 .0
11.6
10.5
11.3
10.3
10.0
9.5
8.9
10.4
12.0
11.7
25.8
25.7
25.5
25.9
26.5
26.5
27.2
28.0
27.9
28.3
55.2
55.5
55.8
56.0
56.3
56.6
56.8
57.1
57.4
57.1
19.5
19.1
18.6
18.0
18.0
17.6
17.2
17.0
17.1
17.0
49.9
49.8
49.4
50.0
54.6
55.9
55.3
55.8
56.0
55.3
17.5
17.9
16.6
14.9
14.5
14.6
15.7
15.2
16.1
17.0
2.6
2.6
6.1
5.8
12.3
12.7
29.5
29.0
58.0
58.3
16.8
16.6
54.3
61.1
16.3
16.7
The debt and ow nership concepts w ere altered beginning w ith the
M ar. 1969 B u l l e t i n . The new concepts (1 ) exclude guaranteed se
curities and (2 ) rem ove from U .S. G ovt, agencies and tru st funds
and add to other m iscellaneous investors the holdings of certain
Govt.-sponsored but privately owned agencies and certain Govt, deposit
accounts.
APRIL 1973 □ U.S. GOVERNMENT SECURITIES
A 43
OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value, in millions o f dollars)
W ithin 1 year
Type o f holder and date
All holders:
1970—Dec.
1971—Dec.
1972 Dec.
1973 Jan.
Feb.
Total
Total
Bills
O ther
1-5
years
5-10
years
10-20
years
Over
20 years
31.............................................................
3 1 .............................................................
3 1 .............................................................
3 1 .............................................................
2 8 .............................................................
247,713
262,038
269,509
271,121
269,881
123,423
119,141
130,422
131,454
130,205
87,923
97,505
103,870
104,901
105,008
35,500
21,636
26,552
26,553
25,197
82,318
93,648
88,564
88,572
95,423
22,554
29,321
29,143
29,142
22,357
8,556
9,530
15,301
15,271
16,114
10,863
10,397
6,079
6,682
5,783
U.S. Govt, agencies and trust funds:
1970—Dec. 31.....................................................
1971—Dec. 3 1 .....................................................
1972 Dec. 3 1 .....................................................
1973 Jan. 3 1 .....................................................
Feb. 2 8 .....................................................
17,092
18,444
19,360
19,573
19,779
3,005
1,380
1,609
1,649
1,756
708
605
674
699
552
2,297
775
935
950
1,204
6,075
7,614
6,418
6,472
7,096
3,877
4,676
5,487
5,506
4,956
1,748
2,319
4,317
4,318
4,487
2,387
2,456
1,530
1,628
1,484
Federal Reserve Banks:
1970—Dec. 31.....................................................
1971—Dec. 31.....................................................
1972 Dec. 31.....................................................
1973—Jan. 31.....................................................
Feb. 2 8 .....................................................
62,142
70,218
69,906
72,022
72,620
36,338
36,032
37,750
39,732
38,668
25,965
31,033
29,745
31,528
31,901
10,373
4,999
8,005
8,204
6,767
19,089
25,299
24,497
24,574
28,209
6,046
7,702
6,109
6,140
4,143
229
584
1,414
1,440
1,490
440
601
136
136
109
Held by private investors:
1970—Dec. 31.....................................................
1971—Dec. 3 1 .....................................................
1972 Dec. 31.....................................................
1973 Jan. 3 1 .....................................................
Feb. 2 8 .....................................................
168,479
173,376
180,243
179,526
177,482
84,080
81,729
91,063
90,073
89,781
61,250
65,867
73,451
72,674
72,555
22,830
15,862
17,612
17,399
17,226
57,154
60,735
57,649
57,526
60,118
12,631
16,943
17,547
17,496
13,258
6,579
6,627
9,570
9,513
10,137
8,036
7,340
4,413
4,918
4,190
Commercial banks:
1970—Dec. 31.............................................
1971—Dec. 31............................................
1972 Dec. 31............................................
1973 Jan. 31............................................
Feb. 2 8 ............................................
50,917
51,363
52,440
51,667
48,691
19,208
14,920
18,077
17,345
15,023
10,314
8,287
10,289
9,447
7,570
8,894
6,633
7,788
7,898
7,453
26,609
28,823
27,765
27,600
28,559
4,474
6,847
5,654
5,621
3,996
367
555
864
833
1,045
260
217
80
269
69
Mutual savings banks:
1970—Dec. 31.............................................
1971—Dec. 3 1 ............................................
1972 Dec. 3 1 ............................................
1973 Jan. 3 1 ............................................
Feb. 2 8 .............................................
2,745
2,742
2,609
2,612
2,556
525
416
590
494
518
171
235
309
257
225
354
181
281
237
293
1,168
1,221
1,152
1,163
1,232
339
499
469
462
308
329
281
274
316
350
385
326
124
177
148
Insurance companies:
1970—Dec. 31.............................................
1971—Dec. 3 1 .............................................
1972—Dec. 3 1 ............................................
1973—Jan. 3 1 ............................................
Feb. 2 8 ............................................
6,066
5,679
5,220
5,255
5,037
893
720
799
763
746
456
325
448
375
287
437
395
351
388
459
1,723
1,499
1,190
1,213
1,188
849
993
976
996
849
1,369
1,366
1,593
1,610
1,648
1,231
1,102
661
672
607
Nonfinancial corporations:
1970—Dec. 3 1 .............................................
1971—Dec. 3 1 .............................................
1972 Dec. 3 1............................................
1973—Jan. 3 1 ............................................
Feb. 2 8 ............................................
3,057
6,021
4,948
5,493
5,644
1,547
4,191
3,604
3,908
4,282
1,194
3,280
1,198
3,018
3,154
353
911
2,406
890
1,128
1,260
1,492
1,198
1,403
1,210
242
301
121
122
95
2
16
25
51
54
6
20
1
10
3
Savings and loan
1970—Dec.
1971—Dec.
1972 Dec.
1973 Jan.
Feb.
associations:
31.............................................
3 1 ............................................
31............................................
3 1 ............................................
2 8 ............................................
3,263
3,002
2,873
3,019
2,925
583
629
820
922
912
220
343
498
578
548
363
286
322
344
364
1,899
1,449
1,140
1,180
1,314
281
587
605
606
387
243
162
226
228
238
258
175
81
83
74
State and local governments:
1970—Dec. 31.............................................
1971—Dec. 3 1 ............................................
1972—Dec. 31............................................
1973 Jan. 3 1 ............................................
Feb. 2 8 ............................................
11,204
9,823
10,904
11,920
11,234
5,184
4,592
6,159
7,129
6,562
3,803
3,832
5,203
6,122
5,596
1,381
760
956
1,007
966
2,458
2,268
2,033
2,083
2,157
774
783
816
833
729
1,191
918
1,298
1,286
1,236
1,598
1,263
598
590
551
91,227
94,746
101,249
99,560
101,395
56,140
56,261
61,014
59,512
61,738
45,092
49,565
55,506
52,877
55,175
11,048
6,696
5,508
6,635
6,563
22,037
23,983
23,171
22,884
24,458
5,672
6,933
8,906
8,856
6,894
3,078
3,329
5,290
5,189
5,566
4,298
4,237
2,868
3,117
2,738
All others:
1970—Dec.
1971—Dec.
1972—Dec.
1973—Jan.
Feb.
31.............................................
3 1 ............................................
3 1 ............................................
3 1 ............................................
2 8 ............................................
N o t e . —D irect public issues only. Based on Treasury Survey o f
Ownership.
Beginning with Dec. 1968, certain Govt.-sponsored but privately owned
agencies and certain Govt, deposit accounts have been removed from U.S.
Govt, agencies and trust funds and added to “ All others.” Comparable data
are not available for earlier periods.
D ata complete for U.S. G ovt, agencies and trust funds and F.R. Banks
but for other groups are based on Treasury Survey data. O f total m ar
ketable issues held by groups, the proportion held on latest date by those
reporting in the Survey and the num ber o f owners surveyed were: (1)
about 90 per cent by the 5,625 commercial banks, 480 mutual savings
banks, and 737 insurance companies com bined; (2) about 50 per cent by
the 466 nonfinancial corporations and 487 savings and loan assns.; and
(3) about 70 per cent by 505 State and local govts.
“ All others,” a residual, includes holdings o f all those not reporting
in the Treasury Survey, including investor groups not listed separately.
A 44
U.S. GOVERNM ENT SECURITIES □ APRIL 1973
DAILY-AVERAGE DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By maturity
Period
Total
Within
1 year
1-5
years
By type of customer
5-10
years
Dealers and brokers
Over
10 years
Other
U.S. Govt,
securities
Com
mercial
banks
AU
other
U.S. Govt.
agency
securities
1972—Feb...............................
Mar..............................
Apr...............................
M ay.............................
June.............................
July...............................
Aug..............................
Sept..............................
Oct...............................
Nov..............................
Dec...............................
3,260
3,177
2,990
2,542
2,452
2,571
2,658
2,695
3,047
3,397
3,184
2,339
2,443
2,300
1,939
2,001
2,124
1,953
2,225
2,473
2,397
2,640
652
464
460
348
257
283
377
231
350
709
361
242
241
203
221
161
131
191
143
126
168
118
27
29
28
35
34
33
137
97
99
123
65
913
800
704
589
545
633
587
635
837
835
757
363
437
450
364
355
382
411
504
420
498
352
1,170
1,060
1,002
821
759
851
911
845
988
1,228
1,215
815
881
835
767
793
704
749
710
802
837
860
611
459
609
485
411
439
443
482
561
731
472
1973—Jan................................
Feb...............................
3,158
4,155
2,445
2,975
443
721
148
370
122
89
793
889
470
809
1,113
1,360
781
1,098
463
646
Week ending—
1973—Feb. 7.......................
14.......................
21.......................
28.......................
4,348
4,890
4,094
3,422
3,197
3,320
2,890
2,543
778
832
690
600
270
634
436
207
104
104
78
72
1,044
1,014
709
777
799
1,076
801
611
1,494
1,698
1,243
1,048
1,010
1,102
1,342
987
448
711
768
693
3,133
3,084
3,061
2,804
2,436
2,234
2,198
2,193
410
538
604
437
221
248
213
122
66
64
47
53
736
693
734
709
565
637
650
432
995
995
970
914
837
759
708
749
527
497
725
841
Mar.
7.......................
14.......................
21.......................
28.......................
N o t e . —The transactions data combine market purchases and sales of
U.S. Govt, securities dealers reporting to the F.R. Bank of New York.
They do not include allotments of, and exchanges for, new U.S. Govt.
securities, redemptions of called or matured securities, or purchases or
sales of securities under repurchase agreement, reverse repurchase (resale),
or similar contracts. Averages of daily figures based on the number of
trading days in the period,
DAILY-AVERAGE DEALER POSITIONS
DAILY-AVERAGE DEALER FINANCING
(Par value, in millions of dollars)
(In millions of dollars)
U.S. Government securities, by maturity
Period
All
Within
1
maturi
ties
year
1-5
years
5-10
years
Over
10
years
U.S.
Govt.
agency
securi
ties
Commercial banks
Period
All
sources
New
York
City
Else
where
5,205
4,662
3,400
4,073
3,804
3,055
4,021
4,379
3,055
4,198
4,848
1,456
1,347
1,044
1,107
1,056
753
1,356
1,633
1,227
1,538
1,695
719
907
746
931
838
496
580
599
406
617
808
Corpora
tions 1
AU
other
1,344
949
657
755
804
820
927
705
490
709
944
1,686
1,458
953
1,280
1,108
986
1,158
1,442
932
1,334
1,399
932
490
1,449
1,408
1972—Feb.................
Mar................
Apr.................
May...............
June...............
July................
Aug................
Sept................
Oct.................
Nov................
Dec.................
4,960
4,933
3,573
4,257
3,733
3,253
3,905
4,386
3,333
4,522
4,973
4,094
4,710
3,713
4,089
3,903
3,626
3,370
4,374
3,452
4,113
4,903
479
228
20
84
-5 5
-1 4 6
41
-8 3
-2 9
335
73
304
-3 2
-131
102
-9 9
-2 1 6
130
-5 8
-1 3 2
8
-4 1
83
27
-2 9
-1 8
-1 6
-1 1
363
153
41
66
37
554
489
422
551
532
356
404
408
543
834
556
1972—Feb.............
Mar............
1973—Jan.................
Feb.................
4,744
3,394
4,959
3,365
-5 3
-9
-259
-1
97
39
281
207
1973—Jan.............
4,520
3,415
1,346
1,063
794
455 .
Week ending—
1973—Jan. 3 ........
10
17. , , ,
24........
31........
5,021
4,878
4,826
4,705
4,408
5,052
4,942
5,064
5,008
4,710
58
26
-6 9
-1 1 2
-9 3
-1 2 0
-207
-2 9 0
-287
-2 9 4
31
116
119
96
85
398
343
254
228
254
Week ending—
1973—Jan. 3 . . .
1 0 ...
1 7 ...
2 4 ...
3 1 ...
4,530
4,543
4,718
4,671
4,205
1,362
1,338
1,468
1,378
1,320
830
749
932
917
636
860
1,094
988
953
723
1,479
1,363
1,330
1,424
1,526
3,729
4,238
2,735
2,910
4,051
3,615
2,650
3,051
-8 1
256
-3 3
-1 3 0
-318
304
113
-2 0
77
64
5
9
139
221
266
199
3,792
3,663
2,899
3,307
1,336
1,025
868
1,025
462
739
216
401
534
531
400
495
1,461
1,368
1,416
1,387
Feb.
7
14........
21 ,
28........
N o t e . —The figures include all securities sold by dealers under repur
chase contracts regardless of the maturity date of the contract, unless the
contract is matched by a reverse repurchase (resale) agreement or delayed
delivery sale with the same maturity and involving the same amount of
securities. Included in the repurchase contracts are some that more
clearly represent investments by the holders of the securities rather than
dealer trading positions.
Average of daily figures based on number of trading days in the period.
June...........
July............
Sept............
Nov............
Feb.
7. . .
1 4 ...
2 1 ...
2 8 ...
i All business corporations, except commercial banks and insurance
companies.
N o t e . —Averages of daily figures based on the number of calendar days
in the period. Both bank and nonbank dealers are included. See also
N o t e to the table on the left.
APRIL 1973 o U.S. GOVERNM ENT SECURITIES
A 45
U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, MARCH 31, 1973
(In millions o f dollars)
Issue and coupon rate
Issue and coupon rate
Issue and coupon rate
A m ount
Treasury bills—Cont.
Aug. 28, 1 9 7 3 ....
1,702
Aug. 30, 1 9 7 3 ....
4,203
Sept. 6, 1 9 7 3 ....
4,205
Sept. 13, 1 9 7 3 ....
4.201
Sept.
20, 1973
2,012
Sept.
25, 1973
4.201
Sept.
27, 1973
1.700
Oct. 23, 1 9 7 3 ....
4.303
Nov. 20, 1 9 7 3 ....
4.303
4.304
Dec. 18, 1 9 7 3 ....
4.301
Jan. 15, 1 9 7 4 ....
Feb. 12, 1 9 7 4 ....
6,005
4,287
4.302
4,306
2,510 Treasury notes
A pr. 1,
4.305
. ..1 %
1.701
M ay 15, 1 9 7 3 ..,...7 %
1.901
M ay 15, 1973.., . • -4%
Aug. 15, 1 9 7 3 ...... 8 H
1.902
1,
1.902
Oct.
...1 %
1,901
Feb. 15,
...7 %
1.702
A pr. 1, 1 9 7 4 .., ...1 %
1,801
M ay 15,
...7 %
1,801
Aug. 15,
...55/8
1,803
Sept. 30, 1 9 7 4 ..,.. .6
1,801
1, 19 7 4 ... ...1 Vi
Oct.
Treasury bills
M ar. 31, 1973.
A pr. 5, 1973.
Apr. 12, 1973.
Apr. 19, 1973.
Apr. 20, 19 731
Apr. 26, 1973.
Apr. 30, 1973.
M ay 3, 1973.
M ay 10, 1973.
M ay 17, 1973.
M ay 24, 1973.
M ay 31, 1973..
June 7, 1973..
June 14, 1973.
June 21, 1973.
June 22, 1973f,
June 28, 1973.
June 30, 1973.,
July
5, 1973.,
July 12, 1973.,
July 19, 1973.,
July 26, 1973..
July 31, 1973..
Aug. 2, 1973.,
Aug. 9, 1973.,
Aug. 16, 1973.,
Aug. 23, 1973.,
1.803
1,800
1,800
1,801
1,801
1,801
1,807
1,802
1,802
1,800
1.804
1,801
34
5,844
3,792
1,839
30
2,960
34
4,334
10,284
2,060
42
t Tax-anticipation series.
Nov.
Dec.
Feb.
Feb.
Apr.
May
May
Aug.
Oct.
Nov.
Feb.
Feb.
Apr.
May
M ay
Aug.
Aug.
Oct.
Nov.
Feb.
Apr.
Aug.
Oct.
Feb.
Nov.
Aug.
Nov.
15,
31,
15,
15,
1,
15,
15,
15,
1,
15,
15,
15,
1,
15,
15,
15,
15,
1,
15,
15,
1,
15,
1,
15,
15,
15,
15,
1974..
1974..
1975..
1975..
1975..
1975..
1975..
...5 %
...57/g
...5 %
...5 7 /8
•. • 1Vi
...5 7 /8
, , ,6
...57/s
1975.. . • -1 Vi
1975..,,. .7
1976..,...6V4
1976.. ...57/g
19 7 6 ... ...1 %
1976..,...5 %
19 7 6 ......6 %
19 7 6 .., ..7V i
1976 ...61/2
1 9 7 6 ... ..iV i
1976 . . . ...6 1 4
19 7 7 ... . .8
1977. . ....I V i
1 9 7 7 ......7 %
1977. .. • •IVi
1978 ., .. . 6 %
19 7 8 ...
1979, .....6 %
1979 . ..65/8
A m ount
Issue and coupon rate
A m ount
5,442
Aug. 15,
2,102
Nov. 15, 1 9 7 3 .... •41/s
4,015
Feb. 15, 1 9 7 4 .... .41/8
1,222
M ay 15,
.4%
.37/8
8
Nov. 15,
1,776
M ay 15, 1975-85. .4%
6,760
June 15, 1978-83. .3%
7,679
Feb. 15, 1 9 8 0 .... .4
30
Nov. 15,
.3 Vi
Aug. 15, 1 9 8 1 .... .7
3,115
3,739
Feb. 15, 1 9 8 2 .,.. •63/s
4,945
Aug. 15,
.63/8
27
M ay 15, 1 9 8 5 .... .3 1 4
2,802
Nov. 15, 1 9 8 6 .... .61/8
2,697
Aug. 15, 1987-92. . 41/4
4,194
Feb. 15, 1988-93. .4
3,883
May 15, 1989-94. .41/s
11
Feb. 15, 1 9 9 0 .... • 3Vi
4,325
Feb. 15, 1 9 9 3 ... . .63y4
5,163
Feb. 15, 1 9 9 5 .... .3
5
Nov. 15, 1 9 9 8 .... • 3Vi
2,264
16
8,389 Convertible bonds
8,207
Investment Series B
4,559
A pr. 1, 1975-80. .234
1,604
3,894
4,337
2,467
2,850
1,214
1,205
1,498
2,579
1,898
807
2,702
2,353
984
1,216
3,750
238
1,501
4,188
627
937
3,310
2,291
N o t e . —D irect public issues only. Based on Daily Statement o f U.S.
Treasury.
NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES
(In millions o f dollars)
Issues for new capital
All issues (new capital and refunding)
Type o f issuer
Type o f issue
Period
Total
196
196
196
196
196
196
197
197
4
5
6
7
8
9
0
1
Gener
al
obli
gations
Reve
nue
10,847
11,329
11,405
14,766
16,596
11,881
18,164
24,962
6,417
7,177
6,804
8,985
9,269
7,725
11,850
15,220
3,585
3.517
3,955
5,013
6.517
3,556
6,082
8,681
1972—F e b .r . .
M a r.r .
A p r.r . .
M ay r . .
Ju n e r . ,
July r ..
A ug . r .
Sept.r .
O c t.r . .
N o v .r .
D e c.r. ,
2,005
2,239
1,989
2,017
2,270
1,805
1,966
1,726
2,200
1,862
1,797
1,049
1,289
1,382
990
989
1,322
820
663
1,662
1,147
872
951
720
601
1,023
1,064
481
1,138
803
533
711
653
1973—J a n .. . ,
F e b ...,
1,902
1,449
1,138
758
763
690
.
HAAl
U.S.
G ovt.
loans
State
Special
district
and
O ther2
stat.
auth.
637
464
325
477
528
402
131
1,000
208
170
312
334
282
197
103
62
1,628
2,401
2,590
2,842
2,774
3,359
4,174
5,999
225
5
5
6
3
354
434
472
374
246
647
468
298
487
425
147
977
954
549
850
1,226
467
897
1,016
689
572
754
673
851
969
792
799
690
600
414
1,025
866
895
602
47
439
531
863
871
209
257
268
Total
Edu Roads
and
cation bridges
Util
ities4
O ther
H ous Veter
ans’ pur
ings
aid
poses
3,392
3,619
3,738
4,473
4,820
3,252
5,062
5,278
688
900
1,476
1,254
1,526
1,432
1,532
2,642
2 ,437
1 ,965
1 ,880
2 ,404
2 ,833
1,734
3 ,525
5 ,214
727
626
533
645
787
543
466
2,068
120 2,838
50 3,311
3,667
5,867
6,523
4,884
7,526
9,293
1,933
2,110
1,950
1,950
2,000
1,796
1,931
1,609
2,147
1,762
1,507
531
463
490
657
347
327
444
238
444
312
351
78
134
229
214
150
121
111
107
162
215
21
433
348
434
306
533
223
429
590
409
365
204
29
329
10
67
393
154
162
270
52
56
332
861
838
788
705
576
971
784
404
1,082
814
599
1,784
1,365
363
360
214
63
365
397
117
10
726
537
3,812 5,407 10,069 10,201
3,784 5,144 11,538 10,471
4,110 4,695
11,303
4,810 7,115
14,643
16,489
5,946 7,884
3,596 4,926
11,838
5,595 8,399
18,110
8,714 10,246
24,495
1 Only bonds sold pursuant to 1949 Housing Act, which are secured
by contract requiring the Housing Assistance A dm inistration to make
annual contributions to the local authority.
2 Municipalities, counties, townships, school districts.
3 Excludes U.S. Govt, loans. Based on date o f delivery to purchaser
and payment to issuer, which occurs after date o f sale.
4 W ater, sewer, and other utilities.
Use o f proceeds
Total
amount
deliv
ered 3
5 Includes urban redevelopment loans.
N o t e . —The figures in the first column differ from those shown on the
following page, which are based on Bond Buyer data. The principal
difference is in the treatm ent of U.S. Govt, loans.
Investment Bankers Assn. data; par am ounts o f long-term issues
based on date o f sale unless otherwise indicated.
Components may not add to totals due to rounding.
A 46
SECU RITY ISSUES □ APRIL 1973
TOTAL NEW ISSUES
(In millions o f dollars)
Gross proceeds, all issues1
N oncorporate
C orporate
Period
Total
U.S.
G o v t.2
U.S.
Govt.
agency3
State
and local
(U.S.)4
Bonds
Other*
Stock
Total
Total
Publicly
offered
Privately
placed
Preferred
Common
1964......................
1965......................
1966......................
37,122
40,108
45,015
10,656
9,348
8,231
1,205
2,731
6,806
10,544
11,148
11,089
760
889
815
13,957
15,992
18,074
10,865
13,720
15,561
3,623
5,570
8,018
7,243
8,150
7,542
412
725
574
2,679
1,547
1,939
1967......................
1968......................
1969......................
1970.......................
1971.......................
68,514
65,562
52,496
88,666
105,233
19,431
18,025
4,765
14,831
17,325
8,180
7,666
8,617
16,181
16,283
14,288
16,374
11,460
17,762
24,370
1,817
1,531
961
949
2,165
24,798
21,966
26,744
38,945
45,090
21,954
17,383
18,347
30,315
32,123
14,990
10,732
12,734
25,384
24,775
6,964
6,651
5,613
4,931
7,354
885
637
682
1,390
3,670
1,959
3,946
7,714
7,240
9,291
1972—Jan............
Feb............
M ar...........
A pr...........
M ay..........
July...........
Aug...........
Sept...........
O ct............
N ov...........
D ec...........
7,188
7,302
6,556
8,635
9,547
7,588
6,921
7,136
5,635
9,505
10,987
8,210
529
539
586
2,281
2,360
536
496
606
474
2,530
3,590
2,553
1,401
1,325
400
1,090
1,500
300
1,000
1,685
650
1,141
2,134
200
1,737
1,942
2,185
1,963
1,924
2,222
1,784
1,898
1,701
1,970
1,816
1,760
316
126
156
26
165
190
59
54
90
74
70
302
3,205
3,369
3,229
3,275
3,597
4,341
3,583
2,893
2,720
3,791
3,377
3,396
2,371
2,329
2,253
2,411
2,450
2,556
2,465
1,945
1,651
2,336
2,343
2,625
1,767
1,917
1,677
1,622
1,676
1,336
1,807
1,523
862
1,772
1,361
1,024
604
412
577
789
774
1,218
657
421
789
565
982
1,601
303
195
282
263
130
612
206
206
305
421
154
272
531
846
694
601
1,017
1,174
913
743
765
1,033
880
498
1973—Jan............
6,314
1,199
973
1,809
99
2,235
1,184
989
195
133
917
Gross proceeds, major groups of corporate issuers
Period
M anufacturing
Commercial and
miscellaneous
T ransportation
Public utility
Com m unication
Real estate
and financial
Bonds
Stocks
Bonds
Stocks
Bonds
Stocks
Bonds
Stocks
Bonds
Stocks
Bonds
Stocks
1964...................................................
1965...................................................
1966...................................................
2,819
4,712
5,861
228
704
1,208
902
1,153
1,166
220
251
257
944
953
1,856
38
60
116
2,139
2,332
3,117
620
604
549
669
808
1,814
1,520
139
189
3,391
3,762
1,747
466
514
193
1968...................................................
1969...................................................
9,894
5,668
4,448
9,192
9,426
1,164
1,311
1,904
1,320
2,152
1,950
1,759
1,888
1,963
2,272
117
116
3,022
2,540
2,390
1,859
1,665
1,899
2,213
1,998
466
1,579
247
47
420
4,217
4,407
5,409
8,016
7,605
718
873
1,326
3,001
4,195
1,786
1,724
1,963
5,053
4,227
193
43
225
83
1,592
2,247
2,159
2,739
3,878
6,601
186
662
1,671
1,638
2,212
July........................................
A ug.......................................
Sept.......................................
O ct.r .....................................
N o v .r....................................
D ec........................................
321
428
448
383
607
468
464
192
441
269
346
486
71
101
155
197
154
299
110
261
162
114
79
103
163
67
178
235
193
181
77
308
302
192
429
343
138
104
264
178
281
341
239
342
242
326
271
149
268
142
102
129
142
171
130
94
61
152
61
214
14
4
3
3
71
15
30
2
115
600
354
295
357
520
343
184
598
758
472
370
458
438
197
177
376
368
390
237
32
313
657
34
294
60
30
1
16
431
196
12
8
25
418
388
386
924
381
1,018
455
452
649
522
322
491
1
58
1
17
742
865
942
562
751
349
949
662
166
887
528
1,057
202
171
170
190
270
179
200
161
66
187
202
107
1973—Jan .........................................
75
62
64
105
115
1
525
371
29
3
376
509
1971...................................................
1972—Jan .........................................
Feb........................................
M ar.......................................
A pr........................................
1 Gross proceeds are derived by multiplying principal am ounts or
num ber o f units by offering price.
2 Includes guaranteed issues.
3 Issues not guaranteed.
4 See n o t e to table at bottom o f preceding page.
5 Foreign governments and their instrumentalities, International Bank
for Reconstruction and Development, and domestic nonprofit organizations.
N o t e .—Securities and Exchange Commission estimates o f new issues
maturing in more than 1 year sold for cash in the United States.
APRIL 1973 □ SECURITY ISSUES
A 47
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions o f dollars)
D erivation of change, all issuers 1
Period
All securities
Bonds and notes
Com m on and preferred stocks
New issues
Retirements
Net change
New issues
Retirements
Net change
New issues
Retirements
N et change
1967.
1968.
1969.
1970
1971
25,964
25,439
28,841
38,707
46,687
7,735
12,377
10,813
9,079
9,507
18,229
13,062
18,027
29,628
37,180
21,299
19,381
19,523
29,495
31,917
5,340
5,418
5,767
6,667
8,190
15,960
13,962
13,755
22,825
23,728
4,664
6,057
9,318
9,213
14,769
2,397
6,959
5,045
2,411
1,318
2,267
-9 0 0
4,272
6,801
13,452
1971-- I I I ................
IV ................
10,746
11,488
1,992
2,521
8,754
8,967
6,159
8,019
1,649
2,084
4,510
5,935
4,586
3,469
343
437
4,244
3,032
1972-- I ...................
I I .................
I l l .........
IV ................
10,072
11,514
9,776
10,944
2,691
2,389
2,212
2,932
7,381
9,123
7,564
8,012
6,699
7,250
6,118
6,998
2,002
2,191
1,603
2,207
4,698
5,050
4,515
4,790
3,373
4,264
3,659
3,946
690
198
609
725
2,683
4,066
3,049
3,220
Type o f issuer
M anu
facturing
Period
Bonds
& notes
T ranspor
tation 3
Commercial
and other 2
Stocks
Public
utility
Communi
cation
Real estate
and financial 1
Bonds
& notes
Stocks
Bonds
& notes
Stocks
Bonds
& notes
Stocks
Bonds
& notes
Stocks
Bonds
& notes
Stocks
1968.........................
1969.........................
1970.........................
1971.........................
4,418
3,747
6,641
6,585
- 1 ,8 4 2
69
870
2,534
2,242
1,075
853
827
821
1,558
1,778
2,290
987
946
1,104
900
-1 4 9
186
36
800
3,669
4,464
6,861
6,486
892
1,353
2,917
4,206
1,579
1,834
4,806
3,925
120
241
94
1,600
1,069
1,687
2,564
5,005
-7 4 1
866
1,107
2,017
1971—I I I ................
IV .................
852
1,361
676
453
-1 0
190
678
445
195
-2 7
230
163
1,493
1,749
814
1,183
832
980
1,442
54
1,148
1,683
404
734
1972—1...................
I I .................
I l l ................
IV .................
696
704
479
116
423
851
530
290
31
344
459
575
545
774
673
479
267
127
138
179
15
164
28
47
827
1,844
1,410
1,056
872
1,176
1,061
1,735
1,020
806
573
944
402
464
305
89
1,856
1,233
1,456
1,920
425
638
453
580
1 Excludes investment companies.
2 Extractive and commercial and miscellaneous companies.
3 Railroad and other transportation companies.
N o t e .—Securities and Exchange Commission estimates o f cash transactions only. As contrasted with data shown on opposite page, new issues
exclude foreign sales and include sales o f securities held by affiliated companies, special offerings to employees, and also new stock issues and cash
proceeds connected with conversions o f bonds into stocks. Retirements
are defined in the same way and also include securities retired with internal funds or with proceeds of issues for th at purpose,
OPEN-END INVESTMENT COMPANIES
(In millions o f dollars)
Y ear
Sales and redemption
o f own shares
Assets (m arket value
at end o f period)
Sales and redem ption
o f own shares
Assets (m arket value
at end o f period)
M onth
Sales 1 Redemp
tions
N et
sales
Total 2
Cash
position 3
O ther
1960...............
2,097
842
1,255
17,026
973
16,053
1961...............
1962...............
1963...............
2,951
2,699
2,460
1,160
1,123
1,504
1,791
1,576
952
22,789
21,271
25,214
980
1,315
1,341
21,809
19,956
23,873
1964...............
1965...............
1966...............
3,404
4,359
4,671
1,875
1,962
2,005
1,528
2,395
2,665
29,116
35,220
34,829
1,329
1.803
2,971
27,787
33,417
31,858
1967...............
1968...............
1969...............
4,670
6,820
6,717
2,745
3,841
3,661
1,927
2,979
3,056
44,701
52,677
48,291
2,566
3,187
3,846
42,135
49,490
44,445
1970................
1971...............
4,624
5,145
2,987
4,751
1,637
774
47,618
56,694
3,649
3,163
43,969
53,531
1 Includes contractual and regular single purchase sales, voluntary and
contractual accumulation plan sales, and reinvestment o f investment income dividends; excludes reinvestment o f realized capital gains dividends.
2 M arket value at end o f period less current liabilities.
Sales 1 Redem p
tions
Net
sales
T otal 2
Cash
position 3
O ther
1972—Feb. ..
M ar...
A pr.. .
M ay. .
Ju n e ..
July . .
A ug...
Sept...
O c t.. .
N o v ...
D ec.. .
404
472
405
378
393
398
391
310
384
387
449
514
667
655
585
544
424
582
442
411
645
619
-1 1 0
-1 9 5
-2 5 0
-2 0 7
-1 5 1
-2 6
-1 9 1
-1 3 2
-2 7
-2 5 8
-1 7 0
58,536
58,740
58,870
59,736
57,708
56,932
58,186
57,193
57,525
59,854
59,831
3,478
3,251
2,827
2,763
3,015
3,219
3,375
3,395
3,719
3,549
3,035
55,058
55,489
56,043
56,973
54,693
53,713
54,811
53,798
53,806
56,305
56,796
1973—Jan. ..
F e b ...
535
327
666
530
-1 3 1
-2 0 3
56,946
54,083
3,015
3,375
53,931
50,708
3 Cash and deposits, receivables, all U.S. Govt, securities, and other
short-term debt securities, less current liabilities.
N o t e .— Investment Company Institute data based on reports of mem
bers, which comprise substantially all open-end investment companies
registered with the Securities and Exchange Commission. D ata reflect
newly formed companies after their initial offering o f securities.
A 48
BUSINESS FINANCE □ APRIL 1973
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)
Year
Profits
before
taxes
1966................
1967................
84.2
79.8
1968................
1969................
1970................
1971...............
87.6
84.9
74.3
83.3
,
In
come
taxes
Profits
after
taxes
Cash
divi
dends
Undis
tributed
profits
Corporate
capital
consump
tion
allow
ances1
34.3
33.2
49.9
46.6
20.8
21.4
29.1
25.3
39.5
43.0
39.9
40.1
34.1
37.3
47.8
44.8
40.2
45.9
23.6
24.3
24.8
2 5 .4
24.2
20.5
15.4
20.5
46.8
51.9
55.2
60.3
1 Includes depreciation, capital outlays charged to current accounts, and
accidental damages.
Q uarter
Profits
before
taxes
In
come
taxes
Profits
after
taxes
Cash
divi
dends
U ndis
tributed
profits
Corporate
capital
consum p
tion
allow
ances 1
1971—1 . . . .
I I .. .
I I I .. .
I V ...
81.3
84.5
84.1
83.2
38.0
38.6
37.5
35.3
43.2
45.8
46.6
48.0
25.5
25.4
25.5
2 5.2
17.7
20.4
21.0
22.7
57.5
5 9.4
61.2
6 3.0
1972—1. . . .
II. . .
I I I . ..
I V ...
88.2
91.6
95.7
101.9
38.8
40.1
41.8
44.5
49.5
51.5
53.9
57.3
26.0
26.2
26.5
26.7
23.5
25.3
27.3
30.7
64.8
68.0
68.4
69.5
N o t e .—D ept, o f Commerce estimates.
adjusted annual rates.
Quarterly data are at seasonally
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS1
(In billions of dollars)
Current assets
N et
working
capital
End o f period
Total
U.S.
Govt.
securi
ties
Cash
C urrent liabilities
Notes and accts.
receivable
U.S.
G o vt.2
Other
Inven
tories
N otes and accts.
payable
Other
U.S.
G o v t.2
O ther
Accrued
Federal
income
taxes
Total
O ther
196 8
196 9
182.3
185.7
426.5
473.6
48.2
47.9
11.5
10.6
5.1
4.8
168.8
192.2
166.0
186.4
26.9
31.6
244.2
287.9
6.4
7.3
127.8
148.0
14.3
12.6
61.0
76.0
1970—1..
II.
III
IV
187.0
185.6
185.3
187.8
477.8
481.8
484.6
490.4
46.1
45.6
46.5
49.7
10.4
8 .7
7.1
7 .6
4 .7
4 .4
4 .2
4 .2
195.0
197.9
201.0
200.6
189.6
191.8
193.5
196.0
32.1
33.4
32.3
32.4
290.8
296.2
299.3
302.6
7.2
7 .0
6.8
6 .6
144.7
146.9
147.9
152.4
13.3
10.8
11.5
11.8
79.3
82.4
84.3
83.7
1971—1..
II.
III
IV
192.0
196.5
200.9
204.9
494.1
498.2
507.2
516.7
48.5
51.1
52.4
55.3
7.8
7 .7
7.8
10.4
4 .2
3.9
3.9
3.5
201.3
203.3
206.5
207.5
198.5
199.2
201.6
203.1
33.8
33.1
34.9
36.8
302.1
301.7
306.3
311.8
6.1
5.3
5.0
4.9
148.5
149.1
150.6
158.0
13.7
12.4
13.8
14.5
86.6
88.3
90.1
89.7
1972—1..
II.
I ll
209.6
215.2
219.1
526.0
534.3
545.3
55.3
55.7
57.3
9 .9
8 .7
7 .6
3.4
2 .8
2 .9
211.4
216.3
222.5
207.2
210.7
215.2
38.9
40.1
39.8
316.4
319.1
326.2
4.9
4 .9
4 .7
156.6
158.0
161.7
15.7
13.4
15.0
93.3
96.8
98.9
1 Figures revised to exclude all financial institutions.
2 Receivables from, and payables to, the U.S. Govt, exclude amounts
offset against each other on corporations’ books.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions o f dollars)
M anufacturing
Period
Total
Transportation
Public utilities
Mining
D urable
N on
durable
Rail
road
Air
Other
Electric
Commu
nications
Gas
and other
O ther1
Total
(S.A.
A.R.)
1969..........................
1970.........................
1971.........................
1972.........................
75.56
79.71
81.21
88.44
15.96
15.80
14.15
15.64
15.72
16.15
15.84
15.72
1.86
1.89
2.16
2.45
1.86
1.78
1.67
1.80
2.51
3.03
1.88
2.46
1.68
1.23
1.38
1.46
8.94
10.65
12.86
14.48
2.67
2.49
2 .44
2.52
8.30
10.10
10.77
11.89
16.05
16.59
18.05
20.07
1971—1 ....................
I I ...................
I l l .................
IV .................
17.68
20.60
20.14
22.79
3.11
3.52
3.40
4.12
3.58
4.03
3.91
4.32
.49
.54
.55
.59
.34
.47
.42
.45
.34
.60
.39
.56
.28
.36
.37
.37
2.70
3.20
3.35
3.60
.41
.63
.71
.69
2.50
2.81
2.62
2.84
3.94
4.44
4.42
5.26
79.32
81.61
80.75
83.18
1972—1 ....................
I I .................
I l l .................
IV .................
19.38
22.01
21.86
25.20
3.29
3.71
3.86
4.77
3.32
3.92
3.87
4.61
.58
.61
.59
.63
.48
.48
.38
.47
.50
.73
.61
.63
.32
.39
.35
.40
3.19
3.61
3.67
4.01
.44
.62
.72
.73
2.72
2.95
2.84
3.39
4.55
4.98
4.97
5.57
86.79
87.12
87.67
91.94
1973—12.................
I I 2................
21.56
25.27
3.91
4.69
3.99
4.64
.61
.67
.45
.45
.54
.74
.35
.44
3.45
4.02
.48
.72
1 Includes trade, service, construction, finance, and insurance.
2 Anticipated by business.
7. 77
8. 89
96.97
100.13
N o t e .—D ept, o f Commerce and Securities and Exchange Commission
estimates for corporate and noncorporate business; excludes agriculture,
real estate operators, medical, legal, educational, and cultural service, and
nonprofit organizations.
APRIL 1973 □ REAL ESTATE CREDIT
A 49
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)
Farm
All properties
End o f
period
All
hold
ers
O ther
holders2
Finan
cial
Indi
insti
U.S.
tutions 1 agen viduals
and
cies
others
N onfarm
1- to 4-family houses4
Finan O ther
All
cial
hold
hold
insti
ers
tutions 1 e rs 3
All
hold
ers
Total
M ultifamily and
commercial properties5
Finan. O ther
hold
insti
tutions 1 ers
Total
Finan. Other
hold
insti
tutions 1 ers
M ortgage
type6
FH A VAunderw ritten
C on
ven
tional
1941...........
1945...........
37.6
35.5
20.7
21.0
4.7
2 .4
12.2
12.1
6 .4
4.8
1.5
1.3
4 .9
3 .4
31.2
30.8
18.4
18.6
11.2
12.2
7 .2
6 .4
12.9
12.2
8.1
7 .4
4.8
4.7
3.0
4.3
28.2
26.5
196 4
196 5
196 6
196 7
196 8
196...............9
197 0
300.1
325.8
347.4
370.2
397.5
425.3
451.2
241.0
264.6
280.8
298.8
319.9
339.1
355.9
11.4
12.4
15.8
18.4
21.7
26.8
33.0
47.7
48.7
50.9
53.0
5 5.8
59.4
62.8
18.9
21.2
23.3
25.5
27.5
29.5
31.2
7 .0
7.8
8 .4
9.1
9.7
9 .9
10.1
11.9
13.4
14.9
16.3
17.8
19.6
21.1
281.2
304.6
324.1
344.8
370.0
395.9
420.5
197.6
212.9
223.6
236.1
251.2
266.8
280.2
170.3
184.3
192.1
201.8
213.1
223.7
231.3
27.3
28.7
31.5
34.2
38.1
43.2
48.9
83.6
91.6
100.5
108.7
118.7
129.0
140.3
63.7
72.5
80.2
87.9
97.1
105.5
114.5
19.9
19.1
20.3
20.9
21.6
23.5
25.8
77.2
81.2
84.1
88.2
93.4
100.2
109.2
204.0
223.4
240.0
256.6
276.6
295.7
311.3
1970—III.
IV .
443.4
451.7
349.7
355.9
31.7
33.0
61.9
62.8
30.8
31.2
10.0
10.1
20.8
21.1
412.5
420.5
276.0
280.2
228.4
231.3
47.7
48.9
136.5
140.3
111.4
114.5
25.1
25.8
106.8
109.2
305.7
311.3
1971—I®...
IIP..
III p .
IVp .
459.0
471.1
485.6
499.9
361.8
372.0
383.6
394.5
33.6
35.2
37.4
39.4
63.6
63.9
64.6
66.1
31.8
31.9
32.4
32.9
10.1
9 .7
9 .8
9.9
21.6
22.2
22.6
23.0
427.2
439.3
453.2
467.0
283.6
290.9
299.7
307.8
234.4
240.7
248.0
254.2
49.2
50.2
51.8
53.7
143.6
148.3
153.5
159.2
117.3
121.6
125.8
130.5
26.3
26.7
27.7
28.7
111.0
114.4
117.5
120.7
316.2
324.9
335.7
346.3
1972—I p . ..
IIP..
III p .
IVp .
511.7
529.1
546.9
564.5
404.2
418.9
434.2
41.2
42.7
44.3
66.4
67.5
68.4
33.5
34.4
35.1
9 .9
10.2
10.4
23.6
24.2
24.7
478.2
494.8
511.9
314.1
324.6
335.1
259.6
268.8
278.4
54.5
55.8
56.7
164.1
170.2
176.8
134.6
140.0
145.4
29.4
30.3
31.4
123.7
126.6
129.0
259.2
269.2
279.9
5 Derived figures; includes small amounts o f farm loans held by savings
and loan assns.
6 D ata by type o f mortgage on nonfarm 1- to 4-family properties alone
are shown in table below.
1 Commercial banks (including nondeposit trust companies but not
trust depts.), mutual savings banks, life insurance companies, and savings
and loan assns.
2 U.S. agencies include former FN M A and, beginning fourth quarter
1968, new G N M A as well as FH A , VA, PH A, Farmers Home Admin.,
and in earlier years, RFC, HOLC, and FFM C. They also include
U.S. sponsored agencies—new FN M A , Federal Land Banks, G N M A
(Pools), and the FH LM C . O ther U.S. agencies (amounts small or sep
arate data n o t readily available) included with “ individuals and others.”
3 Derived figures; includes debt held by Federal land banks and farm
debt held by Farmers Home Admin.
4 F or multifamily and total residential properties, see tables below.
N o t e .—Based on data from Federal Deposit Insurance Corp., Federal
Home Loan Bank Board, Institute of Life Insurance, D epts. o f Agricul
ture and Commerce, Federal N ational M ortgage Assn., Federal Housing
Admin., Public Housing Admin., Veterans Admin., G overnment N ational
Mortgage Assoc., Federal H om e Loan M ortgage Corp., and Comptroller
of the Currency.
Figures for first three quarters o f each year are F.R. estimates.
MORTGAGE DEBT OUTSTANDING
ON RESIDENTIAL PROPERTIES
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAMILY PROPERTIES
(In billions of dollars)
(In billions o f dollars)
G overnm entunderw ritten
All residential
M ultifamily i
Finan
cial
insti
tutions
O ther
holders
Total
Finan
cial
insti
tutions
O ther
holders
24 .2
24.3
211.2
231.1
14.9
15.7
176.8
195.4
9 .4
8 .6
34.5
35.7
5.9
5 .7
29.0
33.6
3 .6
3 .5
20.7
25.1
2 .2
2 .2
8.3
8.5
1965................. 250.1
1966................. 264.0
1967................. 280.0
1968................. 298.6
1969................. 319.0
1970................. 338.2
213.2
223.7
236.6
250.8
265.0
277.1
36.9
40.3
43.4
47.8
54.0
61.1
37.2
40.3
43.9
47.3
52.2
58.0
29.0
31.5
34.7
37.7
41.3
45.8
8 .2
8.8
9.2
9 .7
10.8
12.2
1970—IV ........
338.2
277.1
61.1
58.0
45.8
12.2
1971—I p .........
I I P ....
II IP . . .
IV p . . . .
343.3
353.1
364.0
374.7
281.4
289.9
298.4
306.1
61.8
63.2
65.6
68.6
59.7
62.1
64.3
66.8
47.1
49.2
50.4
52.0
a 6
12.9
13.9
14.9
1972—I p .........
IIP ___
I I I P ...
382.9
395.8
408.9
312.9
324.1
335.6
70.0
71.7
73.3
68.8
71.3
73.8
53.3
55.3
57.3
15.4
16.0
16.5
End o f
period
Total
1941.................
1945.................
1963................
1964................
End o f period
l Structures o f five o r m ore units.
N ote.—Based on data from same source as for “ M ortgage D ebt O ut
standing*' table.
Total
Total
FH A insured
VAguar
anteed i
Con
ven
tional
1945..................................
1963..................................
18.6
182.2
197.6
4.3
65.9
69.2
4.1
35.0
38.3
.2
30.9
30.9
14.3
116.3
128.3
1965..................................
1966..................................
1967..................................
1968..................................
1969...................................
1970...................................
212.9
223.6
236.1
251.2
266.8
280.2
73.1
76.1
79.9
84.4
90.2
97.2
42.0
44.8
47.4
50.6
54.5
59.9
31.1
31.3
32.5
33.8
35.7
37.3
139.8
147.6
156.1
166.8
176.6
182.9
1970—IV ..........................
280.2
97.2
59.9
37.3
182.9
283.6
IIP ......................... 290.9
III p ........................ 299.7
IV p ........................ 307.8
98.3
100.4
102.9
105.2
61.0
62.8
64.4
65.7
37.3
37.6
38.5
39.5
185.3
190.5
196.8
202.6
66.8
67.6
68.4
40.7
42.0
43.1
206.6
215.0
223.6
1972—1p ...........................
II p .....................................
314.1
324.6
335.1
1 Includes outstanding am ount o f VA vendee accounts held by private
investors under repurchase agreement.
N o t e .—For total debt outstanding, figures are FHLBB and F.R .
estimates. For conventional, figures are derived.
Based on data from FHLBB, Federal Housing Admin., and Veterans
Admin.
A 50
REAL ESTATE CREDIT □ APRIL 1973
MORTGAGE LOANS HELD BY BANKS
(In millions o f dollars)
M utual savings bank holdings 2
Commercial bank holdings *
Residential
End o f period
O ther
non
farm
Total
Total
FH A insured
VAguar
anteed
C on
ven
tional
1941..................................
1945..................................
4,906
4,772
3,292
3,395
1964..................................
1965..................................
1966..................................
1967..................................
1968..................................
1969..................................
43,976
49,675
54,380
59,019
65,696
70,705
28,933
32,387
34,876
37,642
41,433
44,573
7,315
7,702
7,544
7,709
7,926
7,960
2,742
2,688
2,599
2,696
2,708
2,663
18,876
21,997
24,733
27,237
30,800
33,950
1970—11..........................
I l l ........................
IV .........................
71,291
72,393
73,275
44,845
45,318
45,640
7,800
7,885
7,919
1971—1............................
I I ..........................
I l l ........................
IV .........................
74,424
76,639
79,936
82,515
46,343
48,163
50,280
52,004
1972—1...........................
I I ..........................
I l l * ......................
85,614
90,114
94,614
53,937
56,782
Residential
Farm
Total
1,048
856
566
521
4,812
4,208
3,884
3,387
12,405
14,377
16,366
17,931
20,505
22,113
2,638
2,911
3,138
3,446
3,758
4,019
40,556
44,617
47,337
50,490
53,456
56,138
36,487
40,096
42,242
44,641
46,748
48,682
2,575
2,583
2,589
34,469 22,392
34,850 22,825
35,131 23,284
4,054
4,250
4,351
7,971
8,146
8,246
8,310
2,595
2,636
2,806
2,980
35,777
37,381
39,228
40,714
23,595
24,477
25,500
26,306
8,360
8,477
2,999
3,141
42,578 27,353
45,163 28,785
1 Includes loans held by nondeposit trust companies, but not bank
trust depts.
2 D ata for 1941 and 1945, except for totals, are special F.R. estimates.
Other
nonfarm
Total
FH A insured
VAguaranteed
Con
ven
tional
Farm
900
797
28
24
13,079
14,897
16,272
17,772
19,146
20,654
4,016
4,469
5,041
5,732
6,592
7,342
53
52
53
117
117
114
56,880
57,402
57,948
49,260 15,931 12,092 21,237
49,628 16,017 12,127 21,654
49,937 16,087 12,008 21,842
7,519
7,671
7,893
101
103
119
4,486
3,999
4,156
4,205
58,680
59,643
60,625
61,978
50,553 16,157 12,010
51,362 16,281 12,011
51,989 16,216 12,033
53,027 16,141 12,074
22,386
23,069
23,740
24,812
8,014
8,174
8,561
8,901
113
107
75
50
4,324
4,547
62,978
64,404
65,897
53,733
54,758
16,184 12,144 25,405
16,256 12,325 26,178
9,195
9,586
50
60
12,287
13,791
14,500
15,074
15,569
15,862
11,121
11,408
11,471
11,795
12,033
12,166
N o te . —Second and fourth quarters, Federal D eposit Insurance C orpo
ration series for all commercial and mutual savings banks in the United
States and possessions. First and third quarters, estimates based on special
F.R. interpolations after 1963 or beginning 1964.
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions o f dollars)
Loans acquired
Loans outstanding (end o f period)
N onfarm
N onfarm
Period
Total
Total
Farm
FH A insured
VAguar
anteed
Other i
Total
Total
FH A insured
Farm
VAguar
anteed
O ther
1945...................................................
976
6,637
5,860
1,394
4,466
766
1964...................................... ............
1965...................................................
1966...................................................
10,433
11,137
10,217
9,386
9,988
9,223
1,812
1,738
1,300
674
553
467
6,900
7,697
7,456
1,047
1,149
994
55,152
60,013
64,609
50,848
55,190
59,369
11,484
12,068
12,351
6,403
6,286
6,201
32,961
36,836
40,817
4,304
4,823
5,240
8,470
7,925
7,531
7,181
7,573
8,802
7,633
7,153
6,991
6,867
7,070
8,101
757
733
594
386
322
277
444
346
220
88
101
202
6,432
6,074
6,177
6,393
6,647
7,622
837
772
540
314
503
701
67,516
69,973
72,027
74,375
75,496
77,319
61,947
64,172
66,254
68,726
69,895
71,640
12,161
11,961
11,715
11,419
10,767
9,944
6,122
5,954
5,701
5,394
5,004
4,646
43,664
46,257
48,838
51,913
54,124
57,050
5,569
5,801
5,773
5,649
5,601
5,679
Sept.......................................
O ct.........................................
N ov.......................................
D ec........................................
469
436
569
560
602
708
655
743
708
718
803
1,830
441
392
484
506
542
643
605
682
663
673
746
1,723
39
26
24
30
15
31
19
19
22
10
28
16
16
12
18
15
13
21
25
21
14
16
13
18
386
354
442
461
514
591
561
642
627
647
705
1,689
28
44
85
54
60
65
50
61
45
45
57
107
75,493
75,456
75,424
75,469
75,493
75,547
75,626
75,723
75,813
75,952
76,207
77,319
69,947
69,940
69,897
69,926
69,941
69,969
70,031
70,105
70,195
70,323
70,567
71,640
10,722
10,674
10,599
10,535
10,467
10,391
10,314
10,224
10,139
10,053
10,000
9,944
4,985
4,952
4,932
4,903
4,873
4,838
4,811
4,776
4,734
4,700
4,668
4,646
54,240
54,314
54,366
54,488
54,601
54,740
54,906
55,105
55,322
55,570
55,899
57,050
5,546
5,516
5,527
5,543
5,552
5,578
5,595
5,618
5,618
5,629
5,640
5,679
1973—Jan .........................................
711
649
16
20
613
62
77,481
71,856
9,901
4,630
57,325
5,625
1968..................................................
1969..................................................
1972...................................................
1972—Jan.*-.....................................
Feb........................................
M ar.......................................
M ay ......................................
July........................................
1 Includes mortgage loans secured by land on which oil drilling or the end-of-Dec. figures may differ from end-of-year figures because (1)
extracting operations are in process.
monthly figures represent book value o f ledger assets, whereas year-end
figures represent annual statem ent asset values, and (2) data for year-end
N o t e . —Institute o f Life Insurance data. For loans acquired, the
adjustments are more complete. Beginning 1970 m onthly and year-earlier
m onthly figures may not add to annual totals; and for loans outstanding
data are on a statement balance basis.
APRIL 1973 □ REAL ESTATE CREDIT
A 51
COMMITMENTS OF LIFE INSURANCE COMPANIES FOR INCOME PROPERTY MORTGAGES
Averages
Number
o f loans
Period
Total
am ount
committed
(millions o f
(dollars)
Loan
amount
(thousands
o f dollars)
C ontract
interest
rate
(per cent)
M aturity
(yrs./mos.)
Loanto-value
ratio
(per cent)
Capitaliza
tion rate
(per cent)
D ebt
coverage
ratio
Per cent
constant
1968.............................
1969..............................
1970.............................
1971..............................
2,569
1,788
912
1,664
3,244.3
2,9 2 0 .7
2,341.1
3,982.5
1,263
1,633
2,567
2,393
7.66
8.69
9.93
9.07
22/11
21/8
22/8
22/10
73.6
73.3
74.7
74.9
9 .0
9 .6
.10.8
10.0
1.30
1.29
1.32
1.29
9.5
10.2
11.1
10.4
1971—A pr..................
M ay.................
June.................
J u ly .................
Aug..................
Sept..................
O ct...................
N ov.................
Dec..................
137
146
203
183
153
178
112
136
133
302.1
257.3
729.0
386.5
434.4
366.1
198.4
288.2
290.0
2,205
1,762
3,591
2,112
2,839
2,057
1,771
2,119
2,181
8.98
8.91
8.92
8.94
9.08
9.15
9.20
9.01
8.96
22
23/4
23/8
21/10
23/1
22/6
22/7
23/5
23
75.2
75.6
75.5
74.4
74.9
74.8
75.8
75.6
74.4
9 .9
10.0
9 .8
9 .8
9 .9
9 .8
10.0
9 .9
9 .9
1.28
1.27
1.29
1.26
1.27
1.28
1.28
1.27
1.30
10.4
10.4
10.2
10.4
10.4
10.4
10.4
10.2
10.2
1972—Jan ...................
Feb..................
M ar.................
A pr..................
M ay.................
Ju n e.................
107
122
220
200
246
268
198.6
423.5
530.4
381.1
399.6
683.2
1,856
3,471
2,411
1,906
1,624
2,549
8.78
8.62
8.50
8.44
8.48
8.55
22/1
22/6
24/2
24/6
23/4
23/0
73.3
73.3
76.3
76.3
76.0
75.4
10.0
9 .7
9 .5
9 .5
9 .5
9 .5
1.31
1.31
1.29
1.29
1.26
1.29
10.2
10.0
9 .7
9 .6
9.8
9.8
N o t e .—Life Insurance Association o f America data for new commit
ments o f $100,000 and over each on mortgages for multifamily and non
residential nonfarm properties located largely in the United States. The 15
companies account for a little more than one-half o f both the total assets
and the nonfarm mortgages held by all U.S. life insurance companies.
Averages, which are based on number o f loans, vary in part with loan
composition by type and location o f property, type and purpose o f loan,
and loan amortization and prepayment terms. D ata for the following are
limited to cases where inform ation was available or estimates could be
made: capitalization rate (net stabilized property earnings divided by
property value); debt coverage ratio (net stabilized earnings divided by
debt service); and per cent constant (annual level payment, including
principal and interest, per $100 o f debt). All statistics exclude construction
loans, increases in existing loans in a com pany’s portfolio, reapprovals,
and loans secured by land only.
MORTGAGE ACTIVITY OF SAVINGS AND
LOAN ASSOCIATIONS
FEDERAL HOME LOAN BANKS
(In millions o f dollars)
(In millions o f dollars)
Advances outstanding
(end of period)
Loans outstanding (end o f period)
Loans made
Period
Period
1945...............
N ew
home
Total i con
struc
tion
1,913
Home
pur
chase
FH A - VAinguarT o tal 2
sured anteed
181
1,358
1964...............
1965...............
1966...............
24,913 6,638
24,192 6,013
16,924 3,653
10,538
10,830
7,828
1967...............
1968...............
1969...............
1970...............
1971...............
20,122
21,983
21,847
21,383
39,472
4,243
4,916
4,757
4,150
6,835
9,604 121,805 5,791
11,215 130,802 6,658
11,254 140,347 7,917
10,237 150,331 10,178
18,811 174,385 13,798
1971—D e c ...
3,592
573
1,590 174,385 13,798
1972—J a n ....
Feb.. .
M ar...
A p r...
M a y ..
J u n e ..
J u ly ...
A u g ...
Sept...
O c t....
N o v ...
D e c.. .
2,632
2,849
3,910
3,819
4,603
5,449
4,572
5,379
4,689
4,522
4,393
4,550
481
518
712
707
836
872
743
803
739
761
714
678
1,253
1,400
1,861
1,819
2,276
2,920
2,515
3,087
2,587
2,423
2,307
2,122
175,838
177,614
180,145
182,711
185,431
188,884
191,642
194,955
197,881
200,554
203,266
206,367
13,976
14,167
14,450
14,697
14,878
15,019
15,153
15,263
15,342
15,378
15,490
15,639
6,683 89,756
6,398 98,763
6,157 103,001
6,351
7,012
7,658
8,494
10,848
109,663
117,132
124,772
131,659
149,739
10,848 149,739
11,013
11,264
11,546
11,789
12,010
12,293
12,606
12,892
13,098
13,334
13,544
13,764
150,849
152,183
154,149
156,225
158,543
161,572
163,883
166,800
169,441
171,842
174,232
176,964
1 Includes loans for repairs, additions and alterations, refinancing, etc.
not shown separately.
2 Beginning with 1958, includes shares pledged against mortgage loans;
beginning with 1966, includes junior liens and real estate sold on contract;
and beginning with 1967, includes downward structural adjustment for
change in universe.
Note.—Federal Home Loan Bank Board data.
Repay
ments
Total
C on
ven
tional
Short
term i
M em bers’
deposits
(end of
L ong period)
term 2
278
213
195
176
19
46
1965.........................
5,007
3,804
4,335
2,866
5,997
6,935
3,074
5,006
2,923
1,929
1,043
1,036
1968.........................
1969.........................
1970.........................
1,527
2,734
5,531
3,256
2,714
4,790
4,076 4,386
5,259
1,861
1,500 9,289
1,929 10,615
5,392 7,936
4,749 7,979
3,985
4,867
8,434
3,081
3,002
2,961
401
392
855
7,534
4,934
5,018
1,432
1,382
1,041
2,331
1,789
2,104
5,376
101,333 4,894
110,306 5,145
114,427 5,269
A d
vances
1972.........................
1972—Feb..............
M ar.............
June.............
Ju ly .............
Aug..............
Sept.............
N ov.............
1973—Jan...............
Feb..............
148
165
318
260
420
285
406
631
542
445
984
871
689
396
320
198
222
249
189
233
246
251
6,515
5,992
5,913
5,853
6,074
6,138
6,295
6,736
7,045
7,245
7,979
2,342
2,125
2,049
2,019
1,944
1,990
2,083
2,307
2,440
2,520
2,961
4,173
3,867
3,864
3,835
4,130
4,148
4,212
4,429
4,605
4,725
5,018
2,014
2,008
1,762
1,789
1,746
1,497
1,442
1,443
1,334
1,371
2,104
332
415
480
302
7,831
7,944
2,805
2,774
5,025
5,170
1,306
1,321
1 Secured or unsecured loans maturing in 1 year or less.
2 Secured loans, amortized quarterly, having maturities o f more than
1 year but not more than 10 years.
N o t e .—Federal Home Loan Bank Board data.
REAL ESTATE CREDIT □ APRIL 1973
A 52
FEDERAL NATIONAL MORTGAGE
ASSOCIATION ACTIVITY
FEDERAL NATIONAL MORTGAGE ASSOCIATION
AUCTIONS
(In millions o f dollars)
End o f
period
FH A in
sured
Total
196
196
196
197
197
197
5,522 4,048
5,121
7,167
10,950 7,680
15,502 11,071
17.791
19.791 14,624
7
8
9
0
1
2
1972-Feb..
M ar..
A p r..
M ay.
Ju n e.
Ju ly ..
Aug..
Sept..
Oct. .
N ov..
D e c ..
18,220
18,342 13,654
18,403 13,744
18,599 13,923
18,628 13,952
18,740 14,013
19,023 14,188
19,295 14,380
19,438 14,462
19,619 14,558
19.791 14,624
1973-Jan...
Feb..
19,982
20,181
14,741
VAguar
anteed
1,474
2,046
3,270
4,431
5,112
G overnment-underwritten Conventional hom e loans
hom e loans
M ortgage
commitments
Mortgage
transactions
(during
period)
M ortgage
holdings
D ate o f auction
Pur
chases
Sales
1,400
1,944
4,121
5,078
3,574
3,684
12
336
213
M ade
during
period
Out
stand
ing
1.732
2,696
6,630
8,047
4,986
501
1,287
3,539
5,203
5,694
4,687
4,659
4,674
4,670
4,714
4,816
4,888
4,939
5,016
5,112
324
316
246
321
223
258
427
401
265
315
307
598
469
617
1,054
610
515
466
755
887
388
1,086
5,600
5,608
5,851
6,153
6,362
6,471
6,309
6,451
6,654
6,562
5,440
5,174
225
392
493
6,943
6,911
M ortgage
amounts
Ac
Offered cepted
In millions o f
dollars
1972—Oct.
In
per cent
2 ....
10
1 6 ....
3 0 . .. .
352.8
211.5
7.70
2 7 i.2
186.4
224.9
162.7
7.73
7.74
6
1 3 . ..
2 7 .. .
78.7
60.8
49.2
36.2
7.72
7.70
Dec. 4 ........
11___
26
82.2
108.7
42.4
66.3
7.68
7.69
74.2
107.0
61.3
92.1
7.69
7.70
128.7
65.4
7.71
110.3
71.6
7.73
Nov.
1973—Jan.
2
8 ....
2 2 ....
Feb.
N ote.—F ederal N ational M ortgage Assn. data. Total holdings include
conventional loans. D ata prior to Sept. 1968 relate to secondary m arket
portfolio o f former F N M A . M ortgage holdings include loans used to back
bond issues guaranteed by G N M A . M ortgage commitments made during
the period include some multifamily and nonprofit hospital loan commit
ments in addition to 1- to 4-family loan commitments accepted in FN M A ’s
free m arket auction system, and through the F N M A -G N M A Tandem
Plan (Program 18).
Average
M ortgage
Average
yield
amounts
yield
(short
(short
term
term
commit
commit
Ac
ments) Offered cepted
m ents)
5 ....
6
2 0 ....
21
M ar.
5 ....
6
1 9 ....
21
170.8
107.7
7.75
297.3
168.7
7.81
In millions of
dollars
In
per cent
42.2
37.2
7.90
75.0
68.0
7.90
36.4
30.9
7.87
39.3
25.5
7.84
100.9
62.9
7.89
66.0
49.6
7.92
60.3
44.3
7.95
86.8
56.4
8.02
N ote.—Average secondary m arket yields are gross—before deduction
o f 38 basis-point fee paid for mortgage servicing. They reflect the average
accepted bid yield for home mortgages assuming a prepayment period of
12 years for 30-year loans, without special adjustm ent for FN M A com m it
ment fees and FN M A stock purchase and holding requirements. Begin
ning Oct. 18, 1971, the m aturity on new short-term commitments was
extended from 3 to 4 months. M ortgage amounts offered by bidders are
total eligible bids received.
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION ACTIVITY
GNMA MORTGAGE-BACKED SECURITY PROGRAM
(In millions o f dollars)
M ortgage
holdings
End o f
period
Total
1967.............
1968.............
1969.............
1970.............
1971.............
1972.............
3,348
4,220
4,820
5,184
5,294
5.113
1972-Feb.. .
M ar...
A p r.. .
M a y ..
June..
J u ly ...
A u g ...
S e p t...
O c t....
N o v ...
D e c ...
5,310
5,271
5,153
5,241
5,249
5,301
5,405
5,278
5,203
5,152
5.113
1 9 7 3 -Ja n ...
F e b ...
5,117
4,984
(In millions o f dollars)
M ortgage
commitments
M ortgage
transactions
(during
period)
FH A in
sured
VAguar
anteed
Pur
chases
2,756
3,569
4,220
4,634
592
651
600
550
860
1,089
827
621
393
Sales
1
M ade
during
period
Out
stand
ing
1,045
867
615
897
1,171
1,266
1,131
738
N ote.—G overnmental N ational M ortgage Assn. data. Total holdings
include a small am ount o f conventional loans. D ata prior to Sept. 1968
relate to Special Assistance and M anagement and Liquidating portfolios
o f former FN M A and include mortgages subject to participation pool o f
Government M ortgage Liquidation Trust, but exclude conventional
mortgage loans acquired by form er FN M A from the R FC M ortgage Co.,
the Defense Homes Corp., the Public Housing Admin., and Community
Facilities Admin.
Pass-through securities
Bonds
sold
Period
Applications
received
Securities
issued
1 ,126.2
4,3 7 3 .6
3,854.5
452.4
2,701.9
2,661.7
1,315.0
300.0
1972—Feb.,
M ar.
Apr.
May
Tune
July.
Aug.
Sept.
Oct..
Nov.
Dec.
511.2
528.3
187.8
216.4
245.8
135.5
548.3
192.0
237.8
226.4
440.9
391.2
322.5
275.1
212.9
193.2
145.8
140.3
130.9
164.1
138.2
299.8
200.0
1973—Jan..
Feb.
515.7
167.2
323.3
216.8
197 0
197 1
197 2
*5o6‘6‘
N ote.—G overnment N ational M ortgage Assn. data. Under the M ort
gage-Backed Security Program, G N M A guarantees the timely payment
o f principal and interest on both pass-through and bond-type securities,
which are backed by a pool o f mortgages insured by F H A or Farmers
Home Admin, or guaranteed by VA and issued by an approved mortgagee.
To date, bond-type securities have been issued only by FN M A and
FH LM C.
APRIL 1973 □ REAL ESTATE CREDIT
HOME-MORTGAGE YIELDS
GOVERNMENT-UNDERWRITTEN RESIDENTIAL
LOANS MADE
(In per cent)
(In millions o f dollars)
Secondary
market
Prim ary m arket
(conventional loans)
FH A -insured
HUD
series
(FHA )
FH LBB series
(effective rate)
Period
A 53
Yield
on FH A insured
new
home
loans
New
homes
Existing
homes
New
homes
1968.........................
1969.........................
1970.........................
1971.........................
1972.........................
6.97
7.81
8.44
7.74
7.60
7.03
7.82
8.35
7.67
7.52
7.12
7.99
8.52
7.75
7.64
7.21
8.29
9.03
7.70
7.52
1972—Feb..............
M ar..............
A pr..............
M ay.............
June.............
Ju ly .............
Aug..............
Sept..............
O ct...............
Nov..............
Dec..............
7.60
7.52
7.51
7.53
7.55
7.58
7.59
7.57
7.62
7.64
7.66
7.48
7.44
7.42
7.46
7.49
7.50
7.52
7.55
7.57
7.57
7.59
7.60
7.55
7.60
7.60
7.60
7.65
7.65
7.70
7.70
7 .70
7 .70
7.46
7.45
7.50
7.53
7.54
7.54
7.55
7.56
7.57
7.57
7.56
1973—J a n .r ...........
F eb..............
7.67
7.69
7.60
7.61
7.70
7.75
7.75
7.80
M ortgages
H U D (FH A ) data are based on opinion reports submitted by field
offices on prevailing local conditions as o f the first o f the succeeding
m onth. Yields on FH A-insured mortgages are derived from
weighted averages o f private secondary m arket prices for Sec.
203, 30-year mortgages with minimum downpayment and an
assumed prepaym ent at the end of 15 years. Gaps in data are
due to periods o f adjustment to changes in maximum permis
sible contract interest rates. The H U D (FHA ) interest rates
on conventional first mortgages in prim ary markets are un
weighted and are rounded to the nearest 5 basis points. The
FHLBB effective rate series reflects fees and charges as well
as contract rates (as shown in the table on conventional firstm ortgage terms, p. A-35) and an assumed prepayment at end
o f 10 years.
M ortgages
Period
Total
Ex
New isting
homes homes
1965............. 8,689 1,705 5,760
1966............. 7,320 1,729 4,366
1967............. 7,150 1,369 4,516
1968............. 8,275 1,572 4,924
1969............. 9,129 1,551 5,570
1970............. 11,982 2,667 5,447
1971 r ........... 14,689 3,900 6,475
1972............. 12,320 3,459 4,608
N o t e .—Annual data are averages o f monthly figures. The
V A -guaranteed
Pro
jects i
P rop
erty
im
Total*
prove
m ents 2
New
homes
Ex
isting
homes
591
583
642
1,123
1,316
3,251
3,641
3,448
634
641
623
656
693
617
674
805
2,652
2,600
3,405
3,774
4,072
3,440
5,961
8,293
876
980
1,143
1,430
1,493
1,311
1,694
2,539
1,776
1,618
2,259
2,343
2,579
2,129
4,267
5,754
1972—F e b r .
M ar.r
A p r.r
M ayr
Ju n e r
July r .
A ug.r
Sept . T
O ct.r .
N ov . r
D ec . T
1,109
1,293
945
913
1,077
900
1,018
949
862
985
964
366
349
272
259
271
261
310
245
255
261
190
448
449
381
369
372
374
440
340
343
331
245
251
441
241
229
363
218
201
287
170
312
444
44
54
51
56
71
47
67
77
94
97
85
568
667
516
613
858
675
776
758
720
790
715
203
235
173
189
243
183
224
212
204
246
220
365
432
343
424
615
492
552
546
516
544
495
1973—Ja n . .
Feb .
821
254
162
324
235
184
233
59
681
592
218
187
463
405
1 M onthly figures do not reflect mortgage amendments included in annual
totals.
2 N ot ordinarily secured by mortgages.
3 Includes refinancing loans, mobile home loans and also a small am ount of
alteration and repair loans, not shown separately, only such loans in amounts
o f m ore than $1,000 need be secured.
N o t e . — Federal Housing Admin, and Veterans Admin, data. FHA-insured
loans represent gross am ount o f insurance w ritten; VA-guaranteed loans,
gross amounts o f loans closed. Figures do not take into account principal
repayments on previously insured or guaranteed loans. F or VA-guaranteed
loans, amounts by type are derived from data on num ber and average
am ount o f loans closed.
FEDERAL HOME LOAN MORTGAGE
CORPORATION ACTIVITY
DELINQUENCY RATES ON HOME MORTGAGES
(Per 100 mortgages held or serviced)
(In millions o f dollars)
Loans n o t in foreclosure
but delinquent for—
End o f period
Loans in
fore
closure
Total
30 days
60 days
90 days
or more
1965.................
1966.................
1967.................
1968.................
1969.................
1970.................
1971.................
3.29
3.40
3.47
3.17
3.22
3.64
3.93
2.40
2.54
2.66
2.43
2.43
2.67
2.82
.55
.54
.54
.51
.52
.61
.65
.34
.32
.27
.23
.27
.36
.46
.40
.36
.32
.26
.27
.33
.46
1970—1...........
I I .........
I l l ___
IV ........
2.96
2.83
3.10
3.64
2 .1 4
2 .1 0
2.26
2.67
.52
.45
.53
.61
.30
.28
.31
.36
.31
.31
.31
.33
1971—1 ...........
I I ..........
I l l ........
IV ........
3.21
3.27
3.59
3.93
2.26
2.36
2.54
2.82
.56
.53
.62
.65
.39
.38
.43
.46
.40
.38
.41
.46
1972—1 ...........
I I .........
I l l ........
t\ / l e
IV*
1 ..
3.16
3.27
3.82
J4.66
\4 .6 5
2.21
2.38
2.74
3.41
3.42
.58
.53
.65
.79
.78
.37
.36
.43
.46
.45
.50
.48
.52
.50
.48
M ortgage
transactions
(during period)
End o f period
1 First line is old series; second line is new series.
N o t e .—M ortgage Bankers Association o f America data from
reports on 1- to 4-family FHA-insured, VA-guaranteed, and con
ventional mortgages held by more than 400 respondents, including
mortgage bankers (chiefly), commercial banks, savings banks, and
savings and loan associations.
M ortgage
holdings
Total
FH A VA
Con
ven
tional
325
968
1,789
325
821
1,503
147
286
325
778
1,298
1972—Jan..........
979
Feb..........
893
M ar.........
988
A pr......... 1,110
May . . . . 1,324
June........ 1,415
Ju ly......... 1,475
Aug......... 1,498
Sept......... 1,545
Oct.......... 1,631
N ov......... 1,744
Dec.......... ’’1,789
828
844
928
1,040
1,239
1,344
1,374
1,394
1,408
1,439
1,491
r 1,503
151
49
60
70
86
71
100
104
137
192
253
286
17
23
98
126
220
194
74
107
66
102
128
143
2
104
1,517
244
76
1970....................
1971....................
1972 »•..................
1973—Jan...........
1,761
Pur
chases
Sales
M ortgage
commitments
M ade
during
period
O ut
stand
ing
182
198
64
408
97
11
75
13
9
10
87
17
126
258
232
165
117
75
109
136
189
89
93
182
290
373
455
398
313
298
263
318
371
293
198
99
142
226
N o t e .— Federal Home Loan M ortgage Corp. data. D ata for 1970 include
only the period beginning Nov. 26 when the FH L M C first became operational.
Holdings, purchases, and sales include participations as well as whole loans.
Mortgage holdings include loans used to back bond issues guaranteed by
GNM A. Commitment data cover the conventional and Govt.-underwritten
loan programs.
A 54
CONSUM ER CREDIT □ APRIL 1973
TOTAL CREDIT
(In millions of dollars)
Instalm ent
End o f period
Noninstalment
Total
A uto
mobile
paper
O ther
consumer
goods
paper
R epair
and m od
ernization
loans 1
Personal
loans
Total
Single
payment
loans
Charge
accounts
T otal
Service
credit
1940.............................................
1945.............................................
1950............................................
1955.............................................
1960.............................................
8,338
5,665
21,471
38,830
56,141
5,514
2,462
14,703
28,906
42,968
2,071
455
6,074
13,460
17,658
1,827
816
4,799
7,641
11,545
371
182
1,016
1,693
3,148
1,245
1,009
2,814
6,112
10,617
2,824
3,203
6,768
9,924
13,173
800
746
1,821
3,002
4,507
1,471
1,612
3,367
4,795
5,329
553
845
1,580
2,127
3,337
1965.............................................
1966.............................................
1967.............................................
1968.............................................
1969.............................................
89,883
96,239
100,783
110,770
121,146
70,893
76,245
79,428
87,745
97,105
28,437
30,010
29,796
32,948
35,527
18,483
20,732
22,389
24,626
28,313
3,736
3,841
4,008
4,239
4,613
20,237
21,662
23,235
25,932
28,652
18,990
19,994
21,355
23,025
24,041
7,671
7,972
8,558
9,532
9,747
6,430
6,686
7,070
7,193
7,373
4,889
5,336
5,727
6,300
6,921
1970.............................................
1971............................................
1972............................................
127,163
138,394
157,564
102,064
111,295
127,332
35,184
38,664
44,129
31,465
34,353
40,080
5,070
5,413
6,201
30,345
32,865
36,922
25,099
27,099
30,232
9,675
10,585
12,256
7,968
8,350
9,002
7,456
8,164
8,974
1972— Feb..................................
M ar.................................
A pr..................................
M ay ................................
Ju n e ................................
July.................................
Aug.................................
Sept.................................
O ct...................................
D ec..................................
136,941
137,879
139,410
141,450
143,812
145,214
147,631
148,976
150,576
152,968
157,564
110,510
111,257
112,439
114,183
116,365
117,702
119,911
121,193
122,505
124,325
127,332
38,516
38,853
39,348
40,063
41,019
41,603
42,323
42,644
43,162
43,674
44,129
33,579
33,695
33,981
34,439
35,041
35,470
36,188
36,745
37,216
38,064
40,080
5,403
5,437
5,504
5,604
5,717
5,797
5,950
6,049
6,124
6,174
6,201
33,012
33,272
33,606
34,077
34,588
34,832
35,450
35,755
36,003
36,413
36,922
26,431
26,622
26,971
27,267
27,447
27,512
27,720
27,783
28,071
28,643
30,232
10,752
10,843
10,933
11,066
11,181
11,235
11,411
11,541
11,717
11,917
12,256
6,987
6,963
7,179
7,464
7,610
7,644
7,717
7,693
7,780
8,010
9,002
8,692
8,816
8,859
8,737
8,656
8,633
8,592
8,549
8,574
8,716
8,974
1973—Jan...................................
F eb..................................
157,227
157,582
127,368
127,959
44,353
44,817
39,952
39,795
6,193
6,239
36,870
37,108
29,859
29,623
12,204
12,409
8,357
7,646
9,298
9,568
1 Holdings o f financial institutions; holdings o f retail outlets are ineluded in “ other consumer goods paper.”
hold, family, and other personal expenditures, except real estate mortgage
loans. F or back figures and description o f the data, see “ Consumer Credit,”
Section 16 (New) o f Supplement to Banking and M onetary S tatistics, 1965
and B u l l e t in s for Dec. 1968 and Oct. 1972.
N o t e .— Consumer credit estimates cover loans to individuals for house-
INSTALMENT CREDIT
(In millions of dollars)
Financial institutions
End o f period
Total
Total
C om
mercial
banks
Finance
com pa
nies 1
Credit
unions
Retail outlets
Mis
cellaneous
lenders 1
Total
A uto
mobile
dealers 2
O ther
retail
outlets
1940,
1945.
1950.
1955.
1960.
5,514
2,462
14,703
28,906
42,968
3,918
1,776
11,805
24,398
36,673
1,452
745
5,798
10,601
16,672
2,278
910
5,315
11,838
15,435
171
102
590
1,678
3,923
17
19
102
281
643
1,596
686
2,898
4,508
6,295
167
28
287
487
359
1,429
658
2,611
4,021
5,936
1965
1966
1967
1968.
1969,
70,893
76,245
79,428
87,745
97,105
61,102
65,430
67,944
75,727
83,989
28,962
31,319
33,152
37,936
42,421
23,851
24,796
24,576
26,074
27,846
7,324
8,255
9,003
10,300
12,028
965
1,060
1,213
1,417
1,694
9,791
10,815
11,484
12,018
13,116
315
277
287
281
250
9,476
10,538
11,197
11,737
12,866
1970
1971
1972.
102,064
111,295
127,332
88,164
97,144
111,382
45,398
51,240
59,783
27,678
28,883
32,088
12,986
14,770
16,913
2,102
2,251
2,598
13,900
14,151
15,950
218
226
261
13,682
13,925
15,689
1972--F e b ........................................................
110,510
111,257
112,439
114,183
116,365
117,702
119,911
121,193
122,505
124,325
127,332
97,135
97,934
99,139
100,840
102,909
104,132
106,146
107,278
108,405
109,673
111,382
51,264
51,782
52,629
53,624
54,883
55,688
56,846
57,566
58,266
58,878
59,783
28,695
28,716
28,955
29,310
29,722
30,065
30,464
30,650
30,970
31,427
32,088
14,702
14,910
15,083
15,395
15,786
15,910
16,278
16,439
16,556
16,742
16,913
2,474
2,526
2,472
2,511
2,518
2,469
2,558
2,623
2,613
2,626
2,598
13,375
13,323
13,300
13,343
13,456
13,570
13,765
13,915
14,100
14,652
15,950
226
228
232.
237
243
248
251
253
257
259
261
13,149
13,095
13,068
13,106
13,213
13,322
13,514
13,662
13,843
14,393
15,689
1973-
127,368
127,959
111,690
112,630
60,148
60,582
32,177
32,431
16,847
16,973
2,518
2,644
15,678
15,329
263
266
15,415
15,063
Feb........................................................
1 Finance companies consist o f those institutions formerly classified
as sales finance, consumer finance, and other finance companies. Miscellaneous lenders include savings and loan associations and mutual
savings banks.
2 Automobile paper only; other instalment credit held by automobile
dealers is included with “ other retail outlets.”
See also
N o te to table above.
APRIL 1973 □ CONSUM ER CREDIT
A 55
MAJOR HOLDERS OF INSTALMENT CREDIT
(In millions o f dollars)
Commercial banks
Finance companies 1
Other consumer
goods paper
Automobile
paper
Total
M obile
homes
Credit
cards
Other
Repair
and
modern
ization
loans
Per
sonal
loans
Total
A uto
mobile
paper
O ther consumer
goods paper
Other
R epair
and
modern
ization
loans
P ur
chased
Direct
1,452
745
5,798
10,601
16,672
339
66
1,177
3,243
5,316
276
143
1,294
2,062
2,820
232
114
1,456
2,042
2,759
165
110
834
1,338
2,200
440
312
1,037
1,916
3,577
2,278
910
5,315
11,838
15,435
1,253
202
3,157
7,108
7,703
159
40
692
1,448
2,553
193
62
80
42
173
28,962
31,319
33,152
37,936
42,421
10,209
11,024
10,972
12,324
13,133
5,659
5,956
6,232
7,102
7,791
4,166
4,681
5,469
1,307
2,639
5,387
6,082
2,571
2,647
2,731
2,858
2,996
6,357
7,011
7,748
8,958
9,780
23,851
24,796
24,576
26,074
27,846
9,218
9,342
8,627
9,003
9,412
4,343
4,925
5,069
5,424
5,775
232
214
192
166
174
45,398
51,240
59,783
12,918
13,837
16.320
7,888
9,277
10.776
4,423
5.786
3,792
4,419
5.288
7,113
4,501
5,122
3,071
3,236
3.544
10,616
11,547
12.947
27,678
28,883
32.088
9,044
9,577
10.174
2,464
2,561
2.916
3,237
3,052
3.589
199
247
497
51,264
51.782
52,629
53,624
54,883
55,688
56,846
57,566
58,266
58,878
59.783
13,844
14,017
14,232
14,530
14,938
15,244
15,566
15,754
15,996
16,180
16.320
9,292
9,442
9,613
9,824
10,060
10,193
10,331
10,381
10,534
10,674
10.776
4,519
4,602
4,703
4,842
5,023
5,144
5,321
5,471
5,590
5,690
5.786
4,291
4,264
4,325
4,374
4,463
4,517
4,631
4,750
4,782
4,868
5.288
4,530
4,585
4,683
4,772
4,859
4,903
5,003
5,030
5,053
5,063
5,122
3,190
3,201
3,244
3,303
3,372
3,410
3,479
3,522
3,555
3,557
3.544
11,598
11,671
11,829
11,979
12,168
12,277
12,515
12,658
12,756
12,846
12.947
28,695
28,716
28,955
29,310
29,722
30,065
30,464
30,650
30,970
31,427
32.088
9,399
9,324
9,373
9,453
9,612
9,714
9,822
9,835
9,914
10,026
10.174
2,571
2,587
2,614
2,649
2,687
2,725
2,773
2,820
2,862
2,899
2.916
3,042
3,063
3,076
3,153
3,216
3,270
3,318
3,367
3,430
3,476
3.589
258
261
276
281
290
325
358
383
412
452
497
60,148
60,582
16,464
16,680
10,889
10,977
5,839
5,932
5,311
5,283
5,135
5,158
3,527
3,515
12,983
13,037
32,177
32,431
10,177
10,267
2,928
2,909
3,644
3,752
528
562
i Finance companies consist o f those institutions formerly classified as
sales finance, consumer finance, and other finance companies.
Mobile
homes
See also N o te to first table on preceding page,
NONINSTALMENT CREDIT
INSTALMENT CREDIT HELD BY OTHER
FINANCIAL LENDERS
(In millions o f dollars)
(In millions o f dollars)
End o f period
Total
A uto
mobile
paper
O ther
con
sumer
goods
paper
R epair
and
modern
ization
loans
Per
sonal
loans
1940...................................
1945...................................
1950...................................
1955...................................
1960...................................
188
121
692
1,959
4,566
36
16
159
560
1,460
7
4
40
130
297
13
10
102
313
775
132
91
391
956
2,034
1965...................................
1966...................................
1967...................................
1968...................................
1969...................................
8,289
9,315
10,216
11,717
13,722
3,036
3,411
3,678
4,238
4,941
498
588
654
771
951
933
980
1,085
1,215
1,443
3,822
4,336
4,799
5,493
6,387
1970...................................
1971...................................
1972...................................
15,088
17,021
19,511
5,116
5,747
6,598
1,177
1,472
1,690
1,800
1,930
2,160
6,995
7,872
9,063
1972— Feb........................
M ar.......................
A pr........................
M ay ......................
Ju n e ......................
Ju ly .......................
Aug........................
Sept.......................
O ct.........................
N ov.......................
Dec........................
17,176
17,436
17,555
17,906
18,304
18,379
18,836
19,062
19,169
19,368
19,511
5,755
5,842
5,898
6,019
6,166
6,204
6,353
6,421
6,461
6,535
6,598
1,477
1,499
1,512
1,543
1,580
1,589
1,628
1,645
1,656
1,675
1,690
1,955
1,975
1,984
2,020
2,055
2,062
2,113
2,144
2,157
2,165
2,160
7,989
8,120
8,161
8,324
8,503
8,524
8,742
8,852
8,895
8,993
9,063
1973—Jan.........................
Feb........................
19,365
19,617
6,560
6,627
1,680
1,698
2,138
2,162
8,987
9,130
N o t e .—O ther financial lenders consist o f credit unions and miscel
laneous lenders. Miscellaneous lenders include savings and loan associa
tions and mutual savings banks.
Single
payment
loans
Charge accounts
T otal
End o f period
Service
credit
Com
m er
cial
banks
O ther
finan
cial
insti
tutions
R etail
outlets
Credit
cards 1
2,824
3,203
6,768
9,924
13,173
636
674
1,576
2,635
3,884
164
72
245
367
623
1,471
1,612
3,291
4,579
4,893
76
216
436
553
845
1,580
2,127
3,337
1965................ 18,990
1966................. 19,994
1967................. 21,355
1968................. 23,025
24,041
6,690
6,946
7,478
8,374
8,553
981
1,026
1,080
1,158
1,194
5,724
5,812
6,041
5,966
5,936
706
874
1,029
1,227
1,437
4,889
5,336
5,727
6,300
6,921
1971.................
25,099
27,099
30,232
8,469
9,316
10,857
1,206
1,269
1,399
6,163
6,397
7,055
1,805
1,953
1,947
7,456
8,164
8,974
1972—F e b ....
M ar__
A pr—
M a y ...
June. . .
J u ly ...
Aug—
Sept.. .
O c t.. . .
N o v ....
D e c ....
26,431
26,622
26,971
27,267
27,447
27,512
27,720
27,783
28,071
28,643
30,232
9,415
9,491
9,594
9,717
9,831
9,900
10,053
10,165
10,339
10,527
10,857
1,337
1,352
1,339
1,349
1,350
1,335
1,358
1,376
1,378
1,390
1,399
5,111
5,102
5,296
5,587
5,689
5,664
5,676
5,613
5,794
6,081
7,055
1,876
1,861
1,883
1,877
1,921
1,980
2,041
2,080
1,986
1,929
1,947
8,692
8,816
8,859
8,737
8,656
8,633
8,592
8,549
8,574
8,716
8,974
1973—Jan.. ..
F e b ....
29,859
29,623
10,825
10,989
1,379
1,420
6,402
5,735
1,955
1,911
9,298
9,568
1940.................
1945.................
1950.................
1955................
1 Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank credit card accounts outstanding are included
in estimates o f instalment credit outstanding.
See also N o t e to first table on preceding page.
A 56
CONSUMER CREDIT o APRIL 1973
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions o f dollars)
Total
A utomobile paper
O ther consum er
goods paper
S.A.1
S.A.1
R epair and
modernization loans
Personal loans
Period
S.A.1
N.S.A.
N.S.A.
N.S.A.
S.A .i
N.S.A.
S.A .i
N.S.A.
Extensions
78,661
82,832
87,171
99,984
109,146
112,158
124,281
142,951
1965.............................................
1966.............................................
1967.............................................
1968.............................................
1969.............................................
1970.............................................
1971.............................................
1972.............................................
27,208
27,192
26,320
31,083
32,553
29,794
34,873
40,194
22,857
26,329
29,504
33,507
38,332
43,873
47,821
55,599
26,326
27,088
28,978
32,860
35,430
35,528
38,343
43,152
2,270
2,223
2,369
2,534
2,831
2,963
3,244
4,006
O ct..................................
N ov.................................
D e c.................................
10,952
11,741
11,374
11,687
12,057
11,687
12,484
11,953
12,404
12,846
12,627
9,540
11,746
11,224
12,556
13,096
11,833
13,166
11,535
12,337
12,806
13,643
3,100
3,176
3,162
3,274
3,412
3,298
3,491
3,368
3,504
3,620
3,763
2,777
3,363
3,269
3,699
3,938
3,480
3,696
3,110
3,663
3,505
3,195
4,052
4,453
4,370
4,393
4,577
4,684
4,990
4,772
4,971
5,118
4,876
3,422
4,337
4,158
4,593
4,779
4,544
5,094
4,695
4,831
5,202
6,171
296
323
331
334
351
328
371
340
335
327
351
247
303
326
399
403
358
431
360
347
321
280
3,504
3,789
3,511
3,686
3,717
3,377
3,632
3,473
3,594
3,781
3,637
3,094
3,743
3,471
3,865
3,976
3,451
3,945
3,370
3,496
3,778
3,997
1973—Jan...................................
Feb..................................
13,304
13,434
11,923
11,214
4,006
3,972
3,393
3,407
5,282
5,245
4,949
4,252
329
364
259
300
3,687
3,853
3,322
3,255
1972—Feb..................................
M ay ................................
Aug.................................
Repayments
1965.............................................
1966.............................................
1967.............................................
1968.............................................
1969.............................................
1970.............................................
1971.............................................
1972............................................
70,463
77,480
83,988
91,667
99,786
107,199
115,050
126,914
23,706
25,619
26,534
27,931
29,974
30,137
31,393
34,729
20,707
24,080
27,847
31,270
34,645
40,721
44,933
49,872
23,938
25,663
27,405
30,163
32,710
33,835
35,823
39,095
2,112
2,118
2,202
2,303
2,457
2,506
2,901
3,218
D ec..................................
10,069
10,427
10,384
10,355
10,671
10,593
10,841
10,667
10,908
11,128
10,964
9,787
10,999
10,042
10,812
10,914
10,496
10,957
10,253
11,025
10,986
10,636
2,776
2,831
2,867
2,819
2,922
2,917
2,896
2,873
3,041
3,023
2,977
2,711
3,026
2,774
2,984
2,982
2,896
2,976
2,789
3,145
2,993
2,740
3,878
3,944
3,986
3,981
4,164
4,249
4,395
4,303
4,354
4,444
4,341
3,889
4,221
3,872
4,135
4,177
4,115
4,376
4,138
4,360
4,354
4,155
253
262
268
287
283
279
270
263
263
271
263
243
269
259
299
290
278
278
261
272
271
253
3,162
3,390
3,263
3,268
3,302
3,148
3,280
3,228
3,250
3,390
3,383
2,944
3,483
3,137
3,394
3,465
3,207
3,327
3,065
3,248
3,368
3,488
1973—Jan...................................
Feb..................................
11,355
11,437
11,887
10,623
3,097
3,145
3,169
2,943
4,649
4,627
5,077
4,409
267
275
267
254
3,342
3,390
3,374
3,017
1972
Feb....................... ..........
A pr..................................
Ju n e ................................
July..................................
Aug.................................
N et change in credit outstanding 2
1965.............................................
1966.............................................
1967.............................................
1968.............................................
1969.............................................
1970.............................................
1971.............................................
1972.............................................
3,502
1,573
-2 1 4
3,152
2,579
-3 4 3
3,480
5,465
8,198
5,352
3,183
8,317
9,360
4,959
9,231
16,037
2,150
2,249
1,657
2,237
3,687
3,152
2,888
5,727
158
105
167
231
374
457
343
788
2,388
1,425
1,573
2,697
2,720
1,693
2,520
4,057
Oct...................................
N ov.................................
Dec..................................
883
1,314
990
1,332
1,386
1,094
1,643
1,286
1,496
1,718
1,663
-2 4 7
747
1,182
1,744
2,182
1,337
2,209
1,282
1,312
1,820
3,007
324
345
295
455
490
381
595
495
463
597
786
66
337
495
715
956
584
720
321
518
512
455
174
509
384
412
413
435
595
469
617
674
535
-4 6 7
116
286
458
602
429
718
557
471
848
2,016
43
61
63
47
68
49
101
77
72
56
88
4
34
67
100
113
80
153
99
75
50
27
342
399
248
418
415
229
352
245
344
391
254
150
260
334
471
511
244
618
305
248
410
509
1973—Jan...................................
Feb..................................
1,949
1,997
36
591
909
827
224
464
633
618
-1 2 8
-1 5 7
62
89
-8
46
345
463
-5 2
238
1972—Feb..................................
July.................................
A ug.................................
1 Includes adjustments for differences in trading days.
2 N et changes in credit outstanding are equal to extensions less re
payments.
N o t e . —Estimates are based on accounting records and often include
financing charges. Renewals and refinancing o f loans, purchases and
sales o f instalment paper, and certain other transactions may increase
the am ount o f extensions and repayments without affecting the am ount
outstanding.
F o r back figures and description of the data, see “ C onsum er
C redit,” Section 16 (N ew ) of S u p p le m e n t to B an k in g a n d M o n e ta ry
S tatistics , 1965 and B u l l e t in s for Dec. 1968 and Oct. 1972.
APRIL 1973 □ CONSUMER CREDIT
A 57
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions o f dollars)
Commercial banks
T o tal
Finance companies
O ther financial
lenders
Retail outlets
Period
S.A .1
N.S.A.
S .A .1 |
N.S.A.
S.A .1
N.S.A.
S.A .1
N.S.A.
S. A .1
N.S.A.
Extensions
78,661
82.832
87,171
99,984
109,146
112,158
124,281
142,951
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
25,265
25,897
26,461
30,261
32,753
31,952
32,935
38,464
29 ,#28
30,073
31,382
37,395
40,955
42,960
51,237
59,339
14,430
16,494
18,090
19,122
20,240
21,526
22,143
24,541
9,438
10,368
11,238
13,206
15,198
15,720
17,966
20,607
1972—F e b ..
M ar..
A pr..
M ay.
Ju n e.
J u ly ..
Aug..
Sept..
O ct..
N ov..
D ec..
10.952
11,741
11,374
11.687
12,057
11.687
12,484
11.953
12,404
12,846
12,627
9,540
11,746
11,224
12,556
13,096
11.833
13,166
11,535
12,337
12,806
13,643
4,518
4,622
4,644
4,817
5,098
4,926
5,349
4,972
5,227
5,413
5,313
4,009
4,777
4,780
5,335
5,617
5,103
5,644
4,852
5,224
5,059
5,096
2,941
3,197
3.196
3,244
3.196
3,107
3,285
3,181
3,334
3,434
3,355
2,614
3,173
3,071
3,410
3,479
3,184
3,433
2.971
3,348
3,581
3,766
1,700
1,887
1,582
1,674
1.792
1,506
1,788
1,731
1.705
1.792
1,791
1,527
1,874
1,564
1,879
2,036
1,580
2,014
1,683
1,679
1,704
1,642
1,793
2,035
1.952
1.952
1,971
2,148
2,062
2,069
2,138
2,207
2,168
1,390
1,922
1,809
1,932
1,964
1,966
2,075
2,029
2,086
2,462
3,139
1973—Jan..
Feb.
13,304
13,434
11,923
11,214
5,762
5,664
5,246
4,826
3,517
3,557
3,033
2.972
1.706
1,964
1,509
1,711
2,319
2,249
2,135
1,705
Repayments
70,463
77,480
83,988
91,667
99,786
107,199
115,050
126,914
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
25,663
27,716
29,549
32,611
36,470
40,398
45,395
50,796
13,433
15,470
17,421
18,588
19,142
20.742
21,892
22.742
8,311
9,342
10,337
11,705
13,193
14,354
16,033
18,117
23,056
24,952
26,681
28,763
30,981
31,705
31,730
35,259
1972—Feb..
M ar..
A p r..
M ay.
June.
J u ly ..
Aug..
Sept..
O c t...
N ov..
D ec..
10,069
10,427
10,384
10.355
10,671
10,593
10,841
10,667
10,908
11,128
10,964
9,787
10,999
10,042
10,812
10,914
10,496
10,957
10,253
11,025
10,986
10,636
3,980
3,983
4,073
4,121
4,250
4,366
4,414
4,221
4,408
4,531
4,485
3,902
4,259
3,933
4,340
4,358
4,298
4,486
4,132
4,524
4,447
4,191
2,787
2.971
2,948
2,918
2.971
2,883
3,021
2,938
3,023
3,061
2,952
2,642
3,152
2,832
3,055
3,067
2,841
3,034
2,785
3,028
3,124
3,105
1,461
1,605
1,507
1,459
1,566
1,419
1,510
1,533
1,550
1,578
1,561
1,365
1,614
1,445
1,528
1,638
1.505
1,557
1,457
1,572
1.505
1,499
841
868
856
857
884
925
896
975
927
958
966
1.878
1,974
1,832
1,889
1.851
1.852
1,880
1.879
1,901
1,910
1,841
1973—Jan..
Feb..
11.355
11,437
11,887
10,623
4,734
4,684
4,881
4,392
3,033
3,030
2,944
2,718
1,532
1,625
1,655
1,459
056
098
2,407
2,054
N et change in credit outstanding 2
8,198
5,352
3,183
8,317
9,360
4,959
9,231
16,037
1965
1966
19671.............................................
1968I.............................................
1969>.............................................
1970).............................................
1971[.............................................
1972>
*—Feb..................................
3,865
2,357
1,833
4,784
4,485
2,977
5,842
8,543
1,127
1,026
901
1,501
2,005
1,366
1,933
2,490
2,209
945
-2 2 0
1,498
1,772
—168
1,205
3,205
997
1,024
669
534
1,098
784
251
1,799
M ar..................................
A pr..................................
M ay ................. ..............
Ju n e ................................
July.................................
Aug..................................
Sept.................................
O ct...................................
N ov.................................
D ec..................................
883
1,314
990
1,332
1,386
1,094
1,643
1,286
1,496
1,718
1,663
-2 4 7
747
1,182
1,744
2,182
1,337
2,209
1,282
1,312
1,820
3,007
538
639
571
696
848
560
935
751
819
882
828
107
518
847
995
1,259
805
1,158
720
700
612
905
154
226
248
326
225
224
264
243
311
373
403
-2 8
21
239
355
412
343
399
186
320
457
661
239
282
75
215
226
87
278
198
155
214
230
162
260
119
351
398
75
457
226
107
199
143
-4 8
167
96
95
87
223
166
94
211
249
202
-4 8 8
-5 2
-2 3
43
113
114
195
150
185
552
1,298
1973-5—Jan...................................
Feb..................................
1,949
1,997
36
591
1,028
980
365
434
484
527
89
254
174
339
-1 4 6
252
263
151
-2 7 2
-3 4 9
1 Includes adjustments for differences in trading days.
2 N et changes in credit outstanding are equal to extensions less re
payments, except in certain m onths when data for extensions and repay
ments have been adjusted to eliminate duplication resulting from large
transfers o f paper. In those m onths the differences between extensions
and repayments for some particular holders do not equal the changes in
their outstanding credit. Such transfers do not affect total instalment
credit extended, repaid, or outstanding.
N ote.—Other financial lenders include credit unions and miscellane
ous lenders. See also N ote to preceding table and footnote 1 at bottom of p.
A-54.
A 58
INDUSTRIAL PRODUCTION: S.A. □ APRIL 1973
MARKET GROUPINGS
(1967 = 100)
Grouping
Total index........................................
Products, to ta l......................................
Final products .................................
Consumer goods..........................
Equipm ent.....................................
Interm ediate pro d u cts................... .
M aterials................................................
1967
p ro
por
tion
1972
1972
aver
age*
Feb.
M ar.
Apr.
May
100.00 114.4 110.0 111.2 112.8 113.2
62.21
48 .9 5
June
July
113.4 113.9
1973
Aug.
Sept.
115.0 116.1
Oct.
N o v .r Dec,
117.5
118.5
Jan.
119.2 119.9 120.9
113.1 109.5 110.1 111.4 112.1 112.0 112.2 113.3 114.4 115.9 117.3 117.5 118
1 1 1.2
1 0 7 .6
1 0 8 .2
10 9 .8
1 1 0 .2
Feb.*
119.1
110.1
110.1
1 1 1.3
1 1 2 .4
1 1 3 .9
1 1 5 .0
1 1 5 .3
1 1 6 .4
1 1 7 .0
1 2 6 .0
1 2 3 .9
125.8
1 2 5 .4
1 2 8 .3
130
13 3 .9
1 3 5 .5
1 3 7 .0
28.53 123.1 119.6 119.6 122.0 122.2 122.1 122.0 123.1 124.4 125.6 126.8 126.7 127.8 127.9
20.42 94.5 90.9 92.4 92.7 93.4 93.3 9 3.4 94.8 95.8 97.3
98.5 99.4 100.6 101.7
13.26 120.5 117.0 117.3 117.3 119.3 119.1 120.5 121.2 121.7 123.4 125.9 125.7 126.1 127.2
37.79 116.4 110.8 113.1 115.0 115.6 116.1 116.8 117.4 119.1 120.3 120.6 122.0 122.1 123.9
Consumer goods
Durable consumer goods ....................
Automotive products......................
A utos..............................................
Auto parts and allied g o o d s.. . ,
2.84 127.1 119.5 119.3 128.9 127.4 125.7 124.7
1.87 112.7 106.4 104.6 114.3 111.3 108.2 108.2
.97 154.7 144.5 147.5 157.0 158.3 159.3 156.9
Home goods........................................ .
Appliances, TV, and ra d io s..........
Appliances and A /C ...............
TV and home audio.............. .
Carpeting and furniture.................
Misc. home g o o d s...........................
5.02
1.41
.92
.49
1.08
2.53
124.5
127.1
144.5
87.5
132.6
121.0
120.7
123.1
146.9
78.3
126.1
117.2
118.7
115.1
131.9
84.0
127.1
117.2
124.2
132.2
149.3
100.1
131.3
116.9
124.3 126.1
129.3 125.9
148.2 141.2
93.7 97.2
132.0 134.0
118.2 122.9
123.5 125.1
121.6 119.7
138.5 141.8
89.9 78.6
132.6 138.4
120.6 122.4
125.7
123.1
142.8
86.1
134.5
123.4
127.2
124.0
147.8
79.4
137.6
124.5
126.9
121.8
141.9
83.9
137.6
125.2
129.1
133.0
151.0
99
139.0
122.8
134.4
139.9
151.9
117.4
143.3
127.8
134.6
137.7
153.8
108.0
143.3
129.0
Nondurable consumer goods ............ .
Clothing.............................................
Consumer staples...........................
Consumer foods and to b a c co ..
2 0 .6 7
1 2 2.2
1 1 9 .3
1 1 9 .9
12 0 .5
1 2 1 .0
12 1 .3
1 2 3 .9
1 2 4 .5
1 2 5 .3
12 3 .9
1 2 4 .9
12 4 .5
N onfood staples.........................
Consumer chemical products
Consumer paper p ro d u c ts...
Consumer fuel and lighting.,
Residential utilities............
7.98
2.64
1.91
3.43
2.25
135.0
144.3
114.7
139.2
147.5
132.4
144.3
112.1
134.5
142.5
132.0
141.4
113.9
134.9
142.3
132.8
145.4
111.4
134.8
142.1
133.1
144.8
111.1
136.3
143.2
132.2
140.2
112.5
136.8
145.0
133.6 133.8 137.2 138.3
141.3 141.7 146.4 145.0
112.5 112.2 115.6 118.6
139.4 139.8 141.9 144.0
147.0 147.5 150.3 152.1
138.6
143.9
119.3
145.1
154.5
138
142.5
119.5
145.2
155.6
141.1
147.4
119.4
148.3
158.5
139.4
145.2
119.3
146.3
157.4
12 .7 4
1 0 4 .3
9 9 .9
1 0 1 .3
10 1 .3
10 2 .5
1 0 2 .4
102.1
1 0 5.0
97.2
98.3
86.7
123.5
96.7
98.0
87.1
120.5
1 10.1
111.1
1 1 3 .6
95.4 96.3 95.7 96.3
99.6 101.2 98.4 97.0
83.4 84.5
84.9 85.9
122.7 122.0 121.4 122.8
99.9 102.8 103.7 105.8 107.3
104.8 105.7 105.4 104.2 108.0
89.4 92.6 94.0 96.9 98.5
122.4 126.3 127.2 130.8 129.6
1 1 4 .4
7 .8 6
12 5 .4
1 2 0 .3
1 1 8 .9
12 5 .9
1 2 5 .3
1 2 0 .6
127.1 124.8 130.3
109.5 109.6 116.9
160.9 153.9 156.1
122.1
4.32 107.8 102.7 105.0 105.0 106.2 106.8 108.0 109.1 110.0 110.3
16.34 126.0 123.7 123.9 124.6 124.9 124.3 124.8 125.5 127.6 128.2
8.37 117.4 115.5 116.3 116.8 117.2 116.8 116.4 117.6 118.5 118.5
137.5 142.0 137.3 141.0
126.6 133.9 126.0 131.5
158.6 158.0 159.0 159.2
110.4 109.0 108.1
129.2 127.8 129.4 x ik '.i
120.3 117
118.2 118.5
Equipment
Business equipment...........................
Industrial equipm ent.....................
Building and mining equip.
M anufacturing equipm ent
Power equipm ent.......................
Commercial, transit, farm eq.. . .
Commercial equipm ent.............
Transit equipm ent.....................
Farm equipm ent.........................
Defense and space equipment .......... .
Military products.............................
6.77 99.3
1.45 101.9
3.85
88.6
1.47 124.6
5.97 110.0 105.1 107.0 107.6 109.6 108.4 108.3
3.30 117.8 111.9 114.7 114.1 116.4 116.7 117.3
2.00 96.7 94.7 95.4 97.0 98.9 94.4 92.5
.67 110.6 102.4 103.5 106.8 108.2 109.7 111.2
7 .6 8
7 8 .2
5.15
80.6
1 0 6 .7
10 8 .5
110.7 111.2 113.8
120.0 121.5 122.7
93.0 93.1
96.8
117.7 114.7 120.3
108.7 109.1
108.6 110.3
100.4 99.6
130.6 132.9
115.3 115.4 119.4
123.2 122.6 125.1
101.9 101.7 110.3
116.3 120.0 118.3
120.5
127.0
111.5
116.4
8 0 .1
7 9 .0
8 0 .5
81.4
80.7
81.9
7 8 .5
7 8 .2
7 8 .3
7 8 .9
77 .9
81.3
81.1
80.4
81.6
79.9
77.7
79.3
80.3
115.
115.9 116.5 118.0 117.8 119.8
118.0 118.5 118.0 120.4 120.2 121.1
119.3
122
120.6
122.6
123.1
123.6
126.1 124.6 125.8 127.2
125.6 126.7 126.2 127.2
1 0 5 .8
1 1 2 .6
1 1 6 .0
1 1 7 .4
1 1 7 .7
120.1
1 2 0 .7
1 2 3 .2
12 3 .7
1 2 2 .7
12 3 .9
12 4 .4
12 5 .5
1 2 4 .4
1 2 5 .0
7 6 .0
78.5
7 7 .6
80.7
7 8 .6
7 9 .3
81.2
Interm ediate products
C onstruction products....................... .
Misc. intermediate products............ .
5.93 119.7
7.34 121.1
M aterials
Durable goods materials .....................
C onsumer durable p a rts .................
Equipment p arts...............................
Durable materials nec.....................
20 .9 1
112.1
4.75
5.41
10.75
113.1
97.1
119.3
107.1 110.2 113.8 112.0 112.0 111.4
90.7 91.0 95.4 95.3 95.3 98.2
112.8 115.2 116.5 118.6 118.6 118.2
Nondurable goods materials ...............
Textile, paper, and chem. m at___
N ondurable materials n.e.c............
Fuel and power, industrial.................
1 3 .9 9
1 2 1 .7
1 1 7 .0
1 0 7 .8
11 0 .4
111.1
111.1
11 9 .8
12 0.6
1 2 1 .3
1 2 2.5
8.58 128.0 121.5 125.0 125.9 127.1
5.41 111.6 109.9 111.4 112.3 112.3
2.89 121.2 117.7 118.9 121.6 120.7
11 1 .5
1 2 3 .3
128.5 130.1
113.1 112.3
121.7 123.5
114.0 116.3 116.6 115.8 118.0 118.9 120.0
97.8 100.7 102.6 103.6 105.7 104.4 107.2
119.5 123.6 125.2 125.7 128.5 129.7 132.7
131.1 129.2 130.7 132.7 134.8 133.2 133.2
111.9 112.4 113.0 111.2 110.9 110.5 112.0
121.5 125.0 124.3 122.5 118.7 120.7 123.0
Supplementary groups
Home goods and clothing..................
Containers..............................................
9.34 116.8 112.4 112.3
1.82 126.8 123.7 120.3
115.3 115.9 117.2 116.3
127.5 127.0 130.2 128.8
117.7 118.5 119.4 119.2 119.8 122.2 122.5
125.7 122.6 127.2 134.2 135.1 128.7 132.3
Gross value of products
in market structure
(In billions of 1963 dollars)
Products, total ...................
Final pro d u cts..............
Consumer goods
Equipm ent.................
Intermediate products.
For N ote see p. A-61.
4 3 5 .9
4 3 8 .3
317.7 309.2 312.3 317.1 318.5 317.5 314.3 319.0 321.7 327.6 332.5 332.6 335.5
223.7 218.8 220.4 224.8 225.1 224.6 222.5 225.5 226.9 231.0 233.9 233.8 234.5
91.8 93.7 94.9 96.8 98.5 98.9 101.0
94.0 90.4 91.9 92.4 93.3 93.1
94.3 95.8 96.0 95.9 97.4 99.2 99.5 100.6
95.5 92.9 93.2 92.8 94.5
336.8
234.7
102.3
101.2
413.1
40 2 .0
4 0 5 .6
4 0 9 .7
4 1 3 .0
4 1 2 .0
41 0 .1
4 1 4 .7
4 1 7 .5
4 2 5 .0
4 3 1 .8
4 3 1 .8
APRIL 1973 □ INDUSTRIAL PROD U CTION: S.A.
A 59
INDUSTRY GROUPINGS
(1967 = 100)
Grouping
D u rab le.................................................
N ondurable..........................................
Mining and utilities................................
1967
pro
p o r
tion
1972
aver
age*
8 8 .5 5
52.33
36.22
11.45
6.37
5.08
1972
Feb.
M ar.
1 1 3 .1
1 0 8 .5
107.4
121.5
123.8
108.3
143.2
102.1
117.8
121.6
107.2
139.7
12.55 1 1 3 .0
6.61 112.8
4.23 106.9
5.94 113.3
10 5 .4
1973
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
D e c .r
Jan.
1 0 9 .7
1 1 1 .8
1 1 2 .3
1 1 2 .6
1 1 3 .2
103.4
118.8
122.3
108.5
139.7
105.8
120.3
122.9
109.0
140.2
106.3
120.8
122.6
107.9
141.1
1 14.1
1 1 5 .2
1 1 6 .6
1 1 7 .4
107.7 108.4 109.7 111.4 112.4
121.0 122.6 123.3 124.3 124.7
123.2 123.8 125.9 126.2 127.2
107.9 107.7 110.2 110.0 110.1
142.5 144.1 145.6 146.6 148.7
1 1 8 .5
106.8
121.3
122.7
108.2
140.9
1 1 9 .2
144.1
125.0
126.2
108.3
148.6
114.9 116.1
125.3 126.2
127.3 127.7
108.5 108.6
150.8 151.6
1 0 7 .4
1 1 0 .4
1 1 2 .7
112.1
1 1 4 .5
1 2 2 .8
1 2 3 .4
1 2 4 .4
1 0 8 .7
1 0 9 .2
113.2
111.6
115.0
106.6
137.2
77.1
127.2
86.5
1 1 0 .5
113.1
110.5
116.0
105.9
135.3
77.6
122.6
87.3
1 2 0 .9
122 .1
1 2 4 .0
1 2 7 .0
1 3 0 .6
1 3 0 .8
Feb.*
1 2 0 .2
Durable manufactures
Prim ary and fabricated m e ta ls .............
Primary m etals....................................
Fabricated metal pro d u cts...............
102.6 105.1
95.9 98.8
108.6 110.1
1 1 4 .0
1 1 6 .4
1 1 8 .4
1 1 9 .6
104 .1
1 0 5 .7
1 0 7 .0
111.9 114.9
104.9 107.7
112.3 114.1
113.6 117.4 119.3
107.3 113.4 114.1
114.4 115.2 117.5
120.2 126.6 126.7 126.7
114.3 117.4 119.0 121.2
118.8 118.6 119.8 121.9
1 03.1
3 2 .4 4
102.1
101.1
1 0 1 .0
1 0 1 .6
1 0 2 .0
Transportation equipm ent...............
M otor vehicles and p a rts.............
Aerospace and misc. trans. e q . ..
Instrum ents..........................................
Ordnance, private and G ovt............
17.39
9.17
8.22
9.29
4.56
4.73
2.07
3.69
105.2
103.1
107.5
98.9
122.8
75.8
118.7
86.6
99.5 100.3
96.2 97.6
103.2 103.3
94.7 95.9
117.7 118.8
72.7 73.9
114.5 114.2
83.7
86.4
102.6
98.6
107.1
100.4
125.6
76.1
116.1
87.3
103.0
100.4
105.9
98.9
122.6
76.1
117.3
87.6
104.8
101.8
108.0
97.4
119.3
76.4
119.3
87.8
104.8 107.1 108.3
102.9 106.1 107.0
107.1 108.1 109.7
98.2 98.4 99.8
121.4 121.6 123.0
75.9 76.0 77.3
119.9 120.9 122.4
88.0 86.2 84.8
Lumber , clay, and gla ss ..........................
4 .4 4
1 1 9 .7
1 1 8 .0
118 .1
1 1 8 .2
1 1 9 .0
122.7
117.9
119.7 119.6 119.9 119.1
117.0 117.2 117.1 117.5
119 .1
1.65
2.79
121.8 121.5
117.4 117.7
2 .9 0
1 2 2 .6
11 7 .3
122.1
M achinery and allied goods ...................
N onelectrical m achinery...............
Lum ber and p ro d u cts........................
Clay, glass, and stone p roducts----Furniture and fixtures.......................
Miscellaneous manufactures............
1.38 113.1
1.52 131.2
9 7 .3
110.2 113.5
105.5 108.3
110.8 111.9
9 8 .4
118.1
1 1 8 .4
1 1 9 .9
1 2 0 .6
108.4 108.7 111.7 110.7
125.4 127.2 127.4 129.6
1 2 3 .7
1 1 9 .6
109.6
108.8
110.4
102.1
127.6
77.5
122.9
86.3
110.4
110.6
110.2
105.0
132.0
7 9.0
123.3
86.9
1 2 0 .5
1 2 3 .0
1 2 2 .8
1 2 6 .6
1 2 6 .2
1 2 6 .2
121.1 122.8
118.7 119.1
1 2 6 .7
112.8 115.5 117.6 116.7
130.6 131.0 135.1 135.6
113.7
111.6
116.1
109.9
141.0
79.9
128.6
87.2
128.1 128.2 124.3 126.8 127.3
120.0 119.7 118.9 119.4 122.2
116.1 117.4 118.5
135.4 134.0 134.5
119.6 121.3
140.7 139.5
Nondurable manufactures
Textiles, apparel, and leath er ...............
Textile mill p ro d u cts.........................
Apparel p roducts................................
Leather and p ro d u cts........................
Paper and prin tin g ..................................
Paper and p ro d u cts............................
Printing and publishing.....................
Chemicals, petroleum, and rubber . . . .
Chemicals and products...................
Petroleum p ro d u cts............................
Rubber and plastics products..........
6 .9 0
101.1
1 0 3 .7
1 0 6 .1
1 0 4 .9
11 2 .6
1 1 2 .6
1 1 2 .3
1 1 4 .1
1 3 3 .4
1 3 6 .1
1 3 7 .5
1 1 6 .3
1 1 7 .6
1 1 7 .1
1 1 7 .6
118.6 118.5
103.9 99.1
119.3
96.4
114.5 107.0 110.9 113.5 112.8
104.2 100.1 102.7 103.3 102.8
88.1
86.9 85.4 9 4.4 89.2
7 .9 2
1 1 5 .4
3.18 126.7 122.8 122.5 124.4 127.2
4.74 108.0 105.8 105.9 104.2 105.3
1 1 .9 2
1 3 7 .5
13 2 .6
7.86 139.3 135.1 135.7 137.9 138.9
1.80 120.1 118.7 117.9 117.0 119.5
2.26 145.0 135.0 138.1 144.7 146.5
9 .4 8
Tobacco p ro d u cts..............................
1 0 6 .2
2.69
3.33
.88
1 1 7 .4
1 1 5 .9
8.81 118.4 116.9 117.5
.67 104.4 102.5 101.9
1 0 5 .9
1 0 4 .8
1 0 6 .8
1 0 8 .0
1 09.1
109.1
1 1 0 .7
1 1 5 .2
1 1 6 .4
1 1 5 .3
1 1 8 .6
1 2 0 .9
1 2 0 .6
1 3 7 .4
1 3 9 .9
141.1
1 4 1 .6
1 4 0 .6
141.3 143.4 143.8
120.4 120.7 124.1
150.4 149.6 148.2
141.5 141.5 145.4 147.1
123.4 124.8 129.0 125.0
151.3 154.4 155.3 156.2
1 1 6 .8
1 1 0 .0
1 0 9 .9
113.9 112.7 116.5 116.6 118.5 118.4 119.9 119.4 119.9
103.0 102.2 104.3 105.5 106.8 109.3 109.5 110.0
92.2 90.2 86.5 91.6
87.4 81.3
85.7
88.6 80.1
115.1
126.7 126.9
107.3 107.2
137.1
139.5 139.5
117.3 119.5
145.0 144.1
127.8 124.1 127.9 133.3 134.4
108.7 109.4 112.4 112.6 111.3 111.5
113.0
14 1 .5
1 4 4 .8
1 4 5 .5
1 1 8 .3
1 1 8 .2
1 1 9 .4
1 1 4 .6
1 1 4 .8
1 1 7 .6
1 1 7 .8
1 1 8 .9
118.3
108.5
1 1 8 .8
118.3
96.7
9 5 .8
1 0 1 .0
1 0 6 .5
1 0 6 .2
1 1 3 .0
115.2 123.4 122.3
91.4 94.9 95.2
136.7
97.0
141.8 138.6 140.5
96.0 98.4 99.1
1 1 1 .0
1 0 9 .3
111.1
1 0 9 .2
1 0 6 .8
120.0 118.2 119.4 119.5
103.0 111.8 112.5 102.5
119.0 120.2
107.9
Mining
1 0 4 .8
1 0 9 .8
1 0 4 .6
9 9 .4
.51
.75
120.8
93.9
133.7 131.0 122.2
93.5 92.7 92.6
110.7
91.7
102.9 102.2
97.4 91.6
5 .1 1
1 0 9 .2
1 0 6 .5
9 9 .6
1 1 0 .0
1 0 9 .9
1 1 0 .5
3.91
1.17
149.1
1 .2 6
Stone and earth m inerals.................
.69 103.2
4.42 110.2
1 0 8 .3
1 0 8 .6
9 9 .6
104.1 112.9 105.0 109.1 114.4
107.6 109.3 109.6 110.7 110.7 110.5
1 1 0 .9
1 0 7 .0
1 1 5 .7
1 0 7 .0
97.2 104.2 99.3
111.2 112.1 112.7
101.0 97.1
95.8 101.9
110.5 108.2 108.7 107.8
150.2 152.0
155.2
Utilities
For N ote see p. A-61.
144.4 144.8 145.6 147.1
146.8 148.6
152.8
155.2 157.6 158.6
A 60
INDUSTRIAL PRODUCTION: N.S.A. □ APRIL 1973
MARKET GROUPINGS
(1967 = 100)
G rouping
Total index.
Products, to ta l..................
Final pro d u cts ...............
Consumer g o o d s.. . .
Equipm ent.................
Intermediate products.
M aterials...........................
1967
p ro
p o r
tion
1972
aver
age*
1972
Feb.
100.00 114.4 110.3
62.21
M ar.
Apr.
May
111.6 113.6 113.4
113.1 109.0 110.0 111.7
June
July
116.5 109.2
1973
Aug.
Sept.
115.4 120.3
Oct.
Nov.
121.3
118.7 116.0 117.2
110.8 115.2 109.1
115.2 120.7 120.8 117.1
1 2 6 .0
119 .3
Dec.
Jan.
Feb.*
121.5
113.0 115.1
118.8
111.2 1 0 7 .7 1 0 8 .3 1 1 0 .2 1 0 8 .5 11 3 .3 1 0 6 .3 1 1 2 .7 1 1 8 .7 1 1 8 .6 1 1 4 .8 1 1 1 .0 114 .1 1 1 7 .4
28.53 123.1 119.4 119.2 122.4 119.6 126.0 117.0 126.5 133.5 132.7 126.0 119.7 124.5 128.0
91.4 93.1
95.6 91.4 93.4 98.0 99.0 99.2 98.8 99.6 102.5
20.42 94.5
93.2 93.1
13.26 120.5 113.
116.5 117.4 119.5 122.2 119.2 124.4 128.0 128.7 125.6 120.3 119.0 123.8
37.79 116.4 112.4 114.5 116.6 117.7 118.7 109.4 115.8 119.6 122.1 121.4 120.9 120.6 126.0
4 8 .9 5
Consumer goods
Durable consumer goods .................
7 .8 6
1 2 5.4
12 2 .9
1 2 1.8
1 2 8 .8
1 2 9 .3
Automotive products.................
A utos........................................
Auto parts and allied goods.
2.84 121A
1.87 112.7
.97 154.7
138.2 132.6 133.5
126.5 126
117.0 115.1 128.0 121.3 120.1
144.8 147.8 157.8 154.3 159.3
Home goods......................................
Appliances, TV, and home audio,
Appliances and A /C ................
TV and home audio................
Carpeting and fu rn itu re..............
Misc. hom e goods........................
5 .0 2
Nondurable consumer g o o d s ................
Clothing..............................................
C onsumer staples...............................
Consumer foods and tobacco. . .
N onfood staples............................
Consumer chemical products.
Consumer paper products___
Consumer fuel and lighting. .
Residential utilities..............
1.41
.92
.49
1.08
2.53
2 0 .6 7
120.8
1 1 9 .3
1 2 3 .5
1 2 2 .3
127.2
150.3
83.9
131.4
112.7
120.1
139.3
84.1
130.8
113.9
1 2 6 .9
124.7
144.5
87.5
132.6
121.0
131.9 124.9
156.6 146.9
85.6 83.7
131.8 128
115.3 118.2
125.6
147.4
84.
132.
125.2
1 2 2 .2
118.1
1 1 8 .2
1 1 9 .9
1 2 4 .7
12 4.5
4.32 107.8
16.34 126.0
8.37 117.4
7.98
2.64
1.91
3.43
2.25
117
106.6 108.1 113.2 102.7
121.2 120.9 121.7 120.9
111.2 113.0 114.8 114.7
113.2
127.8
120.8
1 0 7 .4
92.
61.0
153.9
1 3 3 .6
1 3 1 .9
1 1 5 .6
1 2 6 .0
109.6
134.9
62.2
114.4
119.5
112.2
128.9
80.9
138.7
128.3
127.7
143.5
98.2
139.6
130.9
1 2 0 .6
1 2 9 .2
133.
97.2
126.
115.8
1 3 9 .8
107.5 136.5 146.3
78.4 120.6 135.6
163.3 167.1 166.9
113.5 116.9
133.4 137.8
123.9 128.7
1 3 6 .2
13 4 .5
1 2 4 .9
1 3 0 .8
1 2 5 .8
129.1
142
165.0 143.5
101.2 102.2
139.7 140.
131.1 127.6
.122.0
134.6
98.4
140.0
121.9
1 2 2 .7
1 1 7 .7
1 3 0 .0
1 3 3 .8
141.2 123.2 139.8
132.9 109.
134
157.0 149.0 149.5
114.7
134.0
125.4
108.2 100.1
126.5 122.3
118.7 111.0
1 4 0 .1
149.7
144.6
159.5
1 3 0 .4
1 3 4 .7
138.9
152.4
113.6
142.2
120.6
142.7
157.2
115.7
149.3
124.1
1 2 0 .9
1 2 3 .4
103.0
125.6
111.9
126.3
114.1
135.0 131.7
144.3 137.7
114.7 109.1
139.2 139.6
147.5 150.1
129.2
135.0
110.
135.0
144.2
128.9 127.4
142.3 143.9
110.3 107.9
129.0 125.5
136.3 128.7
135.1
152.3
116.2
132.4
137.5
138.3
146.9
114.2
145.1
154.6
143.4
148.4
120.4
152.4
165.3
147.3
159.3
122.8
151.6
163.8
143.0
158.3
124.9
141.3
148.1
134.6
143.
118.5
136.4
141.4
134.2
132.5
113.4
147.2
156.6
140.0
138.6
112.3
156.6
170.5
139.0
138.5
116.1
152.1
166.1
1 0 4 .3
1 0 2 .2
1 0 2 .3
10 5 .6
9 9 .5
1 0 3 .2
1 1 0 .2
1 1 1 .2
1 1 0 .7
1 0 9 .3
1 1 1 .6
1 1 5 .8
117.7 115.6 112.5 116.4
124.8 123.6 120.4 120.7
104.0 104.6 99.2 108.4
123.2 109.0 113.2 118.9
122.2
126.4
114.5
124.9
Equipment
Business equipm ent .......................
1 2.74
1 0 0 .7
1 0 2 .2
Industrial equipm ent...............
Building and mining eq u ip .,
M anufacturing eq u ip m en t.,
Power equipm ent.................
6.77 99.3
1.45 101.9
3.85
88.6
1.47 124.6
96.2 96.4 95.7 95.7
99.5 97.9 99.0 96.3
84.8 85.5
85.6 86.2
120.6 121.4 121.2 121.8
Commercial, transit, farm eq..
Commercial equipm ent___
Transit equ ip m en t...............
Farm equipm ent...................
5.97 110.0
3.30 117.8
2.00 96.7
.67 110.6
105.8
110.1
97.3
109.9
Defense and space equipm ent .
M ilitary products.................
108.7 109.
112.6 112.2
99.5 104.8
117.2 113.2
109.6
114.7
100.9
110.0
99.0 96.0
101.4 98.0
88.2 85.2
124.9 122.3
113.0 103.4
121.9 120.2
97.9 78.2
114.4 95.2
78 .1
7 8 .9
81.3
81.7
7.6 8
7 8 .2
75 .9
7 7 .9
80.6
78.4
7 8 .0
5.15
81.0
81.1
5.93
7.34
119.7
121.1
113.7
113.9
116.9
116.1
118.9 120.6
116.2 118.7
2 0.91
112.1
107.5
1 1 0 .2
112.
99.5 105.2 105.5
102.3 107.5 107.1
89.2 93.6 94.9
123.7 133.2 131.8
107.4 115.8
122.0 127.2
85.2 95.2
101.0 120.8
7 7 .9
77.1
81.0
79.3
77.7
79.2
7 8 .7
106.3 106.4 107.4 110.1
108.4 109.9 107.6 110.2
96.6 97.7 99.2 102.2
129.4 125.
128.8 130.6
8 0 .0
8 1 .3
7 9 .6
82.0
8 0 .5
80.9
81.8
80.0
81.4
121.9 117.9
122.4 120.3
120.5 125.5 128.4
127.5 130.0 129.0
124.5
126.5
118.0 117.0 124.9
122.1 120.6 122.9
114.
1 0 3 .8
10 9 .9
1 1 6 .8
1 1 8 .7
118.1
1 1 9 .5
1 1 6 .6
1 2 3 .3
1 2 6 .7
1 2 6 .0
Intermediate products
C onstruction products..........
Misc. intermediate p ro d u c ts.,
M aterials
Durable goods m aterials . . . .
Consumer durable p a rts .
Equipment p arts...............
D urable materials n .e.c..
Nondurable goods m aterials ..........
Textile, paper,and chem. m at..
N ondurable materials n .e.c....
Fuel and power, industrial..........
4.75
5.41
10.75
113.1
97.1
119.3
1 3 .99
12 1 .7
8.58
5.41
2.89
1 1 3 .8
110.5 111.6 112.9 113.3
93.7 96.5 95.9
92.1
120.1 123.1
114.0 117.
118.3
11 9 .8
12 1 .8
1 2 3 .0
128.0 124.3 126.0 128.5 129.6
111.6 108.8 110.0 111.2 112.6
121.2 119.6 119.6 121.8 120.7
112.5 98.5
98.9 92.2
123.9 111.9
1 2 4 .2
130.9 120.9
113.6 109.9
120.8 115.2
119.1
107.8 117.2 119.4 120.9 125.5 123.1
95.5 101.7 102.3 102.7 104.7 104.7
118.1 124.3 126.6 124.7 124.4 124.5
1 2 2 .8
1 2 3 .0
1 2 2 .5
130.1 129.1 133.4
112.6 112.8 116.0
121.7 124.0 124.4
134.2 130.6 130.6
113.1 110.9 109.6
123.5 120.4 122.8
120.2 125.0 126.3
130.0 128.0 134.4
120.3 113.9
133.0 125.0
1 2 5 .8
126.1
108.8
134.3
1 2 6 .5
136.3
110.9
124.8
Supplementary groups
H om e goods and clothing.
C ontainers.............................
For N ote see p. A-61.
9.34 116.8
1.82 126.8
114.2 114.1
123.3 120.3
118.7
127.9
113.2
128.9
120.6 107.1
134.2 123.1
117.7
121.6
124.5
131.9
APRIL 1973 □ INDUSTRIAL P ROD U C TION: N.S.A.
A 61
INDUSTRY GROUPINGS
(1967= 100)
Grouping
Manufacturing, total.......................
D urable..........................................
N ondurable....................................
Mining and utilities.........................
M ining............................................
U tilities...........................................
1967
p ro
p or
tion
1972
average*
8 8 .5 5
113.1
1972
1973
Feb.
M ar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov. Dec.
Jan.
1 0 9 .0
1 1 0 .5
1 1 2 .7
52.33 107.4 103.8 105.5
36.22 121.5 116.4 117.8
107.5
1 1 2 .7
115
1 0 7 .0
1 1 3 .5
1 1 8 .9
1 2 0 .6
1 1 8 .1
1 1 4 .8
1 1 6 .0
1 2 0 .7
1 3 0 .8
1 2 6 .3
1 2 3 .5
1 2 4 .8
1 2 7 .8
1 2 7 .3
1 1 .4 5
6.37
5.
1 2 3 .8
121.1
1 2 0 .7
1 2 0 .2
1 2 0 .4
107.6 109.4 100.2
120.0 124.9 116.9
1 2 0 .0
108.3 105.4 106.4 108.8 109.9
143.2 140.8 138.7 134.9 132.6
1 2 2 .9
1 2 4 .6
105.1 111.9 114.4 113.1 111.4 113.0 118.4
125.7 128.9 129.6 125.4 119.7 120.3 124.2
1 3 0 .0
109.7 105.5
139.4 148.6
109.2 110.8 110.7 109.5
156.2 155.9 146.0 141.1
1 1 5 .0
1 09 .1
108.0 105.8 106.8
146.0 155.5 153.0
Durable manufactures
1 0 9 .4
1 1 2 .6
1 1 4 .3
Primary and fabricated m etals . . . .
Primary m etals..............................
Iron and steel, subtotal...........
Fabricated metal p ro d u cts.........
1 2 .5 5
Machinery and allied goods ............
M achinery......................................
Nonelectrical m achinery.........
Electrical m achinery................
Transportation equipm ent.........
M otor vehicles and p a rts . . . .
Aerospace and misc. trans. eq,
Instrum ents....................................
Ordnance, private and G o v t.. . .
3 2 .4 4
10 2 .1
9 9 .1
1 0 0 .2
1 0 2 .3
17.39
9.17
8.22
9.29
4.56
4.73
2.07
3.69
105.2
103.1
107.5
98.9
122.8
75.8
118.7
86.6
101.7
99.4
104.3
97.5
123.3
72.6
111.2
84.0
102.2
100.2
104.5
9 9.0
123.8
75.0
112.3
87.1
103.4
99.8
107.4
103.8
131.8
76.8
112.5
87.3
102.9 107.0 100.0 104.1 111.4
100.9 104.7 100.5 103.3 109.4
105.1 109.5 99.5 105.0 113.6
101.7 100
81.0 88.3 102.0
128.1 126.0 87.8 102.3 127.1
76.3
76.6 74.5
74.9 77.8
116.1 121.8 119.9 123.4 127.3
88.2 87.3
85.2 84.5
87.8
112.7
109.6
116.1
107.0
137.2
77.9
126.5
85.7
Lumber, clay, and glass ..................
Lumber and pro d u cts.................
Clay, glass, and stone products.
4 .4 4
1 1 9 .7
1 1 2 .3
1 1 5 .9
1 1 8 .5
119.5
108.1
121.5
112.5
122.1
116.3
1 2 0 .4
1 24 .1
1.65 122.7
2.79 117.9
121.8
119.6
126.5 120.5 125.9 128.
122.7 118.4 125.6 124.
1 2 9 .0
Furniture and miscellaneous...........
Furniture and fixtures.................
Miscellaneous m anufactures.. . .
2 .9 0
1 1 8 .4
1 1 8 .8
1 19 .1
1 18 .1
1 2 3 .7
1 1 3 .0
6.61 112.8
4.23 106.9
5.9 4 113.3
1 2 2 .6
1.38 113.1
1.52 131.2
1 1 5 .7
105 .1
108.6 113.5 117.2 118.9 116.5 101.6
101.3 107.4 113.2 114.3 108.6 98.3
110.2 111.5 111.1 112.2 113.3 109.0
1 0 1 .7
113.7 112.7 111.6 108.7
122.8 124.4 125.9 126.6
1 0 4 .0
112.1
134.3
9 4 .4
1 1 9 .2
1 1 4 .5
1 1 6 .0
1 1 9 .7
1 1 9 .0
1 2 0 .2
1 0 6 .7
1 0 8 .9
1 0 7 .9
1 0 6 .4
110.5
109.1
112.1
107.9
137.9
78.9
123.9
87.0
110.3 112.3 116.4
109.2 110.1 115.3
111.6 114.7 117.6
103.0 108.6 113.3
128.9 142.4 148.1
78.1
7 6.0 79.8
122.5 123.5 124.9
87.7
87.0 87.5
1 2 2 .6
1 1 2 .9
1 1 2 .0
1 2 0 .2
1 2 6 .7
1 2 6 .4
1 3 2 .1
106.9 114.8 119.4 117.6 121.7
101.2 108.1 113.4 110.9 114.2
111.5 117.4 120.1 120.5 118.6
9 8 .7
1 2 5 .7
1 2 7 .5
1 2 6 .3
1 2 0 .2
1 2 9 .1
121.
134.0
112.4 128.0
118.5 123.7
1 0 9 .1
1 1 2 .8
132.
126.7
124.7 111.6 115.5 127.0
121.4 113.7 110.0 116.2
1 3 1 .0
131 .1
1 3 0 .7
120.9 119.7
139.6 133.2
122.1 1 2 1 .2
130.4 136.6
112.
1 1 2 .2
1 0 7 .5
1 0 4 .9
100.4 115.7 117.9 118.8
127.3 138.2 142.
142.2
Nondurable manufactures
Textiles, apparel, and leather ........
Textile mill p roducts...................
A pparel products.........................
Leather and products..................
6 .9 0
Paper and printing .........................
Paper and pro d u cts.....................
Printing and publishing..............
7 .9 2
1 0 6 .2
1 0 5 .4
1 0 6 .7
1 0 9 .9
2.69 114.5 110.3 114.0 115.9
3.33 104.2 105.3 105.0 109.5
.88 88.1
90.6 9 0.4 93.3
3.18
4.74
Chemicals, petroleum, and rubber..
Chemicals and p ro d u cts.............
Petroleum p ro d u cts.....................
Rubber and plastics p ro d u c ts...
11 .9 2
Foods and tobacco ..........................
F oods..............................................
Tobacco products.........................
9 .4 8
1 1 5 .4
1 0 9 .9
1 1 1 .2
1 1 2 .9
126.7 125.9 125.3 128.1
108.0 99.2 101.7 102.7
1 3 7 .5
131.1
1 3 2 .5
1 3 5 .8
1 0 3 .9
1 1 0 .9
115.8
98.7
87.3
119.0 102.0 120.7 120.4 120.9
109.1
92.5 109.2 112.1 110.2
92.8 78.2 91.3 92.0 92.8
118.4 112.4 112.1 118.1
105.8 9 6.4 105.4
80.7
83.3
80.6
89.3
114 .1
1 1 7 .9
94
1 1 1 .4
1 1 1 .5
1 2 0 .0
128.5 130.2 116.1
104.4 109.6 108.4
127.5 123.7 134.5
114.9 118.6 118.5
1 3 8 .0
1 3 4 .7
1 4 0 .3
1 4 1 .4
7.86 139.3 132.0 134.1 138.9 140.7 144.2 138.7
1.80 120.1 115.0 113.5 112.1 118.4 121.5 123.8
2.26 145.0 140.8 142.2 144.1 144.0 147.6 129.3
1 1 7 .4
1 1 1 .4
1 1 2 .9
8.81 118.4 111.8 113.7
.67 104.4 105.5 102.1
1 1 4 .2
114.1
115.3 115.3
99.4 98.1
120.1
1 1 5 .2
1 1 1 .5
1 2 0 .7
1 2 4 .9
1 2 2 .6
134.4 124.3
114.7 107.3
101.7
106.0
1 4 4 .9
1 4 5 .6
1 4 1 .9
1 3 9 .2
146.7
126.3
156.9
142.1
122.5
156.7
1 4 0 .6
138.5
122.9
154.7
1 4 3 .9
140.3 143.7
123.7 121.1
155.0 162.9
1 2 6 .0
1 2 0 .0
1 1 3 .3
1 1 3 .2
142.4 147.1
125.7 126.3
144.4 152.3
1 2 2 .7
1 0 1 .0
1 2 7 .5
1 1 4 .1
121.4 117.4 123.2 128.9 126.4 120.5 115.4 113.6
103.0 86.3 116.7 109.4 120.4 113.4 86.0 107.7
1 1 4 .7
115.0
Mining
1 0 4 .8
Metal, stone, and earth minerals . ..
M etal m ining ................................
Stone and earth m inerals...........
1 .2 6
.51
.75
120.8
93.9
113.
82.8
114.4 123.5
86.8 92.8
Coal, oil, and g a s ...........................
C o a l.................................................
Oil and gas extraction.................
5 .1 1
1 0 9 .2
1 0 7 .9
1 0 8 .5
9 5 .4
9 8 .0
1 0 5 .3
1 0 9 .7
1 0 3 .8
1 1 0 .8
1 1 1 .6
1 0 2 .2
1 0 8 .7
1 1 3 .1
1 1 0 .2
1 0 6 .1
131.5
96.7
129.6 116.7
99.3 92.3
128.4 133.5
95.4 99.2
123.2
101.3
114.8 114.6
100.3 96.4
1 0 9 .7
1 0 9 .2
1 0 6 .3
1 0 9 .3
1 1 0 .3
1 1 0 .8
1 1 0 .3
9 8 .8
1 0 0 .7
113.8 119.6
88.6
87.8
1 0 9 .1
1 0 7 .5
1 0 8 .3
104.
87.6
109.9 109.2
103.5 106.9 106.1
110.2 110.8 111.6
103.2 96.5
111.4 111.1
94.7
109.5
102.2
109.3
136.4 144.9 156.5
166.0 165.4 152.0
151.6
.69 103.2 99.9 102.7 114.9 107.1
4.42 110.2 109.2 109.4 108.9 110.1
U tilities
Electric................................................
G as.......................................................
3.91 149.1
1.17
145.8 143.5
138.5
N o t e .—Published groupings include series and subtotals not shown
separately. A description and historical data will be available at a later
160.3
date. Figures for individual series and subtotals are published in the
monthly Business Indexes release.
A 62
BUSINESS A C TIVITY; C ONSTRU CTION □ APRIL 1973
SELECTED BUSINESS INDEXES
(1967= 100, except as noted)
Industrial production
M anu
facturing 2
M arket
Period
Products
Total
Final products
Total
Total
Prices 4
In
dustry
Inter M ate
mediate rials
C on
sumer Equip p rod
ucts
goods ment
Ca
N onag
pacity
C on
utiliza stru c ricul
tural
tion
tion
em
in mfg.
con
ploy
Em
(1967
tracts ment— ploy
M anu output
factur = 100)
Total i ment
ing
Pay
rolls
Total
retail
sales3
Con
sumer
W hole
sale
com
m odity
1953...
1954...
51.9
51.5
50.8
53.3
47.9
55.1
52.0
51.5
95.5
84.1
76.3
74.4
98.2
89.6
60.3
55.1
54
54
80.1
80.5
87.4
87.6
1955...
1956...
1957...
1958...
1959...
58.5
61.1
61.9
57.9
64.8
56.6
59.7
61.1
58.6
64.4
54.9
58.2
59.9
57.1
62.7
59.5
61.7
63.2
62.6
6 8.7
48.9
53.7
55.9
50.0
54.9
62.6
65.3
65.3
63.9
70.5
61.5
63.1
63.1
56.8
65.5
58.2
60.5
61.2
56.9
64.1
90.0
88.2
84.5
75.1
81.4
76.9
79.6
80.3
78.0
81.0
92.9
93.9
92.2
83.9
88.1
61.1
64.6
65.4
60.3
67.8
59
61
64
64
69
80.2
81.4
84.3
86.6
87.3
87.8
90.7
93.3
94.6
94.8
1960...
1961...
1962...
1963...
1964...
66.2
66.7
72.2
76.5
81.7
66.2
66.9
72.1
76.2
81.2
64.
65.3
70.8
74.9
79.6
71.3
72.
77.7
82.0
86
56.4
55.6
61.9
65.6
70.1
71.0
72.4
76.9
81.1
87.3
66.4
66.4
72.4
77.0
82.6
65.4
65.6
71.4
75.8
81.2
80.1
77.6
81.4
83.0
85.5
82.4
82.1
84.4
86.1
88.6
88.0
84.5
87.3
87.8
89.3
68.8
68.0
73.3
76.0
80.1
70
70
75
79
83
88.7
89.6
90.6
91.7
92.9
94.9
94.5
94.8
94.5
94.7
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972*.
89.2
97.9
100.0
105.7
110.7
106.7
106.8
114.4
88.1
86.8
96.8
96.1
100.0 100.0
105.8
105.
109.7 109.0
106.0 104.5
106.4 104.7
113.2 111.2
93.0 78.7 93.0
98.6 93.0 99.2
100.0 100.0 100.0
106.6 104.7 105.7
111.1 106.1 112.0
110.3 96.3 111.7
115.7 89.4 112.6
94.6 120.4
123.1
91.0
99.8
100.0
105.7
112.4
107.7
107.4
116.5
89.1
98.3
100.0
105.7
110.5
105.2
105.2
113.2
89.0
91.9
87.9
87.7
86.5
r78. 3
r75.0
93.2
94.8
100.0
113.2
123.7
92.3
97.1
100.0
103.1
106.7
107.2
107.3
110.5
93.9
99.9
100.0
101.4
103.2
98.0
93.9
96.7
88.1
97.8
100.0
108.3
116.6
114.1
116.3
130.2
91
97
100
109
114
120
122
142
94.5
97.2
100.0
104.2
109.8
116.3
121.2
125.3
96.6
99.8
100.0
102.5
106.5
110.4
113.9
119.8
1972—Feb...
M a r..
A p r..,
M a y .,
June.
J u ly ..
Aug..
S ept..
O c t...
N o v ..
D ec..
110.0
111.2
112.8
113.2
113.4
113.9
115.0
116.1
117.5
118.5
119.2
109.5
110.1
111.4
112.1
112.0
112.2
113.3
114.4
115.9
117.3
117.5
107.6
108.2
109.8
110.2
110.1
110.1
111.3
112.4
113.9
115.0
115.3
119.6
119.6
122.0
122.2
122.1
122.0
123.1
124.4
125.6
126.8
126.7
90.9
92.4
92.7
93.4
93.3
93.4
94.
95.
97.3
98.5
99.4
117.0
117.3
117.3
119.3
119.1
120.5
121.2
121.7
123.4
125.9
125.7
110.8
113.1
115.0
115.6
116.1
116.8
117.4
119.1
120.3
120.6
122.0
108.5 I Sr7^ 3
109.7 >J ' i j . j
111.8 j
112.3 \ r77.4
112.6 j
113.2 1
114.1
78.1
115.2 J
116.6 i
117.4 \ 79.6
118.5 J
155.0
159.0
167.0
165.0
154.0
155.0
180.0
187.0
171.0
177.0
163.0
108.9
'109.3
109.7
110.2
'110.4
110.3
110.8
111.1
111.7
112.2
112.4
'9 4 .7
'9 5 .2
'9 5 .8
'9 6 .4
'9 6 .8
96.3
96.8
97.3
98.4
99.2
99.8
'124.1
'124.9
'1 2 7 .4
'1 2 8 .0
'128.9
'1 2 7 .7
'1 3 1 .2
'133.8
'136.1
'1 3 9 .0
'139.3
135
139
139
142
141
143
145
144
149
148
151
123.8
124.0
124.3
124.7
125.0
125.5
125.7
126.2
126.6
126.9
127.3
117.3
117.4
117.5
118.2
118.8
119.7
119.9
120.2
120.0
120.7
1973—Jan ........
Feb........
M ar.* . .
119.9
120.9
121.7
118.5
119.1
119.7
116.4
117.0
117.8
127.
127.9
129.0
100.6
101.7
102.3
126.1
127.2
127.0
122.1
123.9
125.0
119.2
120.2
121.0
181.0
191.0
'112.7
'113.4
113.7
'9 9 .9
'100.6
100.9
'1 3 9 .7
'142.9
142.8
'156
'158
127.7
128.6
124.5
126.9
129.7
1 Employees only: excludes personnel in the Armed Forces.
2 Production workers only.
3 F.R. index based on Census Bureau figures.
4 Prices are not seasonally adjusted. Latest figure is final.
5 Figure is for first quarter 1972.
N o t e .— A ll series: D ata are seasonally adjusted unless otherwise noted.
86.1
89.4
132.0
122.9
C a p a city u tilization : Based on data from Federal Reserve, M cG raw Hill Economics D epartm ent, and D epartm ent o f Commerce.
Construction contracts: F. W. D odge Co. monthly index o f dollar
value o f total construction contracts, including residential, nonresidential,
and heavy engineering; does not include data for Alaska and Hawaii.
E mployment and payro lls: Based on Bureau o f Labor Statistics data;
includes data for Alaska and Hawaii beginning with 1959.
Prices: Bureau of Labor Statistics data.
CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS
(In millions of dollars, except as noted)
1972
TVpe o f ownership and
type o f construction
1971
1973
1972
F e b .' M ar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Total construction *............................
80,188 91,877 5,595 7,284 8,100 9,098 8,478 8,067 8,875 8,197 8,225 7,248 6,464 6,795
6,839
By type o f ow nership:
Public............................................
Private 1.......................................
23,927 24,404 1,625 1,686 1,741 2,574 2,517 2,528 2,466 2,017 1,668 1,785 1,650 1,918
56,261 67,473 3,969 5,598 6,359 6,524 5,960 5,538 6,409 6,181 6,557 5,462 4,814 4,877
1,717
5,122
By type o f construction:
Residential building 1...............
Nonresidential building............
N onbuilding................................
34,754 45,473 2,663 3,617 3,971 4,428 4,375 3,864 4,671 4,135 4,298 3 663 3,120 3,195
25,574 27,327 1,789 2,187 2,182 2,908 2,447 2,461 2,458 2,378 3,549 2,184 2,215 2,420
19,282 19,077 1,142 1,480 1,947 1,762 1,655 1,741 1,746 1,684 1,544 1,402 1,132 1,180
Private housing units au th o rized ...
(In thousands, S.A., A .R.)
1,925
2,130 2,056 2,007
1,991
1,955 2,121
2,108 2,237 2,265 2,216 2,139 '2,377 '2,218
2,155
i
Because o f improved collection procedures, data for 1-family homes
N o t e .—D ollar value of construction contracts as reported by the F. W.
beginning Jan. 1968 are not strictly comparable with those for earlier
Dodge Co. does not include data for A laska or Hawaii. Totals of monthly
periods. To improve comparability, earlier levels may be raised by ap
data exceed annual totals because adjustments—negative—are made into
proximately 3 per cent for total and private construction, in each case,
accumulated monthly data after original figures have been published.
and by 8 per cent for residential building.
Private housing units authorized are Census Bureau series for 13,000
reporting areas with local building permit systems.
APRIL 1973 p CON STR U C TION
A 63
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions o f dollars)
Private
Public
Nonresidential
Period
Total
Total
Buildings
Resi
dential
Com
mercial
Other
build
ings 1
Other
Indus
trial
Total
1962 3 .........
1963 4 .........
1964
1965
1966
Total
Mili
tary
High
way
Conser
vation
O ther 2
&
develop
ment
59,965
64,563
67,413
73,412
76,002
42,096
45,206
47,030
51,350
51,995
25,150
27,874
28,010
27,934
25,715
16.946
17,332
19,020
23,416
26,280
2,842
2,906
3,565
5,118
6,679
5,144
4,995
5,396
6,739
6,879
3,631
3,745
3,994
4,735
5,037
5,329
5,686
6,065
6,824
7,685
17,869
19,357
20.383
22,062
24,007
1,266
1,179
910
830
727
6,365
7,084
7,133
7,550
8,405
1,523
1,694
1,750
2,019
2,194
8,715
9,400
10,590
11,663
12,681
1967
1968
1969
1970
197 1
77,503
86,626
93,368
94,030
109,399
51,967
59,021
65,404
65,932
79,535
25,568
30,565
33,200
31,864
43,062
26,399
28,456
32,204
34,068
36,473
6,131
6,021
6,783
6,538
5,423
6,982
7,761
9,401
9,754
11,619
4.993
4,382
4,971
5,125
5,428
8,293
10,292
11,049
12,651
14,003
25,536
27,605
27,964
28,098
29,864
695
808
879
718
894
8,591
9,321
9,250
9,981
10,658
2,124
1,973
1,783
1,908
2,095
14,126
15,503
16,052
15,491
16,217
1972—J a n ...
F e b ...
M a r..
A pr..
M ay.
June.
J u ly '.
A u g .'
Sept.'
O c t.'.
N o v .'
D e c .'
120,790
121,777
122,912
120,417
122,121
121,035
119,847
122,857
124,816
128,850
126,327
131,962
88,606
90,860
92,529
91,469
92,299
92,426
91,564
93,654
94,205
96,024
97,052
97,886
49,594
51.922
53,089
52,668
52,330
52.923
53,509
54,325
55,465
56,340
57,105
57,373
39,012
38,938
39,440
38,801
39,969
39,503
38,055
39,329
38,740
40,559
39.947
40,513
4,935
4,674
4,796
4,649
4,723
4,944
4,592
4,814
4,432
4,301
4,556
4,788
13,272
13,247
13,244
13,411
14,132
13,477
12,979
13,406
13,490
13,770
13,377
13,711
5,734
5,582
5.993
5.765
5.766
5,908
5,670
5,942
5,723
6,256
6,230
6,185
15,071
15,435
15,407
14,976
15,348
15,174
14,814
15,167
15,095
15,357
15,784
15,829
32,184
30,917
30.383
28,948
29,822
28,609
28,283
29,203
30,611
32,826
29,275
34,076
986
1,002
1,186
965
980
1,099
1,360
867
978
1,045
1,205
1,125
1,943
1,804
1,918
1,644
1,971
2,256
1,417
1,676
1,666
1,767
1,719
1,667
1973—J a n .'.
F eb ...
135,698
135,334
101,116
102,378
58,033
59,561
43,083
42,817
5,328
5,180
15,106
14,773
5,996
6,198
16,653
16,666
34,582
32,956
1,237
1,428
2,042
1,746
1 Includes religious, educational, hospital, institutional, and other build
ings.
2 Sewer and water, formerly shown separately, now included in “ O ther.”
3 Beginning July 1962, reflects inclusion o f new series affecting most
private nonresidential groups.
4 Beginning 1963, reflects inclusion o f new series under “ Public” (for
State and local govt, activity only).
N o t e .—Census Bureau data, m onthly series at seasonally adjusted
annual rates.
NEW HOUSING UNITS
(In thousands)
Units started
Private (S.A., A .R.)
Region
M obile
home
ship
ments
(N.S.A).
G overnm ent
underwritten
(N.S.A.)
Private and public
(N.S.A.)
Period
Type o f structure
Total
N orth N orth South
Central
east
West
1family
5- or
2- to 4- morefamily family
Total
Private
Public
Total
FH A
VA
\ ............................
1963.
[ ............................
1,603
1,529
261
254
328
340
591
578
430
357
1,012
970
108
450
1,635
1,561
1,603
1,529
32
32
292
264
221
205
71
59
151
191
1965.
1966.
1............................
1967.
5............................
1968.
) ............................
1969.
1970.
) ............................
1971.
1............................
1,473
1,165
1,292
1,508
1,467
1,434
2,052
270
206
215
227
206
218
264
362
288
337
369
349
294
434
575
472
520
618
588
612
869
266
198
220
294
324
310
486
964
778
844
900
814
813
1,151
87
61
72
81
85
85
120
422
325
376
527
571
536
781
1,510
1,196
1,322
1,546
1,500
1,469
2,084
1,473
1,165
1,292
1,508
1,467
1,434
2,052
37
31
30
38
33
35
32
246
195
232
283
284
482
621
197
158
180
227
233
421
528
49
37
53
56
51
61
93
216
217
240
318
413
401
497
1—Jan..................
Feb.................
M ar................
A pr.................
M ay...............
Ju n e...............
July.................
Aug................
Sept................
O ct..................
N ov................
D e c.' .............
2,439
2,540
2,313
2,204
2,318
2,315
2,244
2,424
2,426
2,446
2,395
2,369
398
269
306
259
282
337
303
349
355
372
353
486
432
523
383
381
547
452
443
475
474
469
400
330
1,009
1,168
1,033
1,083
999
992
1,009
1,014
1,096
1,125
1,106
1,080
599
581
591
482
489
534
488
586
501
480
536
473
1,395
1,281
1,310
1,215
1,308
1,283
1,319
1,373
1,382
1,315
1,324
1,207
169
200
142
146
125
137
116
137
125
153
134
128
875
1,060
861
843
886
895
809
914
920
978
937
1,034
151
154
206
213
228
226
208
231
204
218
187
153
149
152
204
212
226
223
206
229
203
217
186
151
2
1
2
2
2
3
1
2
1
2
1
2
43
36
48
38
42
42
36
40
37
34
29
48
36
28
38
29
32
32
26
30
28
25
21
42
8
8
11
9
9
10
9
10
9
9
8
6
33
40
49
53
52
55
48
52
49
54
50
38
J—J a n .' ...............
Feb.................
2,496
2,444
345
355
606
578
1,090
1,080
455
431
1,449
1,361
163
125
884
958
147
139
146
137
1
2
18
12
7
41
N o t e .— Starts are Census Bureau series (including farm starts) except
for Govt.-underwritten, which are from Federal Housing Admin, and
Veterans Admin, and represent units started, including rehabilitation
5:89
units under FH A , based on field office reports of first compliance inspec
tions. D ata may not add to totals because o f rounding.
Mobile home shipments are as reported by Mobile Homes M anufac
turers Assn.
A 64
EM PLOYM ENT □ APRIL 1973
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands o f persons, except as noted)
Civilian labor force (S.A.)
Total noninstitutional
population
(N.S.A.)
Period
N ot in
labor force
(N.S.A.)
Total
labor
force
(S.A.)
Em ployed1
Total
Total
In nonagricultural
industries
In
agriculture
U nem
ployed
Unemploy
ment
rate2
(per cent;
S.A.)
1967 3.........
196 8
196 9
197 0
197 1
197 2
133,319
135,562
137,841
140,182
142,596
145,775
52,527
53,291
53,602
54,280
55,666
56,785
80,793
82,272
84,240
85,903
86,929
88,991
77,347
78,737
80,734
82,715
84,113
86,542
74,372
75,920
77,902
78,627
79,120
81,702
70,527
72,103
74,296
75,165
75,732
78,230
3,844
3,817
3,606
3,462
3,387
3,472
2.975
2,817
2,832
4,088
4,993
4,840
3.8
3.6
3.5
4 .9
5 .9
5 .6
1972— Mar.
Apr.,
May,
June
July.
Aug.
Sept.
O c t.,
Nov.
Dec.
145,077
145,227
145,427
145,639
145,854
146,069
146,289
146,498
146,709
146,923
57,163
57.440
57.441
55.191
54,850
55,311
57.191
56,907
57,309
57,486
88,768
88,647
88,850
88,947
88,985
89,337
89,471
89,651
89,454
89,707
86,264
86,184
86,431
86,554
86,597
86,941
87,066
87,236
87,023
87.267
81,216
81,209
81,458
81,752
81,782
82,061
82,256
82,397
82,525
82,780
77,756
77,896
78,120
78,421
78,339
78,451
78,677
78,739
78,969
79,130
3,460
3,313
3,338
3,331
3,443
3,610
3,579
3,658
3,556
3,650
5,048
4.975
4,973
4,802
4,815
4,880
4,810
4,839
4,498
4,487
5 .9
5 .8
5 .8
5.5
5 .6
5 .6
5.5
5.5
5 .2
5.1
1973—Jan..
Feb.
Mar.
147,129
147,313
147,541
59,008
58,238
57,856
89,325
89,961
90,629
86,921
87,569
88.268
82,555
83,127
83,889
79,054
79,703
80,409
3,501
3,424
3,480
4,366
4,442
4,379
5 .0
5.1
5 .0
1 Includes self-employed, unpaid family, and domestic service workers.
2 Per cent o f civilian labor force.
3 Beginning 1967, d ata n o t strictly comparable with previous data.
D escription o f changes available from Bureau of Labor Statistics.
N ote.—Bureau of Labor Statistics. Inform ation relating to persons 16
years o f age and over is obtained on a sample basis. M onthly data relate
to the calendar week that contains the 12th d a y ; annual data are averages
o f monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
(In thousands of persons)
C ontract
construc
tion
Period
Total
M anufac
turing
1967...............................................................
1968...............................................................
65,857
67,915
70,284
70,593
70,645
72,764
19,447
19,781
20,167
19,349
18,529
18,933
613
606
619
623
602
607
3,208
3,285
3,435
3,381
3,411
3,521
Sept...................................................
O ct....................................................
N ov...................................................
Dec....................................................
72,011
72,246
72,592
72,699
72,661
72,984
73,176
73,589
73,899
74,026
18,685
18,790
18,892
18,931
18,861
18,930
19,029
19,219
19,324
19,419
614
605
604
600
599
602
606
610
609
607
1973—Jan .....................................................
Feb.*................................................
M ar.* ...............................................
74,245
74,713
74,901
19,469
19,577
19,620
1972—M ar...................................................
A pr....................................................
M ay..................................................
June..................................................
J u ly ...................................................
Aug....................................................
Sept...................................................
O ct.....................................................
N ov...................................................
Dec....................................................
71,393
71,979
72,612
73,463
72,469
72,975
73,519
74,118
74,449
74,778
1973—Jan .....................................................
Feb.*................................................
M ar.* ...............................................
73,343
73,712
74,225
1970...............................................................
1972...............................................................
T ransporta
tion & pub
lic utilities
Trade
Finance
Service
G overn
m ent
4,261
4,310
4,429
4,493
4,442
4,495
13,606
14,084
14,639
14,914
15,142
15,683
3,225
3,382
3,564
3,688
3,796
3,927
10,099
10,623
11,229
11,612
11,669
12,309
11,398
11,845
12,202
12,535
12,858
13,290
3,512
3,493
3,535
3,550
3,489
3,544
3,551
3,568
3,524
3,452
4,487
4,481
4,490
4,491
4,473
4,478
4,499
4,540
4,549
4,558
15,508
15,561
15,632
15,682
15,692
15,758
15,794
15,835
15,954
15,946
3,885
3,892
3,913
3,931
3,927
3,936
3,953
3,969
3,981
3,991
12,139
12,206
12,252
12,290
12,341
12,419
12,379
12,451
12,497
12,549
13,181
13,218
13,274
13,224
13,279
13,317
13,365
13,397
13,461
13,504
610
612
612
3,502
3,589
3,601
4,574
4,582
4,576
15,989
16,121
16,212
3,999
4,012
4,031
12,621
12,687
12,695
13,481
13,533
13,554
18,573
18,639
18,751
19,070
18,703
19,147
19,298
19,359
19,414
19,423
601
600
605
614
614
616
613
609
607
603
3,210
3,374
3,528
3,717
3,740
3,838
3,785
3,782
3,630
3,373
4,442
4,445
4,481
4,549
4,531
4,527
4,548
4,549
4,554
4,558
15,248
15,436
15,570
15,749
15,653
15,691
15,774
15,887
16,162
16,669
3,862
3,880
3,909
3,966
3,990
3,995
3,957
3,957
3,965
3,971
12,066
12,218
12,338
12,487
12,489
12,481
12,391
12,463
12,472
12,474
13,391
13,387
13,430
13,311
12,749
12,680
13,153
13,512
13,645
13,707
19,279
19,418
19,514
598
597
599
3,155
3,180
3,291
4,510
4,509
4,530
15,865
15,770
15,891
3,959
3,976
4,007
12,406
12,535
12,619
13,571
13,727
13,774
M ining
SEASONALLY ADJUSTED
1972—M ar...................................................
A pr....................................................
Ju ly ...................................................
NOT SEASONALLY ADJUSTED
N ote.—Bureau of Labor Statistics; data include all full- and parttime employees who worked during, or received pay for, the pay pe
riod that includes the 12th of the month. Proprietors, self-employed
persons, domestic servants, unpaid family workers, and members of
Armed Forces are excluded.
Beginning with 1970, series has been adjusted to Mar. 1971 bench
mark.
APRIL 1973 □ EM PLOYM ENT AND EARNINGS
A 65
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands o f persons)
Seasonally adjusted1
Industry group
1972
N ot seasonally adjusted *
1973
1972
1973
M ar.
Jan.
Feb.*
M ar.*
M ar.
Jan.
Feb.*
M ar.*
13,616
14,298
14,400
14,439
13,521
14,130
14,263
14,343
Durable goods........................................................................
Ordnance and accessories..........................................
Lumber and wood products......................................
Furniture and fixtures.................................................
Stone, clay, and glass p roducts................................
Primary metal industries............................................
7,729
89
520
399
519
956
8,310
102
539
424
539
1,031
8,375
103
541
425
545
1,032
8,402
101
543
427
547
1,026
7,713
89
508
396
506
966
8,243
103
521
424
519
1,024
8,331
102
526
424
526
1,033
8,386
101
530
425
533
1,037
Fabricated metal products........................................
M achinery.....................................................................
Electrical equipment and supplies...........................
Transportation equipm ent........................................
Instrum ents and related p ro d u cts...........................
Miscellaneous manufacturing industries.................
1,028
1,189
1,205
1,229
266
329
1,092
1,324
1,318
1,310
292
339
1,104
1,325
1,335
1,325
295
345
1,104
1,335
1,347
1,330
297
345
1,024
1,202
1,199
1,238
266
318
1,085
1,323
1,315
1,319
291
320
1,096
1,339
1,331
1,332
294
330
1,099
1,350
1,340
1,339
297
334
Food and kindred products......................................
Tobacco m anufactures....................................
Textile-mill p roducts...................................................
Apparel and related p ro d u cts...................................
Paper and allied products..........................................
5,887
1,186
63
864
1,164
529
5,988
1,181
59
894
1,161
548
6,025
1,186
61
902
1,174
552
6,037
1,182
64
903
1,178
556
5,808
1,113
57
862
1,173
524
5,887
1,121
59
890
1,143
545
5,932
1,113
58
899
1,176
546
5,957
1,110
58
901
1,187
551
655
575
117
473
261
662
590
119
522
252
661
591
116
529
253
662
594
118
529
251
657
576
114
473
259
659
585
115
519
252
660
588
113
526
253
664
594
115
528
250
Printing, publishing, and allied industries.............
Chemicals and allied products..................................
Petroleum refining and related industries...............
Leather and leather products....................................
i D ata adjusted to 1971 benchmark.
N ote.—Bureau of Labor Statistics; data cover production and related
workers only (full- and part-time) who worked during, or received pay for,
the pay period that includes the 12th o f the month.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
Average hours w orked1
(per week; S.A.)
Industry group
1972
Mar.
1972
1973
Jan.
Average weekly earnings1
(dollars per week; N.S.A.)
Feb.*
Mar.*
M ar.
1973
Jan.
Feb.*
Average hourly earnings1
(dollars per h o u r; N.S.A.)
1972
M ar.*
M ar.
1973
Jan.
Feb.*
M ar.*
40.4
40.3
40.9
40.9
150.72 159.20 161.18 162.38
3.74
3.98
3.97
3.98
Durable goods...........................................................
Ordnance and accessories.............................
Lum ber and wood p roducts........................
Furniture and fixtures....................................
Stone, clay, and glass products...........
Primary metal industries..............................
41.0
42.0
40.9
40.4
42.0
41.1
41.3
42.4
39.9
39.0
41.1
42.4
41.9
43.0
40.5
40.5
42.1
42.4
41.7 163.18 173.43 175.55 176.39
42.7 169.22 176.38 178.88 178.89
40.9 131.78 134.55 138.40 141.17
40.7 121.10 120.96 125.85 128.47
42.0 159.68 162.01 167.27 170.13
42.2 188.33 206.49 206.06 207.34
3.98
4.01
3.23
3.02
3.82
4.56
4.23
4.16
3.45
3.15
4.03
4.87
4.23
4.16
3.46
3.17
4.05
4.86
4.23
4.17
3.46
3.18
4.07
4.89
Fabricated metal products...........................
Electrical equipment and supplies..............
Transportation equipm ent...........................
Instruments and related products...............
Miscellaneous m anufacturing industries...
40.9
41.4
40.2
41.7
40.3
39.2
41.4
42.4
40.4
42.3
40.4
38.7
41.9
42.8
41.1
43.2
40.8
39.3
41.7
42.6
40.6
42.6
40.7
39.3
159.54
175.14
145.52
193.02
148.71
120.65
169.33 171.40
188.26 190.46
153.14 153.47
209.50 213.43
153.56 154.31
124.42 126.29
172.64
190.91
153.47
212.50
155.88
127.66
3.92
4.20
3.62
4.64
3.69
3.07
4.13
4.44
3.80
5.00
3.82
3.24
4.14
4.45
3.78
5.01
3.81
3.23
4.16
4.45
3.78
5.00
3.83
3.24
Nondurable goods...................................................
Food and kindred products.........................
Tobacco m anufactures..................................
Textile-mill products......................................
Apparel and related p ro d u cts.....................
Paper and allied p ro d u cts............................
39.6
40.6
34.5
41.4
35.8
42.7
39.0
40.1
33.9
39.5
34.5
42.6
39.7
40.2
35.6
41.1
36.0
43.0
39.7
40.1
36.1
41.2
36.1
42.9
134.35
142.40
113.22
111.92
92.52
162.82
139.71
149.25
118.90
112.22
92.75
171.74
141.09 142.20
148.10 148.13
126.29 127.73
117.79 118.78
97.38
99.10
172.96 172.96
3.41
3.56
3.40
2.71
2.57
3.84
3.61
3.75
3.56
2.87
2.72
4.06
3.59
3.74
3.65
2.88
2.72
4.06
3.60
3.75
3.66
2.89
2.73
4.06
Printing, publishing, and allied industries.
Chemicals and allied products.....................
Petroleum refining and related industries .
Rubber and misc. plastic products.............
Leather and leather products.......................
37.6
41.8
42 .2
41.0
38.2
37.8
41.6
41.9
41.1
37.1
38.0
42.0
41.7
41.4
37.7
38.0 165.44
42.1 171.80
41.7 203.01
41.7 143.26
38.0 102.33
170.09 172.21 175.18
180.94 181.83 183.14
209.71 209.10 211.67
152.97 153.30 154.42
103.04 104.81 105.56
4.40
4.11
4.88
3.52
2.70
4.56
4.36
5.09
3.74
4.58
4.35
5.10
3.73
2.78
4.61
4.35
5.15
3.73
2.80
1 D ata adjusted to 1971 benchm ark.
2-77
N ote.—Bureau of Labor Statistics; data are for production and related
workers only.
A 66
PRICES □ APRIL 1973
CONSUMER PRICES
(1967 = 100)
H ousing
Period
All
items
Food
Total
Fuel
oil
and
coal
Gas
and
elec
tricity
40.5
48.0
81.4
79.6
86.3
86.9
87.9
89.0
90 .8
89.2
91.0
91.5
93.2
92.7
98.6
99.4
99.4
99.4
99.4
Homcownership
R ent
H ealth and recreation
1929............................
1933............................
1941............................
1945............................
51.3
38.8
44.1
53.9
48.3
30.6
38.4
50.7
53.7
59.1
76.0
54.1
57.2
58.8
1960............................
1961............................
1962............................
1963............................
1964............................
88.7
89.6
90.6
91.7
92 .9
88.0
89.1
89.9
91.2
9 2 .4
90.2
90.9
91.7
92.7
93.8
91.7
92.9
94.0
9 5 .0
9 5.9
1965............................
1966............................
1967............................
1968............................
1969............................
94.5
97.2
100.0
104.2
109.8
9 4 .4
99.1
100.0
103.6
108.9
94.9
97.2
100.0
104.2
110.8
96.9 92.7
98 .2 96.3
100.0 100.0
102.4 105.7
105.7 116.0
94.6
97.0
100.0
103.1
105.6
1970............................
1971............................
1972............................
116.3
121.3
125.3
114.9
118.4
123.5
118.9
124.3
129.2
110.1 128.5
115.2 133.7
119.2 140.1
1972—Feb.................
M ar................
A pr.................
M ay ...............
J u n e ...............
Ju ly.................
Aug.................
Sept................
Oct..................
N ov................
D ec.................
123.8
124.0
124.3
124.7
125.0
125.5
125.7
126.2
126.6
126.9
127.3
122.2
122.4
122.4
122.3
123.0
124.2
124.6
124.8
124.9
125.4
126.0
127.6
127.9
128.2
128.5
129.0
129.5
129.9
130.1
130.4
130.8
131.2
t r 118.0
t r 118.4
t rl 18.6
t r119.0
$ r 119.2
t rl 19.6
119.9
120.3
120.5
121.0
1973—Jan..................
Feb.................
127.7
128.6
128.6
131.1
131.4
132.0
121.5
122.1
t r 117.8
F ur Apparel Trans
and
nish
porta
ings upkeep
tion
and
opera
tion
Total
R ead Other
ing
goods
and
and
recrea serv
tion
ices
M ed
ical
care
Per
sonal
care
37.0
42.1
41.2
55.1
47.7
62.4
49.2
56.9
48.5
36.9
44.8
61.5
44.2
47.8
93.8
93.7
93.8
94.6
95.0
89.6
90.4
90.9
91.9
92.7
89.6
90.6
92.5
93.0
94.3
85.1
86.7
88.4
90.0
91.8
79.1
81.4
83.5
85.6
87.3
90.1
90.6
92.2
93 .4
94.5
87.3
89.3
91.3
92.8
9 5 .0
87.8
88.5
89.1
90.6
9 2 .0
99.4
99.6
100.0
100.9
102.8
95.3
97 .0
100.0
104.4
109.0
93.7
96.1
100.0
105.4
111.5
95.9
97.2
100.0
103.2
107.2
93.4
96.1
100.0
105.0
110.3
89.5
93 .4
100.0
106.1
113.4
95 .2
97.1
100.0
104.2
109.3
95.9
97.5
100.0
104.7
108.7
94.2
97.2
100.0
104.6
109.1
110.1
117.5
118.5
107.3
114.7
120.5
113.4
118.1
121.0
116.1
119.8
122.3
112.7
118.6
119.9
116.2
122.2
126.1
120.6
128.4
132.5
113.2
116.8
119.8
113.4
119.3
122.8
116.0
120.9
125.5
138.0
138.2
138.5
138.9
139.6
140.7
141.3
141.5
141.8
142.0
142.6
118.7
118.7
118.6
118.7
117.8
117.7
117.9
118.0
118.1
119.3
119.4
119.4
119.7
120.2
120.5
120.3
120.3
120.5
120.5
120.9
122.2
122.5
119.6
120.1
120.5
120.8
121.0
121.1
121.2
121.6
121.8
122.1
122.3
120.7
121.3
121.8
122.5
122.1
121.1
120.8
123.1
124.3
125.0
125.0
118.3
118.4
118.6
119.5
119.8
120.3
120.5
121.0
121.2
121.4
121.3
124.7
125.0
125.5
125.8
126.1
126.3
126.5
126.8
127.2
127.4
127.5
131.0
131.4
131.7
132.0
132.4
132.7
132.9
133.1
133.9
134.1
134.4
118.4
118.7
119.1
119.7
120.0
120.0
120.2
120.5
120.8
121.0
121.5
121.5
121.7
122.3
122.5
122.9
123.0
123.0
123.7
124.0
124.1
124.0
124.3
124.6
125.1
125.4
125.6
125.8
126.0
126.2
126.4
126.4
126.5
142.6
142.9
120.7
127.2
124.1
124.5
122.2
122.6
123.0
123.6
121.0
121.1
127.8
128.1
134.9
135.3
121.8
122.4
124.1
124.3
126.7
127.1
t Reflects effect o f refund o f Federal excise tax on new cars.
t Indexes affected by refunds o f residential telephone series changes in
California and retroactive rent increases in New York City.
N ote.—Bureau o f Labor Statistics index for city wage-earners and
clerical workers.
WHOLESALE PRICES: SUMMARY
(1967 = 100)
Industrial commodities
Period
Pro
All
Farm cessed
com prod
foods
modi ucts
and Total
ties
feeds
Tex
tiles,
etc.
R ub
Hides, Fuel, Chem
icals,
ber,
etc.
etc.
etc.
etc.
95.3
94.8
94.8
94.7
95.2
99.5
97.7
98.6
98.5
99.2
90.8
91.7
92.7
90.0
90.3
Lum Paper, M et
ber,
als,
etc.
etc.
etc.
M a
on- Trans
chin Furni Nmeporta Mis
ery
tallic
ture,
tion cella
and
min equip neous
equip etc.
erals m ent1
ment
95.3
91.0
91.6
93.5
95.4
92.0
91.9
92.0
92.2
92.8
97.2
97.6
97.6
97.1
97.3
93 .0
93.3
93.7
94.5
95.2
94.3 95.5 9 9.0 95.9 95.9 96.2 96.4 93.9 96.9 97.5
103.4 97.8 9 9.4 97.8 100.2 98.8 98.8 96.8 98.0 98.4
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
103.2 98.9 99.8 103.4 113.3 101.1 102.6 103.2 102.8 103.7
108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7
95.9
97.7
100.0
102.2
100.8 105.2
1970................................ 110.4 111.0 112.0 110.0 107.2 110.1 105.9 102.2 108.6 113.7 108.2 116.7 111.4 107.5 113.3
1971................................ 113.9 112.9 114.3 114.0 108.6 114.0 114.2 104.2 109.2 127.0 110.1 119.0 115.5 109.9 122.4
1972................. .............. 119.1 125.0 120.8 117.9 113.6 131.3 118.6 104.2 109.3 144.3 113.4 123.5 117.9 111.4 126.1
104.5 109.9
110.3 112.8
113.8 114.6
I9 6 0................................
1961................................
1962................................
1963................................
1964................................
94.9
94.5
94.8
94.5
94.7
97.2
96.3
98.0
96.0
94.6
1965................................ 96.6 98.7
1966................................ 99.8 105.9
1967................................ 100.0 100.0
1968................................ 102.5 102.5
1969................................ 106.5 109.1
1972—M ar....................
A pr.....................
M ay...................
Ju n e ...................
July.....................
Aug....................
Sept....................
O ct.....................
N ov....................
D ec.....................
117.4
117.5
118.2
118.8
119.7
119.9
120.2
120.0
120.7
122.9
119.7
119.1
122.2
124.0
128.0
128.2
128.6
125.5
128.8
137.5
89.5
91 .0
91.9
92.5
92.3
95.5 96.4 99.8
101.2 98.5 100.1
100.0 100.0 100.0
102.2 102.5 103.7
107.3 106.0 106.0
118.6
117.7
118.6
119.6
121.5
121.0
121.8
121.8
123.1
129.4
116.9
117.3
117.6
117.9
118.1
118.5
118.7
118.8
119.1
119.4
112.1
112.6
113.3
113.6
114.0
114.1
114.3
114.8
115.1
115.6
123.0
127.2
129.5
130.9
131.6
134.6
135.7
139.8
144.0
142.2
1973—Jan ...................... 124.5 144.2 132.4 120.0 116.6 143.9
Feb..................... 126.9 150.9 137.0 121.3 117.4 144.9
M ar.................... 129.7 160.9 141.4 122.7 119.0 143.5
1 F or transportation equipment, Dec. 1968=100.
96.1
97.2
96.7
96.3
93.7
116.5
116.9
117.5
118.2
118.6
119.7
120.3
120.6
121.3
121.9
101.8 103.1
100.7 99.2
99.1
96.3
97.9 96.8
98.3 95.5
103.4
104.1
104.4
104.3
104.2
104.4
104.4
104.4
104.7
104.8
108.9
108.7
108.8
108.9
109.2
109.5
109.5
109.5
109.8
109.8
139.5
141.1
142.7
144.2
146.1
148.1
148.5
149.2
149.4
149.8
98.1
95.2
96.3
95.6
95.4
92.4
91.9
91.2
91.3
93.8
99.0
98.4
97.7
97.0
97.4
112.3 123.4 117.3 110.9
112.8 123.5 117.6 111.0
113.2 123.6 117.9 111.1
113.5 123.6 118.1 111.2
113.7 123.5 118.3 111.4
114.1 123.7 118.3 111.7
114.3 124.0 118.3 112.0
114.7 124.1 118.4 112.0
115.0 124.1 118.5 112.3
115.1 124.4 118.6 112.4
124.8
125.6
125.9
125.8
126.2
126.7
126.9
127.3
127.3
127.4
122.2 105.1 110.0 151.0 115.8 125.6 118.9 112.6 128.2
126.0 105.6 110.1 161.0 116.5 126.9 119.4 113.1 128.4
126.7 106.7 110.3 173.2 118.3 129.2 120.0 113.5 129.0
113.8
113.7
113.8
114.2
114.1
114.2
114.2
112.9
113.0
114.2
114.2
114.1
114.1
114.2
114.9
115.1
115.2
115.0
115.0
115.1
114.1 115.8
114.2 117.1
114.5 117.9
APRIL 1973 □ PRICES
A 67
WHOLESALE PRICES: DETAIL
(1967=100)
1973
1972
1972
G roup
M ar.
Jan.
Feb.
Mar.
112.8
93.8
136.7
107.6
114.3
121.8
107.7
114.4
117.5
151.2
135.6
159.4
127.9
134.1
126.7
158.2
143.9
136.5
146.9
128.2
177.8
137.0
140.0
128.5
130.1
178.1
140.5
158.5
126.1
194.4
164.8
152.7
130.3
152.6
188.1
143.3
112.6
127.3
118.0
116.7
121.9
116.7
130.4
115.6
120.6
120.8
113.7
108.5
121.0
145.2
123.8
125.3
121.5
119.8
120.6
96.3
110.0
119.7
116.6
166.3
120.8
153.1
124.0
125.9
124.4
120.0
134.7
123.1
120.3
122.2
117.3
182.5
121.3
165.1
126.8
126.2
125.7
120.8
174.1
139.3
132.5
127.0
118.7
182.3
119.6
92.0
106.1
114.1
108.7
130.9
126.0
114.5
111.4
116.5
109.9
120.0
128.2
119.2
111.8
116.8
110.3
120.4
130.0
127.7
115.2
117.0
110.5
120.4
Farm products:
Live poultry..............................................
Plant and animal fibers..........................
173.8
128.4
120.1
111.9
274.0
162.8
129.0
129.3
272.7
162.9
130.9
129.4
246.4
164.5
131.1
129.4
192.6
155.0
110.9
120.0
113.2
106.3
205.5
162.5
118.4
123.8
114.7
112.3
206.9
164.6
118.6
125.9
114.7
118.7
207.4
164.6
118.9
126.8
114.9
119.4
101.0
117.9
102.7
102.5
103.5
90.6
88.9
112.7
101.4
119.4
106.5
103.5
130.3
9 3.0
89.7
113.9
101.8
119.4
107.7
103.6
139.1
93.1
90.0
114.2
101.9
119.9
107.7
103.8
173.9
9 3.6
90.5
115.1
112.9
98.5
108.4
120.4
115.0
102.7
109.7
122.3
115.1
104.8
109.3
122.3
115.5
107.2
109.3
122.5
93.6
94.0
94.3
93.9
Fuels and related products, and power:
C o al............................................................
C oke...........................................................
Gas fuels....................................................
Electric p o w er..........................................
Crude petroleum ......................................
Petroleum products, refined...................
Paint m aterials............................................
Drugs and pharm aceuticals...................
Fats and oils, inedible............................
A gricultural chemicals and p ro d u c ts..
Plastic resins and m aterials...................
O ther chemicals and products
Rubber and plastic products:
R ubber and rubber products
Crude rubber.................................... ..
Tires and tu b es....................................
Miscellaneous rubber products........
Plastic construction products (Dec.
1969 = 100)............................................
U nsupported plastic film and sheeting
(Dec. 1 9 7 0 - 1 0 0 )...... .........................
Lam inated sheets, high pressure
(Dec. 1970= 100).................................
98.9
98.7
98.8
99.1
98.1
97.5
96.2
95.2
152.4
125.8
128.9
120.1
169.0
131.4
134.1
133.1
182.3
133.4
149.4
135.1
195.8
134.8
176.8
140.9
Lumber and wood products:
Lum ber
...............................................
M illw ork....................................................
Plyw ood............................................
Other wood products..............................
M ar.
Pulp, paper and products, excluding
building paper and b o a rd ...............
W oodpulp..............................................
W astepaper............................................
P aper...............................................
Paperboard............................................
Converted paper and p a p erb o ard ...
Building paper and b o a rd ..................
112.5
111.5
129.3
115.7
103.6
112.2
105.6
116.1
111.5
133.8
117.8
108.2
116.6
107.1
116.9
111.5
135.8
118.5
109.7
117.3
108.1
118.6
111.5
136.9
119.2
110.7
120.0
108.5
Iron and steel........................................
Steelmill products................................
Nonferrous m etals...............................
M etal containers...................................
H ardw are...............................................
Plumbing equipment ..........................
H eating equipm ent..............................
Fabricated structural metal products
Miscellaneous metal pro d u cts...........
128.3
130.9
117.2
127.1
119.2
118.9
117.0
122.1
124.1
131.9
132.6
117.9
131.1
121.7
120.8
118.8
124.4
125.2
133.0
132.7
121.0
130.8
121.9
121.6
119.2
124.7
125.8
133.3
133.2
128.3
135.7
122.1
123.3
119.5
125.0
126.7
Agricultural machinery and equip...
C onstruction machinery and eq u ip ..
Metalworking machinery and equip.
General purpose machinery and
equipm ent..........................................
Special industry m achinery and
equipm ent..........................................
Electrical machinery and equip.........
Miscellaneous m achinery...................
122.0
125.0
119.4
123.6
126.6
121.8
124.4
127.4
122.5
124.7
128.6
123.4
121.5
123.9
124.3
124.9
123.0
110.1
119.0
124.9
110.9
121.1
126.5
111.0
121.5
127.0
111.3
122.4
116.8
118.7
98.2
107.4
93.0
124.5
119.1
123.6
99.7
107.8
92.4
127.0
119.4
123.8
100.9
108.2
92.4
128.1
120.0
123.8
101.1
108.4
92.2
129.1
122.4
124.6
124.5
122.5
129.0
128.5
122.5
129.2
128.9
124.1
129.9
129.6
116.2
127.1
131.2
115.3
131.5
126.4
120.3
136.3
131.2
117.4
136.4
127.8
121.5
136.3
131.2
115.8
136.4
128.0
122.2
136.3
131.2
118.1
136.4
128.3
118.0
127.3
118.2
131.8
118.2
132.2
118.6
132.7
114.5
117.4
111.7
106.9
114.5
116.2
117.5
112.9
107.3
118.6
116.5
121.0
113.1
107.5
118.9
117.1
121.8
113.1
108.5
119.9
Furniture and household durables:
Household furniture............................
Commercial furniture..........................
Floor coverings
..............................
Household a p p lia n c e s ...................
Home electronic equipment .
.
Other household durable goo d s. . . .
Nonmetallic mineral products:
Chemicals and allied products:
Industrial chem icals................................
Prepared p ain t..........................................
Feb.
Machinery and equipment:
Hides, skins, leather, and products:
Hides and skins........................................
L eather.......................................................
F ootw ear...................................................
O ther leather products............................
Jan.
Metals and metal products:
Textile products and apparel:
Wool p roducts..........................................
M anm ade fiber textile p ro d u cts.........
A pparel......................................................
Textile housefurnishings........................
Miscellaneous textile p ro d u cts.............
M ar.
Pulp, paper, and allied products:
Processed foods and feeds:
Dairy p ro d u c ts.........................................
Processed fruits and vegetables............
Sugar and confectionery........................
Beverages and beverage m aterials. . . .
1973
G roup
Flat glass................................................
Concrete ingredients............................
Concrete products................................
Structural clay products excluding
refractories........................................
R efractories...........................................
Asphalt roofing.....................................
Gypsum products.................................
Glass containers....................................
Other nonmetallic m inerals...............
Transportation equipment:
M otor vehicles and equipm ent.........
Railroad equipm ent.............................
Miscellaneous products:
Toys, sporting goods, small arms,
am m unition.......................................
Tobacco products................................
N otions...................................................
Photographic equipment and supplies
Other miscellaneous products...........
1
N o te . —Bureau o f L abor Statistics indexes.
A 68
NATIONAL PRODUCT AND INCOME □ APRIL 1973
GROSS NATIONAL PRODUCT
(In billions of dollars)
Item
1929
1933
1941
1950
1968
1969
1970
1971
1972
1971
IV
Gross national product..................................... 103.1
Final purchases ......................................................
1 0 1.4
Personal consumption expenditures.................
Durable goods..............................................
77.2
9.2
37.7
30.3
Fixed investm ent ...............................................
Structures..............................................
Producers’ durable equipment.............
Residential structures...............................
Change in business inventories..................
III
II
IV
55.6 124.5 284.8 864.2 930.3 976.4 1,050.4 1,151.8 1,078.1 1,109.1 1,139.4 1,164.0 1,194.9
45.8
3.5
22.3
20.1
80.6 191.0 536.2 579.5 616.8
9.6 30.5 84.0 90.8 90.5
42.9 98.1 230.8 245.9 264.4
28.1 62.4 221.3 242.7 261.8
16.2
1.4
17.9
1 4 .5
1 0 .6
3 .0
2 .4
.9
1 3 .4
9 .5
5.0
5.6
1.5
4.0
.6
3.8
.5
1.7 - 1 .6
1.8 - 1 .4
2.9
6.6
3.9
3.7
4.5
4.0
.4
2.4
2.0
1.3
5.9
4.6
664.9
103.5
278.1
283.3
721.0
116.1
299.5
305.4
54.1 126.0 139.0 137.1 152.0 180.4
4 7 .3 1 1 8 .9 131.1 1 3 2 .2 1 4 8 .3 174.5
2 7 .9 8 8 .8 9 8 .5 1 0 0 .9 1 0 5 .8 1 2 0 .6
111.0
168.1
177.0
183.2 193.4
1 7 2 .0
1 1 9 .2
1 7 5 .2 183.1
1 2 0 .7 126.1
54.0
53.2
5.9
5.6
38.8
71.0
47.3
46.7
1.7
.8
1.8
13.8
12.0
2.5
50.6
48.1
1.9
55.5
53.6
3.6
62.9
59.3
.7 - 4 .2
66.1 73.7
65.4 77.9
- 2 .1
63.0
65.1
- 4 .6
70.7
75.3
240.9
1 0 0 .7
8.0
24.8
37.9 199.6 210.0 219.0 232.8 254.6
1 .3
2 .0
1 6 .9
1 8 .4
9 8 .8
9 8 .8
9 6 .5
9 7 .8 1 0 5 .8
14.1 78.3 78.4 75.1 71.4 75 .9
4.3 20.5 20.4 21.5 26.3 2 9 .9
19.5 100.8 111.2 122.5 135.0 148.8
Gross national product in constant (1958)
dollars............................................................ 203.6 141.5 263.7 355.3 706.6 725.6 722.1 741.7 789.5
N o te. —Dept, of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. For back data and explanation of series,
745.7
120.8
310.4
314.5
1 6 7 .7
1 1 6 .1
38.4
67.4
42.6
42.0
3.6
2.4
7 8 .3
728.6
118.6
302.0
308.0
158.8
36.0
64.9
31.2
30.7
4.9
4.8
42.2
713.4
113.9
297.2
302.4
1 5 7 .2
1 0 9 .8
34.2
64.3
32.6
32.0
7.8
7.7
8.5
6.0
696.1
288.3
296.7
30.3
58.5
30.1
29.5
7.1
6.9
Government purchases of goods and services..
13.8
3.1
7.9
680.5
106.1
283.4
290.9
9.2
18.7
19.4
18.6
6.8
6.0
1.1
7.0
5.9
7.2
I
5 7 .2 120.1 2 7 8 .0 8 5 7.1 9 2 2 .5 97 1 .5 1,046.7 1.145.9 1 ,0 7 6 .4 1 ,1 0 8 .6 1 ,1 3 4 .4 1 ,1 5 6 .0 1,184.6
Net exports of goods and services...................
Exports..........................................................
Imports..........................................................
O ther.........................................................
1972
71.9
28.7
140.2
754.5
41.3
74.8
51.6
51.0
.4
.1
42.0
77.2
52.8
52.1
5.0
4.3
41.8
79.0
54.4
53.7
8.0
7.9
43.7
82.3
57.0
56.1
10.3
10.1
- 5 .2
70.0
75.2
- 3 .4 - 3 .5
74.4 79.6
77.8 83.1
249.4
254.1
255.6 259.3
1 0 5 .7
7 6 .7
108.1
1 0 5 .4 1 0 4 .0
75.1 7 3 .2
28.9
143.7
78.6
29.6
146.0
766.5
783.9
30.2 30.8
150.2 155.2
796.1 811.6
see the Survey o f Current Business, July 1968, July 1969, July 1970, July
1971, July 1972, and Supplement, Aug. 1966.
NATIONAL INCOME
(In billions of dollars)
1929
1933
1941
1950
1968
1969
Item
1970
1971
1972
1972
1971
IV
I
II
III
IV
86.8
40.3 104.2 241.1 711.1 766.0 798.6 855.7 934.7 876.2 903.1 922.1 943.0 974.6
Compensation of employees.............................
51.1
29.5
64.8 154.6 514.6 566.0 603.8 644.1 705.3 660.4 682.7 697.8 710.2 730.3
Wages and salaries ...........................................
5 0 .4
2 9 .0
2 3 .9
.3
4 .9
6 2 .1
1 4 6 .8 4 6 4 .9 5 0 9 .7
5 4 1 .9
6 3 0 .6
6 4 8 .8
7 7 .8
7 9 .6
8 1 .5
38.0
39.8
38.8
40.8
39.8
41.8
73.2
54.4
18.7
75.3
56.2
19.1
79.0
57.4
21.6
25.2
24.2
26.2
26.9
79.4
81.8
86.1
89.6
95.9
8 3 .2
8 8 .2
9 1 .6
9 5 .7
10 1 .9
35.3
38.8
40.1
41.8
44.5
4 8 .0
4 9 .5
5 1 .5
5 3 .9
26.0
23.5
26.2
25.3
26.5
27.3
5 7 .3
5 7 3 .5 6 2 6 .5 5 8 7 .3
6 0 6 .6
45.5
.3
4.6
Supplements to wages and salaries ................
.7
.5
2 .7
7 .8
4 9 .7
5 6 .3
6 1 .9
7 0 .7
7 8 .8
7 3 .0
7 6 .1
.1
.6
.1
.4
2 .0
4 .0
.7
3.8
24.3
25.4
27.8
28.4
2 9 .7
32.1
34.1
36.5
38.5
40.3
35.0
38.0
37.3
38.8
15.1
9.0
6.2
5.9
3.3
2.6
17.5
11.1
6.4
37.5
24.0
13.5
64.2
49.5
14.7
67.2
50.5
16.7
66.8
49.9
16.9
70.0
52.6
17.3
75.2
55.6
19.6
71.8
53.8
18.1
73.3
54.3
19.1
5.4
2.0
3.5
9.4
21.2
22.6
23.3
24.5
25.6
25.0
10.5 - 1 .2
15.2
37.7
84.3
79.8
69.9
78.6
87.3
1 0 .0
1 7 .7
4 2 .6
39.9
8 4 .9
40.1
7 4 .3
34.1
8 3 .3
37.3
9 3 .3
7.6
17.8
8 7 .6
40.8
10.1
2 4 .9
4 7 .8
4 4 .8
4 0 .2
4 5 .9
5 2 .5
2 6 .4
Employer contributions for social in
surance ..................................................
Other labor income..................................
Proprietors* income..........................................
Farm..............................................................
Corporate profits and inventory valuation
1.4
Profits after ta x .............................................
Dividends..............................................
Inventory valuation adjustment..................
8 .6
1 .0
.5
.4
2 .0
- 1 .6
4.4
5.7
.5 - 2 .1
- 2 .5
- 5 .0
- 3 .3
- 5 .1
- 4 .4
4.1
3.2
2.0
26.9
30.5
34.8
5.8
2.8
4.7
8.8
16.0
N o te. —Dept, of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also N o te to table above.
6 2 0 .0
51.9 124.4 369.2 405.6 426.8 449.7 491.9 460.9 475.8 487.1 494.8 510.0
1.9
5.0 17.9 19.0 19.6 19.4 20.6 19.4 20.8 20.5 20.4 20.6
8.3 17.4 77.8 85.1 95.5 104.4 114.0 107.0 110.0 112.4 115.4 118.1
Private........................................................
Military......................................................
Government civilian.................................
23.6
24.2
24.3
20.5
24.8
15.4
25.4
20.5
26.1
25.2
22.7
-4 .7
-6 .0
- 3 .9
- 6 .5
- 5 .5
- 6 .1
- 5 .9
38.5
41.3
39.7
40.1
40.9
41.7
42.5
26.7
30.7
APRIL 1973 □ NATIONAL PRODUCT AND INCOME
A 69
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING
(In billions of dollars)
1933
Item
1941
1950
1968
1969
1970
1971
1972
1972
1971
III
IV
Gross national product.
103.1
L ess: Capital consumption allowances........
Indirect business tax and nontax lia
bility .....................................................
Business transfer paym ents.................
Statistical discrepancy...........................
Plus: Subsidies less current surplus o f gov
ernm ent enterprises...........................
Equals: National income.
7.9
7 .0
.6
.7
55.6 124.5 284.8 864.2 930.3 976.4 1,050. 41 ,151.8 1,078.1 1,109.1 1 ,139.41,164.01, 194.9
7 .0
7.1
.7
.6
-.1
86.8
IV
8 .2
11.3
.5
.4
.1
18.3
93.8 103.7
97.4
99.7
105.3
104.1 105.6
23.3 78.6 85.9 93.4 101.9 110.1
.8
3.4
3.8
4 .2
4 .6
4.9
1.5 - 2 . 7 - 6 . 1 - 4 . 7 - 4 . 8
.1
105.6
4 .7
- 5 .2
106.7
4.8
-4 .1
108.7
4.9
-.1
111.4 113.7
5.0
5.0
2.3
.2
74.5
.7
81.6
1.0
86.3
1.7
.7
1.2
1.6
40.3 104.2 241.1 711.1 766.0 798.6 855.7 934.7
876.2
903.1
922.1
79.4
66.9
81.8
71.9
86.1
73.1
1.5
.9
1.8
2.2
943.0 974.6
L ess: C orporate profits and inventory valu
ation adjustm ent................................
Contributions for social insurance---Excess o f wage accruals over disburse
m ents....................................................
Plus: Government transfer paym ents..........
Net interest paid by government and
consum ers.............................................
Dividends..................................................
Business transfer paym ents................. .
10.5 - 1 . 2
.2
.3
.9
2 .5
5.
.6
1.6
2 .0
.7
15.2
2.
37.7
6.9
84.3
47.1
79.8
54.2
69.9
57.7
78.6
65.3
.6
-.5
1.4
-1 .4
-.5
-.2
2.6
14.3
56.1
61.9
75.2
89.0
99.1
92.1
94.4
95.7
97.7 108.5
2 .2
4 .4
.5
7 .2
8.
26.1
23.6
3.4
28.7
24.3
3.
31.0
24.8
4 .2
31.1
25.4
4 .6
31.6
26.4
4.9
30.9
25.2
4 .7
30.9
26.0
4.
31
26.2
4.9
31.7
26.5
5.0
96.0 227.6 688.9 750.9 806.3 861.4 935.9
881.5
907.0
922.1
123.0
136.5
139.5
141.1 146.4
87.3
74.0
89.6
74.6
95.9
76.3
.0
32.0
26.7
5.0
939.9 974.6
Equals: Personal income..................................
85.9
47.0
L ess: Personal tax and nontax paym ents...
2 .6
1.5
Equals: Disposable personal income...............
83.3
45.5
92.7 206.9 591.0 634.4 689.5 744.4 795.1
758.5
770.5
782.6
798.8 828.2
L ess: Personal outlays......................................
79.1
77.2
1.5
46.5
45.8
.5
81.7 193.9 551.2 596.2 634.7 683.4 740.2
80.6 191.0 536.2 579.5 616. 664.9 721.0
2 .4 14.3 15.
.9
16.9 17.6 18.2
699.2
680.5
17.7
714.9
696.1
17.8
732.5
713.4
18.0
748.0 765.5
728.6 745.7
18.2 18.6
Personal consumption expenditures.
C onsumer interest paym ents.............
Personal transfer payments to for
eigners................................................
E quals: Personal saving.
20.7
97.9 116.5 116.7 117.0 140.
.9!
1.0
1.0
1.1
1.1
1.0
1.1
1.2
1.2
38.2
54.9
60.9
54.8
59.3
55.7
50.1
50.8
62.8
150.6 112.2 190.3 249.6 499.0 513.6 533.2 554.7 578.5
560.9
565.7
571.4
.3
4 .2
Disposable personal income in constant (1958)
dollars.................................................................
.2
3.3
-.9
.2
.5
11.0
13.1
39.8
579.6 597.3
N ote.—D ept, o f Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also N ote to table opposite.
PERSONAL INCOME
(In billions o f dollars)
Item
1971
1973
1972
1972
Feb.
M ar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Total personal income............................
861.4 935.9 908.5 913.6 919.4 924.0 922.9 932.9 940.0 946.8 964.6 976.2 982.9 985.6 993.9
Wage and salary disbursements...........
Commodity-producing industries. .
M anufacturing o n ly ........................
Distributive industries.......................
Service industries................................
G overnm ent.........................................
572.9 627.0 609.0 612.4 617.6 619.9 624.0 625.7 630.6 636.0 643.0 648.5 654.9 662.7 668.4
206.1 224.6 217.7 220.1 221.7 222.5 223.5 222.4 225.2 227.8 231.0 233.3 235.8 237.7 240.8
1 6 0 .3
1 75.8
138.2 151.5
105.0 116.1
123.5 134.8
16 9 .3
171.3
148.1 148.0
111.6 112.8
131.7 131.5
1 7 3 .3
173 .8
1 7 5 .0
1 7 4 .5
1 7 6 .6
1 7 8 .8
1 8 3 .9
1 8 6 .2 1 8 7 .0
1 8 9 .4
149.4
113.9
132.5
149.4 151.4
114.7 115.5
133.2 133.6
151.9
116.9
134.5
152.3
117.3
135.8
153.0 155.0 156.3
118.2 119.3 119.9
137.0 137.7 139.0
158.0 159.5
121.5 123.0
139.7 142.5
159.9
124.0
143.7
1 8 1 .5
O ther labor incom e................................
36.5
40.3
38.8
39.1
39.5
39.8
40.1
40.5
40.8
41.1
41.4
41.8
42.1
42.4
42.7
Proprietors’ incom e................................
Business and professional.................
F a rm ......................................................
69.9
52.6
17.3
75.2
55.6
19.6
73.2
54.1
19.1
74.2
54.7
19.5
74.0
54.9
19.1
74.0
55.3
18.7
71.6
53.2
18.4
74.3
55.7
18.6
75.4
56.3
19.1
76.2
56.7
19.5
77.7
57.0
20.7
79.5
57.4
22.1
79.8
57.8
22.0
80.0
58.2
21.8
80.5
58.7
21.8
25.5
25.6
21.5
25.8
26.3
26.5
27.0
26.7
26.9
26.6
26.6
27.3
R ental incom e.........................................
24.5
25.6
25.2
25.3
D ividends..................................................
25.4
26.4
26.1
26.0
26.1
26.3
26.3
26.4
26.6
26.5
26.7
26.6
26.8 ! 27.1
Personal interest incom e.......................
69.6
72.9
71.0
71.3
72.0
72.7
73.4
73.5
73.4
73.3
73.7
74.5
75.4
Transfer paym ents..................................
93.6
104.0 100.0 100.1
99.7
100.9
101.3
102.2
102.8
103.2
111.6
115.2
35.0
35.1
35.3
35.5
35.8
36.0
36.4
36.5
75.9
76.2
113.6 113.3
115.1
42.4
42.8
L ess: Personal contributions for social
insurance..........................................
Nonagricultural income..........................
Agricultural income.................................
31.2
35.5
34.7
34.8
N ote.—D ept, o f Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also N ote to table opposite.
36.6
837.2 909.3 882.4 887.1 893.4 898.3 897.5 907.3 914.0 920.3 937.1 947.2 953.9 956.6 964.9
24.2 26.6 26.0 26.5 26.0 25.8 25.4 25.5 25.9 26.5 27.6 29.0 29.0 29.0 29.1
A 70
FLOW OF FUNDS □ APRIL 1973
SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS
(Seasonally adjusted annual ra te s; in billions o f dollars)
1969
Transaction category, o r sector
1966
1967
1968
1969
1970
1971
HI
1970
H2
HI
1971
H2
HI
1972
H2
HI
H2
Funds raised, by type and sector
1
Total funds raised by nonfinancial
sectors............................................
68.7
83.4
97.8
2
3
4
U.S. Governm ent.................................
Public debt securities......................
Budget agency issues......................
3.6
2 .3
1.3
13.0
8.9
4.1
13.4
10.3
3.1
-3 .6
-1 .3
- 2 .4
5
6
7
8
9
10
11
12
13
14
15
A ll o th e r n o n fin a n c ia l s e c t o r s . .
C orporate equity sh ares.................
D ebt instrum ents.............................
D ebt capital instrum ents...........
State and local govt. secs.. . .
C orporate and fgn. b o n d s. . .
M ortgages..................................
Hom e m ortgages ..................
O ther residential ..................
C om m ercial ..........................
F arm ............ ..........................
65.0
.9
64.1
39.0
5.7
11.0
22.3
70.4
2 .4
68.0
46.2
8.3
15.9
22.0
84.4
-.7
85.1
51.3
10.1
14.0
27.3
1 1 .4
3 .1
5 .7
2 .1
1 1 .6
3 .6
4 .7
2 .1
16
17
18
19
20
O ther private credit.....................
Bank loans n.e.c.......................
C onsum er cred it......................
Open m arket paper.................
O th er..........................................
25.1
10.4
7 .2
1.0
6 .4
21
22
23
24
25
26
27
28
B y borrow ing, s e c to r ................................
F oreign...............................................
State and local governm ents.........
Households........................................
Nonfinancial business.....................
C orporate .......................................
29
30
31
91.7 101.6 156.3
92.1
91.0
25.5
26.0
-.5
- 6 .4
-5 .9
-.5
—.6
3.6
- 4 .2
8.2
9.5
-1 .3
95.3
4.8
90.6
49.0
7.9
13.1
27.9
88.8 130.8
6.8
13.5
81.9 117.4
87.5
60.8
13.8 20.2
21.1
20.3
25.8 47.0
98.5
1.9
96.6
51.8
8.5
14.0
29.3
91.5
7.6
83.9
46.2
7 .4
12.2
26.5
1 5 .2
3 .5
6 .6
2 .1
1 5 .7
4 .8
5 .5
1 .9
1 2 .8
5 .9
5 .4
1 .8
2 6 .1
8 .8
1 0 .1
2 .0
1 6 .8
4 .6
5 .7
2 .3
21.8
9 .9
4 .6
2.1
5.2
33.8
13.8
11.1
1.6
7.3
41.6
16.8
9.3
3.3
12.2
21.1
5 .0
4.3
3.8
8.0
29.9
13.0
10.4
-.4
6.9
65.0
1.3
6.4
23.2
34.1
70.4
4 .0
8.5
19.7
38.1
84.4
3.1
10.4
31.9
39.1
95.3
3.3
8.7
32.6
50.8
F a rm ...............................................
2 5 .2
5 .5
3 .5
2 9 .7
5 .0
3 .5
3 0 .7
5 .7
2 .7
M em o: U.S. Govt, cash balance
totals net o f changes in U .S..........
Total funds raised ................................
by U.S. G overnm ent.......................
-.4
69.1
4 .0
1.2
82.2
11.8
- 1 .1
9 9 .0
14.5
12.8
12.9
-.1
93.8 109.7 142.9
17.4
16.3
1.1
22.3
23.8
- 1 .6
168.9 150.3 185.4
28.6
28.1
.5
1
23.2
19.0
4 .2
2
3
4
85.6
6 .0
79.6
52.5
11.8
18.0
22.7
92.3 120.6 140.3 138.9 162.2
7.6
12.7
14.2
13.1
11.6
84.7 108.0 126.1 125.8 150.6
69.2
84.5
90.5
87.2 97.6
15.9 22.0
18.4
14.0
14.8
24.3 23.2
13.7
17.4
13.8
29.0
39.3
54.6 59.3 69.2
1 4 .6
5 .1
5 .3
1 .6
1 1 .2
5 .2
4 .8
1 .5
1 4 .4
6 .6
6 .0
2 .1
2 0 .4
8 .6
8 .6
1 .8
3 1 .8
9 .0
1 1 .6
2 .3
3 3 .4
9 .3
1 3 .9
2 .7
4 0 .6
1 0 .2
1 5 .7
2 .6
5
6
7
8
9
10
11
12
13
14
15
44.8
19.4
10.0
4 .6
10.8
37.8
14.2
7.9
2.1
13.6
27.1
9 .0
5.5
3.7
8.8
15.5
1.1
3.4
3.8
7.3
23.4
7 .9
6.5
-.4
9 .4
35.6
18.0
13.5
-.4
4 .5
38.6
15.9
15.6
1.6
5.5
53.0
27.3
22.4
- 2 .2
5.6
16
17
18
19
20
88.8 130.8
3.0
5 .6
13.9 20.6
22.3 41.6
49.5
63.0
98.5
4.7
8.9
34.2
50.8
91.5
2 .0
8.5
30.3
50.7
85.6
2.3
11.4
22.0
49.9
92.3 120.6 140.3 138.9 162.2
4.1
5.5
5 .8
2.9
3.8
15.2
19.1
16.4 22.1
13.9
31.5
5 1.0 53.8 69.9
22.9
49.2 61.6
64.4 68.2 7 3.0
4 0 .2
7 .4
3 .2
3 9 .8
6 .4
3 .2
4 8 .6
1 0 .3
4 .1
3 9 .8
7 .6
3 .4
4 0 .6
7 .2
3 .0
4 1 .1
5 .6
3 .2
3 8 .5
7 .4
3 .3
5 6 .9
1 1 .2
4 .9
21
22
23
24
25
26
27
28
.4
91.3
-4 .0
2.7
98.9
10.1
3.3
153.1
22.2
-1 .5
93.6
- 4 .9
2 .2
88.8
-2 .8
2.3
91.6
6 .0
4 .0
- 5 .0
155.4 181.4
19.2
16.5
29
30
31
191.2 188.7 208.7 227.1 225.5 252.9 224.2 229.9 224.3 226.7 247.0 258.8 282.9 305.5
118.5 128.4 140.4 154.4 164.9 178.5 151.0 157.7 162.5 167.3 174.5 182.6 192.4 198.1
72.7
60.3 68.3 72.7 60.6 74.3 73.2 72.2
90.5 107.4
61.8 59.4 72.5 76.1
1
2
3
93.1 115.4 122.0 142.8
81.1
71.9 72.1
- 8 . 9 - 1 0 .1 - 1 2 . 7 - 2 0 .5 - 3 9 . 2 - 3 1 . 6 - 3 5 . 5
4
5
109.3 110.1 118.0 106.1 112.4 108.4 111.9 116.9 119.0 133.4 145.1
74.2 77.8
82.3 87.7 90.2
72.9
71.1
69.5 73.6 80.0 67.9
55.0
39.2
36.7 45.8
37.6
41.3
35.5
39.7 36.6
37.9
38.1
6
7
8
54.8 61.1
41.9 49.2 49.9
43.4 43.7
14.5
13.4
11.9
6.3
7.3
12.3
7 .4
2
7
.7
2
2 .4 -1 8 .0
1
1
.
6
2
2
.
4
- 9 .5 -1 4 .4
9
10
11
97.5 108.9
63.2 65.4
34.2 4 3.4
12
13
14
31.2
34.7
35.6 38.8 45.0
11.9
7.3
12.3
14.5
13.4
- 5 . 3 - 1 7 . 6 - 2 3 .7 - 1 8 . 0 - 1 3 . 5
15
16
17
117.5 115.9 114.8 130.1 139.8 149.5 160.3
86.6 89.6 9 3.0 96.7 100.3 104.8 107.9
52.4
33.4 39.4 44.7
30.9 26.3 21.7
18
19
20
53.8 69.9
- 9 .1 - 1 7 .4
21
22
- 4 . 2 - 1 1 .9 - 1 0 . 7 - 1 6 .1
1.5
3.5
4.3
8.7
3.0
2 .3
2 .4
2.6
5.6
5.3
5.7
4.9
23
24
25
26
4 7 .0
1 1 .0
3 .6
5 0 .1
9 .7
4 .6
3.1 - 1 . 0
106.6 143.9
14.3 23.3
7 .6
161.3
21.1
11.4
9 .6
1.8
5 2 .2
1 1 .8
4 .2
Private net investment and borrowing in credit m arkets
1
2
3
4
5
6
7
8
9
10
11
12
13
14
T otal, households and business
T o ta l c a p ita l o u tl a y s 1 ......................
N et physical investm ent.................
N et funds ra ised ..............................
Total business
T o ta l c a p ita l o u tl a y s .........................
N et physical investm ent.................
N et debt funds raised.....................
Excess net investm ent3...................
Corporate business
T o ta l c a p ita l o u tla y s .........................
N et physical investm ent.................
15
16
17
57.3
15.4
57.9
2 .4
71.0 83.3 71.8 104.6 84.9
- 2 . 7 - 1 0 . 6 - 1 1 .2 - 3 0 .3 - 1 1 .7
97.0
54.2
42.8
94.0
58.5
35.6
33.0
1.2
8.7
35.8
2 .3
-2 .5
77.1
38.2
38.9
72.0
41.5
30.5
76.2
45.1
31.1
84.0
49.9
34.2
24.0
1.2
13.7
27.4
2 .3
.8
31.6
-.8
.3
35.9
4.3
- 6 .0
94.2
64.3
29.9
94.6 109.7 117.8 115.3 134.9 118.1
69.9 77.2 84.8 91.3 98.5
83.1
24.7 32.5
33.0 24.0
36.4 35.1
23.2
6.7
19.7
5 .0
31.9
.6
32.6
.5
22.3
1.7
41.6
-5 .2
34.2
.9
30.3
.6
22.0
4.3
22.9
-1 .2
-.8
7 .9
2 .0
2 .4
-1 .3
7 .8
1.9
3.5
-2 .1
5 .6
1.9
4 .8
-2 .9
7 .0
2.2
5.8
- 1 .9
5.5
2.2
4.1
-8 .1
5.7
2.3
5.2
-2 .8
7 .7
2 .0
6 .0
- 3 .1
6.9
2 .4
5 .6
- 1 .0
6 .4
2.3
3.3
-2 .8
4 .4
2.1
4.9
99.0
63.2
35.8
40.0 46.5 42.7 49.6 49.5
4.3
13.4
1.2
-.8
6.8
- 3 . 3 - 1 1 .1 - 1 2 .9 - 2 5 .1 - 1 2 . 6
84.6
52.7
31.9
85.2
57.3
27.9
81.5
48.7
32.9
33.0 35.1
13.4
6.8
- 7 .9 -2 0 .7
38.6
1.2
-6 .9
Households
18
19
20
21
22
23
24
25
26
Capital consum ption.......................
Excess net investment3...................
O f which:
Houses less home m ortgages.........
D urables less consumer cre d it. . .
Nonprofit P&E less m ortgages. . .
Less: U nallocated d e b t..................
1 Capital outlays are totals for residential and nonresidential fixed
capital, net change in inventories, and consumer durables, except outlays
by financial business.
2 Capital consumption includes amounts for consumer durables and
excludes financial business capital consumption.
3 Excess o f net investment over net funds raised.
N ote.—F ull sector statements are available on a quarterly basis for
flows and annually in amounts outstanding. Requests for these statements
should be addressed to the Flow o f Funds Section, Division o f Research
and Statistics, Board o f G overnors o f the Federal Reserve System, W ash
http://fraser.stlouisfed.org/
ington, D .C., 20551.
Federal Reserve Bank of St. Louis
86.5
51.1
35.4
83.0
52.3
30.7
33.2
34.9
7 .4
6.3
-5 .1 -1 0 .4
86.3
53.1
33.1
85.0
55.6
29.4
85.5
59.0
26.4
31.5 51.0
1.9 - 1 1 .5
Funds raised by type and sector. Credit flows included here are the
net amounts raised by households, nonfinancial business, governments,
and foreigners. All funds raised by financial sectors are excluded. U.S.
G overnment budget issues (line 4) are loan participation certificates
issued by CCC, Export-Im port Bank, FN M A , and G N M A , together with
security issues by FH A , Export-Im port Bank, and TV A. Issues by federally
sponsored credit agencies are excluded as borrowing by financial institu
tions. Such issues are in U.S. G overnment securities on p. A-71, line 11.
C orporate share issues are net cash issues by nonfinancial and foreign
corporations. Mortgages exclude loans in process. Open m arket paper is
commercial paper issued by nonfinancial corporations plus bankers’
acceptances.
APRIL 1973 o FLOW OF FUNDS
A 71
DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
(Seasonally adjusted annual rates; in billions o f dollars)
1969
Transaction category, or sector
1 T otal funds advanced in credit m ar
kets to nonfinancial sectors.........
By public agencies and foreign
2 Total net advances................................
3
U.S. G overnment securities...........
4
Residential m ortgages....................
5
FHLB advances to S&L’s ..............
6
O ther loans and securities.............
1966
1967
1968
1969
1970
1970
1971
1972
1971
HI
H2
HI
H2
HI
H2
HI
H2
67.7
81.0
98.5
86.9
94.7 142.9
90.2
83.3
87.8 102.1 130.2 154.7 137.2 173.8
1
11.9
3 .4
2 .8
.9
4.8
11.3
6 .8
2.1
-2 .5
4 .9
12.2
3 .4
2 .8
.9
5.1
15.8
.9
4 .6
4 .0
6 .3
28.0
15.7
5.7
1.3
5.2
41.2
33.4
5.7
-2 .7
4.8
9.9
-2 .7
3.0
3.1
6.6
22.3
4.5
6.3
5 .0
6.6
25.3
10.5
6.3
2.8
5.7
30.6
2 1.0
5.2
-.1
4 .6
37.7
32.4
4.2
-5 .8
6.9
44.8
34.4
7.1
.5
2.8
19.5
13.1
6.2
-2 .7
2.9
15.8
3.8
4 .4
2.8
4 .8
2
3
4
5
6
By agency—
U.S. G overnm ent.............................
Sponsored credit agencies..............
Federal Reserve................................
Foreign...............................................
Agency borrowing not in line 1 . . . .
4.9
5.1
3.5
-1 .6
4.8
4 .6
-.1
4 .8
2 .0
-.6
4.9
3.2
3.7
.3
3.5
2 .9
9 .0
4 .2
-.3
8.8
2.8
9.9
5 .0
10.3
8.7
3.2
2.8
8.8
26.4
3.9
2.7
6.2
3.7
-2 .6
7.1
3.7
11.8
4.8
2 .0
11.0
3.1
11.1
2.8
8.3
10.8
2.6
8.7
7 .2
12.2
6.6
4 .4
- 1 .8
8.4
26.7
.3
1.9
7 .4
9.3
26.1
7 .4
1.6
7.9
4 .7
5.4
7.0
2 .2
6.1
-4 .2
11.6
4.8
7
8
9
10
11
Private domestic funds advanced
12 Total net advances................................
13
U.S. Government securities...........
14
M unicipal securities........................
15
C orporate and foreign bonds........
16
Residential m ortgages.....................
17
Other mortgages and loans..........
18
Less: FHLB advances....................
60.6
5 .4
5.7
10.3
11.6
28.5
.9
69.1
5 .7
8.3
16.0
13.1
23.5
-2 .5
89.8
13.3
10.1
13.8
15.8
37.8
.9
79.9
4 .6
7.9
12.6
15.8
43.0
4 .0
75.5 105.5
5.8 - 4 . 0
13.8 20.2
20.5
20.0
12.9 29.2
23.8
37.4
1.3 - 2 . 7
87.3
3.5
8.5
13.4
18.3
46.8
3.1
72.0
6.1
7 .4
11.8
13.3
38.5
5 .0
73.3
8.6
11.8
17.1
10.0
28.6
2.8
78.0
3.1
15.9
23.8
15.7
19.4
-.1
92.8 117.3 124.7 162.9
- 9 .9
1.8
5.4 24.3
22.0
18.4
14.0
14.8
23.0
17.1
13.6
13.7
24.7
33.6
36.4 46.4
27.2 46.8
52.5 66.5
- 5 .8
.5 - 2 . 7
2.8
12
13
14
15
16
17
18
7
8
9
10
11
P r iv a te fin a n c ia l in te r m e d ia tio n
19 Credit market funds advanced by pri20
21
22
23
Commercial banking......................
Savings institutions.........................
Insurance and pension fu n d s.........
Other finance....................................
4 4 .7
17.0
7.9
15.0
4.7
62.8
35.9
15.0
12.4
-.5
75.0
39.0
15.6
13.9
6 .6
5 4.0
18.9
14.2
12.2
8.6
70.2 105.8
31.6 49.8
16.6 41.6
17.6
12.0
4.5
2.3
64.3
23.2
17.8
12.4
10.9
43.6
14.6
10.6
12.1
6.2
54.3
21.6
11.7
17.7
3.4
86.1
41.5
21.5
17.5
5.5
105.9 105.3 123.2 155.3
4 9.4 50.0 53.4 77.0
45.4
37.8 48.4 49.4
11.6
12.4
14.3
19.5
-.6
5.2
7.1
9 .5
19
20
21
22
23
24
25
26
Sources o f funds ....................................................
Domestic private deposits.............
Credit m arket borrow ing...............
44.7
21.2
3.0
62.8
49.4
-.6
75.0
46.1
6.9
54.0
2.5
16.8
70.2 105.8
60.4 92.3
1.8
4.5
64.3
5 .0
13.4
43.6
-.1
20.1
54.3
32.0
10.7
86.1
88.8
-7 .0
105.9 105.3 123.2 155.3
105.8 78.6 99.9 105.7
-.2
9.2
7.1
20.3
24
25
26
27
28
29
30
31
O ther sources....................................
Foreign funds...............................
Treasury b alances.......................
Insurance and pension reserves.
O ther, n e t......................................
20.5
3.7
-.5
13.2
4 .2
14.0
2.3
.2
11.8
-.3
22.0
2 .6
-.2
11.2
8.4
34.7
9 .3
*
10.3
15.1
8 .0
-8 .4
2.9
13.5
*
9 .0
-3 .3
2.2
8.2
1.8
45.9
14.4
-2 .1
9 .7
23.9
23.5
4 .2
2.1
10.9
6.2
.3
- 7 .6
-1 .6
7.6
2 .0
17.6
1.0
6.1
8.8
1.6
16.1
4 .4
-3 .9
7.7
8.0
29.4
4.1
4.8
13.6
7.0
27
28
29
30
31
P riv a te d o m e s tic n o n fin a n c ia l
in v e sto rs
32 Direct lending in credit m k ts.............
33
U.S. G overnment securities...........
34
M unicipal securities........................
35
Corporate and foreign bonds........
36
Commercial p ap er...........................
O th er...................................................
37
18.9
8.8
2.7
2.5
2 .0
3 .0
5 .8
- 1 .3
- 2 .0
5.3
1.5
2 .4
21.7
7.7
.3
5.1
4 .4
4.2
42.7
16.0
6 .7
7 .6
8.7
3.7
7 .0
4.2
- 7 . 6 -1 3 .1
1.4
5.7
10.4
8.6
- 1 .2 -2 .1
4.1
5 .0
36.4
14.6
6.2
6 .0
6.1
3.5
48.7
17.4
7.2
9.1
11.2
3.8
29.5 - 1 5 . 0 - 1 3 . 3
1.8 - 1 7 . 0 - 2 4 . 7
5.3
3.8 - 1 . 1
8.6
12.1
10.3
10.9 - 1 3 . 3 - 7 . 8
4.3
4.3
3.5
21.2
-1 .6
6.1
6.8
3.7
6.2
8.6
- 3 .8
4.8
4.1
.5
3.0
27.8
15.2
5.4
3.4
-.5
4.3
32
33
34
35
36
37
38
39
D eposits and currency.......................
Time and savings accounts...........
23.1
20.3
51.5
39.3
48.6
34.0
5.3
-2 .2
63.9
56.2
95.7
81.3
6.5
5.2
4.1
-9 .7
35.0
31.1
92.8
81.4
110.3
92.4
80.9
70.1
104.6
91.4
109.7
81.4
38
39
40
41
42
M oney.................................................
D em and deposits.........................
C urrency........................................
2 .8
.8
2 .0
12.2
10.1
2.1
14.6
12.2
2.4
7 .6
4 .7
2.8
7.7
4.2
3.5
14.4
11.0
3.4
1.3
-.2
1.5
13.8
9 .6
4 .2
3.9
.9
3 .0
11.4
7 .4
4 .0
17.9
13.4
4.5
10.7
8 .4
2 .3
13.2
8.6
4.7
28.3
24.3
4 .0
40
41
42
43
Total of credit m arket instr., de
posits, and currency...................
42.1
57.3
70.3
48.0
70.9
99.9
43.0
52.8
64.5
77.8
96.9
102.0 113.2 137.5
43
44
45
M em oranda:
Public support rate (in per cent)
Pvt. fin. interm ediation (in per
cen t)...........................................
Total foreign funds.........................
17.6
13.9
12.3
18.2
29.5
28.9
11.0
26.8
28.8
30.0
28.9
29.0
14.2
9.1
44
73.7
2.1
90.8
4 .3
83.5
2.9
67.6
9 .0
93.1
1.8
100.2
23.1
73.6
11.8
60.4
6.2
74.2
4 .9
110.3 114.0
-1 .3
19.1
89.8
27.1
98.8
9.8
95.4
15.7
45
46
1
2
3
46
4.3
11.7
- 3 . 4 - 1 3 .5
3.4
2 .4
13.0
14.1
-1 .3
1.2
Corporate equities not included above
1 Total net issues......................
2
M utual fund shares..........
3
O ther equities.....................
4
5
Acq. by financial institution
O ther net purchases.............
4 .6
3.7
.9
4.9
2.6
2.3
4 .0
4.7
- .7
10.3
5.5
4.7
9.5
2.6
6.9
14.8
1.3
13.5
8.2
6.3
1.9
12.4
4 .8
7 .6
9 .3
3.1
6.1
9.7
2 .0
7 .6
13.1
.3
12.7
16.5
2.3
14.2
12.9
-.3
13.3
11.8
*
11.8
6 .0
-1 .3
8 .4
-3 .5
9.5
-5 .5
12.8
- 2 .5
11.4
-1 .9
19.1
-4 .4
12.1
-3 .9
13.5
-1 .1
12.5
- 3 .3
10.2
-.5
20.7
-7 .7
17.5
-1 .1
15.3
-2 .3
12.5
Notes
Line
1. Total funds raised (line 1 o f p. A-70) excluding corporate equities.
2. Sum o f lines 3-6 or 7-10.
6. Includes farm and commercial mortgages.
11. Credit m arket funds raised by Federally sponsored credit agencies.
Included below in lines 13 and 33. Includes all GNM A -guaranteed
security issues backed by m ortgage pools.
12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32.
Also sum o f lines 27 through 41 excluding subtotals.
17. Includes farm and commercial mortgages.
25. Lines 39 + 41.
26. Excludes equity issues and investment company shares. Includes
line 18.
Foreign deposits at commercial banks, bank borrowings from foreign
Digitized for 28.
FRASER
branches, and liabilities o f foreign banking agencies to foreign af
filiates.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
29. Demand deposits at commercial banks.
30. Excludes net investment o f these reserves in corporate equities.
31. Mainly retained earnings and net miscellaneous liabilities.
32. Line 12 less line 19 plus line 26.
33-37. Lines 13-17 less amounts acquired by private finance. Line 37
includes mortgages.
39+41. See line 25.
42. Mainly an offset to line 9.
43. Lines 32 plus 38 or line 12 less line 27 plus line 42.
44. Line 2/line 1.
45. Line 19/line 12.
46. Lines 10 plus 28.
Corporate equities
Line
1 and 3 Includes issues by financial institutions.
A 72
U.S. BALANCE OF PAYMENTS □ APRIL 1973
1. U.S. BALANCE OF PAYMENTS
(In millions o f dollars)
Line
1970
Credits+ , debits —
1971 '
1972*
1971
1972
I'
IV '
II'
III'
IV*
Summary—Seasonally adjusted
1
2
3
2,164 -2 ,6 6 6 -6 ,8 1 6 -1 ,5 3 4 -1 ,8 3 1 -1 ,7 7 7 - 1 ,5 2 5 -1 ,6 8 3
M erchandise trade balance 1........................................................
41,963 42,787 48,840
9,583
11,659
11,561
E x p o rts......................................................................................
12,380
13,240
Im p o rts...................................................................................... -3 9 ,7 9 9 -4 5 ,4 5 3 -5 5 ,6 5 6 -1 1 ,1 1 7 - 1 3 ,4 9 0 -1 3 ,3 3 8 -1 3 ,9 0 5 -1 4 ,9 2 3
4
5
M ilitary transactions, n e t..............................................................
Travel and transportation, n e t.....................................................
-3 ,3 7 4
-2 ,0 6 1
-2 ,8 9 4
-2 ,4 3 2
-3 ,5 4 1
- 2 ,5 8 3
-8 0 7
-7 0 3
-8 8 4
-6 6 7
-9 5 8
-6 4 5
6
Investment income, net 2...............................................................
U.S. direct investments abroad............................................
O ther U.S. investments abroad............................................
Foreign investments in the United States.........................
6,259
7,920
3,506
-5 ,1 6 7
7,995
9,455
3,443
-4 ,9 0 3
7,901
10,293
3,499
-5 ,8 9 1
2,295
2,770
881
-1 ,3 5 6
1,879
2,324
942
- 1 ,3 8 7
1,788
2,383
822
- 1 ,4 1 7
574
748
819
172
200
192
203
224
Balance on goods and services 3............................................................
3,563
750
-4 ,2 1 9
-5 7 7
- 1 ,3 0 3
-1 ,4 0 0
-8 6 4
-6 5 6
12
Remittances, pensions, and other transfers..............................
-1 ,4 7 4
-1 ,5 2 9
-1 ,5 5 7
-4 0 4
-3 8 9
-3 8 3
-3 6 8
-4 1 6
13
Balance on goods, services, and remittances......................................
2,089
-7 7 9
-5 ,7 7 6
-9 8 1
-1 ,6 9 2
- 1 ,7 8 3
- 1 ,2 3 2
-1 ,0 7 2
14
U.S. Government grants (excluding m ilitary)...........................
-1 ,7 3 4
-2 ,0 4 5
- 2 ,2 0 8
-5 8 8
-6 0 1
-5 3 5
-5 3 8
-5 3 4
356 - 2 ,8 2 4
- 7 ,9 8 3
-1 ,5 6 9
-2 ,2 9 3
-2 ,3 1 8
-1 ,7 7 0
-1 ,6 0 6
-2 6 9
17
-5 0 9
7
-6 0 1
16
157
180
-2 5 4
750
- 1 0 0 -1 ,1 1 6
350
237
211
-3 5 4
956
611
-2 6 9
-4 0 8
211
167
-2 2
690
-8 5 7
95
-8 4
1,868
-4 4 7
115
7
8
9
10
11
15
16
19
20
21
22
23
24
25
U.S. G overnm ent capital flows excluding nonscheduled
repayments, net 4 ........................................................................
Nonscheduled repayments o f U.S. Government assets...........
U.S. G overnm ent nonliquid liabilities to other than foreign
official reserve agencies..............................................................
Long-term private capital flows, n e t...........................................
U.S. direct investments abroad............................................
Foreign direct investments in the United States...............
Foreign securities....................................................................
U.S. securities other than Treasury issues.........................
O ther, reported by U.S. b a n k s............................................
O ther, reported by U.S. nonbanking concerns.................
17
18
-1 ,8 2 9
244
-2 ,1 1 7
225
-1 ,7 0 8
127
-3 8 5
48
-3 3 0
88
-4 3 3
-1 ,3 9 8
-4 ,4 0 0
1,030
-9 4 2
2,190
198
526
-4 8 6
-4 ,0 7 9
-4 ,7 6 5
-6 7
-9 0 9
2,282
-8 1 4
194
214
107
-3 ,3 3 9
322
-6 1 9
4,502
-1 ,1 0 2
343
-1 9 6
330
-7 8 8
181
73
921
-1 6 5
108
-1 0 1
-1 ,0 8 1
-1 ,2 6 6
-3 6 0
-3 9 3
1,067
22
-1 5 1
-8 5 0
-6 1 3
-8 5 0
-6 6 0
1,921
2,313
2,570|
3,016
854
882
-1 ,5 0 3 - 1 ,5 8 5
26
Balance on current account and long-term capital 4..........................
-3 ,0 5 9
-9 ,2 8 1
-9 ,2 4 3
-1 ,7 7 2
- 3 ,7 1 7
-1 ,6 6 3
-2 ,3 4 6
-1 ,5 2 3
27
28
29
30
N onliquid short-term private capital flows, n e t.......................
Claims reported by U.S. b an k s............................................
Claims reported by U.S. nonbanking concerns...............
Liabilities reported by U.S. nonbanking concerns...........
-4 8 2
-1 ,0 2 3
-3 6 1
902
-2 ,3 8 6
-1 ,8 0 7
-5 5 5
-2 4
- 1 ,6 3 4
-1 ,5 3 0
-2 4 3
139
-6 5 4
-6 8 5
-1 3 0
161
-5 0 8
-5 8 7
-1 7
96
592
467
103
22
-5 0 7
-3 7 0
-9 1
-4 6
-1 ,2 1 1
- 1 ,0 4 0
-2 3 8
67
31
32
Allocations o f Special Drawing Rights (SD R ’s )....................
Errors and omissions, n e t.............................................................
867
717
-1 ,1 7 4 -1 1 ,0 5 4
710
-3 ,8 0 6
179
-2 ,0 8 2
178
942
178
- 1 ,3 1 4
177
177
-1 ,8 2 5 -1 ,6 0 8
33
Net liquidity balance................................................................................
-3 ,8 5 1 -2 2 ,0 0 2 -1 3 ,9 7 4
-4 ,3 2 9
-3 ,1 0 5
-2 ,2 0 7
-4 ,5 0 1
- 4 ,1 6 5
-5 ,9 8 8
252
-9 9
351
-6 ,2 4 0
-6 ,5 0 8
181
87
3,677
- 1 ,1 3 9
-7 3 3
-4 0 6
4,816
3,905
102
809
-1 ,6 1 9
-3 4 0
-1 1 2
-2 2 8
-1 ,2 7 9
-1 ,3 1 3
55
-2 1
-1 1 9
-6 7 3
-5 3 3
-1 4 0
554
476
25
53
1,386
197
312
-1 1 5
1,189
980
-7 2
281
-1 7 3
-6 1 3
-4 6 9
-1 4 4
440
316
-3 1
155
2,583
-5 0
-4 3
-7
2,633
2,133
180
320
- 9 ,8 3 9 -2 9 ,7 6 5 -1 0 ,2 9 7
34
35
36
37
38
39
40
41
Liquid claim s............................................................................
Reported by U.S. b a n k s................................................
Reported by U.S. nonbanking co n cern s...................
Liquid liabilities.....................................................................
To foreign commercial b a n k s ......................................
To international and regional organizations.............
T o o th er foreigners.........................................................
42
-7 ,7 6 3
-1 ,0 7 2
-5 6 6
-5 0 6
-6 ,6 9 1
-6 ,9 0 8
682
-4 6 5
-5 ,9 4 8
- 3 ,2 2 4
-8 2 1
-4 ,6 7 4
-1 ,5 8 2
Liquid liabilities to foreign official agencies..............................
Other readily m arketable liabilities to foreign official agen
cies...................................................................................................
Nonliquid liabilities to foreign official reserve agencies re
ported by U.S. G ovt...................................................................
7,637
27,615
9,676
5,774
2,294
1,027
4,617
1,742
-8 1 0
-5 3 9
400
-5
221
27
34
118
535
341
189
366
280
-2
78
-1 67
U.S. official reserve assets, n e t.....................................................
G o ld ...........................................................................................
SD R ’s ........................................................................................
2,477
787
-8 5 1
2,152
389
2,348
866
-2 4 9
381
1,350
32
547
-7 0 3
35
153
-1 8 7
1
-18 2
2
-8
429
544
-1 7 8
64
- 1
-2 3 1
-iii
-2 4 5
185
-5 5
3
-1 7 7
134
-1 5
-1 7 7
82
-1 6
2,586
3,153
4,284
939
1,205
797
1,323
959
2,885
3,116
( 5)
( 5)
( 5)
( 5)
434
498
( 5)
( 5)
( ’)
( 5)
Financed by changes in :
43
44
45
46
47
48
49
50
51
52
53
Gold tranche position in I M F .............................................
M emoranda:
Transfers under military grant programs (excluded from
lines 2, 4, and 14)........................................................................
Reinvested earnings o f foreign incorporated affiliates of
U.S. firms (excluded from lines 7 and 20).............................
Reinvested earnings o f U.S. incorporated affiliates of
For notes see end o f table.
( 5)
(5)
-1 1 1
( 5)
1
( 5)
APRIL 1973 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE
A 73
1. U.S. BALANCE OF PAYMENTS-Continued
(In millions o f dollars)
1970
Credits - f , debits —
1971 *■
1972*
1972
1971
IV '
Ir
II'
III'
IV*
-4 ,5 0 8
-6 ,1 2 7
-3 ,2 8 3
-3 ,4 0 2
-2 ,3 8 5
-9 9 9
-4 ,6 7 8
-4,851
-4 ,3 4 2
-1 ,7 5 9
300
Balances excluding allocations of SDR’s—Seasonally adjusted
Net liquidity balance..................................................................... -4 ,7 1 8
Official reserve transactions balance............................................. -10,706
-22,719
-30,482
-14,684
-11,007
Balances not seasonally adjusted
3,563
2,089
356
-3 ,0 5 9
750
-779
-2 ,8 2 4
-9,281
-4 ,2 1 9
-5 ,7 7 6
-7 ,9 8 3
-9 ,2 4 3
-653
97
-803
-1,171
-1,801
-3,6 1 5
-1 ,4 5 7
-1 ,8 5 3
-2 ,4 3 5
-2,2 6 5
-2 ,2 9 2
-2,671
-3 ,1 6 9
-3,781
333
-8 0
-579
414
-3,851
-9 ,8 3 9
-22,002
-29,765
-13,974
-10,297
-3 ,4 6 6
-5 ,8 8 2
-2 ,3 6 9
-2 ,5 0 6
-3 ,0 4 3
-741
-5 ,3 1 3
-5 ,5 8 5
-3 ,2 4 9
-1 ,4 6 5
Balances excluding allocations of SDR’s :
Net liquidity........................................................................... -4 ,7 1 8
Official reserve transactions................................................... -10,706
-22,719
-30,482
-14,684
-11,007
-3 ,4 6 6
-5 ,8 8 2
-3 ,0 7 9
-3 ,2 1 6
-3,0 4 3
-741
-5 ,3 1 3
-5 ,5 8 5
-3 ,2 4 9
-1 ,4 6 5
Balance on goods and services......................................................
Balance on goods, services, and remittances...............................
Balance on current account..........................................................
Balance on current account and long-term capital 4..................
Balances including allocations of SDR’s :
Net liquidity...........................................................................
Official reserve transactions...................................................
1Adjusted to balance of payments basis; excludes transfers under
military grants, exports under U.S. military agency sales contracts and
imports of U.S. military agencies.
2 Includes fees and royalties from U.S. direct investments abroad or
from foreign direct investments in the United States.
-100
3Equal to net exports of goods and services in national income and
product accounts of the United States.
4Includes some short-term U.S. Govt, assets.
5Not available.
N ote.—Data are from U.S. Department of Commerce, Bureau of Eco
nomic Analysis. Details may not add to totals because of rounding.
2. MERCHANDISE EXPORTS AND IMPORTS
(Seasonally adjusted; in millions of dollars)
Exports 1
1970
1973
1970
1971r
4,977
5,065
3,222
3,279
3,219
3,262
3,367
3,265
3,254
3,346
3,423
3,498
3,428
3,401
3,599
3,564
3,628
3,774
3,908
4,037
3,832
3,913
4,179
3,469
3,456
4,169
4,435
4,473
4,515
4,413
4,482
4,468
4,565
4,726
4,606
4,736
5,136
5,002
Month:
Jan ....
F e b ...
M ar...
A pr...
M a y ..
Ju n e ..
July...
A ug...
Sept...
Oct.. .
N ov...
Dec...
3,406
3,546
3,375
3,410
3,661
3,727
3,704
3,591
3,553
3,688
3,499
3,569
3,601
3,695
3,790
3,631
3,746
3,672
3,573
3,667
4,487
2,669
3,196
3,881
4,074
3,824
3,869
3,817
3,885
3,971
4,052
4,200
4,177
4,318
4,473
4,561
Quarter:
I
I I
I I I ....
IV .. . .
10,327
10,798
10,848
10,756
11,086
11,049
11,727
9,746
11,767
11,673
12,429
13,352
9,720
9,864
10,023
10,327
10,792
11,719
11,924
11,094
Year3. . .
42,659
43,549
49,208
39,952
45,563
1 Exports of domestic and foreign merchandise; excludes Dept, of
Defense shipments of grant-aid military equipment and supplies under
Mutual Security Program.
2 General imports including imports for immediate consumption plus
entries into bonded warehouses.
Trade balance
Imports 2
1972r
1973
1970
1971’’
1972'
184
267
156
148
324
462
450
245
130
190
71
168
130
160
-143
-161
-365
-259
-247
308
-8 0 0
-2 6 0
-288
2
-361
-649
-6 4 6
-5 9 6
-597
-4 9 7
-513
-527
-4 2 8
-4 1 8
-6 6 4
-441
13,423
13,363
13,897
14,874
607
933
816
425
294
-6 7 0
-197
-1 ,3 4 8
-1 ,6 5 6
-1 ,6 9 0
-1 ,4 6 8
-1 ,5 2 2
55,555
2,707
-2 ,0 1 4
-6 ,3 4 7
5,281
5,541
1973
-3 0 4
-4 7 6
3Sum of unadjusted figures.
N ote. —Bureau of the Census data. Details may not add to totals be
cause of rounding.
A 74
U.S. GOLD TRANSACTIONS □ APRIL 1973
3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES
AND INTERNATIONAL ORGANIZATIONS
(N et sales [ —] or net acquisitions; in millions o f dollars at $35 per fine troy ounce
until M ay 8, 1972, and at $38 per fine troy ounce thereafter)
1972
Area and country
1963
1965
1964
1966
1968
1967
1969
1970
1971
1972
I
W estern Europe:
-8 2
-2
-8 0
-3 5
-1 8 0
-5 0
150
-2
-6 0
-2
80
-3 0
-8 7 9
-5 0
-8 3 5
-2 5
-3 5
-4 9
16
-4 7
200
U
-2 9
-1 3
- 8 8 -1 ,2 9 9
-6 5 9
-9 8 0
-6 6 9
969
-2 0 4
-7 9 6
200
150
50
-3 9
-3
7
-1
-1
-2 5
*
-2 5
-2 8
-2 3
-1
329
O th er......................................
1
-6
T o ta l..............................
-3 9 9
-1 3 0
C anada ....................................
Latin American republics:
Argentina ............................
Brazil......................................
C olom bia...............................
Venezuela..............................
O ther......................................
T o ta l..............................
-3 0
72
-1 1
32
Asia:
I r a q .........................................
Jap an ......................................
L eb an o n ................................
M alaysia................................
Philippines
.........
25
Singapore
...
O th er......................................
-1 3
T o ta l..............................
12
All o th e r....................................
-3 6
Total foreign countries...........
-3 9 2
54
10
-9
56
20
-6
3
-7
-2
-8 5
-5 2
-209
-1 9
325
500
41
-7 6
*
—129
2
-5 0
51
-5 0
-2 5
-1 7 5
-4 0
-2 9
-8 0
-5
17
-4 1
9
-6 5
-5 4
-1 3 1
-5
-1 0
-4
-5 6
-1 1
-2 1
-4 2
-1
-1 1 9
-1 4
-1 4
-2 2
-9 5
-3 4
9
-5 0
-8 1
-7 5
-2 4
-8 6
-4 4
-3 6 6
-1 6
-2 2
3 -1 6 6
3 -6 8
*
- 3 6 - 1 ,3 2 2
- 3 6 - 1 ,5 4 7
-1
40
-4
-3 5
-1 0
-2
2 -9 1
-3 0
39
-3
-3
-2 1 3
-3 8
-3
-3
-8 1
-6
ii
-9
42
-1
-6 0 8 -1 ,0 3 1 -1 ,1 1 8
957
4 —631
-8 4 5
-3
-3
10
—156
-2 2
-5 4 4
-5 4 4
-4 3 1 -1 ,0 0 9 -1 ,1 2 1
967
-7 8 7
-8 6 7
-5 4 7
-5 4 4
177
IV
-1 1 0
-473
11
« -2 2 5
-3 9 2
-5 8
600
-6 0 1
-6
-1 1
Inti M onetary F u n d 5............
Q rand total ................
25
29
-2 5
-1 3
III
4
-2 5
-100
-8 3
-8 8 4
-5 5
-4 0
-4 0 5
-2 2 5
-1
200
-6 0
-3 2
-8 1
618
-5 1 8
II
22
1 Includes purchase from Denm ark o f $25 million.
2 Includes purchase from Kuwait o f $25 million.
3 Includes sales to Algeria o f $150 million in 1967 and $50 million in
1968.
4 D ata for IM F include the U.S. payment o f $385 million increase in
its gold subscription to the IM F and gold sold by the IM F to the United
States in mitigation o f U.S. sales to other countries making gold payments
to the IM F. The country data include U.S. gold sales to various countries
in connection with the IM F quota payments. Such U.S. sales to countries
and resales to the United States by the IM F total $548 million each.
5 Includes IM F gold sales to and purchases from the United States,
-3
-3
U.S. payment o f increases in its gold subscription to IM F, gold deposits
by the IM F (see note 1 (b) to Table 4), and withdrawal o f deposits. The
first withdrawal ($17 million) was made in June 1968 and the last with
drawal ($144 million) was made in Feb. 1972.
IM F sold to the United States a total o f $800 million o f gold ($200
million in 1956, and $300 million in 1959 and in 1960) with the right o f
repurchase; proceeds from these sales invested by IM F in U.S. Treasury
securities. IM F repurchased $400 million in Sept. 1970 and the remaining
$400 million in Feb. 1972.
6 Payment to the IM F o f $259 million increase in U.S. gold subscription
less gold deposits by the IM F.
Notes to Table 5 on opposite page:
1 Represents net IM F sales o f gold to acquire U.S. dollars for use in
IM F operations. Does not include transactions in gold relating to gold
deposit or gold investment (see Table 6).
2 Positive figures represent purchases from the IM F of currencies of
other members for equivalent amounts o f dollars; negative figures repre
sent repurchase o f dollars, including dollars derived from charges on
purchases and from other net dollar income o f the IM F. The United
States has a commitment to repurchase within 3 to 5 years, but only to
the extent that the holdings o f dollars o f the IM F exceed 75 per cent o f
the U.S. quota. Purchases o f dollars by other countries reduce the U.S.
commitment to repurchase by an equivalent amount.
3 Includes dollars obtained by countries other than the United States
from sales o f gold to the IM F.
4 Represents the U.S. gold tranche position in the IM F (the U.S.
quota minus the holdings o f dollars o f the IM F), which is the am ount
that the U nited States could purchase in foreign currencies automatically
if needed. U nder appropriate conditions, the United States could pur
chase additional amounts equal to its quota.
5 Includes $259 million gold subscription to the IM F in June 1965 for
a U.S. quota increase, which became effective on Feb. 23, 1966. In figures
published by the IM F from June 1965 through Jan. 1966, this gold sub
scription was included in the U.S. gold stock and excluded from the
reserve position.
6 Includes $30 million o f Special D raw ing Rights.
7 Represents am ount payable in dollars to the IM F to m aintain the
value o f IM F holdings o f U.S. dollars.
N ote.—The initial U.S. quota in the IM F was $2,750 million. The U.S.
quota was increased to $4,125 million in 1959, to $5,160 million in Feb.
1966, to $6,700 million in Dec. 1970, and to $7,274 million in M ay 1972 as
a result o f the change in par value o f the U.S. dollar. U nder the Articles of
Agreement, subscription payments equal to the quota have been made
25 per cent in gold and 75 per cent in dollars.
APRIL 1973 □ U.S. RESERVE ASSETS; POSITION IN TH E IMF
A 75
4. U.S. RESERVE ASSETS
(In millions of dollars)
Gold stock i
T o tal2
Treasury
Con
vertible
foreign
curren
cies
21,504
19,359
18,753
17,220
16,843
16,672
19,507
17,804
16,947
16,057
15,596
15,471
19,456
17,767
16,889
15,978
15,513
15,388
116
99
212
432
1,997
1,555
1,690
1,064
1,035
769
15,450
1 9 6 5 ...
1 9 6 6 ...
14,882
14,830
1 9 6 7 ...
15,710
1 9 6 8 ...
1 9 6 9 ... 7 16,964
613,806
13,235
12,065
10,892
11,859
613,733
13,159
11,982
10,367
10,367
781
1,321
2,345
3,528
72,781
6 863
326
420
1,290
2,324
11,072
10,206
10,487
10,732
10,132
10,410
629
8 276
241
1,935
585
465
End of
year
1 9 5 9 ...
1 9 6 0 ...
1 9 6 1 ...
1 9 6 2 ...
1 9 6 3 ...
1 9 6 4 ...
1 9 7 0 ...
1 9 7 1 ...
1 9 7 2 ...
Total
14,487
812,167
13,151
G old s to ck 1
Reserve
position
in
IM F 3
SD R ’s 4
End of
month
T o tal2
Treasury
C on
vertible
foreign
curren
cies 5
Total
Reserve
position
in
IM F 3
SD R’s 4
1972
851
1,100
1,958
1 Includes (a) gold sold to the United States by the IM F with the right
o f repurchase, and (b) gold deposited by the IM F to mitigate the impact
on the U.S. gold stock o f foreign purchases for the purpose o f making
gold subscriptions to the IM F under quota increases. For corresponding
liabilities, see Table 6.
2 Includes gold in Exchange Stabilization Fund.
3 The United States has the right to purchase foreign currencies equiva
lent to its reserve position in the IM F autom atically if needed. Under ap
propriate conditions the United States could purchase additional amounts
equal to the U.S. quota. See Table 5.
4 Includes allocations by the IM F o f Special Drawing Rights as follows:
$867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; and $710
million on Jan. 1, 1972; plus net transactions in SDRs.
5 For holdings o f F.R. Banks only, see pp. A-12 and A-13.
6 Reserve position includes, and gold stock excludes, $259 million gold
subscription to the IM F in June 1965 for a U.S. quota increase which
A p r... .
M ay . . .
J u n e ...
J u ly .. .
A ug.. . .
S e p t....
O c t.. . .
N ov__
D ec___
12 270
12^285
913,345
13,339
13,090
13,124
13,217
13,313
13,307
13,151
9 662
9^662
910,490
10,490
10,490
10,488
10,487
10,487
10,487
10,487
9,588
9*588
910,410
10,410
10,410
10,410
10,410
10,410
10,410
10,410
212
429
469
457
203
234
323
414
403
241
586
391
9428
434
439
444
449
454
459
465
1 810
1*803
91 ,958
1,958
1,958
1,958
1,958
1,958
1,958
1,958
1973
J a n .. . .
F e b .. . .
M ar. . .
13,054
12,926
12,931
10,487
10,487
10,487
10,410
10,410
10,410
140
8
8
469
473
478
1,958
1,958
1,958
became effective on Feb. 23, 1966. In figures published by the IM F from
June 1965 through Jan. 1966, this gold subscription was included in the
U.S. gold stock and excluded from the reserve position.
7 Includes gain o f $67 million resulting from revaluation o f the German
m ark in Oct. 1969, o f which $13 million represents gain on m ark holdings
at time o f revaluation.
8 Includes $28 million increase in dollar value o f foreign currencies
revalued to reflect market exchange rates as o f Dec. 31, 1971.
9 Total reserve assets include an increase o f $1,016 million resulting
from change in par value o f the U.S. dollar on May 8, 1972; o f which,
total gold stock is $828 million (Treasury gold stock $822 million), reserve
position in IM F $33 million, and SD R ’s $155 million.
N ote.—See Table 24 for gold held under earmark at F.R . Banks for
foreign and international accounts. Gold under earmark is not included
in the gold stock o f the United States.
5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND
(In millions o f dollars)
IM F h o ld in g s
o f d o lla r s
( e n d o f D e rio d )
Transactions affecting IM F holdings o f dollars
(during period)
Transactions by
other countries
with IM F
U.S. transactions with IM F
Period
Payments
of
subscrip
tions in
dollars
1946— 1957................................
1958— 1963................................
1964— 1966................................
1967.............................................
1968.............................................
1969.............................................
1970.............................................
1971.............................................
1972.............................................
1972—M ar.................................
A pr..................................
M ay................................
Ju n e ................................
July..................................
Aug..................................
Sept.................................
O ct..................................
N ov.................................
D ec..................................
1973—ja n ...................................
Feb..................................
M ar.................................
For notes see opposite page.
Net
gold
sales
by IM F 1
2,063
1,031
776
600
150
1,155
22
6712
*
Transac
tions in
foreign
curren
cies 2
1,640
-8 4
7 541
150
1,362
200
200
7541
Per cent
U.S.
reserve
position
in IM F
(end of
period) 4
Total
change
A mount
827
2,740
6
775
2,315
1,744
775
3,090
4,834
28
75
94
1,975
1,035
5326
268
741
40
—94
—870
- 1 ,034
1,929
1,350
694
4,740
3,870
2,836
4,765
6,115
6,810
92
75
55
71
91
94
420
1,290
2,324
1,935
585
465
-4
-5
-4
-6
-5
—5
-6
-5
-4
-6
-4
195
537
—6
—5
—5
—6
—5
-4
-6
6,114
6,309
6,846
6,840
6,835
6,831
6,825
6,820
6,816
6,810
91
94
94
94
94
94
94
94
94
94
586
391
428
434
439
444
449
454
459
465
-4
-5
-5
-4
-5
-5
6,806
6,801
6,796
94
93
93
469
473
478
IM F net
income
in
dollars
Purchases
of
dollars 3
R e
purchases
-4 5
60
45
- 2 ,6 7 0
- 1 ,6 6 6
-7 2 3
20
20
19
25
—28
-4 7
-1 1 4
-8 0 6
-1 ,3 4 3
-8 5 4
-2 4
in
of
U.S.
quota
dollars
A 76
INTL. CAPITAL TRANSACTIONS OF TH E U.S. □ APRIL 1973
6. U.S. LIQUID AND OTHER LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS, AND LIQUID
LIABILITIES TO ALL OTHER FOREIGNERS
(In millions o f dollars)
Liabilities to foreign countries
Official institutions2
End
of
period
Total
Liquid
liabili
ties to
IM F
arising
from
gold
trans
actions 1
Liquid liabilities to
other foreigners
Liquid
Total
Short
term
liabili
ties re
ported
by
banks
in
U.S.
Liquid
N onm ar
liabili
ketable
O ther
N onm ar noncon
ties
M arket ketable vertible readily to com
able
con
m
arket
mercial
U.S.
U.S.
vertible Treas.
able
banks
Treas.
U.S.
liabili abroad 6
bonds
bonds
Treas.
ties5
and
and
bonds
notes4
notes3
and
notes
Total
Short
term
liabili
ties re
ported
by
banks
in
U.S.
Liquid
liabili
ties to
non
mone
tary
M arket
inti,
able
and re
U.S.
gional
Treas.
organi
bonds
zations 8
and
notes3,7
19,428
500
10,120
9,154
966
4,678
2,940
2,399
541
1,190
1960 9.............
f20,994
\21,027
800
800
11,078
11,088
10,212
10,212
866
876
4.818
4.818
2,773
2,780
2.230
2.230
543
550
1,525
1,541
1961 9.............
122,853
\22,936
800
800
11.830
11.830
10.940
10.940
890
890
5,404
5,484
2,871
2,873
2,355
2,357
516
516
1.948
1.949
1962 9.............
/24,268
\ 24,268
800
800
12,948
12,914
11,997
11,963
751
751
5.346
5.346
3.013
3.013
2.565
2.565
448
448
2,161
2,195
1963 9.............
f26,433
\26,394
800
800
14,459
14,425
12.467
12.467
1,217
1,183
703
703
63
63
9
9
5.817
5.817
3,397
3,387
3.046
3.046
351
341
1,960
1,965
1964 9.............
(29,313
\29,364
800
800
15,790
15.786
13,224
13,220
1.125
1.125
1.079
1.079
204
204
158
158
7,271
7,303
3,730
3,753
3,354
3,377
376
376
1.722
1.722
195 9
200
200
29,569
834
15,826
13,066
1,105
1,201
334
120
7,419
4,059
3,587
472
1,431
1966 9.............
/3 1 ,145
\31,020
1,011
1,011
14,841
14,896
12,484
12,539
860
860
256
256
328
328
913
913
10,116
9,936
4.271
4.272
3.743
3.744
528
528
906
905
1967 9.............
/3 5 ,819
\35,667
1.033
1.033
18,201
18,194
14,034
14,027
908
908
711
711
741
741
1.807
1.807
11,209
11,085
4,685
4,678
4,127
4,120
558
558
691
677
1968 9.............
/3 8 ,687
\38,473
1.030
1.030
17,407
17,340
11.318
11.318
529
462
701
701
2.518
2.518
2.341
2.341
14.472
14.472
5,053
4,909
4.444
4.444
609
465
725
722
1969 9.............
J45,755
\45,914
1.019
1.019
15,975
15,998
11,054
11,077
346
346
10 555
555
102,515
2,515
1.505
1.505
23,638
23,645
4,464
4,589
3,939
4,064
525
525
659
663
1970—Dec. 9.
J47,009
\46,960
566
566
23.786
23,775
19.333
19.333
306
295
429
429
3.023
3.023
695
695
17,137
17,169
4,676
4,604
4,029
4,039
647
565
844
846
1971—Dec. i i
/67,681
\67,810
544
544
51,209
50,651
39.679
39,018
1.955
1.955
6,060
6.093
3,371
3.441
144
144
10,262
10,950
4,138
4,141
3,691
3,694
447
447
1,528
1,524
1972—F e b ...,
M ar.. .
A pr—
May r .
Ju n e r .
J u l y '. .
A ug.r .
Sept.. .
Oct__
N o v ...
Dec.. .
69,998
71,013
72,215
72,115
74,001
77,465
79,454
79,731
81,422
82,373
82,902
52,799
53,806
54,093
53,579
54,604
59,416
60,601
60,070
60,926
61,122
61,503
40.679
40,980
38,723
37,850
38,603
39,777
40,611
39,628
40,261
40,040
39,976
2,399
2,644
2,668
3,018
3,292
3,516
3,881
4,117
4,457
4,834
5,236
6.094
6.094
8.594
8.594
8.594
12.094
12.094
12.095
12.097
12.098
12,108
3.441
3.723
3.723
3.723
3.723
3.647
3.647
3,804
3.651
3.651
3,639
186
365
385
394
392
382
368
426
460
499
544
11,373
11,464
12,433
12,822
13,444
12,128
12,911
13,585
14,180
14,781
14,821
4,204
4,194
4,242
4,285
4,475
4,493
4,419
4,630
4,823
4,745
4,951
3,812
3,818
3,853
3,890
4,103
4,123
4,041
4,241
4,417
4,322
4,526
392
376
389
395
372
370
378
389
406
423
425
1,622
1,549
1,447
1,429
1,478
1,428
1,523
1,446
1,493
1,725
1,627
1973—Jan.^. .
Feb. p .
82,093
87,873
60,779
68,455
38,516
45,395
5,798
6,377
12,110
12,110
3,780
3,627
575
946
14,824
12,791
4,897
5,006
4,472
4,634
425
372
1,593
1,621
196 5
1 Includes (a) liability on gold deposited by the IM F to mitigate the
impact on the U.S. gold stock o f foreign purchases for gold subscriptions
to the IM F under quota increases, and (b) U.S. Treasury obligations at
cost value and funds awaiting investment obtained from proceeds o f sales
o f gold by the IM F to the United States to acquire income-earning assets.
2 Includes BIS and European Fund.
3 Derived by applying reported transactions to benchm ark data;
breakdown o f transactions by type o f holder estimated 1959-63.
4 Excludes notes issued to foreign official nonreserve agencies.
5 Includes long-term liabilities reported by banks in the United States
and debt securities o f U.S. Federally-sponsored agencies and U.S. cor
porations.
6 Includes short-term liabilities payable in dollars to commercial banks
abroad and short-term liabilities payable in foreign currencies to commer
cial banks abroad and to “ other foreigners.”
7 Includes marketable U.S. Treasury bonds and notes held by commer
cial banks abroad.
8 Principally the International Bank for Reconstruction and Develop
ment and the Inter-American and Asian Development Banks. From Dec.
1957 through Jan. 1972 includes difference between cost value and face
value o f securities in IM F gold investment account.
9 D ata on the two lines shown for this date differ because o f changes
in reporting coverage. Figures on first line are comparable with those
shown for the preceding date; figures on second line are comparable with
those shown for the following date.
10 Includes $101 million increase in dollar value o f foreign currency
liabilities resulting from revaluation o f the G erman m ark in Oct. 1969 as
follows: liquid, $17 million, and nonliquid, $84 million.
11 D ata on the second line differ from those on first line because cer
tain accounts previously classified as “ official institutions” are included
with “ banks” ; a num ber o f reporting banks are included in the series for
the first time; and U.S. Treasury securities payable in foreign currencies
issued to official institutions o f foreign countries have been increased in
value to reflect m arket exchange rates as o f Dec. 31, 1971.
N o t e .—Based on Treasury D ept, data and on data reported to the
Treasury D ept, by banks and brokers in the United States. D ata correspond
generally to statistics following in this section, except for the exclusion
o f nonmarketable, nonconvertible U.S. Treasury notes issued to foreign
official nonreserve agencies, the inclusion o f investments by foreign
official reserve agencies in debt securities o f U.S. Federally-sponsored
agencies and U.S. corporations, and m inor rounding differences. Table
excludes IM F “ holdings of dollars,” and holdings o f U.S. Treasury letters
o f credit and non-negotiable, non-interest-bearing special U.S. notes held
by other international and regional organizations.
APRIL 1973 □ INTL. CAPITAL TR ANSAC TION S OF TH E U.S.
A 77
7. U.S. LIQUID AND OTHER LIABILITIES TO OFFICIAL INSTITUTIONS
OF FOREIGN COUNTRIES, BY AREA
(Amounts outstanding; in millions o f dollars)
Total
foreign
countries
End o f period
Western
Europe 1
18,194
/17,407
\17,340
1969 3 ............................................................................................. / 4 15,975
\ 15,998
1970 3 .............................................................................................
f23,786
123,775
1971 5..............................................................................................
/51,209
\50,651
1968 3 .............................................................................................
Latin
American
republics
C anada
Asia
O ther
countries
Africa
10,321
8,070
8,062
4 7,074
7,074
13,620
13,615
30,010
30,134
1,310
1,867
1,866
1,624
1,624
2,951
2,951
3,980
3,980
1,582
1,865
1,865
1,888
1,911
1,681
1,681
1,414
1,429
4,428
5,043
4,997
4,552
4,552
4,713
4,708
14,519
13,823
250
259
248
546
546
407
407
415
415
303
303
302
291
291
414
413
871
870
1972— Feb......................................................................................
M ar................................................................................... ..
A pr......................................................................................
M ay....................................................................................
June....................................................................................
July r ...................................................................................
Aug.....................................................................................
Sept.....................................................................................
Oct......................................................................................
Nov.....................................................................................
D ec......................................................................................
52,799
53,806
54,093
53,579
54,604
59,416
60,601
60,070
60,926
61,122
61,503
31,190
31,588
31,358
30,935
31,910
36,370
36,612
35,985
35,078
34,608
34,197
3,981
4,052
4,181
4,316
4,486
4,446
4,463
4,469
4,468
4,289
4,279
1,330
1,323
1,492
1,476
1,473
1,393
1,415
1,363
1,468
1,439
1,721
14,792
15,191
15,249
14,967
14,572
14,727
15,352
15,291
16,805
17,372
17,566
449
457
477
458
533
572
652
685
616
694
777
1,057
1,195
1,336
1,427
1,630
1,908
2,107
2,277
2,491
2,720
2,963
1973—Jan .* ...................................................................................
Feb.*..................................................................................
60,779
68,455
34,146
40,765
4,201
4,290
1,718
1,893
17,027
17,898
673
809
3,014
2,800
1 Includes Bank for International Settlements and European Fund.
2 Includes countries in Oceania and Eastern Europe, and Western Euro
pean dependencies in Latin America.
3 See note 9 to Table 6.
4 Includes $101 million increase in dollar value o f foreign currency
liabilities resulting from revaluation o f the German m ark in Oct. 1969.
5 D ata on second line differ from those on the first line because certain
accounts previously classified as “ Official institutions” are included in
“ Banks” ; a number o f reporting banks are included in the series for
the first time; and U.S. Treasury liabilities payable in foreign currencies
to official institutions o f foreign countries have been increased in value by
$110 million to reflect m arket exchange rates as o f Dec. 31, 1971.
N ote.—D ata represent short- and long-term liabilities to the official
institutions of foreign countries, as reported by banks in the United States;
foreign official holdings o f marketable and nonmarketable U.S. Treasury
securities with an original m aturity of more than 1 year, except for non
marketable notes issued to foreign official nonreserve agencies; and in
vestments by foreign official reserve agencies in debt securities o f U.S.
Federally-sponsored agencies and U.S. corporations.
8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
To nonmonetary international
and regional organizations6
To all foreigners
Payable in dollars
End o f period
Deposits
Total i
Total
Demand
1969.............
19707...........
U.S.
Treasury
bills and
Time 2 certifi
cates 3
Other
short
term
liab.4
Payable
in
foreign
cur
rencies
1971 8...........
40,199
(41,719
141,761
/55,404
155,430
39,770
41,351
41,393
55,018
55,038
20,460
15,785
15,795
10,399
6,460
6,959
5,924
5,961
5,209
4,217
5,015
14,123
14,123
33,025
33,025
7,336
5,519
5,514
6,385
11,336
429
368
368
386
392
1972—Feb..
M ar..
A pr..
M ay r
June r
July r .
A u g ..
Sep t..
O ct...
N o v ..
D e c ..
57,329
57,654
56,287
55,830
57,467
57,294
58,884
58,687
60,138
60,654
60,737
56,856
57,138
55,793
55,330
56,947
56,813
58,429
58,208
59,600
60,112
60,240
6,019
5,991
6,460
6,570
7,217
7,320
6,631
6,931
7,075
7,012
8,290
4,334
4,431
4,502
4,653
4,830
4,746
4,867
4,939
5,146
5,379
5,630
34,490
34,929
32,324
31,498
31,871
32,881
33,745
32,714
33,071
32,774
31,850
12,013
11,787
12,507
12,609
13,029
11,866
13,186
13,625
14,309
14,946
14,470
1973—J a n ...
Feb.*,
59,192
64,239
58,666
63,726
7,460
7,794
5,546
5,585
30,149
36,551
15,512
13,796
For notes see the following page.
IM F
gold
invest
m ent5
Deposits
Total
Demand
U.S.
Treasury
bills and
Tim e2 certifi
cates
Other
short
term
liab .4
613
820
820
1,372
1,368
62
69
69
73
73
83
159
159
192
192
244
211
211
210
210
223
381
381
896
892
473
516
494
499
519
481
455
478
538
543
496
1,465
1,391
1,278
1,268
1,316
1,266
1,322
1,233
1,281
1,512
1,413
85
88
87
84
85
101
65
79
63
95
86
167
189
198
186
238
262
267
224
210
242
202
295
275
177
198
212
142
172
145
204
380
326
918
839
817
800
782
761
818
785
804
794
800
526
513
1,380
1 ,419
118
133
172
145
295
303
795
838
800
400
400
400
400
A 78
INTL. CAPITAL TRANSACTIONS OF TH E U.S. □ APRIL 1973
8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE— Continued
(Amounts outstanding; in millions of dollars)
To official institutions9
To residents of foreign countries
Payable in dollars
End o f period
D emand
Tim e2
U.S.
Treasury
bills and
certifi
cates 3
38,786
/40,499
\40,541
19718....................... \/ 53,632
53,662
20,397
15,716
15,726
10,326
6,387
6,876
5,765
5,802
5,017
4,025
3,971
13,511
13,511
32,415
32,415
7,113
5,138
5,133
5,489
10,443
429
368
368
386
392
1972— Feb...............
M ar..............
A pr...............
May r ...........
Ju n e r ...........
July r............
Aug..............
Sept..............
O ct...............
N ov..............
D ec..............
55,864
56,262
55,009
r54,562
56,150
r56,028
57,563
57,454
58,858
59,143
59,323
5,934
5,903
6,373
6,486
7,132
7,219
6,566
6,851
7,012
6,917
8,204
4,167
4,242
4,304
4,468
4,592
4,485
4,600
4,716
4,935
5,137
5,428
34,195
34,654
32,147
31,300
31,659
32,738
33,573
32,569
32,867
32,394
31,523
11,095
10,947
11,691
11,810
12,248
11,106
12,368
12,840
13,505
14,152
13,671
1973—Jan.*............
F eb .* ...........
57,812
62,820
7,341
7,661
5,374
5,440
29,854
36,248
14,717
12,958
Total
1969.........................
19707.......................
Deposits
Payable in dollars
Payable
in
foreign
cur
rencies
O ther
short
term
liab.4
Deposits
Dem and
T im e2
11,077
19,333
19,333
39,679
39,018
1,930
1,652
1,652
1,620
1,327
2,942
2,554
2,554
2,504
2,039
3,844
13,367
13,367
32,311
32,311
2,159
1,612
1,612
3,086
3,176
202
148
148
158
165
473
516
494
499
519
481
455
478
538
543
496
40,679
40,980
38,723
37,850
38,603
39,777
40,611
39,628
40,261
40,040
39,976
1,099
1,128
1,246
1,224
1,536
1,521
1,308
1,239
1,335
1,271
1,589
2,119
2,148
2,270
2,379
2,469
2,377
2,412
2,454
2,564
2,638
2,858
34,092
34,548
32,047
31,209
31,573
32,655
33,499
32,497
32,794
32,315
31,453
3,204
2,990
2,993
2,871
2,858
3,054
3,220
3,268
3,398
3,645
3,905
167
167
167
167
167
170
171
171
171
171
171
526
513
38,516
45,395
1,405
1,756
2,856
2,815
29,779
36,144
4,304
4,508
171
172
To banks io
O ther
short
term
liab. 4
To other foreigners
To banks
and other
Payable in dollars
End o f period
Total
Deposits
Total
Demand
Tim e2
Payable
in
foreign
currencies
U.S.
Treasury
bills and
certifi
cates 3
T otal
U.S.
Treasury
bills and
certifi
cates
Other
short
term
liab. 4
Deposits
D emand
T im e2
U.S.
Treasury
bills and
certifi
cates
Total
Other
short
term
liab.4
Payable in
foreign
cur
rencies
27,709
J21,166
\21,208
f13,953
\14,644
23,419
16,917
16,949
10,034
10,722
16,756
12,376
12,385
7,047
3,400
1,999
1,326
1,354
850
320
20
14
14
8
8
4,644
3,202
3,197
2,130
6,995
4,064
4,029
4,039
3,691
3,694
1,711
1,688
1,688
1,660
1,660
1,935
1,886
1,895
1,663
1,666
107
131
131
96
96
312
325
325
274
271
226
220
220
228
228
A pr..............
M ay r ...........
Ju n e r ...........
July r............
Aug . r ...........
Sept..............
O ct...............
N ov..............
D ec...............
15,184
15,283
16,286
16,712
17,547
16,251
16,951
17,826
18,597
19,103
19,347
11,067
11,115
12,106
12,489
13,091
11,816
12,626
13,277
13,813
14,409
14,496
3,121
3,093
3,372
3,569
3,797
3,877
3,555
3,837
3,802
3,940
4,661
349
359
352
307
309
285
336
353
439
486
545
4
4
4
3
5
5
6
5
3
5
5
7,593
7,658
8,379
8,611
8,981
7,649
8,729
9,083
9,569
9,979
9,284
3,811
3,818
3,852
3,890
4,104
4,123
4,040
4,241
4,417
4,322
4,525
1,714
1,682
1,756
1,693
1,800
1,821
1,702
1,776
1,875
1,706
1,954
1,699
1,735
1,682
1,781
1,815
1,822
1,852
1,909
1,933
2,014
2,025
99
102
96
88
81
77
67
68
70
75
65
299
299
318
328
409
402
419
489
538
528
481
306
349
327
333
353
311
284
308
368
372
325
1973—Jan.*............
Feb.*...........
19,296
17,425
14,470
12,450
4,158
4,086
448
500
5
8
9,858
7,855
4,472
4,634
1,778
1,818
2,070
2,124
69
96
555
595
355
341
1969.........................
19707 .....................
19718........................
1972— F eb..............
1 D ata exclude “ holdings o f dollars” o f the IM F.
8 D ata on second line differ from those on first line because (a) those
2 Excludes negotiable time certificates o f deposit, which are included
liabilities of U.S. banks to their foreign branches and those liabilities of
in “ O ther.”
U.S. agencies and branches of foreign banks to their head offices and
3 Includes nonmarketable certificates o f indebtedness issued to official
foreign branches, which were previously reported as deposits, are included
in “ Other short-term liabilities” ; (b) certain accounts previously classified
institutions o f foreign countries.
4 Principally bankers’ acceptances, commercial paper, and negotiable
as “ Official institutions” are included in “ Banks” ; and (c) a number of
reporting banks are included in the series for the first time.
time certificates o f deposit. See also note 8(a).
9Foreign central banks and foreign central govts, and their agencies,
5 U.S. Treasury bills and certificates obtained from proceeds o f sales of
and Bank for International Settlements and European Fund.
gold by the IM F to the United States to acquire income-earning assets.
io Excludes central banks, which are included in “ Official institutions.”
Upon term ination o f investment, the same quantity o f gold was reac
quired by the IM F.
N o t e .—“ Short term” refers to obligations payable on demand or having
6, Principally the International Bank for Reconstruction and Develop
an original maturity o f 1 year or less. For data on long-term liabilities
ment and the Inter-American Development Bank.
reported by banks, see Table 10. D ata exclude the “ holdings of dollars”
Includes difference between cost value and face value o f securities in
o f the International M onetary Fund; these obligations to the IM F consti
IM F gold investment account.
7 D ata on the two lines shown for this date differ because o f changes in tute contingent liabilities, since they represent essentially the am ount of
dollars available for drawings from the IM F by other member countries.
reporting coverage. Figures on the first line are comparable in coverage
D ata exclude also U.S. Treasury letters of credit and non-negotiable, nonwith those shown for the preceding date; figures on the second line are
comparable with those shown for the following date.
interest-bearing special U.S. notes held by the Inter-American Develop
ment Bank and the International Development Association.
APRIL 1973 □ INTL. CAPITAL TRANSAC TION S OF TH E U.S.
A 79
9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY
(End o f period. Amounts outstanding; in millions o f dollars)
Area and country
1971
1972
1973
Dec.
May r
June'
J u ly '
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.*
Feb.*
Spain...............................................................
Sweden...........................................................
Sw itzerland...................................................
T u rk ey ...........................................................
United K ingdom .........................................
Yugoslavia....................................................
O ther Western Europe1............................
U.S.S.R..........................................................
O ther Eastern E u ro p e................................
254
701
168
160
3,150
6,596
170
1,888
270
685
303
203
792
3,249
68
7,379
34
1,391
14
53
283
864
203
131
3,027
5,500
159
1,572
861
669
284
206
1,010
2,709
40
7,954
88
1,388
13
58
254
962
215
148
3,514
6,483
179
1,375
847
654
269
231
1,044
2,626
44
7,914
90
1,367
10
68
261
1,159
216
176
4,324
6,601
168
1,424
1,488
769
290
222
1,036
'3,626
55
4,945
87
'1,379
18
58
272
1,188
209
165
4,317
6,459
165
1,615
1,514
892
334
192
1,033
3,493
59
5,893
102
1,391
10
57
310
1,175
194
163
4,422
5,819
177
1,429
1,490
873
356
246
1,068
3,538
72
5,692
65
1,446
14
71
279
1,159
217
161
4,501
5,809
195
1,346
1,460
895
379
230
1,059
3,073
71
5,683
56
1,428
16
63
245
1,070
254
157
4,630
5,514
190
1,354
1,442
960
413
223
1,081
2,838
96
5,430
98
1,479
10
58
272
1,092
284
163
'4,441
'5,3 4 6
238
'1,338
1,468
978
416
256
1,184
'2,857
97
5,011
117
1,483
11
81
268
975
321
152
4,433
5,034
210
1,085
1,356
973
439
231
1,189
2,924
109
'5,510
82
1,464
14
71
267
1,166
364
158
4,482
10,494
224
1,041
1,762
990
498
222
1,403
2,845
94
4,542
77
1,502
21
65
28,293 '28,302
Europe:
A ustria...........................................................
Belgium-Luxembourg.................................
D enm ark.......................................................
Finland...........................................................
F rance............................................................
G erm any.......................................................
G reece............................................................
Ita ly ................................................................
N etherlands...................................................
N orw ay..........................................................
T o tal......................................................
27,530
27,021
29,360
28,618
28,080
27,541
'27,134
'26,840
32,216
C anada...............................................................
3,441
4,146
3,966
3,727
3,660
3,730
3,969
3,799
'3,484
'3,889
3,325
Latin America:
A rgentina.......................................................
B razil..............................................................
Chile...............................................................
C olom bia.......................................................
C uba...............................................................
M exico...........................................................
P a n a m a .........................................................
P e ru ................................................................
U ruguay.........................................................
Venezuela.......................................................
Other Latin American republics..............
Bahamas 2 .....................................................
Netherlands Antilles and Surinam ..........
O ther Latin A m erica..................................
441
342
191
188
6
715
154
164
108
963
655
656
87
37
465
576
134
190
6
761
185
167
122
873
661
r442
91
43
459
628
136
190
7
733
154
179
117
919
669
486
94
40
457
620
136
196
6
788
165
178
121
831
'671
384
88
'47
500
550
136
212
6
695
154
178
136
865
701
416
83
45
523
591
134
199
6
690
156
164
137
855
662
461
88
54
532
601
135
192
6
671
151
180
125
924
747
576
82
55
547
564
135
185
6
659
150
183
133
926
751
576
89
57
631
605
137
210
6
831
167
225
140
'1,077
'860
'539
86
'44
632
643
132
210
7
783
193
176
140
'995
839
'290
81
'235
689
658
136
218
7
800
200
167
138
1,050
827
260
84
239
4,708
'4 ,716
'4 ,8 1 0
4,688
4,675
4,721
4,979
4,961
'5,558
5,354
5,471
39
258
312
89
63
150
14,295
196
306
126
595
38
365
328
104
87
148
14,017
196
337
174
729
39
383
311
105
113
140
14,096
198
346
177
706
39
426
341
122
98
128
13,963
206
345
120
733
39
502
325
105
117
119
14,156
235
364
141
802
39
541
315
91
115
134
14,412
208
379
145
797
39
590
313
103
114
127
15,485
218
382
143
1,016
39
39
639
675
310
318
107
98
107
108
141
177
16,152 '15,843
201
192
394
438
128
171
965
'1,071
39
'737
'336
'115
'101
144
14,570
'238
'446
211
951
37
783
319
134
96
151
14,733
210
452
187
897
Asia:
China, People’s Rep. o f (China Mainland)
China, Republic o f (Taiwan)....................
Hong K ong...................................................
In d ia ...............................................................
Indonesia.......................................................
Israel...............................................................
J a p a n ..............................................................
K o rea..............................................................
Philippines.....................................................
Thailand.........................................................
O th e r..............................................................
T o tal.......................................................
16,429
16,525
16,613
16,521
16,904
17,175
18,529
19,182
'19,131
'17,886
17,998
Africa:
Egypt..............................................................
M orocco........................................................
South A frica.................................................
Z aire...............................................................
O th er..............................................................
24
9
78
12
474
18
8
70
16
522
19
11
76
18
608
17
11
92
27
620
19
9
65
15
622
23
9
71
18
649
23
10
57
14
595
24
11
83
17
678
24
12
115
21
768
21
9
111
18
573
28
8
104
23
728
T o tal.......................................................
597
635
731
768
729
770
700
814
939
733
891
O ther countries:
A ustralia........................................................
All other.........................................................
916
42
1,482
39
1,692
45
1,977
45
2,187
47
2,372
69
2,553
47
2,801
46
3,027
51
3,046
65
2,861
57
1,737
2,022
2,234
2,441
2,600
2,846
'3,077
3,111
2,918
56,150 '56,028
57,563
57,454
58,858
59,143
'59,323
'57,812
62,820
831
335
155
746
329
158
794
320
167
1,030
316
166
951
307
155
930
'301
149
957
318
142
T otal.......................................................
957
1,520
Total foreign countries..................................
53,662
'54,562
International and regional:
In ternational3...............................................
Latin American regional............................
O ther regional4............................................
1,327
298
143
802
329
137
1,768
1,268
G rand to ta l...........................................
55,430
'55,830
For notes see the following page.
819
347
149
793
300
173
1,316
1,266
1,322
1,233
1,281
1,512
'1,413
'1,380
1,419
'57,467 '57,294
58,884
58,687
60,138
60,654
'60,737
'59,192
64,239
A 80
INTL. CAPITAL TRANSACTION S OF TH E U.S. □ APRIL 1973
9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY— Continued
(End o f period. Amounts outstanding; in millions o f dollars)
___________________________________ Supplementary data 5___________________________________
1970
1972
1971
1970
1971
1972
Area and country
Area and country
Dec.
A pr.
Dec.
Apr.
Dec.
Other Western Europe:
Cyprus..................................... .
Iceland......................... .......... .
Ireland, Rep. o f...................... .
10
10
41
7
10
29
2
11
16
2
9
15
3
9
17
Other Latin American republics:
Bolivia..................................... .
Costa Rica...............................
Dominican Republic.............. .
Ecuador....................................
El Salvador............................. .
Guatemala............................... .
Haiti..........................................
Honduras..................................
Jamaica.....................................
Nicaragua.................................
Paraguay................................. .
Trinidad & Tobago................ .
69
41
99
79
75
100
16
34
19
59
16
10
59
43
90
72
80
97
19
44
19
47
15
14
55
62
123
57
78
117
18
42
19
50
17
10
53
70
91
62
83
123
23
50
32
66
17
15
87
92
114
121
76
132
27
58
41
61
22
20
Other Latin America:
British West Indies.................
33
38
32
23
36
Other Asia:
Afghanistan............................. .
Bahrain.................................... .
Burma...................................... .
Cambodia.................................
Iran............................................
Ira q ...........................................
Jordan.......................................
26
32
4
2
42
11
14
15
35
3
2
67
7
3
19
21
10
5
59
10
2
17
18
5
2
88
9
2
25
( 7)
2
3
93
10
4
1 Includes Bank for International Settlements and European Fund.
2 Includes Bermuda through Dec. 1972.
3 D ata exclude “ holdings o f dollars” o f the International M onetary
Fund but include IM F gold investment until Feb. 1972, when investment
was terminated.
Dec.
Other Asia—C o n t.:
K uw ait..............................................
54
L aos...................................................
5
L ebanon...........................................
54
M alaysia..........................................
22
Pakistan............................................
38
Ryukyu Islands (incl. O kinaw a)6 18
Saudi A ra b ia ................................... 106
Singapore.........................................
57
Sri Lanka (C eylon).......................
4
Syria..................................................
7
Vietnam............................................ 179
Apr.
Dec.
Apr.
Dec.
36
2
60
28
28
39
41
43
4
3
161
20
3
46
23
33
29
79
35
4
4
159
16
3
60
25
58
53
80
45
6
6
185
39
2
55
54
59
344
77
5
4
135
O ther Africa:
Algeria..............................................
Ethiopia (incl. Eritrea).................
G h a n a ...............................................
K enya...............................................
Liberia..............................................
Libya.................................................
N igeria..............................................
Southern R hodesia........................
Sudan................................................
Tanzania..........................................
Tunisia..............................................
U ganda ............................................
Z am bia.............................................
17
19
8
38
22
195
17
1
1
9
7
8
10
13
12
6
13
21
91
25
2
1
10
6
5
14
23
11
8
9
23
274
46
2
1
6
9
3
13
31
29
11
14
25
296
56
2
5
6
7
10
7
32
57
10
23
30
393
( 7)
2
3
11
10
7
( 7)
All other:
New Z ealand..................................
25
22
23
27
30
4 Asian, African, and European regional organizations, except BIS and
European Fund, which are included in “ Europe.”
5 Represent a partial breakdown o f the amounts shown in the “ other”
categories (except “ Other Eastern E urope” ).
6 Included in Japan after Apr. 1972.
7 N ot available.
10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED
BY BANKS IN THE UNITED STATES
(Amounts outstanding; in millions o f dollars)
Country or area
To foreign countries
End o f period
Total
To
inti.
and
regional
Total
Official
institu
tions
O ther
B anks1 foreign
ers
G er
many
United
K ing
dom
O ther
Europe
T otal
Latin
America
46
42
52
7
26
30
239
152
111
67
67
67
66
66
196 9
197 0
197 1
2,490
1,703
902
889
789
446
1,601
914
457
1,505
695
144
56
166
257
40
53
56
110
164
1972—Feb..
M ar..
A pr..
M ay.
June.
J u ly .,
A u g ..
S ept..
O c t..,
Nov..
Dec..
1,023
1,085
1,103
1,151
1,168
1,157
1,093
1.067
1.068
1,050
999
555
629
651
686
693
688
650
612
615
599
559
468
456
453
465
476
469
443
455
453
451
440
137
127
120
129
127
117
88
99
97
94
94
252
r252
253
253
267
269
269
269
269
269
259
79
78
80
83
82
84
86
87
87
88
87
164
165
165
165
165
165
165
r 167
165
165
165
63
31
30
32
35
34
34
34
r35
37
37
32
1973—-Jan.*,
Feb.*
1,025
1,254
597
593
428
661
75
302
257
258
96
100
165
164
61
59
30
233
1 Excludes central banks, which are included with “ Official institutions.”
68
68
68
68
68
Japan
O ther
Asia
All
other
coun
tries
582
137
87
70
62
9
108
103
105
119
135
136
135
135
135
134
136
82
72
66
60
58
49
24
33
32
33
33
14
19
18
20
17
18
17
17
16
14
10
127
119
31
71
13
13
655
385
3
APRIL 1973 □ INTL. CAPITAL TR ANSAC TION S OF TH E U.S.
A 81
11. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. TREASURY BONDS AND NOTES
(End o f perio d ; in millions o f dollars)
1972
Feb.
M ar.
Apr.
M ay
June
July
1973
Aug.
Sept.
Europe:
Belgium-Luxembourg........................
Sw eden.................................................
Switzerland..........................................
United K ingdom ................................
O ther Western E urope.....................
Eastern E u ro p e..................................
6
16
53
283
79
5
6
16
53
268
79
5
6
16
52
280
79
5
6
16
52
288
79
5
6
19
52
264
77
5
6
19
49
265
79
5
6
17
45
280
79
5
6
15
45
293
79
5
Oct.
Nov.
Dec.
Jan.*
Feb.*
6
85
45
326
79
5
6
85
45
327
79
5
6
110
45
327
79
5
6
135
44
276
79
5
6
35
45
308
79
5
T o ta l.............................................
441
426
438
445
424
422
432
443
478
545
547
572
544
C an a d a .....................................................
179
178
179
166
313
313
372
432
479
559
558
558
559
Latin America:
Latin American republics.................
O ther Latin A m erica........................
1
6
1
6
1
6
1
6
1
6
1
6
1
6
1
6
1
6
1
6
1
6
1
6
1
6
T o ta l............................................
7
7
7
7
7
7
7
7
7
7
7
7
7
Jap an ....................................................
O ther A sia ..........................................
2,1*46
10
2,391
10
2,415
10
2,777
10
2,901
10
3,125
10
3,310
10
3,481
10
3,756
10
4,003
10
4,380
10
4,867
10
5,421
10
T o ta l.............................................
2,156
2,401
2,425
2,787
2,912
3,136
3,321
3,492
3,766
4,013
4,391
4,877
5,431
A frica.......................................................
8
8
8
8
8
8
127
133
133
133
133
183
183
*
•
*
*
*
*
*
*
*
*
25
25
25
T otal foreign countries.........................
2,791
3,020
3,057
3,413
3,664
3,886
4,259
4,506
4,863
5,257
5,661
6,223
6,749
International and regional:
International.......................................
Latin American regional.................
126
31
126
32
136
33
136
25
136
26
136
27
176
27
186
27
186
27
186
28
186
28
186
28
176
26
Asia:
T o ta l............................................
157
158
168
161
161
162
203
213
213
214
214
214
202
G rand to ta l................................
2,948
3,177
3,226
3,574
3,825
4,048
4,461
4,719
5,076
5,471
5,874
6,436
6,951
N ote.—D ata represent estimated official and private holdings o f marketable U.S. Treasury securities with an original maturity o f more than 1
year, and are based on benchm ark surveys o f holdings and regular monthly
reports o f securities transactions (see Table 16).
12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF
FOREIGN COUNTRIES
(In millions o f dollars or dollar equivalent)
Paya
Payable
in foreign currencies
Payable in dollars
End o f period
Total
Total
Bel
gium
Can
ada 1
China,
Rep. o f
(Taiwan)
196 9
197 0
197 1
43,181
3,563
5 9,657
1,431
2,480
7,829
32
32
32
1,129
2,289
2,640
20
20
20
1972—M ar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.,
9,940
12,440
12,441
12,441
15,864
15,864
16,022
15,871
15,872
15,872
8,188
10,688
10,688
10,688
14,188
14,188
14,345
14,345
14,345
14,333
32
32
32
32
32
32
32
32
32
20
2,840
2,840
2,840
2,840
2,840
2,840
2,840
2,840
2,840
2,840
1973—Jan..
Feb.
Mar.
16,016
15,863
15,870
14,474
14,474
14,464
20
20
20
2,840
2,840
2,840
1 Includes bonds issued in 1964 to the Government o f Canada in connec
tion with transactions under the Columbia River treaty. Amounts out
standing end o f 1967 through Oct. 1968, $114 million; Nov. 1968 through
Sept. 1969, $84 m illion; Oct. 1969 through Sept. 1970, $54 million; and
Oct. 1970 through Oct. 1971, $24 million.
2 Notes issued to the G overnment o f Italy in connection with mili
tary purchases in the United States.
3 In addition, nonm arketable U.S. Treasury notes amounting to $125
Ger
many
Italy 2 Korea Thai
land
Total
Ger
m any 3
Italy
125
Switz
erland
541
541
1.215
5,000
135
25
22
15
15
15
100
100
100
4 1,750
1,083
5 1,827
4 1,084
542
612
20
20
20
20
20
20
20
20
20
20
20
5,158
7,658
7,658
7,658
11,158
11,158
11,315
11,315
11,315
11,315
22
22
22
22
22
22
22
22
22
22
15
15
15
15
15
15
15
15
15
15
100
100
100
100
100
100
100
100
100
100
1,752
1,752
1,753
1,753
1,676
1,676
1,677
1,526
1,528
1,539
536
536
536
536
459
459
459
306
306
306
1.216
1,216
1.217
1.217
1.217
1.217
1.218
1,220
1,222
1,233
20
10
11,471
11,471
11,471
22
22
22
100
100
100
1,542
1,389
1,407
306
153
153
1.236
1.236
1,254
million equivalent were held by a group o f G erm an commercial banks from
June 1968 through Nov. 1972. The dollar value o f these notes was increased
by $10 million in Oct. 1969 and by $18 million as o f Dec. 31, 1971.
4 Includes an increase in dollar value o f $84 million resulting from
revaluation o f the German mark in Oct. 1969.
5 Includes $106 million increase in dollar value o f foreign currency
obligations revalued to reflect market exchange rates as of Dec. 31, 1971.
A 82
INTL. CAPITAL TRANSACTION S OF TH E U.S. □ APRIL 1973
13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY
(End o f period. Amounts outstanding; in millions o f dollars)
1971
1972
1973
Area and country
Dec.
Europe:
A ustria...........................................................
Belgium-Luxembourg................................
D enm ark.......................................................
Finland..........................................................
F ran ce............................................................
G erm any.......................................................
G reece............................................................
Ita ly ................................................................
Netherlands...................................................
N orw ay..........................................................
Portugal.........................................................
Spain...............................................................
Sweden...........................................................
Sw itzerland...................................................
T urkey...........................................................
United K in g d o m .........................................
Yugoslavia.....................................................
O ther Western Europe...............................
U.S.S.R......................................... ................
Other Eastern E u ro p e................................
M ay r
Juner
11
57
49
135
263
235
30
160
105
67
12
70
118
145
3
559
19
12
28
37
13
72
54
132
290
231
30
230
100
65
24
149
132
194
3
518
27
19
65
43
15
73
52
126
316
315
24
200
117
64
21
141
95
148
3
550
22
24
57
43
July r
16
73
50
124
306
286
25
194
97
71
25
156
114
131
3
736
23
23 !
62
44
A ug.r
Sept. r
33
66
63
128
349
229
27
190
102
56
21
160
120
137
4
666
21
25
64
40
8
70
60
120
317
268
28
173
116
52
27
194
131
180
7
643
22
24
55
38
15
87
52
119
274
287
27
177
104
62
22
229
128
186
4
657
18
23
30
40
10
84
57
123
274
296
27
170
101
62
21
215
123
150
4
729
16
19
32
38
8
120
59
118
331
321
29
255
108
69
19
207
156
125
6
855
22
20
41
49
7
67
58
127
275
267
34
221
93
62
21
210
176
187
5
672
18
23
44
47
O c t.r
Nov.
Jan.*
Dec.
Feb.*
13
124
59
122
312
412
23
271
152
63
26
236
249
206
6
1,001
20
26
55
53
2,114
2,390
2,406
2,558
2,503
2,531
2,543
2,553
2,919
2,613
3,432
C an ad a...............................................................
1,627
1,824
1,855
2,299
2,484
2,026
1,681
1,722
1,926
1,939
2,374
Latin America:
Argentina.......................................................
B razil..............................................................
Chile...............................................................
Colom bia.......................................................
C uba...............................................................
M exico...........................................................
P an am a..........................................................
P e ru ................................................................
Uruguay.........................................................
Venezuela......................................................
O ther Latin American republics..............
Bahamas 1.....................................................
Netherlands Antilles and Surinam ..........
O ther Latin A m erica..................................
305
435
139
380
13
934
125
176
41
268
374
262
18
26
316
543
94
394
13
1,035
121
177
38
299
359
269
16
24
325
551
78
404
13
1,151
130
160
35
314
366
319
16
25
323
568
77
396
13
1,180
132
157
38
333
357
389
16
22
339
600
71
384
13
1,163
137
158
40
343
355
425
16
29
352
639
79
378
13
1,123
150
137
43
335
345
426
15
28
363
659
58
384
13
1,127
145
138
36
361
353
369
15
32
357
633
53
396
15
1,168
179
147
38
386
368
401
13
33
379
652
52
418
13
1,202
246
145
40
383
388
474
14
36
389
641
54
407
12
1,202
219
129
40
388
393
409
15
58
417
727
49
412
13
1,213
220
136
43
385
378
515
15
68
T otal.......................................................
3,494
3,699
3,885
3,999
4,073
4,063
4,053
4,189
4,439
4,357
4,590
Asia:
China, People’s Rep. of (China Mainland)
China, Republic o f (Taiwan)....................
Hong K ong...................................................
In d ia...............................................................
Indonesia.......................................................
Israel...............................................................
J a p a n ..............................................................
K o rea.............................................................
Philippines.....................................................
T hailand........................................................
O th e r..............................................................
1
109
70
21
41
129
4,280
348
138
172
252
2
180
107
16
49
81
3,684
377
138
181
199
2
182
111
16
45
78
3,570
346
138
183
221
2
178
100
14
44
101
3,527
344
143
174
245
2
173
85
17
60
87
3,473
342
144
187
230
2
180
85
18
66
78
3,461
321
144
187
229
1
187
76
15
74
87
3,727
302
151
177
244
1
201
76
17
74
105
4,011
317
160
183
262
1
194
93
14
87
105
4,162
296
149
191
301
2
2
211
205
84
103
15
15
87
103
126
100
4,081
5,277
271
288
150
148
195
184 !
335
288 1
5,490 ! 6,780
5,560
5,015
4,891
4,871
4,800
4,773
5,042
5,408
5,594
Africa:
Egypt..............................................................
M orocco........................................................
South A frica.................................................
Z aire...............................................................
O th er..............................................................
10
4
158
21
99
11
4
161
18
129
16
4
160
14
124
14
4
149
12
121
12
4
142
12
114
15
5
139
12
124
17
5
134
14
113
16
4
145
10
116
21
4
143
13
127
T o tal.......................................................
292
324
318
300
283
294
283
290
O ther countries:
A ustralia........................................................
All other........................................................
158
28
175
31
176
34
210
38
184
41
205
44
229
36
271
36
308
!
22
6
150
15 i
116
1
309
20
5
155
13
113
305
291
40
272
50
256
44
T o tal.......................................................
186
206
211
248
225
249
265
308
330
322
300
Total foreign countries...................................
13,273
13,458
13,567
14,275
14,367
13,936
13,867
14,469
15,516
15,030
17,782
International and regional.............................
3
7
4
3
3
4
6
6
3
3
3
G rand to ta l..........................................
13,277
13,465
13,570
14,278
14,370
13,940
13,873
14,474
15,519
15,033
17,785
i Includes Bermuda through Dec. 1972.
N ote.—Short-term claims are principally the following items payable
on demand or with a contractual maturity o f not more than 1 year: loans
made to, and acceptances made for, foreigners; drafts drawn against
foreigners, where collection is being made by banks and bankers for
their own account or for account o f their customers in the United S tates;
and foreign currency balances held abroad by banks and bankers and
their customers in the United States. Excludes foreign currencies held
by U.S. monetary authorities.
APRIL 1973 □ INTL. CAPITAL TRANSAC TION S OF TH E U.S.
A 83
14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions o f dollars)
Payable in dollars
Payable in foreign currencies
Loans to—
End o f period
Official
institu
tions
B anks1
Others
Collec
tions
out
stand
ing
Total
Total
Total
Accept
ances
made
for acct.
o f for
eigners
Other
Total
Foreign
govt, se
Deposits curities,
with for coml.
eigners and fi
nance
paper
Other
196 9
197 0
1971 2...........
9,680
10,802
/13,170
\13,277
9,165
10,192
12,328
12,381
3,278
3,051
4,503
3,966
262
119
223
224
1,943
1,720
2,613
2,080
1,073
1,212
1,667
1,662
2,015
2,389
2,475
2,475
3,202
3,985
4,243
4,254
670
766
1,107
1,686
516
610
842
895
352
352
549
548
89
92
119
173
74
166
174
174
1972— F e b .r .
M ar . r
A p r.r ,
May r ,
June r .
July r .
A ug.r
S ep t.r
O c t.r .
N o v ..
D e c ..
13,674
14,052
13,788
13,465
13,570
14,278
14,370
13,940
13,873
14,474
15,519
12,747
13,052
13,003
12,630
12,737
13,376
13,424
13,052
13,098
13,705
14,674
4,023
4,175
4,451
4,602
4,760
5,054
4,988
4,991
5,161
5,354
5,725
198
167
163
169
162
162
151
143
146
160
166
2,055
2,141
2,354
2,518
2,575
2,779
2,710
2,572
2,666
2,700
2,974
1,770
1,867
1,935
1,915
2,022
2,113
2,127
2,276
2,348
2,495
2,585
2,430
2,476
2,469
2,541
2,650
2,705
2,805
2,882
2,987
3,130
3,269
4,394
4,410
4,252
3,838
3,483
3,227
3,082
2,967
2,961
3,139
3,204
1,901
1,991
1,830
1,650
1,844
2,390
2,549
2,212
1,989
2,082
2,476
926
1,000
785
835
833
902
946
888
775
769
845
562
579
498
530
486
516
482
431
408
412
441
266
283
177
187
222
278
338
330
209
219
223
98
138
111
118
125
108
126
127
158
138
181
1973—Jan.*.
Feb.*.
15,033
17,785
14,208
16,717
5,430
6,458
143
166
2,812
3,675
2,476
2,617
3,234
3,515
3,103
3,321
2,441
3,423
824
1,067
443
595
253
312
127
160
1 Excludes central banks, which are included with “ Official institutions.”
2 D ata on second line differ from those on first line because (a) those
claims o f U.S. banks on their foreign branches and those claims o f U.S.
agencies and branches o f foreign banks on their head offices and foreign
branches, which were previously reported as “ Loans” , are included in
“ Other short-term claims” ; and (b) a number of reporting banks are included
in the series for the first time.
15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES
(Amounts outstanding; in millions o f dollars)
Country or area
Type
Payable in dollars
End o f
period
Total
Loans to—
Total
Official
institu
tions
Other
B anks1 foreign
ers
O ther
long
term
claims
Payable
in
foreign
curren
cies
U nited
K ing
dom
O ther
Europe
Latin
C anada America
Japan
O ther
Asia
All
other
countries
1969...................
1970...................
1971...................
3,250
3,075
3,664
2,806
2,698
3,342
502
504
575
209
236
315
2,096
1,958
2,452
426
352
300
18
25
22
67
71
130
411
411
593
408
312
228
1,329
1,325
1,458
88
115
246
568
548
583
378
292
426
1972—Feb........
M ar.. ..
A pr........
M ay r . ..
Ju n er . ..
July r . . .
A ug.r. ..
S ept.r . .
Oct........
N o v .. . .
D ec.......
3,743
3,842
3,944
4,043
4,188
4,307
4,384
4,531
4,629
4,668
4,916
3,426
3,531
3,622
3,728
3,871
4,000
4,070
4,216
4,302
4,345
4,504
595
644
654
674
719
757
771
796
796
819
833
324
329
335
335
363
356
398
402
412
432
430
2,507
2,559
2,633
2,719
2,788
2,887
2,900
3,019
3,094
3,093
3,241
292
284
295
285
287
275
281
282
292
291
375
24
26
27
30
31
32
34
33
35
33
37
124
131
143
140
139
146
141
128
136
137
139
593
606
626
638
631
674
671
687
658
662
708
254
233
230
251
284
283
277
288
335
341
382
1,477
1,498
1,542
1,584
1,644
1,724
1,789
1,861
1,893
1,875
1,991
241
278
290
281
309
294
288
289
302
301
315
624
651
673
707
735
754
773
802
828
863
881
430
444
440
443
445
431
445
476
477
490
500
1973—j a n .* . ..
F e b .* ...
4,955
5,060
4,535
4,598
833
838
440
462
3,262
3,298
379
411
41
52
144
135
728
763
403
431
1,957
1,977
324
313
897
911
503
531
1 Excludes central banks, which are included with “ Official institutions.”
INTL. CAPITAL TRANSACTIONS OF THE U.S. □ APRIL 1973
A 84
16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
U.S. corporate
securities 2
M arketable U.S. Treas. bonds and notes 1
Foreign bonds
Foreign stocks
Net purchases or sales
Period
T otal
197 0
1971 ' ...................
1972*...................
1973—Jan.-Feb.
56
1,672
3,316
1,077
1972—F eb .r . . . .
M ar.r . . .
A p r.r . . . .
M ayr . . . .
Ju n er . . . .
July r . . . .
A ug.r .. .
Sept.r . . .
O ct.r ___
N ov.........
D ec..........
141
230
48
348
251
223
413
258
356
395
404
1973—Jan_* ___
Feb.*___
562
515
Intl.
and
regional
-2 5
130
57
-1 2
N et pur Pur
chases or chases
sales
N et pur Pur
chases or chases
sales
N et pur
chases or
sales
Pur
chases
Sales
123 11,426
- 1 1 9 14,573
- 2 3 18,922
3,625
-7 6
9,844
13,158
14,958
2,180
1,582
1,415
3,964
1,444
1,490
1,687
1,898
335
2,441
2,621
2,954
469
-9 5 1
-9 3 5
-1,057
-1 3 4
1,033
1,385
2,532
352
998
1,434
2,115
298
35
-4 9
417
54
Foreign
Sales
Sales
Total
Official
82
1,542
3,258
1,065
-4 1
1,661
3,281
1,141
141
229
38
356
251
222
373
247
356
395
404
138
245
25
350
274
224
365
237
340
377
403
3
-1 6
13
6
-2 3
-2
9
11
17
18
1
1,606
2,030
1,678
1,346
1,648
1,151
1,495
1,154
1,317
1,910
2,007
1,312
1,527
1,420
1,111
1,407
1,152
1,217
841
1,038
1,289
1,368
295
503
258
235
241
*
278
314
279
621
638
161
188
162
128
109
188
129
173
153
136
243
270
278
150
314
339
100
98
161
204
171
465
-108
-9 0
11
-1 8 6
-2 3 0
88
30
12
-5 1
-3 5
-2 2 2
200
290
197
245
226
155
242
173
188
192
233
199
269
181
141
269
163
179
142
115
110
178
1
20
16
104
-4 3
-8
63
32
74
82
55
562
503
562
579
-76
1,849
1,776
1,118
1,062
731
713
191
144
324
144
-1 3 3
-1
161
190
155
143
7
47
1
11
-8
1
1
40
10
-1 2
O ther
t Excludes nonmarketable U.S. Treasury bonds and notes issued to
official institutions o f foreign countries; see Table 12.
2 Includes State and local govt, securities, and securities o f U.S. Govt,
agencies and corporations. Also includes issues o f new debt securities
sold abroad by U.S. corporations organized to finance direct investments
abroad.
N ote.—Statistics include transactions o f international and regional
organizations.
17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY
(In millions o f dollars)
Period
Total
France
G er
many
N ether Switzer United
land K ingdom
lands
O ther
Europe
Total
Europe
C anada ALatin
m erica
Asia
1970.......................
626
731
1971.......................
1972*..................... 2,140
919
1973—Jan .-F eb .*
58
87
372
57
195
131
-5 1
33
128
219
297
113
110
168
639
290
-3 3
-4 9
561
194
24
71
92
57
482
627
1,911
746
-9
-9 3
-7 8
60
47
37
-3 2
-3 0
85
108
256
131
1972—F e b .' .........
M ar............
A p r.. . . . . .
M ay..........
Ju n e...........
Ju ly r .........
A u g .r........
S ep t.r . . . .
O c t.r ........
N ov...........
D ec............
151
177
78
55
32
-3 6
252
165
160
489
350
13
19
-9
19
8
-6
60
36
65
85
48
4
-1 2
-2 2
-1 4
-2 0
-4 4
-1 3
-7
6
44
-3
37
27
19
8
15
-1 4
8
15
24
55
42
52
56
1
27
27
56
68
51
83
61
59
36
95
46
20
-1
15
101
56
-8 9
150
132
6
•
*
2
5
-4 1
26
11
20
52
19
147
185
35
62
33
-3 4
249
162
109
447
297
-3 2
-2 6
-2 3
-1 7
-1
4
8
-1 2
8
14
-1
10
3
13
-2 2
-4 2
-2 5
-1 6
1
2
25
8
20
8
49
30
32
12
4
11
29
-8
42
1973—J a n .* ........
Feb.*.........
481
438
32
25
29
4
47
67
141
149
112
82
24
34
385
361
23
36
-2 0
-1 0
85
46
Africa
O ther Intl. &
countries regional
—l
1
—2
—1
1
*
22
54
86
11
*
*
*
*
*
*
*
•
*
*
*
*
*
*
*
*
—1
—l
*
6
7
6
2
9
7
6
3
12
12
4
*
1
1
*
7
4
*
_ j
•
—l
APRIL 1973 □ INTL. CAPITAL TRANSAC TION S OF TH E U.S.
A 85
18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY
(In millions o f dollars)
Nether Switzer United
lands
land Kingdom
Period
Total
France
Ger
many
Other
Europe
Total
Europe
1970.......................
1971.......................
1972*.....................
956
684
1,824
35
15
336
48
35
77
37
-1
65
134
197
134
1973—Jan.-Feb.*
526
17
4
*
1972— Feb............
M ar...........
A pr............
M ay..........
Ju n e...........
Ju ly ...........
Aug............
Sept...........
O ct............
N ov...........
Dec............
144
326
180
180
210
36
27
149
120
132
289
-1
5
38
40
95
9
6
7
36
2
56
-1
3
3
-3
1
-4
4
4
7
30
30
1973—J an .* .........
Feb.*.........
249
276
12
6
*
4
118
327
320
91
39
315
464
612
1,246
128
37
82
25
19
22
28
-2
323
1
*
2
59
84
139
304
37
7
171
*
-1
*
20
*
8
8
6
3
1
18
«
-2 0
29
-1
-3
21
41
17
15
35
-1
14
102
64
-8
71
4
-3 4
-1 6
18
4
46
49
-1 1
15
-1 3
15
17
12
45
80
54
42
60
67
116
38
121
148
33
62
127
138
138
210
11
-3
-1
11
23
4
9
10
5
-6
8
-1 3
3
*
26
*
2
-1
*
3
1
3
51
192
27
11
8
1
-1
*
2
1
29
*
*
*
*
*
1
*
*
*
1
27
18
114
10
31
-4
-4 4
12
-2 8
*
38
-2
2
29
30
38
46
73
66
149
155
1
36
6
1
61
110
*
*
32
-2 6
N ote.—Statistics include State and local govt, securities, and securities
o f U.S. Govt, agencies and corporations. Also includes issues o f new
Latin
Canada America
Asia
Africa
Other Intl. and
countries regional
-1 2
-21
324
39
148
debt securities sold abroad by U.S. corporations organized to finance di
rect investments abroad.
19. NET PURCHASES OR SALES BY FOREIGNERS OF
LONG-TERM FOREIGN SECURITIES BY AREA
20.
FOREIGN CREDIT AND DEBIT
BALANCES IN BROKERAGE ACCOUNTS
(In millions o f dollars)
(Amounts outstanding; in millions o f dollars)
Period
Total
Intl.
and
re
gional
Total
foreign
coun
tries
Eu
rope
Canada
1970.................
1971 r ...............
1972*...............
-9 1 5
-9 8 4
-6 4 0
-2 5 4
-3 1 0
-9 0
-6 6 2
-6 7 3
-5 5 0
50
38
476
-5 8 6
-275
-6 5 1
-1 1
-4 6
-6 7
1973—Jan .Feb.*. .
-8 0
7
-8 8
6
-2 7
1972— F e b .r . .
M ar.r . .
A p r.r . .
May r . .
June. . .
J u ly .. . .
Aug---Sept---Oct. . ..
N o v ... .
D e c .. . .
-1 0 7
-7 0
28
-8 2
-2 7 3
81
93
44
23
47
-1 6 7
-1 1
18
7
7
10
78
-1
6
16
11
9
-9 7
-8 8
21
-8 9
-2 8 3
2
94
38
7
36
-1 7 6
32
58
65
75
26
36
50
47
53
39
-1 6
1973—Ja n .* ...
F eb .* . .
-1 2 7
46
9
-2
-1 3 6
48
10
-3
End o f
period
Credit
balances
(due to
foreigners)
D ebit
balances
(due from
foreigners)
20
32
29
1970—M ar..............................
June.............................
Sept..............................
368
334
291
349
220
182
203
281
*
1
-2 6
-4 7
-3 3
-2 1
-9 4
-6 2
-5
-2 4
23
-8
23
-3 0
-3 3
3
-9
*
*
*
*
*
*
1971—M ar..............................
June..............................
Sept..............................
511
419
333
311
314
300
320
314
June..............................
325
312
286
365
379
339
336
401
2
*
10
5
2
*
2
2
1
2
*
1
-9
26
*
*
*
*
Latin
Amer Asia
ica
Af
rica
Other
coun
tries
-1 2 9
-3 6 6
-2 7 1
-6
-5 7
-6 6
-8 6
18
-7 3
-7 4
13
-1 3 8
-2 0 1
23
49
3
-7 3
-4
-1 5 8
1
-2
-3 1
1
-1 5
3
-1
10
2
8
-2 9
-6 7
40
-7 0
-1 6
N ote.—D ata represent the money credit balances and
money debit balances appearing on the books o f reporting
brokers and dealers in the U nited States, in accounts o f
foreigners with them, and in their accounts carried by
foreigners.
Notes to Tables 21a and 21b on following pages:
1 Total assets and total liabilities payable in U.S. dollars amounted to
F or a given m onth, total assets may not equal total liabilities because
$12,230 million and $12,372 million, respectively, on Dec. 31, 1972.
some branches do not adjust the parent’s equity in the branch to reflect
unrealized paper profits and paper losses caused by changes in exchange
N ote.—Components may not add to totals due to rounding.
rates, which are used to convert foreign currency values into equivalent
dollar values.
A 86
INTL. CAPITAL TRANSACTION S OF TH E U.S. □ APRIL 1973
21a. ASSETS OF FOREIGN BRANCHES OF U.S. BANKS
(In millions o f dollars)
Claims on U.S.
Location and currency form
Month-end
Total
Total
IN ALL FO R EIG N COUNTRIES
IN UNITED KINGDOM
Total all currencies................... ............
Payable in U.S. d o llars..........................
IN TH E BAHAMAS
Total all currencies................................
http://fraser.stlouisfed.org/
For of
notes
p. A-85.
Federal Reserve Bank
St.see
Louis
Claims on foreigners
Parent
bank
Other
Total
36,221
Other
branches
o f parent
bank
Other
banks
N on
Offi
cial
bank
insti
for
tutions eigners
Other
1970—D ec............
47,363
9,740
7,248
2,491
16,997
695
11,643
1,403
1971—O ct.............
D ec............
57,496
58,630
61,334
5,844
5,650
4,798
3,649
3,341
2,311
2,195 49,716
2,308 51,066
2,486 54,752
10,154 21,923
10,416 22,661
11,211 24,550
1,198
1,195
1,167
16,441
16,795
17,823
1,937
1,914
1,785
1972—Jan .............
Feb............
M ar............
A pr............
M ay ...........
Ju n e...........
July r .........
Aug............
Sept............
O c t...........
Nov............
D ec............
59,926
61,816
65,033
63,755
64,375
69,623
69,963
72,856
73,414
74,805
76,241
80,034
4,331
4,116
4,565
4,846
4,619
4,854
4,058
4,504
4,927
4,967
4,456
4,735
1,986
1,742
2,085
2,426
2,080
2,279
1,514
1,759
2,242
2,239
1,824
2,124
2,345
2,374
2,480
2,421
2,539
2,576
2,544
2,745
2,685
2,728
2,632
2,611
53,701
55,839
58,653
57,091
57,946
62,901
63,941
66,268
66,140
67,608
69,425
73,031
10,445
11,013
10,633
10,542
10,463
11,459
11,622
11,655
11,335
11,343
11,350
11,717
24,464
25,615
28,066
26,354
27,061
30,586
30,419
31,821
32,153
33,104
34,203
36,738
1,211
1,118
1,173
1,179
1,276
1,342
1,407
1,566
1,538
1,550
1,577
1,665
17,581
18,093
18,781
19,015
19,146
19,514
20,492
21,225
21,114
21,612
22,295
22,910
1,894
1,861
1,815
1,817
1,810
1,867
1,965
2,084
2,346
2,230
2,360
2,268
1970—D ec............
34,619
9,452
7,233
2,219 24,642
4,213
13,265
362
6,802
525
1971—O ct.............
N ov............
D ec............
38,570
39,130
40,182
5,600
5,368
4,541
3,633
3,319
2,305
1,968 32,617
2,049 33,118
2,236 35,064
6,094
6,436
6,659
16,302
16,690
18,006
907
910
864
9,013
9,082
9,536
653
644
577
1972—Jan ............. 38,867
Feb............ 39,915
M ar............ 42,993
A pr............ 41,353
M ay ........... 41,935
Ju n e........... 44,905
J u l y ......... 45,034
Aug............ 47,175
Sept............ 47,749
Oct............. 48,995
N ov............ 49,631
D ec............ 54,058
4,070
3,864
4,300
4,562
4,393
4,585
3,811
4,263
4,667
4,669
4,173
4,473
1,973
1,732
2,062
2,387
2,063
2,260
1,488
1,741
2,221
2,216
1,803
2,102
2,097
2,132
2,238
2,176
2,330
2,325
2,324
2,523
2,445
2,453
2,371
2,371
34,169
35,369
38,065
36,123
36,889
39,669
40,523
42,184
42,204
43,565
44,664
48,768
6,427
6,637
6,725
6,358
6,475
6,598
7,260
7,320
7,048
7,391
7,439
8,083
17,710
18,510
20,604
19,015
19,575
22,049
21,666
22,717
23,040
23,560
24,123
26,907
822
821
843
881
936
914
984
1,063
1,104
1,085
1,083
1,128
9,210
9,400
9,891
9,870
9,903
10,108
10,613
11,085
11,012
11,528
12,019
12,651
628
682
631
668
653
651
700
728
879
761
793
817
6,887
1970—D ec............
28,451
6,729
5,214
1,515 21,121
3,475
11,095
316
6,235
601
1971—Oct.............
Nov............
D ec............
33,408
33,945
34,552
4,116
3,845
2,694
2,772
2,529
1,230
1,344 28,458
1,316 29,203
1,464 30,996
5,189 14,536
5,483 15,040
5,690 16,211
524
527
476
8,210
8,153
8,619
834
896
862
1972—Jan .............
Feb............
A pr............
M ay...........
June...........
Ju ly r ..........
Aug............
Sept............
Oct.............
Nov............
Dec............
33,877
34,712
37,104
36,126
36,311
39,452
39,463
40,596
40,565
41,649
41,600
43,684
2,514
2,247
2,503
2,738
2,441
2,298
1,876
2,117
2,325
2,409
1,939
2,234
1,228
1,044
1,312
1,574
1,282
1,199
810
1,078
1,252
1,386
907
1,138
1,287
1,204
1,190
1,163
1,160
1,099
1,066
1,039
1,073
1,023
1,032
1,096
30,447
31,617
33,810
32,585
33,119
36,307
36,741
37,538
37,144
38,201
38,643
40,430
5,243
5,584
5,380
5,269
5,209
5,604
5,742
5,688
5,651
5,751
5,490
5,659
469 8,325
454 8,482
491 8,762
507 8,865
585 9,020
568 9,039
546 9,507
595 9,844
650 9,523
630 9,662
584 9,898
609 10,179
916
848
790
803
750
846
847
941
1,097
1,040
1,018
1,020
1970—D ec............
22,574
6,596
15,655
2,223
9,420
4,012
323
1971—O ct.............
N ov............
Dec............
24,481
24,561
24,428
4,012
3,717
2,585
20,069
20,445
21,493
3,440
3,918
4,135
11,859
12,090
12,762
4,771
4,438
4,596
399
398
350
1972—Feb............
M ar............
A pr............
M ay...........
Ju n e...........
Ju ly r .........
Aug............
Sept............
Oct.............
Nov............
D ec............
23,816
26,097
24,967
24,928
27,114
26,680
27,185
27,253
27,978
27,865
30,381
2,153
2,401
2,620
2,356
21,254
23,324
21,943
22,195
24,535
24,494
24,734
24,532
25,244
25,579
27,787
3,960
3,926
3,708
3,577
3,931
4,097
4,013
4,004
4,169
4,049
4,326
13,058
14,865
13, 754
14,101
15,983
15,589
15,768
15,811
16,249
16,399
17,976
4,237
4,534
4,481
4,517
4,621
4,808
4,953
4,717
4,827
5,132
5,485
409
372
404
377
366
395
415
476
427
439
447
1970—D ec............
4,815
1,173
455
717
3,583
V
2,119
1,464
59
1971—Oct.............
Nov............
Dec............
6,586
7,264
8,493
887
1,025
1,282
246
r227
505
641
798
778
5,605
6,139
7,119
3,019
3,203
3,798
2,585
2,936
3,320
95
101
92
7,912
1972—Jan.............
Feb............
8,375
M ar............
8,828
8,621
A pr............
9,097
M ay ...........
June........... 10,075
July............ 10,329
Aug............ 11,516
Sept............ 11,909
Oct............. 12,026
N ov........... 12,330
D ec............ 113,091
953
994
1,178
1,244
1,361
1,552
1,409
1,530
1,612
1,739
1,586
1,496
157
107
126
204
195
295
110
118
221
251
221
225
796
888
1,052
1,040
1,166
1,257
1,298
1,413
1,391
1,489
1,365
1,272
6,866
7,271
7,542
7,269
7,618
8,396
8,786
9,846
10,145
10,129
10,577
11,419
3,630
3,816
4,030
3,780
4,183
4,825
4,924
5,682
5,926
5,843
6,209
6,965
3,237
3,455
3,513
3,489
3,435
3,571
3,863
4,164
4,219
4,286
4,368
4,454
93
110
108
108
117
128
134
139
152
157
167
175
2 ,2 1 0
1,791
2,036
2,246
2,307
1,846
2,146
16,411
17,097
19,177
17,945
18,304
21,096
20,946
21,411
21,319
22,157
22,671
23,983 1
—
APRIL 1973 □ INTL. CAPITAL TR ANSAC TION S OF TH E U.S.
A 87
21b. LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS
(In millions of dollars)
To U.S.
Total
Total
Parent
bank
To foreigners
Other
Total
Other
branches
o f parent
bank
Other
banks
Offi
N on
cial
bank
insti
for
tutions eigners
Other
M onth-end
IN ALL FO R EIG N COUNTRIES
.. .T otal, all currencies
47,3544
2,575
716
1,859 42,812
6
9
6
2,915
2,87(
3,114
474
475
669
2,441
2,395
2,445
52,540
53,646
56,124
9,802! 28,532:
10,038! 29,363
10,773l 31,081
8,626i 2,041
5,581
5,749» 8,495» 2,112
5,513i 8,756i 2,09*
0
6
3
5
♦
2
3
5
2,934
3,167
3,046
2,978
2,819
3,086
3,212
3,263
3,262
3,256
3,233
3,559
654
776
635
621
562
646
736
680
727
716
802
1,000
2,280
2,391
2,411
2,356
2,256
2,440
2,476
2,583
2,535
2,539
2,432
2,559
54,991
56,632
59,925
58,726
59,648
64,592
64,712
67,392
67,892
69,206
70,513
73,842
10,324> 29,733
10,645! 30,694
10,363 33,710
10,097' 32,379
10,055 33,114
11,069 36,113
11,283 35,860
11,510 37,327
11,123 38,331
11,204 38,477
11,146 39,324
11,344 42,531
5,858i
6,208
6,331
6,617
6,649
7,223
7,176
7,841
8,039
8,236
8,401
8,486
36,086
2,334
657
1,677 32,509
4,079
19,816
3,737
4,877
1,243
t
2,549
2,523
2,674
352
375
511
2,198 36,331
2,148 37,149
2,163 38,083
6,154 20,808
6,479 21,133
6,653 22,069
4,503
4,662
4,433
4,866
4,874
4,928
1,161
1,221
1,276
2,552
2,740
1 2,642
! 2,589
2,411
2,671
2,754
2,800
2,793
2,789
2,753
3,104
542
641
507
514
439
523
611
549
605
582
651
848
2,010
2,099
2,135
2,075
1,973
2,148
2,143
2,252
2,188
2,207
2,102
2,256
37,584
38,605
41,736
39,877
40,754
44,142
43,634
45,464
46,088
47,313
48,082
51,811
6,710
6,853
6,945
6,560
6,648
7,277
7,507
7,660
7,401
7,706
7,741
8,178
20,859
21,742
24,433
22,854
23,603
25,807
24,766
25,862
26,545
26,776
27,241
30,253
4,726
4,783
4,957
5,202
5,170
5,656
5,777
6,252
6,331
6,567
6,734
6,913
5,289
5,226
5,402
5,260
5,333
5,401
5,584
5,690
5,811
6,264
6,365
6,467
1,182 ............ 1972—Jan.
1,212
1,225
1,197
1,058
1,021
1,072
1,173
1,204
1,233
1,305
1,459
1,339
116
1,222 26,520
2,320
16,533
3,119
4,548
592 .............1970—Dec
1,628
1,618
1,660
104
77
111
1,523 31,009
1,541 31,513
1,550 32,128
3,250 18,535
3,106 18,901
3,401 19,137
4,447
4,622
4,464
4,777
4,885
5,126
772
814
763
1,626
1,582
1,525
1,340
1,397
1,447
1,497
1,498
1,457
1,465
1,481
1,456
132
114
78
68
105
147
150
153
136
136
132
113
1,494
1,468
1,447
1,272
1,291
1,300
1,347
1,345
1,321
1,329
1,349
1,343
3,296
3,417
3,209
3,056
3,154
3,160
3,464
3,423
3,139
3,060
2,928
2,961
18,076
18,705
20,989
19,893
19,908
22,144
21,720
22,236
22,746
23,001
22,769
24,776
4,680
4,788
4,996
5,172
5,158
5,542
5,565
6,007
6,102
6,309
6,340
6,453
5,421
5,461
5,594
5,859
5,871
6,256
6,326
6,499
6,087
6,854
7,112
7,042
t
28,451
36,311
23,005
24,765
26,971
25,599
25,787
27,729
27,130
27,625
27,586
28,477
28,558
30,933
31,473
32,371
34,787
33,980
34,090
37,102
37,075
38,165
38,074
39,225
39,149
41,232
6,4261 24,829» 4,18C)
7,371 r
9,075!
9,085!
9,521
9,635;
9,8301
10,187
10,393
10,714
10,400
11,289
11,642
11,483
1,96'
1,996> ............ 1972—Jan.
2,018
2,062t .........................M ar.
2,051
1,908
1,944
2,039
2,20C
2,258
2,342
2,493
2,634
.Payable in U.S. dollars
98
1,110 21,495
1,548 13,684
2,859
3,404
302 .............1970—Dec
1,435
1,452
1,412
49
36
23
1,387 22,875
1,416 23,166
1,389 23,059
2,095
2,028
2,164
14,079
14,185
14,038
3,660
3,813
3,676
3,041
3,140
3,181
417 ............ 1971—Oct.
426
374
1,377
1,327
1,154
1,202
1,250
1,294
1,271
1,230
1,245
1,270
1,276
50
19
26
58
103
103
100
86
80
92
72
1,327
1,308
1,129
1,144
1,147
1,190
1,171
1,144
1,165
1,178
1,203
2,081 13,670
2,093 15,694
1,852 14,465
2,054 14,610
2,070 15,874
2,197 15,000
2,140 15,217
1,926 15,376
1,942 15,597
1,959 15,383
2,008 17,478
3,824
4,041
4,233
4,141
4,560
4,641
4,981
4,957
5,216
5,280
5., 349
3,411
3,392
3,477
3,363
3,513
3,554
3,549
3,567
4,004
4,155
4,287
403 ............ 1972— Feb.
424
419
417
462
444
467
531
473
510
536
4,815
542
4,183
488
2,872
823
90 .............1970—Dec
6,588
7,265
8,495
628
599
750
5,805
6,510
7,557
1,083
1,446
1,649
3,551
3,943
4,784
1,170
1,121
1,124
155 ............ 1971—Oct.
155
188
7,912
8,375
8,828
8,621
9,096
10,075
10,329
11,515
11,909
621
855
832
959
7,139
7,378
7,868
7,538
8,141
8,943
9,126
10,238
10,616
10,801
11,230
11,703
1,563
1,526
1,429
1,471
4,369
4,674
5,134
4,926
5,356
5,903
6,169
6,898
7,188
7,422
7,862
8,395
1,207
1,178
1,305
1,140
1,330
1,231
1,323
1,455
1,493
1,452
1,386
1,344
151
142
128
125
144
136
160
156
156
171
166
168
812
997
1,043
1,121
1,137
1,053
934
1,220
Digitized for113,091
FRASER
http://fraser.stlouisfed.org/
Federal Reserve
Bankseeofp.St.
Louis
For notes
A-85.
1,454
1,809
1,633
1,885
1,935
1,928
1,982
1,964
.
IN UNITED KINGDOM
. . .Total, all currencies
.
.Payable in U.S. dollars
.
IN T H E BAHAMAS
.Total, all currencies
778 ............ 1972—Jan.
759 ......................... Feb.
792
807
824
903
892
933
1,034
959
969
997
1,208
22,985
25,220
24,027
24,168
26,017
25,393
25,887
25,825
26,759
26,778
29,121
Location and currency form
............ 1972—Jan.
.........................Feb.
........................ June
........................ July
........................ Sept.
........................ Oct.
.
88
INTL. CAPITAL TRANSACTIONS OF THE U.S. □ APRIL 1973
22. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES
AND FOREIGN BRANCH HOLDINGS OF SPECIAL U.S.
GOVERNMENT SECURITIES
23. MATURITY OF EURO-DOLLAR
DEPOSITS IN FOREIGN
BRANCHES OF U.S. BANKS
( A m o u n t s o u t s t a n d in g ; in m illio n s o f d o lla r s )
L ia b ili
tie s 1
W ed n esd ay
W ed n esd ay
L ia b .
p lu s
s e c .2
1971
1967
M ar.
June
S e p t.
D ec.
L ia b ili
tie s 1
3 ,4 1 2
3 ,1 6 6
4 ,0 5 9
4 ,2 4 1
29
28
27
27
M ar.
June
S e p t.
D ec.
3
3
2
2
(E n d o f m o n t h ; in b illio n s o f d o lla r s )
W ed n esd ay
M ar.
June
S e p t.
D ec.
27
26
25
31
4 ,9 2 0
.....................
.....................
.....................
(1 /1 /6 9 )
6,202
7 ,1 0 4
6 ,0 3 9
1969
M ar.
June
S e p t.
D ec.
..
..
..
..
2 ,8 5 8
1 ,4 9 2
2 ,4 7 5
909
Jan.
2 6 ..
F eb . 2 3 ..
M ar. 2 9 ..
1 ,4 1 9
1 ,0 6 8
1 ,5 3 2
A p r. 2 6 ..
M ay 3 1 ..
Ju ne 2 8 ..
J u ly 2 6 . .
1 ,3 7 4
1 ,4 6 5
1 ,4 4 3
1 ,3 4 5
A ug.
1
0
9
9
S e p t.
25
24
30
30
6 ..
1 3 .,
20.,
1970
M ar.
June
S e p t.
D ec.
2..
9 ..
1 6 ..
2 3 ..
3 0 ..
9 ,6 2 1
1 3 ,2 6 9
1 4 ,3 4 9
1 2 ,8 0 5
2 6 .....................
2 5 .....................
2 4 .....................
3 1 .....................
2 7 .,
1 1 ,8 8 5
1 2 ,1 7 2
9 ,6 6 3
7 ,6 7 6
......................
........................
...................... ..
...................... ..
O c t.
1973
M a tu r ity o f
lia b ility
N ov.
D ec.
Jan.
1 .8 3
2 .3 4
2 .0 8
2 .1 1
1 .6 1
3 .1 9
1 1 .0 1
8 .0 2
4 .7 9
3 .0 1
2 .9 6
2 .4 3
.4 4
.6 7
.5 7
.3 5
.2 3
.4 9
1 6 .8 6
5 .9 2
4 .9 1
3 .2 3
2 .6 4
2 .2 7
.7 7
.5 8
.3 8
.2 3
.5 2
.2 9
1 2 .5 6
6 .7 4
6 .6 6
3 .2 8
2 .6 5
3 .1 5
.7 4
.4 3
.4 8
.5 6
.3 9
.3 3
1 .4 3
1 .4 3
1 .5 6
4 0 .5 6
4 4 .2 2
4 4 .3 2
1 972— C o n t.
4 ,3 5 8
4 ,5 0 0
3 ,5 7 8
N ov.
1 ...
8 ...
1 5 ...
2 2 ...
2 9 ...
1 ,3 8 7
1 ,3 3 8
1 ,8 4 1
1 ,4 6 4
1 ,7 4 5
D ec.
6 ...
1 3 ...
2 0 ...
2 7 ...
1 ,6 1 8
1 ,7 0 5
1 ,8 0 7
1 ,4 0 6
1972
1968
1972
L ia b ili
t ie s 1
4.
11.
18.
25.
C a l l .........................................................
O th e r lia b ilitie s , m a tu r in g
in f o llo w in g c a le n d a r
m o n th s
a fte r
report
d a te :
2 n d ...............................................
3 r d ................................................
4 t h ................................................
5 t h ................................................
6 t h ................................................
1973
3 ...
0 ...
7 ...
4 ...
1 ...
1 ,1 2 1
1 ,6 2 5
1 ,4 1 9
^ 1 ,8 0 0
1 ,4 1 3
F eb.
7 ...
1 4 ...
2 1 ...
2 8 ...
1 ,3 9 1
694
1 ,1 5 7
790
M ar.
7 ...
1 4 ...
2 1 ...
2 8 ...
1 ,4 6 5
1 ,4 1 9
1 ,2 9 0
1 ,1 2 1
1 ,8 2 9
1 ,2 5 0
1 ,7 8 5
1 ,8 4 6
1 ,2 7 0
Jan.
1 ,5 0 8
1 ,1 8 7
1 ,4 9 7
2 ,0 2 3
1 ,6 1 9
1 ,5 4 4
1 ,8 9 0
1 ,4 1 5
1
1
2
3
9 t h ................................................
1 0 t h ................................................
1 1 t h ................................................
1 2 t h ................................................
M a tu r itie s o f m o r e t h a n 1
N o t e .— I n c l u d e s i n t e r e s t - b e a r in g U .S . d o l l a r
d e p o s i t s a n d d ir e c t b o r r o w i n g s o f a ll b r a n c h e s in
th e B a h a m a s a n d o f a ll o t h e r fo r e ig n b r a n c h e s
fo r w h ic h s u c h d e p o s it s a n d d ir e c t b o r r o w in g s
a m o u n t to $ 5 0 m illio n o r m o r e .
D e t a ils m a y n o t a d d t o to t a ls d u e to r o u n d in g .
1 R e p r e s e n t s g r o s s lia b ilit ie s o f r e p o r tin g b a n k s t o t h e ir b r a n c h e s in fo r e ig n c o u n tr ie s .
2 F o r p e r io d J a n . 2 7 , 1 9 7 1 t h r o u g h O c t. 2 0 , 1 9 7 1 , in c lu d e s U .S . T r e a s u r y C e r tific a te s E u r o
d o lla r S e r ie s a n d s p e c ia l E x p o r t - I m p o r t B a n k s e c u r itie s h e ld b y f o r e ig n b r a n c h e s . B e g in n in g
J u ly 2 8 , 1 9 7 1 , a ll o f t h e s e c u r itie s h e ld w e r e U .S . T r e a s u r y C e r tific a te s E u r o d o lla r S e r ie s .
24. DEPOSITS, U.S. TREAS. SECURITIES,
AND GOLD HELD AT F.R. BANKS FOR
FOREIGN OFFICIAL ACCOUNT
25. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS
REPORTED BY NONBANKING CONCERNS
(A m o u n t s o u t s t a n d in g ; in m illio n s o f d o lla r s )
(I n m illio n s o f d o lla r s )
A s s e t s in c u s t o d y
End o f
p e r io d
End o f
p e r io d
D e p o s its
U .S . T r e a s .
s e c u r itie s 1
E arm arked
g o ld
1 9 7 0 ......................
1 9 7 1 .......................
148
294
1 6 ,2 2 6
4 3 ,1 9 5
1 2 ,9 2 6
1 3 ,8 1 5
1972— M a r ...
A p r .. .
M a y ..
J u n e ..
J u ly .. .
A u g ...
S e p t...
O c t ....
N o v ...
D e c .. .
191
228
157
257
160
192
193
192
188
325
4 6 ,8 3 7
4 6 ,8 3 6
4 6 ,4 5 3
4 7 ,1 7 6
5 1 ,5 2 2
5 1 ,6 7 6
5 0 ,9 9 7
5 1 ,8 2 1
5 1 ,8 7 4
5 0 ,9 3 4
1 4 ,3 2 1
1 4 ,3 1 5
215 ,5 4 2
1 5 ,5 4 2
1 5 ,5 4 2
1 5 ,5 3 0
1 5 ,5 3 1
1 5 ,5 3 1
1 5 ,5 3 0
1 5 ,5 3 0
1 9 7 3 — J a n ....
Feb. ..
M a r .. .
310
455
327
5 0 ,1 1 8
5 6 ,9 1 4
5 9 ,3 8 9
1 5 ,5 2 6
1 5 ,5 2 2
1 5 ,5 1 9
1 M a r k e t a b le U .S . T r e a s u r y b ills , c e r tific a te s o f in
d e b t e d n e s s , n o t e s , a n d b o n d s a n d n o n m a r k e t a b le U .S .
T r e a s u r y s e c u r itie s p a y a b le in d o lla r s a n d in fo r e ig n
c u r r e n c ie s .
2 I n c r e a s e r e s u lt s f r o m c h a n g e in p a r v a lu e o f t h e U .S .
d o lla r o n M a y 8, 1 9 7 2 .
N o t e .— E x c l u d e s d e p o s i t s a n d U . S . T r e a s . s e c u r i t i e s
h e ld fo r in te r n a tio n a l a n d r e g io n a l o r g a n iz a tio n s . E a r
m a r k e d g o ld is g o ld h e ld fo r f o r e ig n a n d in te r n a tio n a l
a c c o u n t s a n d is n o t in c lu d e d in th e g o ld s t o c k o f th e
U n ite d S ta te s.
P a y a b le in d o lla r s
P a y a b l e in
fo r e ig n c u r r e n c ie s
S h o r t
te r m
in v e s t
m e n ts 1
S h o r t
te r m
in v e s t
m e n ts 1
T o ta l
D e p o s its
1 9 6 8 ...............................
D e p o s its
U n ite d
K in g
dom
C anada
1969 2
1 ,6 3 8
/1 ,3 1 9
\ 1 ,4 9 1
1 ,1 4 1
1 ,2 1 9
952
1 ,0 6 2
697
87
116
161
150
272
174
183
173
60
76
86
121
979
610
663
372
280
469
534
436
i1Q
y 71
/ 1— i j e c . ^2* • • •
f l , 648
\1 ,5 0 4
1 ,0 9 2
1 ,0 7 5
203
127
234
234
120
68
577
577
587
443
1 9 7 2 — F e b ...............
M a r ..............
A p r ...............
M a y .............
J u n e .............
J u ly r .
A u g . r ____
S e p t. r . . . .
O c t. r . . . .
N o v . r ____
1 ,6 2 7
1 ,8 0 4
1 ,8 9 9
1 ,9 3 5
1 ,9 8 4
2 ,0 8 4
2 ,2 7 9
2 ,1 0 6
2 ,0 3 6
2 ,0 8 5
/1 ,9 6 3
\ 1 ,9 6 3
1 ,0 7 5
1 ,2 3 4
1 ,3 1 5
1 ,3 4 7
1 ,3 8 2
1 ,5 1 7
1 ,6 0 8
1 ,5 3 3
1 ,4 7 5
1 ,5 1 0
1 ,4 4 4
1 ,5 6 2
213
177
200
206
199
194
217
170
171
178
169
51
238
271
273
299
312
318
392
359
332
343
307
307
101
122
112
84
92
55
61
45
57
55
42
42
550
655
667
713
710
753
761
690
683
657
700
700
650
667
707
608
572
565
709
604
551
593
485
485
2 ,1 6 1
1 ,6 8 1
73
342
65
799
604
D ec. 2
p
1 9 7 3 — J a n ................
1 N e g o t ia b le a n d o th e r r e a d ily t r a n s fe r a b le fo r e ig n o b lig a t io n s p a y a b le o n d e m a n d
o r h a v in g a c o n tr a c tu a l m a tu r ity o f n o t m o r e th a n 1 y e a r fr o m th e d a te o n w h ic h th e
o b lig a t io n w a s in c u r r e d b y th e f o r e ig n e r .
2 D a t a o n th e t w o lin e s f o r t h is d a t e d iffe r b e c a u s e o f c h a n g e s in r e p o r tin g c o v e r a g e .
F i g u r e s o n t h e f ir s t l i n e a r e c o m p a r a b l e i n c o v e r a g e w i t h t h o s e s h o w n f o r t h e p r e c e d i n g
d a t e ; fig u r e s o n th e s e c o n d lin e a r e c o m p a r a b le w ith t h o s e s h o w n f o r t h e f o llo w in g d a te .
N o t e .— D a t a r e p r e s e n t t h e l i q u i d a s s e t s a b r o a d o f l a r g e n o n b a n k i n g c o n c e r n s in
th e U n ite d S ta te s . T h e y a re a p o r tio n o f th e t o t a l c la im s o n fo r e ig n e r s r e p o r te d b y
n o n b a n k i n g c o n c e r n s i n t h e U n i t e d S t a t e s a n d a r e i n c l u d e d in t h e f i g u r e s s h o w n in
T a b le s 2 6 a n d 2 7 .
APRIL 1973 o INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 89
26. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS
( E n d o f p e r io d . A m o u n t s o u t s t a n d in g ; in m illio n s o f d o lla r s )
L ia b ilitie s t o fo r e ig n e r s
A rea a n d co u n tr y
C la im s o n fo r e ig n e r s
1972
1971
D ec.
M ar.
June
1971
S e p t.*
D ec.
1972
M ar.
June
S e p t.*
E urope:
A u s t r i a .......................................................
B e l g i u m - L u x e m b o u r g ................
D e n m a r k ..................................................
F i n l a n d ......................................................
F r a n c e ........................................................
G e r m a n y , F e d , R e p . o f ............
G r e e c e ........................................................
I t a l y ..............................................................
N e t h e r l a n d s ...........................................
N o r w a y .....................................................
P o r t u g a l ....................................................
S p a i n ...........................................................
S w e d e n .......................................................
S w i t z e r l a n d ............................................
T u r k e y ........................................................
U n i t e d K i n g d o m .............................
Y u g o s l a v i a ............................................
O t h e r W e s t e r n E u r o p e ..............
E a s t e r n E u r o p e .................................
5
65
2
2
136
117
4
103
69
5
16
65
17
104
2
869
3
2
4
5
104
3
2
123
88
5
107
79
6
9
65
16
73
2
927
4
1
5
6
108
5
2
139
104
5
99
65
5
2
70
13
97
3
981
6
2
3
2
82
5
3
145
130
14
108
79
5
3
63
14
118
3
943
5
2
9
14
60
15
18
202
192
34
186
68
13
16
124
40
63
9
940
13
13
28
17
45
18
19
196
197
36
181
66
16
23
102
35
60
9
954
10
13
25
16
64
20
19
207
191
36
184
66
17
21
117
37
59
11
985
10
10
22
T o t a l ................................................
1 ,5 9 0
1 ,6 2 5
1 ,7 1 4
1 ,7 3 3
2 ,0 4 6
2 ,0 2 3
2 ,0 9 3
2 ,0 9 1
C a n a d a ............................................................
181
189
185
178
781
1 ,0 4 5
936
996
54
147
46
45
1
151
21
34
5
81
99
366
9
24
48
138
39
40
1
134
19
31
6
77
94
313
8
22
50
152
41
38
1
144
22
32
5
75
106
442
10
18
52
162
32
39
I
155
20
36
7
74
96
510
8
23
L a tin A m e r ic a :
A r g e n t i n a ................................................
B r a z i l ...........................................................
C h i l e .............................................................
C o l o m b i a .................................................
C u b a .............................................................
M e x i c o .......................................................
P a n a m a .....................................................
P e r u ..............................................................
U r u g u a y ...................................................
V e n e z u e l a ...............................................
O t h e r L . A . r e p u b l i c s ...................
B a h a m a s i ..............................................
N e t h . A n tille s a n d S u r in a m .
O t h e r L a t i n A m e r i c a ...................
18
19
14
7
*
18
18
21
7
*
18
19
16
6
*
22
5
7
2
16
32
284
3
5
17
8
8
3
18
27
351
5
12
18
6
6
3
17
32
352
6
6
16
24
17
6
1
21
5
5
2
17
30
287
9
6
15
63
19
16
187
200
30
174
71
19
20
130
45
57
8
968
11
11
47
T o t a l ................................................
434
513
506
447
1 ,0 8 3
969
1 ,1 3 4
1 ,2 1 5
A s ia :
C h in a , R e p . o f ( T a i w a n ) . . . .
H o n g K o n g ...........................................
I n d i a .............................................................
I n d o n e s i a .................................................
I s r a e l ...........................................................
J a p a n ...........................................................
K o r e a ...........................................................
P h i l i p p i n e s ..............................................
T h a i l a n d ...................................................
O t h e r A s i a ..............................................
18
11
26
10
10
173
13
5
3
142
23
11
13
6
9
189
12
8
4
109
25
11
7
5
9
188
16
6
4
104
26
10
7
6
11
223
16
7
5
140
41
23
35
28
22
405
68
48
15
144
45
21
28
29
21
442
56
62
18
171
45
23
32
25
17
451
61
67
15
174
51
22
36
32
18
452
57
63
14
172
T o t a l ................................................
412
383
374
451
830
894
911
918
O t h e r A f r i c a ........................................
1
31
1
35
1
26
1
30
1
37
1
31
1
17
2
37
9
41
6
99
9
42
5
76
6
46
7
74
7
45
7
64
T o t a l ................................................
67
59
71
57
155
129
133
122
O th e r c o u n tr ie s :
A u s t r a l i a ..................................................
A l l o t h e r ..................................................
42
8
50
9
54
11
46
11
80
17
83
26
97
18
92
18
50
58
66
57
98
109
116
110
*
*
*
*
4
2
5
8
2 ,7 3 5
2 ,8 2 8
2 ,9 1 7
2 ,9 2 4
4 ,9 9 7
5 ,1 7 1
5 ,3 2 8
5 ,4 6 0
A fr ic a :
E g y p t ..........................................................
S o u t h A f r i c a .........................................
I n te r n a tio n a l a n d r e g i o n a l .. . .
G r a n d t o t a l ...............................
1 I n c lu d e s B e r m u d a .
N o t e .— R e p o r t e d
by
e x p o r te r s , im p o r te r s , a n d
in d u s tr ia l a n d
com -
m e r c ia l c o n c e r n s a n d o t h e r n o n b a n k in g in s t it u t io n s in th e U n it e d S t a t e s .
D a t a e x c lu d e c la im s h e ld t h r o u g h U .S . b a n k s , a n d in t e r c o m p a n y a c c o u n t s
b e t w e e n U .S . c o m p a n ie s a n d t h e ir f o r e ig n a f f ilia t e s .
A 90
INTL. CAPITAL TRANSACTIONS OF THE U.S. □ APRIL 1973
27. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY
NONBANKING CONCERNS, BY TYPE
( A m o u n t s o u t s t a n d in g ; in m illio n s o f d o lla r s )
C la im s
L ia b ilitie s
P a y a b le in fo r e ig n
c u r r e n c ie s
E n d o f p e r io d
T o ta l
P a y a b le
in
d o lla r s
P a y a b le
in
f o r e ig n
c u r r e n c ie s
T o ta l
P a y a b le
in
d o lla r s
D e p o s it s w ith
b an k s abroad
in r e p o r te r 's
nam e
O th e r
1 ,4 7 3
1 ,6 7 8
1 ,6 0 8
1 ,0 5 6
1 ,2 7 1
1 ,2 2 5
417
407
382
3 ,8 5 5
3 ,9 0 7
3 ,7 8 3
3 ,4 1 5
3 ,2 9 2
3 ,1 7 3
210
422
368
229
193
241
1 9 6 9 — M a r ...................................
J u n e ..................................
S e p t ...................................
/
r v A/> 1
\
1 ,5 7 6
1 ,6 1 3
1 ,7 9 7
1 ,7 8 6
2 ,1 2 4
1 ,1 8 5
1 ,2 6 3
1 ,4 5 0
1 ,3 9 9
1 ,6 5 4
391
350
346
387
471
4 ,0 1 4
4 ,0 2 3
3 ,8 7 4
3 ,7 1 0
4 ,1 5 9
3 ,3 2 9
3 ,3 1 6
3 ,2 2 2
3 ,1 2 4
3 ,5 3 2
358
429
386
221
244
327
278
267
365
383
1 9 7 0 — J u n e ..................................
2 ,3 8 7
2 ,5 1 2
2 ,6 7 7
1 ,8 4 3
1 ,9 5 6
2 ,2 8 1
543
557
496
4 ,4 5 7
4 ,3 6 1
4 ,1 6 0
3 ,8 6 8
3 ,7 5 6
3 ,5 7 9
234
301
234
355
305
348
2
2
2
2
2
7
7
4
4
5
1 ,9 7 5
1 ,9 3 7
2 ,1 0 9
2 ,2 2 9
2 ,2 7 6
462
438
454
475
459
4 ,5 1 5
4 ,7 0 8
4 ,8 9 4
5 ,1 8 5
4 ,9 9 7
3 ,9 0 9
4 ,0 5 7
4 ,1 8 6
4 ,5 3 5
4 ,4 5 9
232
303
383
318
290
374
348
326
333
247
2 ,8 2 8
2 ,9 1 7
2 ,9 2 4
2 ,3 9 9
2 ,4 4 4
2 ,4 2 5
429
472
498
5 ,1 7 1
5 ,3 2 8
5 ,4 6 0
4 ,5 5 1
4 ,6 8 2
4 ,7 9 9
318
376
432
302
270
229
S e p t ...................................
D e c ....................................
D e c .....................................
1 9 7 1 — M a r ....................................
J u n e ..................................
S e p t ....................................
1
/
\
1 9 7 2 — M a r ....................................
J u n e ..................................
S e p t . * ...............................
,4 3
,3 5
,5 6
,7 0
,7 3
i D a t a o n t h e t w o lin e s s h o w n f o r t h is d a t e d iffe r
b e c a u s e o f c h a n g e s in r e p o r tin g c o v e r a g e . F ig u r e s o n
t h e f ir s t lin e a r e c o m p a r a b le w it h t h o s e s h o w n f o r t h e
p r e c e d in g d a t e ; fig u r e s o n t h e s e c o n d lin e a r e c o m p a r a b le w ith t h o s e s h o w n fo r t h e f o llo w in g d a te ,
28. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS
( A m o u n t s o u t s t a n d in g ; in m illio n s o f d o lla r s )
C la im s
C o u n tr y o r area
T o ta l
lia b ilitie s
E n d o f p e r io d
T o ta l
U n ite d
K in g d o m
O th e r
E urope
C anada
B r a z il
M e x ic o
O th e r
L a tin
A m e r ic a
Japan
O th er
A s ia
A fr ic a
A ll
o th e r
1 9 6 8 — J u n e .....................................
S e p t .......................................
D e c ........................................
747
767
1 ,1 2 9
1 ,5 6 8
1 ,6 2 5
1 ,7 9 0
32
43
147
288
313
306
345
376
419
205
198
194
67
62
73
251
251
230
129
126
128
134
142
171
83
82
83
33
32
38
1 9 6 9 — M a r .......................................
J u n e ......................................
S e p t .......................................
i
/
\
1 ,2 8 5
1 ,3 2 5
1 ,4 1 8
1 ,7 2 5
2 ,3 0 4
1 ,8 7 2
1 ,9 5 2
1 ,9 6 5
2 ,2 1 5
2 ,3 6 3
175
168
167
152
152
342
368
369
433
442
432
447
465
496
562
194
195
179
172
177
75
76
70
73
77
222
216
213
388
420
126
142
143
141
142
191
229
246
249
271
72
72
71
69
75
43
40
42
42
46
1 9 7 0 — M a r ......................................
J u n e .....................................
S e p t ......................................
2 ,3 5 8
2 ,5 8 7
2 ,7 8 5
3 ,1 0 2
2 ,7 4 4
2 ,7 5 7
2 ,8 8 5
2 ,9 5 0
159
161
157
146
735
712
720
708
573
580
620
669
181
177
180
183
74
65
63
60
458
477
586
618
158
166
144
140
288
288
284
292
71
76
73
71
47
54
58
64
1 9 7 1 — M a r .......................................
J u n e ......................................
S e p t .......................................
3 ,1 7 7
3 ,1 7 2
2 ,9 3 9
3 ,1 4 9
3 ,1 1 0
2 ,9 8 3
2 ,9 8 2
3 ,0 2 2
3 ,1 3 7
3 ,1 3 9
154
151
135
128
128
688
687
672
715
715
670
677
763
756
763
182
180
178
174
174
63
63
60
60
60
615
625
597
656
657
161
138
133
141
136
302
312
319
327
327
77
75
91
96
96
72
74
75
85
84
3 ,0 5 5
* ■ 3 ,3 0 8
3 ,4 5 3
3 ,2 2 4
3 ,1 9 4
3 ,2 2 4
129
108
128
723
707
690
781
791
809
175
180
179
59
57
61
669
668
656
137
136
132
360
361
382
104
93
93
85
93
93
/
\
1 9 7 2 — M a r .......................................
J u n e .....................................
S e p t . * ..................................
1
D a t a o n t h e t w o lin e s s h o w n f o r t h is d a t e d iffe r b e c a u s e o f c h a n g e s
in r e p o r t in g c o v e r a g e . F ig u r e s o n t h e fir s t lin e a r e c o m p a r a b le w it h t h o s e
s h o w n f o r t h e p r e c e d in g d a t e ; fig u r e s o n t h e s e c o n d lin e a r e c o m p a r a b le
w ith t h o s e s h o w n fo r th e f o llo w in g d a te .
APRIL 1973 □ EXCHANGE RATES
A 91
FOREIGN EXCHANGE RATES
(I n c e n ts p e r u n it o f fo r e ig n c u r r e n c y )
P e r io d
A r g e n tin a
(p eso )
.2 8 4 7 3
.2 8 4 9 2
2 2 6 .5 8 9
2 2 .5 0 2
1 9 .9 6 0
1 9 6 8 .,
1 9 6 9 .,
1 9 7 0 .,
1971.
1 9 7 2 .,
1 9 7 2 — M a r ..
A p r ..,
M a y .,
June.
J u ly ..
A u g ..
S e p t..
O c t..
N o v ..
D e c ..
197 3 — J a n ..
F e b ..
M a r .,
A u s tr a lia
(d o lla r )
A u s tr ia
(s c h illin g )
B e lg iu m
(fra n c)
C anada
(d o lla r )
C e y lo n
(r u p e e )
D enm ark
(k r o n e )
F in la n d
(m a r k k a )
France
(fr a n c )
1 1 1 .3 6
1 1 3 .6 1
1 1 9 .2 3
3 .8 6 7 5
3 .8 6 5 4
3 .8 6 5 9
4 4 .0 0 0 9
4 .3 2 2 8
2 .0 0 2 6
1 .9 9 4 2
2 .0 1 3 9
2 .0 5 9 8
2 .2 7 1 6
9 2 .8 0 1
9 2 .8 5 5
3 9 5 .8 0 2
9 9 .0 2 1
1 0 0 .9 3 7
1 6 .6 7 8
1 6 .7 4 1
1 6 .7 7 4
1 6 .8 0 0
1 6 .0 5 7
1 3 .3 6 2
1 3 .2 9 9
1 3 .3 3 4
1 3 .5 0 8
1 4 .3 8 4
2 3 .7 6 1
2 3 .7 7 4
2 3 .7 4 2
2 3 .7 5 8
2 4 .0 2 2
2 0 .1 9 1
i 1 9 .3 0 2
1 8 .0 8 7
1 8 .1 4 8
1 9 .8 2 5
1 1 9 .1 0
1 1 9 .1 0
1 1 9 .1 0
1 1 9 .1 0
1 1 9 .1 0
1 1 9 .1 1
1 1 9 .1 0
1 1 9 .0 7
1 1 9 .0 9
1 2 1 2 0 .7 4
4 .3 3 4 2
4 .3 2 3 6
4 .3 2 7 7
4 .3 4 2 1
4 .3 6 7 4
4 .3 4 7 0
4 .3 3 5 4
4 .3 1 0 2
4 .3 0 6 4
4 .3 1 7 2
2 .2 7 5 7
2 .2 6 7 2
2 .2 7 3 7
2 .2 7 5 8
2 .2 8 1 4
2 .2 7 9 5
2 .2 7 4 2
2 .2 6 4 0
2 .2 6 8 5
2 .2 6 7 0
1 0 0 .1 5 2
1 0 0 .4 3 0
1 0 2 .0 9 2
1 0 1 .6 3 0
1 0 1 .7 8 9
1 0 1 .7 3 0
1 0 1 .7 5 6
1 0 1 .2 7 9
1 0 0 .3 2 6
1 6 .6 5 0
1 6 .6 5 0
1 6 .6 5 0
1 6 .7 7 2
1 5 .8 7 8
1 5 .6 1 1
1 5 .6 0 0
1 5 .6 0 5
1 5 .0 2 6
1 4 .9 3 6
1 4 .3 6 1
1 4 .3 0 1
1 4 .3 3 2
1 4 .3 3 6
1 4 .3 6 8
1 4 .4 3 8
5 1 4 .3 8 8
1 4 .4 5 3
1 4 .5 1 0
1 4 .6 0 1
2 4 .1 2 1
2 4 .0 8 8
2 4 .0 8 4
2 4 .1 3 6
2 4 .0 3 5
2 4 .0 2 0
2 4 .0 1 5
2 3 .5 6 2
2 4 .0 2 2
2 4 .0 0 0
1 9 .8 3 5
1 9 .8 5 2
1 9 .9 4 4
1 9 .9 3 7
1 9 .9 9 0
1 9 .9 8 6
1 9 .9 7 7
1 9 .9 0 6
1 9 .8 3 9
1 9 .6 5 7
1 2 7 .1 6
1 3 5 .4 6
1 4 1 .2 9
4 .3 2 0 3
4 .8 5 8 2
4 .8 7 5 9
2 .2 6 6 5
2 .3 9 8 1
2 .5 3 7 8
1 0 0 .0 7 1
1 0 0 .4 4 0
1 0 0 .3 3 3
1 4 .9 0 4
1 5 .4 0 7
1 5 .7 7 4
1 4 .5 3 6
1 5 .3 8 6
1 6 .2 7 5
2 3 .9 8 6
2 4 .7 2 8
2 5 .6 2 8
1 9 .6 7 1
2 0 .9 8 7
2 2 .1 9 1
1 1 1 .2 5
111.10
101.120
N e th
e r la n d s
(g u ild e r )
G erm any
(D e u tsc h e
m ark)
I n d ia
(r u p e e )
I r e la n d
(p o u n d )
I ta ly
(lir a )
Japan
(y en )
M a la y s ia
(d o lla r )
M e x ic o
(p e so )
1 9 6 8 ................................................................................................................................
1 9 6 9 ................................................................................................................................
1 9 7 0 ................................................................................................................................
1 9 7 1 .................................................................................................................................
1 9 7 2 .................................................................................................................................
2 5 .0 4 8
6 2 5 .4 9 1
2 7 .4 2 4
7 2 8 .7 6 8
3 1 .3 6 4
1 3 .2 6 9
1 3 .2 3 0
1 3 .2 3 3
1 3 .3 3 8
1 3 .2 4 6
2 3 9 .3 5
2 3 9 .0 1
2 3 9 .5 9
2 4 4 .4 2
2 5 0 .0 8
.1 6 0 4 2
.1 5 9 4 0
.1 5 9 4 5
.1 6 1 7 4
.1 7 1 3 2
.2 7 7 3 5
.2 7 9 0 3
.2 7 9 2 1
.2 8 7 7 9
.3 2 9 9 5
3 2 .5 9 1
3 2 .6 2 3
3 2 .3 9 6
3 2 .9 8 9
3 5 .6 1 0
8 .0 0 5 6
8 .0 0 5 6
8 .0 0 5 6
8 .0 0 5 6
8 .0 0 0 0
2 7 .6 2 6
2 7 .5 9 2
2 7 .6 5 1
7 2 8 .6 5 0
3 1 .1 5 3
1 9 7 2 — M a r ................................................................................................................
A p r .................................................................................................................
M a y ...............................................................................................................
J u n e ..............................................................................................................
J u l y ...............................................................................................................
A u g ................................................................................................................
S e p t ...............................................................................................................
O c t ..................................................................................................................
N o v ...............................................................................................................
D e c .................................................................................................................
3 1 .5 4 5
3 1 .4 6 8
3 1 .4 5 4
3 1 .5 6 0
3 1 .6 3 4
3 1 .3 8 2
3 1 .3 1 8
3 1 .1 8 4
3 1 .2 1 5
3 1 .2 6 2
1 3 .7 1 6
1 3 .7 3 5
1 3 .7 6 3
1 3 .7 5 4
1 3 .0 7 2
1 3 .0 3 0
1 3 .0 1 6
1 2 .8 0 6
1 2 .5 4 0
1 2 .4 6 7
2 6 1 .8 1
2 6 1 .0 2
2 6 1 .2 4
1 0 2 5 6 .9 1
2 4 4 .4 7
2 4 5 .0 2
2 4 4 .1 0
2 3 9 .4 8
2 3 5 .0 5
2 3 4 .4 8
.1 7 1 6 1
.1 7 1 3 8
.1 7 1 7 5
.1 7 1 4 2
.1 7 2 0 8
.1 7 2 0 3
.1 7 1 9 9
.1 7 1 4 5
.1 7 1 0 9
.1 7 1 4 6
.3 3 0 5 4
.3 2 9 4 3
.3 2 8 5 4
.3 3 0 7 0
.3 3 2 1 9
.3 3 2 0 4
.3 3 2 0 9
.3 3 2 2 1
.3 3 2 2 4
.3 3 1 9 6
3 5 .4 0 9
3 5 .4 0 6
3 5 .4 4 6
3 5 .4 7 5
3 5 .9 1 8
3 6 .0 2 6
3 6 .1 1 0
3 6 .0 6 3
3 6 .1 2 4
3 5 .5 3 1
8 .0 0 0 0
8 .0 0 0 0
8 .0 0 0 0
8 .0 0 0 0
8 .0 0 0 0
8 .0 0 0 0
8 .0 0 0 0
8 .0 0 0 0
8 .0 0 0 0
8 .0 0 0 0
3 1 .3 8 4
3 1 .1 4 2
3 1 .1 2 4
3 1 .2 9 6
3 1 .4 2 4
3 1 .1 5 8
3 0 .9 6 9
3 0 .8 6 9
3 0 .9 6 4
3 0 .9 6 2
1 9 7 3 — J a n ..................................................................................................................
3 1 .2 8 8
3 3 .2 7 3
3 5 .5 4 8
1 2 .4 9 4
1 2 .9 1 0
1 3 .2 6 0
2 3 5 .6 2
2 4 2 .7 5
2 4 7 .2 4
.1 7 0 7 9
1 4 .1 7 4 2 1
.1 7 6 0 4
.3 3 1 3 6 r
.3 6 0 4 1
.3 8 1 9 0
3 5 .5 2 3
3 7 .6 7 9
3 9 .9 2 2
8 .0 0 0 0
8 .0 0 0 0
8 .0 0 0 0
3 1 .0 8 4
3 3 .1 1 9
3 4 .3 3 4
P e r io d
N ew
Z e a la n d
(d o lla r )
N orw ay
(k r o n e )
P o r tu g a l
(e sc u d o )
S o u th
A fr ic a
(ra n d )
S p a in
(p e se ta )
Sw eden
(k r o n a )
S w itz
e r la n d
(fr a n c )
U n ite d
K in g
dom
(p o u n d )
1 9 6 8 .................................................................................................................................
1 9 6 9 .................................................................................................................................
1 9 7 0 .................................................................................................................................
1 9 7 1 .................................................................................................................................
1 9 7 2 .................................................................................................................................
1 1 1 .3 7
1 1 1 .2 1
1 1 1 .4 8
1 1 3 .7 1
1 1 9 .3 5
1 4 .0 0 0
1 3 .9 9 7
1 3 .9 9 2
1 4 .2 0 5
1 5 .1 8 0
3 .4 8 6 4
3 .5 0 1 3
3 .4 9 7 8
3 .5 4 5 6
3 .7 0 2 3
1 3 9 .1 0
1 3 8 .9 0
1 3 9 .2 4
1 4 0 .2 9
1 2 9 .4 3
1 .4 2 7 2
1 .4 2 6 6
1 .4 2 8 0
1 .4 3 8 3
1 .5 5 5 9
1 9 .3 4 9
1 9 .3 4 2
1 9 .2 8 2
1 9 .5 9 2
2 1 .0 2 2
2 3 .1 6 9
2 3 .1 8 6
2 3 .1 9 9
8 2 4 .3 2 5
2 6 .1 9 3
2 3 9 .3 5
2 3 9 .0 1
2 3 9 .5 9
2 4 4 .4 2
2 5 0 .0 8
1 9 7 2 — M a r ................................................................................................................
A p r . ...............................................................................................................
M a y ...............................................................................................................
J u n e ..............................................................................................................
J u l y ...............................................................................................................
A u g ................................................................................................................
S e p t ...............................................................................................................
O c t ..................................................................................................................
N o v ...............................................................................................................
D e c ................................................................................................................
1 1 9 .2 9
1 1 9 .3 6
1 1 9 .4 1
1 1 9 .1 3
1 1 9 .3 1
1 1 9 .4 5
1 1 9 .3 3
1 1 9 .2 1
1 1 9 .4 5
1 1 9 .5 3
1 5 .1 6 1
1 5 .1 5 1
1 5 .2 1 4
1 5 .3 0 3
1 5 .3 6 7
1 5 .3 3 5
1 5 .2 0 9
1 5 .1 4 1
1 5 .1 4 4
1 5 .1 8 7
3 .6 9 3 0
3 .6 9 5 0
3 .7 0 7 5
3 .7 0 8 3
3 .7 1 7 8
3 .7 2 1 1
3 .7 2 2 1
3 .7 0 8 0
3 .7 1 4 0
3 .7 2 4 8
1 3 3 .7 7
1 3 3 .3 2
1 3 3 .8 2
1 3 2 .6 3
1 2 5 .2 6
1 2 5 .2 8
1 2 5 .2 6
H 1 2 4 .4 7
1 2 7 .5 2
1 2 7 .5 7
1 .5 3 6 9
1 .5 4 8 7
1 .5 4 9 2
1 .5 5 0 9
1 .5 7 5 4
1 .5 7 5 2
1 .5 7 5 4
1 .5 7 5 0
1 .5 7 5 3
1 .5 7 5 3
2 0 .9 5 6
2 0 .9 0 7
2 1 .0 3 2
2 1 .1 0 1
2 1 .1 3 4
2 1 .1 6 0
2 1 .1 4 6
2 1 .0 7 8
2 1 .0 7 6
2 1 .0 8 0
2 5 .9 7 4
2 5 .9 2 0
2 5 .9 0 3
2 6 .3 2 0
2 6 .5 6 1
2 6 .4 4 9
2 6 .4 0 3
2 6 .3 3 2
2 6 .3 4 6
2 6 .5 2 6
2 6 1 .8 1
2 6 1 .0 2
2 6 1 .2 4
1 0 2 5 6 .9 1
2 4 4 .4 7
2 4 5 .0 2
2 4 4 .1 0
2 3 9 .4 8
2 3 5 .0 5
2 3 4 .4 8
1 9 7 3 — J a n .................................................................................................................
1 1 9 .5 2
1 2 6 .8 7
1 3 2 .2 1
1 5 .1 2 8
1 6 .0 3 8
1 6 .9 5 4
3 .7 2 8 0
3 .8 5 6 2
4 .1 0 0 5
1 2 7 .5 5
1 3 4 .9 1
1 4 1 .4 3
1 .5 7 5 5
1 4 1 .6 3 5 5
1 .7 1 8 3
2 1 .0 9 2
2 1 .9 3 5
2 2 .5 8 2
1 3 2 6 .8 2 0
2 9 .3 2 6
3 1 .0 8 4
2 3 5 .6 2
2 4 2 .7 5
2 4 7 .2 4
P e r io d
F e b .................................................................................................................
M a r ...............................................................................................................
F e b .................................................................................................................
M a r ...............................................................................................................
1 E ffe c tiv e A u g . 1 0 , 1 9 6 9 , th e F r e n c h fr a n c w a s d e v a lu e d fr o m 4 .9 4 to
5 .5 5 fr a n c s p e r U .S . d o lla r .
2 A n e w A r g e n t in e p e s o , e q u a l t o 1 0 0 o ld p e s o s , w a s in tr o d u c e d o n
J a n . 1 , 1 9 7 0 . S in c e A p r . 6 , 1 9 7 1 , t h e o ffic ia l e x c h a n g e r a te is s e t d a ily b y
th e G o v e r n m e n t o f A r g e n tin a . A v e r a g e f o r F e b . 1 - 2 7 , 1 9 7 2 .
3 O n J u n e 1, 1 9 7 0 , th e C a n a d ia n G o v e r n m e n t a n n o u n c e d th a t, fo r th e
tim e b e in g , C a n a d a w ill n o t m a in ta in th e e x c h a n g e r a te o f th e C a n a d ia n
d o lla r w ith in t h e m a r g in s r e q u ir e d b y I M F r u le s .
4 E ff e c t iv e M a y 9 , 1 9 7 1 , t h e A u s t r ia n s c h illin g w a s r e v a lu e d t o 2 4 .7 5
p e r U .S . d o lla r .
5 D a n is h k r o n e — S e p t. 2 6 , 1 9 7 2 , n .a .; S e p t. 2 7 a n d 2 8 r a te s n o m in a l.
6 E ffe c tiv e O c t. 2 6 , 1 9 6 9 , th e n e w p a r v a lu e o f t h e G e r m a n m a r k w a s
s e t a t 3 .6 6 p e r U .S . d o lla r .
7 E ffe c tiv e M a y 1 0 ,1 9 7 1 , th e G e r m a n m a r k a n d N e th e r la n d s g u ild e r
h a v e b e e n flo a te d .
8 E ffe c tiv e M a y 1 0 , 1 9 7 1 , t h e S w is s fr a n c w a s r e v a lu e d t o 4 .0 8 p e r
U .S . d o lla r .
9
E ffe c tiv e O c t . 2 0 , 1 9 7 1 , t h e S p a n is h p e s e t a w a s r e v a lu e d t o 6 8 .4 5 5
p e r U .S . d o lla r .
i ° E ffe c tiv e J u n e 2 3 , 1 9 7 2 , t h e U .K . p o u n d w a s flo a te d .
11 S o u t h A f r i c a r e p e g g e d t h e r a n d a t 1 2 7 . 3 2 c e n t s O c t . 2 5 , 1 9 7 2 .
12 E f f e c t i v e D e c . 2 3 , 1 9 7 2 , t h e A u s t r a l i a n d o l l a r w a s r e v a l u e d t o 1 2 7 . 5 0
c e n ts.
13 E f f e c t i v e J a n . 2 3 , 1 9 7 3 , t h e S w i s s f r a n c w a s f l o a t e d .
14 E f f e c t i v e F e b . 1 3 , 1 9 7 3 , t h e I t a l i a n l i r a a n d J a p a n e s e y e n h a v e b e e n
f lo a te d .
N o t e .— E f f e c t i v e A u g . 1 6 , 1 9 7 1 , t h e U . S . d o l l a r c o n v e r t i b i l i t y t o g o l d
w a s s u s p e n d e d ; a s fr o m th a t d a y fo r e ig n c e n tr a l b a n k s d id n o t h a v e t o
s u p p o r t t h e d o lla r r a te in o r d e r t o k e e p it w ith in I M F lim its .
D u r in g D e c e m b e r 1 9 7 1 , c e r ta in c o u n tr ie s e s ta b lis h e d c e n tr a l r a te s
a g a in s t t h e U .S . d o lla r in p la c e o f fo r m e r I M F p a r it ie s .
A v e r a g e s o f c e r tifie d n o o n b u y in g r a te s in N e w Y o r k f o r c a b le tr a n s fe r s .
F o r d e s c r ip tio n o f r a te s a n d b a c k d a ta , s e e “ I n te r n a tio n a l F in a n c e ,”
S e c t io n 15 o f S u p p l e m e n t t o B a n k i n g a n d M o n e t a r y S t a t i s t i c s , 1 9 6 2 .
A 92
CENTRAL BANK RATES □ APRIL 1973
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(P er c e n t p er a n n u m )
Changes during the last 12 months
R a te a s o f
M ar. 31, 1972
C o u n tr y
1972
P er
cen t
A
A
B
B
C
r g e n t i n a .......................................
u s t r i a ..............................................
e l g i u m ...........................................
r a z i l .................................................
a n a d a .............................................
C
C
C
C
C
e y l o n ..............................................
h i l e ....................................................
h in a , R e p . o f (T a iw a n )
o l o m b i a .......................................
o s t a R i c a ................................. ..
F eb.
Jan.
M ar.
J u ly
O c t.
1972
1970
1972
1969
1971
Jan.
Jan.
M ay
M ay
June
1970
1972
1971
1963
1966
Jan.
Jan.
M ay
A ug.
A ug.
1972
1970
1962
1964
1970
Jan.
Jan.
F eb.
J u ly
S e p t.
1972
1972
1972
1971
1969
7 .0
F eb.
Jan.
Jan.
M ay
O c t.
1966
1966
1971
1969
1969
I r e l a n d ............................................
I t a l y .................................................. ..
J a m a i c a .........................................
J a p a n ...............................................
K o r e a ..............................................
4 .8 1
4 .5
5 .0
4 .7 5
1 3 .0
D ec.
O c t.
D ec.
D ec.
Jan.
1971
1971
1971
1971
1972
M e x i c o ...........................................
M o r o c c o ........................................
N e t h e r l a n d s ..............................
N e w Z e a l a n d ...........................
N i g e r i a .............................................
4 .5
3 .5 0
4 .0
June
N ov.
M ar.
M ar.
June
1942
1951
1972
1972
1968
D e n m a r k ........................................
E c u a d o r .........................................
E g y p t .................................................
E l S a l v a d o r ...............................
E t h i o p i a ........................................ ..
F i n l a n d ..........................................
F r a n c e ............................................
G erm an y, F ed . R ep . o f.
G h a n a ............................................
G r e e c e ............................................
H o n d u r a s .....................................
I c e l a n d ............................................
I n d i a .................................................
I n d o n e s i a .....................................
I r a n ....................................................
N o r w a y .........................................
P a k i s t a n ........................................
P e r u ..................................................
P h i l i p p i n e R e p u b l i c --------P o r t u g a l ........................................
S o u t h A f r i c a ............................
S p a i n ................................................
S w e d e n ...........................................
S w i t z e r l a n d ...............................
T h a i l a n d ......................................
T u n i s i a ...........................................
T u r k e y ............................................
U n i t e d K i n g d o m .................
V e n e z u e l a ...................................
V i e t n a m ........................................ ..
1 8 .0
5 .0
4 .0
M o n th
e ffe c tiv e
20.0
4 .7 5
6 .5
7 .0
9 .2 5
8.0
5 .0
7 .0
8.0
5 .0
4 .0
6 .5 0
7 .7 5
6.0
3 .0
8.0
6 .5
4 .0
5 .2 5
6.0
6.0
6.0
4 .5 0
4 .5
S e p t. 1969
5 .0
9 .5
3 .7 5
June
N ov.
June
F eb.
1965
1959
1969
1971
6 .5
5 .0
5 .0
3 .7 5
5 .0
M ar.
O c t.
N ov.
S e p t.
O c t.
1971
1971
1971
1969
1959
S ep t.
S e p t.
S e p t.
O ct.
S ep t.
1966
1970
1971
1970
1970
10.0
5 .0
9 .0
5 .0
5 .0
1 8 .0
A pr.
M ay
June
A ug.
S e p t.
O c t.
N ov.
D ec.
5 .5
4 .5
5 .0
Jan.
F eb.
M ar.
1 8 .0
5 .5
5 .0
20.0
4 .7 5
6 .5
7 .0
9 .2 5
8.0
5 .0
8.0
7 .0
7 .0
8.0
5 .0
4 .0
6 .5 0
5 .7 5
3 .5
7 .5
4 .5
7 .7 5
7 .5
5 .0
5 .0
8.0
6 .5
4 .0
5 .2 5
6.0
6.0
7 .0
5 .1 9
6 .1 9
7 .1 9
7 .4 4
4 .0
7 .0
4 .2 5
1 3 .0
7 .4 4
4 .0
6.0
7 .0
4 .2 5
4 .5
3 .5 0
4 .0
4 .0
3 .0
6.0
4 .5 0
4 .5
6.0
6.0
9 .5
10.0
5 .5
4 .0
6.0
4 .5 0
6.0
8.0
7 .5 0
9 .0
8 .7 5
4 .0
5 .5
5 .0
5 .0
4 .5 0
5 .0
5 .0
N o t e .— R a t e s s h o w n a r e m a i n l y t h o s e a t w h i c h t h e c e n t r a l b a n k e i t h e r
d is c o u n t s o r m a k e s a d v a n c e s a g a in s t e lig ib le c o m m e r c ia l p a p e r a n d /o r
g o v t , s e c u r itie s f o r c o m m e r c ia l b a n k s o r b r o k e r s . F o r c o u n t r ie s w ith
m o r e th a n o n e r a te a p p lic a b le t o s u c h d is c o u n ts o r a d v a n c e s , th e r a te
s h o w n is t h e o n e a t w h ic h it is u n d e r s t o o d t h e c e n tr a l b a n k tr a n s a c ts
th e la r g e s t p r o p o r tio n o f its c r e d it o p e r a tio n s . O th e r r a te s fo r s o m e
o f th e s e c o u n tr ie s f o llo w :
A r g e n t i n a — 3 a n d 5 p e r c e n t f o r c e r t a in r u r a l a n d in d u s tr ia l p a p e r , d e
p e n d in g o n ty p e o f tr a n s a c tio n ;
B r a z i l — 8 p e r c e n t fo r s e c u r e d p a p e r a n d 4 p e r c e n t fo r c e r ta in a g r ic u ltu r a l
paper;
C h i l e — V a r io u s r a te s r a n g in g fr o m 1 p e r c e n t t o 17 p e r c e n t ; 2 0 p e r c e n t
fo r lo a n s to m a k e u p r e se r v e d e fic ie n c ie s .
C o l o m b i a — 5 p e r c e n t fo r w a r e h o u s e r e c e ip ts c o v e r in g a p p r o v e d lis ts o f
p r o d u c ts , 6 a n d 7 p e r c e n t f o r a g r ic u ltu r a l b o n d s , a n d 12 a n d 18 p e r c e n t
f o r r e d i s c o u n t s i n e x c e s s o f a n i n d i v i d u a l b a n k ’s q u o t a ;
C o s t a R i c a — 5 p e r c e n t f o r p a p e r r e la te d t o c o m m e r c ia l t r a n s a c t io n s
(r a te s h o w n is f o r a g r ic u ltu r a l a n d in d u s tr ia l p a p e r );
E c u a d o r — 5 p e r c e n t fo r s p e c ia l a d v a n c e s a n d fo r b a n k a c c e p ta n c e s fo r
a g r ic u ltu r a l p u r p o s e s , 7 p e r c e n t fo r b a n k a c c e p t a n c e s fo r in d u s tr ia l
p u r p o s e s , a n d 1 0 p e r c e n t f o r a d v a n c e s t o c o v e r s h o r t a g e s in le g a l r e s e r v e s ;
E t h i o p i a — 5 p e r c e n t fo r e x p o r t p a p e r a n d 6 p e r c e n t fo r T r e a s u r y b ills .
H o n d u r a s — R a t e s h o w n is fo r a d v a n c e s o n ly .
I n d o n e s i a — V a r io u s r a te s d e p e n d in g o n ty p e o f p a p e r , c o lla te r a l, c o m
m o d ity in v o lv e d , e t c .;
J a p a n — P e n a lty r a te s ( e x c e e d in g th e b a s ic r a te s h o w n ) fo r b o r r o w in g s
f r o m t h e c e n t r a l b a n k i n e x c e s s o f a n i n d i v i d u a l b a n k ’s q u o t a ;
J u ly
R a te
as o f
. M ar. 31,
1973
1973
5 .0
8.0
f 8 .7 5
5 .0
1 8 .0
M o r o c c o — V a r io u s r a te s fr o m 3 p e r c e n t t o 4 .6 p e r c e n t d e p e n d in g o n ty p e
o f p a p e r , m a tu r ity , c o lla te r a l, g u a r a n te e , e tc .
P e r u — 3 .5 , 5 , a n d 7 p e r c e n t fo r s m a ll c r e d its t o a g r ic u ltu r a l o r fis h p r o d u c
tio n , im p o r t s u b s titu tio n in d u s tr ie s a n d m a n u fa c tu r e o f e x p o r t s ; 8 p e r
c e n t fo r o th e r a g r ic u ltu r a l, in d u s tr ia l a n d m in in g p a p e r ;
P h i l i p p i n e s — 6 p e r c e n t fo r fin a n c in g th e p r o d u c tio n , im p o r t a t io n , a n d d is
t r ib u t io n o f r ic e a n d c o r n a n d 7 .7 5 p e r c e n t f o r c r e d it s t o e n t e r p r is e s e n
g a g e d in e x p o r t a c t iv it ie s . P r e fe r e n tia l r a te s a r e a ls o g r a n te d o n c r e d its to
rural b a n k s; a n d
t U n ite d K i n g d o m — O n O c t. 9 , 1 9 7 2 , t h e B a n k o f E n g la n d a n n o u n c e d :
“ W i t h e f f e c t f r o m F r i d a y O c t o b e r 1 3 t h t h e B a n k ’s m i n i m u m l e n d i n g r a t e
w ill u n til fu r th e r n o t ic e b e th e a v e r a g e r a te o f d is c o u n t fo r T r e a s u r y b ills
e s ta b lis h e d a t t h e m o s t r e c e n t te n d e r p lu s o n e h a lf p e r c e n t r o u n d e d t o th e
n e a r e s t o n e q u a r te r p e r c e n t a b o v e . A lth o u g h th e r a te w ill th e r e fo r e b e
a u t o m a t ic a lly d e te r m in e d b y t h is fo r m u la it w ill fo r c o n v e n ie n c e b e m a d e
k n o w n e a c h F r id a y a f t e r n o o n c o n c u r r e n tly w ith a n d in t h e s a m e m a n n e r
a s t h e r e s u lts o f t h e T r e a s u r y b ill te n d e r . T h e r e g u la r w e e k ly b a n k r a te
a n n o u n c e m e n t w ill b e d is c o n t in u e d fr o m n o w o n .” T h e r e fo r e , th e m in i
m u m le n d in g r a te a s o f la s t F r id a y o f t h e m o n t h w ill b e c a r r ie d in p la c e o f
B a n k r a te .
V e n e z u e la — 2 p e r c e n t f o r r e d is c o u n ts o f c e r ta in a g r ic u ltu r e p a p e r , 4 V i
p e r c e n t fo r a d v a n c e s a g a in s t g o v e r n m e n t b o n d s , a n d 5 V i p e r c e n t fo r
r e d is c o u n ts o f c e r ta in in d u s tr ia l p a p e r a n d o n a d v a n c e s a g a in s t p r o m is s o r y
n o te s o r se c u r itie s o f fir s t-c la s s V e n e z u e la n c o m p a n ie s .
V ie tn a m — 1 0 p e r c e n t fo r e x p o r t p a p e r ; tr e a s u r y b o n d s a r e r e d is c o u n te d
a t a r a te 4 p e r c e n ta g e p o in t s a b o v e t h e r a te c a r r ie d b y th e b o n d ; a n d
th e r e is a p e n a lty r a te o f 2 4 p e r c e n t fo r b a n k s w h o s e lo a n s e x c e e d q u a n
tita tiv e c e ilin g s .
APRIL 1973 □ OPEN MARKET RATES; ARBITRAGE
A 93
OPEN MARKET RATES
(P e r c e n t p e r a n n u m )
U n ite d K in g d o m
C anada
D a y -to day
m oney
C le a r in g
b an k s’
d e p o s it
r a te s4
4 .9 3
4 .8 3
3 .8 4
3 .8 4
5 .8 4
7 .7 6
4 .5 8
3 .8 2
4 .5 6
3 .9 2
4 .9 9
5 .1 3
5 .2 7
5 .4 7
5 .7 0
6 .2 3
2 .5 0
2 .5 0
2 .5 0
2 .9 3
4 .1 8
5 .2 5
5 .2 5
5 .2 5
5 .2 5
5 .5 7
4 .7 6
4 .8 1
5 .3 2
3 .8 1
3 .7 8
3 .7 6
3 .8 9
5 .1 6
6 .3 3
7 .3 2
8 .4 9
8 .1 4
8 .1 6
7 .6 6
8 .3 1
7 .5 2
6 .5 5
7 .3 0
7 .5 0
P r im e
T reasu ry
bank
b ills ,
b ills ,
3 m o n th s
3 m o n th s3
T reasu ry
b ills ,
3 m o n th s *
D a y -to day
m oney2
1
2
3 .6 2
3 .5 5
3 .7 6
3 .6 5
6 .4 1
6 .0 6
5 .5 7
1972— M ar.
A pr.
M ay
June
J u ly .
A ug.
S e p t.
O c t ..
N ov.
D ec.
3 .5 1
3 .6 5
3 .6 7
3 .6 1
3 .4 8
3 .4 7
3 .5 7
3 .5 7
3 .6 1
3 .6 6
3 .7 0
3 .6 8
3 .7 3
3 .6 4
3 .4 5
3 .5 4
3 .5 2
3 .6 4
3 .7 1
3 .7 1
4 .7 7
4 .6 2
4 .8 3
5 .8 6
6 .8 2
6 .7 1
7 .1 8
7 .3 4
7 .2 8
8 .0 8
4 .3 4
4 .3 0
4 .2 7
1 9 7 3 — J a n ..
F eb.
M ar.
r3 . 7 9
3 .9 1
4 .2 8
3 .7 2
3 .9 3
4 .2 1
8 .7 6
9 .3 4
9 .7 6
197
197
1 B a sed
2 B a sed
3 D a ta
m o n th s.
4 D a ta
d e p o s its .
5.02
5.21
5 .6 0
5 .7 9
6 .4 4
6 .7 4
6.88
5
6
7
8
o n a v e r a g e y ie ld o f w e e k ly te n d e r s d u r in g m o n t h .
o n w e e k ly a v e r a g e s o f d a ily c lo s in g r a te s.
fo r 196 8 th r o u g h S e p t. 1971 a re fo r b a n k e r s' a c c e p ta n c e s, 3
fo r
1968
th r o u g h
S e p t. 1971
are
fo r
b a n k e r s ’ a llo w a n c e
G erm any,
F ed. R ep. o f
F rance
on
D a y -to day
m oney 5
T reasu ry
b ills ,
6 0 -9 0
days 6
S w itz e r
la n d
N e th e r la n d s
D a y -to day
m oney?
T reasu ry
b ills ,
3 m o n th s
6.10
D a y -to day
m oney
P r iv a te
d is c o u n t
r a te
4 .3 4
2 .1 5
3 .7 6
1 .9 7
5 .2 4
4 .8 1
3 .8 8
3 .7 7
2 .9 5
2 .6 5
2 .2 4
4 .4 8
4 .8 3
6 .0 7
5 .7 1
6 .6 9
2 .2 6
1 .8 4
1 .9 8
1 .9 0
1 .0 9
.7 0
.9 8
.7 0
3 .0 3
1 .5 3
1 .9 5
3 .1 3
3 .1 2
.6 0
.5 4
2 .6 1
3 .3 1
3 .2 0
5 .0 0
4 .7 5
4 .7 5
4 .7 5
4 .7 5
4 .7 5
4 .7 5
4 .7 5
4 .7 5
4 .7 5
5 .5 8
3 .1 6
2 .7 8
4 .5 4
3 .0 4
4 .3 0
2 .7 5
2 .7 5
2 .7 5
2 .7 5
2 .7 5
2 .7 5
2 .7 5
3 .2 5
3 .7 5
4 .2 5
4 .7 5
.86
1.11
5 .0 0
5 .0 0
R a t e s h o w n is o n p r iv a te s e c u r itie s .
R a t e in e f f e c t a t e n d o f m o n t h .
M o n th ly a v e r a g e s b a s e d o n d a ily q u o ta tio n s .
B ill r a te s in t a b le a r e b u y in g r a te s f o r p r im e p a p e r .
N o t e . — F o r d e s c r ip tio n a n d b a c k d a ta , s e e “ I n te r n a tio n a l F in a n c e ,’
S e c tio n 15 o f S u p p le m e n t to B a n k i n g a n d M o n e t a r y S t a t i s t i c s , 1 9 6 2 .
ARBITRAGE ON TREASURY BILLS
(P e r c e n t p e r a n n u m )
U n ite d S ta te s a n d U n it e d K in g d o m
U n ite d S ta te s a n d C a n a d a
T r e a s u r y b ill r a te s
D a te
U n ite d
K in g d o m
(a d j. to
U .S .
q u o ta tio n
b a s is )
U n ite d
S ta te s
T r e a s u r y b ill r a te s
Spread
(fa v o r
of
London)
P r e m iu m
( + ) or
d is c o u n t
( - ) on
fo r w a r d
pound
N et
in c e n tiv e
(fa v o r
of
L ondon)
C anada
As
q u o te d
in
C anada
A d j. to
U .S .
q u o ta tio n
b a s is
U n ite d
S ta te s
Spread
(fa v o r
of
C anada)
P r e m iu m
( + ) or
d is c o u n t
( - ) on
fo r w a r d
C a n a d ia n
d o lla r s
N et
in c e n tiv e
(fa v o r
of
C anada)
1972
O ct.
D ec.
6 ......................
1 3 ......................
2 0 ......................
2 7 ......................
6
6
6
6
.5 3
.6 0
.6 2
.8 0
4
4
4
4
.6 2
.7 8
.6 8
.6 5
1 .9 1
1 .8 2
1 .9 4
2 .1 5
-2
-2
-2
-2
.3
.4
.6
.8
0
7
2
2
-
.3
.6
.6
.6
9
5
8
7
3 .5 7
3 .5 3
3 .5 6
3 .5 6
1 0 ......................
1 7 ......................
2 4 ......................
6
6
6
6
.7 4
.7 7
.7 6
.8 4
4
4
4
4
.6 3
.6 4
.6 9
.7 7
2
2
2
2
.1
.1
.0
.0
-2
-3
-2
-3
.7
.0
.5
.0
2
7
9
2
-
.5
.9
.5
.9
6
4
2
5
3 .5 7
3 .5 8
3 .6 1
3 .6 1
1
8
15
22
29
7 .0 5
7 .3 7
7 .3 3
8 .3 2
8 .1 9
4 .8
4 .9
4 .9
5 .0
5 .0
2
2
2
3
3
.2 3
.3 9
.3 6
.2 3
.1 4
-
2
3
3
3
3
.9
.0
.4
.5
.5
3
3
9
8
4
- .7
- .6
- 1 .1
- .3
- .4
0
4
3
5
0
......................
......................
......................
......................
......................
2
8
7
9
5
6
3
7
7
4 .6 2
4 .7 8
4 .6 8
4 .6 5
-1
-1
-1
-1
.1
.3
.2
.1
3
3
0
7
.1 6
.2 8
.0 8
.0 4
3 .4 7
3 .5 0
3 .5 3
3 .5 3
4
4
4
4
.6 3
.6 4
.6 9
.7 7
-
1
1
1
1
.1
.1
.1
.2
4
4
6
4
- .0 8
.1 0
.1 2
.1 6
3 .7 0
3 .7 0
3 .6 7
3 .6 1
3 .6 6
3 .6 2
3 .6 2
3 .5 9
3 .5 3
3 .5 8
4 .8 2
4 .9 8
4 .9 7
5 .0 9
5 .0 5
-
1
1
1
1
1
.2
.3
.3
.5
.4
0
6
8
6
7
3
3
3
3
.
.4 9
.4 5
.4 8
.4 8
- .9
- 1 .0
- 1 .1
- 1 .1
7
5
2
3
-
1
1
1
1
.2
.0
.0
.0
2
4
4
8
.1 2
.2 6
.2 4
.4 2
.4 4
-1
-1
-1
-1
-1
.0
.1
.1
.1
.0
8
0
4
4
3
.8
.8
.7
.7
9
5
7
9
1973
Jan.
5
12
19
2 6
......................
......................
......................
......................
8 .1 7
8 .1 5
8 .0 8
8 .0 1
5 .0 5
5 .1 9
5 .4 2
5 .6 7
3 .1 2
2 .9 6
2 .6 6
2 .3 4
-3
-3
-3
-3
.2
.5
.6
.6
9
0
6
5
- .1
- .5
- 1 .0
- 1 .3
7
4
0
1
3 .7 2
3 .7 5
3 .7 8
3 .8 9
3 .6 4
3 .6 6
3 .6 9
3 .8 0
5 .0
5 .1
5 .4
5 .6
5
9
2
7
-
1
1
1
1
.4
.5
.7
.8
1
3
3
7
.5 2
.6 8
.9 6
1 .0 8
-
F eb.
2
9
16
2 3
......................
......................
......................
......................
8 .0 0
7 .9 8
7 .9 6
7 .9 5
5 .6 9
5 .3 0
5 .3 1
5 .4 4
2 .3 1
2 .6 8
2 .6 5
2 .5 1
-
4
3
3
3
.0
.0
.7
.3
4
0
8
9
- 1 .7
- .3
- 1 .1
- .8
3
2
3
8
3 .9 3
3 .9 2
3 .8 8
3 .9 1
3 .8 4
3 .8 3
3 .7 9
3 .8 2
5 .6 9
5 .3 0
5 .3 1
5 .4 4
-
1
1
1
1
.8
.4
.5
.6
5
7
2
2
1 .3 6
1 .4 8
1 .7 4
1 .7 8
- .4 9
.0 1
.2 2
.6 6
M ar.
2
9
16
2 3
30
......................
......................
......................
......................
......................
8 .0 1
8 .1 1
7 .9 9
7 .8 7
7 .8 3
5 .6 8
5 .7 6
6 .0 4
6 .2 1
6 .2 2
2 .3 3
2 .3 5
1 .9 5
1 .6 6
1 .6 1
-2
-3
-3
-3
-2
.8
.7
.7
.3
.7
2
8
3
2
7
-
- .4
1 .4
1 .7
1 .6
1 .1
9
3
8
6
6
4 .0 5
4 .1 5
4 .2 8
4 .4 2
4 .5 0
3 .9 6
4 .0 5
4 .1 8
4 .3 1
4 .3 9
5 .6 8
5 .7 6
6 .0 4
6 .2 1
6 .2 2
-1
-1
-1
-1
-1
.7
.7
.8
.9
.8
2
1
6
0
3
2 .0 6
2 .3 5
2 .3 1
2 .3 1
2 .3 2
.3 4
.6 4
.4 5
.4 1
.4 9
N o t e . — T r e a s u r y b i l l s : A ll r a te s a r e o n th e la te s t is s u e o f 9 1 - d a y b ills .
U . S . a n d C a n a d i a n r a t e s a r e m a r k e t o f f e r r a t e s 11 a . m . F r i d a y ; U . K .
r a te s a r e F r id a y o p e n in g m a r k e t o ffe r r a te s in L o n d o n ,
P re m iu m
o r d is c o u n t o n fo r w a r d p o u n d a n d o n fo r w a r d C a n a d ia n d o lla r :
R a t e s p e r a n n u m c o m p u te d o n b a s is o f m id p o in t q u o t a t io n s (b e tw e e n
b i d a n d o f f e r ) a t 11 a .m . F r i d a y i n N e w Y o r k f o r b o t h s p o t a n d f o r w a r d
p o u n d s te r lin g a n d fo r b o t h s p o t a n d fo r w a r d C a n a d ia n d o lla r s .
A l l s e r i e s : B a s e d o n q u o t a t io n s r e p o r te d t o F .R . B a n k o f N e w Y o r k
b y m ark et so u rces.
F o r d e s c r ip t io n o f s e r ie s a n d fo r b a c k fig u r e s , s e e O c t . 1 9 6 4 B u l l e t in ,
p p . 1 2 4 1 -6 0 .
F o r d e s c r ip tio n o f a d ju s tm e n ts t o U .K . a n d C a n a d ia n
T r e a su r y b ill r a te s , s e e n o t e s t o T a b le 1 , p . 1 2 5 7 , a n d t o T a b le 2 , p . 1 2 6 0 ,
O c t. 1 9 6 4 B u l l e t in .
A 94
GOLD RESERVES □ APRIL 1973
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(I n m illio n s o f d o lla r s ; v a lu e d a t $ 3 5 p e r fin e o u n c e th r o u g h A p r . 1 9 7 2 a n d a t $ 3 8 p e r fin e o u n c e th e r e a fte r )
End o f
p e r io d
E s ti
m a te d
to ta l
w o r ld 1
I n tl.
M one
ta r y
Fund
U n ite d
S ta te s
E s ti
m a te d
rest o f
w o r ld
A lg e r ia
A rgen
tin a
1 9 6 5 .........................................
1 9 6 6 .........................................
1 9 6 7 .........................................
1 9 6 8 .........................................
1 9 6 9 .........................................
1 9 7 0 .........................................
1 9 7 1 .........................................
2 4 3 ,2 3 0
4 3 ,1 8 5
4 1 ,6 0 0
4 0 ,9 0 5
4 1 ,0 1 5
4 1 ,2 7 5
4 1 ,1 8 0
3 1 ,8 6 9
2 ,6 5 2
2 ,6 8 2
2 ,2 8 8
2 ,3 1 0
4 ,3 3 9
4 ,7 3 2
1 3 ,8 0 6
1 3 ,2 3 5
1 2 ,0 6 5
1 0 ,8 9 2
1 1 ,8 5 9
1 1 ,0 7 2
1 0 ,2 0 6
2 7 ,2 8 5
2 7 ,3 0 0
2 6 ,8 5 5
2 7 ,7 2 5
2 6 ,8 4 5
2 5 ,8 6 5
2 6 ,2 4 0
6
6
155
205
205
191
192
66
84
84
109
135
140
90
223
224
231
257
263
239
259
700
701
701
714
715
714
729
5 ,3 0 3
5 ,3 0 4
5 ,3 3 1
5 ,7 6 1
5 ,7 6 1
5 ,7 6 1
5 ,7 6 5
5 ,7 7 7
5 ,7 7 7
5 ,7 7 8
5 ,8 3 0
9 ,6 6 2
9 ,6 6 2
9 ,6 6 2
1 0 ,4 9 0
1 0 ,4 9 0
1 0 ,4 9 0
1 0 ,4 8 8
1 0 ,4 8 7
1 0 ,4 8 7
1 0 ,4 8 7
1 0 ,4 8 7
192
192
192
208
208
208
208
208
208
208
208
90
70
70
76
130
130
130
152
152
152
152
260
259
259
282
283
285
283
283
282
282
281
5 ,8 3 0
5 ,8 3 0
1 0 ,4 8 7
1 0 ,4 8 7
281
281
1 9 7 2 — F e b ..........................
M a r .........................
A p r ..........................
M a y .......................
J u n e .......................
J u l y .........................
A u g .........................
S e p t .........................
O c t ...........................
N o v .........................
D e c .........................
4 1 ,2 6 0
4 4 ,8 3 5
4 4 ,8 9 0
* 4 4 ,9 6 5
1 9 7 3 — j a n ...........................
F e b . * .....................
End of
p e r io d
C h in a ,
R ep. o f
(T a iw a n )
C o
lo m b ia
2 6 ,2 9 5
28*585
2 8 ,6 2 5
* 2 8 ,6 5 0
208
D en
m ark
E gypt
F in
la n d
A u s
t r a lia
France
G er
m any,
F ed.
R ep. o f
A u s
tr ia
B e l
g iu m
B r a z il
B urm a
C anada
1 ,5 5 8
1 ,5 2 5
1 ,4 8 0
1 ,5 2 4
1 ,5 2 0
1 ,4 7 0
1 ,5 4 4
63
45
45
45
45
45
46
84
84
84
84
84
63
22
1 ,1 5 1
1 ,0 4 6
1 ,0 1 5
863
872
791
792
44
45
45
46
47
47
47
729
729
729
791
792
793
792
792
792
792
792
1 ,5 4 4
1 ,5 4 4
1 ,5 4 4
1 ,6 8 2
1 ,6 8 2
1 ,6 8 2
1 ,6 7 2
1 ,6 4 8
1 ,6 3 6
1 ,6 4 2
1 ,6 3 8
46
46
46
50
50
50
50
50
50
50
21
20
20
18
16
16
16
16
16
16
792
792
767
836
834
834
834
834
834
834
834
47
793
793
1 ,6 2 1
1 ,6 2 1
G reece
I n d ia
C h ile
834
834
Ira n
Ira q
Ire
la n d
Isra el
1 9 6 5 .........................................
1 9 6 6 .........................................
1 9 6 7 .........................................
1 9 6 8 .........................................
1 9 6 9 .........................................
1 9 7 0 .........................................
1 9 7 1 .........................................
55
62
81
81
82
82
80
35
26
31
31
26
17
14
97
108
107
114
89
64
64
139
93
93
93
93
85
85
84
45
45
45
45
29
49
4 ,7 0 6
5 ,2 3 8
5 ,2 3 4
3 ,8 7 7
3 ,5 4 7
3 ,5 3 2
3 ,5 2 3
4 ,4 1 0
4 ,2 9 2
4 ,2 2 8
4 ,5 3 9
4 ,0 7 9
3 ,9 8 0
4 ,0 7 7
78
120
130
140
130
117
98
281
243
243
243
243
243
243
146
130
144
158
158
131
131
110
106
115
193
193
144
144
21
23
25
79
39
16
16
56
46
46
46
46
43
43
1 9 7 2 — F e b ..........................
A p r ..........................
M a y ........................
J u n e ........................
J u l y .........................
A u g .........................
S e p t .........................
O c t ...........................
N o v .........................
D e c .........................
80
80
80
87
87
87
87
87
87
87
87
14
14
14
15
16
16
16
16
16
16
16
64
64
64
69
69
69
69
69
69
69
69
85
85
85
92
92
92
92
92
92
92
92
49
49
49
53
53
53
53
53
53
53
53
3 ,5 2 3
3 ,5 2 3
3 ,5 2 3
3 ,8 2 6
3 ,8 2 6
3 ,8 2 6
3 ,8 2 6
3 ,8 2 6
3 ,8 2 6
3 ,8 2 6
3 ,8 2 6
4 ,0 7 7
4 ,0 7 7
4 ,0 7 7
4 ,4 3 7
4 ,4 3 7
4 ,4 3 7
4 ,4 3 7
4 ,4 3 6
4 ,4 3 6
4 ,4 3 6
4 ,4 5 9
98
98
98
132
132
132
132
132
132
132
133
243
243
243
264
264
264
264
264
264
264
131
131
131
142
142
142
142
142
142
142
142
144
144
144
156
156
156
156
156
156
156
156
16
16
16
17
17
17
17
17
17
17
17
43
43
43
47
47
47
47
43
42
44
43
1 9 7 3 — j a n ...........................
87
16
16
69
69
53
53
3 ,8 3 4
3 ,8 3 4
4 ,3 4 4
4 ,3 4 4
133
142
142
156
17
41
F e b . * .....................
End o f
p e r io d
I ta ly
Japan
K u w a it
L eb
anon
L ib y a
M a la y
s ia
M e x i
co
M oroc
co
N e th e r
la n d s
N or
w ay
P a k i
sta n
Peru
P h ilip
p in e s
1 9 6 5 .........................................
1 9 6 6 .........................................
1 9 6 7 .........................................
1 9 6 8 ..........................................
1 9 6 9 .........................................
1 9 7 0 .........................................
1 9 7 1 .........................................
2 ,4 0 4
2 ,4 1 4
2 ,4 0 0
2 ,9 2 3
2 ,9 5 6
2 ,8 8 7
2 ,8 8 4
328
329
338
356
413
532
679
52
67
136
122
86
86
87
182
193
193
288
288
288
322
68
68
68
85
85
85
85
2
1
31
66
63
48
58
158
109
166
165
169
176
184
21
21
21
21
21
21
21
1 ,7 5 6
1 ,7 3 0
1 ,7 1 1
1 ,6 9 7
1 ,7 2 0
1 ,7 8 7
1 ,9 0 9
31
18
18
24
25
23
33
53
53
53
54
54
54
55
67
65
20
20
25
40
40
38
44
60
62
45
56
67
1 9 7 2 — F e b ..........................
M a r . .......................
A p r ..........................
M a y ........................
J u n e .......................
J u l y .........................
A u g .........................
S e p t .........................
O c t ...........................
N o v ........................
D e c .. . . . . . . .
2 ,8 8 4
2 ,8 8 4
2 ,8 8 4
3 ,1 3 1
3 ,1 3 1
3 ,1 3 1
3 ,1 3 1
3 ,1 3 0
3 ,1 3 0
3 ,1 3 0
3 ,1 3 0
711
735
735
801
801
801
801
801
801
801
801
87
87
89
104
98
94
94
94
94
94
94
322
322
322
350
350
350
350
350
350
350
350
85
85
85
93
93
93
93
93
93
93
93
58
58
58
63
63
63
63
63
63
63
63
179
177
174
188
188
188
188
188
188
21
21
21
23
23
23
23
23
23
23
1 ,9 0 8
1 ,9 0 8
1 ,9 0 8
2 ,0 7 9
2 ,0 7 9
2 ,0 7 9
2 ,0 7 9
2 ,0 7 8
2 ,0 7 8
2 ,0 5 9
2 ,0 5 9
33
33
33
36
36
36
36
36
36
36
37
55
55
55
60
60
60
60
60
60
60
60
40
40
40
43
41
41
41
41
41
41
41
68
68
68
73
72
72
72
72
72
71
71
1 9 7 3 — j a n ...........................
3 ,1 3 4
3 ,1 3 4
801
801
94
94
350
350
93
93
63
63
2 059
2 ,0 5 9
37
37
60
F e b . * .....................
For notes see end of table.
71
71
APRIL 1973 □ GOLD RESERVES AND PRODUCTION
A 95
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS— Continued
(In millions of dollars; valued at $35 per fine ounce through Apr. 1972 and at $38 per fine ounce thereafter)
End of
period
P o r tu
gal
Saudi
A r a b ia
S o u th
A fr ic a
576
643
699
856
876
902
921
73
69
69
119
119
119
119
425
637
583
1 ,2 4 3
1 ,1 1 5
410
810
785
785
785
784
498
498
921
925
925
1 .0 0 4
1 .0 0 4
1 .0 0 4
1,021
1,021
1,021
1,021
1,021
119
119
119
129
129
129
129
129
129
129
129
405
405
412
471
507
543
580
601
636
662
681
498
498
498
541
541
541
541
541
541
541
541
1,022
129
706
711
542
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1 9 7 2 - F e b ..,
M a r ..
A p r ..
M a y .,
June.
J u ly ..
A u g ..
S e p t..
O c t ...
N o v ..
D e c ..
1973- Jan. ...
F e b .* .
666
S p a in
S w itz e r
la n d
Sw eden
202
T h a i
la n d
3 ,0 4 2
2 ,8 4 2
3 ,0 8 9
2 ,6 2 4
2 ,6 4 2
2 ,7 3 2
2 .9 0 9
96
92
92
92
92
92
82
217
217
217
217
217
217
217
217
2 .9 0 9
2 .9 0 9
2 .9 0 9
3 .1 5 8
3 .1 5 8
3 .1 5 8
3 .1 5 8
3 .1 5 8
3 .1 5 8
3 .1 5 8
3 .1 5 8
82
82
82
89
89
89
89
89
89
89
89
220
220
3 .1 6 2
3 .1 6 2
89
89
203
203
225
226
200
200
200
200
200
1 I n c lu d e s r e p o r te d o r e s tim a te d g o ld h o ld in g s o f in te r n a tio n a l a n d
r e g io n a l o r g a n iz a t io n s , c e n tr a l b a n k s a n d g o v t s , o f c o u n tr ie s lis te d in
th is t a b le , a n d a ls o o f a n u m b e r n o t s h o w n s e p a r a te ly h e r e , a n d g o ld t o b e
d is tr ib u te d b y t h e T r ip a r tite C o m m is s io n fo r th e R e s t it u t io n o f M o n e ta r y
G o ld ; e x c lu d e s h o ld in g s o f th e U .S .S .R ., o th e r E a s te r n E u r o p e a n c o u n
tr ie s , a n d C h in a M a in la n d .
T h e fig u r e s in c lu d e d f o r t h e B a n k f o r I n t e r n a t io n a l S e t t le m e n t s a r e
t h e B a n k ’s g o l d a s s e t s n e t o f g o l d d e p o s i t l i a b i l i t i e s . T h i s p r o c e d u r e
a v o id s th e o v e r s ta te m e n t o f t o t a l w o r ld g o ld r e se r v e s s in c e m o s t o f th e
g o ld d e p o s it e d w ith t h e B I S is in c lu d e d in th e g o ld r e se r v e s o f in d iv id u a l
c o u n tr ie s .
2 A d ju s te d t o in c lu d e g o ld s u b s c r ip tio n p a y m e n ts t o th e I M F m a d e b y
T urkey
U n ite d
K in g
dom
116
102
97
97
117
126
130
U ru
guay
V ene
z u e la
2 ,2 6 5
1 ,9 4 0
1 ,2 9 1
1 ,4 7 4
1 ,4 7 1
1 ,3 4 9
775
155
146
140
133
165
162
148
401
401
401
403
403
384
391
751
751
751
816
816
816
800
800
800
800
800
146
156
156
169
169
169
169
169
169
169
130
129
127
127
122
122
122
122
122
122
136
136
Y ugo
s la v ia
B ank
fo r
I n tl.
S e ttle
m e n ts 4
19
50
51
52
51
-5 5 8
-4 2 4
-6 2 4
-3 4 9
-4 8 0
-2 8 2
310
391
391
391
425
425
425
425
425
425
425
425
51
51
51
56
56
56
56
56
56
56
56
333
354
347
365
304
276
276
267
267
255
218
425
425
56
56
218
214
21
22
s o m e m e m b e r c o u n tr ie s in a n tic ip a tio n o f in c r e a s e in F u n d q u o ta s , e x c e p t
th o s e m a tc h e d b y g o ld m itig a tio n d e p o s its w ith th e U n ite d S ta te s a n d
U n it e d K in g d o m ; a d ju s tm e n t is $ 2 7 0 m illio n .
3 E x c lu d e s g o ld s u b s c r ip tio n p a y m e n ts m a d e b y s o m e m e m b e r c o u n tr ie s
in a n tic ip a tio n o f in c r e a s e in F u n d q u o t a s : fo r m o s t o f t h e s e c o u n t r ie s
th e in c r e a s e d q u o ta s b e c a m e e ffe c tiv e in F e b . 1 9 6 6 .
4 N e t g o ld a s s e ts o f B I S , i.e ., g o ld in b a r s a n d c o in s a n d o th e r g o ld
a s s e ts m in u s g o ld d e p o s it lia b ilitie s .
N o t e . — F o r b a c k fig u r e s a n d d e s c r ip t io n o f t h e d a ta in t h is a n d th e
f o llo w in g ta b le s o n g o ld (e x c e p t p r o d u c tio n ), s e e “ G o ld ,” S e c t io n 1 4 o f
S u p p le m e n t to B a n k in g a n d M o n e ta r y S ta tis tic s , 1962.
GOLD PRODUCTION
(I n m illio n s o f d o lla r s ; v a lu e d a t $ 3 5 p e r fin e o u n c e t h r o u g h 197 1 a n d a t $ 3 8 p e r fin e o u n c e th e r e a fte r )
A fr ic a
P e r io d
1 9 6 6 ...............................................
1 9 6 7 ..............................................
1 9 6 8 ..............................................
1 9 6 9 ..............................................
1 9 7 0 ...............................................
1 9 7 1 * ...........................................
1 9 7 2 * ...........................................
W o r ld
produc
tio n 1
1
1
1
1
1
.4
.4
.4
.4
.4
4
1
2
2
5
5
0
0
0
0
.0
.0
.0
.0
.0
S o u th
A fr ic a
1 ,0 8 0 .8
1 .0 6 8 .7
1 ,0 8 8 .0
1 .0 9 0 .7
1 ,1 2 8 .0
1 .0 9 8 .7
1 .1 0 9 .8
1 9 7 2 — J a n ...............................
F e b ...............................
M a r .............................
A p r . ............................
M a y ............................
J u n e ............................
J u l y .............................
A u g ..............................
S e p t .............................
O c t ...............................
N o v .............................
D e c ..............................
9 5 .3
8 8 .2
9 1 .8
9 3 .2
9 4 .4
9 4 .3
9 4 .4
9 4 .1
9 3 .9
9 4 .2
9 1 .5
8 4 .3
1 9 7 3 — J a n ...............................
8 2 .2
1
E s tim a te d ; e x c lu d e s U .S .S .R .,
C h in a M a in la n d , a n d N o r t h K o r e a .
o th e r
G hana
2 4 .0
2 6 .7
2 5 .4
2 4 .8
2 4 .6
2 4 .4
N o r th a n d S o u th A m e r ic a
Z a ir e
5 .6
5 .4
5 .9
6 .0
6 .2
6 .0
U n ite d
S ta te s
C an
ada
M ex
ic o
6 3 .1
5 3 .4
5 3 .9
6 0 .1
6 3 .5
5 2 .3
5 4 .3
1 1 4 .6
1 0 3 .7
9 4 .1
8 9 .1
8 4 .3
7 9 .1
7 7 .2
7 .5
5 .8
6 .2
6 .3
6 .9
5 .3
6 .5
6 .4
6 .6
7 .5
6 .8
6 .2
6 .4
5 .9
6 .3
6 .3
6 .0
6 .3
.4
.4
.5
2 1 .2
2 1 .0
N ic a
ragua
5 .2
5 .2
4 .9
3 .7
4 .0
3 .7
6 .2
E a ste r n
E uropean
c o u n tr ie s ,
2Q u a r t e r l y
d a ta .
O th e r
A s ia
I n d ia
Japan
P h ilip
p in e s
9 .8
9 .0
8 .4
7 .7
7 .1
6 .6
4 .2
3 .4
4 .0
3 .4
3 .7
4 .1
1 9 .4
2 3 .7
2 1 .5
2 3 .7
2 4 .8
2 7 .0
1 5 .8
1 7 .2
1 8 .5
2 0 .0
2 1 .1
2 2 .2
.7
.6
.5
.6
.6
.7
.5
.6
.6
.5
.4
.3
.3
.3
.4
.3
.4
.3
.3
2 .6
2 .5
2 .6
2 .4
2 .4
2 .5
2 .8
2 .8
C o lo m
b ia
A u s
tr a lia
3 2 .1
2 8 .4
2 7 .6
2 4 .5
2 1 .7
2 3 .5
3 .3
2 .5
2 .0
2 .4
2 .3
2 .5
2 .6
A ll
o th e r 1
6 2 .9
5 9 .4
6 1 .6
6 0 .0
5 4 .1
A 96
BANKS AND BRANCHES □ APRIL 1973
NUMBER IN OPERATION ON DECEMBER 31, 1972
Commercial and mutual savings banks
Commercial
State
Member
Total
Total
United States 2.............
Alabama......................
Alaska.........................
Arizona.......................
Arkansas......................
California....................
Colorado.....................
Connecticut.................
Delaware..........................
District of Columbia. . .
Florida........................
Georgia.......................
Hawaii........................ .
Idaho...........................
Illinois......................... .
Indiana.........................
1 3 ,9 2 8
4 ,6 1 3
277
277
253
165
253
165
89
5
3
70
55
291
132
14
581
291
64
19
14
581
437
437
24
1 ,1 5 5
412
24
1 ,1 5 5
408
670
607
341
238
79
670
607
341
238
47
21
11
Iowa.............................
Kansas..........................
Kentucky......................
Louisiana......................
Maine...........................
Maryland......................
Massachusetts...............
Michigan.......................
Minnesota.....................
Mississippi....................
10
22
11
112
1 ,7 5 5
469
2 ,1 5 2
49
5
5
98
118
98
118
41
49
49
3
7
50
59
26
96
13
40
26
47
9
13
40
21
2
10
158
9
14
141
211
158
9
14
141
210
40
1
5
80
80
227
74
150
140
52
227
74
150
140
33
43
32
48
39
16
77
225
219
16
73
125
219
16
28
65
80
3
34
6
13
66
2
6
126
126
46
46
45
36
35
3
26
3
26
17
5
1
1
1
183
54
297
61
52
169
54
190
61
52
102
28
102
20
12
297
79
31
258
297
79
30
251
13
155
49
7
156
5
61
41
169
69
61
41
169
69
15
29
167
55
26
167
48
31
37
16
106
58
84
444
179
179
13
16
1
1
1
1
11
170
93
103
36
48
1
1
244
320
5
360
6
4
12
2
11
61
1
7
415
122
100
171
80
50
19
6
658
225
6
3
50
26
511
409
245
177
18
4
1
4
42
78
211
121
72
305
87
170
33
163
23
43
31
7
70
1
4
505
441
46
445
23
505
441
45
437
16
218
192
117
15
94
159
313
1 ,2 3 8
53
94
159
313
1 ,2 3 8
53
19
32
73
538
47
256
99
203
616
41
256
90
203
613
101
23
88
71
1
71
1
42
1
108
New Jersey....................
New Mexico..................
New York.....................
North Carolina..............
North Dakota...............
Ohio.............................
Oklahoma.....................
Oregon..........................
Pennsylvania.................
Rhode Island.................
South Carolina..............
South Dakota................
Tennessee......................
Texas............................
Utah.............................
Vermont........................
Virginia.........................
Washington...................
West Virginia................
Wisconsin......................
231
72
426
87
170
8
Wyoming......................
Virgin Islands................
For notes seeopposite page.
8
8
276
5
10
10
1
1
20
56
126
509
136
120
168
229
35
134
9
100
43
225
650
36
12
6
49
6
4
2
3
501
50
307
3
27
58
31
45
62
70
8
10
68
2
11
4
9
1
66
5
27
24
127
6
11
76
58
12
10
6
325
7
2
9
124
26
5
54
123
4
48
677
147
446
206
168
5
31
4
8
1
1
159
122
11
6
30
1
1
27
1
3
2
5
2
7
2
20
121
20
21
8
8
10
122
11
6
21
8
Mutual
savings
Non
NonNa State In
in
In
intional
sured sured sured sured
103
68
677
147
446
Total
Nonmember
4 ,3 9 5
8 ,0 1 7
1 60
Member
103
102
Missouri........................
Montana.......................
Nebraska......................
Nevada........ ................
New Hampshire............
Total
4 ,7 2 5
20
7
13
98
26
7
155
332
737
181
1 ,0 9 2
39
82
106
199
38
116
322
332
738
181
Commercial
Mutual
savings
Non
Non
in
Na State In
in
In
tional
sured sured sured sured
1 4 ,4 1 3
12
22
Nonmember
Number maintaining branches or additional offices1
2
19
23 8
92
11
14
25
6
2
39
10
59
3
10
22
21
6
8
9
5
28
5
55
60
3
14
110
6
6
51
108
163
36
94
92
12
19
39
45
72
92
11
82
74
3
19
2
9
39
14
27
40
38
107
21
82
27
23
80
6
43
24
102
62
14
13
61
27
5
132
APRIL 1973 □ BANKS AND BRANCHES
A 97
NUMBER IN OPERATION ON DECEMBER 31, 1972—Continued
Branches and additional offices 1
Class of bank
Location
Commercial banks
State
Total
Member
Total
United States 2......
Alabama..............
Alaska.................
Arizona...............
Arkansas.............
California.............
Colorado.............
Connecticut..........
Delaware,............
District of Columbia
Florida................
Georgia...............
Hawaii................
Idaho..................
Illinois.................
Indiana................
Iowa...................
Kansas................
Kentucky.............
Louisiana.............
Maine.................
Maryland.............
Massachusetts.......
Michigan.............
Minnesota...........
Mississippi............
Missouri..............
Montana..............
Nebraska.............
Nevada................
New Hampshire....
New Jersey...........
New Mexico.........
New York............
North Carolina......
North Dakota.......
Ohio...................
Oklahoma............
Oregon................
Pennsylvania.........
Rhode Island........
South Carolina......
South Dakota.......
Tennessee.............
Texas..................
Utah...................
Vermont..............
Virginia...............
Washington..........
West Virginia........
Wisconsin.............
Wyoming.............
Virgin Islands.......
25,760
329
65
371
191
3,225
27
677
125
111
41
473
141
169
141
719
344
74
392
441
278
631
1,095
1,326
20
403
130
11
47
93
96
1,229
150
3,142
1,330
71
1,446
79
383
2,029
264
495
102
594
74
155
103
941
674
8
296
24,406
329
65
371
191
3,225
27
498
110
111
41
473
141
169
141
718
344
74
392
441
246
586
811
1,326
20
403
130
11
47
93
79
1,168
150
2,695
1,330
71
1,446
79
380
1,912
184
495
102
594
74
155
98
941
606
8
296
Nonmember
NonNon
Na State In
In
in
in
tional
sured sured sured sured
13,802 3,969 6,590
14
90
225
8
57
23
109
239
78
100
13
304
391
2,522
11
1
15
180
247
71
83
4
23
8
74
29
1
40
248
59
166
128
10
22
32
115
10
51
80
60
381
277
38
243
63
6
36
32
164
64
164
206
202
33
68
66
112
74
228
284
196
457
155
238
624 462
11
7
2
158
16 229
19
76
35
3
3
5
1
19
27
12
66
15
14
63
2
799 220
148
9
86
55
1,397 1,132
155
645
676
12
2
55
230
816 400
49
3
27
110
271
522
1,127
263
79
97
262
7 226
30
62
10
234
43
316
66
8
30
45
80
59
39
184 217
540
96
474
38
2
1
5
19 202
75
1 Excludes banks that have banking facilities only; banking facilities
are shown separately; see note 3.
2Includes one national bank in the Virgin Islands, with eight branches,
that became a member of the F.R. Systemin 1957.
3Banking facilities (other than branches) that are provided at military
and other Govt, establishments through arrangements made by the Treas
ury; they are operated by 144 banks, 52 of which have no other type of
branch or additional office.
Mutual
savings
banks
1
45 1,112
242
179
15
32
242
447
3
117
80
In
head
office
city
8,922
181
21
120
112
446
27
157
20
111
39
264
51
15
141
379
155
74
235
261
63
162
506
587
20
173
124
10
47
24
44
288
88
1,430
168
12
636
79
78
280
67
115
17
365
73
29
15
316
232
7
54
Outside head office city
Bank
ing
facili
In non ties 3
In
In
head contig contig
office uous
uous
county counties counties
7,935
120
5
93
73
447
4,603
13
15
90
5
673
326
64
169
34
4,287
15
24
68
1
1,660
208
5
5
3
2
34
1
19
104
37
14
340
141
152
169
117
145
581
486
115
6
18
44
652
52
798
117
36
781
55
805
105
67
30
213
49
40
171
169
1
195
10
4
1
7
1
48
’ "5
8
86
200
8
241
61
124
1
11
54
38
212
9
717
263
22
26
68
944
55
67
21
7
24
32
237
103
46
76
1
195
782
1
163
2
37
245
34
9
53
16
223
172
1
21
4
14
3
I
3
Note.—Each branch and additional office is located in the same State
as its parent bank except that one national bank in N.J. has one branch
in Pa., one national bank in Calif, has two branches in Wash, and one in
Ore., one noninsured (unincorporated) bank in N.Y. has one branch in
Mass. and one in Pa.; three insured nonmember banks in Puerto Rico have
16branches in N.Y. In the table these branches are shown according to
their own location rather than that of the parent bank.
A 98
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
A r t h u r F. B u r n s , Chairman
G e o r g e W. M i t c h e l l
J o h n E. S h e e h a n
J. D e w e y D a a n e
J. L. R o b e r t so n , Vice Chairman
A n d r e w F. B rim m er
J e ffr e y M. B u ch er
R o b e r t C . H o l l a n d , Executive D irector
J. C h a r l e s P a r t e e , A d viser to the B oard
* R o b e r t S o l o m o n , A d viser to the B oard
H o w a r d H . H a c k l e y , A ssistan t to the B oard
R o b e r t L . C a r d o n , A ssista n t to the B oard
E d w i n J. J o h n s o n , A ssistan t to the B oard
J o s e p h E. K e l l e h e r , A ssistan t to the B oard
J o s e p h R . C o y n e , A ssistant to the B oard
F r a n k O ’B r i e n , J r . , S pecial A ssistan t to the B oard
J o h n S. R ip p ey,
Special A ssistan t to the B oard
OFFICE OF EXECUTIVE DIRECTOR
R o b e r t C. H o ll a n d ,
D a v id C. M e ln ic o f f ,
Executive D irector
D eputy Executive
D irector
A ssistan t D irecto r and
Program D irector fo r Contingency Planning
W i l l i a m W . L a y t o n , D irector of Equal
Em ploym ent Opportunity
B r e n t o n C . L e a v i t t , Program D irecto r fo r
Banking Structure
G o r d o n B. G rim w o o d ,
OFFICE OF THE SECRETARY
T y n a n S m ith ,
Secretary
M u r r a y A l t m a n n , A ssistan t Secretary
N o r m a n d R . V . B e r n a r d , A ssistan t Secretary
A r t h u r L. B r o i d a , A ssistan t Secretary
E l i z a b e t h L. C a r m i c h a e l ,
J. C h a r l e s P a r t e e , D irecto r
S t e p h e n H . A x i l r o d , A ssociate D irector
S a m u e l B . C h a s e , A sso cia te D irector
L y l e E . G r a m l e y , A sso cia te D irector
P e t e r M . K e i r , A d viser
J a m e s L . P i e r c e , A d viser
S t a n l e y J. S i g e l , A d viser
M u r r a y S . W e r n i c k , A d viser
K e n n e t h B . W i l l i a m s , A d viser
J a m e s B . E c k e r t , A ssociate A d viser
J o s e p h S . Z e i s e l , A sso cia te A d viser
E d w a r d C . E t t i n , A ssistan t A d viser
E l e a n o r J. S t o c k w e l l , A ssistan t A d viser
S t e p h e n P . T a y l o r , A ssistan t A d viser
L o u i s W e i n e r , A ssistan t A d viser
L e v o n H. G a r a b e d i a n , A ssistan t D irecto r
A ssistan t
Secretary
t C h e s t e r B. F e l d b e r g , A ssista n t S ec re ta ry
LEGAL DIVISION
T h o m a s J. O ’C o n n e l l , General Counsel
P a u l G a r d n e r , J r . , A ssistan t G eneral Counsel
P a u l i n e B . H e l l e r , A ssistan t G eneral Counsel
J o h n N i c o l l , A ssistant General Counsel
R o b e r t S . P l o t k i n , A ssistant G eneral Counsel
A n d r e w F . O e h m a n n , Special A ssistant to the
General Counsel
DIVISION OF FEDERAL RESERVE BANK
OPERATIONS
J a m e s A . M c I n t o s h , D irector
J o h n N . K i l e y , J r . , A ssociate D irector
W a l t e r A . A l t h a u s e n , A ssistan t D irector
D o n a l d G . B a r n e s , A ssistan t D irector
H a r r y A . G u i n t e r , A ssistan t D irector
P . D . R i n g , A ssistan t D irector
J a m e s L . V i n i n g , A ssistan t D irector
C h a r l e s C . W a l c u t t , A ssistan t D irector
E . M a u r i c e M c W h i r t e r , Chief Federal
R eserve Examiner
*On leave of absence.
DIVISION OF RESEARCH AND STATISTICS
tOn loan from the Federal Reserve Bank of New York.
DIVISION OF INTERNATIONAL FINANCE
R a l p h C . B r y a n t , D irector
J o h n E . R e y n o l d s , A sso cia te D irecto r
A . B . H e r s e y , Senior A d viser
R o b e r t F . G e m m i l l , A d viser
R e e d J. I r v i n e , A d viser
S a m u e l I. K a t z , A d viser
B e r n a r d N o r w o o d , A dviser
S a m u e l P i z e r , A d viser
R a l p h C . W o o d , A d viser
G e o r g e B. H e n r y , A ssistan t A d viser
H e l e n B. J u n z , A ssistan t A d viser
DIVISION OF SUPERVISION AND REGULATION
F r e d e r i c S o l o m o n , D irector
B r e n t o n C . L e a v i t t , D eputy D irector
F r e d e r i c k R . D a h l , A ssistan t D irector
J a c k M . E g e r t s o n , A ssista n t D irector
J o h n P . F l a h e r t y , A ssista n t D irecto r
J a n e t O . H a r t , A ssista n t D irecto r
J o h n N . L y o n , A ssista n t D irecto r
J o h n T . M c C l i n t o c k , A ssista n t D irector
T h o m a s A . S i d m a n , A ssista n t D irecto r
G r i f f i t h L . G a r w o o d , A d viser
C h a r l e s L . M a r i n a c c i o , A d viser
A 99
BOARD OF GOVERNORS
Continued
DIVISION OF PERSONNEL ADMINISTRATION
R o n a l d G . B u r k e , D irector
J o h n J. H a r t , A ssistan t D irector
OFFICE OF THE CONTROLLER
J o h n K a k a l e c , Controller
J o h n M. D e n k l e r , A ssistan t C on troller
DIVISION OF DATA PROCESSING
DIVISION OF ADMINISTRATIVE SERVICES
J e r o l d E . S l o c u m , D irecto r
C h a r l e s L . H a m p t o n , A sso cia te D irecto r
G l e n n L . C u m m i n s , A ssistan t D irector
B e n ja m in R . W . K n o w l e s , J r .,
A ssistan t D irecto r
W a l t e r W . K r e i m a n n , D irector
D o n a l d E . A n d e r s o n , A ssistan t D irector
J o h n D . S m i t h , A ssistan t D irector
H enry W. M eetze,
A ssista n t D irecto r
E d w a r d K . O ’C o n n o r , A ssistan t D irector
F j c h a r d S . W a t t , A ssistan t D irecto r
A 100
FEDERAL OPEN MARKET COMMITTEE
A r th u r F. B urns, Chairman
John J. Balles
A lfre d Hayes, Vice Chairman
J. D ewey D aane
Frank E. Morris
A ndrew F. Brimmer
D arryl R. Francis
J. L. R obertson
J effrey M. Bucher
Robert P. M ayo
J ohn E. S heehan
G eorge W. M itchell
R o b e r t C. H o l l a n d , Secretary
^ R o b e r t S o l o m o n , E co n o m ist
A r t h u r L. B r o i d a , D e p u t y S e c r e t a r y
( I n te r n a ti o n a l F in a n c e )
M u r r a y A l t m a n n , A ssistan t Secretary
L e o n a l l C. A n d e r s e n , A s s o c i a t e E c o n o m i s t
N o r m a n d R. V. B e r n a r d , A ssistan t
R a l p h C. B r y a n t , A s s o c i a t e E c o n o m i s t
R o b e r t W . E i s e n m e n g e r , A s s o c ia te E c o n o m ist
Secretary
H o w a r d H. H a c k l e y , G eneral Counsel
T h o m a s J. O ’C o n n e l l , A s s i s t a n t G e n e r a l
L y l e E. G r a m l e y , A s s o c ia te E co n om ist
A . B. H e r s e y , A ss o c ia te E co n o m ist
Counsel
J. C h a r l e s P a r t e e , S e n i o r E c o n o m i s t
S tep h en
G e o r g e G a r v y , A ss o c ia te E co n o m ist
J o h n E. R e y n o l d s , A s s o c i a t e E c o n o m i s t
K a r l A . S c h e l d , A s s o c ia te E co n om ist
H . A x i l r o d , E co n om ist
K e n t O . S im s, A ss o c ia te E co n o m ist
( D o m e s t i c F in a n c e )
A la n
R. H o l m e s , M a n a g er. System O pen M a rk et A c co u n t
C h a r l e s A . C o o m b s , S pecial M a n a g e r , System O pen M a rk et A c co u n t
P e t e r D . S t e r n l i g h t , D epu ty M a n a g e r , System O pen M a rk et A c co u n t
D a v i d E. B o d n e r , D e p u t y S p e c i a l M a n a g e r , S y s t e m O p e n M a r k e t A c c o u n t
FEDERAL ADVISORY COUNCIL
G.
M o r r i s D o r r a n c e , J r ., t h i r d f e d e r a l r e s e r v e d i s t r i c t , P residen t
H a r r y H o o d B a s s e t t , s i x t h f e d e r a l r e s e r v e d i s t r i c t , V ice P residen t
J a m e s F . E n g l i s h , J r .,
first f e d e r a l
D a v i d H. M o r e y , e i g h t h f e d e r a l
RESERVE DISTRICT
r e se r v e district
G abriel H
a u g e , second
C hester C. L i n d ,
FEDERAL RESERVE DISTRICT
C l air E . F u l t z ,
fo urth
federal
RESERVE DISTRICT
RESERVE DISTRICT
llen
P. S t u l t s ,
M
o rris
federal
federal
H. A . R o g e r s , t w e l f t h f e d e r a l
RESERVE DISTRICT
H e r b e r t V . P r o c h n o w , S ecretary
iller , t e n t h
L e w i s H. B o n d , e l e v e n t h f e d e r a l
W i l l i a m J. K o r s v i k , A s s i s t a n t S e c r e t a r y
*O n leave of absence.
F. M
RESERVE DISTRICT
seventh
RESERVE DISTRICT
federal
RESERVE DISTRICT
T h o m a s I. S t o r r s , f i f t h f e d e r a l
A
n in t h
RESERVE DISTRICT
A 101
FEDERAL RESERVE BANKS AND BRANCHES
Federal Reserve Bank,
branch, or facility
Zip code
Chairman
Deputy Chairman
President
First Vice President
Boston .......................
02106
James S. Duesenberry
Louis W. Cabot
Frank E. Morris
Earle O. Latham
New Y o rk .................
10045
Alfred Hayes
William F. Treiber
B u ffa lo ..................
14240
Roswell L. Gilpatric
Frank R. Milliken
Rupert Warren
A. A. M aclnnes, Jr.
Philadelphia .........
19101
John R. Coleman
Edward J. Dwyer
David P. Eastburn
Mark H. Willes
Cleveland .................
44101
Willis J. Winn
Walter H. MacDonald
Cincinnati ............
Pittsburgh ............
45201
15230
Horace A. Shepard
J. Ward Keener
Graham E. Marx
Robert E. Kirby
R ich m o n d .......................23261
Baltimore ....................21203
Charlotte..................... 28201
Robert W. Lawson, Jr.
Stuart Shumate
John H. Fetting, Jr.
Charles W. DeBell
Fred O. Kiel
James H. Campbell
Robert P. Black
H. Lee Boatwright, III
Jimmie R. Monhollon
J. Gordon Dickerson, Jr.
Culpeper Communications
Center ..................... 22701
Atlanta ....................
30303
Birm ingham .........
Jacksonville .........
N ashville...............
New Orleans.........
Miami Office.........
33101
C h ica g o .....................
60690
D etroit....................
48231
St. L o u is....................
63166
Little R o ck ............
L o u isv ille..............
M em phis...............
72203
40201
38101
M inneapolis ............
55480
H elen a....................
59601
Kansas C it y ..............
64198
Denver ..................
Oklahoma City
Omaha ..................
80217
73125
68102
Dallas ........................
75222
El P a s o ..................
H ou ston .................
San A n to n io .........
79999
77001
78295
San F r a n c isc o .........
94120
Los A n g e le s.........
P ortland.................
Salt Lake C it y ......
S ea ttle....................
90051
97208
84110
98124
35202
32203
37203
70160
Vice President
in charge of branch
John C. Wilson
H. G. Pattillo
David Mathews
Henry Cragg
James W. Long
Fred Adams, Jr.
Monroe Kimbrel
Kyle K. Fossum
William H. Franklin
Peter B. Clark
W.M. Defoe
Robert P. Mayo
Ernest T. Baughman
Frederic M. Peirce
Sam Cooper
Roland R. Remmel
William H. Stroube
Alvin Huffman, Jr.
Darryl R. Francis
Eugene A. Leonard
David M. Lilly
Bruce B. Dayton
William A. Cordingley
Bruce K. MacLaury
M. H. Strothman, Jr.
Robert W. Wagstaff
Robert T. Person
Maurice B. Mitchell
Joseph H. Williams
A. James Ebel
George H. Clay
John T. Boy sen
Chas. F. Jones
John Lawrence
Herbert M. Schwartz
M. Steele Wright, Jr.
Irving A. Mathews
Philip E. Coldwell
T. W. Plant
O. Meredith Wilson
Joseph F. Alibrandi
Edward A. Sloan
Frank Anderson
Theodore C. Jacobsen
Thomas T. Hirai
John J. Balles
A. B. Merritt
Hiram J. Honea^
Edward C. Rainey
Jeffrey J. Wells
George C. Guynn
W. M. Davis
Daniel M. Doyle
John F. Breen
Donald L. Henry
Laurence T. Britt
Howard L. Knous
George C. Rankin
William G. Evans
Robert D. Hamilton
Frederic W. Reed
James L. Cauthen
Carl H. Moore
Paul W. Cavan
William M. Brown
Arthur L. Price
A 102
FEDERAL RESERVE BOARD PUBLICATIONS
Available from Publications Services Division of Administrative Services, B o ard of Governors of the Federal
Rese rv e System, Washington, D.C . 20551. Where a charge is indicated, remittance should accompany request
and be made payable to the order of the Board of Governors of the Federal R eserve System in a form collectible
at p a r in U.S. currency. (Stamps and coupons are not accepted.)
ANNUAL REPORT
FEDERAL RESERVE BULLETIN. Monthly. $ 6 .0 0
annum or $ .6 0 a copy in the United States
per
and
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bia, Costa Rica, Cuba, Dominican Republic,
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or more of same issue sent to one address, $ 5 .0 0
per annum or $ .5 0 each. Elsewhere, $ 7 .0 0 per
annum or $ .7 0 a copy.
FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual
subscription includes one issue of Historical
Chart Book. $ 6 .0 0 per annum or $ .6 0 a copy
in the United States and the countries listed
above; 10 or more of same issue sent to one
address, $ .5 0 each. Elsewhere, $ 7 .0 0 per annum
or $ .7 0 a copy.
Issued annually in Sept.
Subscription to monthly chart book includes one
issue. $ .6 0 a copy in the United States and
countries listed above; 10 or more sent to one
address, $ .5 0 each. Elsewhere, $ .7 0 a copy.
HISTORICAL CHART BOOK.
THE FEDERAL RESERVE ACT, as amended through
December 1971, with an appendix containing
provisions of certain other statutes affecting the
Federal Reserve System. 252 pp. $ 1 .2 5 .
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
PUBLISHED INTERPRETATIONS OF THE BOARD OF
GOVERNORS, as of June 30, 1972. $ 2 .5 0 .
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
1955. 390 pp. $2.75.
DEBITS AND CLEARING STATISTICS AND THEIR USE.
1959. 144 pp. $ 1 .0 0 a copy; 10 or more sent
to one address, $ .8 5 each.
SUPPLEMENT TO BANKING AND MONETARY STA
TISTICS. Sec. 1. Banks and the Monetary Sys
tem. 1962. 35 pp. $ .3 5 . Sec. 2. Member Banks.
1967. 59 pp. $ .5 0 . Sec. 5. Bank Debits. 1966.
36 pp. $ .3 5 . Sec. 6. Bank Income. 1966. 29
pp. $ .3 5 . Sec. 9. federal Reserve Banks. 1965.
36 pp. $ .3 5 . Sec. 10. Member Bank Reserves
and Related Items. 1962. 64 pp. $ .5 0 . Sec. 11.
Currency. 1963. 11 pp. $ .3 5 . Sec. 12. Money
Rates and Securities Markets. 1966. 182 pp.
$ .6 5 . Sec. 14. Gold. 1962. 24 pp. $ .3 5 . Sec.
15. International Finance. 1962. 92 pp. $ .6 5 .
Sec. 16 (N e w ). Consumer Credit. 1965. 103 pp.
$.6 5.
INDUSTRIAL PRODUCTION— 1971 edition. 383 pp.
$ 4 .0 0
$ 3 .5 0
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BANK MERGERS & THE REGULATORY AGENCIES:
APPLICATION OF THE BANK MERGER ACT OF
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BANKING MARKET STRUCTURE & PERFORMANCE IN
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1965. 73 pp. $ .5 0 a copy; 10 or more sent to
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THE PERFORMANCE OF BANK HOLDING COMPA
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THE FEDERAL FUNDS MARKET.
TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1 .0 0
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U.S. TREASURY ADVANCE
1960-JULY 1964. 1966. 65
REFUNDING , JUNE
10
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BANK CREDIT-CARD AND CHECK-CREDIT PLANS.
1968. 102 pp. $ 1 .0 0 a copy; 10 or more sent
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INTEREST RATE EXPECTATIONS: TESTS ON YIELD
SPREADS AMONG SHORT-TERM GOVERNMENT
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SURVEY OF FINANCIAL CHARACTERISTICS OF
CONSUMERS. 1966. 166 pp. $ 1 .0 0 a copy; 10
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FEDERAL RESERVE BOARD PUBLICATIONS
SURVEY OF CHANGES IN FAMILY FINANCES. 1968.
321 pp. $1.00 a copy; 10 or more sent to one
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REPORT OF THE JOINT TREASURY-FEDERAL RE
SERVE STUDY OF THE U.S. GOVERNMENT SE
CURITIES MARKET. 1969. 48 pp. $.25 a copy;
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(Lim ited supplies , in m im eographed or sim i
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JOINT TREASURY-FEDERAL RESERVE STUDY OF
THE GOVERNMENT SECURITIES MARKET: STAFF
STUDIES—PART 1 (papers by Cooper, Bernard,
and Scherer). 1970. 86 pp. $.50 a copy; 10 or
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(papers by Ettin, Peskin, and Ahearn and Peskin). 1971. 153 pp. $1.00 a copy; 10 or more
sent to one address, $.85 each.
OPEN MARKET POLICIES AND OPERATING PROCE
DURES—STAFF STUDIES (papers by Axilrod,
Davis, Andersen, Kareken et a l. , Pierce, Fried
man, and Poole). 1971. 218 pp. $2.00 a copy;
10 or more sent to one address, $1.75 each.
REAPPRAISAL OF THE FEDERAL RESERVE DIS
COUNT MECHANISM, V ol. 1 (papers by Steering
Committee, Shull, Anderson, andGarvy). 1971.
276 pp. Vol. 2 (papers by Boulding, Chandler,
Jones, Ormsby, Modigliani, Alperstein, M elichar, and Melichar and D oll). 1971. 173 pp.
Vol. 3 (papers by Staats, W illis, Minsky,
Stackhouse, M eek, Holland and Garvy, and
Lynn). 1972. 220 pp. Each volume $3.00 a
copy; 10 or more sent to one address, $2.50
each.
THE ECONOMETRICS OF PRICE DETERMINATION
CONFERENCE, October 30-31, 1970, Washing
ton, D .C . Oct. 1972, 397 pp. Cloth ed. $5.00
a copy; 10 or more sent to one address, $4.50
each. Paper ed. $4.00 a copy; 10 or more sent
to one address, $3.60 each.
FEDERAL RESERVE STAFF STUDY: WAYS TO MOD
ERATE FLUCTUATIONS IN HOUSING CON
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10 or more sent to one address, $3.60 each.
A 103
Summaries only printed in the BULLETIN.
(Lim ited supply of m im eographed copies of full
text available upon request fo r single copies)
OPERATING POLICIES OF BANK HOLDING COMPA
NIES—PART 1, by Robert J. Lawrence. Apr.
1971, 82 pp.
PRIVATE HOUSING COMPLETIONS—A NEW DIMEN
SION IN CONSTRUCTION STATISTICS, by Bernard
N. Freedman. Jan. 1972. 20 pp.
POLICY VARIABLES, UNEMPLOYMENT AND PRICE
LEVEL CHANGES, by Peter S. Rose and Lacy H.
Hunt II. Jan. 1972. 11 pp.
OPTIMAL DISTRIBUTED LAG RESPONSES AND EX
PECTATIONS, by Roger Craine. Feb. 1972. 9 pp.
THE EFFECT OF HOLDING COMPANY ACQUISITIONS
ON BANK PERFORMANCE, by Samuel H . Talley.
Feb. 1972. 25 pp.
INTERNATIONAL MONEY MARKETS AND FLEXIBLE
EXCHANGE RATES, by Stanley W . Black. M ar.
1972. 74 pp.
EXPLAINING CHANGES IN EURO-DOLLAR POSI
TIONS: A STUDY OF BANKS IN FOUR EUROPEAN
COUNTRIES, by Rodney H . M ills, Jr. M ay 1972.
34 pp.
CREDIT RATIONING: A REVIEW, by Benjamin M .
Friedman. June 1972. 26 pp.
REGULATION Q AND THE COMMERCIAL LOAN MAR
KET IN THE 1960’s, by Benjamin M . Friedman.
June 1972. 38 pp.
THE REGULATION OF SHORT-TERM CAPITAL
MOVEMENTS IN MAJOR COUNTRIES, by Rodney
H. M ills, Jr. Nov. 1972. 53 pp.
FEDERAL RESERVE DEFENSIVE BEHAVIOR AND THE
REVERSE CAUSATION ARGUMENT, by Raymond
Lombra and Raymond Torto. Nov. 1972. 15 pp.
EXAMINATION OF THE MONEY STOCK CONTROL
APPROACH OF BURGER, KALISH, AND BABB, by
Fred J. Levin. March 1973.
Printed in full in the BULLETIN.
(Staff Economic Studies are included in list of
reprints below .)
STAFF ECONOMIC STUDIES
REPRINTS
Studies and papers on econom ic and financial
subjects that are of general interest in the field
of econom ic research.
ADJUSTMENT FOR SEASONAL VARIATION. June
1941. 11 pp.
A 104
FEDERAL RESERVE BULLETIN □ APRIL 1973
SEASONAL FACTORS AFFECTING BANK RESERVES.
Feb. 1958. 12 pp.
MONETARY RESTRAINT, BORROWING, AND CAPITAL
SPENDING BY SMALL LOCAL GOVERNMENTS AND
STATE COLLEGES IN 1966. Dec. 1968. 30 pp.
LIQUIDITY AND PUBLIC POLICY, Staff Paper by
Stephen H. Axilrod. Oct. 1961. 17 pp.
SEASONALLY ADJUSTED SERIES FOR BANK CREDIT.
July 1962. 6 pp.
INTEREST RATES AND MONETARY POLICY, Staff
Paper by Stephen Axilrod. Sept. 1962. 28 pp.
MEASURES OF MEMBER BANK RESERVES. July
1963. 14 pp.
CHANGES IN BANKING STRUCTURE, 1953-62. Sept.
1963. 8 pp.
REVISION OF BANK DEBITS AND DEPOSIT TURN
OVER SERIES. M ar. 1965. 4 pp.
TIME DEPOSITS IN MONETARY ANALYSIS, Staff
Economic Study by Lyle E. Gramley and Sa
muel B. Chase, Jr. Oct. 1965. 25 pp.
RESEARCH ON BANKING STRUCTURE AND PER
FORMANCE, Staff Economic Study by Tynan
Smith. Apr. 1966. 11 pp.
A REVISED INDEX OF MANUFACTURING CAPACITY,
Staff Economic Study by Frank de Leeuw with
Frank E. Hopkins and Michael D. Sherman.
Nov. 1966. 11 pp.
REVISED SERIES ON COMMERCIAL AND INDUS
TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp.
EVIDENCE ON CONCENTRATION IN BANKING MAR
KETS AND INTEREST RATES, Staff Economic
Study by Almarin Phillips. June 1967. 11 pp.
THE PUBLIC INFORMATION ACT—ITS EFFECT ON
MEMBER BANKS. July 1967. 6 pp.
INTEREST COST EFFECTS OF COMMERCIAL BANK
UNDERWRITING OF MUNICIPAL REVENUE BONDS.
Aug. 1967. 16 pp.
U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN
1960-67. Apr. 1968. 23 pp.
MONETARY RESTRAINT AND BORROWING AND
CAPITAL SPENDING BY LARGE STATE AND LOCAL
GOVERNMENTS IN 1966. July 1968. 30 pp.
FEDERAL FISCAL POLICY IN THE 1960’s. Sept. 1968.
18 pp.
BUSINESS FINANCING BY BUSINESS FINANCE COM
PANIES. Oct. 1968. 13 pp.
MANUFACTURING CAPACITY: A COMPARISON OF
TWO SOURCES OF INFORMATION, Staff Economic Study by Jared J. Enzler. Nov. 1968.
5 pp.
HOUSING PRODUCTION AND FINANCE. Mar. 1969.
7 pp.
THE CHANNELS OF MONETARY POLICY, Staff Economic Study by Frank de Leeuw and Edward
Gramlich. June 1969. 20 pp.
REVISION OF WEEKLY SERIES FOR COMMERCIAL
BANKS. Aug. 1969. 5 pp.
EURO-DOLLARS: A CHANGING MARKET. Oct. 1969.
20 pp.
RECENT CHANGES IN STRUCTURE OF COMMER
CIAL BANKING. M ar. 1970. 16 pp.
SDR’s IN FEDERAL RESERVE OPERATIONS AND
STATISTICS. M ay 1970. 4 pp.
MEASURES OF SECURITY CREDIT. Dec. 1970. 11
pp.
MONETARY AGGREGATES AND MONEY MARKET
CONDITIONS IN OPEN MARKET POLICY. Feb.
1971. 26 pp.
BANK FINANCING OF MOBILE HOMES. Mar. 1971.
4 pp.
RESPONSE OF STATE AND LOCAL GOVERNMENTS
TO VARYING CREDIT CONDITIONS. Mar. 197 1. 24
pp.
INTEREST RATES, CREDIT FLOWS, AND MONETARY
AGGREGATES SINCE 1964. June 1971. 16 pp.
TWO KEY ISSUES OF MONETARY POLICY. June
1971. 4 pp.
SURVEY OF DEMAND DEPOSIT OWNERSHIP. June
1971. 12 pp.
BANK RATES ON BUSINESS
SERIES. June 1971. 10 pp.
LOANS—REVISED
INDUSTRIAL PRODUCTION—REVISED
MEASURES. July 1971. 26 pp.
AND
NEW
REVISED MEASURES OF MANUFACTURING CAPAC
ITY UTILIZATION. Oct. 1971. 3 pp.
REVISION OF BANK CREDIT SERIES. Dec. 1971. 5
pp.
PLANNED AND ACTUAL LONG-TERM BORROWING
BY STATE & LOCAL GOVERNMENTS. Dec. 1971.
11 pp.
ASSETS AND LIABILITIES OF FOREIGN BRANCHES
OF U.S. BANKS. Feb. 1972. 16 pp.
FEDERAL RESERVE BOARD PUBLICATIONS
A 105
WAYS TO MODERATE FLUCTUATIONS IN THE CON
STRUCTION OF HOUSING. M ar. 1972. 11 pp.
RECENT ACTIVITIES OF FOREIGN BRANCHES OF
U.S. BANKS. Oct. 1972. 11 pp.
OPEN MARKET OPERATIONS AND THE MONETARY
AND CREDIT AGGREGATES— 1971. Apr. 1972. 23
pp.
REVISION OF CONSUMER CREDIT STATISTICS. Oct.
1972. 21 pp.
CHANGES IN BANK LENDING PRACTICES, 1971. Apr.
1972. 5 pp.
CONSTRUCTION LOANS AT COMMERCIAL BANKS.
June 1972. 12 pp.
SOME ESSENTIALS OF INTERNATIONAL MONETARY
REFORM. June 1972. 5 pp.
CHARACTERISTICS OF FEDERAL RESERVE BANK
DIRECTORS. June 1972. 10 pp.
BANK DEBITS, DEPOSITS, AND DEPOSIT TURN
OVER-REVISED SERIES. July 1972. 5 pp.
RECENT REGULATORY CHANGES IN RESERVE RE
QUIREMENTS AND CHECK COLLECTION. July
1972. 5 pp.
SURVEY OF FINANCE COMPANIES, 1970. Nov.
1972. 15 pp.
ONE-BANK HOLDING COMPANIES BEFORE THE 1970
AMENDMENTS. Dec. 1972. 13 pp.
EVOLUTION OF THE PAYMENTS MECHANISM. Dec.
1972. 4 pp.
FINANCIAL DEVELOPMENTS IN THE FOURTH
QUARTER OF 1972. Feb. 1973. 10 pp.
REVISION OF THE MONEY STOCK MEASURES AND
MEMBER BANK RESERVES AND DEPOSITS. Feb.
1973. 19 pp.
TREASURY AND FEDERAL RESERVE FOREIGN EX
CHANGE OPERATIONS. M ar. 1973. 22 pp.
DEVELOPMENTS IN U.S. BALANCE OF PAYMENTS.
Apr. 1973. 13 pp.
BANKING AND MONETARY STATISTICS, 1971. Se
lected series of banking and monetary statistics
for 1971 only. Feb., M a r., and July 1972. 20
pp.
CHANGES IN TIME AND SAVINGS DEPOSITS AT
COMMERCIAL BANKS, JULY 1972-JAN. 1973. Apr.
1973. 15 pp.
YIELDS ON NEWLY ISSUED CORPORATE BONDS.
Sept. 1972. 2 pp.
STATE AND LOCAL BORROWING ANTICIPATIONS
AND REALIZATIONS. Apr. 1973. 4 pp.
A 106
FEDERAL RESERVE BULLETIN □ APRIL 1973
INDEX TO STATISTICAL TABLES
(References are to pages A-4 through
A-97 although
the prefix
“ A ” is omitted
in this index)
(For list of tables published periodically, but not monthly, see page A-3)
Acceptances, bankers', l l , 31, 33
Agricultural loans of commercial banks, 22, 24
Arbitrage, 93
Assets and liabilities (See also Foreigners):
Banks, by classes, 18, 22, 23, 24, 37
Federal Reserve Banks, 12
Nonfinancial corporations, current, 48
Automobiles:
Consumer instalment credit, 54, 55, 56
Production index, 58, 59
Bank credit proxy, 17
Bankers’ balances, 23, 26
(See also Foreigners, claims on, and liabilities to)
Banks for cooperatives, 38
Bonds (See also U .S. Govt, securities):
New issues, 45, 46, 47
Yields and prices, 34, 35
Branch banks:
Assets, foreign branches of U.S. banks, 86
Liabilities, U.S. banks to foreign branches, 28, 87, 88
Brokerage balances, 85
Business expenditures on new plant and equipment, 48
Business indexes, 62
Business loans (See Commercial and industrial loans)
Capacity utilization, 62
Capital accounts:
Banks, by classes, 18, 23, 28
Federal Reserve Banks, 12, 13
Central banks, 92, 94
Certificates of deposit, 28
Coins, circulation, 15
Commercial and industrial loans:
Commercial banks, 17, 22, 31
Weekly reporting banks, 24, 29
Commercial banks:
Assets and liabilities, 17, 18, 22, 23, 24
Consumer loans held, by type, 55
Deposits at, for payment of personal loans, 30
Loans sold outright, 31
Number, by classes, 18
Real estate mortgages held, by type, 50
Commercial paper, 31, 33
Condition statements (See Assets and liabilities)
Construction, 62, 63
Consumer credit:
Instalment credit, 54, 55, 56, 57
Noninstalment credit, by holder, 55
Consumer price indexes, 62, 66
Consumption expenditures, 68, 69
Corporations:
Profits, taxes, and dividends. 48
Security issues, 46, 47
Security yields and prices, 34, 35
Cost of living (See Consumer price indexes)
Currency and coin, 5, 9, 23
Currency in circulation, 5, 15, 16
Customer credit, stock market, 36
Debits to deposit accounts, 14
Debt (See specific types of debt or securities)
Demand deposits:
Adjusted, commercial banks, 14, 17, 23
Banks, by classes, 18, 23, 27
Ownership by individuals, partnerships, and
corporations, 30
Demand deposits— Continued
Subject to reserve requirements, 17
Turnover, 14
Deposits (See also specific types of deposits):
Accumulated at commercial banks for payment of
personal loans, 30
Banks, by classes, 18, 23, 27, 37
Euro-dollars, 88
Federal Reserve Banks, 12, 13, 88
Postal savings, 23
Subject to reserve requirements, 17
Discount rates (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
Dividends, corporate, 48
Dollar assets, foreign, 75, 81
Earnings and hours, manufacturing industries, 65
Employment, 62, 64, 65
Euro-dollar deposits in foreign branches of U .S. banks, 88
Farm mortgage loans, 49, 50
Federal agency obligations, 11, 12, 13, 14
Federal finance:
Receipts and outlays, 40, 41
Treasury operating balance, 40
Federal funds, 7, 22, 24, 28, 33
Federal home loan banks, 38, 39, 51
Federal Home Loan Mortgage Corporation, 53
Federal Housing Administration, 49, 50, 51, 52, 53
Federal intermediate credit banks, 38, 39
Federal land banks, 38, 39
Federal National Mortgage Assn., 38, 39, 52
Federal Reserve Banks:
Condition statement, 12
U .S. Govt, securities held, 4, 12, 14, 42, 43
Federal Reserve credit, 4, 6, 12, 14
Federal Reserve notes, 12, 13, 15
Federally sponsored credit agencies, 38, 39
Finance companies:
Loans, 24, 54, 55, 57
Paper, 31, 33
Financial institutions, loans to, 22, 24
Float, 4
Flow of funds, 70
Foreign:
Currency operations, 11, 12, 13, 75, 81
Deposits in U .S. banks, 5, 12, 13, 23, 27, 88
Exchange rates, 91
Trade, 73
Foreigners:
Claims on, 82, 83, 88, 89, 90
Liabilities to, 28, 76, 77, 79, 80, 81, 88, 89, 90
Gold:
Certificates, 12, 13, 15
Earmarked, 88
Net purchases by United States, 74
Production, 95
Reserves of central banks and govts., 94
Stock, 4, 75
Government National Mortgage Assn., 52
Gross national product, 68, 69
Hours and earnings, manufacturing industries, 65
Housing permits, 62
Housing starts, 63
M anufacturers:
Capacity utilization, 62
Production index, 59, 62
Margin requirements, 10
Member banks:
Assets and liabilities, by classes, 18, 22
Borrowings at Federal Reserve Banks, 6, 12
Number, by classes, 18
Reserve position, basic, 7
Reserve requirements, 9
Reserves and related items, 4, 17
Mining, production index, 59, 61
Mobile home shipments, 63
Money market rates (See Interest rates)
Money stock and related data, 16
Mortgages (See Real estate loans and Residential mortgage
loans)
Mutual funds (See Investment companies)
Mutual savings banks, 27, 37, 42, 43, 50
National banks, 20, 30
National defense expenditures, 41, 68
National income, 68, 69
Nonmember banks, 20, 22, 23, 30
Open market transactions, 11
Payrolls, manufacturing index, 62
Personal income, 69
Postal savings, 23
Prices:
Consumer and wholesale commodity, 62, 66
Security, 35
Prime rate, commercial banks, 32
Production, 5 8 -6 1 , 62
Profits, corporate, 48
Tax receipts, Federal, 41
Time deposits, 10, 17, 18, 23, 27
Treasury cash, Treasury currency, 4, 5, 15
Treasury deposits, 5, 12, 40
Treasury operating balance, 40
Unem ploym ent, 64
U.S. balance of payments, 72
U.S. Govt, balances:
Commercial bank holdings, 23, 27
Member bank holdings, 17
Treasury deposits at Reserve Banks, 5, 12, 13, 40
U.S. Govt, securities:
Bank holdings, 18, 22, 25, 37, 42, 43
Dealer transactions, positions, and financing, 44
Federal Reserve Bank holdings, 4, 12, 13, 14, 42, 43
Foreign and international holdings, 12, 81, 84, 88
International transactions, 81, 84
New issues, gross proceeds, 46
Open market transactions, 11
Outstanding, by type of security, 42, 43, 45
Ownership, 42, 43
Yields and prices, 34, 35
United States notes, 15
Utilities, production index, 59, 61
Veterans Administration, 49, 50, 51, 52, 53
Weekly reporting banks, 24
Yields (See Interest rates)
“ A ” is omitted
the prefix
Saving:
Flow of funds series, 70
National income series, 69
Savings and loan assns., 38, 43, 51
Savings deposits (See Time deposits)
Savings institutions, principal assets, 37, 38
Securities (See also U .S. Govt, securities):
Federally sponsored agencies, 38, 39
International transactions, 84, 85
New issues, 45, 46, 47
Silver coin, 15
Special Drawing Rights, 4, 12, 13, 72, 75
State and local govts.:
Deposits, 23, 27
Holdings of U.S. Govt, securities, 42, 43
New security issues, 45, 46
Ownership of securities of, 22, 26, 37
Yields and prices of securities, 34, 35
State member banks, 20, 30
Stock market credit, 36
Stocks:
New issues, 46, 47
Yields and prices, 34, 35
A-97 although
Labor force, 64
Life insurance companies (See Insurance companies)
Loans (See also specific types of loans):
Banks, by classes, 18, 22, 24, 25, 37
Commercial banks, 17, 18, 22, 24, 25, 29, 31, 32
Federal Reserve Banks, 4, 6, 8, 12, 13, 14
Insurance companies, 37, 50, 51
Insured or guaranteed by U .S ., 49, 50, 51, 52, 53
Savings and loan assns., 38, 51
Real estate loans:
Banks, by classes, 22, 25, 37, 50
Delinquency rates on home mortgages, 53
Mortgage yields, 35, 51, 52, 53
Type of holder and property mortgaged, 49-53
Reserve position, basic, member banks, 7
Reserve requirements, member banks, 9
Reserves:
Central banks and govts., 94
Commercial banks, 23, 26, 28
Federal Reserve Banks, 12, 13
Member banks, 5, 6, 17, 23
U.S. reserve assets, 75
Residential mortgage loans, 35, 49, 50, 51, 52, 53
Retail credit, 54
Retail sales, 62
(References are to pages A-4 through
Incom e, national and personal, 68, 69
Industrial production index, 5 8 -6 1 , 62
Instalment loans, 54, 55, 56, 57
Insurance companies, 37, 42, 43, 50, 51
Insured commercial banks, 20, 22, 30
Interbank deposits, 18, 23
Interest rates:
Business loans by banks, 32
Federal Reserve Banks, 8
Foreign countries, 92, 93
Money market rates, 33
Mortgage yields, 51, 52, 53
Prime rate, commercial banks, 32
Time and savings deposits, maximum rates, 10
Yields, bond and stock, 34
International capital transactions of U .S ., 76-90
International institutions, 74, 75, 92, 94
Inventories, 68
Investment companies, issues and assets, 47
Investments (See also specific types of investments):
Banks, by classes, 18, 22, 25, 26, 37
Commercial banks, 17
Federal Reserve Banks, 12, 14
Life insurance companies, 37
Savings and loan assns., 38
in this index)
A 107
BOUNDARIES OF FED ER A L RESERVE DISTRICTS A N D T H E IR BRANCH TERRITORIES
Minneapolis^1]
Chicago j
0mafia*
Jfincnrnatjl
Kansas City^
XfiarCo**1
Oklahoma. CitiJ
'.ittURock1
Dallas
Jiouston
Antonio*
Miami
January 1972
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THE FEDERAL RESERVE SYSTEM
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