Full text of Federal Reserve Bulletin : August 1972
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Federal Reserve
Bulletin
AUGUST 1972
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BOARD OF GOVERNORS ■ THE FEDERAL RESERVE SYSTEM ■ WASHINGTON, D.C.
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FEDERAL RESERVE BULLETIN
CONTENTS
NUMBER 8 □ VOLUME 58 □ AUGUST 1972
687 Financial Developments in the Second Quarter of 1972
696 Statements to Congress
707 Record of Policy Actions of the Federal Open Market Committee
713 Law Department
744
Announcements
745
National Summary of Business Conditions
Financial and Business Statistics
1
A
A
3
A
3
A
4
A 74
Contents
A 102
Board of Governors and Staff
A 104
Open Market Committee and Staff; Federal Advisory Council
A 105
Federal Reserve Banks and Branches
A 106
Federal Reserve Board Publications
A 110
Index to Statistical Tables
Guide to Tabular Presentation
Statistical Releases: Reference
U.S. Statistics
International Statistics
Map of Federal Reserve System on Inside Back Cover
EDITORIAL COMMITTEE
J. Charles Partee
Robert Solomon
Ralph C. Bryant
Robert C. Holland
Kenneth B. Williams
Elizabeth B. Sette
The Federal Reserve BULLETIN is issued monthly under the direction of the staff edi
torial committee. This committee is responsible for opinions expressed except in official
statements and signed articles. Direction for the art work is provided by Mack Rowe.
Financial
Developments in the
Second Quarter
of 1972
This report, which was sent to the Joint Economic Committee of
the U.S. Congress, highlights the important developments in finan
cial markets during the spring and early summer.
SHORT-TERM INTEREST RATES, which had begun to rise in
March, continued to move moderately upward during the second
quarter along with the rapid expansion in economic activity. The
sharpest increases occurred in the Federal funds rate and commer
cial paper rates, with the latter reflecting the first significant increase
in private nonbank demands on the money market since 1970.
Larger-than-anticipated net repayment of debt by the Treasury,
however, limited upward pressure in short-term markets, particu
larly the Treasury bill market. Near the end of the quarter large
foreign central bank support of the U.S. dollar also created market
expectations of reduced rate pressures resulting from foreign central
bank purchases of Treasury debt including special issues. However,
the full impact of such purchases on short-term rates did not develop
until July.
Long-term interest rates, on the other hand, fluctuated in a narrow
range, and bond yields ended the quarter only slightly higher than
in March. The relative stability of longer-term interest rates, despite
the rise in short-term rates, reflected mainly a continued smaller
volume of public bond offerings, compared with the record amounts
of the last 2 or 3 years, and the lack of large Treasury financing
that had been expected earlier. In addition, the spread between
short- and long-term rates was unusually wide, suggesting that,
barring a significant deterioration of market expectations or a sharp
increase in bond offerings, short-term rates could rise relative to
688
FEDERAL RESERVE BULLETIN □ AUGUST 1972
long-term rates. The continuation of a high rate of deposit growth
at financial institutions, moreover, helped to channel short-term
funds into longer-term assets.
Rates of growth in all of the major monetary aggregates mod
erated appreciably in the second quarter from their unusually rapid
first-quarter pace. In the case of M x (currency plus private nonbank
demand deposits), the annual growth rate slowed to 5.3 per cent,
in part because of the reduced supply of reserves available to
support private nonbank deposits (RPD’s). In addition, certain
special circumstances noted later undoubtedly played some role.
MONETARY AGGREGATES
Because of the large first-quarter growth in the monetary aggregates
and the accelerating pace of economic activity, the Federal Reserve
provided RPD’s at a less rapid rate in the second quarter. As a
result, RPD’s grew at an annual rate of about 7 per cent, consid
erably less than the nearly 11 per cent annual rate of the first quarter.
Commercial bank demands for reserves to support a sizable build
up in U.S. Government and interbank deposits were, nevertheless,
accommodated in line with the new System operating procedures,
so that total reserves expanded more rapidly than in the first quarter.
Owing in part to the slower growth of RPD’s, second-quarter
expansion in Mx— particularly in May and June— was substantially
NOT SEASONALLY ADJUSTED
Monthly averages of daily figures for member banks. Total and nonborrowed reserves are
adjusted to exclude the effects of changes in reserve requirement percentages. Nonborrowed
reserves are total reserves adjusted minus member bank borrowings from the Federal Reserve.
Excess reserves are total reserves less required reserves. Latest figures, June.
689
FINANCIAL DEVELOPMENTS, Q2 1972
smaller than during the first quarter. The 5.3 per cent annual growth
rate for the quarter was about the same as the annual rate in the
first and fourth quarters combined and less than the 6.5 per cent
annual rate that had prevailed on average for the 2 ^ -year period
ending with June 1972.
CHANGES IN SELECTED MONETARY AGGREGATES
In per cent; quarterly figures are seasonally adjusted annual rates
Type of aggregate
1972
1971
1971
III
IV
I
7.3
8.0
7.2
6.0
2.2
6.8
10.1
11.0
12.8
13.0
7.8
4.3
4.8
10.8
7.1
Concepts of money:2
M t ...............................................................................................
M2 ...............................................................................................
m 3 ...............................................................................................
6.2
11.1
13.3
3.7
4.4
7.8
1.1
8.0
9.6
9.3
13.3
15.5
5.3
8.6
10.8
Bank credit proxy, adjusted3 ................................
9.5
7.6
9.7
11.3
11.1
7.9
2.3
1.8
- .1
3.7
-.1
- .8
Member bank reserves:
Total ...................................................................
Nonborrowed.....................................................
Available to support private
nonbank deposits1.........................................
II
m e m o (change in billions of dollars,
seasonally adjusted):
Large CD’s .....................................................
U . S . Govt, demand deposits at
member banks ..............................................
- .3
2.3
- .4
1Total reserves less required reserves for U .S. Governm ent and interbank deposits.
2M i is currency plus private demand deposits adjusted.
M 2 is M i plus bank time and savings deposits adjusted other than large C D ’s.
M 3 is M 2 plus deposits at mutual savings banks and savings and loan associations.
3 Total member bank deposits plus funds provided by Euro-dollar borrowings and bankrelated commercial paper.
N o t e . — Changes are calculated from the average amounts outstanding in the last month
of each quarter.
Expansion of M x during the second quarter also reflected in some
degree the influence of two special factors, both of which tended
to moderate its rate of growth. First, there was an unusually large
diversion of private demand deposits into Treasury balances as U.S.
Government tax receipts were augmented by higher withholding
rates on 1972 personal tax liabilities and large final tax payments
on 1971 liabilities. In addition, a shift of funds to foreign countries
by speculators and hedgers in late June may have had a transitory
impact on the growth of Mx late in the quarter.
Inflows of consumer-type time and savings deposits at both
commercial banks and nonbank thrift institutions also slowed sig
nificantly from their unusually high first-quarter rate, but they still
remained large by historical standards. While the moderate upward
movement in short-term market interest rates may have been a
factor in this development, savings inflows did pick up noticeably
at banks after the mid-April date for payment of individual income
taxes.
With both Mj and consumer-type interest-bearing deposits
growing less rapidly, the rate of expansion of M2 (Mx plus thrift
690
FEDERAL RESERVE BULLETIN □ AUGUST 1972
Seasonally adjusted monthly averages. For definitions of M Xj M 2, and Af3, see footnote 2 to
Selected Monetary Aggregates table.
deposits at commercial banks) and M3 (M2 plus thrift accounts at
nonbank savings institutions) slowed in the second quarter. Despite
the more moderate growth of these aggregates, the adjusted credit
proxy expanded at essentially the same rate as in the first quarter—
11 per cent. The sustained high level of total deposit growth at
member banks reflected the unusually rapid expansion in large
negotiable certificates of deposits (CD’s). Over the quarter, CD’s
grew by $3.7 billion, offsetting the slower expansion of demand
and thrift deposits. The volume of funds from nondeposit sources
was approximately unchanged.
BANK USES OF FUNDS
While Federal Reserve data for deposits are based on averages
of daily figures, the series on bank credit components are based
on single-day figures (last Wednesday of the month). Thus, from
time to time, and for short intervals, deposit and credit data do
not move in close parallel; the second quarter is one of those
periods. Even though the rate of growth in the adjusted credit proxy
for member banks was about the same as the first quarter, each
of the major components of bank credit showed less expansion
in the second quarter than in the first.
The slowing in the growth of U.S. Government securities at
banks in the second quarter was associated no doubt with the
smaller volume of Treasury financing in the period. Both the
retirement of a significant volume of short-term tax warrants by
certain States and municipalities and the efforts of some banks to
reduce the rate at which they were acquiring longer-term tax-exempt
issues— in anticipation of rising interest rates and increased private
FINANCIAL DEVELOPMENTS, Q2 1972
691
credit demands— contributed to the generally slower pace of bank
acquisitions of other securities.
Continued strength in demands for housing and consumer durable
goods contributed to further rapid expansion in both real estate
and consumer loans during the quarter. However, all other loan
categories were weaker. Security loans expanded less rapidly, as
growth in stock margin credit was more moderate, and loans to
nonbank financial institutions declined somewhat after a sharp
increase in the first quarter. Business loans, which had increased
at a 9.6 per cent annual rate in the first quarter, expanded at only
a 4.3 per cent rate in the second— near the modest pace for all
of 1971.
All of the moderation in business loan growth occurred in June,
when such loans declined; April-May growth had been a little more
rapid than in the first quarter. The June decline in measured business
loans apparently reflected a temporary bunching of repayments and
perhaps a sharp increase in commercial paper sales by nonfinancial
corporations— which substituted for bank credit. In July business
loan expansion returned to the more rapid pace of the first 5 months
of the year.
As in the first quarter, business loan growth occurred mainly
at banks outside New York City. Apparently the increase in
aggregate business loans— as in earlier months this year— was
chiefly attributable to demands of small and intermediate-sized
regional firms that do not have ready access to other sources of
BANK CR E D IT-com ponents
CHANGE. BILLIONS OF DOLLARS
2
BANK L O A N S - m ajo r
com ponents
CHANGE, BILLIONS OF DOLLARS
BUSINESS
4
r i i—j. n
1 11
n
2
+
0
REAL ESTATE
i ri
icoNsuimrat
Q1
Q2
1972
Seasonally adjusted. Loans adjusted for
transfers between banks and their holding
companies, affiliates, subsidiaries, or foreign
branches.
Seasonally adjusted. Business loans adjusted for transfers between banks and their
holding companies, affiliates, subsidiaries,
or foreign branches.
FEDERAL RESERVE BULLETIN □ AUGUST 1972
692
credit; large corporations apparently had sufficient liquidity to limit
their credit demands, even in an expanding economy.
Reflecting the higher level of both business loan demands and
short-term rates generally, the prime rate charged by most banks
rose from 4 3A per cent in March to 5 lA per cent at the end of
June. For the few large banks that follow a policy of tying their
prime rate directly to open market yields, the rate varied between
4% and 5 Va per cent over the quarter.
NONBANK
INTERMEDIARIES
AND THE
MORTGAGE
MARKET
NONBANK SAVINGS ACCOUNTS
Seasonally adjusted.
Deposits at nonbank thrift institutions grew at a seasonally adjusted
annual rate of 14.6 per cent in the second quarter of 1972. Although
this was appreciably below the 20.5 per cent rate in the first quarter,
it represented a comparatively high level of savings inflows.
Reflecting these continued favorable savings inflows, the major
depositary institutions channeled a record net volume of funds,
even after seasonal adjustment, into the mortgage market during
the second quarter of 1972. In addition, life insurance companies,
which had reduced their mortgage holdings in the first quarter,
became net investors again during the second quarter. The lending
activity of Federal and related housing agencies remained at a low
level in the second quarter, as the net amount of funds supplied
by the private sector continued to be large.
During the second quarter net mortgage debt formation was
running at a record seasonally adjusted quarterly rate of $15 billion.
The pace of residential mortgage debt formation accelerated even
further, relative to the first quarter, as residential construction
activity continued to rise; and the increase in nonresidential mort
gage debt remained at the record pace established in the first quarter.
NET CHANGE IN MORTGAGE DEBT OUTSTANDING
In billions of dollars, seasonally adjusted quarterly rates
1971
Type of debt
Residential .....................
Other1 ..............................
1972
II
III
IV
I
IIe
11.9
9.0
2.9
13.4
10.0
3.4
13.4
10.0
3.3
14.2
10.4
3.8
15.1
11.3
3.8
1Includes com m ercial and other nonresidential as well as farm properties.
ePartly estim ated.
N o t e . — Details may not add to totals because of rounding.
FUNDS RAISED IN The volume of security offerings by corporations in the second
SECURITIES quarter of 1972 was only slightly above the first-quarter total, which
MARKETS had been the smallest quarterly volume in more than a year. While
there was a substantial rise in private placement activity and an
increase of about 15 per cent in new equity issues, the volume
of public bond offerings declined contraseasonally. Corporate de-
693
FINANCIAL DEVELOPMENTS, Q2 1972
OFFERINGS OF NEW SECURITY ISSUES
Quarterly totals, in billions of dollars, not seasonally adjusted
1972
1971
Type of issue
II
III
IV
I
IIe
Corporate securities— T o ta l...............
Bonds .................................................
Stocks .................................................
11.7
8.3
3.4
10.4
6.4
4.1
10.8
7.6
3.2
9.8
7.0
2.9
10.1
6.9
3.2
State and local government
bonds .................................................
6.1
6 .0
6.1
6.0
6.2
e Estimated.
N o t e . — Details may not add to totals because of rounding.
mands on the public bond market have moderated as a result of
increased cash flow and the improved liquidity position resulting
from previous large capital markets financing.
Second-quarter offerings of long-term bonds by State and local
governments were somewhat above the first-quarter total. An unu
sually large volume of revenue bonds contributed to the continued
heavy financing activity in the tax-exempt market, and in June more
than $250 million of advance refunding was accomplished.
The U.S. Treasury was able to repay about $6 billion of debt
during the second quarter. Thus it returned to the normal pattern
of debt retirement in the latter part of the fiscal year, a pattern
that it had been unable to maintain in fiscal 1971. Furthermore,
the Treasury cash balance at the end of June was almost $2.5 billion
larger than at the end of March. Although Federal outlays continued
to rise during the second quarter, budget receipts jumped by about
$19 billion, a 40 per cent increase over first-quarter receipts. The
growing strength of the economy, high tax payments in April
because of underwithholding in 1971, and the impact of overwith
holding in 1972 resulted in a budget surplus of $5.8 billion during
the quarter.
FEDERAL GOVERNMENT BORROWING AND CASH BALANCE
Quarterly totals in billions of dollars, not seasonally adjusted
Budget surplus or deficit.....................
New cash borrowings, or
repayments ( —) ..............................
Other means of financing1 .................
Change in cash b alan ce.....................
1972
1971
Item
II
III
IV
1.8
- 7 .8
- 1 0 .6
- 1 0 .5
5.8
1.6
.9
4.3
9.1
- .1
1.2
12.5
- .6
1.3
3.9
3.0
- 3 .6
- 6 .0
2.6
2.4
- .9
1.7
1.4
.4
1.2
I
II
m em o:
Net borrowings by Federally
sponsored credit agencies2 ........
C h eck s issued less checks paid and other accrued items.
2Includes debt of Federal Home Loan Banks, the Federal Home Loan Mortgage Corpora
tion, Federal Land Banks, Federal Intermediate Credit Banks, Banks for Cooperatives, and
Federal National Mortgage Association (including discount notes and bonds guaranteed by
the Government National Mortgage Association).
FEDERAL RESERVE BULLETIN □ AUGUST 1972
694
Purchases of special issues by foreign central banks, which
amounted to almost $2.5 billion in the April-June period, also
contributed to the increase in the Treasury cash balance. For
technical reasons— related to complex security exchange opera
tions— the cash balance will not show the full effect of these
operations until the third quarter of 1972. Special issues to foreign
monetary authorities amounted to almost $3.1 billion in July,
reflecting the accumulation of foreign official dollar balances as
a result of private capital flows in response to the recent interna
tional monetary uncertainties.
INTEREST RATES
The uptrend in short-term rates that had begun in mid-February
continued throughout most of the second quarter. The largest
increases were in the Federal funds rate, which rose more than
60 basis points, and in private short-term rates. The latter reflected
growth in credit demands as the economy recovered. Rates on
3-month Treasury bills fluctuated widely, but net advances over
the quarter were moderate relative to those on other short-term
rates. On short-term Treasury bills the net increase was less than
20 basis points, leading to a further widening of the already sizable
spread between these and other short-term rates. The major influ
ence in the bill market was the limited supply of short-term Treasury
INTEREST RATES
PER CENT PER ANNUM
69
1970
1971
’ 72
69
1970
1971
12
Monthly averages except FHA (based on quotations for one day each month). Yields: U .S .
Treasury bills, market yields on 3-month issues; prime commercial paper, dealer offering
rates; FHA, weighted averages of private secondary market prices of new-home 30-year mort
gages converted to annual yield (dashed line indicates period of adjustment of change in con
tractual interest rate); corporate bonds, weighted averages of new publicly offered bonds
rated Aaa, Aa, and A by M oody’s Investors Service and adjusted to an Aaa basis; U .S . Govt,
bonds, market yields adjusted to 20-year constant maturity by U .S. Treasury; State and local
govt, bonds (20 issues, mixed quality), Bond Buyer.
FINANCIAL DEVELOPMENTS, Q2 1972
695
instruments available in the market because of debt repayment and
large collateral requirements against Treasury balances.
As the supply of investment funds remained adequate in relation
to long-term credit demands, the second-quarter increases in long
term rates on private securities were quite small. Corporate new
issue rates rose about 8 basis points, and tax-exempt yields were
only 3 basis points higher, on the average, in June than in March
1972. Yields on long-term Government securities declined 7
basis points, undoubtedly reflecting both the easier conditions in
the Treasury bill market late in the quarter and the unexpectedly
favorable Federal budget position.
Secondary market yields on FHA mortgages edged upward over
the second quarter, but certain key rates in the primary market
for residential mortgages showed essentially no change. Ample
availability of funds made possible the stability in primary mortgage
market rates in spite of the continued heavy demand for housing
credit.
□
Statements to Congress
Statement by Arthur F. Burns, Chairman,
Board of Governors of the Federal Reserve
System, before the Joint Economic Committee,
July 26, 1972.
I am pleased to report to this Committee once
again the views of the Federal Reserve Board
on the state of the economy.
Since my appearance before this Committee
in February, evidence has accumulated of a
significant strengthening in the pace of eco
nomic expansion. The output of our Nation’s
factories and mines has increased rapidly since
last fall and now exceeds the previous peak rate
in September 1969.
Advancing levels of production and sales
have resulted in a larger demand for labor by
manufacturing plants, distributive firms, service
establishments, and other places of business.
Total employment since June of last year has
risen by 3 million and the length of the work
week has generally increased.
The improvement of labor markets has en
couraged substantial numbers of women and
younger workers to enter the labor force. The
ranks of jobseekers have also been swelled by
a sizable reduction in the Armed Forces. As a
consequence, unemployment has remained high
despite better job opportunities. Last month,
however, unemployment did show a heartening
decline.
A major source of the quickening tempo of
economic activity has been the recovery in
business capital formation. Confidence of the
business community was bolstered by the gov
ernmental measures adopted last year to moder
ate inflation and to stimulate employment and
output. With incentives to invest strengthened,
contracts for business construction and orders
for machinery and equipment have been rising
vigorously.
Higher residential construction has also been
a stimulating factor. New housing starts have
declined somewhat from the level reached early
696
in 1972, but the effects of the pronounced rise
in new housing starts last year are still ramify
ing. Sales of furniture and appliances, for ex
ample, have been soaring this year.
Consumer buying generally has been on a
marked uptrend since the late summer of 1971.
Spendable incomes of consumers have risen
steadily and substantially, as employment has
increased and the workweek has lengthened.
After more than 5 years of stagnation, average
weekly earnings of production workers have
increased significantly in real terms since last
summer. Confidence in the economic outlook
has improved, and consumers are now borrow
ing at record rates to buy new autos and other
durable goods.
In short, as we see the economic scene, the
current expansion is now exhibiting the charac
teristics that are typical of cyclical recoveries.
A strong revival of output in the durable goods
trades is under way, employment is rising
rapidly, and more and more branches of pro
duction are being caught up in the rising trend
of activity.
There is good reason to expect this cumula
tive process of business expansion to continue
on into 1973. Inventory accumulation should
provide an upward thrust in the months imme
diately ahead. Stocks have fallen to low levels
in relation to sales, and it appears that a pick-up
in inventory building is already in process.
Business investment in fixed capital should
continue to be a major expansive factor, since
new orders and contracts for plant and equip
ment have been moving strongly upward for
some time. If these categories of business
spending rise briskly, as now seems likely,
growth rates of employment and earnings will
remain high. Disposable income will also gain
from a rise in social security benefits this fall
and sizable tax refunds next spring. With con
sumers in a more optimistic mood, these addi
tions to purchasing power should stimulate de
mand further.
697
Thus, when I consider the recent course of
economic activity and the prospects for the
near-term future, I find reason for optimism.
The expansion in real output and employment
has remained orderly and well balanced. Most
major sectors appear to be poised for a further
rise in activity. And it seems likely that unem
ployment will diminish as real output continues
to rise.
Progress has also been made in moderating
the rate of increase in wages and prices. Over
the first half of this year, average hourly earn
ings in the private nonfarm economy rose at an
annual rate of about 5xk per cent, compared with
63A per cent during the first 7 months of 1971.
The control program has evidently had a salu
tary effect, although competitive forces may
also have served to dampen the rise in wage
rates.
Price indexes too indicate some reduction in
the rate of inflation. A comprehensive measure
of price performance—the fixed-weight index of
prices of all private goods and services in the
gross national product—rose over the first three
quarters of last year at an annual rate of about
4.5 per cent. In the three most recent quarters,
the rate of increase has receded to about 3 per
cent.
Other price indexes also show improvement.
Thus, consumer prices since last August have
increased at an annual rate of 2.7 per cent,
compared with 3.8 per cent in the first 7 months
of 1971. In the last 4 months, the annual rate
of increase averaged about 2 per cent.
The need for further progress in curbing
inflationary pressures remains great, however,
particularly in view of potential developments
in 1973. Next year, collective bargaining
agreements covering large numbers of workers
will be reopened in major industries. The nego
tiations will take place in a climate of improving
labor markets and against the backdrop of a
substantial increase in consumer prices over the
past several years. If wage rate increases should
accelerate, pressures on unit costs of production
would intensify. And business firms would
probably take advantage of receptive product
markets to pass on cost increases to customers.
Greater success in our efforts to moderate
inflation is therefore vital. If costs are to be
stabilized, the wage guidelines—which now
permit increases in wage rates well above long
term productivity gains—will need to be
lowered. But any such wage development will
necessitate measures to assure workers that their
real earnings will not be eroded by continuing
increases in consumer prices.
A tighter rein on inflation is needed not only
to protect the incomes and savings of our peo
ple; it is needed also to restore equilibrium in
our international accounts. Indeed, I seriously
doubt whether this external objective can be
achieved without a stable price level. The
Smithsonian realignment of exchange rates last
December laid the basis for a substantial im
provement in our competitive position. But that
potential will be dissipated if appreciable in
creases in domestic costs and prices continue.
Our international accounts are still seriously
out of balance. Imports this year have increased
substantially further, and while exports have
also risen, our trade deficit has deepened. Such
a development is not unusual in the months
immediately following a currency depreciation,
and the more advanced stage of our economic
recovery relative to that of our major trading
partners has undoubtedly been an aggravating
factor. With economic conditions abroad again
improving, the demand for our exports should
rise more vigorously over the near term. Past
experience suggests, however, that 2 or 3 years
may need to elapse before the full benefit of
last December’s exchange rate realignment is
realized.
The over-all balance of payments was in
substantial deficit during the first quarter. But
beginning in mid-March, the over-all balance
became more favorable, due principally to
short-term capital inflows. Indeed, we actually
experienced a balance of payments surplus be
tween mid-March and June 23, when the British
pound was floated.
In the weeks immediately following the Brit
ish decision, exchange markets around the
world experienced renewed turmoil, and a siz
able shift of dollars into European central banks
occurred. Most recently, however, order has
been re-established on the foreign exchanges.
The renewal of market confidence is due in no
small measure to the intervention in the ex
698
change markets by the Federal Reserve in col
laboration with the Treasury.
The recent disturbances of exchange markets
provide a clear warning. If repetitive monetary
crises are to be avoided and an environment
conducive to healthy expansion of foreign trade
and investment is to be preserved, international
negotiations on monetary reform must begin
promptly. The recent disturbances are also a
warning that turmoil in international financial
markets may continue until the United States
and its major trading partners find ways to rid
their economies of the inflationary sickness that
is plaguing us all.
Let me turn next to the course that our Na
tion’s monetary and fiscal policies must pursue
to offer hope of solving our inflation problem,
and at the same time to facilitate growth in
production and employment.
Typically, expansions in economic activity
are accompanied by pronounced pressures in
credit markets, reflecting larger credit demands
as well as more stringent monetary policies.
Thus far, this expansion has been rather free
from such pressures. Inflows of savings deposits
to nonbank thrift institutions—though below
earlier peaks—remain abundant, and these
funds are being used actively in mortgage lend
ing. Commercial banks, besides extending sub
stantial amounts of credit to businesses and
consumers this year, have been able to acquire
a record volume of mortgages and to supply a
major part of the funds raised in credit markets
by State and local governments. And although
interest rates on short-term securities have risen
from their lows early this year, long-term rates
of interest have changed very little. Actually,
interest rates on practically all classes of loans
and securities—including mortgages—are dis
tinctly below their July 1971 levels.
A major reason for the relative stability of
interest rates was the substantial reduction in
the size of the Federal deficit for fiscal 1972
from earlier expectations. Moderation in busi
ness credit demands was also a contributing
factor. Retained earnings of corporations were
augmented by the rise in business profits, the
release of funds by the investment tax credit
and accelerated depreciation, and the 4 per cent
ceiling on dividends imposed by the Committee
FEDERAL RESERVE BULLETIN □ AUGUST 1972
on Interest and Dividends. Businesses were thus
in a good position to finance their needs for
increased investment spending and working
capital from internal sources.
Monetary policy over this past year also con
tributed to stability in credit markets. The Fed
eral Reserve pursued a moderate course of
monetary expansion, so that fears of a new wave
of inflationary pressures would not be generated.
But the Federal Reserve also saw to it that the
economic recovery would not suffer for want
of money or credit.
The moderate course of monetary policy is
evidenced by the major monetary aggregates.
During the 12 months ending in June, the nar
rowly defined money supply (currency plus de
mand deposits) increased by 5 per cent, or less
than the increase in the Nation’s real output.
The money supply defined more broadly, so as
to include time deposits other than large-denomination certificates of deposit, rose faster as
consumers built up liquid assets by adding to
their time and savings accounts.
As this Committee knows, rates of monetary
expansion have recently varied considerably
from one quarter to the next. The effects of such
variations on economic activity can easily be
exaggerated. Last fall, for example, growth in
money balances slowed sharply, and concern
was voiced in some quarters that the economic
expansion would falter. Actually, there was no
shortage of money or credit at that time. The
abundant supply provided in the first half of last
year was still there to meet the need of con
sumers and businesses. In fact, the slowdown
served a useful function. For it assured the
public that there was no intention to open the
monetary spigot in a reckless effort to stimulate
expansion, while wages and prices were being
held in check with direct controls.
The Board recognizes, however, that fluctua
tions in growth rates of money and bank credit
have at times gone beyond our intentions. To
deal with this problem, techniques of imple
menting monetary policy have recently been
altered in ways that might permit us to minimize
undesired variations.
Early this year, the Federal Open Market
Committee decided that the pursuit of its mone
tary goals might be aided by focusing less
STATEMENTS TO CONGRESS
heavily on the Federal funds rate as an operating
target and instead giving more weight to the
desired growth of the bank reserves held against
private deposits. This change in operating
procedure did not, of course, mean that money
and capital market developments would be
disregarded. It merely meant that, in the Com
mittee’s judgment, greater emphasis could be
placed on the reserves needed to attain the
desired growth rates of the monetary aggregates,
while still giving attention to interest rates and
other dimensions of financial markets. Monetary
developments since January seem to confirm
that judgment, but more time will be needed
to evaluate properly the new operating tech
niques.
At present, the Federal Reserve is in a favor
able position to continue pursuing a path of
moderate monetary growth, for economic ex
pansion thus far has been orderly and supplies
of real resources are still ample. And if, as
seems likely, private credit demands advance
at a temperate pace, interest rates near current
levels could continue to prevail in the months
immediately ahead.
Whether or to what degree this desirable
outcome is realized will depend heavily on the
state of the Federal budget. At the time of the
midyear budget review, the deficit projected for
fiscal 1973 was $27 billion. The recent passage
of the social security bill has raised that figure
appreciably. Supplements to defense spending
not allowed for in the midyear budget review
may add further to the deficit. And there will
be a temporary but potentially dangerous bulge
in the deficit next spring, when large refunds
of overwithheld taxes will add to disposable
income. This concentrated fiscal stimulus could
have unfortunate consequences for prices.
I recognize that deficits are difficult to avoid
when tax revenues fall below the levels that
would be produced by an economy operating
at full employment. But in fiscal 1973 the deficit
may be growing at a time when the economy
is expanding briskly and the margins of unused
capacity are narrowing. Such a development
would add explosive fuel to the fires of inflation.
I therefore see no escape from the conclusion
that the time has come when the Congress must
put our fiscal house in order.
699
We stand at a crossroads in our fiscal ar
rangements. Many of our citizens are alarmed
by the increasing share of their incomes that
is taken away by Federal, State, and local taxes.
Meanwhile, Federal expenditures have been
rising at a rate well above the growth rate of
our national income and product. The propen
sity to spend more than we are prepared to
finance through taxes is becoming deep-seated
and ominous. An early end to Federal deficits
is not now in sight. Numerous Federal programs
have a huge growth of expenditures built into
them, and there are proposals presently before
the Congress that would raise expenditures by
vast amounts in coming years.
The fundamental problem, therefore, is how
to regain control over Federal expenditures. I
do not think this can be accomplished without
departing from our traditional methods of
budgetary management.
I have long been an advocate of zero-base
budgeting—a procedure that would require
careful scrutiny by the congressional appro
priations committees of the full expenditure
requested for every Government program, rather
than just the increase in expenditures. Such a
procedure would help to weed out programs
whose social usefulness has diminished or
ended. It would take considerable time, how
ever, to reform budgetary procedures along
these lines even if the Congress were ready to
adopt it.
To obtain immediate results, other steps are
needed. Recently, a bipartisan group of Con
gressmen advanced a proposal that would pro
hibit consideration of any appropriation bills in
the House of Representatives until the House
had approved a resolution containing a compre
hensive Federal budget. The proposal also
would require a two-thirds majority vote for any
appropriation bill exceeding the provisions of
the over-all budget resolution. This is a highly
constructive suggestion. I hope the Congress
will give it careful study and at the same time
consider the desirability of establishing a joint
committee of the Congress on revenues and
expenditures.
Another proposal that could produce imme
diate beneficial results has already been studied
by many members of the Congress—namely,
700
FEDERAL RESERVE BULLETIN □ AUGUST 1972
the President’s recommendation for a legislative
ceiling on this year’s budget expenditures. I
strongly support this recommendation in the
hope that the ceiling would be a rigid one, that
it would admit of no escape hatches whatever,
and that it would apply both to the Executive
and to the Congress.
Re-establishment of order in our Federal
finances has become a critical need in our Na
tion’s struggle against inflation. In the Board’s
judgment an enduring prosperity cannot be
ach ieved u n less this need is attended to
promptly and courageously by the Congress.
savings and loan associations, and credit
unions).” H.R. 15656 applies only to commer
cial banks insured by the Federal Deposit Insur
ance Corporation. The Board’s recommendation
of broader coverage was based on the premise
that any statutory protections accorded to com
mercial banks should, as a matter of equity, be
extended to their close competitors. I recognize,
however, that in some cases these competitors
have looked upon this suggestion as reflecting
an intention to expose them to new tax burdens
rather than protect them. Congress therefore
may prefer to restrict this legislation to com
mercial banks, as H.R. 15656 would do.
Statement by George W. Mitchell, Member,
Board of Governors of the Federal Reserve
System, before the Committee on Banking,
Housing and Urban Affairs, U.S. Senate, Au
gust 1, 1972.
TAXATION OF INTANGIBLES
I appreciate this opportunity to testify on behalf
of the Board of Governors on legislation clari
fying the powers of the States to tax banks.
Legislation is needed for three reasons. First,
taxation of intangibles owned by banks should
be prohibited. Second, the imposition outside
the home State of taxes measured by net in
come, capital stock, or gross receipts, and other
“ doing business” taxes should be deferred until
such time as uniform and equitable methods
may be devised to determine jurisdiction to tax
and to divide the tax base among States. Third,
discriminatory forms of taxation that might dis
courage interstate and interregional credit
movements should be avoided. To accomplish
these three broad objectives, the Board recom
mends enactment of the provisions incorporated
in title II of H.R. 15656.
While I have mentioned three broad objec
tives, the recommendations in the Board’s
report to Congress, submitted May 4, 1971,
were more detailed. Let me turn now to those
recommendations and their relation to H.R.
15656.
At the outset, the Board’s report suggested
that “ it would be desirable that the restrictions
proposed in our recommendations apply to all
commercial banks (national and State) and all
other depositary institutions (savings banks,
The Board’s report recommended that Congress
make permanent “ the present denial of authority
for States and their subdivisions to impose taxes
on intangible personal property owned by na
tional banks and extend that denial to intangible
personal property owned by State banks and
other depositary institutions.”
This recommendation related to ad valorem
taxation of intangible personal property owned
by banks. It does not concern taxes on bank
shares or deposits or franchise taxes on capital
stock. The recommendation rests on grounds of
equity and economic impact.
Ad valorem taxes on intangible property now
yield little revenue to the States. The number
of States imposing such taxes has been dimin
ishing, reflecting the fact that intangibles taxes
are extremely difficult to enforce effectively and
have strongly adverse economic impacts when
they are enforced. In an authoritative study a
few years ago of the economics of the property
tax, Professor Dick Netzer of New York Uni
versity observed (Economics of the Property
Tax, 1966, pp. 140 and 141):
The progressive withdrawal of particular
classes of personal property from the scope
of the general property tax represents a sur
render to reality. The process of exemption
has gone furthest for those classes which
pose the greatest difficulties in regard to
discovery and valuation of the assets and in
regard to the economic consequences of
uniform valuation and taxation even where
these are possible.
Intangibles present the extreme case, for
they are either readily concealed or highly
STATEMENTS TO CONGRESS
mobile (or both) and thus hard to locate on
assessment day; moreover, the incentive to
evade or avoid the assessor is substantial,
since investment in the form of intangibles
frequently yields considerably lower rates of
return than comparable investment in tangi
ble assets. Hence a uniform area-wide prop
erty tax rate is likely to absorb a substantially
larger part of the (realized or imputed) return
from intangibles than of the return from
other assets, especially when one considers
that the assessor cannot as readily underassess fixed value claims, such as bank
deposits, as he can other assets.
Netzer went on to describe the large shifts
of bank deposits out of Chicago banks just
before the annual assessment date, April 1—
shifts so large that they have a discernible im
pact on Treasury bill yields. These assessmentday disturbances in the money markets of Chi
cago were described again in the Wall Street
Journal of July 18 this year: “ April 1 is assess
ment day, and only that cash on deposit that
day in Illinois banks is considered taxable by
the state. Therefore, shortly before April 1,
many big companies convert their cash balances
into government securities, which are tax-ex
empt, or simply transfer their funds across the
border and beyond the reach of the Illinois tax
man.”
If Public Law 91-156 had been in effect when
he wrote, Netzer might have added that the
difficulties that prevent effective enforcement as
to nonbank businesses might not confront the
tax assessor in applying these taxes to intangi
bles owned by banks. Banks cannot move their
base of operations from one taxing jurisdiction
to another; they are closely supervised, with
published balance sheets; and tax assessors
cannot readily undervalue the fixed claims that
make up bank assets to the degree that they
generally undervalue other types of assets.
But application of intangibles taxes to banks
would be inequitable, and would have unde
sirable economic effects. Virtually all the assets
of banks are in the form of intangibles, whereas
this class of property is much less important for
nonfinancial businesses. So even though intan
gibles taxes were to be levied on all corporations
they would bear far more heavily on banks than
on general business firms.
Moreover, such a tax would tend to distort
701
financial flows, with some consequent loss in
economic efficiency. For example, banks might
then invest less in taxable assets such as loans
to businesses and consumers, and more in taxexempt municipal bonds. Or flows of savings
might be diverted from banks in States that
imposed such a tax and into banks in States that
did not. The process of financial intermediation
performed by banks and other depositary insti
tutions is particularly vulnerable to an intangi
bles tax since the duplication of financial assets
that is inherent in the flow of savings, first into
deposits of these institutions and then into cus
tomer loans, would expose savings flowing
through intermediaries to an additional layer of
taxation. This extra exposure does not occur
where funds flow directly from savers to ulti
mate borrowers.
The staff study submitted with the Board
report included a section summarizing argu
ments against allowing States to tax bank-owned
intangible assets. Because a full quotation
would involve repetition of some of the points
I have already presented, I shall simply submit
that section of the report (Part II, pp. 54 and
55) for the record, as follows:
(1) The territorial immobility of banks and
the fact that they are closely regulated prob
ably would lead to considerably heavier
taxation of their intangibles than of similar
assets of nonfinancial corporations. Intangi
bles in nature and in form are mobile, and
opportunities to choose the business situs of
such assets on the basis of tax considerations
ordinarily are available to most firms con
ducting dispersed operations. However
equal they might be under the law, in prac
tice banks and some other classes of financial
institutions would be at a relative disadvan
tage compared to firms in nonfinancial busi
ness, especially large firms, if barriers to
State taxation of intangibles were elim in
ated.
(2) A general tax on intangibles would
have a discriminatory impact against the
process of intermediation as distinguished
from direct market financing, since the
layering of financial assets that is inherent
in intermediation would expose savings that
flow through intermediaries to double or
multiple taxation, whereas those placed di
rectly with borrowers would be taxed only
once. Moreover, a tax on intangible assets
would be easily enforceable against institu-
702
tions but the holdings of individuals would
largely escape assessment and taxation.
(3) Unless most intangibles are taxed
practically everywhere and to all businesses,
and with substantially equal effectiveness in
all jurisdictions, the intangible personal
property tax has distinctly unneutral effects
upon geographic and inter-industry move
ments of capital. If the intangibles tax were
imposed in only a few States, or if admin
istration was more vigorous and effective in
some States than in others, the taxed banks’
market power to recoup the tax by obtaining
higher interest rates on loans and securities
would be severely limited. Banking capital
would tend to migrate toward non-taxing
States or low-rate States.
(4) An intangibles tax would fall more
heavily on Federal Reserve member banks
than non-member banks and would consti
tute an additional cost of membership. This
is because member banks are required to
hold all their legal reserves in a form that
earns no interest (vault cash or balances at
the Reserve Banks), whereas non-member
banks generally may hold their reserves in
earning forms or in balances with other
banks for which correspondent bank services
are received. The nearly universal practice
of determining assessments on a single
predetermined date each year might enable
member banks to mitigate this difference by
acting to reduce reserves on the assessment
date. However, such adjustments would not
remain possible if pressures to minimize
market disruptions and tax avoidance im
pelled States to assess on the basis of
averages.
(5) Exclusion of tax-exempt obligations
from the tax base means that an intangibles
tax would apply unevenly to individual
banks, rather than in a uniform relationship
to the volume of their intangible assets.
Moreover, a tax-induced preference for taxexempt holdings might have incidental ef
fects, such as a tendency to divert banks
from helping to finance the private sector
since this would involve acquisition of tax
able assets. If a State taxed public debt
instruments issued by other States and their
subdivisions, this might narrow the market
for out-of-State obligations while strength
ening the market for home-State securities,
since they are usually exempt.
(6) The possibility that intangibles might
be subjected to taxation in States other than
the home State of the bank— that is, by the
State of the debtor— might create apprehen
sions and protective reactions on the part of
banks. For example, concern about compli
FEDERAL RESERVE BULLETIN □ AUGUST 1972
ance burdens and uncertainty about potential
increases in the rate or coverage of such
taxes might lead to limitation of credit
operations in the foreign taxing States; any
such impediments to the interstate flow of
credit and commerce would hamper the
efficient utilization of resources.
(7)
Denial of authority to tax bank intan
gibles would not be a major limitation on
the States, or a major loss to them, for
several reasons:
(a) They never have had this authority
with respect to national banks and there
fore have applied it only in rare instances
to State banks. In calling for amendment
of section 5219, States did not make a
special point of this prohibition, as they
did with respect to sales, documentary,
and some other types of taxes.
( b) Many States exempt all personal
property or all intangibles and the trend
toward exemption is continuing. Some
States exempt designated classes of in
tangibles and tax selected categories at
special low rates in recognition of prob
lems of double taxation, the confiscatory
potentials of property tax rates when re
lated to yields on intangibles, difficulties
of enforcement and administration, and
the geographic shifts of investment that
might be induced by full-rate taxation. It
is doubtful that taxes on intangibles other
than bank deposits and shares currently
contribute as much as one-third of 1 per
cent of all State-local tax revenues.
(c) In any event, a significant portion
of bank-held intangibles is not available
for State taxation because of the exclusion
of Federal government obligations from
the property tax base.
On balance, it appears that the prospective
removal of the prohibition on taxing intan
gibles owned by national banks could have
substantial effects, concentrated in that sec
tor of the economy which is engaged in the
basic economic function of financial inter
mediation. The interstate flow of credit and
commerce might be hindered. In practice
such a tax would be discriminatory against
banks and other financial institutions, how
ever equitable and even-handed the for
mulation of the State tax laws.
Over the years the number of States retaining
an intangibles tax has been diminishing, reflect
ing dissatisfaction with the tax as inequitable
and difficult to enforce. This trend is continuing
as indicated by the 1970 repeal of the ad va
lorem intangibles tax in Iowa, conversion from
STATEMENTS TO CONGRESS
an ad valorem to a gross earnings tax in Kansas,
and adoption of a constitutional amendment in
Illinois providing for the elimination of all per
sonal property taxation by 1979. It would be
unfortunate if Public Law 91-156 should lead
to a reversal of this trend by encouraging States
to focus upon bank-owned assets simply be
cause they are comparatively easy to assess.
TAXATION BY STATES OTHER THAN THE
HOME STATE
The second recommendation in the Board’s
report related to taxation outside the home State.
The recommendation was to “ limit the circum
stances in which national banks, State banks,
and other depositary institutions may be subject
to State or local government taxes on or mea
sured by net income, gross receipts, or capital
stock, or to other ‘doing business’ taxes in a
State other than the State of the principal office,
and prescribe rules for such taxation.”
For national banks, the law now in effect
confers exclusive taxing authority on the do
miciliary State. That limitation would terminate
December 31, 1972, if the “ permanent amend
ment” of section 5219 becomes effective, as
it will unless Congress takes action at this ses
sion. Under the permanent amendment and
under the Board’s recommendation, the home
State might be required to divide the tax base
of its domiciliary banks, both State and national,
with other States in which the banks are “ doing
business.”
H.R. 15656 would continue the present
exclusive jurisdiction in the domiciliary State
and extend this Federal statutory provision to
all insured commercial banks. The section on
policy includes a declaration that “ doing busi
ness” taxes outside the home State should be
deferred until uniform and equitable methods
may be developed for determining jurisdiction
to tax and for dividing the tax base among
States. We consider this a realistic approach to
a complicated problem.
The Board report recognized that its recom
mendation presupposes the formulation of clear
jurisdictional principles for determining when a
State may tax an out-of-State bank and standard
rules for measuring what part of the base is
subject to tax in any given State. The underlying
703
objective was “ to forestall the development of
significant impediments to . . . mobility [of
funds] while safeguarding the authority of the
States to collect taxes in circumstances where
an outside bank . . . has established a clear
relationship to the taxing State . . . through a
physical presence or a pattern of sustained and
substantial operations.” Mere occasional and
transitory business activities in a State should
not subject a bank to “ doing business” taxes
in that State. It seems prudent to suggest that
if banks are now to be exposed for the first time
to multistate taxation (as they would be under
the permanent amendment in Public Law 91156), they should from the very outset be given
some degree of statutory protection from the
kinds of unsettling diversities and uncertainties
that characterize State taxation of interstate
manufacturing and mercantile businesses.
There is at present no consensus among State
taxing authorities or in the banking community
about the precise methods for providing such
protection, particularly as to rules for division
of the tax base.
Equitable division requires either separate
accounting or apportionment of the tax base by
a standard formula. Separate accounting is a
procedure for nominal separation of affiliated
enterprises that the States generally have found
difficult to police and evaluate. On the other
hand, where States use a formula to apportion
the tax base of nonbank businesses, they com
monly use one or more of three basic factors:
property, payrolls, and sales. These factors are
not particularly suited to the banking business.
Moreover, as the Board report indicated, if
interstate division of the taxable net income of
banks were to conform closely to procedures
applied to other businesses by most States, there
would be —with present lending practices—
comparatively little allocation of the tax base
to States other than the home State of the banks.
In a formal sense, virtually all business of
commercial banks is conducted in the domici
liary State. Banking practices may change, of
course. State allocation procedures also may
change in a variety of ways unless Federal
statutory limitations are enacted to assure uni
formity.
Formulation of satisfactory uniform standards
704
for multiple State taxation will be a time-con
suming and difficult process, requiring a major
coordinated effort by State tax authorities in
consultation with representatives of the banking
industry. H.R. 15656 provides for a study by
the Board of Governors to develop such stand
ards. The Board is hopeful that this provision
will be amended to place responsibility for the
study in the Treasury Department or the Advi
sory Commission on Intergovernmental Rela
tions. These two agencies are well qualified to
deal with the technical complexities and the
consultative aspects of the problem, and the
Board is not.
DISCRIMINATORY TAXATION
The third recommendation in the Board’s report
was to prohibit “ imposition of discriminatory
or more onerous license, privilege, or other
similar ‘doing business’ taxes upon out-of-State
depositary institutions than would be imposed
upon these institutions if chartered by the taxing
State.” This particular form of discriminatory
taxation would not be allowed under H.R.
15656, since it would authorize “ doing busi
ness” taxes only in the domiciliary State. More
broadly, H.R. 15656 would expressly prohibit
discrimination against out-of-State banks in any
form of taxation, and would require equal treat
ment of national banks and State banks.
It is difficult to frame a statutory prohibition
against other forms of discrimination that would
add substance to the protections now incorpo
rated in the Federal and State constitutions.
Uniformity is not the answer, since some kinds
of nominally uniform taxes, such as ad valorem
taxes on intangibles, if applied equally to banks
and nonbank businesses, would hit banks un
duly hard. Therefore, as was pointed out in the
staff study that accompanied the Board’s report,
“ it may be necessary in the interests of equity
and economic neutrality to classify banks and
other financial institutions, particularly deposi
tary institutions, separately from other busi
nesses in order that tax provisions may be ad
justed to their special characteristics.” Accord
ingly, the Board recommends continuation of
the general standard against discrimination es
tablished in Public Law 91-156, without the
addition of specific statutory standards intended
FEDERAL RESERVE BULLETIN □ AUGUST 1972
to assure uniform treatment for banks and non
bank businesses. H.R. 15656 adopts this ap
proach by authorizing taxation of insured banks
only where the tax is imposed generally
throughout the taxing jurisdiction on a nondiscriminatory basis.
INCOME ON U.S. OBLIGATIONS;
TREATMENT OF COIN AND CURRENCY
The fourth and fifth recommendations in the
Board’s report involved narrower questions.
Recommendation 4 was that States should be
authorized “ to include, in the measure of oth
erwise valid direct net income taxes, the income
realized by banks and other depositary institu
tions from Federal Government obligations.”
Under present law (31 U.S.C. 742), States may
include such income in the tax base for a fran
chise or excise tax measured by net income,
but not for a direct tax on income. There is
no economic difference between these two types
of taxes, and the present exemption restricts the
choice domiciliary States should have in taxing
bank income. However, the St Germain sub
committee of the House Committee on Banking
and Currency decided not to include provisions
carrying out this recommendation in H.R.
15656. I understand that this decision reflects
questions of committee jurisdiction.
Recommendation 5 was that “ coins and paper
currency [should] be considered intangible per
sonal property for State and local tax purposes.”
This recommendation is incorporated in the
definition of “ intangible personal property” in
H.R. 15656. Cash and currency are treated as
intangibles under section 5219 of the Revised
Statutes as now in effect, but the specification
would lapse at the end of 1972 if there were
no further legislation.
RELATIVE TAX BURDENS
It may be useful to mention briefly a question
that is sometimes raised in discussions of State
taxation of banks. The question is whether
banks pay their fair share of taxes, as compared
with other businesses. This question was exam
ined in detail in appendix 9 of the Board’s
report. For reasons summarized at pages 18 and
19 of Part II of the Board’s report, the report
does not include a comparison of tax treatment
705
STATEMENTS TO CONGRESS
of banks with that of other businesses. We know
of no way to make such comparisons in a
meaningful and objective fashion on the basis
of available data.
As far as the pending legislation is concerned,
the relevant point is that H.R. 15656 would not
take away any existing source of revenue nor
would it impose significant Federal limits on
future taxation. The continued prohibition of
taxes on bank-owned intangible personal prop
erty would become important in terms of the
revenues involved only if States were to reverse
the long-continued trend away from taxation of
intangibles. The provisions relating to taxation
of out-of-State banks would not necessarily re
duce total taxes below what they would other
wise be. In fact, they might produce the oppo
site result for reasons that were pointed out in
the Board report (pp. 4 and 5):
The aggregate of taxes paid by any indi
vidual bank or other depositary institution
probably would be reduced by multiple State
taxation as compared with taxation confined
to the headquarters State because applicable
tax rates in the home State (especially in the
major banking center States) may be higher
than in other States, and some States may
not tax the out-of-State institution.
The importance of the multistate taxation issues
lies in the fact, also noted in the Board report
(p. 5), that
. . . in some instances the added costs of
acquiring technical competence regarding
the differing tax laws and procedures of all
States where business is done, maintaining
records needed to determine which taxes are
applicable and the amount of liability, and
preparing and filing returns in all affected
States may be even greater than the taxes.
The objective of H.R. 15656 is not to relieve
banks of any taxes comparable to those borne
by other enterprises, but rather to avoid exces
sive compliance costs and the erection of
avoidable barriers to interstate credit flows. As
the Board said in its report (p. 5):
Such barriers would be raised not only by
the imposition of the tax itself but also if
there ensued uncertainty, controversy, and
litigation of the sort that for decades have
characterized taxation of interstate mercan
tile and manufacturing businesses. Uncer
tainties about potential tax liabilities and
concern about compliance burdens could
become material factors in decisions to make
particular loans or investments.
SUMMARY: STATE TAXATION OF
BANKS
Admittedly, the central questions involved in
Federal legislation pertaining to State and local
taxation of banks are quite technical and com
plex. But they are important for the industry
and for some State and local governments. The
Board’s report and the staff studies that preceded
it have been furnished to the House and Senate
committees. These documents explore the un
derlying issues in greater detail. The point that
I would stress today is that the restraints on the
taxing powers of the States incorporated in H.R.
15656 will not, in my judgment, cut off impor
tant potential sources of revenue, but they do
offer assurance against imposition of taxes that
might impair the ability of the banking system
to contribute to the efficient allocation of the
Nation’s credit resources.
FULL INSURANCE OF PUBLIC DEPOSITS
The bulk of my statement has dealt with taxation
of banks, since I had understood that would be
the subject matter of the hearing. I have since
been informed that the hearing would be broad
ened to cover two additional subjects incorpo
rated in an amendment intended to be proposed
by Senator Proxmire, introduced July 26. Title
III of the Proxmire amendment provides that
deposits by Federal, State, or local governments
in institutions insured by the Federal Deposit
Insurance Corporation or the Federal Savings
and Loan Insurance Corporation shall be fully
covered by deposit insurance, notwithstanding
the $20,000 limit generally applicable to other
deposits. The FDIC and the FSLIC would be
authorized to limit the aggregate amount of such
deposits in any individual institution on the basis
of the size of the institution in terms of its assets.
The Board recommends against enactment of
title III.
Commercial banks invest heavily in Treasury
and municipal securities. At the end of last year
they held $160 billion of U.S. Treasury, Federal
agency, and municipal securities. An estimated
$70 billion of these were pledged as security
706
against $59 billion in public deposits. Full in
surance would eventually lead to removal of
pledging requirements and reduce bank de
mands for these securities. Borrowing costs to
the Treasury and to State and local governments
would thereby be raised.
Moreover, if the principle of full insurance
were later extended to cover private as well as
public deposits, incentives for good bank man
agement could be significantly weakened. Fi
nally, the Board believes it would be unwise
to divert active or short-term time deposits from
banks to savings and loan associations, as could
result if title III were enacted. Public deposits
are made up of funds needed for operating
purposes, and of temporary overruns or sur
pluses. Public policy should not encourage in
vestment of funds of this kind in long-term
illiquid assets such as mortgages.
CASHING OF GOVERNMENT CHECKS
Title II of the Proxmire amendment would pro
hibit any institution insured by FDIC or FSLIC
from refusing to cash a Government check upon
presentation by the payee on the ground that
he does not have an account at the institution,
provided he furnishes adequate identification. It
would also prohibit such institutions from
charging the payee for cashing the check. The
Treasury would prescribe regulations to carry
out these provisions.
Two elements of cost would be involved in
FEDERAL RESERVE BULLETIN □ AUGUST 1972
providing such check-cashing services: losses
on checks cashed for people who are not entitled
to payment, and routine handling costs. Losses
due to false identification could be minimized,
but not entirely eliminated, if identification
procedures were carefully worked out. Routine
handling costs, however, cannot be readily ab
sorbed, particularly if the identification proce
dures proved to be time consuming. Financial
institutions would have to absorb these costs or
pass them on to their customers, unless some
arrangements were made for the Government to
reimburse them for their added expense.
In an analogous situation, when business
payrolls result in a large number of checks being
presented for cash at local banks, employer
firms maintain balances at the banks at levels
that will compensate them for the check-cashing
service. I understand that in a few instances
compensation has taken the form of fees rather
than maintenance of deposit balances—a prac
tice that may become more widespread as costaccounting techniques are perfected.
If banks are required to cash Government
checks free of charge, the impact will vary
among individual banks; in some cases the
added costs could be substantial. We would
hope that arrangements could be made, includ
ing guarantees against liability where the Trea
sury’s identification procedures are complied
with, to avoid imposing unfair cost burdens on
particular institutions.
□
Record of Policy Actions
of the Federal Open Market Committee
Records of policy actions taken by the Federal Open Market Com
mittee at each meeting, in the form in which they will appear in the
Board’s Annual Report, are released approximately 90 days
following the date of the meeting and are subsequently published
in the Federal Reserve B u l l e t i n .
The record for each meeting includes the votes on the policy
decisions made at the meeting as well as a resume of the basis for
the decisions. The summary descriptions of economic and financial
conditions are based on the information that was available to the
Committee at the time of the meeting, rather than on data as they
may have been revised since then.
Policy directives of the Federal Open Market Committee are
issued to the Federal Reserve Bank of New York— the Bank
selected by the Committee 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 records for the meetings held in 1972 through April 18 were
published in the B u l l e t i n s for April, pages 390-97; May, pages
455-63; June, pages 562-70; and July, pages 640-48. The record
for the meeting held on May 23, 1972, follows:
707
708
FEDERAL RESERVE BULLETIN □ AUGUST 1972
MEETING HELD ON MAY 23, 1972
Current economic policy directive.
Estimates of the Commerce Department indicated that real output
of goods and services had grown at an annual rate of 5.6 per cent
in the first quarter— about the same rate as in the fourth quarter
of 1971— and growth appeared to be accelerating in the current
quarter. Staff projections suggested that the growth rate would
increase further in the second half of 1972.
In April industrial production rose at a faster pace than earlier
in the year, reflecting widespread gains in output among consumer
goods, business equipment, and materials. Employment in manu
facturing and other nonfarm establishments continued to expand,
and the average factory workweek increased sharply. However,
the unemployment rate remained at 5.9 per cent. According to
the advance report, retail sales declined in April— following an
upsurge in March— but they remained well above the monthly
average in the first quarter. Housing starts continued to fall from
the extraordinary high reached in February, although part of the
reported decline for April may have reflected statistical problems.
Wholesale prices of farm and food products, which had declined
in March, were about unchanged in April, but prices of industrial
commodities continued to rise at the substantial rate of the preced
ing 4 months. The consumer price index rose somewhat, after
having been stable in March; over the 2 months, retail prices of
foods changed little. The advance in average hourly earnings of
production workers on private nonfarm payrolls remained fairly
rapid.
Staff projections continued to suggest that growth in real GNP
would accelerate in the current quarter, with a step-up in inventory
accumulation from a very low rate in the first quarter now expected
to account for a part of the acceleration. Consumer spending, which
had increased more in the first quarter than had been estimated
earlier, was expected to continue upward at a substantial rate; such
spending would be buoyed by a larger gain in disposable income
than in the first quarter when a sizable increase in personal income
tax payments under the new withholding schedules had dampened
RECORD OF POLICY ACTIONS OF FOMC
the rise. It was anticipated that business capital outlays would
continue to increase, but at a less rapid pace than in the first quarter,
and that the rise in residential construction outlays would slow.
Projections for the second half of the year, like those of 5 weeks
earlier, suggested some further rise in the rate of real GNP growth.
It was still anticipated that disposable income and consumption
expenditures would increase at a faster pace, that business capital
outlays and inventory investment would continue to expand, and
that net exports would improve. On the other hand, it was expected
that the expansion in Federal outlays would slow— although not
to the extent that had been suggested in the previous projections—
and that residential construction outlays would level off.
Exchange rates for the dollar against most major foreign curren
cies had changed little since mid-March. The U.S. balance of
payments on the official settlements basis had been in slight surplus,
reflecting an inflow of private capital, especially short term, to the
United States; this was in contrast with the heavy deficit recorded
in the first 2lh months of 1972 when private capital on balance
had flowed out. The payments balance on the net liquidity basis
apparently had remained in deficit in recent weeks, although the
deficit was greatly reduced by the inflow of capital. In March the
deficit in merchandise trade remained large.
The Treasury announced on April 26 that in its mid-May financ
ing it would refund only $1.75 billion of the $2.4 billion in publicly
held debt maturing on May 15 and that it would redeem the balance
for cash. In the refunding the Treasury auctioned $1.25 billion
of a 1-year note, at an average price to yield 4.44 per cent, and
$500 million more of a bond maturing in February 1982, at an
average price to yield 6.29 per cent. It was thought possible that
the Treasury would undertake an advance refunding in the interval
before the next meeting of the Committee.
Market interest rates generally had fluctuated in a narrow range
since the Committee’s meeting on April 18. Early in the period
short- and long-term rates had edged down, partly in response to
indications that Treasury cash borrowings in the second half of
the year would be less than had been anticipated. Moreover, the
combined volume of new corporate and State and local government
bonds publicly issued had declined somewhat in April and appeared
likely to decline further in May. Toward the end of the period,
709
710
FEDERAL RESERVE BULLETIN □ AUGUST 1972
however, interest rates— especially short-term rates— had tended
upward again partly in response to some firming in money market
conditions and to three Treasury auctions of bills in a short period
of time. The market rate on 3-month bills was 3.79 per cent on
the day before this meeting, compared with a low of 3.42 per
cent in early May and 3.85 per cent on the day before the April
meeting.
Contract interest rates on conventional new-home mortgages and
yields in the secondary market for Federally insured mortgages
rose somewhat in April; in both cases the increases were the first
in many months. Inflows of savings funds to nonbank thrift institu
tions slowed, but they remained at a relatively advanced pace.
At commercial banks, business loans outstanding expanded in
April at a faster pace than in the first quarter, and real estate and
consumer loans continued to grow rapidly. Banks added only a
small amount to their holdings of Government securities and
reduced slightly their holdings of other securities; in the first
quarter, they had added substantial amounts of both.
Growth in the narrowly defined money stock (private demand
deposits plus currency in circulation, or M x) slowed to an annual
rate of about 8 per cent in April from an average rate of about
12 per cent in February and March. Inflows of savings funds to
commercial banks continued to slacken, and growth in the more
broadly defined money stock (Mx plus commercial bank time and
savings deposits other than large-denomination CD’s, or M2) also
moderated to a rate of about 8 per cent, from an average rate
of 13 per cent in February and March. However, expansion in
the bank credit proxy— daily-average member bank deposits, ad
justed to include funds from nondeposit sources— remained rapid,
reflecting increases in both U.S. Government deposits and the
volume of large-denomination CD’s outstanding.
System open market operations since the April 18 meeting of
the Committee had been directed at fostering growth in reserves
available to support private nonbank deposits (RPD’s) at an annual
rate in the April-May period of 7 to 11 per cent and growth in
the monetary aggregates at somewhat more moderate rates than
earlier, while at the same time avoiding sharp day-to-day fluctua
tions and large cumulative changes in money market conditions.
It appeared at present that RPD’s would actually grow over the
RECORD OF POLICY ACTIONS OF FOMC
April-May period at an annual rate of 7.5 per cent. Since the April
meeting the Federal funds rate had continued to fluctuate around
the AlA per cent level reached in early April. Member bank borrow
ings averaged about $115 million in the 5 weeks ending May 17
compared with about $105 million the preceding 4 weeks.
In pursuit of its open market objectives, the System needed to
provide fewer reserves than it would otherwise have provided
because a large amount of reserves was supplied by a reduction
in the Treasury’s balance at the Federal Reserve Banks and by
the monetization of the gain in the dollar value of the gold stock
that resulted from the recent increase in the U.S. official price of
gold. In late April the System met temporary needs for reserves
by making repurchase agreements with nonbank dealers; interest
rates on those agreements were established by competitive bidding,
in accordance with a Committee decision on April 17, 1972. In
this initial use of the experimental auction procedure, no major
difficulties were encountered.
The Committee agreed that the economic situation called for
growth in the monetary aggregates over the months ahead at rates
somewhat slower than those recorded in recent months. After taking
account of recent changes in deposits and lagged reserve require
ments, the Committee decided to seek growth in RPD’s at an annual
rate in a range of 7.5 to 11.5 per cent during the May-June period
while continuing to avoid sharp fluctuations and large cumulative
changes in money market conditions. It was recognized that growth
in RPD’s within that range might be associated with some firming
of money market conditions. The members also decided that some
allowance should be made in the conduct of operations if growth
in the monetary aggregates appeared to be deviating significantly
from the rates expected and that account should be taken of capital
market developments and possible Treasury refunding. As at other
recent meetings, it was understood that the Chairman might call
upon the Committee to consider the need for supplementary in
structions before the next scheduled meeting if it appeared that
the Committee’s objectives and constraints were not being met
satisfactorily.
The following current economic policy directive was issued to
the Federal Reserve Bank of New York:
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712
FEDERAL RESERVE BULLETIN □ AUGUST 1972
The information reviewed at this meeting, including recent data
for such measures of business activity as industrial production and
employment, suggests that real output of goods and services may
be growing at a faster rate in the current quarter than in the two
preceding quarters, but the unemployment rate remains high. In
April wholesale prices of farm and food products changed little—
after having declined in March— but the rise in prices of industrial
commodities remained substantial. The consumer price index, which
had been stable in March, increased somewhat. Wage rates contin
ued to rise at a substantial pace. The U.S. balance of payments
on the official settlements basis has been in small surplus since
mid-March, but the payments balance on the net liquidity basis has
apparently remained in deficit. In March merchandise imports con
tinued to be considerably in excess of exports.
Growth in both the narrowly and broadly defined money stock
slowed in April from the rapid rates in February and March. Inflows
of savings funds to nonbank thrift institutions also slowed, but they
remained at a relatively advanced pace. Reflecting a further increase
in U.S. Government deposits and a rise in the outstanding volume
of large-denomination C D ’s, the bank credit proxy continued to
expand at a rapid rate. In recent weeks, market interest rates have
fluctuated in a narrow range.
In light of the foregoing developments, it is the policy of the
Federal Open Market Committee to foster financial conditions
conducive to sustainable real economic growth and increased em
ployment, abatement of inflationary pressures, and attainment of
reasonable equilibrium in the country’s balance of payments.
To implement this policy, while taking account of capital market
developments and possible Treasury refunding, the Committee seeks
to achieve bank reserve and money market conditions that will
support somewhat slower growth in monetary aggregates over the
months ahead.
Votes for this action: Messrs. Burns, Hayes,
Brimmer, Cold well, Daane, Eastburn, M acLaury,
Mitchell, Sheehan, and Winn. Votes against this
action: None.
Absent and not voting: Mr. Robertson.
Law Department
Statutes, regulations, interpretations, and decisions
EXTENSION OF DEFENSE PRODUCTION ACT
By Act approved June 30, 1972 (Public Law
92-325) Congress extended until June 30, 1974,
those provisions of the Defense Production Act
of 1950 (including section 301, which is the basis
for guarantees of loans for defense production) that
otherwise would have expired on June 30, 1972.
SECURITIES CREDIT
TRANSACTIONS
account.” The text of these amendments reads as
set forth below:
AMENDMENTS TO REGULATION G
Effective Septem ber 18, 1972, Regulation G is
am ended as follows:
1. Section 207.1(j)(2) is amended to read as
follows:
SECTION 207.1— GENERAL RULE
*
The Board of Governors has amended its margin
regulations, Regulation G, “ Securities Credit by
Persons other than Banks, Brokers, or Dealers” ;
Regulation T, “ Credit by Brokers and D ealers” ;
and Regulation U, “ Credit by Banks for the Pur
pose of Purchasing or Carrying Margin Stocks” ,
effective September 18, 1972. Under the amend
ments, which are technical in nature, use of the
“ same-day substitution” rule will end in accounts
where the debt— adjusted as defined in the regula
tions— is more than 60 per cent of the market value
of the stock collateral in the account. The “ sameday substitution” rule permits customers to
substitute one security for another in their accounts
through off-setting purchases and sales made on
the same day.
Also effective September 18, 1972, the Board
has amended Regulation T to permit short sales
of stock into which bonds are convertible to be
made in the special convertible debt security ac
count if the bond is held in the account.
In a separate action, the Board has amended
section 220.4(k) of Regulation T, effective Sep
tember 5, 1972, to eliminate the requirement that,
in order to be eligible for the provisions of that
section, a creditor must be the issuer, or a sub
sidiary or affiliate of the issuer, of programs which
combine the acquisition of mutual fund shares and
insurance. Also, creditors who arrange credit for
the acquisition of mutual fund shares and insurance
are permitted to sell mutual fund shares without
insurance under the provisions of section 220.4(c).
In addition, the designation of section 220.4(k)
is changed to “ Special insurance premium funding
*
*
*
*
(j) Withdrawals and substitutions of collat
eral. * * *
(2)
Sam e-day substitution o f collateral. Except
as prohibited by § 207.4(a)(2), in the case of a
credit in which the equity ratio is equal to or
exceeds the minimum equity ratio as prescribed
in § 207.5 (the supplement to the regulation) a
lender may permit a substitution of margin securi
ties effected by a purchase and sale on orders
executed within the same day: Provided, That (i)
if the proceeds of the sale exceed the total cost
of the purchase, the credit is reduced by at least
an amount equal to the retention requirement in
respect to the sale less the retention requirement
in respect to the purchase, or (ii) if the total cost
of the purchase exceeds the proceeds of the sale,
the credit may be increased by an amount no
greater than the maximum loan value of the se
curities purchased less the maximum loan value
of the securities sold. If the maximum loan value
of the collateral securing the credit has become
less than the amount of the credit, the amount of
the credit may nonetheless be increased if there
is provided additional collateral having maximum
loan value at least equal to the amount of increase,
or the credit is extended pursuant to § 207.4(a).
2. Paragraph (k) is added to § 207.2 as follows:
SECTION 207.2— DEFINITIONS
(k) The term “ equity ratio” means the fraction
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714
stated as a percentage in which the denominator
is the current market value of the collateral having
loan value in respect of the credit and the numera
tor is such current market value minus the amount
of the credit currently owing.
FEDERAL RESERVE BULLETIN □ AUGUST 1972
1.
Section 220.3(a), (b)(1), (d)(3), and (g) is
amended as set forth below:
SECTION 220.3— GENERAL ACCOUNT
(a) Contents of general account. All financial
relations between a creditor and a customer,
whether recorded in one record or in more than
3.
Paragraph (f) is added to § 207.5 (the Sup one record, shall be included in and be deemed
to be part of the custom er’s general account with
plement to Regulation G) as follows:
the creditor, except that the relations which §
SECTION 207.5— SUPPLEMENT
220.4 permits to be included in any special account
provided for by that section may be included in
the appropriate special account, and all transac
(f)
Minimum equity ratio. The minimum eq tions in commodities, and, except to the extent
provided in paragraph (b)(2) of this section, all
uity ratio of a credit subject to § 207.1 is 40 per
transactions in non-equity securities, exempted
cent.
securities, and in other securities having no loan
AMENDMENTS TO REGULATION T
value in a general account under the provisions
of paragraph (c) of this section and § 220.8 (the
Supplement to Regulation T) (except unissued
Effective Septem ber 5, 1972 , § 2 2 0 .4(k) is
securities, short sales and securities positions to
am ended to read as follows:
offset short sales other than those permitted in §
SECTION 220.4— SPECIAL ACCOUNTS
220.4(j)(5), purchases to cover short sales and
contracts involving an endorsement or guarantee
of any put, call, or other option), shall be included
in the appropriate special account provided for by
(k) Special insurance premium funding ac
§ 220.4. During any period when such § 220.8
count. In a special insurance premium funding
account a creditor may arrange for the extension
specifies that margin equity securities shall have
no loan value in a general account or special
or maintenance of credit, not in excess of the
premiums on the insurance policy (plus any ap
convertible debt security account (sometimes re
ferred to herein as “ special convertible security
plicable interest), on a security issued by an in
account” ) subject to § 220.4(j), any transaction
vestment company registered pursuant to section
consisting of a purchase of a security other than
8 of the Investment Company Act of 1940 (15
a purchase of a security to reduce or close out
U .S.C . 80a-8) that serves as collateral under a
a short position shall be effected in the special
plan, program, or investment contract registered
cash account provided for by § 220.4(c) or in some
with the Securities and Exchange Commission
other appropriate special account provided for by
under the Securities Act of 1933 (15 U .S.C . 77),
§ 220.4.
that provides for the acquisition both of a security
issued by such investment company and of insur
(b) General rule. (1) (i) A creditor shall not
ance: P rovided , That such credit is extended or
effect for or with any customer in a general ac
maintained by a lender subject to Part 207 of this
count, special bond account subject to § 220.4(i),
or special convertible debt security account any
Chapter (Regulation G) or a bank subject to Part
221 of this Chapter (Regulation U). A creditor
transaction which, in combination with the other
arranging credit in a special insurance premium
transactions effected in such account on the same
funding account shall not extend, arrange, or
day, creates an excess of the adjusted debit balance
of such account over the maximum loan value of
maintain credit in the general account or any other
the securities in such account, or increases any
special account in § 220.3 and this section, except
such excess, unless in connection therewith the
for transactions involving the purchase of shares,
creditor obtains, as promptly as possible and in
in the special cash account described in paragraph
(c) of this section, in investment companies which
any event before the expiration of 5 full business
are so registered.
days following the date of such transaction, the
deposit into such account of cash or securities in
Effective Septem ber 1 8 , 1972 , Regulation T is
such amount that the cash deposited plus the loan
am ended as follow s:
value of the securities deposited equals or exceeds
715
LAW DEPARTMENT
the excess so created or the increase so caused.
(ii) If the adjusted debit balance in a general
account or special convertible debt security ac
count, computed using the margin requirement for
short sales specified in § 220.8(g)(2) of the Sup
plement to Regulation T, exceeds the maximum
loan value of the securities in such account speci
fied in § 220.8(g)(1), the account is subject to §
220.8(g) (sometimes referred to herein as “ ac
count subject to section 8(g)” ). If an account is
subject to § 220.8(g) as of the close of business
on the preceding business day, it shall be subject,
in addition to all other requirements applying to
the account, to the requirement that the creditor
shall not effect any transaction in the account
which creates an excess of the adjusted debit
balance of such account, computed using the mar
gin requirements for short sales specified in §
220.8(d), over the maximum loan value of the
securities in such account specified in § 220.8(a)
and (c), or increases any such excess, unless in
connection therewith the creditor obtains, as
promptly as possible and in any event before the
expiration of 5 full business days following the
date of such transaction, the deposit into such
account of cash or securities in such amount that
the cash deposited plus the loan value of the
securities deposited equals or exceeds the excess
so created or the increase so caused. The required
deposit may be reduced by the amount of cash
or securities which otherwise could be withdrawn
pursuant to the provisions of subparagraph (2) of
this paragraph in connection with any other trans
actions in the account on the same day.
count the same securities or securities exchangea
ble or convertible within 90 calendar days, without
restriction other than the payment of money, into
such securities sold short;
*
*
*
*
*
(g) Transactions on given day. (1) For the
purpose of paragraph (b)(1) of this section, except
in the case of an account subject to section 8(g),
the question of whether or not an excess of the
adjusted debit balance of a general account, special
bond account, or special convertible debt security
account over the maximum loan value of the
securities in such account is created or increased
on a given day shall be determined on the basis
of all the transactions in the account on such day
exclusive of any deposit of cash, deposit of se
curities, covering transactions, or other liquidation
that has been effected on such day, pursuant to
the requirements of paragraph (b) or (e) of this
section, in connection with a transaction on a
previous day.
(2) In the case of an account subject to section
8(g), the computation for the required deposit,
under paragraph (b)(l)(ii) of this section in con
nection with transactions on a given day, may be
made at the close of trading on such day and shall
be made exclusive of any deposit of cash, deposit
of securities, covering transactions or other liqui
dation that has been effected on such day, pursuant
to the requirements of paragraph (b) or (e) of this
section, in connection with a transaction on a
previous day.
(3) In any case in which an excess so created,
or increase so caused, by transactions on a given
*
*
*
*
*
day does not exceed $100, the creditor need not
obtain the deposit specified therefor in paragraph
(d)
Adjusted debit balance. For the purpose (b)(1) of this section.
of this part, the adjusted debit balance of a general
(4) Any transaction which serves to meet the
account, special bond account, or special convert
requirements of paragraph (e) of this section or
ible debt security account shall be calculated by
otherwise serves to permit any offsetting transac
taking the sum of the following items:
tion in an account shall, to that extent, be un
available to permit any other transaction in such
*
*
*
*
*
account.
(3)
the current market value of any securities
(5) For the purposes of this part (Regulation T),
(other than unissued securities) sold short in the
if a security has maximum loan value under para
general account plus, for each security (other than
graph (c)(1) of this section in a general account,
an exempted security), such amount as the Board
or under § 220.4(j) in a special convertible debt
shall prescribe from time to time in § 220.8(d)
security account, a sale of the same security (even
(the Supplement to Regulation T) as the margin
though not the same certificate) in such account
required for such short sales, except that such
shall be deemed to be a long sale and shall not
amount so prescribed in such § 220.8(d) need not
be deemed to be or treated as a short sale.
be included when there are held in the general
account or special convertible debt security ac
716
2. Subparagraph (4) of § 220.4(j) is amended
and a new subparagraph (5) is added to that section
to read as follows:
SECTION 220.4— SPECIAL ACCOUNTS
(j) Special convertible debt security account.
* * *
(4) In the event any convertible debt security
held in this account is to be converted to a stock,
such security shall upon conversion be transferred
to the custom er’s general account against a deposit
of cash or margin securities eligible for an exten
sion of credit in this account (counted at their
maximum loan value) equal to at least the maxi
mum loan value of the security so transferred
without regard to the retention requirement of §
220.3(b)(2).
(5) In a special convertible debt security account
the amount of margin equity securities into which
a margin debt security held in the account is
convertible may be sold short without regard to
the margin required for short sales in § 220.8(d)
(Supplement to Regulation T), and such short
position may be carried in the special convertible
debt security account in conformity with the ex
ception provided in § 220.3(d)(3).
FEDERAL RESERVE BULLETIN □ AUGUST 1972
debit balance of the account pursuant to §
220.3(d)(3) as margin required for short sales of
securities (other than exempted securities) shall be
40 per cent of the current market value of each
security.
4.
To conform with these amendments: In §
220.2(e)(2), the reference to § 220.8(g) is changed
to read § 220.8(h); and in § 220.2(e)(3)(ii), the
reference to § 220.8(h) is changed to read §
220.8(i).
AMENDMENTS TO REGULATION U
Effective Septem ber 1 8 , 1972 , Regulation U is
am ended as follows:
1.
lows:
Section 221.1(c) is amended to read as fol
SECTION 221.1— GENERAL RULE
(c)
Same-day transactions. (1) Except as pro
vided in § 221.3(r)(l), a bank may in the case
of a credit in which the equity ratio is equal to
*
*
*
*
*
or exceeds the minimum equity ratio as prescribed
in § 221.4 (the supplement to the regulation)
3. In § 220.8 (the Supplement to Regulation
permit
a substitution of stock whether margin or
T ), a new paragraph (g) is added as set forth below
non-margin,
effected by a purchase and sale on
and the existing paragraphs (g) and (h) are rede
orders executed within the same day: P rovided ,
signated as paragraphs (h) and (i), respectively.
That (i) if the proceeds of the sale exceed the total
SECTION 220.8— SUPPLEMENT
cost of the purchase, the credit is reduced by at
least an amount equal to the “ retention require
m ent” with respect to the sale less the “ retention
requirement” with respect to the purchase, or (ii)
(g)
Account subject to section 8(g). For pur if the total cost of the purchase exceeds the pro
poses of the c o m p u ta tio n d e sc rib e d in §
ceeds of the sale, the credit may be increased by
an amount no greater than the maximum loan value
220.3(b)( 1)(ii),
(1) The maximum loan value of a registered
of the stock purchased less the maximum loan
non-equity security held in the account on March
value of the stock sold. If the maximum loan value
11, 1968, and continuously thereafter, and of a
of the collateral securing the credit has become
margin equity security shall be 60 per cent of the
less than the amount of the credit, the amount of
current market value of such security, and the
the credit may nonetheless be increased if there
maximum loan value of an exempted security held
is provided additional collateral having maximum
in the account on March 11, 1968, and continu
loan value at least equal to the amount of the
ously thereafter shall be the maximum loan value
increase.
of the security as determined by the creditor in
(2)
For the purpose of this paragraph, the term
good faith.
‘‘equity ratio” means the fraction (stated as a
(2) The amount to be included in the adjusted
percentage) in which the denominator is the cur
717
LAW DEPARTMENT
Congress has had an opportunity to consider the
matter. Suggestions for changes in rules governing
specialized thrift institutions have been made by
the President’s Commission on Financial Structure
and Regulation (the “ Hunt Commission” ), as well
sfs
sjc
s+s
sfs
as others. It is expected that the next Congress
will have occasion to thoroughly consider bank
2.
A new paragraph (f) is added to § 221.4 (the and savings and loan association relationships.
The action does not affect previous Board deci
Supplement to Regulation U) as follows:
sions permitting affiliations of thrift institutions
SECTION 221.4— SUPPLEMENT
and commercial banks in Rhode Island. (Applica
tions of Newport Savings & Loan Association,
1972 B u l l e t i n 313 and Old Colony Co-operative
Bank, 1972 B u l l e t i n 417).
(f) Minimum equity ratio. The minimum eq
uity ratio of a credit subject to § 221.1 is 40 per
ORDER UNDER BANK MERGER ACT AND DETERMI
cent.
rent market value of the collateral having loan
value in respect of the credit and the numerator
is such current market value minus the amount
of the credit currently owing.
NATION UNDER BANK HOLDING COMPANY ACT
BANK HOLDING COMPANIES:
OPERATION OF SAVINGS AND LOAN
ASSOCIATIONS
The Board of Governors announced August 3,
1972, that it has decided not to include at the
present time operation of savings and loan associ
ations on its list of activities in which bank holding
companies may engage.
The Board had previously indicated that opera
tion of a savings and loan association was not
within the scope of activities heretofore authorized
to be conducted by a bank holding company under
section 4(c)(8) of the Bank Holding Company Act,
and that it was then considering whether to expand
its list of activities to include such activity.
The Board noted that Congress has created a
statutory framework for savings and loan associa
tions that is separate from the statutes governing
commercial banks. Under these statutes, different
rules have been established for the two kinds of
institutions on such matters as branching, taxation,
and ceilings on rates paid to attract savings. A
statute has also been enacted governing savings
and loan holding companies, separate and distinct
from the Bank Holding Company Act. This statu
tory pattern suggests past intent on the part of
Congress to maintain savings and loan associations
as specialized lenders to finance housing, with
specialized rules appropriate to that role. Acquisi
tion of savings and loan associations by bank
holding companies could tend to blur this Congressionally-established structure.
Proposals for affiliation of banks and savings
and loan associations in a holding company system
involve broad questions of public policy which,
in the Board’s opinion, should not be decided until
THE TRUST COMPANY OF NEW JERSEY,
JERSEY CITY, NEW JERSEY,
WILSHIRE OIL COMPANY OF TEXAS,
NEW YORK, NEW YORK
O r d er D e n y in g A p p l ic a t io n b y T h e T r u s t
C o m p a n y o f N e w Je r se y fo r M e r g e r w it h
N o n o p e r a t in g B a n k
D e t e r m i n a t i o n o f S t a t u s o f W i l s h i r e O il
C o m p a n y o f T e x a s U n d e r B a n k H o l d in g
C o m pa n y A ct
O rder With R espect to M erg er Proposal
The Trust Company of New Jersey, Jersey City,
New Jersey (“ Trust Com pany” ), a State member
bank of the Federal Reserve System, has applied
for the Board’s approval, pursuant to the Bank
Merger Act (12 U .S.C . 1828(c)) (“ A ct” ), of the
merger of that bank with The New Trust Company
of New Jersey, Jersey City, New Jersey (“ New
Bank” ), a newly-chartered, nonoperating bank
which is a wholly-owned subsidiary of Wilshire
Oil Company of Texas, New York, New York
(“ W ilshire” ), a bank holding company registered
under the Bank Holding Company Act of 1956
(12 U .S.C. 1841 et seq.). Wilshire is the owner
of 50.6 per cent of the outstanding voting shares
of Trust Company. New Bank, into which Trust
Company is to be merged, has significance only
as a means to facilitate the acquisition of all of
the voting shares of Trust Company by Wilshire.
As required by the Act, notice of the proposed
merger, in form approved by the Board, has been
published, and the Board has requested reports on
competitive factors from the Attorney G eneral, the
Comptroller of the Currency, and the Federal
Deposit Insurance Corporation.
The Board has considered the application and
all comments and reports received in the light of
the factors set forth in the Act.
718
The Act requires the Board to take into consid
eration: (1) the competitive effects of the proposed
transaction; (2) the financial and managerial re
sources of each of the banks involved; (3) future
prospects of the existing and proposed institutions;
and (4) the convenience and needs of the commu
nity to be served.
Trust Company ($203.3 million of deposits and
$229.7 million of assets), headquartered in Jersey
City, New Jersey, operates 12 offices, all in Hud
son County, New Jersey, and is the 13th largest
of 84 commercial banks in the State’s First Bank
ing District. (All banking data are as of December
31, 1971.) Since the proposed merger of Trust
Company into a wholly-owned nonoperating
subsidiary of Wilshire is only a vehicle intended
to facilitate the acquisition by W ilshire of all of
the outstanding voting shares not now held by that
company, and since Wilshire already holds more
than 50 per cent of the outstanding voting shares
of Trust Company, consummation of the proposal
would have no effect on competition in any rele
vant area.
W ilshire, in addition to its investment in Trust
Company, is engaged in extensive nonbanking
activities. These activities include acquisition of
oil, gas and other mineral properties; production
and sale of crude oil, natural gas and other miner
als extracted from properties in the United States
and Canada; and distribution and sale of electronic
equipment and components and automotive equip
ment.
The record indicates that Wilshire initiated its
relationship with Trust Company in early 1967
when Wilshire began purchasing shares of the
bank and W ilshire’s president advised the pres
ident of Trust Company of its intention to acquire
control of Trust Company. As of June 1968,
Wilshire had acquired 8 per cent of the outstanding
voting shares of Trust Company and its president
and one of its directors were elected to the board
of Trust Company. W ilshire’s president, with the
consent of Trust Company management, appears
to have participated in the operations of Trust
Company from some time in 1968 as W ilshire’s
share ownership in Trust Company increased.
Wilshire acquired 17 per cent of Trust Company
shares through a tender offer announced in August
1969 and an additional 25 per cent through another
tender offer in 1970. Consequently, on December
31, 1970, W ilshire held 50.6 per cent of the
outstanding voting shares of the bank. Upon con
summation of the proposed merger Wilshire would
hold 100 per cent of the outstanding voting shares
of the successor by merger to Trust Company.
The financial condition of Trust Company ap
pears satisfactory. The bank appears to have been
operated by conservative management prior to the
assumption of control by Wilshire. Although net
income has declined in recent years, Trust Com
FEDERAL RESERVE BULLETIN □ AUGUST 1972
pany’s operating revenues have remained constant
and the bank has experienced steady asset growth.
Trust Company has paid relatively stable cash
dividends for at least the last five years and stock
dividends in 1967, 1968 and 1969. Since acquiring
control over the bank, Wilshire has initiated sev
eral programs aimed at revitalizing the perform
ance of Trust Company, such as upgrading of
management personnel and salaries, modification
of loan policies and expansion and modernization
of bank offices and equipment. In view of the
present resource strength of Trust Company and
the changes in management and operating policies
already undertaken, its future prospects for con
tinued growth appear satisfactory.
The current financial condition of Wilshire ap
pears satisfactory, although the drain on cash as
a result of its commercial operations and debt costs
incurred in connection with the acquisition of Trust
Company shares has caused some deterioration in
its cash flow position in recent years. Analysis of
W ilshire’s past and present financial condition and
future prospects indicates that it is subject to wide
fluctuations in income due to the speculative nature
of many of its nonbanking enterprises. W ilshire’s
nonbank activities earned only marginal net profits
in the years 1966-1969. In 1970, W ilshire sus
tained a loss from its nonbank operations and in
1971, the net income realized by Wilshire as a
result of its investment in Trust Company after
deduction of interest and related acquisition ex
penses, was more than double its net income
derived from its nonbank operations. Although
Wilshire generally operated profitably before its
investment in Trust Company, it is clear that its
investment in Trust Company (representing ap
proximately $11 million of its total $27 million
of assets) represents W ilshire’s principal source of
net income as well as its most reliable income
producer. In contrast to Trust Company’s record
of cash dividends, W ilshire has paid stock divi
dends but has never paid a cash dividend.
The Supreme Court has observed that it is clear
not only from the language of the Bank Merger
Act, but from the statements of those who sup
ported it while the Act was under consideration
that in determining whether the merger should be
approved “ [t]he public interest was the ultimate
test im posed.” ( United States v. Third N ational
Bank in N ashville , et a l ., 390 U.S. 171, 184
(March 1968))
The Board, in two recent decisions under the
Bank Holding Company Act, has expressed its
belief that a holding company should be a source
of financial strength for its subsidiary banks rather
than vice versa. (Application of First Southwest
Bancorporation, Inc., W aco, Texas, to acquire
four banks, 1972 Federal Reserve B u l l e t i n 301
and application of Seilon, Inc., Toledo, Ohio, to
acquire shares of First Bancorporation, 1972 Fed
LAW DEPARTMENT
eral Reserve B u l l e t i n (July 20, 1972))
In its Order denying the application of Seilon,
Inc., the Board concluded that it was unlikely that
the Applicant would be able to provide meaningful
financial assistance to the bank in the reasonably
near future. It was only its existing interest in the
bank which provided Applicant with an operating
profit as Applicant’s nonbanking activities had
been operated at a loss.
Because the sole purpose of the proposed
merger is to provide a means for the acquisition
by W ilshire, a bank holding company, of all of
the outstanding shares of Trust Company, the
Board believes it appropriate to apply these same
principles to the merger proposed herein. Upon
consideration of the possible effects of the
proposed merger on the financial and managerial
resources and future prospects of Trust Company
and the effects upon minority shareholders of that
bank, the Board is of the opinion that the proposed
merger is not in the public interest.
Upon consummation of the proposed merger,
Wilshire would control 100 per cent of the suc
cessor to Trust Company and, thereby, be able
to rely more heavily upon the resource strength
of Trust Company to bolster its own historically
erratic financial condition. In this connection, it
is noted that the application of Trust Company
with respect to this proposal quotes W ilshire as
stating that “ if Applicant is a wholly-owned
subsidiary of W ilshire, Wilshire will have m axi
mum flexibility in all aspects of A pplicant’s future
operations.” Acquisition of 100 per cent of the
voting shares of the successor to Trust Company
increases the possibility that Trust Company could
be used to advance the speculative enterprises of
Wilshire. Although Federal and State banking laws
afford some degree of protection against unwise
use of bank assets, a great deal of latitude is still
provided to bank management. Situations which
give substantial possibility for potential abuses
should, in the Board’s opinion, be prevented from
arising, rather than to rely solely on remedial
action once trouble begins, with consequent po
tential damage to the banking public.
Further, although the application appears to
contend to the contrary, there is little likelihood
in the B oard’s opinion that Wilshire can or would
in the foreseeable future, be in a position to
provide financial strength to Trust Company. (See
applications of First Southwest Bancorporation,
Inc., and Seilon, Inc., noted above.)
Consummation of the proposed merger would,
in addition, result in the squeezing out of those
minority shareholders of Trust Company who do
not wish to receive shares of Wilshire in exchange
for those of Trust Company. In the Board’s opin
ion, the elimination of these minority interests is
not in the public interest. There is an obvious
inequity of forcing a result on minority share
719
holders without any balancing benefits, except
perhaps some tax advantages to Wilshire. Further
more, in the present case, the presence of minority
shareholders may serve as a beneficial restraining
influence upon any possible use by Wilshire of
the resources of Trust Company that would be
contrary to the best interests of the bank. In
addition, as a result of the Board’s concurrent
determination under the Bank Holding Company
Act, described hereinafter, with respect to W il
shire’s status as “ a company covered in 1970,”
Wilshire is required to divest either its nonbanking
activities or its control of Trust Company by
January 1, 1981. Approval of the proposed merger
would therefore remove the minority interest in
favor of Wilshire which, in turn, may be required
to divest its control over Trust Company before
January 1981.
Expansion of W ilshire’s interest over Trust
Company may provide some benefit to the con
venience and needs of the community served by
the bank insofar as it may increase the possibility
that Wilshire would cause Trust Company to ex
pand and modernize its banking services. How
ever, it appears that improvements in the banking
services provided by Trust Company could be
accomplished under W ilshire’s present interest in
the bank or by the bank absent W ilshire’s present
interest.
Any possible benefits to the convenience and
needs of the community in which Trust Company
operates are clearly overshadowed by the poten
tially adverse consequences to the public interest
brought about by cementing further a relationship
between the bank and a corporation whose non
banking operations are so incompatible with the
interests of prudent banking. Approval of the pro
posal to acquire the remaining 49 per cent of Trust
Company shares would, in the Board’s opinion,
clearly do violence to the basic intent of the Bank
Merger Act, the Bank Holding Company Act and
the banking laws in general insofar as it would
further a union of banking with a most speculative
type of industrial enterprise.
On the basis of the record as summarized above,
it is the Board’s judgment that approval of this
application would not be in the public interest and,
accordingly, the application is denied.
D eterm ination of Status Under Bank H olding
Com pany A c t
Concurrent with its denial of the proposed
merger, the Board has considered a request by
Wilshire that the Board determine that it is a
“ company covered in 1970” within the meaning
of section 2(b) of the Bank Holding Company Act
and as such would be permitted to continue in
definitely its nonbanking activities while at the
same time continue to maintain its ownership of
720
more than 50 per cent of the outstanding voting
shares of Trust C om pany.1 By virtue of its owner
ship of this interest in Trust Company, Wilshire
became a bank holding company subject to the
Act as a result of the 1970 Amendments to the
Act.
Wilshire contends that (a) its relationship with
Trust Company on June 30, 1968 satisfies the
presumptions of control under the Board’s Regu
lation Y (12 CFR 225.2(c)) and in any case (b)
on or before June 30, 1968, it exercised a “ con
trolling influence” over the management or poli
cies of Trust Company consistent with section
2(a)(2)(C) of the Act and that such “ controlling
influence” has continued to the present.
The Board has considered information, includ
ing extensive legal memoranda and affidavits,
submitted in support of W ilshire’s contention and
has considered materials submitted by stock
holders’ counsel challenging W ilshire’s belief that
it is a “ company covered in 1970.” Additionally,
Wilshire has been provided with adequate oppor
tunity to review and comment upon materials
submitted by parties opposed to W ilshire’s asser
tion of “ grandfather” status with respect to its
nonbanking activities. The Board has considered
the information submitted in the light of the statu
tory provisions and legislative history of the Bank
Holding Company Act and judicial and admin
istrative determinations under other Federal stat
utes which contain a “ controlling influence”
provision.2
Among the factors cited by Wilshire in support
of its position are the following:
1. On June 30, 1968, Wilshire held 8 per cent
of the outstanding voting shares of Trust Com
pany.
2. On June 30, 1968, Wilshire had two directors
on the board of Trust Company.
3. No other person owned, controlled or had
the power to vote as much as 5 per cent of the
outstanding voting shares of Trust Company.
4. From late 1967 through June 30, 1968, the
president of Wilshire maintained an “ active pre
1 Section 2(b) defines a “ com pany covered in 1970” as a
com pany which becom es a bank holding company as a result
of the enactm ent of the Bank Holding Com pany Act A m end
ments of 1970 and which would have been a bank holding
com pany on June 30, 1968, if those amendments had been
enacted on that date. If W ilshire held “ control” or a “ control
ling influence” over Trust Com pany on June 30, 1968, it would
have been a bank holding com pany as defined by § 2(a) of
the Act.
2Public Utility Holding Com pany Act (15 U .S .C . 79b(a)(7)
and (8)); Investment Com pany Act of 1940 (15 U .S .C . 80a2(a)(9).
FEDERAL RESERVE BULLETIN □ AUGUST 1972
sence” at Trust Company and in fact was present
“ almost daily” throughout this period. This of
ficer of Wilshire participated in senior management
conferences and was consulted regularly regarding
various aspects of Trust Company’s operations,
including investment and advertising policies,
employment practices and modernization of facili
ties.
It does appear that on June 30, 1968 Wilshire
was capable of exerting some influence on the bank
through its share holdings, representation on the
board and its presence, primarily through its pres
ident, in the operations of the bank during at least
part of the period ending on June 30, 1968. How
ever, that “ influence,” in the Board’s opinion, did
not amount to a “ controlling influence” over Trust
Company.
Although it appears that W ilshire’s relationship
with Trust Company satisfied the conditions es
tablished by section 225.2 of the Board’s Regula
tion Y (Presumptions of Control), satisfaction of
that provision establishes only a presumption of
control which the Board finds to have been rebut
ted by additional information (see hereinafter).
These conclusions are founded upon a number
of observations on the character of W ilshire’s
relationship with Trust Company on June 30,
1968, including the following:
1. W ilshire’s ownership of 8 per cent of the
outstanding voting shares of Trust Company on
June 30, 1968, without the existence of other
factors, appears inadequate to establish a “ con
trolling influence.”
2. While W ilshire’s shareholdings may have
placed it in an advantageous position if a proxy
fight had developed, it seems apparent from Trust
Company’s response to a tender offer in 1969 that
there was substantial opposition to Wilshire among
the management and shareholders of Trust Com
pany.3 The tender offer in 1969 (which was not
endorsed by Trust Company management) and a
subsequent tender offer in 1970 resulted in W il
shire acquiring just over 50 per cent of the out
standing voting shares of Trust Company. (In each
instance the tender offer was for all outstanding
shares.)
3In a letter dated September 23, 1969, of the Board of Directors
of Trust Com pany to its stockholders concerning W ilshire’s
tender offer, it was stated: “ Your Board of Directors has full
confidence in the managem ent of The Trust Company under
whose leadership The Trust Com pany has operated on a sound
and profitable basis for m any years. It is not clear to what
extent The Trust C om pany’s present m anagem ent would con
tinue to direct the affairs of The Trust Com pany if W ilshire
were to succeed in taking co n tro l.”
721
LAW DEPARTMENT
3. The very brief interval of eight months be
tween W ilshire’s first contact with Trust Company
and its alleged assumption of a “ controlling influ
ence,” and the fact that only two W ilshire repre
sentatives became “ insiders” (two of 16 Trust
Company directors) just two months prior to June
30, 1968, indicates that strong historical ties be
tween Wilshire and Trust Company had not de
veloped. In contrast, decisions under other Federal
statutes containing “ controlling influence” provi
sions which have relied on established corporate
and personnel affiliations to identify “ controlling
influence” indicate that such “ controlling influ
ence” will be found where relationships have
existed over a number of years. (H . M . B yllesby
and C o., 16 SEC 639 (1940) Am erican Gas and
Electric Com pany v. SE C , 134 F. 2d, 633
(D.C. Cir.) cert, denied, 319 U .S. 763 (1943)).
4. Although it seems that W ilshire’s president
did participate in many areas of Trust Company
operations, information submitted relating to this
officer’s activities at Trust Company fail to indicate
more than a consulting or advisory relationship
rather than a position of dominance. The fact that
some of his recommendations may have been
adopted by those in management positions does
not indicate that Trust Company was controlled
by W ilshire, any more than one can say that if
management accepts the recommendations of an
attorney, accountant or outside management con
sultant, such person “ controls” the company.
5. It is clear that W ilshire’s involvement with
Trust Company from November 1967 (when it
announced its intention to acquire control of Trust
Company) to June 30, 1968 established the basis
for W ilshire’s eventual controlling influence and
control over Trust Company. The period of No
vember 1967 to June 30, 1968 was one in which
W ilshire’s presence and influence over Trust
Company was increased. However, it took two
tender offers, at subsequent times, for Wilshire to
achieve even bare majority control over Trust
Company.
On the basis of all the information submitted,
the Board is unable to conclude that Wilshire
exercised or possessed the power to exercise a
controlling influence over the management or
policies of Trust Company on June 30, 1968.
Accordingly, the Board has determined that W il
shire is not a “ company covered in 1970” within
the meaning of section 2(b) of the Bank Holding
Company Act.
As a result of this determination, Wilshire is
required by January 1, 1981 to either (a) divest
those of its nonbanking activities not permitted for
bank holding com panies, or (b) cease to be a bank
holding company as defined by section 2 of the
Act by divesting its controlling interest in Trust
Company.
By order of the Board of Governors, effective
July 27, 1972.
Voting for these actions: Chairman Burns and Governors
Robertson, Brimmer, Sheehan, and Bucher. Absent and not
voting: Governors Mitchell and Daane.
(S ig n e d ) T y n a n S m it h ,
[s e a l]
Secretary o f the Board.
FEDERAL RESERVE BULLETIN □ AUGUST 1972
722
ORDERS UNDER SECTION 3(a) OF
BANK HOLDING COMPANY ACT
CHEYENNE COUNTY INVESTMENT COM
PANY, IN C., ST. FRANCIS, KANSAS
O rder A
p p r o v in g
F o r m a t io n
in g
of
B
ank
Hold
C om pany
Cheyenne County Investment Company, Inc.,
St. Francis, Kansas, has applied for the Board’s
approval under § 3(a)(1) of the Bank Holding
Company Act (12 U .S.C . 1842(a)(1)) of formation
of a bank holding company through acquisition
of 100 per cent (less directors’ qualifying shares)
of the voting shares of The Cheyenne County State
Bank, St. Francis, Kansas (“ Bank” ).
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and
the time for filing comments and views has ex
pired. The Board has considered the application
and all comments received in the light of the
factors set forth in § 3(c) of the Act (12 U .S.C.
1842(c)) and finds that:
Applicant is a nonoperating corporation formed
for the purpose of acquiring Bank which has
aggregate deposits of approximately $4.8 million.
(All banking data are as of December 31, 1971.)
Since Applicant has no present operations or
subsidiaries, consummation of the proposal would
not adversely affect existing or potential competi
tion, nor have an adverse effect on any bank in
the area.
Applicant has made a tender offer to the
principal shareholder of Bank, while making an
exchange offer to minority shareholders who are
all officers or directors of the bank and include
Applicant’s principal executive officer and share
holder. These individuals have all accepted the
offer and, although the offers are not identical,
they are substantially equivalent.
Applicant’s financial resources and future pros
pects are dependent upon those of Bank. Its pro
jected earnings appear to be sufficient to service
the debt which it will incur upon consummation
of the proposed transaction without adversely af
fecting Bank’s capital structure. These consid
erations are consistent with approval of the ap
plication. Consummation of the proposed transac
tion would ensure continuation of local ownership
and management of Bank, and considerations re
lating to the financial and managerial resources and
future prospects of Bank thus weigh toward ap
proval of the application. Considerations relating
to the convenience and needs of the communities
to be served are consistent with approval of the
application. It is the Board’s judgment that the
transaction would be in the public interest and that
the application should be approved.
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 following the effective
date of this Order or (b) later than three months
after the effective date of this Order, unless such
period is extended for good cause by the Board,
or by the Federal Reserve Bank of Kansas City
pursuant to delegated authority.
By order of the Board of Governors, effective
July 5, 1972.
Voting for this action: Vice Chairman Robertson and G ov
ernors Daane, Brimmer, Sheehan, and Bucher. Absent and
not voting: Chairman Burns and Governor Mitchell.
(Signed)
[s e a l]
M ic h a e l
A.
G reen sp an ,
A ssistan t Secretary of the B oard.
BANK SECURITIES, INC.,
ALAMOGORDO, NEW MEXICO
O r d e r A p p r o v in g A c q u is it io n
of
B ank
Bank Securities, Inc., Alamogordo, New M ex
ico, 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 Roswell, Roswell, New
Mexico (“ Bank” ).
Notice of the application, affording opportunity
for interested persons to submit comments and
views, 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 fourth largest banking organi
zation and third largest multi-bank holding com
pany in New Mexico controls seven banks with
aggregate deposits of $120.6 million, representing
6.6 per cent of total deposits of commercial banks
in the State. (All banking data are as of December
31, 1971, and reflect bank holding company
formations and acquisitions approved through May
31, 1972.) Upon acquisition of Bank ($40.7 m il
lion of deposits) Applicant’s share of deposits in
the State would increase by 2.2 percentage points
and its present ranking would remain unchanged.
Bank, the largest of three banks in Roswell,
723
LAW DEPARTMENT
New M exico, operates six banking offices in Ros
well and adjacent communities and controls ap
proximately 44 per cent of total deposits in com
mercial banks in Chaves County, New Mexico,
which approximates its banking market. The sec
ond and third largest banks in this market, are
subsidiaries of the first and third largest multi-bank
holding companies operating in the State.
Applicant’s acquisition of Bank would consti
tute its initial entry into the market, and its subsi
diary banking office closest to Bank is located
approximately 54 miles south of Bank. No com
petition exists between Bank and any of Appli
cant’s subsidiary banks, nor does it appear likely
that such competition would develop in the future
in the light of the distances separating Bank from
A pplicant’s subsidiaries, the State’s restrictive
branching laws, and the low population densities
in the areas involved. Entry de novo by Applicant
also appears unlikely in view of the static eco
nomic conditions in the Roswell area. Con
summation of the proposal herein would neither
eliminate any meaningful existing competition nor
foreclose significant potential competition.
The Board notes that Applicant’s rapid expan
sion program (acquisition of seven banks since
1967) has, in part, been responsible for creating
a strain on Applicant’s overall financial and m ana
gerial resources. Since a number of banks acquired
were experiencing asset, capital and management
difficulties, it has been necessary for Applicant to
provide management and financial assistance to
these banks. A pplicant’s efforts to improve these
conditions have not, as yet, been successful and
it is likely that significant additional assistance will
be required.
Applicant has been providing needed capital and
management assistance to Bank which has experi
enced both financial and management difficulties
during the past few years. Declining economic
conditions in the late 1960’s in the Chaves County
area and loan losses suffered by Bank have con
tributed to its present condition. Additional assis
tance is necessary to permit Bank to continue
serving the Chaves County area as a viable finan
cial institution. Applicant has expressed its wil
lingness to continue to assist Bank through in
creased contribution of managerial and financial
resources. Its proposal to make an immediate
contribution of capital to Bank upon consumma
tion of the proposal herein will provide Bank with
needed resources, however, the need for additional
assistance in the future also appears likely. In the
light of A pplicant’s past record of assistance to
Bank and the fact that no other banking organi
zation has indicated a willingness to provide such
assistance, the Board views this proposal as the
most appropriate means presently available to
eliminate Bank’s operating difficulties without
creating serious anticompetitive consequences in
the Chaves County banking market. Therefore,
financial and managerial considerations, as they
relate to Applicant, its subsidiary banks and Bank
lend significant weight toward approval of the
application.
Although it does not appear that any needs of
the banking public and Bank’s market are going
unserved, to the extent Applicant is able to provide
additional specialized services through Bank, as
a more competitive force in the Chaves County
market, convenience and needs considerations are
consistent with approval. It is the Board’s judg
ment that the proposed transaction would be in
the public interest, and that the application should
be approved.
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 following the effective
date of this Order or (b) later than three months
after the effective date of this Order, unless such
period is extended for good cause by the Board,
or by the Federal Reserve Bank of Dallas pursuant
to delegated authority.
By order of the Board of Governors, effective
July 5, 1972.
Voting for this action: Vice Chairman Robertson and G ov
ernors Daane, Brimmer, Sheehan, and Bucher. Absent and
not voting: Chairman Burns and Governor Mitchell.
(Signed)
[s e a l]
M ic h a e l
A.
G reen sp an ,
A ssistan t Secretary o f the Board.
FIRST NATIONAL CITY CORPORATION,
NEW YORK, NEW YORK
O r d e r A p p r o v in g A c q u is it io n
of
B ank
First National City Corporation, New York,
New York, 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 100
per cent of the voting shares (less directors’ qual
ifying shares) of the successor by merger to The
National Exchange Bank of Castleton-on-Hudson,
Castleton-on-Hudson, New York (“ Bank” ). The
bank into which Bank is to be merged has no
significance except as a means to acquire all of
the shares of Bank. Accordingly, the proposed
724
acquisition of the shares of the successor organi
zation is treated herein as the proposed acquisition
of shares of Bank.
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and
the time for filing comments and views has ex
pired. The Board has considered the application
and all comments received in the light of the
factors set forth in § 3(c) of the Act (12 U.S.C.
1842(c)) and finds that:
Applicant, the largest banking organization in
New York in terms of domestic deposits, controls
three subsidiary banks1 with aggregate deposits of
approximately $13.8 billion, representing 14.7 per
cent of the total deposits in commercial banks in
the State.2 Consummation of the proposal would
not significantly increase Applicant’s share of de
posits in the State.
Bank, with deposits of $12.3 million, operates
four offices in Renssalaer County, which is part
of the Albany banking market. Bank is the twelfth
largest of fourteen banks in that market, control
ling 1.1 per cent of deposits therein. Applicant’s
nearest existing subsidiary bank is 100 miles from
Bank. No significant existing or potential com
petition would be foreclosed by consummation of
this proposal.
In addition, the Albany banking market is con
centrated, with three of fourteen banks controlling
over 56 per cent of deposits. Bank is presently
affiliated with the largest bank in the market and
Applicant’s acquisition of Bank should result in
disaffiliation. Accordingly, consummation of the
proposal will likely have a procompetitive effect,
since Bank, with Applicant’s support, should
compete more aggressively with the larger institu
tions.
Considerations related to the financial and man
agerial resources of Applicant, its subsidiary
banks, and Bank are satisfactory and consistent
with approval. Although there is no evidence that
the banking needs of the communities to be served
are not being adequately met at present, Applicant
proposes to provide, through Bank, another com
petitive source of specialized banking services.
Convenience and needs considerations are consis
tent with approval. It is the Board’s judgment that
xOn April 19, 1972, the Board of Governors announced its
approval of A pplicant’s plan to acquire a fourth bank, the
successor by m erger to State Bank of Honeoye Falls, Honeoye
Falls, New York, with deposits of $7.4 million.
2Unless otherwise noted, deposit data are as of December
31, 1971, m arket data are as of June 30, 1971, adjusted to
reflect holding company formations and acquisitions through
April 7, 1972.
FEDERAL RESERVE BULLETIN □ AUGUST 1972
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
approval herein neither provides authority to
Applicant to continue in the nonbank activities nor
to retain nonbank shares nor requires the Applicant
to modify or terminate said activities or holdings.
However, consummation of the proposal herein is
subject to the continuing authority of the Board
to require modification or termination of such
activities or holdings (within a period no shorter
than 2 years), if the Board determines that the
continued combination of banking and onbanking
interests is likely to have an adverse effect on the
public interest. The transaction shall not be con
summated (a) before the thirtieth calendar day
following the effective date of this Order or (b)
later than three months after the effective date of
this Order, unless such period is extended for good
cause by the Board, or by the Federal Reserve
Bank of New York pursuant to delegated author
ity.
By order of the Board of Governors, effective
July 7, 1972.
Voting for this action: Chairman Burns and Governors
Robertson, Mitchell, Sheehan, and Bucher. Voting against this
action: Governor Brimmer. Absent and not voting: Governor
Daane.
(Signed)
[s e a l]
D
is s e n t in g
M ic h a e l
A.
G reen sp a n ,
A ssistan t Secretary of the Board.
Statem
ent of
G
overnor
B r im m e r
This application should not be approved until
after the Board has determined whether the com
bination of Applicant’s existing banking and non
banking businesses is consistent with the purposes
of the Bank Holding Company Act, as amended.
On October 26, 1971, the Board issued for
public comment a proposed regulation that would
require one-bank holding companies to divest their
nonbanking activities within two years after the
acquisition of an additional bank. At the same
time, the Board put one-bank holding companies
(including Applicant) on notice that the acquisition
of an additional bank would make them subject
to the proposed regulation. On April 25, 1972,
the Board announced that instead of adopting the
proposed regulation it would proceed to determine
on a case-by-case basis whether the continued
combination of banking and nonbanking interests
by certain one-bank holding companies would
725
LAW DEPARTMENT
have an adverse effect on the public interest.
Applicant is the largest banking organization in
New York and the second largest banking organi
zation in the country. Shortly before Applicant
became subject to regulation by the Board on
January 1, 1971, it acquired several nonbanking
businesses— including Advance Mortgage Com
pany and Cresap, M cCormick and Paget (a m an
agement consulting firm ),1 both leading competi
tors in their respective industries.
The combination of one of the country’s largest
banks with such nonbanking companies could re
sult in the undesirable consequences that the Bank
Holding Company Act was enacted to prevent. By
approving the present application without first
considering whether Applicant should be permitted
to continue to engage in its nonbanking businesses,
the Board is ignoring its stated position of April
25, 1972. I choose not to join in this circumvention
of established Board policy. Accordingly, I dissent
from the Board’s action in this matter.
CITIZENS BANCORP,
VINELAND, NEW JERSEY
O
rder
A p p r o v in g A c q u is it io n
of
B
ank
Citizens Bancorp, Vineland, New Jersey, 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 100 per cent (less
directors’ qualifying shares) of the voting shares
of the successor by merger to Citizens National
Bank of South Jersey, Bridgeton,. New Jersey
(“ Bank” ). The bank into which Bank is to be
merged has no significance except as a means to
facilitate the acquisition of voting shares of Bank.
Accordingly, the proposed acquisition is treated
herein as the proposed acquisition of the shares
of Bank.
Notice of the application, affording opportunity
for interested persons to submit comments and
views, 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) f the Act (12 U .S.C .
1842(c)).
Applicant controls three banks with deposits of
about $54 million, representing approximately .3
per cent of total deposits of commercial banks in
^ h e Board has recently determ ined that m anagem ent con
sulting is not a perm issible activity for bank holding com pa
nies. (See 12 CFR 225.4(a)(5), as am ended June 6, 1972.)
New Jersey and is the smallest multi-bank holding
company in the State.1 Acquisition of Bank (de
posits of about $17 million) would increase
Applicant’s share of deposits in the State by only
about one-tenth of one percentage point and would
not alter its ranking.
Bank is the smallest organization operating in
the Vineland-Millville-Bridgeton area with 3.3 per
cent of area deposits. Although one of Applicant’s
subsidiary banks is located in this area and controls
5 per cent of area deposits, there is little existing
competition between this bank, or any of Appli
cant’s other subsidiary banks, and Bank. Three
of the banks competing in the Vineland-MillvilleBridgeton area control over $200 million in de
posits each, and four of the banks are affiliated
with three of the six largest bank holding compa
nies in New Jersey. It appears that there is little
likelihood of substantial competition developing in
the future between Bank and any of Applicant’s
present subsidiary banks. Consummation of the
proposal would have no adverse effects on existing
or potential competition and may create more
effective competition for the larger organizations
in the market.
Considerations relating to the financial condi
tion, managerial resources, and prospects of
Applicant, its subsidiary banks, and Bank are
generally satisfactory, and are consistent with ap
proval of the application. Considerations relating
to the convenience and needs of the communities
to be served lend weight for approval of the
application, since Applicant plans to provide
overdraft checking privileges and data processing
services which are not presently available to cus
tomers of Bank. It is the Board’s judgment that
consummation of the proposed acquisition would
be in the public interest and the application should
be approved.
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 following the effective
date of this Order or (b) later than three months
after the effective date of this Order, unless such
period is extended for good cause by the Board,
or by the Federal Reserve Bank of Philadelphia
pursuant to delegated authority.
By order of the Board of Governors, effective
July 12, 1972.
b a n k in g data are as of D ecember 31, 1971, and reflect
holding company form ations and acquisitions approved by the
Board through May 31, 1972, and include the B oard’s approval
of this date of A pplicant’s acquisition of The First National
Bank of M arlton, M arlton, New Jersey.
726
FEDERAL RESERVE BULLETIN □ AUGUST 1972
Voting for this action: Chairman Burns and Governors
Robertson, Daane, Brimmer, Sheehan, and Bucher. Absent
and not voting: Governor Mitchell.
(S ig n e d ) T y n a n S m it h ,
[ s e a l]
S ecretary of the Board.
O r d e r A p p r o v in g A c q u is it io n
of
B ank
Citizens Bancorp, Vineland, New Jersey, 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 100 per cent (less
directors’ qualifying shares) of the successor by
merger to The First National Bank of Marlton,
M arlton, New Jersey (“ Bank” ). The bank into
which Bank is to be merged has no significance
except as a means to facilitate the acquisition of
voting shares of Bank. Accordingly, the proposed
acquisition is treated herein as the proposed ac
quisition of the shares of Bank.
Notice of the application, affording opportunity
for interested persons to submit comments and
views, 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 two banks with deposits of
about $33 million, representing approximately .2
per cent of total deposits of commercial banks in
New Jersey and is the smallest multi-bank holding
company in the State.1 Acquisition of Bank (de
posits of about $21 million) would increase
Applicant’s share of the deposits in the State by
only about .1 of one percentage point and would
not alter its ranking.
There is little existing competition between
Applicant and Bank, though one of Applicant’s
two banking subsidiaries is located in the Camden
area as is Bank. Neither Bank nor this subsidiary
is a significant factor in the Camden area, with
market shares of 1.2 and .6 per cent, respectively,
and the combination of these two banks would still
leave Applicant ranking only as the eleventh larg
est banking organization in the Camden area.
There is little likelihood of substantial future com
petition developing between this subsidiary and
Bank due to the large number of intervening
banks, New Jersey’s branching laws, and the
somewhat limited resources of Applicant’s sub
b a n k in g data are as of December 31, 1971, and reflect
holding com pany form ations and acquisitions approved by the
Board through May 31, 1972.
sidiary and Bank. Consummation of the proposal
would be consistent with approval of the applica
tion.
Considerations relating to the financial condi
tion, managerial resources, and prospects of
Applicant and its subsidiary banks are generally
satisfactory. On the other hand, Bank has shown
a poor operating history and a lack of management
continuity. Affiliation by Bank with Applicant
should help to alleviate these problems and provide
for a strengthened institution. Applicant has al
ready assisted Bank in obtaining additional capital
which was strongly required. Considerations re
lating to these factors lend strong weight for ap
proval of this application. Considerations relating
to the convenience and needs of the communities
to be served are consistent with approval of the
application. It is the Board’s judgment that con
summation of the proposed acquisition would be
in the public interest and the application should
be approved.
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 following the effective
date of this Order or (b) later than three months
after the effective date of this Order, unless such
period is extended for good cause by the Board
or by the Federal Reserve Bank of Philadelphia
pursuant to delegated authority.
By order of the Board of Governors, effective
July 12, 1972.
Voting for this action: Chairman Burns and Governors
Robertson, Daane, Brimmer, Sheehan, and Bucher. Absent
and not voting: Governor Mitchell.
( S ig n e d ) T y n a n S m i t h ,
Secretary of the Board.
[s e a l]
HMT CORPORATION,
MIAMI, FLORIDA
O rder A
p p r o v in g
F o r m a t io n
of
B
ank
H o l d in g C o m p a n y
HMT Corporation, M iami, Florida, has applied
for the Board’s approval under §3(a)(1) of the
Bank Holding Company Act (12 U .S.C . 1842
(a)(1)) of formation of a bank holding company
through acquisition of 80 per cent or more of the
voting shares of each of Bank of Perrine, Perrine,
Florida (“ Perrine Bank” ), and Bank of Cutler
Ridge, Cutler Ridge, Florida (“ Cutler Ridge
Bank” ).
Notice of the application, affording opportunity
for interested persons to submit comments and
727
LAW DEPARTMENT
views, 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 is an inactive corporation recently
organized under the laws of the State of Florida
for the purpose of acquiring Perrine Bank ($17.3
million in deposits) and Cutler Ridge Bank ($5.6
million in deposits). (All banking data are as of
December 31, 1971, adjusted to reflect holding
company formations and acquisitions approved
through June 30, 1972.) Applicant proposes to
acquire shares of the subject banks in accordance
with the plan of reorganization; directly, through
an exchange of stock, and indirectly through the
acquisition of 90 per cent or more of the out
standing shares of Florida Shares, Inc., a Florida
corporation which owns stock of the Perrine and
Cutler Ridge Banks. It is proposed that, subse
quently, Florida Shares, Inc. will be merged into
Applicant under the name “ Florida Shares, In c .” .
As a result of consummation of the proposal,
Applicant would rank as the twenty-sixth largest
bank holding company in the State through control
of .14 per cent of aggregate commercial bank
deposits in the State and would become, in terms
of deposits, the eleventh largest of the thirteen
bank holding companies operating in Dade County
where both subject banks are located, and, to
gether, control .7 per cent of the commercial bank
deposits in that market. Notwithstanding the fact
that their service areas overlap, the subject banks
do not presently engage in meaningful competition
nor are they likely to do so in the future in view
of the close affiliation between them. (The
principal stockholders of Perrine Bank organized
Cutler Ridge Bank in 1964; currently, nine direc
tors are common to both banks; and investment
policies of both banks are identical and handled
by common management.) It is the Board’s judg
ment that approval of the formation would have
no adverse effects on competition.
Applicant proposes to increase substantially
Perrine Bank’s capital funds. In the light of this
consideration, the financial condition and manage
rial resources of the proposed group are regarded
as generally satisfactory, and prospects for the
system appear favorable. Applicant also proposes
to introduce trust services at Perrine Bank, and
it is expected that the community will benefit from
this additional source of banking services. Con
siderations relating to the convenience and needs
of the area to be served are consistent with, and
lend some support toward, approval of the ap
plication. It is the Board’s judgment that the
proposed transaction would be in the public inter
est and that the application should be approved.
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 following the effective
date of this Order or (b) later than three months
after the effective date of this Order, unless such
period is 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
July 12, 1972.
Voting for this action: Chairman Bums and Governors
Robertson, Daane, Brimmer, Sheehan, and Bucher. Absent
and not voting: Governor Mitchell.
(S ig n e d ) T y n a n S m it h ,
Secretary of the Board.
[s e a l]
NORTH AMERICAN MORTGAGE CORPORA
TION,
ST. PETERSBURG, FLORIDA
O rder A
p p r o v in g
A c q u is it io n
of a
B
ank
North American Mortgage Corporation, St. Pe
tersburg, 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 23.9 per cent of the voting shares of The
A m erican B an k , St. P e te rsb u rg , F lo rid a
(“ Bank” ), a proposed new bank.
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and
the time for filing comments and views has ex
pired. The Board has considered the application
and all comments received in the light of the
factors set forth in § 3(c) of the Act (12 U .S.C.
1842(c)).
Applicant controls one bank, the American Na
tional Bank of Clearwater, Clearwater, Florida
(“ American National” ), with deposits of $11.2
million, representing 0.1 per cent of total com
mercial bank deposits in the State. (Banking data
are as of June 30, 1971.) Approval of the acquisi
tion of Bank would not presently increase Appli
cant’s deposits since Bank is a proposed new bank.
Moreover, Applicant is one of the smallest bank
ing organizations in the State of Florida.
Bank’s location is in the fastest growing area
in greater St. Petersburg. The relevant market
728
appears to be somewhat underbanked. American
National is located 19 miles from the proposed
site of the Bank, with a number of banks and
geographical barriers in the intervening area. The
Board concludes that consummation of the
proposed acquisition would not adversely affect
competition in any relevant area.
The financial and managerial resources and fu
ture prospects of Applicant, its subsidiary bank,
and Bank are regarded as generally satisfactory
and consistent with approval. Considerations re
lating to the convenience and needs of the com
munity lend some weight in favor of approval
since Bank will be able to provide a convenient,
additional service for banking in the fastest grow
ing area in greater St. Petersburg. It is the Board’s
judgment that the proposed acquisition would be
in the public interest and that the application
should be approved.
Applicant is a one-bank holding company that
is engaged in certain mortage banking and insur
ance agency activities. These activities appear to
fall within the proviso in § 4(a)(2) of the Bank
Holding Company Act, as amended, the so-called
“ grandfather” provision. The approval herein
neither provides authority to Applicant to continue
in the nonbank activities nor to retain nonbank
shares nor requires the Applicant to modify or
terminate said activities or holdings. However,
consummation of the proposal herein is subject to
the continuing authority of the Board to require
modification or termination of such activities or
holdings (within a period no shorter than 2 years),
if the Board determines that the continued combi
nation of banking and nonbanking interests is
likely to have an adverse effect on the public
interest.
The provision of any credit, property or services
by the holding company or any affiliate 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 Amendments of 1970. The non
banking activities of Applicant shall not be altered
in any significant respect from those engaged in
at the time of the filing of the application herein
nor shall they be provided at any location other
than as described in said application, except upon
compliance with the procedures of § 225.4(b)(1)
of Regulation Y; and no merger, or consolidation,
or acquisition of assets other than in the regular
course of business, to which Applicant or any
affiliate thereof is a party, shall be consummated
without prior Board approval.
FEDERAL RESERVE BULLETIN □ AUGUST 1972
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 following the effective
date of this Order or (b) later than three months
after the effective date of this Order, and provided
further that (c) The American Bank shall be open
for business not later than six months after the
effective date of this Order. The periods described
in (b) and (c) hereof 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
July 13, 1972.
Voting for this action: Chairman Burns and Governors
Robertson, Daane, Sheehan, and Bucher. Voting against this
action: Governor Brimmer, on the basis of principles pre
viously discussed in his dissenting statement of July 7, 1972
in connection with the Board’s Order approving the application
of First National City Corporation to acquire the successor by
merger to The National Exchange Bank of Castleton-on-Hudson. (See page 723 of this B u l l e t in .) Absent and not voting:
Governor Mitchell.
(S ig n e d ) T y n a n S m it h ,
[s e a l]
C o n c u r r in g
Secretary of the Board.
S ta te m e n t
of
G overnor
Ro
b ertso n
In my judgment, a Board review of the combi
nation of a one bank holding com pany’s bank and
nonbank activities should precede Board approval
of an application by such company to acquire an
additional bank; and such order of approval should
include, or be accompanied by, any Board deter
mination with respect to whether the Applicant
shall modify or terminate its nonbank activities or
holdings.
In this case, the Board has approved, subject
to a later review and determination, a procedure
to which I do not subscribe as a general rule.
However, I have concurred in the approval (as in
a similar case in the recent past) on the basis of
the following considerations:
(1) the Board’s staff immediately will undertake
a review of the activities of Applicant so that the
Board may determine very shortly whether the
combination of banking and nonbanking interests
in Applicant’s holding company system is likely
to have an adverse effect on the public interest,
and
(2) in the very near future, the Board will
consider adopting a procedure designed to provide
such review and determination p rio r to Board
action on such an application and take appropriate
steps to bring such procedure to the attention of
all Applicants.
LAW DEPARTMENT
729
Accordingly, I approve— in these limited cir
cumstances, and because I am satisfied that there
will follow shortly a review of Applicant’s activi
ties and the adoption by the Board of an appro
priate procedure for evaluating a combination of
bank and nonbank activities.
SEILON, IN C.,
TOLEDO, OHIO
O rder D
e n y in g
S hares
of a
A
pproval
of
A c q u is it io n
of
B a n k H o l d in g C o m p a n y
Seilon, Inc., Toledo, Ohio, has applied for the
Board’s approval under § 3(a)(3) of the Bank
Holding Company Act (12 U .S.C . 1842(a)(3)) to
acquire up to an additional 63.5 per cent of the
voting shares of First Bancorporation, Reno, N e
vada, a one-bank holding company owning 100
per cent of the voting shares (less directors’ qual
ifying shares) of Nevada National Bank, Reno,
Nevada.
Notice of the application, affording opportunity
for interested persons to submit comments and
views, 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)).
On the basis of the record, the application is
denied for the reasons set forth in the Board’s
Statement of this date.
By order of the Board of Governors, effective
July 20, 1972.
Voting for this action: Vice Chairman Robertson and Gov
ernors Mitchell, Daane, Brimmer, Sheehan, and Bucher. Ab
sent and not voting: Chairman Burns.
(Signed)
T y n a n S m ith ,
Secretary of the Board.
[s e a l]
Statem ent
Seilon, Inc., Toledo, Ohio, a registered bank
holding company has applied to the Board of
Governors, pursuant to section 3(a)(3) of the Bank
Holding Company Act of 1956 (12 U .S.C.
1842(a)(3)), for prior approval of the acquisition
of up to an additional 63.5 per cent of the voting
shares of First Bancorporation, Reno, Nevada, a
one-bank holding company that owns 100 per cent
of the voting shares (less directors’ qualifying
shares) of Nevada National Bank, Reno, Nevada
(“ Bank” ) and engages in no other activity.
Applicant presently owns 36.5 per cent of the
outstanding shares of First Bancorporation.
Statutory considerations . Applicant, an Ohio
based company, has engaged in a variety of cor
porate activities since incorporation in 1921 (in
cluding the plastics, wire and cable, and footwear
businesses), but presently limits its activities to
ownership of 36.5 per cent of the voting shares
of First Bancorporation, a one-bank holding com
pany owning 100 per cent of the shares of Bank,
and ownership of a wholly-owned subsidiary,
Thompson International Company, engaged in the
manufacture and sale of farm machinery directly
and through subsidiaries.
Bank ($114.2 million of deposits), which is
headquartered in Reno and operates nineteen
branches throughout Nevada, is the fourth largest
of eight commercial banks in the State and controls
approximately 9 per cent of the total commercial
bank deposits in the State.1 Applicant has no other
banking subsidiary and the proposal herein repre
sents an increase in Applicant’s already substantial
(over 25 per cent) interest in Bank. Consummation
of Applicant’s proposal would not alter any exist
ing banking competition nor foreclose potential
competition, nor have adverse effects on any
competing bank in any relevant area. Nor does
it appear that the convenience and needs of the
communities involved would be materially af
fected as a result of consummation of Applicant’s
proposal. The Board concludes that considerations
relating to competition and convenience and needs
are consistent with, but lend no weight toward,
approval of the application.
In acting on any application under the Bank
Holding Company Act, the Board’s consideration
must include an examination of the financial and
managerial resources and prospects of the holding
company and the banks involved. In evaluating
those factors in the present proposal, the Board
finds that a denial of the application is warranted.
Applicant’s record of operations lacks a show
ing of financial strength and profitability. During
the late 1960’s, Applicant disposed of several of
its nonbanking subsidiaries, apparently because of
their failure to generate earnings and a need on
the part of Applicant to satisfy debt obligations.
Except for 1971, Applicant has incurred signifi
cant operating losses during the last five years and
its operating profit in 1971 was due solely to its
investment in First Bancorporation.
The Board has previously stressed the impor
tance of financial strength of a bank holding com
pany so that it can assist its subsidiaries with
capital if the need arises. Given the present state
b a n k in g data are as of June 30, 1971.
730
of Applicant’s financial condition, it is unlikely
that Applicant would be able to provide meaning
ful financial assistance to Bank in the reasonably
near future. Only the earnings of the Bank give
Applicant an operating profit; Applicant’s non
banking activities have been operated at a loss.
Consummation of the proposal herein would give
Applicant majority control of First Bancorporation
and Bank and would position Applicant to en
deavor to improve its financial condition at the
expense of Bank through liberal or excessive divi
dends or management fees drawn from Bank. Such
a program could put an undue strain on Bank’s
financial condition.
The Board has additional and serious reserva
tions with respect to the managerial resources of
Seilon. Applicant, headquartered in Ohio, ac
quired its interest in First Bancorporation, a Ne
vada corporation, in 1968 and 1969.2 At the
present time only one of Applicant’s five directors
is a resident of Nevada. Absentee management of
the nature involved in A pplicant’s structure is
regarded by the Board as less than desirable,
certainly substantially less effective than on-thescene-management, which is usually better able
to react quickly when and if financial, operational,
or managerial difficulties arise in a subsidiary
bank. Further, on-the-scene-management is more
attuned to local banking needs than absentee man
agement.
Further supporting denial of Applicant’s pro
posal, in the Board’s judgment, is the fact that
Applicant’s board of directors has no member with
in-depth banking experience. The Board is unable
to conclude that the general interest of the public
and the particular interests of the community
served by Bank would be benefited or served by
permitting Applicant to expand its control over
First Bancorporation at this time.
The Board is also concerned about the fairness
of the exchange offer contemplated by Applicant.
The present holders of First Bancorporation com
mon stock (other than Applicant) would be offered
5 Vi per cent non-cumulative convertible preference
stock of Applicant. Applicant would not be re
quired to pay dividends on the preferred stock even
if there are current earnings. Such an arrangement
invites problems. Dividends on the preferred stock
could be passed for a number of years, after which
a dividend of 5Vi per cent on the preferred stock
2Applicant became a bank holding company subject to the
jurisdiction of the Board as a result of the enactment of the
1970 Amendments to the Bank Holding Company Act; Appli
cant’s original acquisition of shares of First Bancorporation
did not require prior Board approval.
FEDERAL RESERVE BULLETIN □ AUGUST 1972
could be paid followed by a payout of several
years’ accumulated earnings to common stock
holders. The exchange plan would enable Appli
cant to take dividends out of First Bancorporation
without having to give a share of them to the
holders of the preferred stock (who are now hold
ers of common stock of First Bancorporation).
Moreover, since the non-cumulative preferred
stock would not carry voting rights— unless
Applicant refrained from paying dividends for
three consecutive years— the present shaeholders
of First Bancorporation who exchange their com
mon shares for said preferred stock would have
no vote in the policies of Applicant for at least
three years. In the Board’s view, such an exchange
offer is adverse to the interests of the present
shareholders of First Bancorporation other than
Applicant.
Summary and conclusion. On the basis of all
relevant facts contained in the record, and in light
of the factors set forth in section 3(c) of the Act,
noting particularly the present financial condition
and managerial resources of Applicant, it is the
Board’s judgment that consummation of the pro
posal would not be in the public interest and that
the application should be denied.
FIRST AMERICAN BANCSHARES, IN C.,
ST. JOSEPH, MISSOURI
O rder A
p p r o v in g
M e r g e r s o f B a n k H o l d in g
C o m p a n ie s
First American Bancshares, Inc., St. Joseph,
M issouri, a bank holding company within the
meaning of the Bank Holding Company Act, has
filed separate applications for the Board’s approval
under § 3(a)(3) of the Act (12 U .S.C . 1842(a)(3))
to acquire additional voting shares of the following
banks: (1) 238 of the voting shares of First N a
tional Bank of Stewartsville, Stewartsville, M is
souri (“ Stewartsville Bank” ) ($3.4 million of de
posits); (2) 352 of the voting shares of Bank of
Skidmore, Skidmore, Missouri (“ Skidmore
Bank” ) ($3.2 million of deposits); (3) 454 of the
voting shares of First National Bank of Plattsburg,
Plattsburg, Missouri (“ Plattsburg Bank” ) ($8.4
million of deposits); and (4) 836 of the voting
shares of Bank of Edgerton, Edgerton, Missouri
(“ Edgerton Bank” ) ($2.6 million of deposits).
The proposed acquisitions are to be accom
plished by means of mergers with Applicant of
two other bank holding companies under common
control with Applicant, namely, First Bancorpora
tion, Inc. and Missouri Bancorporation, Inc., each
LAW DEPARTMENT
located in St. Joseph, Missouri. A merger between
two or more bank holding companies involves a
reduction in the number of bank holding com pa
nies in a State. The Board regards the applications
as falling under section 3(a)(5) of the Act, which
requires the Board’s prior approval “ for any bank
holding company to merge or consolidate with any
other bank holding com pany.” The Board has
considered the applications on this basis.
Notice of the applications, affording opportunity
for interested persons to submit comments and
views, 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
applications and all comments received in light of
the factors set forth in § 3(c) of the Act (12 U .S.C .
1842(c)) and finds that:
Applicant, a one-bank holding company by vir
tue of its ownership of 50.6 per cent of the
outstanding voting shares of First American Bank
of Union Star (formerly, Farmers State and Peo
ples Bank), Union Star, Missouri ($3.4 million
of deposits) also holds between 21 and 23 per cent
of the outstanding voting shares of the four subject
banks. Upon consummation of the proposal,
Applicant would hold: 69.4 per cent of the out
standing voting shares of Stewartsville Bank; 92
per cent of the outstanding voting shares of Skid
more Bank; 68.3 per cent of the outstanding voting
shares of Plattsburg Bank; and 63.7 per cent of
the outstanding voting shares of Edgerton Bank.
First Bancorporation and Missouri Bancorpora
tion are bank holding companies by virtue of the
fact that each owns more than 25 per cent of the
voting shares of the Skidmore B ank.1 Applicant
and such bank holding companies are small bank
ing organizations in the competitive structure of
Missouri banking. Upon consummation of the
proposal herein Applicant would become the sev
enteenth largest of eighteen multi-bank holding
companies in Missouri and its share of deposits
of commercial banks in the State would increase
from .03 to .17 per cent and thus concentration
of banking resources therein would not be signifi
cantly affected.
Applicant, First Bancorporation and Missouri
Bancorporation are under common control by one
person who exercises control not only over First
American Bank of Union Star and Skidmore Bank,
*First Bancorporation holds 23.8 per cent of Stewartsville
Bank; 26.2 per cent of Skidmore Bank; 23.9 per cent of
Plattsburg Bank and; 23.9 per cent of Edgerton Bank. Missouri
Bancorporation holds 23.8 per cent of Stewartsville Bank; 44.2
per cent of Skidmore Bank; 21.5 per cent of Plattsburg Bank
and 17.9 per cent of Edgerton Bank.
731
but also over the other subject banks, as if they
were a single banking group.2 Each of the banks
whose shares are to be acquired by Applicant is
located in a small community in northwest M is
souri and primarily serves the residents of its
immediate community. Each bank is the only bank
located in its respective community. The closest
proximity of each such bank to any other such
bank or to Applicant’s present subsidiary is 12
road miles and there does not appear to be a
significant overlap in the areas primarily served
by these banks. Moreover, due to their operation
under common control and the fact that the pros
pect of a change in this relationship appears re
mote, it does not seem that any significant com
petition among such banks would develop in the
future. It therefore appears that approval of the
applications would not eliminate significant
present or potential competition, and the Board
concludes that competitive considerations are con
sistent with such approval.
The financial condition and managerial re
sources of Applicant, together with the two bank
holding companies to be merged with Applicant,
and of the banks that are or will thereby become
subsidiaries of Applicant, are considered satis
factory. The future prospects of Applicant and
each such subsidiary bank appear favorable. Con
solidation of the structure under which the subject
banks are being operated may conceivably im
prove internal operating efficiency of the banking
group of which they are, in effect, members.
Unification of the group may contribute to its
ability as a regional banking organization to meet
competition from the larger Statewide multi-bank
holding companies. It appears that consummation
of Applicant’s proposal would not have any im
mediate effects on the convenience and needs of
the communities to be served. Considerations re
lating to such convenience and needs are deemed
to be consistent with approval of the applications.
It is the Board’s judgment that the proposed trans
actions are consistent with the public interest and
should be approved.
On the basis of the record, the applications are
approved for the reasons summarized above. The
transactions shall not be consummated (a) before
the thirtieth calendar day following the effective
date of this Order or (b) later than three months
after the effective date of this Order, unless such
period is extended for good cause by the Board,
2A11 three bank holding com panies were organized between
1956 and 1963 by A pplicant’s president and associated indi
viduals and these com panies acquired control of the subject
banks between 1956 and 1968.
FEDERAL RESERVE BULLETIN □ AUGUST 1972
732
or by the Federal Reserve Bank of Kansas City
pursuant to delegated authority.
By order of the Board of Governors, effective
July 20, 1972.
Voting for this action: Chairman Burns and Governors
Robertson, Brimmer, Sheehan, and Bucher. Absent and not
voting: Governors Mitchell and Daane.
(Signed)
[s e a l]
T y n a n S m ith ,
Secretary of the B o a rd .
FIRST NATIONAL BANK IN DALLAS AND
FIRST NATIONAL SECURITIES COMPANY
IN DALLAS,
DALLAS, TEXAS
O r d e r A p p r o v in g A c q u is it io n
of
B
ank
First National Bank in Dallas, Dallas, Texas,
owns 26.41 per cent of South Oak Cliff Bank,
Dallas, T exas,1 is a bank holding company within
the meaning of the Bank Holding Company Act,
and has applied for the Board’s approval under
§ 3(a)(3) of the Act (12 U .S.C . 1842(a)(3)) to
acquire, through a rights offering, 1,036 of the
voting shares of North Dallas Bank & Trust Co.,
Dallas, Texas (“ Bank” ). Applicant states that the
proposed acquisition will be made directly by First
National Securities Company in Dallas, Dallas,
Texas, Applicant’s trusteed affiliate, which now
controls 24 per cent of the outstanding shares of
Bank.
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with § 3(b)
of the Act. The time for filing comments and views
has expired, and none has been timely received.
The Board has considered the application in light
of the factors set forth in § 3(c) of the Act (12
U .S.C . 1842(c)).
Applicant with its one subsidiary bank controls
total deposits of $1.69 billion, representing 5.7
per cent of the total commercial bank deposits in
the State, and is the second largest banking orga
nization in the Dallas SMS A and in Texas.
Through its trusteed affiliate2 Applicant now con*The interest in South Oak Cliff Bank was acquired in 1966
in satisfaction of a debt previously contracted.
A pplicant’s trusteed affiliate controls more than 5 per cent
but less than 25 per cent of each of twelve other Texas banks.
The Board’s action herein does not constitute a determination
that any of the banks in which Applicant’s trusteed affiliate
owns shares is or may become a subsidiary of Applicant; nor
does the action herein indicate that the Board would in the
future permit Applicant to acquire directly or indirectly any
additional shares of any of said banks. However, the determi
nation herein does not preclude the Board from determining
that Applicant exercises a controlling influence over the man
agement or policies of any of said banks within the meaning
of § 2(a)(2)(C) of the Act.
trols 24 per cent of the shares of Bank ($23.9
million deposits), one of the smaller banks in the
Dallas banking market. Applicant proposes to have
its trusteed affiliate acquire 1,036 shares of Bank
through a rights offering. Applicant’s trusteed af
filiate will be acquiring less than its proportionate
interest in the offering, with the result that Appli
cant’s interest in Bank will drop to 23.7 per cent
of the outstanding shares. The transaction involves
neither an expansion of Applicant nor an increase
in the banking resources controlled by it. Con
summation of the proposal would eliminate neither
existing nor potential competition nor does it ap
pear that there would be any adverse effects on
any bank in the area.
The financial and managerial resources and
prospects of Applicant, its subsidiaries, and Bank
are regarded as satisfactory and consistent with
approval of the application. The convenience and
needs of the area involved would not be affected
by consummation of Applicant’s proposal. It is
the Board’s judgment that the application should
be approved.
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 following the effective
date of this Order or (b) later than three months
after the effective date of this Order, unless such
period is extended for good cause by the Board,
or by the Federal Reserve Bank of Dallas pursuant
to delegated authority.
By order of the Board of Governors, effective
July 25, 1972.
Voting for this action: Chairman Burns and Governors
Robertson, Daane, and Sheehan. Absent and not voting: Gov
ernors Mitchell, Brimmer, and Bucher.
(S ig n e d ) T y n a n S m it h ,
Secretary of the Board.
[ s e a l]
Y .B. CORPORATION,
SOUTH SIOUX CITY, NEBRASKA
O r d e r A p p r o v in g F o r m a t io n
in g
of
B ank H old
C o m pany
Y.B. Corporatibn, South Sioux City, Nebraska,
has applied for the Board’s approval under §
3(a)(1) of the Bank Holding Company Act (12
U .S.C . 1842(a)(1)) of formation of a bank holding
company through acquisition of 81 per cent of the
voting shares of Nebraska State Bank, South Sioux
City, Nebraska (“ Bank” ).
Notice of the application, affording opportunity
for interested persons to submit comments and
733
LAW DEPARTMENT
views, 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, a newly organized corporation, was
formed by the present management of Bank for
the purpose of becoming a bank holding company
through the purchase of shares of Bank. Upon
acquisition of Bank ($11.9 million of deposits),
Applicant would control approximately . 3 per cent
of the commercial bank deposits in Nebraska. (All
banking data are as of December 31, 1971.) As
the proposed transaction represents a sale of shares
of Bank by individuals to a presently nonoperating
holding company, consummation of the proposal
would not eliminate existing or potential competi
tion and would not result in an increase in the
concentration of banking resources in any relevant
area.
Bank, located in South Sioux City, Nebraska,
is the largest of two banks in that city. Bank
operates in the Sioux City, Iowa-Nebraska m etro
politan area (which approximates its relevant m ar
ket area).
For a number of years, prior to the assumption
of active control by Bank’s present management
in February 1971, Bank’s condition was adversely
affected by frequent changes in management (four
managing officers in seven years) and unprofitable
credit policies. B ank’s financial condition has been
substantially improved by the introduction of more
profitable loan policies and effective management
supervision by two individuals responsible for
Applicant’s organization. The Director of Banking
for the State of Nebraska, in recommending ap
proval of the proposed transaction, has expressed
confidence in Bank’s present management. He has
stated, “ . . . we feel that they are capable of
successfully operating the bank involved.”
Upon consummation of the proposed transac
tion, Applicant would begin operations with a
relatively high acquisition debt. Applicant
proposes to retire this debt within ten years. Based
upon projected future earnings of Bank and
Applicant’s proposals with respect to management
and dividend policies of Bank, it appears probable
that Applicant would be able to retire its acquisi
tion debt within this period.
On the basis of the facts of record as sum
marized herein, the financial and managerial re
sources and future prospects of Bank and Appli
cant (which are entirely dependent on the earnings
of Bank) appear satisfactory and lend some weight
toward approval of the application. To the extent
that formation of the proposed bank holding com
pany will facilitate the continued provision of
sound management policies and thereby enable
Bank to provide expanded banking services, con
siderations relating to the convenience and needs
of the relevant community served by Bank lend
weight toward approval of this application.
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 following the effective
date of this Order or (b) later than three months
after the effective date of this Order, unless such
period is extended for good cause by the Board,
or by the Federal Reserve Bank of Kansas City
pursuant to delegated authority.
By order of the Board of Governors, effective
July 25, 1972.
Voting for this action: Chairman Burns and Governors
Robertson, Daane, and Sheehan. Absent and not voting: Gov
ernors Mitchell, Brimmer, and Bucher.
(Signed)
[ s e a l]
T y n a n S m ith ,
S ecretary o f the B oard.
MANUFACTURERS HANOVER
CORPORATION,
NEW YORK, NEW YORK
O r d e r A p p r o v in g A c q u is it io n
of
B ank
Manufacturers Hanover Corporation, New
York, New York, 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 ac
quire 100 per cent of the voting shares (less
directors’ qualifying shares) of the successor by
merger to First National Bank of Bay Shore, Bay
Shore, New York (“ FN B ” ). The bank into which
FNB is to be merged has no significance except
as a means to facilitate the acquisition of the voting
shares of FNB. Accordingly, the proposed ac
quisition of the shares of the successor organi
zation is treated herein as the proposed acquisition
of the shares of FNB.
Notice of the application, affording opportunity
for interested persons to submit comments and
views, 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)).
734
Applicant controls one bank, Manufacturers
Hanover Trust Company (“ M H TC” ), with de
posits of $9.8 billion, representing 10.4 per cent
of total commercial bank deposits in the State of
New York, and ranks as the third largest banking
system in the State. (All banking data are as of
December 31, 1971, adjusted to reflect holding
company formations and acquisitions through June
30, 1972.) The acquisition of FNB with deposits
of $59.9 million would not change Applicant’s
present rank among State banking organizations
nor significantly increase the concentration of
banking resources in any relevant areas.
FNB is located in the Village of Bay Shore in
southwestern Suffolk County; is the thirteenth
largest of 32 banks headquartered in New Y ork’s
First Banking District and ranks fourth largest
among the 16 banks located in the Babylon-Islip
Market. Eight New York City based holding com
panies are represented in the Market. The nearest
subsidiary banking office of MHTC to an FNB
branch is the M assapequa office located in Nassau
County, a distance of nine miles from the West
Islip office of FNB, and the offices of 22 financial
institutions are located in the intervening area.
These institutions compete in separate banking
markets and consummation of the proposed ac
quisition would not eliminate any meaningful
amount of existing competition between these or
other offices of MHTC and FNB.
Although some potential competition could be
eliminated by consummation of the present pro
posal, it appears that such competition would not
be of a substantial nature. Applicant could enter
Suffolk County de novo or by acquisition of a
smaller bank. However, State banking laws restrict
the branching operations of newly-chartered banks
by holding companies until January 1976, and it
appears that the acquisition of one of the nine
remaining, somewhat smaller, Suffolk County
banks would not be significantly less anticompeti
tive than the present proposal. The proposed affil
iation could serve to stimulate competition since
consummation would remove home office protec
tion afforded by State law to Bay Shore. Two
applications are pending to establish new branches
in Bay Shore at the present time subject to ap
proval of this application. It appears that con
summation of the proposed acquisition would not
adversely affect any competing bank nor act as
a deterrent to entry into the area by other banking
institutions. Competitive considerations are con
sistent with approval of the application.
Considerations relating to the financial condition
FEDERAL RESERVE BULLETIN □ AUGUST 1972
of Applicant, MHTC, and FNB are considered to
be satisfactory, the managements of each are
deemed capable, and their prospects appear favor
able. Banking factors are consistent with approval
of the application. Although the major banking
needs of the area are satisfactorily served at the
present time, Applicant proposes to assist FNB in
providing new services in international banking
and lease financing. Considerations relating to the
convenience and needs of the communities to be
served are consistent with and lend some support
to approval of the application. It is the Board’s
judgment that the proposed transaction is in the
public interest and that the application should be
approved.
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 following the effective
date of this Order or (b) later than three months
after the effective date of this Order, unless such
period is extended for good cause by the Board,
or by the Federal Reserve Bank of New York,
pursuant to delegated authority.
By order of the Board of Governors, effective
July 25, 1972.
Voting for this action: Chairman Burns and Governors
Sheehan and Bucher. Voting against this action: Governors
Robertson and Brimmer. Absent and not voting: Governors
Mitchell and Daane.
(S ig n e d ) T y n a n S m it h ,
Secretary of the B oard.
[s e a l]
D is s e n t in g S t a t e m e n t
so n
and
of
G overnors R obert
B r im m e r
We would deny the application on the grounds
that consummation of the acquisition would result
in adverse effects on competition which would not
be offset by any special benefits to the public.
In this case, we are confronted again with a
proposal by a large banking system (deposits of
$9.8 billion) to acquire a strong independent bank,
the fourth largest in its market area. FNB operates
in a rapidly developing area in Suffolk County,
approximately 55 miles east of New York City,
and serves the local area through its seven offices,
all located in Suffolk County. FNB was established
as a national bank in 1911, and its earnings in
recent years have been well above the average for
other area banks of comparable size. It has recently
received approval to establish two additional
branches in Suffolk County. Prospects for the
continued expansion and growth of FNB appear
assured— even without affiliation with Applicant.
735
LAW DEPARTMENT
We are gravely concerned in this case, not so
much by removal of existing competition, but by
the restriction of future competition which would
result from consummation of this proposal. Appli
cant is one of the most likely entrants into the
area, and, with enormous resources, is capable of
entering Suffolk County de novo . Additionally, the
establishment of a new bank would have procom
petitive effects on banking in the area. We are
also convinced that FNB is capable of operating
successfully in the area, either as an independent
bank or as an affiliate with a smaller banking
system. Either of these alternatives is more de
sirable than its capture (as here) by a multi-billion
dollar banking organization.
All of the major banking needs of the area are
apparently satisfied by services presently available
at existing institutions. Applicant proposes to en
able FNB to offer a fairly full range of banking
services, to include new services in lease financing
and international banking. However, there appears
to be no present need for these new services in
the area. Under the circumstances presented here,
we can find no need or public benefit that would
emanate from consummation of the proposed ac
quisition to outweigh the adverse effect that con
summation of the proposal would have on com
petition in the related communities.
In weighing the options open to Applicant for
entry into Suffolk County, and at the same time
cognizant of the projected growth and expanding
economy of this area, we are convinced that the
public interest would be served by the B oard’s
denial of this application.
FIRST
NATIONAL
CHARTER CORPORA
TION,
KANSAS CITY, MISSOURI
O rder A
p p r o v in g
A c q u is it io n
of
B
ank
First National Charter Corporation, Kansas
City, Missouri, a bank holding company within
the meaning of the Bank Holding Company Act,
has applied for the B oard’s approval under §
3(a)(3) of the Act (12 U .S.C . 1842(a)(3)) to ac
quire 100 per cent of the voting shares (less
directors’ qualifying shares) of the successor by
merger to Butler State Bank, Butler, Missouri
(“ Bank” ). The bank into which Bank is to be
merged has no significance except as a means of
acquiring all of the shares of Bank. Accordingly,
the proposed acquisition of the shares of the suc
cessor organization is treated herein as the
proposed acquisition of shares of Bank.
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with § 3(b)
of the Act. The time for filing comments and views
has expired, and none has been timely received.
The Board has considered the application in light
of the factors set forth in § 3(c) of the Act (12
U .S.C. 1842(c)).
Applicant is the fifth largest banking organi
zation in Missouri, controlling eight subsidiary
banks which have aggregate deposits of $553.9
million, representing 4.4 per cent of total deposits
in commercial banks in the State. (All banking
data are as of December 31, 1971, and are adjusted
to reflect holding company acquisitions and
formations approved by the Board to date.) Ac
quisition of Bank by Applicant will increase its
share of Statewide depoists by . 1 percentage points
and will not increase its ranking among the State’s
largest banking organizations.
Bank controls deposits of $15 million and is
located about 60 miles south of Kansas City,
Missouri. It is the largest bank in the market
controlling 43.6 per cent of the deposits in Bates
County. There are nine other banks competing in
the market, with the next largest controlling ap
proximately 24.5 per cent of market deposits.
There is no existing competition between Bank and
any of Applicant’s existing subsidiary banks, the
nearest of which is located 40 miles from Bank.
The area is not attractive for de novo entry and
the smaller banks in the area would not appear
to be likely entry vehicles due to their locations
and limited growth prospects. The other alterna
tive, Bank’s major competitor, has correspondent
relationships with a large Kansas City bank. Con
summation of the proposal would eliminate no
present competition nor would it foreclose any
significant possibility of competition developing in
the future due to an alternative entry into the
market by Applicant.
Consummation of the proposed transaction will
have the effect of strengthening Bank’s position
in the market, however, the Board does not believe
that it will give Bank a dominant position. Further,
any adverse effects of the affiliation on competing
banks in the market are outweighed in the public
interest by the considerations relating to the finan
cial and managerial resources and prospects of
Bank and the convenience and needs of the com
munities to be served.
Bank is presently in need of capital and approval
of the application will result in Applicant’s imme
diate addition of $400,000 to Bank’s capital ac-
FEDERAL RESERVE BULLETIN □ AUGUST 1972
736
counts. Bank is also in need of strong executive
management, which Applicant will furnish upon
consummation of the proposal. Bank’s prospects
will be substantially improved by Applicant’s
proposed changes in Bank’s operations and con
siderations relating to the financial and managerial
resources and prospects of Bank lend strong
weight toward approval of the application.
There is no evidence on the record that signifi
cant banking needs of the communities involved
are going unserved. However, affiliation of Bank
with Applicant will enable larger loans and spe
cialized banking services to be provided as the
demand for them increases. These considerations
provide some weight for approval of the applica
tion.
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 following the effective
date of this Order or (b) later than three months
after the effective date of this Order, unless such
period is extended for good cause by the Board,
or by the Federal Reserve Bank of Kansas City
pursuant to delegated authority.
By order of the Board of Governors, effective
July 27, 1972.
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.
(Signed)
T y n a n S m ith ,
S ecretary of the Board.
[ s e a l]
ORDERS UNDER SECTIONS 3 AND 4 OF
BANK HOLDING COMPANY ACT
CODY AGENCY, IN C.,
LINCOLN, NEBRASKA
O r d e r A p p r o v in g F o r m a t io n
C om pany
and
R e t e n t io n
of
of
B
ank
H o l d in g
C o d y In s u r a n c e
A gency
Cody Agency, Inc., Lincoln, Nebraska, has
applied for the Board’s approval under § 3(a)(1)
of the Bank Holding Company Act (12 U.S.C.
1842(a)(1)) of formation of a bank holding com
pany through acquisition of 100 per cent of the
voting shares (less directors’ qualifying shares) of
Bank of Cody, Cody, Nebraska (“ Bank” ).
At the same time Applicant has applied for the
Board’s approval under § 4(c)(8) of the Act and
§ 225.4(b)(2) of the Board’s Regulation Y to
continue to engage in insurance agency activities
by retaining the assets of the Cody Insurance
Agency, Cody, Nebraska (“ Agency” ).
Notice of receipt of the applications has been
given in accordance with sections 3 and 4 of the
Act, and the time for filing comments and views
has expired. The Board has considered the ap
plications and all comments received in the light
of the factors set forth in section 3(c) of the Act
(12 U .S.C. 1842(c)), and the considerations
specified in section 4(c)(8) of the Act (12 U .S.C .
1843(c)(8)) and finds that:
Applicant’s sole business activity is operating
Agency. Bank is the only bank in a community
of less than 250 people. Bank has deposits of $2.2
million and is the fourth largest of five banks in
the Cherry County banking market, controlling
approximately 9 per cent of deposits in commercial
banks in that m arket.1 Since the transaction in
volves only a change from individual to corporate
ownership, consummation of the proposal will
have no adverse effects on existing or potential
competition.
The financial and managerial resources and fu
ture prospects of Applicant and its existing subsid
iary are consistent with approval. Although
Applicant will incur considerable debt in acquiring
Bank, its income from Bank and Agency will
provide sufficient revenue to adequately service the
debt. In addition, Applicant’s acquisition of Bank
will assure continued operation of the only bank
in Cody. Accordingly, considerations relating to
the convenience and needs of the community to
be served, with respect to the acquisition of Bank,
lend weight toward approval. It is the Board’s
judgment that consummation of the transaction
would be in the public interest and that the ap
plication to acquire Bank should be approved.
Agency is the only insurance agency in the town
of Cody and primarily sells casualty insurance.
Acting as a general insurance agent or broker in
a community of less than 5,000 people is an
activity that the Board has previously determined
by regulation to be closely related to banking (12
CFR 225.4(a) (9)).
There is no evidence in the record indicating
that consummation of the proposal would result
in any undue concentration of resources, unfair
competition, conflicts of interests, unsound bank
ing practices, or other adverse effects on the public
interest. It appears that the operation of Agency
in conjunction with Bank will ensure the continu
ation of both banking and insurance agency ser
vices in Cody. Based upon the foregoing and other
1 A ll banking data are as of D ecem ber 31, 1970.
737
LAW DEPARTMENT
considerations reflected in the record, the Board
has determined that the balance of the public
interest factors the Board is required to consider
regarding the retention of Agency under § 4(c)
(8) is favorable and that the application should be
approved.
On the basis of the record, the applications to
acquire Bank and to continue to engage in insur
ance agency activities are approved for the reasons
summarized above. The acquisition of Bank shall
not be consummated (a) before the thirtieth calen
dar day following the effective date of this Order
or (b) later than three months after the effective
date of this Order, unless such period is extended
for good cause by the Board, or by the Federal
Reserve Bank of Kansas City pursuant to delegated
authority. The determination as to Agency’s ac
tivities is subject to the Board’s authority to require
reports by, and make examinations of, holding
companies and their subsidiaries and to require
such modification or termination of the activities
of a holding company or any of its subsidiaries
as the Board finds necessary to assure compliance
with the provisions and purposes of the Act and
the B o a rd ’s re g u la tio n s and o rd ers issu ed
thereunder, or to prevent evasion thereof.
By order of the Board of Governors, effective
July 5, 1972.
Voting for this action: Vice Chairman Robertson and Gov
ernors Daane, Brimmer, Sheehan, and Bucher. Absent and
not voting: Chairman Burns and Governor Mitchell.
(Signed)
[s e a l]
M ic h a e l
A.
G reen sp an ,
A ssistan t Secretary of the Board.
WESTERN KANSAS INVESTMENT CORPO
RATION, IN C., W INONA, KANSAS
O r d e r A p p r o v in g F o r m a t io n o f B a n k H o l d
in g C o m p a n y a n d R e q u e s t f o r D e te r m in a tio n
u n d e r S e c tio n
4(c )(8)
Western Kansas Investment Corporation, Inc.,
Winona, Kansas, has applied for the B oard’s ap
proval under § 3(a)(1) of the Bank Holding Com
pany Act (12 U .S.C . 1842(a)(1) to become a bank
holding company through the acquisition of 100
per cent of the voting shares of Farmers State
Bank, W inona, Kansas (“ Bank” ).
Applicant has also applied for the Board’s ap
proval under § 4(c)(8) of the Act and § 225.4(b)(2)
of the Board’s Regulation Y to engage, through
the acquisition of 100 per cent of the shares of
Western Kansas Credit Corporation, W inona,
Kansas (“ Credit” ), in the activity of agricultural
lending. Such activity has been determined by the
Board to be closely related to banking or control
ling or managing banks (12 CFR 225.4(a)(1)).
Notice of the applications, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with §§ 3(b)
and 4(c)(8) of the Act. The time for filing com
ments and views has expired, and the Board has
considered the applications and all comments re
ceived in light of the factors set forth in §§ 3(c)
and 4(c)(8) of the Act (12 U .S.C . 1842(c) and
1843(c)(8)).
Applicant is a nonoperating corporation formed
for the purpose of acquiring Bank. Upon acquisi
tion of Bank ($3.7 million in deposits as of De
cember 31, 1971), Applicant would not control
a significant portion of the total deposits in com
mercial banks in Kansas. As the proposed trans
action represents a restructuring of the ownership
of Bank and Credit, consummation would not
eliminate any existing or potential banking com
petition and would not result in any increase in
the concentration of commercial banking resources
in any relevant area. Bank’s financial and mana
gerial resources and future prospects are consistent
with approval, as are those of Applicant, depen
dent as they will be upon those of Bank. Applicant
is planning no new services for Bank. Approval
of the proposed transaction, therefore, would have
no effect on convenience and needs in the Winona
banking market. Applicant has made an equal
exchange offer to all shareholders of Bank.
Credit, with it sole office located on the prem
ises of Bank, engages in the making of agricul
tural loans to local farmers and ranchers and re
discounting the majority of such loans with the
Federal Intermediate Credit Bank. As of January
31, 1972, Credit had loans outstanding of approx
imately $400,000. Credit was established de novo
by Bank in 1967. Subsequently, the shares of
Credit were distributed on a p ro rata basis to the
shareholders of Bank. The shares of Credit are
still held by all shareholders of Bank in amounts
equivalent to each shareholder’s holding of shares
of Bank. The formation of Credit, and its affilia
tion with Bank, has enabled each institution to
accommodate a larger number of farmers and
ranchers in the area than could be served by Bank
alone. The Board concludes that continuation of
this affiliation would be in the public interest.
On the basis of the foregoing and other facts
reflected in the record, the Board has determined
that the considerations affecting the factors enu
merated in section 3(c) of the Act and the balance
of the public interest factors the Board must con
FEDERAL RESERVE BULLETIN □ AUGUST 1972
738
sider under section 4(c)(8) in permitting a holding
company to engage in an activity on the basis that
it is closely related to banking both favor approval
of the A pplicant’s proposal.
Accordingly, the applications are approved for
the reasons summarized above. The Board’s de
termination in connection with the application to
acquire Credit is subject to the conditions set forth
in section 225.4(c) of Regulation Y and to the
Board’s authority to require such modification or
termination of the activities of a holding company
or any of its subsidiaries 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 evasion
thereof. The acquisition of Bank shall not be
consummated (a) before the thirtieth calendar day
following the effective date of this Order or (b)
later than three months after the effective date of
this Order, unless such period is extended for good
cause by the Board, or by the Federal Reserve
Bank of Kansas City pursuant to delegated au
thority.
By order of the Board of Governors, effective
July 20, 1972.
Voting for this action: Chairman Burns and Governors
Robertson, Brimmer, Sheehan, and Bucher. Absent and not
voting: Governors Mitchell and Daane.
( S ig n e d ) T y n a n S m i t h ,
Secretary of the Board.
[s e a l]
G U A R A N T Y LO A N AND IN V E ST M E N T
CORPORATION OF TULSA, INC.
TULSA, OKLAHOMA
O r d e r A p p r o v in g A c q u is it io n
C o n t in u a t io n
t r ia l
Loan
of the
of
A c t iv it ie s
C om pany
and
B ank
of a n
the
and
In d u s
S ale
of
C r e d i t -r e l a t e d I n s u r a n c e
Guaranty Loan and Investment Corporation of
Tulsa, Inc., Tulsa, Oklahoma, has applied for the
Board’s approval under sections 3(a)(1) and
4(c)(8) of the Bank Holding Company Act (12
U .S.C . 1842(a)(1) and 1843(c)(8)) to acquire 50
per cent of the voting shares of Republic National
Bank of Tulsa (“ Bank” ), Tulsa, Oklahoma, and
to continue to engage in the operation of an indus
trial loan company and the sale of credit-related
insurance, including succession to such insurance
sales activity on the premises of Bank, both insur
ance agency activities to be carried on by Guaranty
Agency, Inc., a wholly-owned subsidiary of
Applicant to be formed.
Pursuant to section 3(b) of the Act, the Board
gave notice of receipt of the application to acquire
voting shares of Bank to the Comptroller of the
Currency. The Comptroller has not commented to
the Board on the application.
Notice of the applications, affording opportunity
for interested persons to submit comments and
views on the public interest factors, has been duly
published (37 Federal Register 10620). The time
for filing comments and views has expired and
none have been received.
Applicant is an industrial loan company operat
ing in the manner authorized by Oklahoma law
and does not accept demand deposits. As such,
it engages in the business of making personal loans
secured, from time to time, by first and second
mortgages on real estate or by durable consumer
goods, and sells credit life, credit health, and
credit accident insurance to its borrowers. Such
activities have been determined by the Board to
be closely related to banking or managing or
controlling banks (12 CFR 225.4(a)(2) and
(9)(ii)(a)).
Applicant is an industrial loan company, with
total assets of $3.1 million, operating out of one
office in Tulsa. Bank, with total deposits of $19.2
million, holds .3 per cent of total deposits in
commercial banks in Oklahoma and is the thir
teenth largest of the 19 banks located in Tulsa and
the 29 banks located in Tulsa County. The
proposed transaction would have no significant
adverse effect on existing competition in the m ar
ket for lendable funds. Whereas Bank offers the
usual range of deposit services offered by com
mercial banks, Applicant offers “ thrift certifi
cates” which, though similar to certificates of
deposit, represent a higher risk due to their unin
sured character and a possible limitation on repay
ment to 50 per cent of the Applicant’s net receipts
for the previous month, than do the deposits re
ceived by Bank. This is reflected in higher interest
rates paid by Applicant on such funds than are
paid by Bank. Barriers to entry into the banking
business and legal requirements that Bank, as a
national bank, maintain the insured character of
its deposits and comply with limitations upon the
payment of interest on deposits established by the
Board’s Regulation Q (12 CFR 217) suggest that
future significant development of competition be
tween Applicant and Bank in the market for such
lendable funds is unlikely. Seventy per cent of
Applicant’s loan portfolio is secured by second
mortgages on real estate. Bank is generally pro
hibited by section 24 of the Federal Reserve Act
(12 U .S.C . 371) from making loans in primary
739
LAW DEPARTMENT
reliance on a second mortgage on real estate as
security. However, a slight amount of competition
may exist between Applicant and Bank in the
making of some consumer loans. The five-mile
distance between offices of Applicant and Bank
and the relatively small size of the consumer loan
portfolios of Applicant and Bank lessen the slight
adverse effect that consummation of the proposed
transaction would have on competition in the Tulsa
consumer loan market. Further, since neither
Applicant nor Bank solicit credit-related insurance
sales from persons other than their borrowers, no
competition would appear to exist between Appli
cant and Bank in the market for sale of creditrelated insurance and consummation would there
fore not foreclose any existing competition in that
market.
Considerations relating to the financial and
managerial resources and future prospects of both
Applicant and Bank appear satisfactory and con
sistent with approval of the applications. Al
though, upon consummation of the proposed
transaction, Applicant will assume a relatively
substantial amount of debt, its past earnings record
and growth suggest that Applicant will be able to
service that debt. We assume that this will be done
without the payment of an unreasonable amount
of dividends or management fees by Bank. Fur
thermore, Applicant will make a pro rata offer
to all shareholders of Bank permitting minority
shareholders to participate in the proposed trans
action in an equitable manner.
Applicant has stated its intention to increase
consumer services offered by Bank. Consid
erations relating to convenience and needs of the
communities to be served, as well as public bene
fits that may be expected to derive from the
proposed affiliation, therefore lend weight toward
approval. The slight possible adverse effect on
competition in the market for consumer lending
is outweighed by this expected benefit to the pub
lic. Other possible adverse effects, such as undue
concentration of resources, unfair competition,
conflicts of interests, or unsound banking practices
do not appear to be presented by the proposed
transaction.
Based upon the foregoing and other consid
erations reflected in the record, the Board has
determined that the balance of the public interest
factors the Board is required to consider under
section 4(c)(8) is favorable. It is the Board’s
judgment that consummation of the proposal
would be in the public interest. Accordingly, the
applications are hereby approved. This determi
nation is subject to the conditions set forth in
section 225.4(c) of Regulation Y and to the
Board’s authority to require such modification or
termination of the activities of a holding company
or any of its subsidiaries 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 evasion
thereof. The transaction shall not be consummated
(a) before the thirtieth calendar day following the
effective date of this Order or (b) later than three
months after the effective date of this Order, unless
such period is extended for good cause by the
Board or by the Federal Reserve Bank of Kansas
City pursuant to delegated authority.
By order of the Board of Governors, effective
July 28, 1972.
Voting for this action: Chairman Burns and Governors
Mitchell and Brimmer. Voting against this action: Governors
Robertson and Sheehan. Absent and not voting: Governors
Daane and Bucher.
(S ig n e d ) T y n a n S m it h ,
Secretary of the B o a rd ,
[s e a l]
D
is s e n t in g
Statem ent
R o bertso n
and
of
G overnors
Sheehan
Section 3(c) of the Act provides that
In every case, the Board shall take into
consideration the financial and managerial
resources and future prospects of the com
pany or companies and the banks con
cerned. . . .
In compliance therewith, this Board has looked
askance at the assumption by a bank holding
company of excessive debt, particularly when the
debt is incurred to enable the holding company
to acquire a subsidiary (see Order Denying
Formation of Bank Holding Company by Firstbrook Corporation, Chicago, Illinois, 58 Federal
Reserve B u l l e t i n 162 (February, 1972)). How
ever, where the Board has reviewed convincing
evidence that a bank holding company will be able
to service its debt without adversely affecting the
condition of its banks, the Board has not consid
ered the acquisition debt to be such as to require
denial of the application (see, for example, Order
Approving Formation of Bank Holding Company
by American Bancorporation, Inc., Kansas City,
Missouri, 57 Federal Reserve B u l l e t i n 847
(October, 1971)).
In view of the serious interest of this Board in
the financial resources and future prospects of bank
holding companies and their subsidiaries, we do
not believe that a consclusion regarding a holding
company’s ability to service debt should be
FEDERAL RESERVE BULLETIN □ AUGUST 1972
740
reached unless that ability is clearly demonstrated
in the record before the Board.
This is of even greater importance where, as
here, the application represents the initial entry of
an applicant into banking since an optimistic esti
mate of that ability may in effect contribute to
serious future problems for the holding company
before it has even begun its existence as a bank
holding company.
In the instant case, Applicant, already in a
highly leveraged position, w ill, as a result of the
proposed transaction, incur further substantial
debt. Based on its past earnings growth and on
the growth of Bank, the majority concludes that
Applicant will be able to service this debt without
unduly straining the resources of Bank. W e are
unconvinced given the fact that the majority’s
conclusion is based on Applicant’s operating his
tory of only four years and Bank’s operating
history of only eight years. Since there are now
four new banks competing in Bank’s service area,
the speculative nature of projections of Bank’s
earnings needs to be especially emphasized.
We are not opposed to acquisitions of banks
by young organizations, or by industrial loan
companies where, as in other cases, there is posi
tive and convincing evidence that they are able
to service debts they incur. Our objection is that
the record in this case contains insufficient ev i
dence of a positive and convincing nature that
Applicant possesses that ability without placing an
undue strain on Bank’s earnings.
We therefore would deny the application.
ORDERS UNDER SECTION 4(c)(8)
OF BANK HOLDING COMPANY ACT
DACOTAH BANK HOLDING C O .,
ABERDEEN, SOUTH DAKOTA
O rder A
p p r o v in g
A c q u is it io n
In su ra n ce A
gency
of
Lem
mon
,
, In c .
Dacotah Bank Holding C o., Aberdeen, South
Dakota, a bank holding company within the
meaning of the Bank Holding Company Act, has
applied for the Board’s approval, under section
4(c)(8) of the Act and § 225.4(b)(2) of the Board’s
Regulation Y , to acquire voting shares of Lemmon
Insurance A gency, Inc., Lemmon, South Dakota
(“ Lemmon A gen cy” ), a company that engages in
the activities of a general insurance agency in a
community of less than 5,000 persons. Such ac
tivity has been determined by the Board to be
closely related to the business of banking (12 CFR
225.4(a)(9)).
Notice of the application, affording opportunity
for interested persons to submit comments and
views on the public interest factors, has been duly
published (37 Federal Register 10757). The time
for filing comments and view s has expired, and
the Board has considered all comments received
in the light of the public interest factors set forth
in § 4(c)(8) of the Act (12 U .S .C . 1843(c)).
Applicant, the third largest banking organization
in South Dakota, controls five banks with aggre
gate deposits of $4 8 .0 m illion, representing 3 .0
per cent of the total of commercial bank deposits
in the State. (All banking data are as of December
31, 1971 and represent bank holding formations
and acquisitions through June 30, 1972.)
The Board approved Applicant’s acquisition of
the Bank of Lemmon, Lemmon, South Dakota
(deposits of $9.3 m illion), on April 29, 1970 (1970
B u lle tin
464). Lemmon A gency shares the
quarters of Bank’s main office in Lemmon (1970
population— 1,997) and also has an office at the
Bank’s branch in Bison (1970 population— 406).
The building housing Bank’s Bison office is the
principal asset of Lemmon A gency, accounting for
$176,000 of its $200,000 of total assets. Prior to
the organization of Lemmon A gency in 1965,
Bank engaged directly in the insurance agency
business.
Although Applicant has five insurance agency
subsidiaries, the closest agency to Lemmon
Agency is 90 m iles away. It is unlikely that
consummation of the proposal would eliminate any
existing competition nor does it appear likely that
potential competition would be eliminated.
There is no evidence in the record indicating
that consummation of the proposal would result
in any undue concentration of resources, unfair
competition, conflicts of interest, or unsound
banking practices. Approval of the application
would enable Applicant and Bank to continue to
provide a convenient source of insurance agency
services in two com m unities, each with a popula
tion of less than 5,000.
Based upon the* foregoing and other consid
erations reflected in the record, the Board has
determined that consummation of the proposal
herein can reasonably be expected to produce
benefits to the public that outweigh possible ad
verse effects.
Accordingly, the application is hereby ap
proved. This determination is subject to the
conditions set forth in section 225.4(c) of Regula
tion Y and to the Board’s authority to require such
modification or termination of the activities of a
741
LAW DEPARTMENT
holding company or any of its subsidiaries as the
Board finds necessary to assure 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
July 17, 1972.
Voting for this action: Chairman Burns and Governors
Robertson, Brimmer, Sheehan, and Bucher. Absent and not
voting: Governors Mitchell and Daane.
(Signed) T y n a n S m i t h ,
Secretary of the Board.
[s e a l]
AMERICAN FLETCHER CORPORATION,
INDIANAPOLIS, INDIANA
O
rder
A
p p r o v in g
A c q u is it io n
of
L ocal
F in a n c e C o r p o r a t io n
American Fletcher Corporation, Indianapolis,
Indiana, a bank holding company registered under
the Bank Holding Company Act, as amended, has
applied for the Board’s approval, under § 4(c)(8)
of the Act and § 225.4(b)(2) of the Board’s Regu
lation Y , to acquire all of the voting shares of
Local Finance Corporation, Marion, Indiana
( “ L ocal” ). N otice of the application affording
opportunity for interested persons to submit com
ments and view s has expired and those received
have been considered.
Applicant’s banking subsidiary, American
Fletcher National Bank ( “ Bank” ), is the second
largest bank in Indiana with deposits of $1 billion,
representing 8.7 per cent of State deposits. (All
deposit data are as of December 31, 1971, whereas
all market share data are as of June 30, 1971.)
Bank operates 44 offices, all in Marion County.
Indiana law prohibits a bank from branching out
side of the county where its head office is located.
Local is a consumer finance holding company,
its subsidiaries specializing in making personal
loans, normally without collateral, and purchasing
installment sales finance contracts. Guardian
A gency, Inc. ( “ Guardian” ), a wholly-owned
subsidiary of Local engages in the sale, at offices
of Local, of credit life and credit disability insur
ance coverage to borrowers from Local’s finance
company subsidiaries under group policies. In
Indiana only, the insurance sales activities of
Guardian include the sale of casualty insurance on
collateral securing credit extended by those subsi
diaries. Further, Guardian sells various forms of
casualty, liability, and fidelity insurance to Local
and its subsidiaries and, in Indiana o n ly , automo
bile property damage and homeowners insurance
to em ployees and customers of Local and its
subsidiaries as a matter of convenience to those
purchasers. Guardian’s premium income from
these sales to such em ployees and customers does
not constitute a significant portion of its aggregate
insurance premium income. Local operates 63
offices, of which 46 are in the northern two-thirds
of Indiana and 17 in southern Michigan. None of
these offices are in Marion County where Bank’s
offices are located. With total assets of $36.5
m illion, Local ranks 89th among finance compa
nies in the nation and accounts for approximately
2 .0 per cent of the approximately $1.8 billion of
the outstanding personal loans in Indiana as of
December 31, 1970.
The proposed acquisition would have only a
slightly adverse effect on existing competition
since Bank does not maintain offices in any geo
graphic market served by Local. It is estimated
that Bank’s volume of consumer loans and pur
chases of installment sales finance contracts in the
four counties contiguous to Marion County, in
which Local has offices, amounts to approximately
$150,000 per year. To this slight extent, existing
competition would be eliminated by consumma
tion of the proposed acquisition.
As the second largest banking organization in
Indiana, Applicant has the capital resources to
enter markets served by Local and possibly other
midwest States de novo, either directly or through
a recently-established
subsidiary,
American
Fletcher Finance Corporation. However, Appli
cant does not appear to be one of the most likely
entrants into Local’s markets or these other States,
the most likely entrants being the major existing
consumer finance and sales finance companies.
Even if, contrary to Applicant’s own statement that
it has no intention of entering these markets de
novo, Applicant were to be deemed one of the
most likely entrants into these markets, the un
concentrated character of those markets coupled
with the relatively small market shares held by
Local, forces the conclusion that any adverse e f
fects of this acquisition upon potential competition
are slight. Further, there does not appear to be
any substantial possibility that the acquisition of
Local by Applicant w ill have any significant ad
verse effects on credit presently made available
to independent finance companies by Bank.
A ccess to Applicant’s financial resources would
permit Local to extend its services to additional
geographic markets. In addition, Applicant states
that Local will expand its services presently being
offered by initiating the financing of new and used
FEDERAL RESERVE BULLETIN □ AUGUST 1972
742
automobiles, mobile homes, property improve
ments, recreational articles and farm equipment as
w ell as dealer financing of consumer durables.
These expanded services would add to the public’s
convenience, as w ell as increase competition and,
in the Board’s judgment, outweigh the slightly
adverse competitive effects of the acquisition.
In its consideration of the application the Board
noted that the equity capital of Bank is somewhat
lower than that of most other banks with similar
deposit liabilities. Applicant is, however, aware
of the situation and has agreed to contribute an
additional $15 m illion in equity capital to the Bank
in the near future. The Board assumes that this
improved capital level w ill be maintained.
Based on the foregoing and other considerations
reflected in the record, the Board hereby approves
the application. This determination is subject to
the conditions set forth in section 225.4(c) of
Regulation Y and to the Board’s authority to
require such modification or termination of the
activities of a holding company or any of its
subsidiaries as the Board finds necessary to assure
com pliance with the provisions and purposes of
the Act and the Board’s regulations and orders
issued thereunder, or to prevent evasions thereof.
By order of the Board of Governors, effective
July 20, 1972.
Voting for this action: Governors Mitchell, Daane, Sheehan,
and Bucher. Voting against this action: Vice Chairman Ro
bertson and Governor Brimmer. Absent and not voting: Chair
man Burns.
(Signed) T y n a n S m i t h ,
Secretary of the Board.
[s e a l]
D
is s e n t in g
Statem
R obertso n
ent of
and
G overnors
B r im m e r
We would not approve the acquisition of a large
and well-established finance company by a bank
ing organization which is the second largest in its
State and is a likely potential de novo entrant into
the consumer finance business. The fact that
Applicant possesses the econom ic and managerial
resources for de novo entry into markets served
by Local is beyond dispute. Equally clear is the
presence of a sufficient econom ic incentive for
such entry. As the second largest banking organi
zation in Indiana, Applicant maintains a unique
relationship, through its reputation and contacts,
with various financial and geographic markets in
that State and a presumed desire to sustain its
competitive position. Both are shared with few
others. Further, the mere act of filing this applica
tion signifies a certain interest on the part of
Applicant in entry into northern and central In
diana consumer finance markets. Therefore, we are
not persuaded by Applicant’s declaration that it
would not enter these markets de novo.
Bank is one of several alternative sources of
credit to independent finance com panies, and we
agree with the majority that consummation of this
proposal will not have any significant adverse
effect on credit presently being made available to
such independent companies. However, approval
of this application would establish a precedent for
other bank holding company acquisitions of
independent finance companies in Applicant’s
market area with cumulative adverse effects on
existing competition, virtually devoid of public
benefits as in the case of this acquisition. Although
the possibility of credit foreclosure exists if bank
holding companies entered consumer finance mar
kets de novo, such entry would at least present
the compensating features of increased com peti
tion and public convenience deriving from the
resultant increase in the number of competitors in
those markets. Accordingly, we do not favor ap
proval of the acquisition of an existing finance
company by a bank holding company which is one
of the most likely entrants into the market.
In our opinion, there are virtually no public
benefits presented by this application. Rather, it
appears that Applicant would be the sole benefi
ciary of the acquisition.
Given the adverse effect on potential com peti
tion and concentration of resources presented here,
accompanied by the virtual absence of any public
benefits, we would deny the application.
DETERMINATION UNDER SECTION 2(b) OF BANK
HOLDING COMPANY ACT
WILSHIRE OIL COM PANY OF TEX AS,
NEW YORK, NEW YORK
(For the Board’s determination
regarding this matter, see page 717
of this B u l l e t i n . )
ORDGR UNDER SECTION 2(g)(3)
IOWA BUSINESS INVESTMENT CORP. AND
SUPERIOR EQUITY CORP.
O rder G
r a n t in g
D
e t e r m in a t io n
U
nder
B
ank
H o l d in g C o m p a n y A c t
In the matter of the request by Iowa Business
Investment Corp., Storm Lake, Iowa, and Supe
rior Equity Corp., Lincoln, Nebraska for a deter
743
LAW DEPARTMENT
mination pursuant to section 2(g)(3) of the Bank
Holding Company Act of 1956, as amended.
Iowa Business Investment Corp. (IBIC), Storm
Lake, Iowa, a bank holding company within the
meaning of section 2(a) of the Bank Holding
Company Act of 1956 (12 U .S .C . 1841(a)) on the
basis of its ownership of 52.6 per cent of the voting
shares of Sibley State Bank, Sibley, Iowa, and
Superior Equity Corp. (Superior), Lincoln, N e
braska, its proposed successor in interest through
merger, seek a determination pursuant to section
2(g)(3) of the Bank Holding Company Act of
1956, as amended, that they will not be capable
of controlling the transferees of shares of the
aforementioned bank.
Superior/IBIC seeks to terminate its present
status as a bank holding company by selling and
transferring all of IBIC’s present interest in Sibley
State Bank to Bruce R. Lauritzen, Darrell D.
Green, and Joseph T. Latoza, all of Omaha, N e
braska prior to the consummation of the proposed
merger.
Under the provisions of section 2(g)(3) of the
Act (12 U .S .C . 1841(g)(3)), shares transferred
after January 1, 1966, by any bank holding com
pany to a transferee that is indebted to the trans
feror are deemed to be indirectly owned or con
trolled by the transferor unless the Board of G ov
ernors of the Federal Reserve System, after op
portunity for hearing, determines that the trans
feror is not in fact capable of controlling the
transferee.
The terms of the purchase agreement entered
into between Superior/IBIC and the proposed pur
chasers provide for payment on an installment
basis. Because the transferees w ill becom e and
remain debtors of the transferors until final pay
ment is made, Superior/IBIC is presumed to con
tinue to control the shares transferred, unless the
Board, after opportunity for hearing, makes a
determination of the kind described in section
2(g)(3). Superior/IBIC has requested such a deter
mination and has submitted to the Board docu
mentary evidence to support the contention that
the transferees not be subject to the control of the
transferors.
Notice of opportunity for hearing with respect
to the Request for a Determination under section
2(g)(3) was published in the Federal Register on
Wednesday June 23, 1971 (36 F.R. 11961). The
time provided for requesting a hearing expired on
July 6, 1971. No such request has been received
by the Board, nor has any evidence been received
to show that the transferors, Superior/IBIC, w ill,
in fact, be capable of controlling the affairs of
Sibley State Bank.
It is hereby determined that neither the Iowa
Business Investment Corp. nor its successor in
interest by merger, Superior Equity Corp., will
be capable of controlling the aforementioned Sib
ley State Bank stock transferees. This determi
nation is based upon the evidence of record in this
matter, including (1) a copy of an executed pur
chase offer and acceptance dated April 6, 1971,
and addendum thereto dated June 7, 1971, agreed
upon by Superior Investment Corp., as successor
in interest; Iowa Business Investment Corp.,
seller; and Bruce R. Lauritzen, Darrell D. Green,
and Joseph J. Latoza, purchasers; (2) affidavits
of a majority of the directors of IBIC and Superior
affirming that no direct or indirect ownership or
control will be retained over Sibley State Bank
by the respective corporations after the transfer;
(3) affidavits submitted by each of the prospective
purchasers stating that he is not a director, officer,
em ployee, stockholder, or debtor (other than with
respect to the instant transaction) of Superior or
IBIC, their subsidiaries, or affiliates; and (4) in
formation showing that transferees have obtained
financing arrangements from a bank having no
affiliation or similar relationship with the trans
ferors which will cover all obligations of the
transferees to the transferors under the aforesaid
purchase contract.
A ccordingly, it is ordered, That the request of
Iowa Business Investment Corp. and its proposed
successor in interest, Superior Equity Corp., for
a determination pursuant to section 2(g)(3) be and
hereby is granted.
By order of the Board of Governors, acting
through its General Counsel pursuant to delegated
authority (12 CFR 265.2) August 26, 1971 .1
T
[s e a l]
ynan
Sm
it h
,
Secretary.
*This order was inadvertently not published in the 1971
B u l l e t in .
Announcements
CHANGE IN BOARD STAFF
The Board of Governors of the Federal Reserve
System has announced the appointment of Edward
K. O ’Connor as Assistant Director in the Division
of Data Processing, effective August 8, 1972. Mr.
O ’Connor, who joined the Board’s staff in April
1971, received a bachelor’s degree in mathematics
from Boston University in 1956.
BANK HOLDING COMPANY ACTIVITIES
The Board of Governors announced on August 3,
1972, that it had decided not to include at the
present time operation of savings and loan associ
ations on its list of activities in which bank holding
companies may engage.
The Board had previously indicated that opera
tion of a savings and loan association was not
within the scope of activities heretofore authorized
to be conducted by a bank holding company under
section 4(c)(8) of the Bank Holding Company Act,
and that it was then considering whether to expand
its list of activities to include such activity.
The Board noted that Congress has created a
statutory framework for savings and loan associa
tions that is separate from the statutes governing
commercial banks. Under these statutes, different
rules have been established for the two kinds of
institutions on such matters as branching, taxation,
and ceilings on rates paid to attract savings. A
statute has also been enacted governing savings
and loan holding companies, separate and distinct
from the Bank Holding Company Act. This statu
tory pattern suggests past intent on the part of the
Congress to maintain savings and loan associations
as specialized lenders to finance housing, with
specialized rules appropriate to that role. A cquisi
tion of savings and loan associations by bank
holding companies could tend to blur this congressionally established structure.
Proposals for affiliation of banks and savings
and loan associations in a holding company system
involve broad questions of public policy that, in
the Board’s opinion, should not be decided until
the Congress has had an opportunity to consider
the matter. Suggestions for changes in rules go v
erning specialized thrift institutions have been
made by the President’s Commission on Financial
Structure and Regulation (the “ Hunt Com m is
sion” ), as well as others. It is expected that the
744
next Congress w ill have occasion to thoroughly
consider bank and savings and loan association
relationships.
This action does not affect previous Board de
cisions permitting affiliations of thrift institutions
and commercial banks in Rhode Island.
TRANSFER OF FEDERAL RESERVE BRANCH
TERRITORY
Effective July 20, 1972, the territory of the Louis
ville Branch of the Federal Reserve Bank of St.
Louis was extended to include the towns of H ol
land and Loogootee, Indiana. These towns were
previously in the territory served by the head
office at St. Louis.
NEW PUBLICATION
The third and final volume on the R eappraisal of
the Federal R eserve D iscount M echanism is
available for distribution. Volume 3 consists of
the following: “ The Secondary Market for State
and Local Government Bonds” by W illiam F.
Staats; “ The Secondary Market for Negotiable
Certificates of D eposit” and “ A Study of the
Market for Federal Funds” by Parker B. W illis;
“ Financial Instability Revisited: The Econom ics
of Disaster” by Hyman P. Minsky; “ Discount
Policy and Bank Supervision” by Benjamin
Stackhouse; “ Discount Policy and Open Market
Operations” by Paul Meek; “ The Redesigned
Discount Mechanism and the Money Market” by
Robert C. Holland and George Garvy; and “ R e
serve Adjustments of the Eight Major N ew York
City Banks During 1966” by Dolores P. Lynn.
Copies may be obtained from Publications Ser
vices, D ivision of Administrative Services, Board
of Governors of the Federal Reserve System ,
W ashington, D .C . 20551. The price is $ 3 .0 0 per
copy; in quantities of 10 or more sent to one
address, $ 2.50 each.
ADMISSION OF STATE BANK TO
MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM
The follow ing bank was admitted to membership
in the Federal Reserve System during the period
July 16, 1972, through August 15, 1972.
Florida
Holiday ......................................... Bank of Holiday
National Summary of Business Conditions
Released for publication August 15
Industrial production rose moderately further in
July while nonfarm employment declined som e
what and the unemployment rate was unchanged.
Retail sales increased and the w holesale price
index rose further. Commercial bank credit, the
money stock, and time and savings deposits in
creased. Between mid-July and mid-August,
yields on Treasury bills and municipal securities
declined and yields on seasoned corporate securi
ties were about unchanged.
EMPLOYMENT
Nonfarm payroll employment declined somewhat
in July. Employment advanced in services and
State and local government but dropped in manu
facturing and in construction where there was an
increase in strike activity. Average w eekly hours
of factory production workers were unchanged.
The unemployment rate remained at 5.5 per cent
after declining sharply in the previous month, as
both total em ployment and the civilian labor force
showed little change.
INDUSTRIAL PRODUCTION
Industrial production rose 0.3 per cent in July and
0.1 per cent in June. The output gains in July and
June reflected in part the effects of the flooding
caused by hurricane Agnes. The level of the total
index has been revised upward from March on by
an average of 0.5 per cent. At 113.6 per cent in
July (1 9 6 7 = 1 0 0 ) the total index was 6 per cent
above a year earlier and 1:5 per cent above the
pre-recession peak in 1969.
Output of consumer goods was unchanged in
July. Auto assemblies were maintained at the June
rate of 8.5 million units. A further rise in produc
tion of carpeting and furniture was about offset
by a decline in household appliances. Output of
consumer nondurable goods continued at the June
level. Production of business equipment changed
little in July and output of defense equipment rose
further. Output of construction products, iron and
steel, and the market grouping for textile, paper,
and chemical materials increased.
INDUSTRIAL PRODUCTION
RATIOSCALE, 1967
120
120
100
F .R . indexes, seasonally adjusted. Latest figures: July.
RETAIL SALES
The value of retail sales rose 2 per cent in July
and was 11 per cent above a year earlier, according
to the advance report. Sales at durable goods stores
rose sharply, reflecting in part a very high rate
of sales of new domestic-type autos. Sales at
nondurable goods stores were also higher.
AGRICULTURE
The Department of Agriculture August crop report
indicates a decline this year in the “ all crops”
production index. Among the major crops, corn
output is forecast to decline 11 per cent from last
year. Soybean production is expected to reach a
new high, 9 per cent above 1971, and cotton
production is indicated to be up 27 per cent.
Average yields per acre are down somewhat this
year.
WHOLESALE AND CONSUMER PRICES
The wholesale price index, seasonally adjusted,
rose 0 .7 per cent between June and July. Farm
and food products increased 1.8 per cent as large
price increases were posted for fresh fruits and
vegetables, livestock, grains, dairy products, and
manufactured animal feeds. Increases in prices of
industrial commodities slowed to 0 .2 per cent with
advances for fuels and power, textile products,
apparel, machinery and equipment, and lumber
and plywood.
The consumer price index, seasonally adjusted,
rose 0.1 per cent in June. Food prices were up
0.2 per cent, but those of other com m odities were
unchanged as declines for apparel and gasoline
745
746
1967=100
Wholesale
Consumer
i
967=ioo
Net borrowed reserves of member banks
averaged about $25 m illion over the 4 weeks
ending July 26 compared with free reserves of
$110 million in June. Member bank borrowings
increased sharply and excess reserves showed little
further change.
SECURITY MARKETS
1968
1970
1972
1968
1970
1972
Bureau of Labor Statistics. “ Farm products and foods” is BLS
“ Farm products, and processed foods and feed s.” Latest
figures: Consum er, June; W holesale, July.
offset advances for most durables. Service costs
rose 0.3 per cent.
BANK CREDIT, DEPOSITS, AND RESERVES
Commercial bank credit, adjusted for transfers of
loans between banks and their affiliates, increased
at a rate of about 10 per cent in July after showing
no change in June. A sharp advance in loans
reflected strong growth in loans to businesses,
consumers, nonbank financial institutions, and
loans secured by real estate. Holdings of U .S .
Government securities declined, reflecting in part
the unusually small volume of Treasury financing
over the month. Holdings of other securities in
creased only slightly, continuing the reduced
growth evident in the second quarter.
The narrowly defined money stock increased at
an annual rate of 15.2 per cent in July, follow ing
a moderate 5.3 per cent rate of expansion in the
second quarter. U .S . Government deposits showed
little further change. Inflows of time and savings
deposits other than large negotiable C D ’s slowed
significantly in July— rising at an annual rate of
8.5 per cent compared with 14.8 per cent in June.
Sales of large negotiable C D ’s were slightly larger
than in June.
Treasury bill rates fell by about 5 to 15 basis points
on balance between mid-July and mid-August. The
3-month bill was bid at around 3.85 per cent in
the middle of August, down from 3.95 per cent
a month earlier. Yields on coupon-bearing Treas
ury obligations were some 5 basis points higher
to 10 basis points lower over the same period.
Yields on new corporate issues dropped slightly
on balance from mid-July to m id-August, while
seasoned corporate rates remained relatively sta
ble. Municipal security rates dropped over the
interval.
Common stock prices rose steadily on moderate
volume.
IN T E R E S T R A T ES
PER CENT
Discount rate, range or level for all F.R . Banks. W eekly
average market yields for U .S . Govt, bonds maturing in 10
years or more and for 90-day Treasury bills. Latest figures:
week ending A u g u s t^ .
A 1
Financial and Business Statistics
CONTENTS
A 3
G U ID E T O TAB U LAR P R E S E N TA TIO N
A 3
S TA TIS TIC A L R ELEA SES: R EFE R EN C E
U.S. S TA TIS TIC S :
A 4
A
A
A
A
A
A
A
A
8
9
10
11
12
14
15
16
Member bank reserves, Federal Reserve Bank credit,
and related items
Federal funds— Major reserve city banks
Reserve Bank interest rates
Reserve and margin requirements
Maximum interest rates; bank deposits
Federal Reserve Banks
Open market account
Reserve Banks; bank debits
U.S. currency
A
A
A
A
A
A
A
A
A
A
A
A
A
17
18
19
20
26
31
32
33
33
34
37
38
39
Money stock
Bank reserves; bank credit
Banks and the monetary system
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
41
42
44
47
50
51
56
Federally sponsored credit agencies
Federal finance
U.S. Government securities
Security issues
Business finance
Real estate credit
Consumer credit
Continued on next page
A 2
FEDERAL RESERVE BULLETIN □ AUGUST 1972
U.S. S T A T IS T IC S — Continued
A 60
A 64
A 64
A 66
A 68
A 68
A 70
A 72
Industrial production
Business activity
Construction
Labor force, employment, and earnings
Consumer prices
Wholesale prices
National product and income
Flow of funds
IN TER N A TIO N A L S TA TIS TIC S :
A
A
A
A
A
A
A
A
A
A
74
75
76
77
78
93
94
95
96
97
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
Money rates in foreign countries
Arbitrage on Treasury bills
Gold reserves of central banks and governments
Gold production
TA B LES PUBLISHED PER IO D IC ALLY:
A 98
A 99
A 101
Number of banking offices:
Analysis of changes
On, and not on, Federal Reserve Par List
Banking offices and deposits of banks in holding
company groups, December 31,1971
A 110
INDEX T O S TA TIS TIC A L TAB LES
A 3
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
e
Estimated
c
Corrected
p
Preliminary
r
Revised
rp
R evised preliminary
I, II,
III, IV Quarters
n .e .c .
Not elsew here classified
A .R .
Annual rate
S .A .
M onthly (or quarterly) figures adjusted for
seasonal variation
N .S .A .
IPC
SM SA
A
L
S
U
*
M onthly (or quarterly) figures not adjusted
for seasonal variation
Individuals, partnerships, and corporations
Standard metropolitan statistical area
A ssets
Liabilities
Sources of funds
U ses of funds
Amounts insignificant in terms of the par
ticular unit (e .g ., less than 5 0 0 ,0 0 0 when
the unit is m illions)
(1) Zero, (2) no figure to be expected, or
(3) figure delayed
GENERAL INFORMATION
M inus signs are used to indicate (1) a decrease, (2) a
negative figure, or (3) an outflow.
A heavy vertical rule is used in the follow in g in
stances: (1) to the right (to the left) of a total when the
com ponents shown to the right (left) of it add to that
total (totals separated by ordinary rules include more
com ponents than those show n), (2) to the right (to the
left) of item s that are not part of a balance sheet, (3) to the
left of memorandum item s.
“ U .S . G ovt, securities” may include guaranteed
issues of U .S . G ovt, agencies (the flow of funds figures
also include not fully guaranteed issues) as w ell as direct
obligations of the Treasury. “ State and local g o v t.” also
includes m unicipalities, special districts, and other politi
cal subdivisions.
In som e of the tables details do not add to totals because
of rounding.
The footnotes labeled N ote (which always appear
last) provide (1) the source or sources of data that do
not originate in the System ; (2) notice when figures are
estimates; and (3) information on other characteristics
of the data.
TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY,
WITH LATEST BULLETIN REFERENCE
Quarterly
Issue
Flow of funds.....................................
June 1972
Page
A-72—A-73.9
Semiannually
Banking offices:
Analysis of changes in number ...
On, and not on, Federal Reserve
Par List, number......................
Aug. 1972
A-98
Aug. 1972
A-99
Annually— Continued
Issue
Banks and branches, number,
by class and State..........................
Apr. 1972
Flow of funds:
Assets and liabilities:
1960-71 ................
June 1972 A-73.10—A-73.21
Flows:
1965-71 data (revised) .
June 1972
Page
A-98—A-99
A-73.1—A-73.9
Annually
Bank holding companies:
List of, Dec. 31, 1971..................... June 1972
Banking offices and deposits of
group banks, Dec. 31,1971........ Aug. 1972
A-98
A-101
Banking and monetary statistics:
1971 ............................................... Mar. 1972
July 1972
A-98—A-110
A-98—A-101
Income and expenses:
Federal Reserve Banks...................... Feb.
Insured commercial banks.................. May
Member banks:
Calendar year............................. ... May
Income ratios.............................. ... May
Operating ratios.............................. July
1972
1972
A-96—A-97
A-98—A-99
1972
1972
1972
A-98—A-107
A-108—A-113
A-102—A-107
Stock market credit...............................Feb. 1972
A-102—A-103
Statistical Releases
LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE
Issue
Anticipated schedule of release dates for individual releases................................................................................................................. June 1972
Page
A-115
A 4
BANK RESERVES AND RELATED ITEMS □ AUGUST 1972
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
Float 2
Other
F.R.
assets 3
Total 4
Gold
stock
Special
Drawing
Rights
certificate
account
Treas
ury
cur
rency
out
stand
ing
Averages of daily figures
1939—Dec...........................
1941_Dec...........................
1945—Dec...........................
1950—Dec...........................
2,510
2,219
23,708
20,345
2,510
2,219
23,708
20,336
I960—Dec...........................
1965—Dec...........................
1967—De c
1968—De c
1969—De c
1970—De c
27^,248
40,885
48,891
52,529
57,500
61,688
27,170
40,772
48,810
52,454
57,295
61,310
1971—Jul y
Aug...........................
Sept...........................
Oct............................
Nov...........................
Dec...........................
66,001
66,324
67,106
67,690
68,052
69,158
1972—Ja.............................. n
Feb...........................
Mar...........................
Apr...........................
M ay.........................
June.........................
July2*........................
9
8
5
381
142
83
170
652
1,117
2,612
2,404
24,744
21,606
17,518
22’759
20,047
22^879
2,956
3,239
4,322
4,629
78
113
81
75
205
378
94
490
238
765
1,086
321
1,665
2,349
2,030
3,251
3,235
3,570
2,204
1,032
29,060
43,853
51,268
56,610
64,100
66,708
17,954
13,799
12,436
10,367
10,367
11,105
400
5,396
5,565
6,777
6,810
6,841
7,145
65,652
66,143
66,794
67,488
67,655
68,868
349
181
312
202
397
290
820
804
501
360
407
107
3,001
2,572
2,974
3,122
3,129
3,905
1,150
991
900
1,105
1,013
982
71,052
70,749
71,568
72,349
72,694
74,255
10,332
10,184
10,132
10,132
10,132
10,132
400
400
400
400
400
400
7,437
7,460
7,523
7,545
7,573
7,611
70,687
69,966
69,273
70,939
71,428
71,632
72,089
70,300
69,862
69,133
70,770
71,391
71,624
70,992
387
104
140
169
37
8
1,097
20
33
99
109
119
94
203
3,405
2,959
2,948
3,031
3,140
3,370
3,558
1,177
957
780
990
934
933
1,111
75,415
73,994
73,181
75,171
75,705
76,108
77,046
10,132
9,851
9,588
9,588
10,224
10,410
10,410
400
400
400
400
400
400
400
7,656
7,795
7,859
7,922
7,991
8,043
8,080
163
117
85
39
63
254
2,996
3,197
3,192
3,355
2,951
1,094
1,135
968
752
807
75,627
76,030
75,627
75,554
75,630
9,588
9,940
10,410
10,410
10,410
400
400
400
400
400
7,954
7,971
7,987
8,008
8,011
58
94
59
129
3,297
2,950
3,704
3,497
878
896
941
1,002
75,962
75,747
76,101
76,367
10,410
10,410
10,410
10,410
400
400
400
400
8,023
8,032
8,055
8,057
Week ending—
1972—May
3 ...................
10...................
17....................
24...................
31...................
71,337
71,524
71,348
71,303
71,530
71,337
71,524
71,348
71,303
71,367
June
7...................
14...................
21....................
28...................
71,643
71,728
71,325
71,658
71,620
71,728
71,325
71,648
23
5 ...................
12...................
19^............
26*>.................
72,487
71,785
72,353
71,909
72,431
71,688
71,988
71,909
56
97
365
312
227
175
171
3,053
3,767
3,931
3,716
1,010
1,061
1,115
1,156
76,939
76,923
77,700
77,017
10,410
10,410
10,410
10,410
400
400
400
400
8,056
8,077
8,082
8,089
72,611
72,462
71,901
6 71,471
6 72,462
1,140
1,079
1,594
130
83
2,846
3,299
2,107
845
990
1,268
78,039
76,954
75,422
10,410
10,410
10,410
400
400
400
8,020
8,066
8,101
1,140
468
494
194
317
1,594
3,280
3,053
3,851
3,065
2,846
1,134
1,180
734
806
845
76,428
76,157
76,206
75,567
78,039
9,588
10,410
10,410
10,410
10,410
400
400
400
400
400
7,967
7,976
8,000
8,009
8,020
135
66
181
474
3,125
3,440
3,950
3,488
893
940
1,012
1,042
76,171
76,247
76,507
77,246
10,410
10,410
10,410
10,410
400
400
400
400
8,028
8,037
8,057
8,057
514
85
81
637
3,109
3,835
4,031
3,553
1,062
1,107
1,155
1,168
77,769
74,608
77,820
77,381
10,410
10,410
10,410
10,410
400
400
400
400
8,056
8,081
8,087
8,093
July
10
End oi month
1972—M ay.........................
June.........................
July25.........................
6 10,822
Wednesday
1972—May
3...................
10...................
17...................
24...................
31...................
71,461
71,348
71,348
71,303
72,611
6 71,461
6 71,348
« 71,348
6 71,303
6 71,471
June
7...................
14...................
21...................
28...................
71,888
71,728
71,298
72,094
6 71,728
6 71,728
6 71,298
6 72,022
160
July
5? ...............
72,969
69,515
72,443
71,959
6 72,582
6-769,515
6 72,039
6 71,959
387
12*...............
19?...........
26?...........
For notes see opposite page.
72
404
AUGUST 1972 □ 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
Deposits, other
than member bank
reserves,
with F.R. Banks
Cur
rency
in
cir
cula
tion
Treas
ury
cash
hold
ings
7,609
10,985
28,452
27,806
2,402
2,189
2,269
1,290
616
592
625
615
33,019
42,206
47,000
50,609
53,591
57,013
408
808
1,428
756
656
427
58,847
58,906
59,012
59,185
59,939
61,060
Treas
ury
For
eign
Other
F.R.
ac
counts3
Other2
Other
F.R.
lia
bilities
and
capital3
Member bank
reserves
With
F.R.
Banks
Cur
rency
and
coins
Period or date
Total
Averages of daily figures
248
292
493
739
11,473
12,812
16,027
17,391
1,029
389
-2 0 4
- 1 ,1 0 5
2, i 92
2,265
16,688
18,747
20,753
22,484
23,071
23,925
714
712
712
736
714
728
2,251
2,298
2,296
2,327
2,320
2,287
181
172
170
200
185
153
209
750
683
597
615
574
598
617
2,090
2,518
1,658
2,265
2,178
191
136
140
149
323
361
354
355
354
2,559
2,602
2,435
3,173
62,384
63,005
62,829
62,530
362
352
330
335
61,702
62,201
62,442
11,473
12,812
16,027
17,391
....................... 1939—Dec.
....................... 1941—Dec.
....................... 1945—Dec.
....................... 1950—Dec.
2,595
3,972
4,507
4,737
4,960
5,340
19,283
22,719
25,260
27,221
28.031
29,265
.......................1960—Dec.
.......................1965—Dec.
.......................1967—Dec.
.......................1968—Dec.
.......................1969—Dec.
..................... 1970—Dec.
25,231
25,098
25,365
25,463
25,500
25,653
5,316
5,357
5,437
5,397
5,453
5,676
30,547
30,455
30,802
30,860
30,953
31,329
....................... 1971—July
.................................Aug.
.................................Sept.
..................................Oct.
.................................Nov.
..................................Dec.
2,208
2,273
2,247
2,313
2,289
2,304
2,329
26,955
26,374
26,555
27,144
27,347
27,002
27,372
5,910
5,548
5,366
5,421
5,465
5,537
5,660
32,865
31,922
31,921
32,565
32,812
32,539
33.032
.......................1972—Jan.
..................................Feb.
.................................Mar.
................................. Apr.
................................. May
.................................June
.................................. July*
603
574
576
557
588
2,356
2,305
2,210
2,271
2,329
27,259
27,049
27,669
27,542
27,299
5,581
5,708
5,488
5,104
5,515
32,840
32,757
33,157
32,646
32,814
............... 1972—May 3
.....................................10
.....................................17
.....................................24
.....................................31
134
138
150
154
611
588
575
571
2,415
2,203
2,253
2,330
27,083
26,760
27,240
26,780
5.594
5,657
5,356
5,521
32,677
32,417
32,596
32,301
...........................June 7
.....................................14
..................................... 21
.....................................28
2,166
2,427
2,388
2,533
252
176
199
271
722
599
621
584
2,372
2,364
2,264
2,303
27,548
26,889
27,963
27,360
5.595
5,858
5,370
5,704
33,143
32,747
33,333
33,064
.......................... July 5
.....................................12
.....................................19*
.....................................26*
358
351
339
2,144
2,344
2,298
157
257
160
584
836
620
2,388
2,359
2,406
29,538
27,482
26,068
5,513
5,594
5,795
35,051
33,076
31,863
......................1972—May
.................................June
...................................July3*
60,936
61,322
61,419
61,311
61,702
405
1,224
386
383
358
2,687
2,686
1,491
2,402
2,144
136
121
170
148
157
560
606
569
611
584
2,387
2,167
2,234
2,301
2,388
27,273
26,817
28,747
27,230
29,538
5,571
5,695
5,499
5,109
5,513
32,844
32,512
34,246
32,339
35.051
............... 1972—May 3
.................................... 10
.....................................17
.....................................24
.....................................31
61,936
62,123
62,014
62,161
360
357
368
357
2,356
2,121
2,954
2,923
145
126
186
194
615
533
554
585
2,442
2,223
2,290
2,365
27,155
27,611
27,008
27,528
5.593
5,655
5,357
5,524
32,748
33,266
32,365
33.052
...........................June 7
.....................................14
.....................................21
......................................28
62,926
63,125
62,795
62,582
367
339
337
349
1,795
2,816
2,426
2,490
189
172
236
156
575
561
615
601
2,414
2,216
2,294
2,328
28,369
24,270
28,014
27,778
5.594
5,863
5,370
5,704
33,963
30,133
33,384
33,482
...........................July 5*
.....................................12*
..........................19*
..........................26*
7-\9
1,531
1,247
920
353
522
683
902
360
1,194
849
250
154
150
225
146
145
495
231
451
458
458
735
471
477
466
464
470
453
1,546
1,121
1,621
2,100
1,723
1,926
161
181
151
152
133
290
60,201
59,681
60,137
60,717
61,182
61,874
62,669
487
436
388
405
573
356
342
2,821
2,421
933
1,688
2,170
2,673
2,398
60,668
61,010
61,309
61,208
61,358
403
748
861
380
375
61,632
61,944
61,958
61,871
Week ending—
End of month
Wednesday
1 Includes Federal Agency issues held under repurchase agreements as
of Dec. 1, 1966 and Federal Agency issues bought outright as of Sept. 29,
1971.
2 Beginning with 1960 reflects a minor change in concept; see Feb.
1961 B u l l e t i n , p. 164.
3 Beginning Apr. 16, 1969, “ Other F.R. assets” and “ Other F.R.
liabilities and capital” are shown separately; formerly, they were
netted together and reported as “ Other F.R. accounts.”
4 Includes industrial loans and acceptances, until Aug. 21, 1959, when
industrial loan program was discontinued. For holdings of acceptances
on Wed. and end-of-month dates, see tables on F.R. Banks on following
pages. See also note 2.
5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed
thereafter. Beginning with Jan. 1963, figures are estimated except for
weekly averages. Beginning Sept. 12, 1968, amount is based on closeof-business figures for reserve period 2 weeks previous to report date.
6 Includes securities loaned—fully secured by U.S. Govt, securities
pledged with F.R. Banks.
7 Reflects securities sold, and scheduled to be bought back, under
matched sale/purchase transactions.
A 6
BANK RESERVES AND RELATED ITEMS □ AUGUST 1972
RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions o f dollars)
Reserve city banks
All member banks
New York City
Period
Reserves
Total
held
Re
quired1 Excess
Bor
row
ings
at
F.R.
Banks
Reserves
Free
Total
Re
held quired 1 Excess
1939—Dec............
1941 _ D e c ............
1945—Dec............
1950—Dec.............
11,473
12,812
16,027
17,391
6,462
9,422
14,536
16,364
5,011
3,390
1,491
1,027
3
5
334
142
5,008
3,385
1,157
885
5.623
5,142
4,118
4,742
3,012
4,153
4,070
4,616
2,611
989
48
125
1960—Dec............
1965—Dec............
1967—De c
1968—De c
1969—De c
1970—De c
19,283
22,719
25,260
27,221
28.031
29,265
18,527
22,267
24,915
26,766
27,774
28,993
756
452
345
455
257
272
87
454
238
765
1,086
321
669
107
-3 1 0
-8 2 9
-4 9
3,687
4,301
5,052
5,157
5,441
5.623
3,658
4,260
5,034
5.057
5,385
5,589
29
41
18
1971—Jul y
Aug...........
Sept...........
Oct............
30,547
30,455
30,802
30,860
30,953
31,329
30,385
30,257
30,596
30,653
30,690
31,164
162
198
206
207
263
165
820
804
501
360
407
107
-6 5 8
-6 0 6
-295
-1 5 3
-1 4 4
58
5,729
5,693
5,683
5,678
5,644
5.774
5,754
5,640
5,674
5,667
5,608
5,749
32,865
31,922
31,921
32,565
32,812
32,539
33.032
32,692
31,798
31,688
32,429
32,708
32,335
32,876
173
124
233
136
104
204
156
20
153
91
134
27
-1 5
-4 7
6,066
5.775
5,815
5,938
6,045
5,956
6,135
6.058
5,807
5,758
5,940
6,031
5,922
6,097
7 ...
1 4 ...
21. ..
28. . .
30,313
30,254
30,932
30,623
33,036
30,249
30,650
30,556
282
67
-384
-986
-839
-478
5,689
5,747
5.911
5,671
5,663
5,814
5,856
5,718
26
-6 7
55
-4 7
5 ...
12.. .
19.. .
26.. .
32.814
32,793
33.665
32,592
32,502
32,688
33.447
32,400
312
105
218
192
57
17
14
12
255
6,200
6,055
6,369
5,766
6,120
80
6,141
6,267
5,848
-86
2 ...
9 ...
16.. .
23.. .
32,435 32,190
31,892 31,842
31,823 31,693
245
50
311
130
16
42
18
14
229
32,257 31,946
293
116
5,936
5,733
6,078
5,686
5,880
5,825
5,895
5,789
56
-9 2
183
-1 0 3
1 ...
8 ...
1 5 ...
22.. .
29.. .
31,614
31,465
32,108
31,558
32,219
31,532
31,289
31,715
31,691
31,934
82
176
393
-1 3 3
285
67
103
13
115
153
15
73
380
-2 4 8
132
5,643
5,649
5,982
5,605
5.911
5,679
5,658
5,796
5,725
5,820
-3 6
-9
186
5.. .
12.. .
19. . .
26.. .
32,604
32,345
32,565
32.666
32,230
32,179
32,624
32.448
374
166
-5 9
218
141
14
43
279
233
152
-102
-6 1
5,991
5,963
5,947
5,913
5,933
5,953
6,055
5,824
58
10
-1 0 8
89
3 ..
1 0 ...
17..
24.. ,
31..
32,840
32,757
33,157
32,646
32.814
32,704
32,566
32,963
32,560
32,726
136
191
194
117
87
39
63
254
19
104
155
23
-1 6 6
5,862
6.019
6,223
6,007
5,975
5,927
5,978
6,218
5,994
6,001
-6 5
41
5
13
-2 6
7..
14..
21..
28..
32,677
32,417
32,596
32,301
32,346
32,308
32,384
32,177
212
331
109
58
94
59
129
273
15
153
-5
6.020
5,
6,047
5,793
5,931
5,920
5,975
5,809
5..
12..
33,143
32,747
33,333
33,064
32,815
32,524
33,164
32,972
328
223
169
92
312
227
175
171
16
-4
-6
-7 9
6,171
6,014
6,180
6,097
5,991
6,122
N ov............
Dec............
1972—Ja...............n
Feb............
Mar...........
Apr............
M ay..........
June..........
July**.........
33
99
109
119
94
203
-2
110
City of Chicago
Bor
row
ings
at
F.R.
Banks
Reserves
Free
re
serves
Total
held
Bor
row
ings
at
Re
F.R.
quired i Excess Banks
Free
re
serves
192
58
2,611
989
-144
67
1,141
1.143
939
1.199
601
848
924
1,191
10
56
34
19
111
40
230
259
25
-7 0
-2 2
-1 3 0
-2 0 3
9
958
1.143
1,225
1.199
1 ,285
1,329
953
1,128
1,217
1,184
1,267
1,322
23
13
85
27
4
-2 5
53
9
11
36
25
164
38
67
107
35
-1 1 1
-2 9
-5 6
-7 1
c- 1 0
1.407
1.417
1.417
1.425
1.408
1.426
1.408
1,410
1,423
1.408
1,400
1,425
28
-2 9
7 .
‘-io
4
2
15
22
-1 4
-7
-3 7
-1 4
-5 0
-3 6
28
22
1.503
1,446
1,434
1,482
1,514
1,488
1.503
1,512
1.442
1.443
1,476
1,505
1,489
1,501
-319
1,388
1,390
1,464
1,383
1,374
1,412
1.451
1,384
-8 6
102
1,526
1,549
1,563
1,459
20
20
-8 2
1.520
1,569
1.526
1,475
-3 7
16
-3 7
16
22
56
-1 1 4
183
-1 0 3
1,460
1,439
1,450
1,453
1.451
1,445
1,466
1,427
-1 6
26
-1 6
26
99
-3 6
-1 0 8
186
-2 1 5
1,411
1,435
1,473
1,421
1.442
1,425
1,419
1.479
1,433
1,436
-1 4
16
-6
-1 4
16
86
-2 8
23
124
-131
-3 5
1.521
1,446
1.498
1,441
1,472
1,482
1.489
1,456
49
-3 6
9
-1 5
1.480
1.506
1,535
1.491
1.496
33
-1 6
-2 6
-7 7
1,513
1,486
1,566
1.443
1,520
89
-3 1
72
-1 6
89
-3 1
54
-22
1,490
1,506
1,492
1,480
1.491
1.491
1.497
1,476
6,210
74
23
-3 0
6,124
-2
32
23
-3 0
-2 8
1 ,532
1,484
1.526
1.498
1.507
1,485
1,529
1.489
100
86
-111
540
295
14
-9
4
-9
6
9
-1
540
295
14
3
4
5
12
2
-5
-7 0
-9
3
-9
4
-1 3
1
-3
-1
-4
Week ending—
1971—July
1972—Jan.
Feb.
Mar.
Apr.
May
June
July
\9*.
26v .
For notes see opposite page.
661
991
1,121
545
88
204
180
8
34
252
65
30
102
-8 2
-120
-1 0
-7 7
91
10
60
49
21
39
51
26
14
14
-2 2
-2 2
13
-1
116
7
-6
9
9
-6
-6
4
14
23
-1 6
-8
49
-3 6
9
-3 8
33
-2 0
-2 0
31
-4 8
24
-8
-6
-6
-1 2
-1 0 3
54
31
-4 8
-3 0
-1
-1
15
-5
4
15
-5
4
25
25
-1
-1
-3
9
-3
-1 7
26
AUGUST 1972 □ BANK RESERVES AND RELATED ITEMS
A 7
ERVES AND BORROWINGS OF MEMBER BANKS— Continued
(In millions of dollars)
Country banks
banks
Reserves
Free
eserves
Total
held
Required1
Excess
Borrow
ings at
F.R.
Banks
Period
Free
reserves
,188
,303
418
232
1,188
1,302
322
182
1,568
2,210
4,576
4,761
897
1,406
3,566
4,099
671
804
1,011
663
3
4
46
29
668
800
965
634
........................... 1941—Dec.
100
67
50
90
6
42
80
-161
-5 5
-1 8 0
-473
-2 2 2
6,689
8,219
8,901
9,875
10,335
10,765
6,066
7,889
8,634
9,625
10,158
10,576
623
330
267
250
177
189
40
92
80
180
321
28
583
238
187
70
-1 4 4
161
........................... 1967—Dec.
...........................1968—Dec.
10
-1 2
38
19
65
-35
-431
-4 3 7
-2 8 0
-1 4 4
-112
-5 7
11,472
11,474
11,587
11,688
11,795
11,931
11,294
11,324
11,422
11,528
11,641
11,757
178
150
165
160
154
174
265
208
141
115
101
42
-8 7
-5 8
24
45
53
132
.............................1971—July
13
5
26
16
-24
7
-51
13
-7
17
-6
-5 5
-3 3
-115
12,342
12,123
12,113
12,325
12,379
12,349
12,553
12,181
11,976
11,954
12,209
12,274
12,185
12,386
161
147
159
116
105
164
167
20
16
15
34
26
48
117
141
131
144
82
79
116
50
............................ 1972—Jan.
....................................... Feb.
46
-90
61
-47
-3 2 6
-588
-5 4 6
-343
11,389
11,331
11,468
11,623
11,198
11,147
11,315
11,461
191
184
153
162
255
241
333
212
-6 4
-5 7
-1 8 0
-5 0
.....................1971—July 7
...........................................14
...........................................21
...........................................28
52
-29
-18
95
52
-2 9
-1 8
95
12,223
12,271
12,461
12,419
12,037
12,071
12,290
12,256
186
200
171
163
57
17
14
12
129
183
157
151
..................... 1972—Jan. 5
...........................................12
...........................................19
...........................................26
-2
10
-34
46
-2
10
-3 5
46
12,353
12,143
12,127
12,101
12,171
12,005
11,949
11,940
182
138
178
161
16
20
17
14
166
118
161
147
.................................Feb. 2
........................................... 9
...........................................23
-28
12
51
-74
42
-8 5
12
49
-8 2
21
12,096
11,985
12,048
12,067
12,215
11,936
11,828
11,886
11,994
12,069
160
157
162
73
146
10
4
11
8
24
150
153
151
65
122
........................................... 15
...........................................22
........................................... 29
86
35
-8 7
38
86
35
-9 5
-4 8
12,288
12,196
12,304
12,447
12,107
12,039
12,177
12,341
181
157
127
106
55
14
12
46
126
143
115
60
Apr. 5
...........................................12
........................................... 19
........................................... 26
28
11
-1 7
34
-4 6
26
-8
-2 1
26
-1 5 2
12,571
12,437
12,402
12,312
12,399
12,431
12,278
12,227
12,225
12,263
140
159
175
87
136
55
19
14
16
43
85
140
161
71
93
...........................................17
........................................... 24
...........................................31
76
-2 0
6
3
56
-6 4
-6
-6 4
12,300
12,250
12,345
12,386
12,133
12,105
12,206
12,253
167
145
139
133
38
50
29
56
129
95
110
77
...........................................14
...........................................21
...........................................28
78
13
41
-3 2
-4 8
-6 5
-2 3
-6 5
12,516
12,422
12,526
12,626
12,365
12,234
12,365
12,509
151
188
161
117
144
149
111
86
7
39
50
31
I, an
mt is based on close-of-business figious to report date.
........................... 1960—Dec.
........................... 1970—Dec.
Week ending
Monthly data are averages of daily
they arc not averages of the 4 or 5
tiin the month. Beginning with Jan.
or weekly averages.
.................................Mar.
1
................................ July 5
...........................................12
...........................................26?
Total reserves held: Based on figures at close of business through Nov.
1959; thereafter on closing figures for balances with F.R. Banks and open
ing figures for allowable cash; see also note 3 to preceding table.
Required reserves: Based on deposits as of opening of business each day.
Borrowings at F.R. Banks: Based on closing figures.
A 8
MAJOR RESERVE CITY BANKS □ AUGUST 1972
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—
Bor
rowings
at F.R.
Banks
Net
inter
bank
Federal
funds
trans.
Related transactions with
U.S. Govt, securities dealers
Interbank Federal funds transactions
Gross transactions
Per cent
of
Surplus
avg.
or
deficit required
reserves
Pur
chases
Sales
Net transactions
Total
two-way Pur
trans
chases
actions2 of net
buying
banks
Sales
of net
selling
banks
Loans
to
dealers3
Bor
row
ings
from
dealers4
Net
loans
Total—46 banks
1972—June
July
7 ....
1 4 ....
21___
2 8 ....
97
66
104
53
5 ... .
1 2 ....
1 9 ... .
2 6 ....
170
66
65
19
19
48
113
30
64
6,076
6.405
6,622
4,249
-5,980
-6,340
-6,538
-4,244
43.9
46.5
48.1
31.8
12,275
12.440
12,685
11,188
6,198
6.035
6,062
6,939
4,171
4.018
4,084
4,054
8,104
8.423
8,601
7,135
2,028
2,018
1,978
2,885
1,887
1.721
1,967
1,585
258
344
358
438
1,629
1.377
1,609
1,147
4,735
6.405
5,583
5,259
-4,678
-6,340
-5,548
-5,304
34.0
46.5
39.5
38.4
11,315
12.440
12,117
11,856
6,580
6.035
6,534
6,597
3,952
4.018
3,965
3,921
7,363
8.423
8,152
7,935
2,628
2,018
2,569
2,675
1,707
1.721
1,293
1,592
437
344
526
513
1,270
1.377
768
1,079
2,772
3.215
3,155
2,363
-2,699
-3,176
-3,096
-2,334
51.0
60.2
58.1
45.3
3,721
3.824
4,126
3,326
948
609
971
963
948
609
971
950
2,772
3.215
3,155
2,376
1,406
1,268
1,389
1,121
1,365
1.215
1,345
1,098
2,713
3.215
2,876
3,224
-2,673
-3,176
-2,846
-3,230
49.2
60.2
51.4
59.2
3,442
3.824
3,693
3,886
728
609
817
663
710
609
743
663
2,732
3.215
2,950
3,224
1,182
1,268
854
1,138
1,124
1.215
805
1,096
3,304
3.190
3,467
-3,281
-3,163
-3,442
-1,910
39.3
37.8
41.6
23.3
8,554
8,616
8,559
7,863
5,250
5.426
5,092
5,977
3,223
3.409
3,113
3,104
5,332
5.208
5,446
4,759
2,028
2,018
1,978
2,873
480
453
578
464
216
291
314
415
264
162
264
49
3.190
2,707
2,035
-2,005
-3,163
-2,702
-2,075
24.1
37.8
31.7
24.8
7,874
8,616
8,424
7,970
5,852
5.426
5,717
5,935
3,242
3.409
3,222
3,259
4,631
5.208
5,202
4,711
2,609
2,018
2,496
2,675
525
453
439
454
379
291
477
470
146
162
-3 8
-1 7
8 in New York City
1972—June
July
7 ....
1 4 ....
2 1 ....
2 8 ....
18
5 ... .
1 2 ....
1 9 ....
2 6 ....
23
38 outside
New York City
1972—June
7 .......
14.......
21........
28........
24
27
27
24
July
5 . ,
12 .
19.......
26.......
88
27
35
2
1,886
70
2,022
5 in City o f Chicago
1972—June
7.
14.
21.
28.
1,864
1.926
1,957
1,532
-1,875
-1,919
-1,945
-1,521
138.0
141.3
142.4
113.1
2,567
2.524
2,738
2,156
704
598
782
625
667
585
740
595
1,901
1.939
1,999
1,561
37
13
42
30
254
291
302
277
254
291
302
277
July
5.
12.
19.
26.
1,614
1.926
1,555
1,458
-1,584
-1,919
-1,558
-1,481
115.1
141.3
111.4
108.7
2,166
2.524
2,298
2,154
552
598
743
696
528
585
649
590
1,638
1.939
1,649
1,564
24
13
94
106
259
291
203
214
259
291
203
214
1,441
1,264
1,511
355
-1,406
-1,244
-1,497
-389
20.1
17.8
21.7
5.7
5,987
6.092
5,821
5.707
4,547
4.828
4,310
5,352
2,556
2.824
2,374
2,509
3,431
3.269
3,447
3,198
1,991
2.005
1,936
2,843
226
162
276
186
216
291
314
415
10
-1 3 0
-3 8
-228
408
1,264
1,152
577
-4 2 0
-1,244
-1,143
-5 9 4
6.1
17.8
16.1
8.5
5.708
6.092
6,126
5,816
5,300
4.828
4,974
5,239
2,714
2.824
2,573
2,993
3.269
3,553
3,148
2,586
2.005
2,402
2,570
266
162
237
240
379
291
477
470
-113
-1 3 0
-2 4 0
-2 3 0
26
33 others
1972—June
7.
14.
21.
28.
35
20
15
14
July
5.
12.
19.
26.
58
20
38
-2
70
1 Based upon reserve balances, including all adjustments applicable to
the reporting period. Prior to Sept. 25,1968, carryover reserve deficiencies,
if any, were deducted. Excess reserves for later periods are net of 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
2,668
banks, repurchase agreements (purchases of 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 of securities to
dealers subject to repurchase), resale agreements, and borrowings secured
by Govt, or other issues.
N ote . —Weekly averages of daily figures. For description of series
and back data, see Aug. 1964 B u l l e t in , pp. 944-74.
AUGUST 1972 □ F.R. BANK INTEREST RATES
A 9
CURRENT RATES
(Per cent per annum)
Loans to member banks
Under Secs. 13 and 13a 1
Federal Reserve Bank
Loans to all others under
last par. Sec. 133
Under Sec. 10(b)2
Rate on
July 31,
1972
Effective
date
Previous
rate
Rate on
July 31,
1972
Effective
date
Previous
rate
Rate on
July 31,
1972
4*4
4Vi
4Vi
4V4
4Vi
4Vi
4Vi
4 Vi
4 Vi
4Vi
4V4
4Vi
Dec. 13, 1971
Dec. 17, 1971
Dec. 17, 1971
Dec. 17, 1971
Dec. 24, 1971
Dec. 23, 1971
Dec. 17, 1971
Dec. 13, 1971
Dec. 23, 1971
Dec. 13, 1971
Dec. 24, 1971
Dec. 13, 1971
434
434
434
434
434
434
434
434
434
434
434
434
5
5
5
5
5
5
5
5
5
5
5
5
Dec. 13, 1971
Dec. 17, 1971
Dec. 17, 1971
Dec. 17, 1971
Dec. 24, 1971
Dec. 23, 1971
Dec. 17, 1971
Dec. 13, 1971
Dec. 23, 1971
Dec. 13, 1971
Dec. 24, 1971
Dec. 13, 1971
5*4
514
6Vi
6*4
6Vi
6V4
6*4
Boston..............................................
New Y ork.......................................
A tlanta............................................
Chicago............................................
St. Louis..........................................
Minneapolis....................................
Kansas City.....................................
Dallas..............................................
San Francisco.................................
5V4
5V4
514
5V4
5V4
5*4
6*4
6V4
6*4
6Vi
6Vi
6Vi
6V4
514
5V4
514
51/4
Effective
date
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
13,
17,
17,
17,
24,
23,
17,
13,
23,
13,
24,
13,
Previous
rate
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
6 V4
634
634
634
634
634
634
634
634
634
634
634
i Discounts of eligible paper and advances secured by such paper or by
2 Advances secured to the satisfaction of the F.R. Bank. Maximum
U.S. Govt, obligations or any other obligations eligible for F.R. Bank
maturity: 4 months.
purchase. Maximum maturity: 90 days except that discounts of certain
3 Advances to individuals, partnerships, or corporations other than
bankers’ acceptances and of agricultural paper may have maturities not
member banks secured by direct obligations of, or obligations fully
over 6 months and 9 months, respectively.
guaranteed as to principal and interest by, the U.S. Govt, or any
agency thereof. Maximum maturity: 90 days.
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
1*4
1*4
1955—Apr. 14............
15............
May 2 ............
Aug. 4 ............
1 * 4 - 1 34
1*4
n .Y .Y .Y .
Sept. 9 ............
13............
Nov. 18............
23............
1956—Apr. 13............
20............
Aug. 24............
31............
1957—Aug.
9 ............
2 3
Nov. 15............
Dec. 2............
1958—Jan. 22............
2 4
Mar. 7............
13............
21............
Apr. 18............
May 9............
Aug. 15............
Sept. 12............
23............
Oct. 24............
Nov. 7 ............
11/ 2-134
iy 4
1 V4 - 2 V4
1 V4 - 2 V4
2
-2 V a
- 2%
2%
214- 21/2
2%
2
m
m
1 34
2
2
214
214
2i/i
2%
21/ 2-3
234-3
234-3
3
2 34
3 - 31/2
3%
3 -3*4
3
3
3i/i
3
3
23/4-3
3
234
234-3
214-3
214-234
214
134—214
1*4
13/4- 2
l 34 - 2
2
2 -21/i
2*4
234
3
3
21/4
214
214
1*4
1 34
1 34
2
2
2
21/2
Effective
date
F.R.
Bank
of
N.Y.
3
3
1959—Mar. 6.
16.
May 29.
June 12.
Sept. 11.
18.
2*4-3
3 Vi-4
4
4
4
1960—June
3.
10.
14.
Aug. 12.
Sept. 9.
314-4
3 Vi-4
3 Vi
3 -3 Vi
3
4
3Vi
3Vi
3
3
1963—July 17.
26.
3 -31/2
3 Vi
3 Vi
1964—Nov. 24.
30.
3 Vi-4
4
1965—Dec.
3
3 -3%
3%
6.
13.
4
7.
14.
Nov. 20.
27.
4
1967—Apr.
1968—Mar. 15.
22.
Apr. 19.
26.
Aug. 16.
30.
Dec. 18.
20.
N ote .—Rates under Secs. 13 and 13a (as described in table and notes
above). For data before 1955, see Banking and Monetary Statistics, 1943,
pp. 439-42 and Supplement to Section 12, p. 31.
Range
(or level)—
All F.R.
Banks
- 41/2
4Vi
3 Vi
3Vi
Effective
date
6
6
1970—Nov. 11...................
13....................
16...................
Dec. 1...................
4 ...................
11...................
534 -6
534 -6
534
5*4-534
514-534
6
534
534
5 34
51/4
5*4
1971—Jan.
514-514
514
Feb.
4 Vi
July
—4Vi
4
4 -4 Vi
4Vi
4
4
Nov.
4 Vi
4Vi
Dec.
4Vi-5
4*4
5
-5 Vi
5 Vi
5 J4 - 5 Vi
5*4
5 Vi
5 Vi
5 Vi
5i4-5Vi
5 Vi
5 Vi
5
5Vi
5
5%
F.R.
Bank
of .
N.Y.
5*4-6
6
1969—Apr.
3%
4
4
4%
Range
(or level)—
All F.R.
Banks
4 ...................
8....................
8...................
15....................
19....................
22...................
29...................
13...................
19...................
16...................
23...................
11...................
19...................
13...................
17...................
24...................
In effect July 31, 1972........
5*4
514
514
514
5 -514
5 -5V4
5
434 -5
434
434 -5
5
434 -5
434
4V4-434
4*4-434
5
5
5
434
5
5
5
434
434
4*4
4*4
4*4
4*4
4*4
A 10
RESERVE AND MARGIN REQUIREMENTS d AUGUST 1972
RESERVE REQUIREMENTS OF MEMBER BANKS
(Per cent o f deposits)
Beginning July 14, 1966
Dec. 31, 1949, through July 13, 1966
Net demand
deposits 2,4, 7
Net demand
deposits 2,7
Effective date i
Time
depos
its
(all
Coun classes
try
of
banks banks)
Central
reserve
city
banks
Re
serve
city
banks
In effect Dec. 31, 1949.
22
18
12
1951—Jan.
Jan.
1953—July
1954—June
July
1958—Feb.
Mar.
Apr.
Apr.
1960—Sept.
Nov.
Dec.
1962—July
Oct.
23
24
22
21
20
191/2
19
18%
18
17%
19
20
19
13
14
13
18
171/2
17
12
11%
11
11,16.......
25, Feb. 1
9 ,1 ...........
24, 16.......
29, Aug. 1
27, Mar. 1
20, Apr. 1
17..............
24..............
1..............
24..............
1...............
28..............
25, Nov. 1
Country
banks
Under Over Under Over
$5 mil $5 mil $5 mil $5 mil
lion
lion
lion
lion
1966—July 14,21.
Sept. 8, 15.
6 16%
Sav
ings
depos
its
64
1967—Mar. 2.
Mar. 16.
3%
3
1968—Jan. 11,18.......
16%
17
12
12%
1969—Apr. 17.............
17
17%
12%
13
17
17%
12%
13
12
In effect July 31, 1972.
Present legal
requirement:
Minimum........
Maximum........
1 When two dates are shown, the first applies to the change at central
reserve or reserve city banks and the second to the change at country
banks. For changes prior to 1950 see Board’s Annual Reports.
2 Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
3 Authority of the Board of Governors to classify or reclassify cities
as central reserve cities was terminated effective July 28, 1962.
4 Since Oct. 16, 1969, member banks have been required under Regula
tion 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 percent. Regulation D imposes a similar reserve requirement on bor
rowings above a specified base from foreign banks by domestic offices
10
22
3
10
7
14
For credit extended under Regulations T (brokers and dealers),
U (banks), and G (others than brokers, dealers, or banks)
1945—Feb.
July
1946—Jan.
1947—Jan.
1949—Mar.
1951—Jan.
1953—Feb.
1955—Jan.
Apr.
1958—Jan.
Aug.
Oct.
1960—July
1962—July
1963—Nov.
1968—Mar.
4
4.
20,
31.
29,
16
19
3
22
15
4
15
27
9
5
10
1968—Mar. 11
June
June
8
1970—May
1970—May
6
1 1971—Dec.
Effective Dec. 6, 1971
7
5
3
1937—Nov.
1945—Feb.
July
1946—Jan.
1947—Feb.
1949—Mar.
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 margin stocks
On convertible bonds
40
50
75
100
75
50
75
50
60
70
50
70
90
70
50
70
On short sales
(T)
50
50
75
100
75
50
75
50
60
70
50
70
90
70
50
70
70
80
65
55
50
60
50
50
70
80
65
55
N o t e .—Regulations G, T, and U, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount of credit
to purchase and carry margin stocks that may be extended on securities as collateral by prescribing a maximum loan value, which is
a specified percentage of the market value of 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 of Governors effective
Mar. 11, 1968.
64
3%
3
3
10
3
10
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 of their currency and coin as reserves;
effective Nov. 24, 1960, they were allowed to count all as reserves. For
further details, see Board’s Annual Reports.
(Per cent of market value)
Ending
date
Under Over
$5 mil $5 mil
lion
lion
of a member bank. For details concerning these requirements, see Regula
tions D and M and appropriate supplements and amendments thereto.
5 Effective Jan. 5, 1967, time deposits such as Christmas and vacation
club accounts became subject to same requirements as savings deposits.
6 See preceding columns for earliest effective date of this rate.
7 For amendment to Regulation D which will change structure of
member bank reserve requirements effective with the weekly period begin
ning Sept. 21, 1972, see “Announcements” beginning on p. 679 of the
July 1972 B u l l e t in .
MARGIN REQUIREMENTS
Beginning
date
Other
time deposits
1970—Oct. 1.................
16%
16%
( 3)
Reserve
city banks
Effective date 1
Time deposits *>5
(all classes of banks)
AUGUST 1972 □ MAXIMUM INTEREST RATES; BANK DEPOSITS
A 11
MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS
(Per cent per annum)
Rates Jan. 1, 1962—July 19, 1966
Rates beginning July 20, 1966
Effective date
Type of deposit
Jan. 1,
1962
Savings deposits: 1
12 months or m ore. .
Less than 12 months.
July 17,
1963
Dec. 6,
1965
4
3%
4
3%
Other time deposits: 2
12 months or m o re .. . .
6 months to 12 months,
90 days to 6 m onths.. .
Less than 90 days.........
(30-89 days)
Nov. 24,
1964
Effective date
4
3*4
4 Vi
2%
1
4
5Vi
1 Closing date for the Postal Savings System was Mar. 28, 1966. Max
imum rates on postal savings accounts coincided with those on savings
deposits.
2 For exceptions with respect to certain foreign time deposits, see
B u ll e tin s for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968,
p. 167.
3 Multiple-maturity time deposits include deposits that are automati
cally renewable at maturity without action by the depositor and deposits
that are payable after written notice of withdrawal.
4 The rates in effect beginning Jan. 21 through June 23, 1970, were 6*4
per cent on maturities of 30-59 days and 6Vi per cent on maturities of
Type of deposit
July 20,
1966
Savings deposits.............
Other time deposits:2
Multiple maturity:3
30-89 days...........
90 days-1 y e a r...
1 year to 2 years.,
2 years and over..
Single-maturity:
Less than $100,000:
30 days to 1 year..
1 year to 2 years..
2 years and over. .
$100,000 and over:
30-59 days..........
60-89 days..........
90-179 days........
180 days to 1 year.
1 year or more. . .
Sept. 26,
1966
Apr. 19,
1968
Jan. 21,
1970
4%
4
5
4 Vi
5
5V4
5%
5 Vi
5
5 Vi
5Va
(4)
( 4)
5%
5%
6
5*4
5Vi
ey4
7
W /4
7Vi
60-89 days. Effective June 24, 1970, maximum interest rates on these
maturities were suspended until further notice.
N ote . —Maximum rates that may be paid by member banks are estab
lished by the Board of Governors under provisions of Regulation Q;
however, a member bank may not pay a rate in excess of 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 nonmember insured
commercial banks, as established by the FDIC, have been the same as
those in effect for member banks.
DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
Item
All
member
banks
New
York
City
City
of
Chicago
Other
Reserve city banks
Country
banks
All
member
banks
Item
Four weeks ending May 17, 1972
Gross demand—T otal.,
Interbank..................
U.S. Govt..................
Other.........................
Net demand 1...............
Time..............................
Demand balances due
from domestic banks
Currency and coin........
Balances with F.R.
Banks.........................
Total reserves held.
Required ....................
Excess .......................
200,548
25,691
8,976
165,881
153,161
221,754
43,046
11,852
1,817
29,377
27,418
26,997
8,265
1,345
443
6,477
6,607
7,908
12,957
5,533
3,218
431
150
107
27,322
32,855
5,573
6,004
1,395
1,502
32,670
185
5,987
17
1,494
City
of
Chicago
Other
Country
banks
Four weeks ending June 14, 1972
71,793 77,445 Gross demand—Total.
Interbank.................
9,365
3,129
U.S. Govt.................
3,715
3,002
Other.........................
58,713 71,314
54,418 64,718 Net demand 1..............
80,581 106,268 Time.............................
Demand balances due
from domestic banks
2,667
6,922
1,736
3,258 Currency and coin. . . .
Balances with F.R.
Banks.......................
9,206
11,149
12,885 12,464 Total reserves held. . . .
Required ...................
12,870 12,319
Excess .......................
15
145
1 Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
New
York
City
N ote . —Averages
196,077
25,252
6,142
164,682
149,937
224,607
41,147
11,481
948
28,718
26,506
27,779
8,108
1,360
252
6,496
6,429
8,170
13,424
5,468
3,616
442
147
103
70,345 76,477
9,314
3,097
2,481
2,461
58,550 70,919
53,178 63,825
81,710 106,947
2,725
1,716
27,171
32,639
5,531
5,973
1,387
1,490
11,145
12,861
32,485
154
5,962
11
1,492
- 2
12,850
11
of daily figures, close of business.
6,936
3,206
9,109
12,315
12,182
133
A 12
FEDERAL RESERVE BANKS □ AUGUST 1972
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions o f dollars)
Wednesday
End o f month
1972
Item
July 26
July 19
1972
July 12
July 5
June 28
July 31
1971
June 30
July 31
Assets
Gold certificate account.................................
Special Drawing Rights certificate account.
Cash.............................................. .
Loans:
Member bank borrowings..............
O ther................................................
Acceptances:
Bought outright...............................
Held under repurchase agreements.
Federal agency obligations:
Bought outright...............................
Held under repurchase agreements.
10,303
400
10,303
400
10,303
400
10,303
400
317
314
303
637
81
85
66
67
48
64
U.S. Govt, securities:
Bought outright:
Bills...........................
Certificates—Special.
Other..
N otes.........................
Bonds.......................
10,303
400
10,303
400
10,303
400
10,075
400
305
315
324
319
277
514
474
83
130
778
63
73
55
1,079
1,086
48
1,086
1,086
46
1,118
10
1,079
1,106
30,782
30,855
28,331
31,398
30,806
30,724
31,258
28,252
36,596
3,502
36,596
3,502
36,596
3,502
36,596
3,502
36,596
3,502
36,596
3,502
36,596
3,502
34,354
3,235
i 70,953 1-2 68,429
356
i 71,496
341
1 70,904
62
i 70,822
i 71,356
i 65,841
Total bought outright.....................
Held under repurchase agreements.
70,880
71,309
68,429
71,837
70,966
70,822
71,356
65,841
Total loans and securities...................
Cash items in process of collection. . .
Bank premises.....................................
Other assets:
Denominated in foreign currencies.
IMF gold deposited 3.....................
All o ther...........................................
72,660
3311,692
163
72,634
*13,004
164
69,666
*12,576
163
73,598
*11,364
163
72,716
11,559
163
72,047
*9,851
164
72,665
10,514
163
66,674
9,244
144
9
15
16
16
22
7
18
996
976
'928
883
'857'
i*097
809
23
144
898
Total assets.
*96,540
*97,810
*94,355
*97,032
96,335
*94,193
95,191
87,879
Total U.S. Govt, securities.
Liabilities
F.R. notes..........................................
Deposits:
Member bank reserves..................
U.S. Treasurer—General account.
Foreign...........................................
O ther:
IMF gold deposited 3...............
All o ther.....................................
55,048
55,252
55,579
55,435
54,669
54,897
54,698
51,610
*27,778
2,490
156
*28,014
2,426
236
*24,270
2,816
172
*28,369
1,795
189
27,528
2,923
194
*26,068
2,298
160
27,482
2,344
257
25,321
1,115
162
601
615
561
575
585
620
836
144
613
Total deposits.
*31,025
*31,291
*27,819
*30,928
31,230
*29,146
30,919
27,355
Deferred availability cash items...........
Other liabilities and accrued dividends.
8,139
545
8,973
574
8,741
560
8,255
583
,071
589
7,744
577
7,215
580
6,623
557
Total liabilities........................................
*94,757
*96,090
*92,699
*95,201
94,559
*92,364
93,412
86,145
Capital paid in .............................................................
Surplus..........................................................................
Other capital accounts.................................................
773
742
268
774
742
204
774
742
140
773
742
316
773
742
261
775
742
312
772
742
265
731
702
301
Total liabilities and capital accounts..........................
*96,540
*97,810
*94,355
*97,032
96,335
*94,193
95,191
87,879
Capital accounts
Contingent liability on acceptances purchased for
foreign correspondents............................................
Marketable U.S. Govt, securities held in custody for
foreign and international accounts......................
262
264
265
255
252
263
251
228
29,739
29,869
29,740
28,795
29,069
29,804
28,579
18,191
Federal Reserve Notes—Federal Reserve Agents’ Accounts
58,866
58,949
58,818
58,456
58,172
58,917
58,287
55,095
U.S. Govt, securities..................................................
1,945
57,855
1,945
58,005
1,945
57,985
1,945
57,495
1,945
57,495
1,945
58,055
1,945
57,495
3,250
53,340
Total collateral...............................................................
59,800
59,950
59,930
59,440
59,440
60,000
59,440
56,590
F.R. notes outstanding (issued to Bank).....................
Collateral held against notes outstanding:
1 See note 6 on p. A-5.
2 See note 7 on p. A-5.
3 See note 1(b) to table at top o f p. A-77.
AUGUST 1972 □ FEDERAL RESERVE BANKS
A 13
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1972
(In millions o f dollars)
Item
Total
Boston
New
York
Phila
del
phia
Cleve
land
Rich
mond
Atlan
ta
Chi
cago
Minne Kan
sas
apolis
City
St.
Louis
Dallas
San
Fran
cisco
Assets
Gold certificate account..................
Special Drawing Rights certif. acct..
F.R. notes of other banks...............
Other cash........................................
10,303
400
1,230
324
Loans:
Secured by U.S. Govt, and agency
83
obligations.............................
O ther.........................................
Acceptances:
63
Bought outright........................
Held under repurchase agreements
Federal agency obligations:
1,079
Bought outright............................
Held under repurchase agreements
U.S. Govt, securities:
170,822
Bought outright........................
Held under repurchase agreements
404
23
153
14
3,109
93
218
22
26
28
678
23
62
12
732
33
61
37
1,022
36
116
40
508
22
215
36
1,664
70
57
47
537
15
49
19
189
7
32
8
280
15
55
37
403
14
89
14
2
10
*
3
2
2
4
6
58
173
40
21
47
49
146
777
49
123
38
63
276
58
82
79
3,262 18,093
3,807
5,410
5,193
3,818 11,335
2,632
1,386
3,063
3,234
9,589
3,338 18,460
3,876 11,511
50
Total loans and securities............
72,047
3,865
5,494
5,282
2,674
1,409
3,114
3,289
9,735
Cash items in process of collection
Bank premises................................
Other assets:
Denominated in foreign currencies
All other...................................
13,751
164
861
2
2,414
8
806
4
1,044
27
972
13
1,518
16
2,082
17
752
15
568
25
891
17
855
12
988
8
7
1,097
127
22
267
56
1
75
76
1
56
1
152
36
23
43
1
45
1
141
Total assets.
99,323
4,922 24,593
5,506
7,504
7,557
6,248 15,601
4,097
2,261
4,452
4,722 11,860
56,127
2,966 13,886
3,313
4,463
4,927
2,821
9,562
2,202
974
2,174
2,199
6,640
1,241
168
7
1,638
181
12
1,422
178
7
1,714
156
9
3,454
199
20
940
190
5
663
81
3
1,177
126
6
1,492
124
8
4,081
244
17
Liabilities
F.R. notes............................................
Deposits:
Member bank reserves.....................
U.S. Treasurer—General account..
Foreign..............................................
Other:
All other.......................................
26,068
2,298
160
620
1
558
2
2
16
5
4
1
3
2
26
Total deposits.
29,146
1,079
8,443
1,418
1,833
1,623
1,884
3,677
1,136
747
1,312
1,626
4,368
Deferred availability cash items.........
Other liabilities and accrued dividends
11,644
577
768
28
1,646
145
652
30
1,001
44
864
42
1,386
36
1,987
90
677
21
487
13
864
25
774
26
538
77
Total liabilities...................
97,494
4,841 24,120
5,413
7,341
7,456
6,127 15,316
4,036
2,221
4,375
200
193
80
39
38
16
71
68
24
40
38
23
120
111
54
26
25
10
18
17
5
33
32
12
4,922 24,593
5,506
7,504
7,557
6,248 15,601
4,097
2,261
4,452
14
24
14
39
9
6
11
14
34
7,078
926
146
6
7,320
505
360
4,625 11,623
Capital accounts
Capital paid in ............
Surplus.........................
Other capital accounts.
775
742
312
Total liabilities and capital accounts.. 99,323
Contingent liability on acceptances
purchased for foreign correspond
ents....................................................
263
34
34
13
11
469
53
50
18
18
42
41
14
99
95
43
4,722 11,860
Federal Reserve Notes—Federal Reserve Agents’ Accounts
F.R. notes outstanding (issued to
Bank)............................................
Collateral held against notes out
standing :
Gold certificate account..................
U.S. Govt, securities.......................
Total collateral.
58,917
3,169 14,662
3,421
4,635
5,123
3,076
9,850
2,309
1,011
2,269
2,314
1,945
58,055
150
3,050 14,850
300
3,250
350
4,400
285
4,915
3,150
700
9,300
155
2,230
1,030
2,300
5
2,380
7,200
60,000
3,200 14,850
3,550
4,750
5,200
3,150 10,000
2,385
1,030
2,300
2,385
7,200
1 See note 6 on page A-5.
2 After deducting $5 million participations of other Federal Reserve
Banks.
3 After deducting $100 million participations of other Federal Reserve
Banks.
4 After deducting $194 million participations of other Federal Reserve
Banks.
N ote .— Some figures for cash items in process of collection and for
member bank reserves are preliminary.
A 14
OPEN MARKET ACCOUNT a AUGUST 1972
TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT
(In millions o f dollars)
Outright transactions in U.S. Govt, securities, by maturity
Treasury bills
Total
Others within 1 year
Month
Gross
pur
chases
Gross
sales
1971—June,
July.
Aug.
Sept.
O ct..
Nov.
Dec.
1,955
2,067
1,818
1,165
1,617
1,024
1,088
1,133
1,070
1,981
1972—Jan..
Feb.
Mar.
Apr.
May
June
915
2,036
2,009
2,102
772
1,883
3,160
248
3,481
298
1,478
291
335
2,666
475
1,294
Redemp
tions
37
127
83
*200’
110
410
155
135
96
Gross
pur
chases
Gross
sales
1.893
2,067
1,709
1,818
772
1,129
3,055
1,165
1,617
1,024
1,088
1,133
1,070
1,981
499
1.894
1,829
2,254
475
1,094
248
3,481
298
1,478
291
335
Redemp
tions
Outright transactions in U.S. Govt, securities—Continued
Gross
pur
chases
1971—June .
July,
Aug..
Sept..
Oct...
Nov..
Dec..
1972—Ja n ..
Feb..
Mar..
Apr..
May.
June.
Gross
sales
Exch.
or ma
turity
shifts
Gross
pur
chases
Gross
sales
Exch.
or ma
turity
shifts
14
16
34
-547
267
67
1,920
191
52
31
126
-2 ,2 6 0
14
58
6
150
23
47
23.
20
109
Gross
pur
chases
Gross
sales
Exch.
or
maturity
shifts
37
127
82
38
-8 2
84
189
-4 4 4
-1 0 4
83
46
991
104
’266'
24
11
-3,548
130
406
21
1,478
-1 3 0
110
410
155
133
16
10
11
7
1,301
187
73
92
255
959
-2
2,626
-9 0
Net
change
in U.S.
Govt,
secur
ities
Gross
pur
chases
Gross
sales
1,165
3,044
2,184
3,697
2,616
5,003
4,830
1,165
3,044
1,951
3,930
2,616
5,003
3,607
754
323
1,027
698
-361
613
2,401
4,722
1.694
2.695
2,625
1,115
211
5,945
1,694
-666
-1,854
2,229
380
1,299
-251
1 Net change in U.S. Govt, securities, Federal agency obligations, and
bankers’ acceptances.
Exch.,
maturity
shifts,
or
redemp
tions
Gross
Repurchase
agreements
(U.S. Govt,
securities)
Over 10 years
5-10 years
Month
Gross
pur
chases
1-5 years
2,022
3,298
1,326
-
69
Federal agency
obligations (net)
Out
right
61
35
244
145
165
77
83
169
+ 127
Bankers’
acceptances
Out
Repur right,
chase
net
agree
ments
69
-69
101
-101
16
-1 6
25
-2 5
2 ,6 2 6
-1
-7
-3
-1
1
6
22
-4
-1 2
19
1
-4
-6
Under
repur
chase
agree
ments,
net
Net
change1
-4 8
705
316
1,148
634
-3 2 6
862
2,850
........55”
-5 5
181
-181
61
-6 1
65
-6 5
-7 8 7
-1 ,7 8 9
2,408
472
1,386
-221
N ote .—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 of U.S. dollar equivalent)
End of
period
Pounds
sterling
1968—Dec.
1969—Dec.
1970—Dec.
2,061
1,967
257
1,444
1,575
154
1971—Apr.
May
June
July.
Aug.
Sept.
O ct..
Nov.
Dec.
34
94
96
23
23
23
30
15
18
27
87
87
12
12
12
12
2
2
1972—Jan..
Feb.
Mar.
Apr.
17
17
17
17
2
2
2
2
Austrian
schillings
Danish
kroner
Total
Belgian
francs
Canadian
dollars
French
francs
433
199
German
marks
165
60
98
Italian
lire
1
125
Japanese
yen
Nether
lands
guilders
Swiss
francs
AUGUST 1972 □ FEDERAL RESERVE BANKS; BANK DEBITS
A 15
MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday
End of month
1972
Item
1972
1971
July 26
July 19
July 12
July 5
June 28
July 31
June 30
July 31
637
634
3
81
78
3
85
83
2
514
511
3
475
471
4
83
81
2
131
127
4
778
774
4
Acceptances—Total........................................................
Within 15 days............................................................
16 days to 90 days......................................................
91 days to 1 year........................................................
64
17
47
110
53
57
66
11
55
115
63
52
148
97
51
63
17
46
73
16
57
55
18
37
U.S. Government securities—Total..............................
Within 15 days*..........................................................
16 days to 90 days......................................................
91 days to 1 year........................................................
Over 1 year to 5 years................................................
Over 5 years to 10 years............................................
Over 10 years..............................................................
70,880
4,679
15,980
18,951
24,108
5,913
1,249
71,309
5,032
16,020
18,987
24,108
5,913
1,249
68,429
1,593
16,639
18,927
24,108
5,913
1,249
71,837
4,497
16,818
19,252
24,108
5,913
1,249
70,966
4,737
15,827
19,132
24,108
5,913
1,249
70,822
4,209
15,726
19,617
24,108
5,913
1,249
71,356
2,734
17,292
20,060
24,108
5,913
1,249
65,841
3,062
14,173
18,206
23,600
5,907
893
Federal agency obligations—Total...............................
Within 15 days1..........................................................
16 days to 90 days......................................................
91 days to 1 year........................................................
Over 1 year to 5 years................................................
Over 5 years to 10 years............................................
Over 10 years..............................................................
1,079
38
99
146
475
197
124
1,134
93
98
142
480
197
124
1,086
7
136
142
480
197
124
1,132
52
136
143
480
197
124
1,128
42
123
162
480
197
124
1,079
38
99
146
475
197
124
1,106
20
123
162
480
197
124
Loans—Total..................................................................
Within 15 days............................................................
91 days to 1 year........................................................
1 Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
BANK DEBITS AND DEPOSIT TURNOVER
(Seasonally adjusted annual rates)
Debits to demand deposit accounts1
(billions of dollars)
Period
6 others2
Total 232
SMSA’s
(excl.
N.Y.)
226
other
SMSA’s
Total
233
SMSA’s
N.Y.
5,244.0
5,210.2
5,408.9
5,570.3
5,755.8
5,918.9
5,523.3
2,691.0
2,681.0
2,783.7
2,757.5
2,683.2
2,945.2
2,859.8
6,486.8
6,493.6
6,684.8
6,631.9
6,465.6
6,996.9
6,859.9
3,795.9
3,812.6
3,901.2
3,874.4
3,782.5
4,051.6
4,000.2
80.4
80.0
81.6
82.2
82.6
86.4
83.7
5,687.0
6,013.9
5,631.4
5,801.4
5,939.2
5,780.8
2,803.1
2,913.1
2,932.9
3,053.1
3,148.8
3,096.4
6,843.7
7,013.9
7,154.2
'7,375.5
'7,462.3
7,500.9
4,040.6
4,100.9
4,221.2
'4,322.4
'4,313.5
4,404.5
83.9
84.5
83.0
85.6
85.6
84.7
Leading SMSA’s
Total
233
SMSA’s
N.Y.
11,730.8
11,703.8
12,093.8
12,202.2
12,221.4
12,915.7
12,383.2
1972—Jan................................ 12,530.7
Feb............................... 13,027.8
Mar.............................. 12,785.5
Apr............................... >■13,176.9
M ay............................. r13,401.6
June............................. 13,281.7
1971—June.............................
July..............................
Aug..............................
Sept..............................
Oct................................
Nov..............................
Dec...............................
1 Excludes interbank and U.S. Govt, demand deposit accounts.
2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and
Los Angeles-Long B e a c h .
Turnover of demand deposits
Leading SMSA’s
6 others2
Total 232
SMSA’s
(excl.
N.Y.)
226
other
SMSA’s
184.0
184.4
189.0
190.6
199.5
203.7
196.1
81.3
80.4
82.8
82.3
80.0
87.2
85.2
55.2
55.0
55.9
55.6
54.3
58.1
57.3
45.0
45.0
45.4
45.2
44.2
46.7
46.4
205.3
205.1
195.2
202.1
200.8
199.9
82.0
82.6
83.3
87.3
89.8
88.1
56.3
56.2
57.2
58.9
'58.7
58.7
46.2
45.8
47.0
47.9
'46.9
47.5
N o te .—Total SMSA’s includes some cities and counties not designated
as SMSA’s.
For b a ck d a ta see pp. 634-35 of July 1972 B u l l e t in .
A 16
U.S. C U R R E N C Y □ A U G U S T 1972
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Coin and small denomination currency
Large denomination currency
Total
in cir
cula
tion 1
Total
Coin
$1 2
$2
$5
$10
$20
Total
$50
$100
$500
1939...................... 7,598
1941...................... 11,160
1945...................... 28,515
1947..................... 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...................... 27,741
1955...................... 31,158
1959...................... 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......................
1964......................
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......................
1970......................
42,056
44,663
47,226
50,961
53,950
57,093
29,842
31,695
33,468
36,163
37,917
39,639
4,027
4,480
4,918
5,691
6,021
6,281
1,908
2,051
2,035
2,049
2,213
2,310
127
137
136
136
136
136
2,618
2,756
2,850
2,993
3,092
3,161
7,794
8,070
8,366
8,786
8,989
9,170
13,369
14,201
15,162
16,508
17,466
18,581
12,214
12,969
13,758
14,798
16,033
17,454
3,540 8,135
3,700 8,735
3,915 9,311
4,186 10,068
4,499 11,016
4,896 12,084
245
241
240
244
234
215
288
286
285
292
276
252
3
3
3
3
3
3
4
4
4
4
5
4
1971—June..........
July...........
Aug...........
Sept...........
Oct............
Nov...........
Dec............
58,393
58,558
58,904
58,797
59,216
60,636
61,068
40,263
40,238
40,442
40,284
40,559
41,699
41,831
6,472
6,493
6,537
6,556
6,589
6,714
6,775
2,277
2,260
2,267
2,273
2,302
2,360
2,408
136
136
136
135
135
135
135
3,099
3,068
3,058
3,053
3,071
3,186
3,273
9,137
9,031
9,045
8,987
9,054
9,329
9,348
19,144
19,251
19,398
19,279
19,408
19,975
19,893
18,130
18,321
18,462
18,514
18,657
18,936
19,237
5,075
5,129
5,162
5,155
5,183
5,272
5,377
12,596
12,735
12,845
12,906
13,024
13,216
13,414
209
208
207
206
205
204
203
243
242
241
240
239
237
237
3
3
2
2
2
2
2
4
4
4
4
4
4
4
1972—Jan.............
Feb............
Mar...........
Apr...........
M ay..........
June..........
59,429
59,795
60,388
60,535
61,702
62,201
40,388
40,725
41,182
41,140
42,056
42,399
6,774
6,812
6,860
6,902
6,969
7,016
2,281
2,275
2,279
2,276
2,334
2,328
135
135
135
135
135
135
3,083
3,087
3,106
3,094
3,170
3,178
8,900
9,010
9,110
9,028
9,243
9,295
19,215
19,405
19,692
19,705
20,204
20,446
19,042
19,070
19,205
19,395
19,647
19,803
5,261
5,257
5,275
5,351
5,425
5,446
13,337
13,371
13,490
13,606
13,785
13,923
202
201
200
199
198
197
235
234
233
232
232
230
2
2
2
2
2
2
4
4
4
4
4
4
End of period
$1,000 $5,000 $10,000
2 Paper currency only; $1 silver coins reported under coin.
i Outside Treasury and F.R. Banks. Before 1955 details are slightly
overstated because they include small amounts of paper currency held
by the Treasury and the F.R. Banks for which a denominational break
N ote .—Condensed from Statement of United States Currency and
Coin, issued by the Treasury.
down is not available.
KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
(Condensed from Circulation Statement of United States Money, issued by Treasury Department. In millions of dollars)
Held in the Treasury
Kind of currency
Total, out
standing, As security
June 30,
against
Treasury
gold and
cash
1972
silver
certificates
Gold.................................................................................
Gold certificates..............................................................
Federal Reserve notes...................................................
Treasury currency—Total..............................................
10,410
(10,303)
58,286
8,066
Dollars........................................ ...............................
Fractional Coin...........................................................
United States notes.....................................................
In process of retirement 3..........................................
712
6,739
323
293
Total—June 30, 1972.................................................... 4 76,761
May 31, 1972.................................................... 4 76,006
June 30,1971.................................................... 4 72,247
(10,303)
126
119
2 10,302
29
88
2
(10.303)
(10.303)
(10,075)
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 of credits payable in gold certificates, the Gold Certificate
Fund—Board of Governors, FRS.
3 Redeemable from the general fund of the Treasury.
107
For
F.R.
Banks
and
Agents
351
358
454
10.302
10.302
10,074
Currency in circulation 1
Held by
F.R.
Banks
and
Agents
1972
1971
June
30
May
31
June
30
54,572
7,629
54,120
7,582
51,304
7,089
50
268
633
6,383
320
292
626
6,343
320
293
482
5,990
321
296
3,907
3.644
3,326
62,201
1
3,588
318
61,702
58,393
4 Does not include all items shown, as gold certificates are secured by
gold. Duplications are shown in parentheses.
N ote .—Prepared from Statement of United States Currency and Coin
and other data furnished by the Treasury. For explanation of currency
reserves and security features, see the Circulation Statement or the Aug.
1961 B u ll e tin , p. 936.
AUGUST 1972 □ MONEY STOCK
A 17
MEASURES OF THE MONEY STOCK
(In billions of dollars)
Seasonally adjusted r
Month or week
Mi
(Currency plus
demand deposits)
Not seasonally adjusted*'
m2
Mi
(M i plus time
(M i plus deposits
deposits at coml. at nonbank thrift
institutions)2
banks other than
large time CD’s) 1
Mi
(Currency plus
demand deposits)
M2
Mi
(Mi plus time
(M i plus deposits
deposits at coml. at nonbank thrift
banks other than
institutions)2
large time CD’s) 1
1968—Dec................................
1969—Dec................................
1970—Dec................................
197.4
203.7
214.8
378.0
386.8
418.2
572.6
588.3
633.9
203.4
209.8
221.2
383.0
392.0
423.5
577.5
593.4
c639.1
1971—July...............................
Aug...............................
Sept...............................
Oct................................
Nov...............................
Dec................................
227.4
228.0
227.6
227.7
227.7
228.2
453.4
454.5
455.6
458.3
460.8
464.7
693.8
697.6
701.2
706.5
711.6
718.1
226.0
224.9
226.2
227.5
229.6
235.1
452.0
451.7
454.3
458.0
461.4
470.2
693.0
694.5
699.5
705.9
711.4
723.4
1972—Jan................................
Feb................................
Mar...............................
Apr................................
May r............................
June r.............................
July*.............................
228.8
231.2
233.5
235.0
235.5
236.6
239.6
469.9
475.5
480.1
483.0
486.1
490.4
495.2
727.3
737.4
745.9
752.7
758.8
766.1
775.0
235.3
229.0
231.3
236.1
231.3
234.7
238.0
475.3
472.7
478.7
485.4
483.2
488.9
493.7
732.8
734.1
744.9
755.6
755.9
765.5
774.2
5 ........................
12........................
19........................
26*......................
238.0
240.9
239.7
239.6
493.7
495.8
495.0
495.5
238.8
239.5
238.3
235.8
494.5
494.4
493.7
491.8
2*......................
239.7
496.2
237.4
494.1
Week ending—
1972—July
Aug.
COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
(In billions of dollars)
Not seasonally adjusted
Seasonally adjusted
Month
or
w eek
Commercial banks
Cur
rency
De
mand
depos
its
Time and savings
deposits
CD’s 3
Other
Total
Non
bank
thrift
institu
tions 4
Commercial banks
Cur
rency
De
mand
depos
its
Time and savings
deposits
CD’s 3
Other
Non
bank
thrift
institu
tions 4
U.S.
Govt,
depos
its 5
Total
1968—De c
1969—De c
1970—De c
43.4
46.0
49.0
154.0
157.7
165.8
23.6
11.0
25.5
180.6
183.2
203.4
204.2
194.1
228.9
194.6
201.5
c215.7
44.3
46.9
50.0
159.1
162.9
171.3
23.6
11.1
25.8
179.6
182.1
202.3
203.2
193.2
228.1
194.6
201.4
c215.6
5.0
5.6
7.3
1971—Jul y
Aug........
Sept........
Oct.........
Nov........
Dec.........
51.6
51.7
51.9
52.2
52.2
52.5
175.8
176.3
175.7
175.5
175.5
175.7
30.4
30.8
31.6
32.7
32.2
33.4
225.9
226.5
228.0
230.6
233.1
236.4
256.4
257.3
259.6
263.3
265.3
269.9
240.4
243.1
245.6
248.3
250.8
253.4
51.9
51.9
51.9
52.2
52.8
53.5
174.1
173.0
174.3
175.3
176.9
181.5
29.5
31.2
32.1
33.6
33.7
33.9
226.0
226.9
228.1
230.5
231.8
235.1
255.5
258.1
260.3
264.1
265.5
269.0
241.1
242.8
245.2
247.9
250.0
253.2
6.8
6.8
7.5
5.3
3.9
6.7
1972—Ja n
Feb.........
Mar........
Apr.. . . .
May. . . .
June.......
July*___
52.8
53.2
53.7
54.0
54.4
54.7
54.9
176.0
178.0
179.9
180.9
r181.1
181.9
184.7
33.2
33.8
33.4
34.7
36.3
37.1
38.1
241.2
244.3
246.5
248.1
250.7
253.8
255.6
274.4
278.1
279.9
282.8
287.0
290.9
293.7
257.4
261.8
265.8
269.7
272.6
r275.1
293.7
52.6
52.6
53.2
53.6
54.0
54.6
55.2
182.7
176.4
178.1
182.6
r177.3
*•180.1
182.8
33.7
c33.6
33.3
33.8
35.1
35.8
37.0
240.0
243.7
247.5
249.3
251.9
254.2
255.7
273.7
277.3
280.8
283.1
286.9
r290.0
292.7
257.5
261.4
266.2
270.2
r272.7
*•276.6
280.5
7.2
7.2
7.7
7.6
10.4
*•6.8
7.2
Week ending—
July
5.
12.
19.
26*
54.8
54.9
55.0
55.0
183.2
186.0
184.7
184.6
37.4
37.9
38.2
38.5
255.7
255.0
255.3
255.9
293.1
292.8
293.5
294.4
55.4
55.6
55.3
54.9
183.4
183.9
183.0
180.9
35.7
36.4
37.0
37.7
255.7
255.0
255.4
256.0
291.4
291.3
292.4
293.7
8.3
5.9
6.1
8.4
Aug.
2*
54.8
184.9
38.6
256.5
295.1
54.8
182.6
38.3
256.7
294.9
7.8
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
$100,000 or more by large weekly reporting commercial banks.
2 Includes A/2, plus the average of the beginning and end of month
deposits of mutual savings banks and savings and loan shares.
3 Negotiable time certificates of deposit issued in denominations of
$100,000 or more by large weekly reporting commercial banks.
4 Average of the beginning and end-of-month deposits of mutual savings
banks and savings and loan shares.
5 At all commercial banks.
93
N o t e .— F o r d e s c r ip tio n o f r e v is e d s e rie s a n d f o r b a c k d a t a , s e e p p . 8 8 0 o f t h e N o v e m b e r B u l l e t in .
Average of daily figures. Money stock consists of (1) demand deposits
at all commercial banks other than those due to domestic commercial
banks and the U.S. Govt., less cash items in process of 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 de
posits adjusted are time deposits at all commercial banks other than those
due to domestic commercial banks and the U.S. Govt.
A 18
BANK RESERVES; BANK CREDIT □ AUGUST 1972
AGGREGATE RESERVES AND MEMBER BANK DEPOSITS
(In billions of dollars)
Deposits subject to reserve requirements3
Member bank reserves, S.A.1
S.A.
Period
Total
Non
bor
rowed
Re
quired
Avail
able2
Total
Total member
bank deposits
plus nondeposit
items4
N.S.A.
Demand
Time
and
savings
Private
U.S.
Govt.
Demand
Total
Time
and
savings
Private
U.S.
Govt.
S.A.
N.S.A.
1968—Dec, ,
1969—Dec
1970—Dec___
27.25
27.98
29.13
26.47
26.83
28.76
26.89
27.75
28.92
24.96
25.25
26.75
297.6
285.4
319.0
r164.5
150.3
r178.6
128.3
129.8
133.8
'4.8
5.3
'6.5
301.2
288.8
322.8
163.8
149.7
178.2
133.3
134.6
138.7
4.1
4.6
6.0
304.6
305.4
330.6
308.1
308.8
334.4
1971—Ju ly .. . .
Aug.. ..
Sept.. . .
Oct.......
N ov.. . .
Dec.......
30.64
30.74
31.07
30.88
30.97
31.25
29.91
29.98
30.56
30.48
30.54
31.08
30.47
30.57
30.91
30.69
30.75
31.10
28.36
28.52
28.50
28.59
28.73
28.84
345.5
347.1
349.2
349.8
352.7
357.9
199.8
'200.2
'202.2
205.2
206.4
210.2
140.6
141.0
140.5
139.9
140.9
141.5
5.1
'5 .8
'6 .5
4.7
5.4
6.2
344.1
344.6
348.2
350.2
351.6
362.2
198.9
200.8
202.7
205.9
206.9
209.7
139.4
138.1
139.2
139.9
141.6
146.7
5.7
5.8
6.3
4.3
3.2
5.7
349.8
351.0
353.3
354.7
358.0
361.9
348.4
348.6
352.2
355.0
357.0
366.2
1972—Jan.......
Feb.......
M ar.. . .
Apr. . ..
M ay... .
June__
July?. ..
31.77
31.62
32.03
32.64
32.83
33.06
33.14
31.68
31.58
31.93
32.53
32.73
32.97
32.93
31.56
31.47
31.82
32.47
32.69
32.84
32.96
29.06
29.24
29.63
29.80
29.95
30.17
30.37
360.9
363.1
368.4
372.7
377.1
c378.7
382.6
213.7
216.4
217.4
219.8
223.4
226.1
228.2
141.0
142.9
144.9
145.5
146.3
c147.3
149.0
6.3
3.7
6.1
7.4
7.4
5.3
5.3
366.3
363.4
368.0
373.1
374.9
376.4
381.0
213.4
215.9
218.1
219.8
223.1
225.2
227.1
146.9
141.5
143.4
146.8
142.9
145.6
147.9
6.0
6.1
6.6
6.5
8.8
5.7
6.1
364.9
366.7
372.1
376.3
380.9
382.4
386.5
370.3
367.1
371.8
376.6
378.6
380.2
384.9
1 Averages of daily figures. Member bank reserve series reflects actual
reserve requirement percentages with no adjustment to eliminate the
effect of 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.
2 Reserves available to support private nonbank deposits are defined
as (1) required reserves for (a) private demand 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. Govt, demand deposits.
3 Averages of 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 of collection
and demand balances due from domestic commercial banks. Data for
1968 are not comparable with later data due to the withdrawal from the
System on Jan. 2, 1969, of 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 ote .—Due to changes in Regulations M and D, member bank re
serves include reserves held against nondeposit funds beginning Oct. 16,
1969. Back data may be obtained from the Banking Section, Division of
Research and Statistics, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551.
LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS
(In billions of dollars)
Seasonally adjusted
Total
loans
and
invest
ments! 2 Total i ,2
Loans
Securities
Commercial
a nd industrial
Plus
loans
sold 1,3
Total
31___
31___
30___
31___
314 . . .
300.1
316.1
352.0
390.6
402.1
198.2
213.9
231.3
258.2
279.4
283.3
69.5
78.6
86.2
95.9
105.7
1970—Dec. 31___
435.9
292.0
294.9
109.6
1971—July
Aug.
Sept.
Oct.
Nov.
Dec.
28___
25___
29___
27___
24___
31___
463.7
468.4
472.4
477.2
479.8
485.7
304.1
309.7
313.0
317.0
318.7
320.6
307.0
312.4
316.0
319.9
321.6
323.4
113.2
115.2
116.2
116.6
116.0
115.5
1972—Jan.
Feb.
Mar.
Apr.
May
June
July
26___
23___
29p . . .
26 p . . .
31» . . .
30? . . .
26?. . .
491.4
496.6
504.3
505.8
513.8
514.0
518.3
325.7
328.5
333.3
334.8
340.3
341.2
346.3
1965—Dec.
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
Not seasonally adjusted
Plus
loans
sold3
U.S.
Treas
ury
an d
invest
Other2 ments1,2 Total1,2
290.0
111.0
301.9
112.5
114.6
61.7
305.6
309.3
313.4
315.1
317.3
328.3
308.4
312.0
316.4
318.0
320.1
331.1
113.4
114.2
115.9
115.6
115.6
118.5
115.2
116.0
117.8
117.4
117.4
120.1
59.3
58.7
58.7
60.0
61.0
64.9
322.7
324.3
330.0
334.1
340.0
347.4
348.8
325.6 115.2 116.9
327.3 116.1 117.8
332.8 118.1 119.9
336.7 119.6 121.3
342.4 120.3 121.8
349.7 5121.8 5123.2
351.1 121.6 123.0
62.7
61.9
62.4
61.6
61.0
59.9
59.2
108.3
307.6
324.0
360.8
400.4
412.1
203.2
219.0
236.8
264.4
286.1
111.7
58.0
85.9
446.8
299.0
115.0
117.0
118.1
118.4
117.8
117.1
61.6
60.9
59.9
59.1
58.8
60.7
98.0
97.8
99.5
463.0
466.1
472.0
476.5
479.9
497.9
328.7 116.4 118.1
331.5 117.3 119.0
336.1 118.1 119.9
337.5 119.4 121.1
342.8 120.7 122.2
343.5 5119.4 5120.8
348.6 120.8 122.2
59.7
61.0
62.2
62.4
62.8
62.8
61.9
490.1
492.4
500.7
505.1
511.4
518.2
518.4
104.5
106.0
107.1
108.7
108.6
110.7
110.0
110.2
U.S.
Treas
ury
59.5
56.2
62.5
64.5
54.7
44.8
48.7
61.4
71.4
71.2
101.1
102.2
Commercial
and industrial
Plus
loans
Plus
sold1, 3 Total
loans
sold3
71.4
80.6
88.4
98.4
108.4
57.1
53.5
59.3
61.0
51.5
1 Adjusted to exclude domestic commercial interbank loans.
2 Beginning June 9, 1966, about $1.1 billion of balances accumulated
for payment of personal loans were deducted as a result of a change in
Federal Reserve regulations.
Beginning June 30,1966, CCC certificates of interest and Export-Import
Bank portfolio fund participation certificates totaling an estimated
$1 billion are included in “Other securities” rather than “Loans.”
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
Securities
Total
loans
net of valuation reserves as was done previously. For a description of the
revision, see Aug. 1969 B u l l e t in , pp. 642-46. Data shown in this table
beginning January 1959 have been revised to include valuation reserves.
5 Beginning June 30, 1972, commercial and industrial loans were re
duced by about $400 million as a result of loan reclassifications at one
large bank.
N o te .—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. For a description of 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. For
monthly data on commercial and industrial loans, 1959-71, see July 1972
B u l l e t in , p. A-109. For description of series, see July 1972 B u l l e t in ,
p. 683. Data are for last Wednesday of month except for June 30 and
Dec. 31; data are partly or wholly estimated except when June 30 and Dec.
31 are call dates.
AUGUST 1972 □ BANKS AND THE MONETARY SYSTEM
A 19
CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Assets
Bank credit
Gold
stock
and
SDR
certifi
cates1
Treas
ury
cur
rency
out
stand
ing
31...................
30...................
30...................
31....................
315..................
31....................
22,754
22,706
11,982
10,367
10,367
11,132
4,562
4,636
6,784
6,795
6,849
7,149
1971—July
Aug.
Sept. 29...................
Oct.
Nov.
Dec.
10,700
10,500
10,500
10,500
10,500
10,532
1972—Jan.
Feb.
Mar.
Apr.
May
June
July
10,500
10,000
10,000
10,000
10,800
10,800
10,800
Date
1947—Dec.
1950—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
29*.................
26 p .................
31*.................
28*.................
26*..................
U.S. Treasury securities
Liabilities
and caDital
Total
assets,
net—
Total
liabil
ities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
ac
counts,
net
Loans
net
2
Total
Coml.
and
savings
banks
Federal
Reserve
Banks
Other3
Other
secu
rities
4
160,832
171,667
468,943
514,427
532,663
580,899
43,023
60,366
282,040
311,334
335,127
354,447
107,086
96,560
117,064
121,273
115,129
127,207
81,199
72,894
66,752
68,285
57,952
64,814
22,559
20,778
49,112
52,937
57,154
62,142
3,328
2,888
1,200
51
23
251
10,723
14,741
69,839
81,820
82,407
99,245
188,148
199,008
487,709
531,589
549,879
599,180
175,348
184,384
444,043
484,212
485,545
535,157
12,800
14,624
43,670
47,379
64,337
64,020
7,400
7,500
7,500
7,600
7,600
7,627
605,300
611,300
617,000
622,200
626,700
650,677
360,100
365,700
368,100
369,500
370,900
386,010
129,700
130,000
131,300
133,600
136,400
141,547
62,800
62,200
62,200
63,300
64,400
68,198
65,800
66,400
67,600
67,800
69,500
70,804
1,100
1,400
1,600
2,500
2,500
2,545
115,400
115,600
117,500
119,100
119,400
123,120
623,400
629,300
635,000
640,300
644,800
668,837
559,500
563,500
567,500
571,600
575,800
604,415
64,000
65,800
67,600
68,800
69,000
64,423
7,700
7,800
7,900
7,900
8,000
8,100
8,100
642,600
643,300
653,700
660,000
665,300
669,600
674,200
380,600
381,000
386,900
391,000
395,000
400,600
405,800
138,400
136,600
138,200
138,900
138,600
136,700
136,200
66,000
65,200
65,800
65,000
64,400
63,100
62,700
69,900
68,900
69,900
71,300
71,600
71,000
70,900
2,500
2,500
2,600
2,600
2,600
2,600
2,600
123,600
125,700
128,500
130,100
131,700
132,300
132,300
660,800
661,100
671,600
677,900
684,100
688,500
693,100
593,000
592,900
606,700
612,500
619,400
622,700
628,600
67,900
68,200
64,900
65,400
64,700
65,800
64,500
Total
DETAILS OF DEPOSITS AND CURRENCY
Money stock
Seasonally adjusted *
Date
Total
De
Cur
mand
rency deposits
outside
ad
banks justed7
Related deposits (not seasonally adjusted)
Time
Not seasonally adjusted
Total
De
Cur
mand
rency deposits
outside
ad
banks justed7
Total
U.S. Government
For
eign, Treas
Com Mutual Postal net
ury
10 cash
mercial savings Savings
Sys
banks 8 banks 9 tem
hold
3
ings
3 1 .... 110,500
3 0 .... 114,600
3 0 .... 181,500
3 1 .... 199,600
315... 206,800
3 1 .... 209,400
26,100
24,600
39,600
42,600
45,400
47,800
84,400
90,000
141,900
157,000
161,400
161,600
113,597
117,670
191,232
207,347
214,689
219,422
26,476
25,398
41,071
43,527
46,358
49,779
87,121
92,272
150,161
163,820
168,331
169,643
56,411
59,246
242,657
267,627
260,992
302,591
35,249
36,314
182,243
202,786
193,533
230,622
17,746
20,009
60,414
64,841
67,459
71,969
1971—July 2 8 ....
Aug. 25---Sept. 29---Oct. 2 7 ....
Nov. 2 4 ....
Dec. 3 1 ....
213,900
214,700
213,800
215,900
216,700
224,600
50,400
50,300
50,400
51,000
51,100
51,100
163,500
164,400
163,400
164,900
165,600
173,500
213,700
213,000
212,400
216,800
220,100
234,876
50,500
50,600
50,500
50,900
52,500
53,141
163,200
162,300
161,900
165,900
167,600
181,735
334,000
336,300
340,700
343,700
346,400
353,638
255,800
257,700
261,400
263,900
266,100
271,760
78,200
78,600
79,400
79,800
80,300
81,877
1972—Jan.
Feb.
Mar.
Apr.
May
June
July
217,200
220,400
230,300
227,400
233,800
233,400
233,300
51,700
52,100
52,600
52,700
53,300
53,300
53,700
165,500
168,300
177,700
174,700
180,500
180,100
179,600
220,000
219,300
227,000
227,400
230,900
230,200
233,000
51,000
51,500
52,100
52,200
53,100
53,300
53,800
169,000
167,800
174,900
175,200
177,800
177,000
179,200
357,300
361,700
366,600
369,400
374,100
376,800
380,400
274,900
278,300
281,700
284,000
288,000
290,000
292,800
82,500
83,400
84,900
85,400
86,100
-6,900
87,600
1947—Dec.
1950—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
2 6 ....
2 3 ....
29*...
26*...
31*...
28*...
2 6 * ...
1 Includes Special Drawing Rights certificates beginning January 1970.
2 Beginning with data for June 30, 1966, about $1.1 billion in “Deposits
accumulated for payment of 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), Deposits Accumulated fo r Payment o f Personal Loans, p. A-32.
See footnote 1 on p. A-23.
3 After June 30, 1967, Postal Savings System accounts were eliminated
from this Statement.
4 See second paragraph of note 2.
5 Figures for this and later dates take into account the following changes
(beginning June 30, 1969) for commercial banks: (1) inclusion of con
solidated reports (including figures for all bank-premises subsidiaries and
other significant majority-owned domestic subsidiaries) and (2) reporting
of figures for total loans and for individual categories of securities on a
gross basis—that is, before deduction of valuation reserves. See also note 1.
6 Series began in 1946; data are available only for last Wed. of month.
7 Other than interbank and U.S. Govt., less cash items in process of
collection.
3,416
2,923
At
At
coml.
and
F.R.
savings Banks
banks
1,452
2,989
5,508
5,385
5,273
8,409
870
668
1,123
703
1,312
1,156
2,500
2,500
2,400
2,500
2,600
2,719
500 7,400
500 10,000
500 9,500
500 6,500
500 4,700
464 10,698
1,400
1,400
2,000
1,700
1,400
2,020
2,400
2,600
2,500
2,500
2,900
2,900
3,000
500 9,900
400 7,800
400 9,200
400 11,000
400 9,000
400 9,500
300 9,400
2,900
1,100
900
1,800
2,100
2,900
2,500
1,682
2,518
2,179
2,455
2,683
3,148
1,336
1,293
1,344
695
596
431
8 See first paragraph of note 2.
9 Includes relatively small amounts of demand deposits. Beginning with
June 1961, also includes certain accounts previously classified as other lia
bilities.
Reclassification of deposits of foreign central banks in May 1961 re
duced this item by $1,900 million ($1,500 million to time deposits and $400
million to demand deposits).
N ote .—For back figures and descriptions of the consolidated condition
statement and the seasonally adjusted series on currency outside banks and
demand deposits adjusted, see “ Banks and the Monetary System,” Section
1 of Supplement to Banking and Monetary Statistics, 1962, and B u ll e tins
for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly esti
mated and are rounded to the nearest $100 million.
For description of substantive changes in official call reports of
condition beginning June 1969, see B u l l e t in for Aug. 1969, pp. 642-46.
A 20
COMMERCIAL BANKS □ AUGUST 1972
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions o f dollars)
Deposits
Loans and investments
Class o f bank
and date
Total
All commercial banks:
1941—Dec. 3 1 . ..
1945—Dec. 3 1 . ..
1947—Dec. 31 *.
50,746
124,019
116,284
Loans
l
Total
assets—
Securities
Total
Cash
lia
assets 3 bilities
and
capital
U.S.
ac
Treas Other
2
ury
counts4
21,714 21,808
26,083 90,606
38,057 69,221
Interbank3
Other
Total3
Demand
D e
mand
U.S.
Govt.
10, <'82
7,225 26,551 79,104 71,283
14,C>65
7,331 34,806 160,312 150,227
9,006 37,502 155,377 144,103 12,792
240
3 1 . ..
3 0 ...
3 1 . ..
31 7.
3 1 ...
322,661
359,903
401,262
421,597
461,194
217,726
235,954
265,259
295,547
313,334
56,163
62,473
64,466
54,709
61,742
48,772
61,477
71,537
71,341
86,118
69,119
77,928
83,752
89,984
93,643
403,368
451,012
500,657
530,665
576,242
352,287
395,008
434,023
435,577
480,940
19,770
967
21,883 1,314
24,747 1,211
27,174
735
30,608 1,975
1971—July
Aug.
Sept.
Oct.
Nov.
Dec.
2 8 ...
25. ..
29. ..
2 7 ...
2 4 ...
3 1 ...
478,300
482,230
489,640
492,020
497,070
516,564
320,870
325,450
331,000
330,570
334,420
346,930
59,280
58,720
58,740
59,960
61,030
64,930
98,150
98,060
99,900
101,490
101,620
104,704
85,880
85,300
88,180
95,590
95,350
99,832
587,470
591.080
602,070
611,630
616.080
640,255
489,140
491,180
497,530
506,710
506,340
537,946
1972—Jan.
Feb.
Mar.
Apr.
May
June
July
2 6 ...
2 3 ...
29p. .
26^..
31p. .
28^..
26*\.
508,200
511,360
521,870
523,760
529,510
535,580
539,350
340,730
343,300
351,130
352,770
358,080
365,380
369,750
62,690
61,860
62,380
61,620
60,960
59,600
59,190
104,780
106,200
108,360
109,370
110,470
110,600
110,410
92,690
96,130
91,350
95,300
101,360
92,730
92,480
624,750
631.330
638,210
643.770
656.770
653,980
657.330
521,320
524,280
525,520
531,990
542,940
538,620
543,510
Member of
F.R. System:
1941—Dec. 3 1 . ..
1945—Dec. 3 1 . ..
1947—Dec. 3 1 . ..
43,521
107,183
97,846
Total
capital
ac
counts
Num
ber
of
banks
Time 5
Time
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
18,021 19,539
22,775 78,338
32,628 57,914
Bor
row
ings
Other
44, 349
105 ,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
4,992
5,234
5,010
5,054
7,938
167,751
184,066
199,901
208,870
209,335
158,806 4,859 32,054
182,511 5,777 34,384
203,154 8,899 37,006
193,744 18,360 39,978
231,084 19,375 42,958
13,767
13,722
13,679
13,661
13,686
26,650
26,380
27,050
28,920
28,200
32,205
2,030 6,790
2,110 9,390
2,500 8,920
2,610 5,950
2,600 4,210
2,908 10,169
197,310
195,020
197,180
204,800
204,670
220,375
256,360
258,280
261,880
264,430
266,660
272,289
24,050
24,620
26,850
27,240
30,870
25,912
44,800
44,980
45,110
45,530
45,710
47,211
13,734
13,739
13,753
13,768
13,776
13,783
28,480
31,050
26,430
26,140
28,240
26,520
27,310
2,960 9,280 205,160 275,440 26,370
2,990 7,270 204,080 278,890 29,190
2,950 8,740 205,210 282,190 32,810
2,870 10,470 207,990 284,520 31,520
3,020 8,430 214,640 288,610 33,110
3,000 8,920 209.710 290,470 34,240
3,230 8,860 210.710 293,400 34,230
46,600
47,050
47,450
47,780
48,310
48,340
48,710
13,787
13,799
13,806
13,823
13,838
13.875
13.875
5,886
7,589
8,464
6,619
6,884
6,923
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
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
3 1 . ..
3 0 . ..
3 1 . ..
31 7.
3 1 ...
263,687
293,120
325,086
336,738
365,940
182,802
196,849
220,285
242,119
253,936
41,924
46,956
47,881
39,833
45,399
38,960
49,315
56,920
54,785
66,604
60,738
68,946
73,756
79,034
81,500
334,559
373,584
412,541
432,270
465,644
291,063
326,033
355,414
349,883
384,596
18,788
794
20,811 1,169
23,519 1,061
25,841
609
29,142 1,733
4,432
4,631
4,309
4,114
6,460
138,218
151,980
163,920
169,750
168,032
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
6,150
6,071
5,978
5,869
5,766
1971—July
Aug.
Sept.
Oct.
Nov.
Dec.
2 8 ...
2 5 ...
2 9 . ..
2 7 . ..
2 4 . ..
3 1 ...
376,133
379,269
385,391
386,028
389,468
405,087
257,988
261,993
266,575
264,847
267,287
277,717
42,844
42,337
42,369
43,586
44,630
47,633
75,301
74,939
76,447
77,595
77,551
79,738
75,342
74,807
77,361
83,963
83,788
86,189
471,089
473,923
483,064
490,047
492,995
511,353
388,088
389,558
394,598
401,167
399,678
425 380
25,436
25,169
25,829
27,616
26,941
30,612
1,804
1,883
2,274
2,385
2,372
2,549
5,496
7,907
7,369
4,840
3,317
8,427
157,436
155,336
157,000
162,600
161,905
174,385
197,916
199,263
202,126
203,726
205,143
209,406
23,131
23,749
25,843
26,203
29,776
25,046
35,555
35,723
35,827
36,179
36,303
37,279
5.730
5.730
5.724
5.725
5,729
5,727
1972—Jan.
Feb.
Mar.
Apr.
May
June
July
2 6 ...
2 3 ...
2 9 ...
2 6 ...
3 1 ...
2 8 ...
26p. .
397,951
400,338
409,024
409,925
414,469
419,412
422,377
272,452
274,508
281,182
282,298
286,310
292,333
295,860
45,723
45,102
45,486
44,643
44,403
43,251
42,923
79,776
80,728
82,356
82,984
83,756
83,828
83,594
80,580
83,258
78,710
82,345
87,524
80,019
79,416
498,591
503,720
508,747
513,123
523,538
520,769
523,010
411,462
413,339
413,132
418,730
427,426
423,451
426,833
27,230
29,738
25,154
24,893
26,913
25,272
25,970
2,596
2,627
2,590
2,510
2,663
2,644
2,867
7,643
5,931
7,216
8,939
6,825
7,301
7,328
162,307
161,031
161,976
164,071
169,496
165,349
165,551
211,686
214,012
216,196
218,317
221,529
222,885
225,117
25,429
28,227
31,792
30,406
31,907
32,965
32,924
37,028
37,340
37,683
37,928
38,356
38,355
38,650
5,718
5,720
5.713
5.713
5.713
5.714
5.714
Reserve city member:
New York City:8, 9
1941 —Dec. 3 1 ...
1945—Dec. 3 1 . ..
1947—Dec. 3 1 ...
12,896
26,143
20,393
4,072 7,265
7,334 17,574
7,179 11,972
1,559
1,235
1,242
6,637
6,439
7,261
19,862
32,887
27,982
17,932
30,121
25,216
4,202
4,640
4,453
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
467
741
622
268
956
1,016
1,084
888
694
1,039
26,535
31,282
33,351
36,126
32,235
17,449
20,062
20,076
14,944
20,448
1,874
1,880
2,733
4,405
4,500
5,298
5,715
6,137
6,301
6,486
12
12
12
12
12
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
3 1 . ..
3 0 ...
3 1 . ..
31 7.
3 1 ...
46,536
52,141
57,047
60,333
62,347
35,941
39,059
42,968
48,305
47,161
4,920
6,027
5,984
5,048
6,009
5,674
7,055
8,094
6,980
9,177
14,869
18,797
19,948
22,349
21,715
64,424
74,609
81,364
87,753
89,384
51,837 6,370
60,407 7,238
63,900 8,964
62,381 10,349
67,186 12,508
1971—July
Aug.
Sept.
Oct.
Nov.
Dec.
2 8 ...
2 5 ...
2 9 ...
2 7 ...
2 4 ...
3 1 ...
59,988
60,886
61,997
61,734
61,776
63,342
46,382
47,659
48,700
47,971
47,626
48,714
4,837
4,793
4,713
5,088
5,582
5,597
8,769
8,434
8,584
8,675
8,568
9,031
22,281
21,431
23,254
24,405
23,026
22,663
88,057
88,217
90,982
91,671
90,162
91,461
67,319
67,392
68,633
68,923
67,792
71,723
12,062
11,918
12,471
13,005
12,988
13,825
835
939
1,013
1,086
1,196
1,186
939
1,564
1,283
710
392
1,513
29,379
28,578
29,229
29,561
28,785
30,943
24,104
24,393
24,637
24,561
24,431
24,256
5.954
6,201
6,818
6,748
6.954
5,195
7,008
7,078
7,061
7,207
7,257
7,285
12
12
12
12
12
12
1972—Jan.
Feb.
Mar.
Apr.
May
June
July
2 6 ...
2 3 ...
2 9 ...
2 6 ...
3 1 ...
2 8 ...
2 6 ...
62,539
61,856
64,450
63,467
65,719
66,761
66,331
48,337
48,221
50,063
49,539
50,799
51,973
51,408
5,405
5,190
5,567
4,825
5,257
4,962
4,954
8,797
8,445
8,820
9,103
9,663
9,826 i
9,969 '
23,684
23,615
21,400 •
21,014
22,516 i
19,971
19,517
91,726
91,094
91,687
90,364
93,765
92,258
91,247
71,017
69,674
68,029
68,798
70,852
70,213
69,508
13,443
15,152
11,674
11,451
12,303
11,790 i
11,580 i
1.258 1,395
1.258
878
1,231 1,360
1,162 2,013
1,198 1,038
989
1,156
1,312 : l , 17C
30,660
28,084
28,793
28,842
29,918
29,649
28,396
24,261
24,302
24,971
25,330
26,395 i
26,629 '
27,05C
* 1
5,854
6,906 :
8,428
6,650 l
8,103 i
7,528 1
7,431
7,253
7,306
7,342
7,372
7,618
7,559
7,612
12
12
12
12
13
13
13
For notes see p. A-23.
AUGUST 1972 □ COMMERCIAL BANKS
A 21
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK— Continued
(Amounts in millions of dollars)
Loans and investments
and date
Total
Reserve city member (cont.):
City of Chicago: *
1941 Dec. 31............
1945—Dec. 31............
1947—Dec. 31............
Loans
l
Total
assets—
Securities
Total
lia
Cash bilities
assets 3 and
ILS.
capital Total 3
Treas Other
ac
2
ury
counts4
Deposits
Interbank 3
Other
Demand
De
mand
2,760
5,931
5,088
954
1,333
1,801
1,430
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
Time
U.S.
Govt. Other
Total Num
capital ber
ac
of
counts banks
Bor
row
ings
Time*
127
1,552
72
2,419
3,462
4,201
476
719
913
288
377
426
13
12
14
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
31............
30............
31............
31 7........
31............
11,802
12,744
14,274
14,365
15,745
8,756
9,223
10,286
10,771
11,214
1,545
1,574
1,863
1,564
2,105
1,502
1,947
2,125
2,030
2,427
2,638
2,947
3,008
2,802
3,074
14,935
16,296
18,099
17,927
19,892
12,673
13,985
14,526
13,264
15,041
1,433
1,434
1,535
1,677
1,930
25
21
21
15
49
310
267
257
175
282
6,008
6,250
6,542
6,770
6,663
4,898
6,013
6,171
4,626
6,117
484
383
682
1,290
1,851
1,199
1,346
1,433
1,517
1,586
11
10
9
9
9
1971—Julv
Aug.
Sent.
Oct.
Nov.
Dec.
28............
25............
29............
16,128
16,346
16,704
16,526
16,651
17,133
11,724
12,113
12,273
11,938
11,945
12,285
1,565
1,528
1,671
1,732
1,780
1,782
2,839
2,705
2,760
2,856
2,926
3,067
3,199
3,089
2,756
3,576
3,856
3,011
20,233
20,364
20,438
21,049
21,333
21,214
15,413
15,234
15,571
15,933
15,364
16,651
1,448
1,365
1,339
1,553
1,431
1,693
150
142
191
228
219
168
277
380
374
240
102
364
6,389
5,997
6,028
6,386
6,097
6,896
7,149
7,350
7,639
7,526
7,515
7,530
2,489
2,447
1,952
2,462
2,712
1,935
1,634
1,638
1,649
1,669
1,649
1,682
9
9
9
9
9
9
1972—Jan.
Feb.
Mar.
Apr.
May
June
July
26............
28............
26............
16,614
17,234
17,66£
17,761
18,147
18,529
18,582
11,901
12,505
12,898
12,998
13,283
13,934
14,130
1,657
1,576
1,582
1,510
1,665
1,456
1,398
3,056
3,153
3,188
3,253
3,199
3,139
3,054
3,488
3,311
3,204
3,207
3,538
2,902
3,070
21,059
21,489
21,806
21,858
22,697
22,489
22,727
15,730
15,791
15,912
16,017
16,509
16,688
16,695
1,460
1,509
1,398
1,344
1,412
1,329
1,447
213
207
191
191
182
c191
194
378
267
341
465
282
243
310
6,243 7,436
6,305 7,503
6,462 7,520
6,381 7,636
6,631 8,002
6,533 c8 ,392
6,157 8,587
2,673
2,935
3,180
2,972
3,280
2,926
3,187
1,781
1,796
1,820
1,829
1,836
1,839
1,850
9
9
9
9
9
9
9
Other reserve city: *
1Q41
Der.
............
1945—Dec.
1947—Dec. 31............
15,347
40,108
36,040
7,105 6,467
8,514 29,552
13,449 20,196
1,776 8,518
2,042 11,286
2,396 13,066
24,430
51,898
49,659
22,313
49,085
46,467
4,356
6,418
5,627
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
31............
30............
31............
31 7........
31............
95,831
105,724
119,006
121,324
133,718
24,228
26,867
28,136
29,954
31,263
123,863
136,626
151,957
157,512
171,733
108,804 8,593
120,485 9,374
132,305 10,181
126,232 10,663
140,518 11,317
233
310
307
242
592
1,633
1,715
1,884
1,575
2,547
49,004
53,288
57,449
58,923
59,328
49,341 1,952
55,798 2,555
62,484 4,239
54,829 9,881
66,734 10,391
9,471
10,032
10,684
11,464
12,221
169
163
161
157
156
1971—July 28............ 136,792 97,128 13,487 26,177 26,803
Aug. 25............ 137,513 98,538 13,132 25,843 27,341
140,060 100,339 13,121 26,600 27,832
Sept.
139,515 98,621 13,810 27,084 30,995
Oct.
141,421 100,284 14,203 26,934 32,048
Nov.
Dec. 31............ 149,401 106,361 15,912 27,129 33,732
170,828
172,142
175,407
177,945
180,956
190,880
138,268 9,150
138,865 9,111
140,334 9,237
143,113 10,006
142,820 9,537
155,226 11,241
684
667
846
847
733
933
1,999
3,366
2,982
1,963
1,264
3,557
54,884
54,235
54,557
56,832
57,068
62,474
71,551
71,486
72,712
73,465
74,218
77,020
11,822
12,375
13,927
13,732
16,692
14,799
12,785
12,854
12,922
13,012
13,012
13,197
156
156
156
156
156
156
29,154
30,945
29,082
32,579
34,413
32,122
31,161
182,373
185,420
186,613
190,334
193,947
193,131
194,283
147,352
148,824
147,937
151,394
155,174
152,512
154,255
9,306
901 3,057 56,144
9,901
938 2,492 57,121
9,004
944 2,889 57,001
894 3,839 58,129
9,079
9,985 1,020 2,763 60,716
9,138 1,034 3,310 58,398
9,721 1,098 3,226 59,082
77,944
78,372
78,099
79,453
80,690
80,632
81,128
13,528
14,927
16,508
16,766
16,435
18,156
17,854
13,427
13,463
13,657
13,725
13,890
13,903
14,010
156
156
156
156
156
156
156
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
30
225 10,109 6,258
17 5,465 24,235 12,494
17
432 28,378 14,560
4
11
23
19,004
20,334
22,664
23,928
25,448
131,338
146,052
161,122
169,078
184,635
117,749
131,156
144,682
148,007
161,850
2,392
2,766
2,839
3,152
3,387
69
96
111
84
135
1,474
1,564
1,281
1,671
2,592
56,672
61,161
66,578
67,930
69,806
57,144
65,569
73,873
75,170
85,930
308
552
804
1,820
1,836
10,309
11,005
11,807
12,766
13,807
5,958
5,886
5,796
5,691
5,589
1971—July 28............ 163,225 102,754 22,955 37,516 23,059
164,524 103,683 22,884 37,957 22,946
Aug.
Sept. 29............ 166,630 105,263 22,864 38,503 23,519
168,253 106,317 22,956 38,980 24,987
Oct.
169,620 107,432 23,065 39,123 24,858
Nov.
175,211 110,357 24,343 40,511 26,783
Dec.
191,971
193,200
196,237
199,382
200,544
207,798
167,088
168,067
170,060
173,198
173,702
181,780
2,776
2,775
2,782
3,052
2,985
3,853
135
135
224
224
224
263
2,281
2,597
2,730
1,927
1,559
2,993
66,784 95,112
66,526 96,034
67,186 97,138
69,821 98,174
69,955 98,979
74,072 100,600
2,866
2,726
3,146
3,261
3,418
3,118
14,128
14,153
14,195
14,291
14,385
15,114
5,553
5,553
5,547
5,548
5,552
5,550
203,438
205,717
208,641
210,567
213,129
212,891
214,753
177,363
179,050
181,254
182,521
184,891
184,038
186,375
3,021
3,176
3,078
3,019
3,213
3,015
3,222
224
224
224
263
263
263
263
2,813
2,294
2,626
2,622
2,742
2,759
2,622
69,260 102,045
69,521 103,835
69,720 105,606
70,719 105,898
72,231 106,442
70,769 107,232
71,916 108,352
3,374
3,459
3,676
4,018
4,089
4,355
4,452
14,567
14,775
14,864
15,002
15,012
15,054
15,178
5,541
5,543
5,536
5,536
5,535
5,536
5,536
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
1972—Jan.
Feb.
Mar.
Apr.
May
June
July
24............
31............
29............
26............ 145,436
146,609
149,384
26............ 149,586
31............ 151,153
28............ 152,851
26?.......... 154,897
Country member : 8.9
1941—Dec. 31............
1945—Dec. 31............
1947—Dec. 31............
12,518
35,002
36,324
31............
30............
31............
317..........
31............
109,518
122,511
134,759
140,715
154,130
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
1972—Jan.
Feb.
Mar.
Apr.
May
June
July
69,464
73,571
83,634
90,896
96,158
103,311
104,067
106,665
107,362
108,846
111,037
113,590
13,040
14,667
15,036
11,944
14,700
14,796
14,768
14,583
14,434
14,362
13,999
13,855
5,890 4,377
5,596 26,999
10,199 22,857
68,641
74,995
83,397
92,147
99,404
22,419
24,689
24,998
21,278
22,586
26............ 173,362 108,903 23,865
23............ 174,639 109,715 23,568
29............ 177,522 111,556 23,754
179,111 112,399 23,874
179,450 113,382 23,119
28............ 181,271 115,389 22,834
116,732 22,716
182,567
26? ........
For notes see p. A-23.
13,326
17,487
20,337
18,484
22,860
27,329
27,774
28,136
27,790
27,945
27,815
27,452
18,458
22,826
26,364
27,291
32,140
40,594
41,356
42,212
42,838
42,949
43,048
43,119
24,254
25,387
25,024
25,545
27,057
25,024
25,668
1,982 6,219
2,525 6,476
2,934 6,519
A 22
COMMERCIAL BANKS □ AUGUST 1972
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK— Continued
(Amounts in millions of dollars)
Deposits
Loans and investments
Classification by
FRS memhershir)
and FDIC
insurance
Total
Insured banks:
Total:
1941—Dec. 31.. 49,290
1945—Dec. 31.. 121,809
1947—Dec. 31.. 114,274
Loans
l
Total
assets—
Securities
Total
Cash
lia
assets3 bilities
and
U.S. Other
capital
2
Treas
ac
ury
counts4
21,259 21,046
25,765 88,912
37,583 67,941
Interbank3
Total3
Other
Demand
De
mand
Time
5
Time
6,984 25,788 76,820 69,411
10,(554
7,131 34,292 157,544 147,775
13,S383
141,851
8,750 36,926 152,733
12,615
54
U.S.
Govt.
Other
1,762
23,740
1,325
41,298
80,276
92,975
15,699
29,876
34,882
Bor
row
ings
Total Num
capital
ber
ac
of
counts banks
10
215
61
6,844 13,426
8,671 13,297
9,734 13,398
1963—Dec. 20.. 252,579 155,261 62,723 34,594 50,337 310,730 273,657 15,077
1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876' 305,113 17,664
1965—Dec. 31.. 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. 31.. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497
1967—Dec. 30.. 358,536 235,502 62,094 60,941 77,348 448,878 394,118 21,598
1968—Dec. 31.. 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. 31.. 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. 31.. 458,919 312,006 61,438 85,475 92,708 572,682 479,174 30,233
1,874
7,898 208,037 231,132 19,149 42,427 13,502
1971—June 30.. 478,302 321,575 59,991 96,735 95,181 595,819 501,283 30,953
Dec. 31.. 514,097 345,386 64,691 104,020 98,281 635,805 535,703 31,824
2,166 8,391 205,736 254,036 22,297 44,816 13,547
2,792 10,150 219,102 271,835 25,629 46,731 13,602
National member:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
35
1,088
14,013
795
23,262
45,473
53,541
8,322
16,224
19,278
170,233 150,823 8,863
190,289 169,615 10,521
219,744 193,860 12,064
146
211
458
3,691
3,604
3,284
76,836
84,534
92,533
235,996 206,456 12,588
263,375 231,374 13,877
296,594 257,884 15,117
1969—June 307. 242,241 170,834 29,481 41,927j 52,271 305,800 251,489 14,324
Dec. 31.. 247,526 177,435 29,576 40,514 54,721 313,927 256,314 16,299
27,571
69,312
65,280
11,725 12,039
13,925 51,250
21,428 38,674
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
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. 31.. 271,760 187,554 34,203 50,004 56,028 340,764 283,663 18,051
982
4,740 122,298 137,592 13,100 24,868
4,620
1971—June 30.. 281,830 192,339 33,759 55,732 57,244 352,807 294,025 16,575
Dec. 31.. 302,756 206,758 36,386 59,612 59,191 376,318 314,085 17,511
1,441
1,828
5,118 121,096 149,795 15,629 25,999
6,014 128,441 160,291 18,169 27,065
4.598
4.599
1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635
1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064
1965—Dec. 31.. 176,605 118,537 32,347 25,720 i 36,880
1966—Dec. 31.. 187,251 129,182 30,355 27,713; 41,690
1967—Dec. 30.. 208,971 139,315 34,308 35,348 46,634
1968—Dec. 31.. 236,130 159,257 35,300 41,572 50,953
State member:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
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. 20..
1964—Dec. 31..
1965—Dec. 31..
72,680
77,091
74,972
46,866; 15,958 9,855 15,760
51,002 15,312 10,777 i 18,673
51,262 j 12,645 11,065 15,934
91,235
98,852
93,640
78,553
86,108
81,657
1966—Dec. 31..
1967—Dec. 30..
1968—Dec. 31..
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. 31..
88,346
90,088
64,007 9,902 14,437 j 26,344 119,358
65,560 10,257 14,271 24,313 119,219
1970—Dec. 31..
94,760
1971—June 30.. 96,939
Dec. 31.. 102,813
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
66,963 11,196 16,600 25,472 125,460 101,512 11,091
750
1,720
45,734
42,218
5,478
9,232
1,147
67,726 10,279 18,934 27,499 129,955 107,484 13,389
71,441 11,247 20,125 26,998 135,517 111,777 13,102
539
721
1,865
2,412
44,731
45,945
46,959
49,597
6,071 9,823
6,878 10,214
1,138
1,128
4
53
1,560
149
4,162
10,635
12,366
3,360
5,680
6,558
61
70
83
726
649
618
23,140
25,504
27,528
19,793
22,509
25,882
87
89
94
543
588
691
28,471
31,004
34,615
29,6251
34,640l
40,0601
211r
78
85i
749 34,070
924■ 37,561
42,921
43,7921
451 7,004• 7,528
629> 7,403 7,595
Nonmember:
1941 _ D ec. 31..
1945—Dec. 31..
1947—Dec. 31..
5,776
14,639
16,444
1963—Dec. 20..
1964—Dec. 31..
1965—Dec. 31..
42,464
46,567
52,028
23,550i 13,391 5,523. 5,942: 49,275i 44,280
26,544 13,7901 6,233i 7,174• 54,747’ 49,389
30,310i 14,137r 7,581 7,513 60,679' 54,806
1966—Dec. 31..
1967—Dec. 30..
1968—Dec. 31..
56,857
64,449
73,553
33,636i 13,873i 9,349' 7,777r 65,921 59,434
37,675i 15,146i 11,629' 8,403 74,328: 67,107
43,378; 16,155i 14,020I 9,305! 84,605! 76,368
559
658
695
7091
786
908
1969—June 307.
Dec. 31..
78,032
82,133
48,358; 14,341 15,333i 8,696i 88,802: 78,610
51,643i 14,565i 15,925i 10,056; 94,453i 83,380
791
1,017r
1970—Dec. 31..
92,399
57,489' 16,039> 18,871 11,208: 106,457r 93,998
1,091
141
1971—June 30.. 99,532
Dec. 31.. 108,527
61,509> 15,9531 22,07C) 10,439» 113,0581 99,774
67,188! 17,058t 24,282i 12,092t 123,97C) 109,841
989)
1,212>
186> 1,409> 39,908I 57,2831
242t 1,723\ 44,711 r 61,946>
For notes see p. A-23.
3,241 1,509
2,992 10,584
4,958 10,039
1,025 2,668
1,063 I 4,448
1,448! 4,083
8,708
19,256
20,691
7,702
18,119
19,340
262
129
244
1,438! 40,005! 51,322*
6
7
7
959
1,083
1,271
6,810
6,416
6,478
72, 4,234
99 4,488
91 4,912
7,173
7,262
7,320
99' 5,342 7,384
162: 5,830i 7,440
6,482: 7,504
571
8,326i 7,735
59'r 8,993l 7,811
5821 9,451 7,875
AUGUST 1972 □ COMMERCIAL BANKS
A 23
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
Deposits
Total
assets—
Interbank3
Total
Other
Cash
lia
assets3 bilities
and
Demand
capital Total3 De
ac
mand Time
counts 4
U.S.
Govt. Other
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
3: 19
181
177
1963 Dec. 20..........
1964—Dec. 31..........
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
83
86
85
1967—Dec. 30..........
1968—Dec. 31..........
2,638
2,901
1,735
1,875
370
429
533
597
579
691
3,404
3,789
2,172
2,519
285
319
1969—June 30 7.......
Dcc. 31..........
2,809
2,982
1,800
2,041
321
310
688
632
898
895
3,942
4,198
2,556
2,570
1970—Dec. 31..........
3,079
2,132
304
642
934
4,365
263
239
648
684
960
1,551
4,356
5,130
3,696 2,270
3,310 12,277
5,432 11,318
1,266
1,262
1,703
1963—Dec. 20.......... 44,035 24,295 13,854
1964—Dec. 31.......... 48,879 27,899 14,273
1965—Dec. 31.......... 54,483 31,858 14,555
Bor
row
ings
Time
5
Total
capital
ac
counts
Num
ber
of
banks
1,2 91
1,905
18 1,392
253
365
478
13
4
4
329
279
325
852
714
783
17
23
17
832
1,141
1,121
341
534
612
93
99
147
389
406
434
285
274
263
58
56
15
10
1,081
1,366
733
767
246
224
457
464
211
197
298
316
81
41
15
16
1,430
1,559
731
638
290
336
502
528
209
197
2,570
375
101
40
1,298
756
226
532
184
2,480
2,923
360
380
41
116
20
19
1,182
1,273
877
1,134
250
283
495
480
182
181
3,431 10,992 9,573
4,962 22,024 20,571
4,659 23,334 21,591
457
425
439
190
5,504
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
5,885
6,707
8,070
6,316 51,304 45,743
7,752 57,780 51,447
8,085 63,879 56,919
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
1967—Dec. 30..........
1968—Dec. 31..........
67,087 39,409 15,516 12,162
76,454 45,253 16,585 14,617
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. 31..........
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
1971—June 30........
Dec. 31........
2,968
3,147
Total nonmember:
1941—Dec. 31..........
1945—Dec. 31..........
1947—Dec. 31..........
7,233
16,849
18,454
2,057
2,224
185
1970—Dec. 31.......... 95,478 59,621 16,342 19,514 12,143 110,822 96,568
1,466
243
1,,478 41,303 52,078
796
8,858
7,919
1971—June 30........ 102,500 63,566 16,216 22,718 11,398 117,414 102,254
Dec. 31........ 111,674 69,411 17,297 24,966 13,643 129,100 112,764
1,348
1,592
227
359
1,429 41,091 58,160
1,742 45,990 63,081
847
866
9,489
9,932
7,993
8,056
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-24.
Beginning June 30, 1971, Farmers Home Administration notes are
classified as “Other securities” rather than “Loans.” As a result of this
change, approximately $700 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 of p. A-32.
2 See first two paragraphs of note 1.
3 Reciprocal balances excluded beginning with 1942.
4 Includes items not shown separately. See also note 1.
5 See last paragraph of note 1.
6 Beginning with Dec. 31, 1947, the series was revised; for description,
see note 4, p. 587, May 1964 B u l l e t in .
7 Figure takes into account the following changes beginning June 30,
1969: (1) inclusion of consolidated reports (including figures for all bankpremises subsidiaries and other significant majority-owned domestic
subsidiaries) and (2) reporting of figures for total loans and for individual
categories of securities on a gross basis—that is, before deduction of
valuation reserves—rather than net as previously reported.
8 Regarding reclassification as a reserve city, see Aug. 1962 B u l l e t in ,
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 in .
9 Beginning May 6, 1972, two New York City country banks, with
deposits of $1,412 million, merged and were reclassified as a reserve city
bank.
N o te .—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 of figures for classes of 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.
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 in ,
pp. 870-71.
A 24
COMMERCIAL BANKS a AUGUST 1972
LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions o f dollars)
Other loans 1
Class of
bank and
call date
Total Fed
loans i eral
funds
and
invest sold,
ments etc.2
Total: 2
1947—Dec. 31.. 116,284
Total
Com
mer
cial
and
in
dus
trial
All insured:
1941—Dec. 31.. 49,290
1945—Dec. 31.. 121,809
1947—Dec. 31.. 114,274
10,329
12,226
12,497
115
830 1,220
107,685 10.314
113,411 1 2, 211
117,603 12,482
9,393 5,723
40
49
114
59,183
77,994
82,420
39
47
113
58,840 11,869
77,687 19,048
82,099 21,921
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. 31 337,613 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—June 30. 378,769 12,026 248,040 98,573 7,094 5,333 3,024 2,496 15,770 56,934 52,037 6.777 44,038
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
New York C ity:
1941—Dec. 31.. 12,896
1945—Dec. 31.. 26,143
1947—Dec. 31.. 20,393
4,072 2,807
7,334 3,044
7,179 5,361
1969—Dec. 31 io 60,333
1971—June 30. 61,059
Dec. 31. 63,342
802 47,503 28,189
996 46,247 26,948
774 47,941 26,526
3.695
3,822
4,701
2,760
5,931
5,088
732
954
1,333
760
1,801 1,418
48
211
73
52
233
87
14,365
1969—Dec. 31
1971—June 30 16,477
Dec. 31. 17,162
215 10,556 6,444
612 11,164 6,515
621 11,693 6,355
337
373
527
262
245
263
C ity o f Chicago:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
Other reserve city:
1941—Dec. 31.. 15,347
1945—Dec. 31.. 40,108
1947—Dec. 31.. 36,040
7,105 3,456
8,514 3,661
13,449 7,088
32
26
93
412 169
2,453 1,172
545 267
300
205
225
123
80
111
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
22
36
46
• 186 1,219
218 1,465
382 1,568
4
17
15
95
51
149
842
862
861 1,078
949 1,167
1,430
256
40 4,213 1,600
26 2,890
354 1,564
367 1,736
431 1,782
1941—Dec. 31.. 12,518
1945—Dec. 31.. 35,002
1947—Dec. 31.. 36,324
5,890 1,676
5,596 1,484
10,199 3,096
659
648
818
20
42
23
183
471
227
1969—Dec. 31 ™ 141,286 3,318 89,401 23,762 4,739
1971—June 30. 163,782 5,407 98,452 26,922 5,433
Dec. 31. 175,582 6,208 104,520 28,201 5,599
498
352
474
947
723
821
Nonmember:
1947—Dec. 31.. 18,454
5,432 1,205
148 2,263 28,824 26,362 1,858 21,278
279 2,577 31,148 29,113 1,905 22,634
348 2,651 33,347 31,117 1,962 24,343
614
20
156
2,266 1,061
329
301
398
741
468
492
231 1,028 16,813 14,868
348 1,187 18,843 17,112
468 1,213 20,509 18,675
830
629
604
6,192 788
7,298 1,401
7,729 1,302
153 1,022
749 1,864
248 2,274
182
181
213
193
204
185
1,837
2,580
2,688
192
384
379
16,625 1,859
22,409 3,304
23,459 3,670
1,823
1,528
4,377
110
481 3,787 1,222 1,028
1,881
707 359 26,999 5,732 4,544 16,722 1,342 1,067
3,827 1,979 224 22,857 3,063 2,108 17,687 2,006 1,262
1969—Dec. 31 io 85,115 2,572 51,111 12,348 4,141
1971—June 30. 102,500 3,638 59,929 15,789 5,131
Dec. 31. 111,674 4,581 64,830 17,046 5,187
1 Beginning with June 30, 1948, figures for various loan items are
shown gross (i.e., before deduction of 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), Deposits Accumulated for Payment o f Personal
Loans, p. A-32.
729
606
638
1,527
1,508
6,467
295
751 5,421
956 820
855 387 29.552 8,016 5,653 15,883 1,126 916
1,459
3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053
1969—Dec. 31 io 121,628 3,021 88,180 37,701 1,386 878 1,300
876 6,006 19,706 17,569 2,757 11,944
893 7,517 20,722 17,929 3,120 14.552
1971—June 30. 137,451 5,010 92,176 38,189 1,601 786 1,419
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
Country:
47,227 7,558
61,963 12,702
65,244 14,494
776 1,047 4,547 3,835 3,595 1,807 5,048
637 1,106 4,210 4,202 3,916 1,385 5,116
677 1,722 3,997 4,496 4,151 1,641 5,597
114 194
427 1,503
170 484
12,158
19,389
22,284
4,773
21,046
4,505
988 3,159 16,899 3,651 333
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
5,644 3,991 2,425 14,890 69,669 63,008 7,319 54,399
5,555 3,480 2,718 16,825 75,615 68,942 7,437 59,991
7,201 3,644 4,405 16,792 81,434 74,263 7,939 64,691
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
State
and
local Other
secu
govt. rities
5
secu
rities
947 69,221 9,982 6,034 53,205 5,276 3,729
5,739 4,027 2,488 15,062 70,020 63,256 7,388 54,709
5,634 3,493 2,844 16,958 75,777 69,149 7,527 60,254
7,292 3,659 4,591 16,926 81,601 74,514 ~ 049 64,930
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
1969—Dec. 31 io 419,746 9,693 284,945
1971—June 30. 478,302 15,381 306,194
Dec. 31. 514,097 19,623 325,764
Member—Total:
1941—Dec. 31.. 43,521
1945—Dec. 31.. 107,183
1947—Dec. 31.. 97,846
For
To
U.S. Treasury
purchasing
financial
securities 6
or carrying institutions
Other,
to
Agri- securities
Real
cules
in- Other
5
ditate
tur- To
al 5 bro
vidBills
uals3
kers To Banks Others
and Notes Bonds
Total certifi
and others
deal
cates
ers
38,057 18,167 1,660
1969—Dec. 31 422,728 9,928 286,750 108,443
1971—June 30. 481,270 15,663 307,969 114,362
Dec. 31. 517,244 19,954 327,656 118,526
Investments
22,572 4,718
29,675 7,614
31,367 9,144
109 11,318 2,179 1,219 7,920 1,073
612 14,875
749 16,216
842 17,297
625
11,956 4,600
16,031 6,687
17,176 7,790
4 Breakdowns of 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-Import 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.
AUGUST 1972 □ COMMERCIAL BANKS
A 25
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Demand deposits
Class of
bank and
call date
Total: 3
1947—Dec. 3 1 ....
Re
serves
with
F.R.
Banks
De
Bal
Cur ances mand
de
rency with
posits
do
and
ad
coin mestic
banks7 justed 8
Interbank
For
Do
mestic7 eign9
State
and
local
govt.
U.S.
Govt.
17,796 2,216 10,216 87,123 11,362 1,430 1,343
6,799
Time deposits
Certi
fied
and
offi
cers’
checks,
etc.
2,581
IPC
84,987
240
735
1969—Dec. 31 io .. 21,449 7,320 20,314 172,079 24,553 2,620 5,054 17,558 11,899 179,413
1971—June 3 0 ... 24,066 7,634 21,546 168,263 28,699 2,614 8,412 17,276 11,949 177,692 2,207
Dec. 31. . . 27,478 7,541 25,548 185,907 29,349 2,855 10,169 17,665 10,130 192,581 2,908
All 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
3,677
5,098
6,692
1,077
2,585
2,559
36,544
72,593
83,723
158
70
54
1969—Dec. 31 i o . . 21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401
695
1971—June 3 0 ... 24,066 7,610 20,748 168,860 28,519 2,434 8,392 17,185 11,736 176,815 2,166
Dec. 3 1 ... 27,478 7,532 24,171 184,366 29,145 2,680 10,150 17,547 9,810 191,746 2,792
Member—Total:
1941—Dec. 3 1 ....
1945—Dec. 3 1 ....
1947—Dec. 3 1 ....
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
3,066
4,240
5,504
1,009
2,450
2,401
33,061
62,950
72,704
140
64
50
609
1969—Dec. 3110.. 21,449 5,676 11,931 133,435 23,441 2,399 4,114 13,274 10,483 145,992
1971—June 3 0 ... 24,066 5,870 12,971 127,670 27,605 2,360 6,983 12,953 10,654 142,220 1,980
Dec. 31. . . 27,478 5,778 14,893 140,446 28,056 2,556 8,427 12,955 8,587 152,843 2,549
New York City:
607
3,595
866
3,535 1,105 6,940
267
3,236 1,217
319
237
290
450
1,338
1,105
11,282
15,712
17,646
694
455 21,316 8,708 1,641
1,193 15,264 13,504 1,717 1,199
1,806 18,315 12,047 1,779 1,513
1,168
789
909
6,605
6,032
3,841
28,354
268
25,994
937
26,193 1,186
8
127
20 1,552
72
21
233
237
285
34
66
63
2,152
3,160
3,853
175
318
363
268
352
333
229
211
240
6,273
6,084
6,323
4,302
6,307
5,497
54
491
110 8,221
405
131
1,144
1,763
2,282
286
611
705
3,456 44,169 10,072
4,069 43,872 9,631
4,222 48,063 10,637
590 1,575
535 2,954
604 3,557
3,934
3,716
3,600
141 10,761
78 15,065
70 16,653
1941—Dec. 31___
1945—Dec. 3 1 ....
1947—Dec. 3 1 ....
5,105
4,015
4,639
93
111
151
1969—Dec. 31io ..
1971—June 3 0 ...
Dec. 31. . .
4,358
4,716
5,362
463
466
459
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—June 3 0 ...
Dec. 3 1 ...
869
991
956
123
126
133
150
247
202
5,221
5,044
5,335
1,581
1,439
1,592
96
51
101
4,060
6,326
7,095
425
494
562
2,590 11,117
2,174 22,372
2,125 25,714
City o f Chicago:
Other reserve city:
1941—Dec. 3 1 ....
1945—Dec. 3 1 ....
1947—Dec. 31___
1969—Dec. 31i° ..
1971—June 3 0 ...
Dec. 3 1 ...
9,044 1,787
10,394 1,822
12,264 1,819
Country:
6
17
12
50
99
105
418 11,878
399 23,712
693 27,542
10
12
29
20
14
20
38
45
1,928
2,455
2,533
53,062
51,451
56,341
242
735
933
239
435
528
8,500
21,797
25,203
30
17
17
1969—Dec. 311°..
1971—June 3 0 ...
Dec. 3 1 ...
7,179 3,302
7,964 3,455
8,896 3,367
7,870 62,729
7,461 63,490
8,663 68,733
3,080
3,031
3,779
72 1,671
56 2,513
73 2,993
7,905
8,095
8,113
1,721
1,956
1,973
58,304
58,691
63,986
84
223
263
544
3,947 13,595
385
1,644 8,383 38,644
1,765 8,576 40,593
1,763 10,655 45,462
1,112
1,094
1,293
167
1,295
180
12,284
190
222
940
254 1,429
299 1,742
4,284
4,323
4,710
1,416
1,295
1,543
33,420
35,472
39,737
126
227
359
4 5,886
208 7,589
54 8,464
778
1,206
1,418
1,648
195 2,120
30 2,259
207 14,692 4,405 6,301
45
68 1,896 21,572 4,531 6,860
51 2,060 22,145 5,195 7,285
104
30
22
1,370
2,004
2,647
10 6,844
215 8,671
61 9,734
186 9,951 140,308 17,395 32,047
462 20,534 175,757 21,700 35,822
445 23,890 185,553 25,046 37,279
11,127
22,281
26,003
2
225
8 5,465
432
7
65 10,059
211 13,166 180,860 18,024 39,450
517 26,132 227,387 22,297 44,816
529 30,303 241,003 25,628 46,731
216
741
809
790
1,199
1,049
492 15,146
496 29,277
826 33,946
1
3
1
3,216 9,661
4,665 23,595
3,900 27,424
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 of collection; beginning with 1961,
demand deposits other than domestic commercial interbank and U.S.
Govt., less cash items in process of collection.
9 For reclassification of certain deposits in 1961, see note 6, p. 589,
May 1964 B u l l e t in .
10 Beginning June 30, 1969, reflects (1) inclusion of consolidated reports
(including figures for all bank-premises subsidiaries and other significant
majority-owned domestic subsidiaries) and (2) reporting of figures for
total loans and for individual categories of securities on a gross basis—that
is, before deduction of valuation reserves. See also notes 1 and 6.
59
103
111
15
85
168
526
796
929
55
866 34,383
9
2,210
4,527
4,993
1969—Dec. 31 io
1971—June 30
Dec. 31
111
211 13,221 181,443 18,360 39,978
517 26,221 228,176 22,547 45,311
529 30,384 242,055 25,912 47,211
2
1941—Dec. 3 1 ....
1945—Dec. 3 1 ....
1947—Dec. 3 1 ....
Nonmember:3
1947—Dec. 31
Bor Capi
tal
row ac
IPC 3 ings counts
U.S.
Govt. State
and
Inter and
bank Postal local
Sav govt.
ings
476
719
902
288
377
426
4,409 1,290 1,517
6,353 2,359 1,636
6,749 1,935 1,682
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
249 8,863 62,312 12,153 12,826
225 10,516 66,362 14,799 13,197
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
143 9,033 85,521 2,656 14,499
167 10,505 90,298 3,118 15,114
172
6,858
12 1,596
25 3,269 41,135
55 5,688 52,419
85 6,494 56,502
965 7,931
847 9,489
866 9,932
6
N ote . —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 of 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 26
WEEKLY REPORTING BANKS □ AUGUST 1972
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS
(In millions o f dollars)
Loans
Federal funds sold, etc. i
Wednesday
Total
loans
and
invest
ments
Other
To brokers
and dealers
involving—
Total
To
com
mer
cial
banks
U.S.
Treas
ury
se
curi
ties
For purchasing
or carrying securities
Other
se
curi
ties
To
others
Total
Com
mer
cial
and
indus
trial
Agri
cul
tural
To brokers
and dealers
U.S.
Treas
ury
secs.
Other
secs.
To nonbank
financial
institutions
To
others
U.S.
Treas
ury
secs.
Other
secs.
Pers.
and
sales
finan.
cos.,
etc.
Other
Large Banks—
Total
1971
July
7..............
14..............
21..............
28.............
268,681
265.221
263.221
264,132
9,087
7,549
7,060
8,433
8,060
6,970
6,545
7,705
830
452
359
569
139
110
143
119
182,782
181,816
180,970
180,561
82,461
82,204
81,849
81,488
2,247
2,236
2,227
2,219
990
608
546
667
3,725
3,789
3,554
3,490
127
127
142
147
2,401
2.420
2.420
2,415
7,480
7,073
7,010
6,828
7,242
7,173
7,013
6,980
1972
June
7..............
14.............
21.............
28.............
292.091
293,299
295,419
294,629
11,134 10,084
10,917 9,896
11,377 10,239
11,138 10,079
575
667
657
521
401
279
317
389
74
75
164
149
199,770
201,014
203,146
203,428
84,603
84,647
85,549
t84,953
2,509
2,518
2,532
2,544
784
836
809
645
6,924
7,116
7,405
7,150
155 2,572 6,176 8.613
154 2,590 6,407 8,810
158 2,612 6,675 9,016
156 1-2,670 f6,646 1*9,311
July
5p ............
12p ...........
\9 P ...........
2 6 * ...........
298,209
297,337
296,385
296.091
12,901 11,683
12,250 9,566
11,951 10,916
11,571 10,567
638
2,228
536
597
359
269
287
250
221
187
212
157
205,496
205,134
205,144
204,904
85,442
85,267
85,314
85,188
2,552
2.554
2.555
2,549
589
1,319
653
717
7,423
7,141
7,149
7,105
158
160
155
167
43,741
43,219
42,561
42,502
25,935
25,916
25,733
25,598
891
477
457
571
2,546
2,677
2,433
2,350
45,476
45,918
46,495
46,225
24,462
24,356
24,676
f2 4 ,171
631
689
651
522
4,519
4,714
4,879
4,659
47,076
47,018
46,618
46,280
24,452
24,224
24,270
24,126
478
1,179
546
584
4,857
4,640
4,534
4,582
85
66
126
96
139,041
138,597
138,409
138,059
56,526
56,288
56,116
55,890
2,229
2,218
2,210
2,201
99
131
89
96
1,179
1,112
1,121
1,140
107
108
121
126
2,708
2,693
2,684
2,690
7,118
6,552
6,697
6,484
9,558
9,553
9,576
9.613
581
589
587
587
2,196
2,034
2,013
1,987
1,664
1,577
1,562
1,556
New York City
1971
July
7 .............
14.............
21...............
28.............
58,475
56,932
56,508
56,376
1,301
642
1,286
1,331
1,241
588
1,254
1,253
1972
Juny
7 .............
14...............
21...............
28...............
60,522
60,796
61,964
61,549
1,260
1,065
1,332
1,715
1,232
1,009
1,301
1,606
July
5p ...........
12^.............
19p ...........
62,409
62,043
61,474
61,088
1,816
1,219
1,264
1,039
1,768
1,196
1,223
1,028
210,206
208,289
206,713
207,756
7,786
6,907
5,774
7,102
6,819
6,382
5,291
6,452
824
442
344
514
231,569 9,874
232,503 9,852
233,455 10,045
233,080 9,423
8,852
8,887
8,938
8,473
575
638
657
521
401
279
315
291
46
48
135
138
154,294
155,096
156,651
157,203
60,141
60,291
60,873
•60,782
2,476
2,485
2,499
2,512
153
147
158
123
2,405
2,402
2,526
2,491
105 1,928 4,452 6,499
107 1,949 4,557 6,657
113 1,970 4,794 6,816
111 fl ,999 t4,706 t6,905
235,800
235,294
234,911
235,003
9,915
8,370
9,693
9,539
638
2,228
536
597
359
269
277
250
173
164
181
146
158,420
158,116
158,526
158,624
60,990
61.043
61.044
61,062
2.519
2.521
2.522
2.519
111
140
107
133
2,566
2,501
2,615
2,523
115
116
112
125
2 6 p .................
29
10
644 1,724 2,114
641 1,850 2,153
642 1,881 2,200
f671 11,940 f 2 ,406
674
663
663
657
2,039
1,735
1,809
1,752
2,488
2,470
2,516
2,521
1,820
1,831
1,833
1,828
5,284
5,039
4,997
4,841
5,578
5,596
5,451
5,424
Outside
New York City
1971
July
7 ...............
14...............
21...............
28...............
1972
Juny
July
7 .............
14.............
21.............
28.............
5 p ...........
\ 2 p ...............
19p...........
26 p ...............
For notes see p. A-30.
11,085
11,031
10,687
10,532
2,034
2,030
2,021
2,033
5,079
4,817
4,888
4,732
7,070
7,083
7,060
7,092
AUGUST 1972 □ WEEKLY REPORTING BANKS
A 27
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued
(In millions of dollars)
Loans (cont.)
Investments
Other (cont.)
U.S. Treasury securities
Notes and bonds
maturing—
To commercial
banks
Real
estate
Do
mes
tic
For
eign
Con
sumer
instal
ment
Wednesday
For
eign
govts. 2
All
other
Total
Bills
Certif
icates
Within
1 yr.
1 to
5 yrs.
After
5 yrs.
Large Banks —
Total
1971
35,656
35,933
36,095
36,177
586
591
588
555
1,925
1,836
1,812
1,786
22,692
22,740
22,743
22,801
41,265
41,495
41,717
141,895
1,107
1,150
1,152
1,405
2,574
2,531
2,501
2,829
25,220
25,385
25,488
25,633
42,025
42,213
42,395
42,561
1,403
1,432
1,429
1,339
2,786
2,817
2,914
2,892
25,733
25,747
25,792
25,900
14,455
14,286
14,174
14,196
27,110
26,613
25,936
25,396
4,858
4,576
4,020
3,544
3,574
3,560
3,582
3,596
15,321
15,168
15,051
15,012
3,357
3,309
3,283
3,244
.........................July 7
...................................14
...................................21
...................................28
947 16,321
976 16,399
999 16,533
f l ,032 fl6,559
26,811
26,943
26,612
26,009
3,884
4,040
4,083
3,625
5,034
5,065
4,800
4,786
14,951
14,985
14,864
14,928
2,942
2,853
2,865
2,670
.........................June 7
................................... 14
...................................21
...................................28
16,978
16,668
16,811
16,688
26,225
25,696
25,581
25,804
3,901
3,523
3,422
3,498
4,823
4,780
4,841
5,014
14,728
14,694
14,714
14,667
2,773
2,699
2,604
2,625
........................ July 5*
...................................12*
...................................19*
...................................26*
795
800
797
812
1972
1,023
1,018
1,020
1,011
New York City
1971
3,683
3.795
3.795
3,801
179
193
204
183
907
873
853
833
1,868
1.875
1.875
1.876
529
539
544
558
2,724
2,637
2,467
2,563
5,323
5,206
4,814
4,612
1,497
1,483
1,124
877
437
433
471
541
2,993
2,920
2,867
2,848
396
370
352
346
.........................July 7
................................... 14
...................................21
...................................28
4,427
4,457
4,476
f4,502
292
270
301
412
1,073
1,090
1,098
1,254
1,933
1,939
1,947
1.955
580
604
595
f641
2,994
3,075
3,071
1-3,015
4,913
4,984
5,072
4,636
1,240
1,225
1,331
999
995
1,036
994
963
2,373
2,459
2,442
2,383
305
264
305
291
......................... June 7
...................................14
...................................21
...................................28
4,524
4,548
4,570
4,591
419
418
445
346
1,164
1,183
1,281
1,259
1.956
1,965
1,970
1,967
627
631
623
616
3,322
3,285
3,315
3,207
4,737
4,518
4,494
4,660
1,150
1.013
1.014
1,099
964
966
1,008
1,085
2,357
2,366
2,388
2,372
266
173
84
104
......................... July 5*
...................................12^
...................................19*
...................................26 *
1972
Outside
New York City
1971
31,973
32,138
32,300
32,376
407
398
384
372
1,018
963
959
953
20,925
36,838
37,038
37,241
f37,393
815
880
851
993
1,501
1,441
1,403
1,575
23,287
23,446
23,541
23,678
37,501
37,665
37,825
37,970
984
1,014
984
993
1,622
1,634
1.633
1.633
23,777
23,782
23,822
23,933
20,824
20,865
20,868
20,784
3,361
3,093
2,896
2,667
3,137
3,127
3,111
3,055
12,328
12,248
12,184
12,164
2,961
2,939
2,931
2,898
367 13,327
372 13,324
404 13,462
t391 1-13,544
21,898
21,959
21,540
21,373
2,644
2,815
2,752
2,626
4,039
4,029
3,806
3,823
12,578
12,526
12,422
12,545
2,637
2,589
2,560
2,379
.June 7
..........14
..........21
..........28
13,656
13,383
13,496
13,481
21,488
21,178
21,087
21,144
2,751
2,510
2,408
2,399
3,859
3,814
3,833
3,929
12,371
12,328
12,326
12,295
2,507
2,526
2.520
2.521
.July 5*
........... 12*
........... 19*
..........26*
266
261
253
254
11,731
11,649
11,707
11,633
21,787
21,407
21,122
.July 7
..........14
..........21
..........28
1972
For notes see p. A-30.
396
387
397
395
:e p o r t in g b a n k s □ a u g u s t 1972
S AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continue
(In millions o f dollars)
Investments (cont.)
Other securities
Total
Obligations
of State
and
political
subdivisions
Tax
war
rants3
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
liab
itic
All
other5
49,702
49,243
49,255
49,742
7,573
7,490
7,521
7,628
35,200
34,942
34,879
35,319
1,335
1.373
1.373
1,350
5,594
5,438
5,482
5,445
36,859
32,470
32,104
31,178
16,966
18,906
20,248
18,369
3,318
3,652
3,564
3,666
7,244
5,938
5,842
5,862
349,
342,
341,
339,
54,376
54,425
54,284
54,054
9,329
9,195
8,973
8,795
37,326
37,350
37.360
37.361
1,552
1,603
1,580
1,572
6,169
6,277
6,371
6,326
27,720
30,665
30,705
29,235
20,593
20,753
19,974
20,568
3,500
3,780
3,782
3,943
8,633
9,151
9,421
8,803
369,
375,
376,
374,
53,587
54,257
53,709
53,812
8,449
8,856
8,534
8,871
37,301
37,585
37,401
37,114
1,556
1,553
1,527
1,532
6,281
6,263
6,247
6,295
35,551
30,060
29,877
27,826
21,326
17,799
21,005
20,503
3,456
3,894
3,775
3,900
10,428
8,872
9,212
8,756
386,
375,
377,
374,
8,110
7,865
7,847
7,931
1,295
1,229
1,204
1,208
5,390
5,275
5,253
5,396
207
240
232
213
1,218
1,121
1,158
1,114
16,232
13,816
14,614
14,951
5,091
5,338
5,200
5,160
431
442
436
438
1,402
887
922
972
87,
83,
83,
83,
8,873
8,829
9,065
8,973
2,307
2,315
2,455
2,444
5,361
5,347
5,431
5,363
271
280
280
270
934
887
899
896
9,155
10,426
11,277
11,146
5,598
5,329
5,014
4,244
436
450
444
467
3,068
3,591
3,923
3,209
83 j
85,
87 j
85.
8,780
9,288
9,098
9,109
2,318
2,650
2,574
2,844
5,351
5,540
5,443
5,135
275
275
272
277
836
823
809
853
13,289
9,414
9,996
9,821
5,651
4,239
4,662
5,130
438
448
434
442
4,189
2,833
3,436
3,285
91 j
84 j
85.
85;
41,592
41,378
41,408
41,811
6,278
6,261
6,317
6,420
29,810
29,667
29,626
29,923
1,128
1,133
1,141
1,137
4,376
4,317
4,324
4,331
20,627
18,654
17,490
16,227
11,875
13,568
15,048
13,209
2,887
3,210
3,128
3,228
5,842
5,051
4,920
4,890
262,
259!
257;
255;
45,503
45,596
45,219
45,081
7,022
6,880
6,518
6,351
31,965
32,003
31,929
31,998
1,281
1,323
1,300
1,302
5,235
5,390
5,472
5,430
18,565
20,239
19,428
18,089
14,995
15,424
14,960
16,324
3,064
3,330
3,338
3,476
5,565
5,560
5,498
5,594
285
289
288!
288;
44,807
44,969
44,611
44,703
6,131
6,206
5,960
6,027
31,950
32,045
31,958
31,979
1,281
1,278
1.255
1.255
5,445
5,440
5,438
5,442
22,262
20,646
19,881
18,005
15,675
13,560
16,343
15,373
3,018
3,446
3,341
3,458
6,239
6,039
5,776
5,471
295
290 ;
292;
289;
AUGUST 1972 a WEEKLY REPORTING BANKS
A 29
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued
(In millions o f dollars)
Deposits
Time and savings
Demand
Total
IPC
States
and
polit
ical
sub
divi
sions
Domestic
interbank
U.S.
Govt.
Com
mer
cial
IPC
Foreign
Certi
fied
and
Com offi
Mutual
cers*
Govts., mer
sav
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
1971
148,574
141,186
140,680
139,736
100,871
100,266
98,066
97,285
6,463
6,017
5,812
6,158
5,081
3,396
4,907
3,901
24,032
20,398
20,525
20,844
851
715
651
621
829
731
716
762
2,512
2,415
2,402
2,368
7,935
7,248
7,601
7,797
131,598
132,058
132,318
132,932
53,497
53,314
53,303
53,140
56,316
56,764
56,859
57,172
14,865
14,970
15,034
15,276
1,647
1,614
1,627
1,601
4,775 ..............July 7
4,859 ........................14
4,968 ........................21
5,197 ........................28
140,989
146,084
147,987
146,201
100,936
105,671
103,273
102,358
6,213
6,137
6,698
6,877
3,284
2,851
5,589
5,721
20,221
20,698
20,164
20,034
721
667
639
694
730
753
677
902
2,644
2,691
2,819
2,886
6,240
6,616
8,128
6,729
149,691
149,233
149,179
149,658
57,722
57,643
57,735
57,844
64,827
64,895
64,847
65,476
19,034
18,633
18,582
18,308
2,363
2,327
2,265
2,233
5,274 ............. June 7
5,257 ........................14
5,266 ........................21
5,306 ........................28
157,679
146,907
148,811
145,194
108,396
105,800
104,317
102,644
6,806
6,317
5,887
5,895
4,345
3,237
6,321
5,326
24,531
20,729
21,690
20,395
920
846
728
694
1,175
958
1,038
893
3,157
2,773
2,898
2,988
8,349
6,247
5,932
6,359
149,337
149,874
150,883
151,358
58,014
58,003
57,983
57,939
65,242
65,645
66,489
66,913
18,033
18,090
18,196
18,170
2,261
2,323
2,442
2,482
5,292 ............. July 5*
5,322 ........................12*
5,273 ........................19*
5,363 ........................26*
1972
New York City
1971
43,635
39,024
40,431
40,851
22,676
22,422
21,977
22,049
496
464
414
406
1,328 11,420
706 8,786
1,282 9,706
914 9,997
492
386
346
322
681
563
559
603
1,738
1,724
1,670
1,652
4,804
3,973
4,477
4,908
22,431
22,634
22,723
23,010
5,278
5,236
5,233
5,211
12,108
12,305
12,283
12,311
1.403
1.404
1,439
1,568
828
779
795
779
36,717
38,794
40,936
40,205
21,526
23,091
22,681
22,758
365
305
611
495
609
522
1,082
940
8,564
8,792
8,718
9,221
370
339
321
369
600
616
526
764
1,814
1,887
2,005
2,038
2,869
3,242
4,992
3,620
25,439
25,182
24,882
25,187
5,747
5,743
5,745
5,742
13,488
13,406
13,222
13,494
2,010
1,910
1,900
1,943
1,183
1,170
1,112
1,091
2,915 ............. June 7
2,865 ........................14
2,811 ........................21
2,824 ........................28
45,187
38,053
39,529
38,853
24,397
22,596
22,455
22,375
473
452
366
294
637 11,328
630 8,397
1,307 9,415
1,118 8,863
536
460
385
362
1,039
812
858
748
2,290
1,945
2,039
2,107
4,487
2,761
2,704
2,986
25,140
25,407
25,846
25,815
5,745
5,732
5,724
5,714
13,446
13,578
13,924
13,758
1,957
2,075
2,112
2,144
1,088
1,115
1,225
1,249
2,814 ............. July 5*
2,824 ........................12*
2,778 ........................19*
2,865 ........................26*
2,688
2,751
2,808
2,953
............. July 7
........................14
....................,.21
........................28
1972
Outside
New York City
1971
104,939
102,162
100,249
98,885
78,195
77,844
76,089
75,236
5,967
5,553
5,398
5,752
3,753
2,690
3,625
2,987
12,612
11,612
10,819
10,847
359
329
305
299
148
168
157
159
774
691
732
716
3,131
3,275
3,124
2,889
109,167
109,424
109,595
109,922
48,219
48,078
48,070
47,929
44,208
44,459
44,576
44,861
13,462
13,566
13,595
13,708
819
835
832
822
104,272
107,290
107,051
105,996
79,410
82,580
80,592
79,600
5,848
5,832
6,087
6,382
2,675
2,329
4,507
4,781
11,657
11,906
11,446
10,813
351
328
318
325
130
137
151
138
830
804
814
848
3,371
3,374
3,136
3,109
124,252
124,051
124,297
124,471
51,975
51,900
51,990
52,102
51,339
51,489
51,625
51,982
17,024
16,723
16,682
16,365
1,180
1,157
1,153
1,142
2,359
2,392
2,455
2,482
............. June 7
........................14
........................21
........................28
112,492
108,854
109,282
106,341
83,999
83,204
81,862
80,269
6,333
5,865
5,521
5,601
3,708
2,607
5,014
4,208
13,203
12,332
12,275
11,532
384
386
343
332
136
146
180
145
867
828
859
881
3,862
3,486
3,228
3,373
124,197
124,467
125,037
125,543
52,269
52,271
52,259
52,225
51,796
52,067
52,565
53,155
16,076
16,015
16,084
16,026
1,173
1,208
1,217
1,233
2,478
2.498
2,495
2.498
............. July 5*
....................... 12*
........................19*
........................26*
2,087 ........... .July 7
2,108 ........................14
2,160 ........................21
2,244 ........................28
1972
For notes see p. A-30.
A 30
WEEKLY REPORTING BANKS □ AUGUST 1972
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued
(In millions o f dollars)
Reserves
for—
Borrowings
from—
Wednesday
Fed
eral
funds
pur
F.R.
chased, Banks
etc. 7
Other
liabili
ties,
Others etc.8
Loans
Memoranda
Total
capital
Secur
ac
ities counts
Total
loans
(gross)
ad
justed 9
Large negotiable
Total
time CD’s
Gross
loans
included in time
liabili
and
De
and savings deposits 11 ties of
invest mand
banks
ments deposits
to
(gross)
ad
Issued Issued their
ad justed io Total
to
to
foreign
justed 9
IPC’s others bran
ches
Large Banks—
Total
1971
21,656
20,823
20,137
20,073
376
1,697
1,382
642
1,305
1,075
1.014
1.015
16,079
15,417
15,484
14,976
3,990
3,988
4,006
4,012
26,055
26,008
25,963
25,983
183,223
181,804
180,897
180,734
260,035
257,660
256,088
255,872
82,602
84,922
83,144
83,813
28.491
29,252
29.492
30,233
17,423
17,991
18,085
18,383
11,068
11,261
11,407
11,850
2,083
1,730
1,879
1,505
7 ......................
14......................
21......................
28......................
29,725
30,090
29,535
28,934
109
37
145
383
1,466
1,494
1,531
1,611
15,414
15,712
15,788
15,378
4,150
4.157
4.157
4,162
28,216
28,160
28,116
28,166
199,713
200,885
203,132
203,082
280,900
282,253
284,028
283,145
89,764
91,870
91,529
91,211
36,106
35,813
35,452
35,903
22,617
22,542
22,280
22,622
13,489
13,271
13,172
13,281
1,192
1,525
1,740
1,442
5*....................
12*....................
19*....................
26*....................
30,696
29,362
29,495
28,653
420
58
47
593
1,518
1,647
1,638
1,543
14,147
14,796
14,401
14,623
4,159
28,359
28,350
28,281
28,354
205,311
206,386
204,750
204,569
285,123
286,339
284,040
284,185
93,252
92,881
90,923
91,647
35,685
36,358
37,047
37,704
22,499
22,976
23,518
23,936
13,186
13,382
13,529
13,768
824
1,375
974
1,336
6,092
5,854
5,240
5,237
790
340
65
204
204
206
200
6,936
6,673
6,523
6,349
1.173
1.174
1,188
1,194
6.733
6.733
6,713
6,694
43,622
43,080
42,389
42,397
57,055
56,151
55,050
54,940
14,655
15,716
14,829
14,989
10,029
10,351
10,499
10,811
6,720
7,043
7,040
7,091
3,309
3,308
3,459
3,720
1,500
1,264
1,186
1,016
125
375
349
392
430
5,444
5,693
5,699
5,412
1,218
1,221
1,221
1.224
7,141
7,115
7,096
7,083
45,212
45.704
46,225
45,922
58,998
59,517
60,362
59,531
18,389
19,054
19,859
18,898
12,622
12,377
12,051
12,256
8,464
8,365
8,187
8,299
4,158
4,012
3,864
3,957
893
1,211
1,364
975
4,658
5,248
4,855
5,160
1,218
1,218
1,213
1.224
7,165
7,161
7,158
7,135
46.705
46,623
46,214
45,945
60,222
60,429
59,806
59,714
19,933
19,612
18,811
19,051
12,279
12,594
13,061
13,129
8,284
8,432
8,812
8,707
3,995
4,162
4,249
4,422
553
1,013
653
1,051
9,143
8,744
8,961
8,627
2.817
2,814
2.818
2,818
19,322
19,275
19,250
19,289
139,601
138,724
138,508
138,337
202,980
201,509
201,038
200,932
67,947
69,206
68,315
68,824
18,462
18,901
18,993
19,422
10,703
10,948
11,045
11,292
7,759
7,953
7,948
8,130
583
466
693
489
July
7 ......................
14......................
21......................
28......................
June
July
1972
New York City
1971
July
7 ......................
14......................
21......................
28......................
June
7 ......................
14......................
21......................
28......................
7,648
7,591
7,623
6,434
5*....................
12®....................
19*....................
26*....................
7,471
6,749
6,250
6,300
160
413
411
447
373
15,564
14,969
14,897
14,836
376
907
1,042
577
1,101
871
808
815
22,077
22.499
21,912
22.500
109
37
20
383
1,091 9,970
1,145 10,019
1,139 10,089
1,181 9,966
2,932
2.936
2.936
2,938
21,075 154,501 221,902
21,045 155,181 222,736
21,020 156,907 223,666
21,083 157,160 223,614
71,375
72,816
71,670
72,313
23,484
23,436
23,401
23,647
14,153
14,177
14,093
14,323
9,331
9,259
9,308
9,324
299
314
376
467
23,225
22,613
23,245
22,353
420
58
47
433
1,105
1,236
1,191
1,170
2,941
2,930
2,929
2,935
21,194
21,189
21,123
21,219
73,319
73,269
72,112
72,596
23,406
23,764
23,986
24,575
14,215
14,544
14,706
15,229
9,191
9,220
9,280
9,346
271
362
321
285
1972
July
Outside
New York City
1971
July
7.
14.
21 .
28.
1972
June
Ju ly
5*.
12*.
19*.
26*.
9,489
9,548
9,546
9,463
f A reclassification of loans by a large bank on June 28, 1972, has re
sulted in a reduction of $357 million in commercial and industrial loans
and $18 million in real estate loans. These reductions were offset primarily
by increases in following types of loans (in millions):
To nonbank financial institutions:
Personal finance, etc.
$ 60
Other
187
For purchasing or carrying securities
22
To foreign govts., etc.
20
Other
81
i Includes securities purchased under agreements to resell.
158,606
159,763
158,536
158,624
224,901
225,910
224,234
224,471
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.
i o 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.
A U G U S T 1972 □ B U SIN E SS LO A N S OF B AN K S
A 31
COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Outstanding
Net change during
1972
1972
Industry
July
26
July
19
July
12
July
5
June
28
Durable goods manufacturing:
2,046 2,056 2,049 2,068 2,093
Primary metals.................................
Machinery......................................... 4,207 4,241 4,202 4,172 4,215
Transportation equipment..............
2,189 2,226 2,257 2,353 2,359
1,702 1,715 1,708 1,697 1,711
Other fabricated metal products. . .
Other durable goods........................
2,785 2,797 2,846 2,812 2,826
Nondurable goods manufacturing:
Food, liquor, and tobacco..............
2,676 2,725 2,685 2,745 2,625
Textiles, apparel, and leather..........
2,933 2,939 2,946 2,902 2,855
Petroleum refining...........................
975
962
975 1,008
989
Chemicals and rubber.....................
1,981 2,032 2,046 2,050 2,128
Other nondurable goods.................
1,670 1,630 1,649 1,681 1,654
Mining, including crude petroleum
3,645 3,611 3,603 3,619 3,604
and natural gas...........................
1,209 1,178 1,181 1,151 1,178
Trade: Commodity dealers.................
4,498
4,491 4,511 4,518 4,492
Other wholesale.......................
Retail........................................
4,716 4,612 4,517 4,516 4,519
5,463
Transportation.....................................
5,530 5,593 5,600 5,646
1,601 1,598 1,572 1,630 1,435
Communication...................................
2,794 2,843 2,824 2,795 2,699
Other public utilities...........................
Construction........................................
4,336 4,312 4,329 4,304 4,298
Services.................................................
8,470 8,539 8,576 8,600 8,604
All other domestic loans.....................
5,937 5,850 5,851 5,861 5,696
1,342 1,408 1,424 1,449 1,441
Bankers’ acceptances...........................
Foreign commercial and industrial
loans..............................................
3,456 3,457 3,428 3,421 3,397
Total classified loans........................... 70,631 70,752 70,772 70,952 70,464
July
1972
June
1971
1971
1972
May
II
I
IV
2nd
half
1st
half
-4 7
-8
-170
-9
-4 1
-3 3
-5 5
-6 0
21
76
52
-103
-117
-2 4
32
30
-7 4
-317
-2 2
185
54
-9 1
14
17
146
-162
-6 0 0
-101
-259
-328
-2 8 2
-831
-7 7
-389
-317
84
-165
-303
-5
331
51
78
-1 4
-147
16
58
88
-2 9
-3 9
-2 3
-2 2
137
-5
21
-5 0
-4 1
281
-8 8
-2 3
-9 3
-227
281
-9 7
-103
-7 5
205
-273
56
-4 3 7
-9 6
498
-3 0 4
52
-5 9 2
-3 6
-268
562
-185
-1 2 6
-168
41
31
6
197
-183
166
95
38
-134
241
-9 9
-7 6
-184
77
9
77
151
40
171
325
-348
-183
-1
-8 9
2
66
-117
-6 2
-3 0
68
-8 1
98
16
-6 6
-3 0 4
111
138
33
195
247
325
358
-1 3 4
-3 0 0
-137
-1 9 4
-5 2
259
-3 3
-7 4
-274
156
372
176
-553
-1 7
460
132
-3 4 0
-7 8
-249
176
77
276
305
696
187
532
524
-259
-324
-225
525
183
289
610
1,158
-203
-498
59
397
121
-2 7
481
730
42
-853
59
167
19
82
63
-146
83
524
89
-346
254
-303
578
1,500
172
178
235
233
-9 7
1,136
47
335
1,614
1,183
Total commercial and industrial loans. 85,188 85,314 85,267 85,442 184,953
See Note to table below.
“TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Outstanding
1972
Industry
Durable goods manufactur
ing:
Primary 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..................
Total loans.............................
1972
1971
Nov.
24
II
1972
1971
I
III
IV
1st
half
July
26
June
28
May
31
Apr.
26
Mar.
29
Feb.
23
Jan.
26
Dec.
29
1,354
1,935
1,244
1,369
1,958
1,360
1,381
1,986
1,370
1,367
2,005
1,389
1,342
2,072
1,493
1,330
2,001
1,553
1,315
2,179
1,605
1,362
2,285
1,620
1,406
2,396
1,592
27
-1 1 4
-133
-2 0
-213
-127
-1 6 2
-1 9 4
-6 9
-6 2
-5 7
130
7
-327
-2 6 0
711
1,130
677
1,183
685
1,144
695
1,163
688
1,145
683
1,118
699
1,117
713
1,135
707
1,162
-1 1
38
-2 5
10
-6 2
-7 9
-3 9
-1 9
-3 6
48
1,034
931
947
909
912
937
987
1,021
1,010
19
-109
36
17
-9 0
701
685
1,200
860
666
694
1,234
875
646
726
1,245
930
667
714
1,238
960
651
757
1,226
980
580
818
1,315
973
567
848
1,330
1,010
576
892
1,441
1,024
577
867
1,528
1,018
15
-6 3
8
-105
75
-135
-215
-4 4
-3 1
35
-3 4 4
6
10
-3 4
-3 2
-2
90
-198
-207
-149
2,723
110
905
1,345
4,243
517
1,471
1,392
3,747
1,549
2,667
109
902
1,297
4,314
502
1,423
1,404
3,706
1,465
2,785
128
912
1,332
4,285
427
1,218
1,371
3,555
1,787
2,870
125
889
1,328
4,400
460
1,161
1,376
3,593
1,805
2,872
125
927
1,340
4,383
440
1,160
1,417
3,657
1,703
2,891
132
883
1,352
4,314
417
1,191
1,327
3,545
1,602
2,927
119
915
1,349
4,397
432
1,305
1,257
3,542
1,545
3,039
115
893
1,383
4,440
427
1,316
1,244
3,488
1,431
2,998
104
860
1 ,429
4,448
427
1,292
1,255
3,438
1,413
-205
-1 6
-2 5
-4 3
-6 9
62
263
-1 3
49
-238
-167
10
34
-4 3
-5 7
13
-156
173
169
272
105
6
46
-8 8
-131
7
44
52
141
41
-5 6
12
11
57
-2 6
-4 8
178
5
89
141
-372
-6
9
-8 6
-126
75
107
160
218
34
2,028
2,033
1,995
1,981
1,939
1,898
1,995
2,076
1,956
94
-137
184
-4 3
30,884 130,769 30,855 31,095 31,229 30,860 31,440 31,921 31,883
-4 6 0
-692
-4 5 7
275 -1 ,1 5 2
1 Loan reclassification at a large bank on June 28, 1972, resulted in a
reduction of $357 million in total commercial and industrial loans and of
$464 million in “term” commercial and industrial loans.
N ote .— 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.
Net change during—
For description of series see article “ Revised Series on Commercial and
Industrial Loans by Industry,” Feb. 1967 B u l l e t in , p. 209.
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 32
DEM AND D E P O S IT O W N ER S H IP □ A U G U S T 1972
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
All
other
1970—June................................................................................
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
1971
Mar.................................................................................
18.3
17.9
17.9
18.5
86.1
89.9
91.5
98.4
54.1
56.0
57.5
58.6
1.4
1.3
1.2
1.3
10.4
10.7
9.7
10.7
170.3
175.8
177.9
187.5
1972—Mar.................................................................................
'18.1
17.9
'93.9
97.1
'59.1
59.9
1.3
1.4
10.6
10.3
'183.1
187.2
1970—Dec..................................................................................
13.5
56.1
23.3
1.2
5.6
99.7
1971—Mar.................................................................................
14.1
14.1
13.7
14.0
14.1
13.5
13.8
13.9
13.7
14.4
52.4
53.4
52.9
54.2
54.7
53.4
54.6
55.5
55.8
58.6
23.9
25.3
24.1
24.4
24.8
24.1
24.5
24.5
24.6
24.6
1.3
1.3
1.2
1.2
1.2
1.2
1.2
1.1
1.1
1.2
5.7
5.7
5.5
6.0
5.4
5.1
5.5
5.4
5.4
5.9
97.3
99.8
97.4
99.8
100.3
97.2
99.6
100.4
100.7
104.8
14.4
13.7
13.9
14.3
13.7
14.1
56.8
55.4
'56.1
56.9
56.2
57.1
25.4
24.4
25.2
27.0
25.4
25.8
1.1
1.1
1.2
1.2
1.2
1.3
5.9
5.9
5.9
5.9
5.7
5.9
103.7
100.5
102.1
105.4
102.1
104.2
All commercial banks:
Weekly reporting banks:
July.................................................................................
Oct..................................................................................
1972—Jan..................................................................................
Feb.................................................................................
Mar.................................................................................
Apr..................................................................................
M ay................................................................................
June?...............................................................................
1 Including cash items in process of collection.
N ote .— 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 in , 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
June 30,
1971
746
745
407
129
536
Dec. 31,
1971
680
677
387
95
482
N ote .—These hypothecated deposits are excluded from Time deposits
and Loans at all commercial banks beginning with June 30, 1966, as
shown in the tables on pp. A-20, A-21, and A-26—A-30 (consumer instal
ment loans), and in the table at the bottom of p. A-18. These changes
Class of
bank
All member—Cont.
Other reserve city..............
Country..............................
All nonmember......................
Insured...............................
Noninsured.........................
Dec. 31,
1969
304
571
255
253
2
Dec. 31,
1970
143
437
224
223
1
June 30,
1971
125
411
210
209
1
Dec. 31,
1971
112
371
197
195
2
resulted from a change in Federal Reserve regulations. See June 1966
B u ll e tin , p. 808.
These deposits have not been deducted from Time deposits and Loans
for commercial banks as shown on pp. A-22 and A-23 and on pp. A-24
and A-25 (IPC only for time deposits).
AUGUST 1972 □ LOAN SALES BY BANKS; OPEN MARKET PAPER
A 33
LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS
(Amounts outstanding; in millions of 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—Apr.
5..........
12..........
19..........
26..........
2,806
2,750
2,648
2,688
1,737
1,695
1,653
1,677
1,069
1,055
995
1,011
1,620
1,624
1,645
1.654
358
363
373
369
1,262
1,261
1,272
1.285
May
3 ..........
10..........
17..........
24..........
31..........
2,610
2,571
2,485
2,446
2,450
1,618
1,612
1,557
1,564
1,472
992
959
928
882
978
1.654
1.659
1,670
1.660
1.674
368
357
368
366
362
1.286
1.302
1.302
1,294
1,312
June
7 ..........
14..........
21..........
28..........
2,413
2,346
2,268
2,296
1,513
1,499
1,439
1,422
900
847
829
874
1,697
374
366
357
353
1,323
1.322
1.323
1,322
5 ..........
12..........
19..........
26..........
2,238
2,217
2,304
2,327
1,298
1,347
1,384
1,426
940
870
920
901
1,666
July
1,688
1,680
1.675
1,662
1,710
1 ,687
1 ,330
1,331
1 ,342
1,347
336
331
368
340
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 of dollars)
Commercial and finance
company paper
Placed through
dealers
End of period
Dollar acceptances
Held by-
Placed
directly
Total
Total
Bank
Bank
related Other i related Other2
196
196
196
196
196
197
5
6
7
8
9
0
9,058
13,279
16,535
20,497
31,709
31,765
1,903
3,089
4,901
7,201
1,216 10,601
409 12,262
1971—June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
^ Dec.
29,472
29,746
30,057
29,946
31,205
31,164
29,934
31,103
448
469
454
395
454
406
495
495
1972—Jan..
Feb.
Mar.
Apr.
May
June
32,167
32,579
32,681
32,814
33,055
33,482
505
525
545
532
517
542
Total
F.R. Banks
Own
bills
Bills
bought
Own
acct.
For
eign
corr.
All
other
974
829
989
952
1,153
1,561
1,626
1,778
2,241
2,053
2,408
2,895
230
228
245
259
261
258
254
4,546
4,577
5,413
5,036
4,499
4,312
3,894
3,028
3,118
3,405
3,286
3,148
2,848
2,834
1,467
1,388
1,505
1,470
1,366
1,392
1,546
3,150
2,948
3,467
3,391
3,296
3,239
3,509
253
267
263
265
261
251
4,356
4,482
4,496
4,547
4,165
3,927
2,558
2,589
2.597
2.597
2,683
2,657
1,584
1,717
1,774
1,707
1,596
1,569
3,458
3,629
3,613
3,431
3,164
2,843
1,223
1,198
1,906
1,544
1,567
2,694
1,094
983
1,447
1,344
1,318
1,960
129
215
459
200
249
735
187
193
164
58
64
57
144
191
156
109
146
250
11,494
11,909
11,897
11,825
10.923
10.923
1,285
1,339
1,338
1,505
1,527
1.624
1.478
1.478
16,451
16,937
16,771
16,137
17,327
17,309
17,038
18,207
7,645
7,454
8,377
8,148
7,811
7,479
7,889
2,807
2,594
2,612
2,803
3,000
2,852
3,480
2,355
2,168
2,131
2,227
2,350
2,204
2,689
451
426
481
575
650
648
791
62
55
107
51
52
58
261
11,922
12,262
12,233
12,394
12,043
12,325
1,582
1.624
1,627
1,644
1,482
1,429
18,158
18,168
18,276
18,244
19,013
19,186
7,601
7,935
7,985
7,734
7,443
7,069
2,917
3,123
3,083
2,840
2,874
2,817
2,157
2,408
2,246
2,009
2,117
2,082
761
715
837
830
757
735
75
63
143
83
143
73
11,001
Im
Ex
ports
ports
from
into
United United
States States
792
997
1,086
1,423
1,889
2,601
3,392
3,603
4,317
4,428
5,451
7,058
11,288
Others
2,090
2,717
3,674
4,057
7,155
10,190
11,634
13,296
3,078 16,814
1,940 17,154
Data for commercial and finance company paper on new basis
beginning December 1971. The new series reflects inclusion of paper
issued directly by real estate investment trusts and several additional
finance companies.
Accepting banks
Based on—
1,837
2,022
1 As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
2 As reported by finance companies that place their paper directly with
investors.
A 34
INTEREST RATES □ AUGUST 1972
PRIME RATE CHARGED BY BANKS
(Per cent per annum)
Rate
Rate
Effective date
192 9
5*4-6
1956—Apr. 1 3 ....
Aug. 21----
3%
193
193
193
193
3Vi-6
2%-5
3*4-4
1Vi-4
1957—Aug.
In effect during—
0
1
2
3
1934—
1947 (Nov.)
1Vi
Effective date
4
6 ...,
4Vi
1958—Jan. 2 2 ...
Apr.----2 1 ...
Sept. 11----
4
3 V4
4
1959—May 1 8 ...
Sept. 1----
4*i
5
1960—Aug. 2 3 ...
4Vi
5
1947—Dec. i.
l 3/4
1965—Dec.
1948—Aug. 1
2
1950—Sept. 22, ,
2*4
1966—Mar. 1 0 ...
June 2 9 ...
Aug. 1 6 ...
5*4
5*4
6
1951—Jan.
Oct.
Dec.
8. .
17. .
19..
2*4
2%
3
1967—Jan. 26-27
Mar. 2 7 ...
Nov. 2 0 ...
5*4-5%
5*4
6
1953—Apr.
27..
3*4
1968—Apr. 1 9 ...
Sept. 2 5 ...
Nov. 1 3 ...
Dec.
2 ...
1 8 ...
6*4
6 -6*4
1954—Mar. 17..
3
1955—Aug. 4. .
Oct. 14. .
3*4
3*4
6 ...
61/4
6*4
6%
Effective date
Effective date
1969—Jan.
7 .........
Mar. 17.........
June 9 ..........
7
7*4
8Vi
1970—Mar. 25.........
Sept. 21..........
Nov. 12.........
23..........
Dec. 22.........
8
7^
6 .........
15 .......
18.........
Feb. 16 .......
Mar. 11
19.........
1971—Jan.
1971—Apr. 23..........
May 11..........
6 ..........
July
7..........
Oct. 20..........
Nov. 1.........
4 .........
8 .........
22.........
29..........
7H
Dec. 6.
27,
31
1972—Jan.
3
17
24
31
Feb. 28
7
6 V4
6*4
61/4
Mar. 13
23
27
Apr. 3
5
17
May 1
30
June 12
26
29
July 3,
10.
6
5%
5 *4 - 5*4
5*4
5 *4 - 51/2
5 Vi
5*i-6
6
5*4
5!4*-5fc
5*4*-5%
5*4*
5%-5%*
5i/4-5i/2*
17
31
Rate
5*4-5%5*i*
5*4-5 Vi*
5*4*
5-5i/8-5V4*
43,4-5*4*
45/8-5*
4Vi-4*4*
4%-4*44 *4 *
4*i-4^4*
434 *
43/4*-47/8-5
4*4 *-5
5*
5 *-5 *4
5*_5i/8_5*4
5
5*-5i/8
5-5*4*-53/8
5-5 V4*-5 3/8
5 *4 *-5 3/s
5 *4 *-53/85*4
5 *4 *-5 *4
5% *-5% 5*4
1 Date of change not available.
N ote .—Beginning Nov. 1971, several banks adopted a floating prime
rate keyed to money market variables. Asterisk 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
1-9
10-99
Center
May
1972
Feb.
1972
May
1972
Feb.
1972
May
1972
100-499
Feb.
1972
May
1972
500-999
1,000 and over
Feb.
1972
May
1972
Feb.
1972
May
1972
Feb.
1972
5.76
5.27
5.91
5.60
6.11
5.81
6.08
5.57
5.28
5.72
5.64
5.47
5.71
5.55
5.44
4.97
5.54
5.46
5.76
5.60
5.46
5.33
5.21
5.46
5.34
5.30
5.60
5.35
5.31
5.38
5.45
5.17
5.29
5.58
5.07
5.60
5.34
5.44
5.55
5.56
5.69
5.72
5.60
5.35
6.09
5.73
6.22
5.47
5.31
5.22
5.28
5.32
5.86
6.44
5.10
5.57
5.44
5.76
5.86
4.91
5.85
5.55
5.18
5.05
5.38
5.73
5.74
5.73
5.04
6.19
5.83
6.51
6.08
6.78
6.42
6.02
5.87
5.54
6.01
6.12
7.05
6.29
5.25
6.13
5.62
6.88
6.04
9.53
6.68
5.04
5.78
5.64
5.85
5.84
5.50
6.35
5.79
5.44
5.29
5.52
5.17
5.50
5.87
5.87
Short-term
35 centers.....................................
New York City........................
7 Other Northeast...................
8 North Central.......................
7 Southeast...............................
8 Southwest..............................
4 West Coast............................
5.59
5.28
5.81
5.54
5.78
5.88
5.60
5.52
5.35
5.72
5.37
5.87
5.79
5.39
7.07
6.54
7.25
6.70
7.30
7.02
7.45
7.08
6.47
7.20
6.72
7.39
7.05
7.41
6.53
6.10
6.73
6.31
6.77
6.44
6.77
6.44
5.92
6.58
6.21
6.73
6.43
6.69
5.94
5.61
6.10
5.85
5.96
6.04
6.12
Revolving credit
35 centers.....................................
New York City........................
7 Other Northeast...................
8 North Central.......................
7 Southeast...............................
8 Southwest..............................
4 West Coast............................
5.59
5.44
5.82
5.84
5.13
5.98
5.57
5.24
5.07
5.41
5.67
5.76
5.91
5.13
6.52
5.92
7.56
6.36
5.95
6.52
6.90
6.60
6.06
7.37
7.14
6.03
6.65
6.67
6.28
5.97
6.73
6.00
6.05
6.48
6.37
6.16
5.51
6.56
5.95
6.13
5.94
6.36
5.69
5.41
5.87
5.74
5.44
5.91
5.72
Long-term
35 centers.....................................
New York City........................
7 Other Northeast...................
8 North Central.......................
7 Southeast...............................
8 Southwest..............................
4 West Coast............................
5.87
5.66
6.03
5.92
6.45
6.37
5.80
5.64
5.35
5.99
5.42
7.07
6.16
5.80
7.03
5.55
7.76
6.83
6.58
6.92
7.49
6.98
5.75
7.59
6.39
7.81
6.57
7.55
N ote .—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 in .
6.65
6.26
6.60
6.94
6.63
6.95
6.35
6.85
5.77
7.07
6.75
9.03
6.67
6.24
6.26
5.99
6.45
6.00
7.10
6.33
6.37
AUGUST 1972 □ INTEREST RATES
A 35
MONEY MARKET RATES
(Per cent per annum)
Period
Finance
Prime
CO.
Prime
bankers’
paper
coml.
placed
accept
paper
ances,
4- to 6- directly,
m onths1 3- to 6- 90 days1
months2
U.S. Government securities (taxable)4
Federal
funds
rate3
3-month bills s
6-month bills5
9- to 12-month issues
Rate on
new issue
Market
yield
Rate on
new issue
Market
yield
1-year
bill (mar
ket yield) 5
Other6
3- to 5year
issues7
1964............................
1965............................
1966............................
1967............................
1968............................
1969............................
3.97
4.38
5.55
5.10
5.90
7.83
3.83
4.27
5.42
4.89
5.69
7.16
3.77
4.22
5.36
4.75
5.75
7.61
3.50
4.07
5.11
4.22
5.66
8.22
3.549
3.954
4.881
4.321
5.339
6.677
3.54
3.95
4.85
4.30
5.33
6.64
3.686
4.055
5.082
4.630
5.470
6.853
3.68
4.05
5.06
4.61
5.48
6.84
3.74
4.06
5.07
4.71
5.45
6.77
3.76
4.09
5.17
4.84
5.62
7.06
4.06
4.22
5.16
5.07
5.59
6.85
1970............................
1971............................
7.72
5.11
7.23
4.91
7.31
4.85
7.17
4.66
6.458
4.348
6.42
4.33
6.562
4.511
6.55
4.51
6.53
4.67
6.90
4.75
7.37
5.77
1971—July.................
Aug..................
Sept.................
Oct...................
Dec..................
5.75
5.73
5.75
5.54
4.92
4.74
5.54
5.57
5.44
5.30
4.81
4.60
5.60
5.57
5.49
5.05
4.78
4.45
5.31
5.57
5.55
5.20
4.91
4.14
5.405
5.078
4.668
4.489
4.191
4.023
5.39
4.93
4.69
4.46
4.22
4.01
5.586
5.363
4.934
4.626
4.338
4.199
5.62
5.22
4.97
4.60
4.38
4.23
5.73
5.52
5.20
4.75
4.49
4.40
5.89
5.67
5.31
4.74
4.50
4.38
6.77
6.39
5.96
5.68
5.50
5.42
1972—Jan...................
Feb..................
Mar..................
Apr..................
May.................
June................
July.................
4.08
3.93
4.17
4.58
4.51
4.64
4.85
3.95
3.78
4.03
4.38
4.38
4.45
4.72
3.92
3.52
3.95
4.43
4.25
4.47
4.73
3.50
3.29
3.83
4.17
4.27
4.46
4.55
3.403
3.180
3.723
3.723
3.648
3.874
4.059
3.38
3.18
3.72
3.70
3.68
3.91
3.97
3.656
3.594
4.086
4.218
4.064
4.270
4.583
3.66
3.63
4.12
4.22
4.12
4.35
4.49
3.78
4.05
4.42
4.65
4.44
4.70
4.91
3.99
4.07
4.54
4.84
4.58
4.87
4.89
5.33
5.51
5.74
6.01
5.69
5.77
5.86
Week ending—
1972—Apr.
1 ..........
8 ..........
15..........
22..........
29..........
4.33
4.50
4.63
4.63
4.55
4.20
4.38
4.38
4.38
4.38
4.13
4.40
4.50
4.48
4.33
4.09
4.16
4.18
4.05
4.20
3.849
3.798
3.731
3.849
3.513
3.82
3.80
3.81
3.64
3.54
4.354
4.367
4.223
4.278
4.004
4.36
4.38
4.30
4.19
4.01
4.67
4.82
4.77
4.60
4.39
4.89
5.01
4.96
4.81
4.57
5.92
6.07
6.08
6.02
5.86
May
6 ..........
13..........
20..........
27..........
4.55
4.50
4.50
4.50
4.38
4.38
4.38
4.38
4.25
4.25
4.25
4.25
4.25
4.20
4.32
4.24
3.604
3.462
3.699
3.825
3.56
3.58
3.74
3.78
3.998
3.907
4.118
4.233
4.03
4.03
4.23
4.19
4.37
4.42
4.53
4.47
4.52
4.55
4.67
4.57
5.72
5.73
5.71
5.6£
June
3 ..........
10..........
17..........
24..........
4.50
4.50
4.63
4.65
4.38
4.38
4.38
4.50
4.25
4.35
4.38
4.53
4.38
4.48
4.46
4.39
3.762
3.861
3.798
3.924
3.82
3.86
3.87
3.97
4.106
4.243
4.187
4.328
4.20
4.25
4.29
4.40
4.51
4.62
4.62
4.69
4.66
4.80
4.80
4.89
5.64
5.71
5.73
5.81
July
1 ..........
8 ..........
15..........
22..........
29..........
4.83
4.88
4.88
4.88
4.80
4.58
4.70
4.75
4.75
4.63
4.70
4.75
4.75
4.75
4.68
4.49
4.61
4.62
4.47
4.54
4.023
4.138
4.102
3.948
4.047
3.96
4.05
4.03
3.92
3.93
4.484
4.688
4.605
4.455
4.585
4.50
4.54
4.54
4.46
4.46
4.92
5.00
4.94
4.86
4.86
5.02
5.01
4.97
4.84
4.79
5.87
5.86
5.85
5.84
5.87
1 Averages of daily offering rates of dealers.
2 Averages of daily rates, published by finance companies, for varying
maturities 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.
A 36
IN T E R E S T RATES □ A U G U S T 1972
BOND AND STOCK YIELDS
(Per cent per annum)
Government bonds
Corporate bonds
State
and local
By selected
rating
United
States
(long
term)
Total i
Aaa
Baa
1962...............................................
1963...............................................
1964...............................................
3.95
4.00
4.15
3.30
3.28
3.28
3.03
3.06
3.09
3.67
3.58
3.54
1965...............................................
1966...............................................
1967...............................................
1968...............................................
1969...............................................
1970...............................................
1971...............................................
4.21
4.66
4.85
5.25
3.34
3.90
3.99
4.48
5.73
6.42
5.62
3.16
3.67
3.74
4.20
5.45
1971—July.....................................
Aug....................................
Sept....................................
Oct......................................
Nov....................................
5.91
5.78
5.56
5.46
5.44
5.62
6.12
5.84
5.45
5.05
5.20
5.24
5.75
5.56
5.09
4.75
4.94
4.99
5.86
5.38
5.53
5.55
1972—Jan......................................
Feb.....................................
Mar....................................
Apr.....................................
May....................................
June...................................
July....................................
5.62
5.67
5.66
5.74
5.64
5.59
5.57
5.13
5.29
5.31
5.45
5.33
5.35
5.50
4.84
5.01
4.99
5.16
5.09
5.07
5.23
5.69
5.69
5.64
5.57
5.36
5.41
5.35
5.21
17.............................
24.............................
5.56
5.59
5.59
5.58
1.............................
8 .............................
15.............................
2 2 .............................
29.............................
Number of issues2 .......................
Period
Stocks
By
group
Dividend/
price ratio
Earnings /
price ratio
Total i
Aaa
Baa
Indus
trial
Rail
road
Public
utility
Pre
ferred
Com
mon
Com
mon
4.62
4.50
4.57
4.33
4.26
4.40
5.02
4.86
4.83
4.47
4.42
4.52
4.86
4.65
4.67
4.51
4.41
4.53
4.50
4.30
4.32
3.37
3.17
3.01
6.06
5.68
5.54
3.57
4.21
4.30
4.88
6.07
6.75
5.89
4.64
5.34
5.82
6.51
7.36
8.51
7.94
4.49
5.13
5.51
6.18
7.03
8.04
7.39
4.87
5.67
6.23
6.94
7.81
9.11
8.56
4.61
5.30
5.74
6.41
7.22
8.26
7.57
4.72
5.37
5.89
6.77
7.46
8.77
8.38
4.60
5.36
5.81
6.49
7.49
4.33
4.97
5.34
5.78
6.41
7.22
6.69
3.00
3.40
3.20
3.07
3.24
3.83
3.14
5.87
6.72
5.71
5.84
6.05
6.28
5.44
6.58
8.14
7.97
7.88
7.77
7.75
7.64
7.59
7.44
7.39
7.26
7.25
8.76
8.76
8.59
8.48
8.38
8.38
7.85
7.80
7.64
7.58
7.46
7.42
8.46
8.48
8.39
8.25
8.13
8.34
8.30
8.04
7.96
7.92
7.03
7.04
6.90
6.75
6.78
6.81
3.13
3.18
3.09
3.16
3.31
3.10
5.65
5.49
5.63
5.61
5.79
5.65
5.72
5.78
7.66
7.68
7.66
7.71
7.71
7.66
7.66
7.19
7.27
7.24
7.30
7.30
7.23
7.21
8.23
8.23
8.24
8.24
8.23
7.34
7.39
7.35
7.42
7.43
7.36
7.39
7.98
6.57
6.67
6.76
6.91
6.90
6.93
6.99
2.96
2.92
8.00
7.85
7.84
7.81
7.87
7.88
7.83
7.80
5.10
5.20
5.15
4.90
5.70
5.70
5.60
5.60
7.73
7.71
7.72
7.70
7.34
7.33
7.30
7.27
8.22
8.20
7.45
7.44
7.44
7.40
8.01
8.00
8.02
8.01
7.89
7.86
7.89
7.88
6.91
6.93
6.89
6.92
2.92
2.94
2.90
2.81
5.15
5.31
5.39
5.46
4.85
5.10
5.20
5.20
5.50
5.65
5.75
5.80
7.67
7.67
7.67
7.66
7.23
7.24
7.25
7.23
8.22
8.21
8.21
7.36
7.36
7.36
7.35
7.98
7.99
7.99
7.96
7.86
7.84
7.84
7.83
6.86
6.88
2.83
5.61
5.61
5.59
5.56
5.54
5.45
5.51
5.53
5.50
5.45
5.20
5.20
5.25
5.25
5.20
5.80
5.80
5.80
5.75
5.70
7.65
7.64
7.66
7.67
7.68
7.21
7.20
7.20
7.20
7.22
8.20
7.36
7.37
7.38
7.40
7.41
7.99
7.98
7.99
8.00
8.00
7.80
7.77
7.78
7.81
7.82
6.95
6.98
6.99
7.00
7.00
2.90
2.87
2.91
2.92
2.89
8
20
5
5
r 121
20
Ml
r 30
40
14
500
6.10
6.59
5.74
6.12
5.22
6.21
8.12
8.20
8.23
8.12
8.00
8.03
8.04
8.01
7.98
8.68
8.13
8.12
4.86
2.86
2.83
2.88
2.87
2.90
Week ending—
1972—May
6 .............................
13.............................
2 0 .............................
27.............................
June
July
3 .............................
10 .............................
1 Includes bonds rated Aa and A, data for which are not shown sep
arately. Because of a limited number of suitable issues, the number
of corporate bonds in some groups has varied somewhat. As of Dec.
23, 1967, Aaa-rated railroad bonds are no longer a component of the
railroad average or the Aaa composite series.
2 Number of issues varies over time; figures shown reflect most recent
count.
N ote .—Annual yields are averages of monthly or quarterly data.
Bonds: Monthly and weekly yields are computed as follows: (1) U.S.
8.25
8.25
8.18
8.19
8.20
8.25
8.27
30
6.97
6.92
2.88
2.86
2.85
500
Govt. : Averages of daily figures for bonds maturing or callable in 10 years
or more. (2) State and local govt.: General obligations only, based on
Thurs. figures. (3) Corporate: Averages of daily figures. (2) and (3) are
from Moody’s Investors Service series.
Stocks: Standard and Poor’s corporate series. Dividend/price ratios
are based on Wed. figures; earnings/price ratios are as of end of period.
Preferred stock ratio is based on eight median yields for a sample of noncallable issues—12 industrial and two public utility; common stock ratios
on the 500 stocks in the price index. Quarterly earnings are seasonally
adjusted at annual rates.
Notes to tables on opposite page:
Security Prices:
Terms on Mortgages:
i Begins June 30, 1965, at 10.90. On that day the average price of a share
of stock listed on the American Stock Exchange was $10.90.
i Fees and charges—related to principal mortgage amount—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 of property ownership.
N ote .—Annual data are averages of monthly figures. Monthly and
weekly data are averages of 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 of 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 of 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% hours per day, or 21 Vi hours per week.
In recent years shorter days and/or weeks have cut total weekly trading
to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 22Mar. 1, 20; June 30-Dec. 31, 22; 1969—Jan. 3-July 3, 20; July 7-Dec. 3122.5; 1970—Jan. 2-May 1, 25.
N o te .—Compiled by Federal Home Loan Bank Board in cooperation
with Federal Deposit Insurance Corporation. Data are weighted averages
based on probability sample survey of characteristics of mortgages
originated by major institutional lender groups (including mortgage
companies) for purchase of single-family homes. Data exclude loans for
refinancing, reconditioning, or modernization; construction loans to
homebuilders; and permanent 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-Mortgage Yields, p. A-55.
AUGUST 1972 □ SECURITY MARKETS
A 37
SECURITY PRICES
Common stock prices
New York Stock Exchange
Bond prices
(per cent of par)
Standard and Poor’s index
(1941-43= 10)
Period
U.S.
Govt.
(long
term)
State
and
local
Cor
porate
AAA
86.94
86.31
84.46
83.76
78.63
76.55
72.33
64.49
60.52
68.80
112.0
1971—Jul y
Aug.......
Sept----Oct........
Nov.......
Dec........
1972—Ja...........n
Feb........
Mar.
Apr.......
May
June___
July.......
196
196
196
196
196
196
196
196
197
197
2
3
4
5
6
7
8
9
0
1
New York Stock Exchange index
(Dec. 31, 1965 = 50)
Indus Trans
porta Utility
trial
tion
Indus
trial
Rail
road
Public
utility
62.38 65.54
69.87 73.39
81.37 86.19
88.17 93.48
85.26 91.09
91.93 99.18
98.70 107.49
97.84 107.13
83.22 91.29
98.29 108.35
30.56
37.58
45.46
46.78
46.34
46.72
48.84
45.95
32.13
41.94
59.16
64.99
69.91
76.08
100.5
93.5
79.0
72.3
80.0
96.2
96.8
95.1
93.9
86.1
81.8
76.4
68.5
61.6
65.0
68.21
68.10
66.42
62.64
54.48
59.33
44.16
50.77
55.37
54.67
45.72
54.22
43.79
51.97
58.00
57.45
48.03
57.92
48.23
53.51
50.58
46.96
32.14
44.35
44.77
45.43
44.19
42.80
37.24
39.53
66.16
67.33
69.35
70.33
70.47
68.80
74.0
77.4
81.7
84.7
84.1
83.5
63.2
63.4
64.2
65.2
66.4
66.5
99.00
97.24
99.40
97.29
92.78
99.17
109.09
107.26
109.85
107.28
109.67
42.05
43.55
47.18
44.58
41.19
43.17
60.08
57.51
56.48
57.41
55.86
57.07
54.83
53.73
54.95
53* 76
51.17
54.76
58.70
57.62
59.13
57.52
54.50
58.85
44.02
44.83
48.09
47.02
44.29
48.34
68.79
68.32
68.43
67.66
68.59
69.05
69.23
84.6
83.8
84.1
82.5
84.6
83.4
83.1
67.1
66.7
66.2
65.1
65.3
65.6
65.6
103.30
105.24
107.69
108.81
107.65
108.01
107.21
114.12
116.86
119.73
121.34
120.16
120.84
119.98
45.16
45.66
46.48
47.38
45.06
43.66
42.00
60.19
57.41
57.73
55.70
54.94
53.73
53.47
57.19
58.45
59.96
60.65
59.82
59.87
59.21
61.33
63.36
65.18
68.85
68.85
69.07
69.30
69.52
82.8
83.1
82.8
83.1
83.5
65.6
65.9
65.6
65.5
65.3
107.17
108.33
107.08
106.06
107.54
119.95
121.24
119.80
118.67
120.40
42.62
42.67
41.94
41.46
42.08
53.20
54.01
53.67
53.18
53.27
59.29
59.96
59.23
58.56
59.27
111.3
111.5
110.6
102.6
Total
102.21
Total
Fi
nance
Amer
ican
Stock
Ex
change
total
index 1
Volume of
trading in
stocks
(thousands of
shares)
NYSE AMEX
44.43
49.82
65.85
70.49
54.64
70.38
8.52
9.81
12.05
14.67
19.67
27.72
28.73
22.59
25.22
3,820
4,573
4,888
6,174
7,538
10,143
12,971
11,403
10,532
17,429
2,752
4,508
6,353
5,001
3,376
4.234
39.72
38.17
37.53
37.93
36.87
37.52
70.42
69.41
72.14
71.24
68.98
72.28
25.46
24.84
25.47
25.24
24.10
25.04
12,634
14,574
12,038
13,340
13,163
17,171
3,080
3,473
3,259
3,622
3.234
4,777
66.10
65.30
65.76
65.13
50.56
52.80
53.71
55.50
53.43
51.26
48.45
40.02
38.56
38.56
37.48
37.04
36.32
36.02
74.24
73.74
77.15
80.36
78.32
76.59
75.41
26.46
27.52
28.03
28.24
27.63
27.47
26.97
18,072
18,817
18,351
18,402
15,270
14,298
14,450
5,516
6,328
5,680
5,584
4,184
3,872
3,546
65.24
65.98
65.13
64.33
65.25
49.67
49.81
48.15
47.81
48.44
37.79
36.22
36.03
35.97
35.94
75.33
76.43
75.73
74.59
75.17
27.22
27.37
27.06
26.75
26.83
13,219
13,819
13,873
15,395
15,251
3,485
4,047
3,510
3,271
3,357
1,225
1,269
1,570
2,120
Week ending—
July
1
8
15
22
29
For notes see opposite page.
TERMS ON CONVENTIONAL FIRST MORTGAGES
New homes
Existing homes
Con
tract
rate
(per
cent)
Fees &
charges
(per
cent)1
Maturity
(years)
Loan/
price
ratio
(per
cent)
1965.......................
1966.......................
1967.......................
1968.......................
1969.......................
1970.......................
1971.......................
5.74
6.14
6.33
6.83
7.66
8.27
7.60
.49
.71
.81
.89
.91
1.03
.87
25.0
24.7
25.2
25.5
25.5
25.1
26.2
73.9
73.0
73.6
73.9
72.8
71.7
74.3
25.1
26.6
28.0
30.7
34.1
35.5
36.3
18.3
19.2
20.4
22.4
24.5
25.2
26.5
5.87
6.30
6.40
6.90
7.68
8.20
7.54
June ...........
July.............
Aug.............
Sept.............
O c t............
Nov.............
Dec.............
7.38
7.51
7.60
7.67
7.68
7.65
7.62
.74
.90
.84
.97
.97
.87
.93
26.3
26.3
26.2
25.8
26.4
26.7
26.6
73.7
74.5
73.9
75.3
75.5
75.4
74.5
37.5
36.8
36.5
35.1
35.2
36.7
36.4
27.3
27.1
26.5
25.9
26.3
27.3
26.5
1972—Jan..............
Feb..............
Mar.............
Apr.............
May r ..........
June............
7.62
7.45
7.38
7.38
7.40
7.40
.95
1.02
.84
.83
.84
.87
26.5
27.0
27.2
27.2
27.2
27.2
75.0
76.5
76.2
76.0
76.2
76.3
37.3
37.2
37.7
38.3
38.2
37.4
27.6
27.8
28.2
28.5
28.5
27.9
Period
1971
For notes see opposite page.
Pur
Loan
chase
amount
price (thous.
(thous. of dollars)of
dollars)
Maturity
(years)
Loan /
price
ratio
(per
cent)
.55
.72
.76
.83
.88
.92
.77
21.8
21.7
22.5
22.7
22.7
22.8
24.2
72.7
72.0
72.7
73.0
71.5
71.1
73.9
21.6
22.2
24.1
25.6
28.3
30.0
31.7
15.6
15.9
17.4
18.5
19.9
21.0
23.1
7.38
7.50
7.58
7.63
7.62
7.56
7.51
.74
.75
.76
.79
.79
.79
.80
24.3
24.2
24.5
24.2
24.1
24.3
24.6
73.9
74.5
74.2
74.5
74.2
74.6
74.6
32.9
31.6
31.9
30.7
31.2
31.6
32.5
23.9
23.2
23.5
22.5
22.9
23.2
23.9
7.45
7.35
7.31
7.30
7.33
7.36
.82
.79
.77
.78
.77
.76
24.9
25.4
25.1
25.2
25.2
25.4
74.7
75.8
75.6
75.3
75.4
75.9
32.5
33.1
32.7
33.6
33.3
33.8
24.1
24.8
24.4
24.9
24.6
25.1
Con
tract
rate
(per
cent)
Fees &
charges
(per
cent) 1
Pur
Loan
chase
amount
price (thous.
of
(thous. of dollars)
dollars)
A 38
STOCK MARKET CREDIT □ AUGUST 1972
STOCK MARKET CUSTOMER FINANCING
(In millions of dollars)
Margin credit at brokers and banks 1
Regulated 2
By type
By source
End of period
Margin stock
Total
Unregu
lated 3
Brokers Banks
Convertible
bonds
Subscription
issues
Brokers Banks Brokers Banks Brokers Banks
Other
security
credit
at banks 4
Nonmargin
stock
credit at
banks
Free credit balances
at brokers 5
Margin
accts.
Cash
accts.
1971—June............ 5,783
July.............. 5,860
5,917
Sept............. 5,990
Oct............... 6,016
Nov............. 5,995
Dec.............. 6,835
4,976
5,050
5,121
5,208
5,238
5,198
5,700
807
810
796
782
778
797
835
4,720
4,790
4,850
4,930
4,950
4,910
5,400
733
737
723
713
711
731
764
213
215
227
230
239
242
258
58
56
58
54
53
51
57
43
45
44
48
49
46
42
16
17
15
15
14
15
14
1,228
1,091
1,208
1,182
1,194
1,193
1,197
1,263
1,183
1,206
1,237
1,204
1,209
1,298
415
410
405
364
393
412
387
2,023
1,841
1,838
1,734
1,765
1,758
1,837
6,850
7,427
7,847
8,250
8,472
5,989
6,477
6,896
7,283
7,478
7,792
861
950
951
967
994
5,700
6,180
6,620
7,010
7,200
7,510
789
877
883
898
924
252
256
240
240
241
244
56
56
53
57
58
37
41
36
33
37
38
16
17
15
12
12
1,182
1,170
1,158
1,150
1,141
1,313
1,327
1,294
1,278
1,296
448
434
442
433
403
386
2,040
2,108
2,070
2,030
1,930
1,845
1972—Jan...............
Feb...............
M ar.............
Apr..............
June.............
1 Margin 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 ll e tin ) . Credit extended by brokers is end-of-month data
for member firms of the NYSE. 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
of 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 permit special loan values for convertible bonds and
stock acquired through exercise of subscription rights.
3 Nonmargin stocks are those not listed on a national securities exchange
and not included on the Board of Governors of the Federal Reserve
System’s list of OTC margin stocks. At 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 customers on demand.
EQUITY STATUS OF MARGIN ACCOUNT DEBT
AT BROKERS
SPECIAL MISCELLANEOUS ACCOUNT BALANCES
AT BROKERS, BY EQUITY STATUS OF ACCOUNTS
(Per cent of total debt, except as noted)
(Per cent of total, except as noted)
End of
period
Total
debt
(mil
lions
of
dol
lars)1
1971—June.
July..
Aug..
Sept..
Oct...
Nov..
D ec..
1972—Jan...
Feb..
Mar..
A p r..
May.
June.
Equity class (per cent)
End of period
80 or
more
70-79
60-69
50-59
40-49
Under
40
4,720
4,790
4,850
4,930
4,950
4,910
5,400
9.6
8.3
9.3
8.7
7.5
7.3
8.6
14.4
12.2
14.4
13.1
10.9
10.7
12.7
34.9
29.1
35.4
34.3
28.7
25.9
27.1
20.1
25.2
19.6
20.7
24.4
26.2
29.9
8.6
11.0
8.9
9.9
12.1
13.1
10.2
12.2
14.1
12.6
13.3
16.3
16.8
11.5
5,700
6,180
6,620
7,010
7,200
7,510
8.7
8.4
7.6
7.1
6.9
6.0
13.5
12.4
11.2
10.2
9.9
9.1
27.1
25.9
22.3
19.5
19.3
15.9
32.6
35.1
38.5
40.0
38.6
33.9
8.5
8.5
10.6
12.8
15.0
22.0
9.6
9.7
9.7
10.5
10.4
13.2
July.......................
1972—Jan........................
Net
credit
status
Equity class of accounts
in debit status
Total
balance
(millions
60 per cent Less than of dollars)
or more 60 per cent
45.1
45.2
44.6
44.2
45.5
44.6
35.0
47.8
46.7
48.0
47.0
45.2
45.1
55.7
7.0
8.1
7.4
8.8
9.3
10.2
9.4
4,250
4,190
4,230
4,160
4,060
4,000
7,300
36.8
35.1
35.8
35.5
34.7
34.3
55.9
57.0
56.0
56.5
57.1
56.3
7.3
7.9
8.1
8.0
8.0
9.4
5,780
5,910
5,990
5,920
5,860
5,770
N ote .—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 of other
N ote .—Each customer’s equity in his collateral (market value of col collateral in the customer’s margin account or deposits of cash (usually
lateral less net debit balance) is expressed as a percentage of current col sales proceeds) occur.
lateral values.
i See note 1 to table above.
AUGUST 1972 □ SAVINGS INSTITUTIONS
A 39
MUTUAL SAVINGS BANKS
(In millions of dollars)
Securities
Loans
End of period
Mort
gage
Other
U.S.
Govt.
Corpo Cash
rate
and
other1
State
and
local
govt.
Other
assets
Total
assets—
Total
liabili Depos
ties
its2
and
general
reserve
accts.
Mortgage loan
commitments 3
classified by maturity
(in months)
Other General
liabili reserve
ac
ties
counts
3 or
less
3-6
6-9
Over
9
Total
1963............... 36,007
1964............... 40,328
1965
___ 44,433
1966............... 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................
50,311
53,286
55,781
57,775
1,203
1,407
1,824
2,255
4,319
3,834
3,296
3,151
219 8,183
194 10,180
200 10,824
197 12,876
993
996
912
1,270
1,138
1,256
1,307
1,471
66,365
71,152
74,144
78,995
60,121
64,507
67,026
71,580
1,260
1,372
1,588
1,690
4,984
5,273
5,530
5,726
742
811
584
619
1971—A p r....
M ay...
June. .
J u ly ...
Aug. ..
Sept.. .
O c t....
N ov.. .
Dec.. . .
58,796
59,111
59,546
59,935
60,350
60,622
61,036
61,473
62,069
2,727
2,813
2,696
2,545
2,685
2,782
2,840
2,891
2,808
3,340
3,441
3,409
3,558
3,517
3,467
3,382
3,346
3,334
278
330
319
326
338
339
343
357
385
15,519
16,070
16,649
16,969
17,159
17,282
17,292
17,452
17,674
1,254
1,261
1,281
1,198
1,151
1,177
1,250
1,280
1,389
1,656
1,659
1,665
1,750
1,692
1,742
1,712
1,695
1,711
83,570
84,686
85,565
86,282
86,892
87,410
87,856
88,495
89,369
75,824
76,656
77,683
78,130
78,437
79,236
79,648
80,165
81,440
1,882
2,116
1,956
2,198
2,423
2,129
2,150
2,218
1,810
5,863
5,914
5.926
5,924
6,031
6,045
6,059
6,112
6,118
993
1,152
1,118
1,015
978
1,086
1,125
1,129
1,047
445
470
517
582
557
509
415
554
627
360
385
343
347
374
422
484
461
463
1,005
1,171
1,244
1,260
1,246
1,196
1,230
1,231
1,310
2,804
3,178
3,222
3,204
3,155
3,213
3,253
3,375
3,447
1972—Jan.4..
F eb ....
M a r...
Apr__
62,258
62,517
62,947
63,299
3,224
3,523
3,660
3,452
3,261
3,306
3,380
3,425
433
459
515
548
18,417
19,055
19,659
20,192
1,246
1,255
1,256
1,239
1,802
1,808
1,852
1,868
90,641
91,924
93,268
94,022
82,327
83,269
84,809
85,299
1,962
2,229
1,991
2,231
6,352
6,427
6,468
6,492
1,045
1,277
1,448
1,720
676
759
769
747
409
533
681
742
1,442
1,414
1,429
1,437
3,572
3,983
4,327
4,646
1 Also includes securities of foreign governments and international
organizations and nonguaranteed issues of U.S. Govt, agencies.
2 See note 8, p. A-19.
3 Commitments outstanding of banks in New York State as reported to
the Savings Banks Assn. of the State of New York. Data include building
loans beginning with Aug. 1967.
4 Balance sheet data beginning Jan. 1972 are reported on a gross of
valuation reserves basis. The data differ somewhat from balance sheet
2,549
2,820
2,697
2,010
982
799 2,523
1,034
1,166 3,011
452
946 2,467
485
302
688 1,931
322
data previously reported by NAMSB which were net of valuation reserves.
For most items, however, the differences are relatively small.
N ote .— National Assn. of Mutual Savings Banks data; figures are
estimates for all savings banks in the United 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
Government securities
End of period
Total
assets
Total
United State and Foreign 1 Total
States
local
Bonds
Stocks
Mort
gages
Real
estate
Policy
loans
Other
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
Book value:
1966.
1967.
1968
1969.
1970.
167,022
177,361
187,695
197,208
207,254
10,864
10,530
10,483
10,914
11,068
4,824
4,587
4,365
4,514
4,574
3,131
2,993
3,036
3,221
3,306
2,909
2,950
3,082
3,179
3,188
68,677
73,997
79,403
84,566
88,518
61,141
65,015
68,575
70,859
73,098
7,536
8,982
10,828
13,707
15,420
64,661
67,575
70,071
72,027
74,375
4,888
5,188
5,573
5,912
6,320
9,911
10,060
11,284
13,825
16,064
8,801
11,011
10,881
9,964
10,909
213,611
214,279
215,284
216,436
217,489
218,257
219,353
221,573
10,900
10,786
11,031
11,076
11,000
11,016
11,150
11,129
4,454
4,242
4,466
4,475
4,345
4,331
4,473
4,427
3,339
3,412
3,430
3,452
3,484
3,485
3,484
3,518
3,107
3,132
3,135
3,149
3,171
3,200
3,193
3,184
94,385
95,031
95,683
96,429
97,199
97,778
98,443
99,430
76,252
76,644
77,333
77,581
78,121
78,890
79,384
78,912
18,133
18,387
18,350
18,848
19,078
18,888
19,059
20,518
74,541
74,535
74,583
74,707
74,799
74,864
74,903
75,596
6,500
6,644
6,729
6,749
6,811
6,876
6,949
7,097
16,444
16,516
16,590
16,679
16,782
16,850
16,948
17,027
10,841
10,767
10,668
10,796
10,898
10,873
10,960
11,294
1972—Jan............................... 223,312
Feb............................... 224,736
Mar.............................. 226,024
Apr............................... 227,893
M ay............................. 229,336
11,325
11,341
11,517
11,083
11,128
4,594
4,609
4,744
4,476
4,516
3,535
3,535
3,532
3,373
3,366
3,196
3,197
3.241
3,234
3,246
101,350
102,821
103,798
105,249
106,434
80,087
80,795
81,099
82,293
83,060
21,263
22,026
22,699
22,956
23,374
75,517
75,456
75,424
75,469
75,493
7,097
6,999
7,048
7,034
7,094
17,074
17,132
17,212
17,360
17,441
10,949
10,987
11,025
11,698
11,746
1971-—May r ...........................
June.............................
July..............................
Aug..............................
Sept..............................
Oct...............................
Nov..............................
Dec...............................
1 Issues of foreign governments and their subdivisions and bonds of
Year-end figures: Annual statement asset values, with bonds carried
the International Bank for Reconstruction and Development.
on an amortized basis and stocks at year-end market value. Month-end
figures: Book value of ledger assets. Adjustments for interest due and
accrued and for differences between market and book values are not made
N ote .—Institute of Life Insurance data; figures are estimates for all
life insurance companies in the United States.
on each item separately but are included in total, in “Other assets.”
A 40
SAVINGS INSTITUTIONS □ AUGUST 1972
SAVINGS AND LOAN ASSOCIATIONS
(In millions of dollars)
Assets
d of period
Other2
Total
assets—
Total
liabilities
3,315
3,926
3,979
4,015
3,900
3,366
3,442
2,962
2,438
3,5.06
4,775
5,346
6,191
7,041
7,960
8,378
9,107
9,571
8,606
9,326
18,571
19,281
18,972
18,663
18,971
19,096
18,293
2,769
2,139
2,077
2,056
2,166
2,284
2,783
19,691
20,682
21,427
21,449
22,070
21,622
2,785
2,829
2,521
2,551
2,456
2,416
Mort
gages
Invest
ment
secur
ities i
1961.......................
1962.......................
1963.......................
1964.......................
1965............... .
1966.......................
1967.......................
1968.......................
1969 5....................
1970 5.....................
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
i 11,116
10,873
13,020
1971—June...........
July.............
Aug.............
Sept.............
Oct..............
Nov.............
Dec.............
161,209
163,720
166,111
168,233
170,106
172,047
174,385
1972—Jan..............
Feb..............
Mar.............
Apr.............
M ay............
June?..........
175,838
177,614
180,145
182,711
185,431
188,864
Cash
Mortgage loan
commitments4
Liabilities
Savings
capital
Reserves
and un
divided
profits
Bor
rowed
money3
Loans
in
process
82,135
93,605
107,559
119,355
129,580
133,933
143,534
152,890
162,149
176,183
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
1,136
1,221
1,499
1,729
1,849
2,136
2,462
2,803
3,200
3,799
807
1,602
1,872
2,193
2,572
2,549
2,707
1,482
3,004
3,584
2,812
4,393
10,002
10,084
10,312
10,474
10,603
10,811
10,842
192,551
195,224
197,472
199,426
201,846
204,238
206,303
162,986
164,524
165,633
168,303
169,796
171,358
174,472
12,336
12,337
12,329
12,339
12,327
12,325
13,187
7,874
8,011
8,203
8,388
8,353
8,439
9,048
4,725
4,944
5,023
4,996
5,001
4,960
5,072
4,630
5,408
6,284
5,400
6,369
7,156
4,524
3,537
3,144
2,880
2,639
2,537
2,511
2,345
8,545
8,555
8,311
8,004
7,806
7,759
7,237
10,926
11,144
11,291
11,440
11,691
11,869
209,240
212,269
215,384
218,151
221,648
224,771
177,738
180,556
184,843
186,617
188,826
192,571
13,250
13,248
13,261
13,262
13,257
13,588
8,053
7,275
6,759
6,847
6,802
7,261
4,874
4,853
5,077
5,283
5,608
5,892
5,325
6,337
5,444
6,142
7,155
5,459
2,508
3,354
4,110
4,047
4,545
4,298
7,510
8,659
9,864
10,837
11,793
11,693
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 of advances from FHLBB and other borrowing.
4 Insured savings and loan assns. only. Data on outstanding commit
Other
Outstand
ing at
end of
period
Made
during
period
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 mutual savings banks.
5 Balance sheet data for all operating savings and loan associations
were revised by the Federal Home Loan Bank Board for 1969 and 1970.
N ote .—Federal Home Loan Bank Board data; figures are estimates for
all savings and loan assns. in the United States. Data are based on
monthly reports of insured assns. and annual reports of noninsured assns.
Data for current and preceding year are preliminary even when revised.
MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In m illio n s o f d o lla rs)
Federal home loan banks
Assets
End of
period
Ad
vances
to
mem
bers
Invest
ments
4,386
5,259
9,289
10,614
7,936
2,598
2,375
1,862
3,864
2,520
1971--Ju n e..
J u ly ..
Aug...
Sept. .
O ct...
N o v ..
Dec...
7,241
7,338
7,513
7,637
7,640
7,708
7,936
1972-- J a n .. .
Feb...
Mar. .
Apr...
M ay..
June..
7,238
6,515
5,992
5,913
5,853
6,075
1967,
1968.
1969.
1970.
1971.
Liabilities and capital
Cash
and
de
posits
Bonds
and
notes
Mem
ber
de
posits
Capital
stock
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
3,718
3,211
2,744
2,584
2,740
2,545
2,520
132
85
86
117
99
101
142
7,329
7,297
7,218
7,190
7,390
7,139
7,139
3,412
3,805
4,342
4,233
4,067
3,850
156
115
113
81
108
118
7,139
6,731
6,730
6,729
6,528
6,527
Banks
for
cooperatives
Federal
intermediate
credit banks
Mort
gage
loans
(A)
Deben Loans
to
tures
Deben
and
tures
cooper
notes
atives
(A)
(L)
(L)
Loans
and
dis
counts
(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
1,506
1,577
1,732
2,030
2,076
1,253
1,334
1,473
1,755
1,801
2,112
1,699
1,532
1,522
1,450
1,548
1,789
1,602
1,600
1,603
1,600
1,603
1,607
1,618
15,363
15,674
16,304
16,732
17,202
17,535
17,791
14,795
15,638
15,260
16,241
16,984
17,138
17,701
2,041
1,997
1,942
1,942
2,030
2,076
2,076
1,949
2,014
2,008
1,762
1,789
1,746
1,647
1,696
1,708
1,717
1,718
1,721
17,977
18,220
18,342
18,403
18,598
18,628
17,442
17,814
17,992
18,131
17,959
18,560
2,098
2,149
2,267
2,260
2,181
2,145
N ote .—Data from Federal Home Loan Bank Board, Federal National
Mortgage Assn., and Farm Credit Admin. Among omitted balance
sheet items are capital accounts of all agencies, except for stock of FHLB’s.
Bonds, debentures, and notes are valued at par. They include only publicly
Federal National
Mortgage Assn.
(secondary market
operations)
Federal
land
banks
Bonds
(L)
Mort
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
1,770
1,726
1,791
1,791
1,745
1,763
1,801
5,909
5,905
5,866
5,841
5,763
5,633
5,669
5,639
5,712
5,742
5,713
5,680
5,606
5,503
7,579
7,650
7,709
7,767
7,826
7,870
7,917
6,640
6,884
6,884
6,884
7,063
7,063
7,063
1,867
1,840
1,840
1,833
1,852
1,786
5,785
5,720
5,967
6,105
6,229
6,378
5,537
5,591
5,689
5,879
6,018
6,118
7,970
8,039
8,139
8,238
8,343
8,430
7,063
7,186
7,186
7,382
7,382
7,382
(L)
offered securities (excluding, for FHLB’s bonds held within the FHLB
System) and are not guaranteed by the U.S. Govt.; for a listing of these
securities, see table below. Loans are gross of valuation reserves and
represent cost for FNMA and unpaid principal for other agencies.
UGUST 1972 □ FEDERALLY SPONSORED CREDIT AGENCIE
>ING ISSUES OF FEDERALLY SPONSORED AGENCIES, JUNE 30, 1972
Cou Amount
pon
(millions
rate of dollars)
8.05
7.95
6.50
7«
6.95
7.75
7.80
6.60
394
250
310
350
400
400
450
300
250
300
300
181
227
250
265
300
350
300
200
350
200
200
7.10
7.75
5.30
6.15
8.60
7.75
7.15
175
150
200
350
140
150
150
61A
m
5%
8.35
5.70
4.20
7.20
8.40
8.40
7.10
6.35
7.65
8.00
6 .10
753
4.38
250
200
249
7.50
8.38
8.63
400
250
200
6.00
8.00
Agency, and date of issue
and maturity
Federal National Mortgage
Association—Cont.
Debentures:
5/11/70 - 9/11/72___
6/10/70 - 9 /1 1 /7 2 ....
11/10/69 - 12/11/72..
10/13/70 - 12/11/72. .
11/10/70 - 3/12/73. . .
12/12/69 - 3/12/73. . .
6/12/61 - 6 /1 2 /7 3 ....
7/10/70 - 6/12/73....
7/12/71 -6/12/73........
3/10/70 - 9/10/73___
6/10/71 -9/10/73........
12/10/70 - 12/10/73. .
8/10/71 - 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 - 12/10/74....
9/10/71 - 12/10/74....
11/10/70 - 3/10/75. . .
10/12/71 - 3/10/75...
4/12/71 -6/10/75 ........
10/13/70 - 9/10/75. . .
3/10/72 - 12/10/75. . .
3/11/71 - 3/10/76........
6/10/71 -6/10/76 ........
2/10/72 -6/10/76........
11/10/71 -9 /1 0 /7 6 ....
6/12/72-9/10/76........
7/12/71 - 12/10/76___
2/13/62 - 2/10/77___
12/10/70 - 6/10/77. . .
5/10/71 -6/10/77 ........
9/10/71 -9/12/77........
10/12/71 - 12/11/78..
6/12/72-9/10/79........
12/10/71 - 12/10/79. .
2/10/72 - 3/10/80........
6/29/72- 1/29/81........
1/21/71 - 6/10/81.. ..
9/10/71 -9/10/81........
6/28/72 -5 /1 /8 2 ..........
2/10/71 - 6/10/82........
3/11/71 - 6/10/83........
11/10/71 -9 /1 2 /8 3 ....
4/12/71 -6/11/84........
12/10/71 - 12/10/84. .
3/10/72 - 3/10/92___
6/12/72-6/10/92........
Cou Amount
pon
(millions
rate of dollars)
8.40
7.40
8.00
7.20
7.30
8.30
4%
8.35
6.75
8.10
6.13
5.75
7.15
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
4%
6.38
6.50
6.88
6.75
6.40
6.55
6.88
6.15
7.25
7.25
5.84
6.65
6.75
6.75
6.25
6.90
7.00
7.05
400
200
200
400
450
250
146
350
550
300
350
500
500
400
350
400
350
250
300
250
450
300
600
500
350
500
500
250
450
300
500
300
198
250
150
300
300
300
350
250
156
250
250
58
250
200
250
200
250
200
200
Agency, and date of issue
and maturity
illioi
lollai
Banks for cooperatives
Debentures:
1/3/72- 10/1/73........
2/1/72 - 8/1/72..........
4/3/72 - 10/2/72........
5/1/72- 11/1/72.......
6/1/72- 12/4/72........
10/1/70 - 10/1/73. . .
358
458
264
317
289
100
Federal intermediate
credit banks
Debentures:
10/4/71 - 7/3/72.
11/1/71 - 8/1/72........
12/1/71 - 9/5/72___
1/3/72- 10/2/72........
2/1/72 - 11/1/72........
3/1/72 - 12/4/72........
4/3/72 - 1/2/73..........
5/1/72-2/1/73..........
3/2/70 - 3/1/73........
6/1/72 - 3/1/73..........
9/1/70-7/2/73..........
7/1/71 - 1/2/74..........
1/4/71 - 7/1/74........
5/1/72 - 1/2/75..........
1/3/72 - 7/1/75..........
435
594
593
439
634
558
514
482
203
489
200
212
224
240
302
Federal land banks
Bonds:
6/22/70 - 7/20/72. . .
9/14/56 - 9/15/72...
9/22/69 - 9/15/72. ..
10/23/72 - 10/23/72.
7/20/71 - 10/23/72...
7/20/70 - 1/22/73 . . .
2/20/63 - 2/20/73-78
4/20/72 - 4/23/73....
1/20/70 - 7/20/73 . . .
8/20/73 - 7/20/73....
4/20/70 - 10/22/73. .
2/20/72 - 2/20/74. . .
10/20/70 - 4/22/74..
10/21/71 - 7/27/74. .
4/20/71 - 10/21/74...
2/20/70 - 1/20/75...
4/20/65 - 4/21/75. . .
2/15/72 - 7/21/75
7/20/71 - 10/20/75...
4/20/72- 1/20/76... .
2/21/66 - 2/24/76...
7/20/66 - 7/20/76...
10/27/71 - 10/20/77.
5/2/66 - 4 /2 0 /7 8 ....
2/20/67 - 1/22/79...
2/23/71 - 4 /2 0 /8 1 ....
4/20/72 - 4/20/82. .. .
not guaranteed by the U.S. Govt.; see also note to table at bottom of opposite page.
8.20
3K
8.35
5J4
6.50
7.95
4H
5.20
8.45
7.95
7.80
4Vi
7.30
5.85
5.30
8^
4^
5.70
7.20
6%
5.00
5H
6.35
5^
5.00
6.70
6.90
442
109
337
200
446
407
148
433
198
350
300
155
354
326
.300
220
200
425
300
300
123
150
300
150
285
224
200
A 42
FEDERAL FINANCE □ AUGUST 1972
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions o f dollars)
U.S. budget
Means of financing
Receipt-expenditure account
Period
Borrowings from the public 2
Budget
out
lays1
Net
lend
ing
Budget
surplus
or
deficit
(-)
Less: Cash and
monetary assets
Less: Invest
Public Plus: ments by Govt,
Equals: Trea
debt Agency
accounts
Less:
Total
sury
securi securi
Special borrow operat
ties
ties
notes 3
ing
ing
Special Other
balance
issues
Other
means
of
financ
ing,
net4
Budget
receipts
Net
ex
pendi
tures
Fiscal year:
196 9
197 0
197 1
197 2
187,784
193,743
188,392
208,596
183,072
194,456
210,318
230,514
1,476
2,131
1,107
1,105
3,236 6,142
633
184,548
196,588 -2,845 17,198 -1 ,7 3 9
211,425 -23,033 27,211
-3 4 7
231,619 -23,023 29,131 -1 ,2 6 9
7,364
9,386
6,616
6,795
2,089 -1 ,3 8 4 2-1 ,2 9 5
676
5,397
800
19,448
1,625
19,442
Half year:
1970—July-Dee.
1971—Jan.-June
July-Dee.
1972—Jan.-June
87,583
100,809
93,100
115,496
104,117
106,201
110,608
119,906
99
1,008
948
157
104,216 -16,633 18,240
-21
107,209
6,400 8,971
-3 2 6
111,557 -18,377 26,001 -1,1 1 9
120,062 -4 ,6 4 6 3,130 -1 5 0
1,807
4,809
2,803
3,992
157
647
523
1,102
16,257
3,189
21,556
-2 ,1 1 4
54
656
973
389
-8 8 2
-4 5 3
303 4,039
80 -2 ,1 2 2
835 7,971
M onth:
1971—Jun e
July........
Aug.........
Sept........
Oct.........
Nov........
Dec.........
22,499
13,198
15,652
19,710
12,462
14,945
17,213
19,726
18,507
19,276
18,265
18,677
18,798
17,085
251
49
306
-6 9
115
149
399
19,976
18,556
19,582
18,196
18,791
18,947
17,484
2,523 1,285
-5 ,3 5 8 7,169
-3 ,9 3 0 9,293
+ 1,513 -2 ,3 2 4
-3 3 4
-6 ,6 3 0
-4 ,0 0 2 2,686
271 9,511
-551
1,059
-9 6 0 1,861
20 2,309
-503 -1 ,0 1 9
50 -1 ,6 9 0
-1 0
40
284 1,291
-1 7
122
150
+194
-1
47
22
-309
1,835
4,226 -1 ,5 5 9
6,854
2,337
-2 ,0 0 3
470
1,407 -3 ,3 1 8
2,590 -2 ,3 2 4
8,482
1,328
338 -043
-6 9 0 -1 ,1 1 7
-819 -1 ,4 0 7
281 1,239
-2 9 0 1,314
-1 7
-928
5,653 -1 ,2 3 0
1972—Ja............n
Feb.........
M ar........
Apr.........
May........
June........
17,596
15,239
15,237
24,534
17,275
25,537
19,226
18,589
20,000
19,113
19,723
23,255
243
175
327
-515
237
-3 1 0
19,469
18,764
20,327
18,598
19,960
22,945
-1 ,8 7 3 -1 ,2 6 9
-3 ,5 2 5 1,169
-5 ,0 9 0 3,312
5,935 -2 ,0 3 9
-2,685 2,607
-651
2,591
-4 7 4 -1 ,5 0 8
568 1,450
-103
-683
- 4 4 -1 ,7 7 0
272 3,527
-3 7 0 2,975
-369
286
97
1,746
-2 9
-628
134
-191
1,026
1 -4 ,0 1 8
-208
591
3,795
-1 6
-2 ,0 5 9
4,047
1,338
-618 -2 ,0 3 0 -1 ,6 1 7
417
1,877
-3 ,3 6 8
Other
596
2,151
710
1,362
1,616
-581
-9 7 9
905
269
-9 8 2
3,586
5,849
2,573
-7 0 2
1,869
1,508
-3 4 6
3,070
Selected balances
Treasury operating balance
End
of
period
F.R.
Banks
Tax
and
loan
accounts
Other
deposi
taries 5
Federal securities
Total
Public
debt
securities
Agency
securities
Less:
Investments of
Govt, accounts
Special
issues
Other
Less:
Special
notes3
Equals:
Total
held
by
public
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
Calendar year:
1970........................
1971.........................
1,156
2,020
6,834
9,173
109
113
8,099
11,306
389,158
424,131
12,491
11,044
77,931
85,544
21,756
22,922
825
825
301,138
325,884
38,802
39,860
M onth:
1971—June.............
July..............
Aug..............
Sept..............
Oct...............
Nov..............
Dec...............
1,274
1,274
987
2,102
1,876
1,996
2,020
7,372
7,372
8,408
7,763
4,667
2,223
9,173
109
113
113
113
113
113
113
8,755
8,755
9,508
9,978
6,655
4,331
11,306
398,130
405,299
414,962
412,268
411,934
414,620
424,131
12,163
11,203
11,223
10,720
10,770
10,760
11,044
82,740
84,601
86,910
85,904
84,213
84,253
85,544
22,400
22,522
22,672
22,853
22,853
22,900
22,922
825
825
825
825
825
825
825
304,328
308,554
315,408
313,406
314,812
317,402
325,884
36,886
37,985
37,116
37,380
39,530
39,392
39,860
1972—Jan...............
Feb...............
Mar..............
Apr..............
May.............
June.............
2,860
884
1,293
1,871
2,144
2,344
8,118
6,075
6,391
9,724
7,420
7,934
5 134
134
2
136
136
139
11,112
7,094
7,685
11,732
9,700
10,117
422,862
424,032
427,343
425,304
427,912
427,260
10,570
11,137
11,034
10,991
11,263
10,894
84,037
85,486
84,804
83,034
86,561
89,539
22,522
22,839
22,935
24.681
24,652
24,023
825
825
825
825
825
825
326,017
326,019
329,814
327,755
327,137
323,770
39,701
39,883
40,109
40,632
40,426
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.—Half years may not add to fiscal year totals due to revisions in
series which are not yet available on a monthly basis.
AUGUST 1972 □ FEDERAL FINANCE
A 43
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions o f dollars)
Budget receipts
Corporation
income taxes
Individual income taxes
Period
Social insurance taxes
and contributions
Employment
taxes and
contributions i
Total
With Non
Re
held with
held funds
Gross Re
re
ceipts funds
Net
total
Pay Selfroll
taxes empl.
Fiscal year:
196 9
197 0
197 1
197 2
187,784
193,743
188,392
208,596
70,182
77,416
76,490
83,282
38,338
35,037
30,320
34,797
1,660
2,208
3,535
2,760
Half year:
1970—July-Dee.
1971—Jan.-June
July-Dee.
1972—Jan.-June
87,584
r100,808
93,180
115,416
565 42,469 12,744
37,465 5,569
r39,025 18,693 13,957 M3,761 17,576
574 43,465 13,262
38,449 5,589
44,833 20,094 13,567 51,359 21,535
1,467
r2,069
1,448
1,312
M onth:
1971—Jun e
July........
Aug........
Sept........
Oct.........
Nov........
Dec........ .
*•22,499
13,198
15,652
19,710
12,462
14,945
17,213
r6,679 3,681
6,221
490
6,706
306
5,513 3,755
5,941
396
264
7,245
6,823
379
17,596
15,239
15,237
24,534
17,275
25,537
4,318
682
1,323
8,650
1,413
3,708
1972—Ja............. n
Feb..........
Mar.........
Apr..........
M ay........
June.........
27,258
26,236
24,262
25,683
6,627
7,581
7,782
6,599
8,141
8,102
10,191
13,240
14,522
14,141
505
191
91
76
55
55
106
87,249
90,412
86,230
94,824
r9,855
6,519
6,920
9,192
6,282
7,455
7,096
1 10,944
1,416 6,846
5,200 3,905
3,284 11,985
2,997 6,557
668 11,142
Un- Other Net
empl. net
re
total
insur. ceipts2
Excise Cus
taxes toms
Estate Misc.
and
re
gift ceipts 3
2,353
2,700
3,206
3,434
39,918
45,298
48,578
53,929
15,222
15,705
16,614
15,484
2,319
2,430
2,591
3,285
3,491
3,644
3,735
5,412
2,908
3,424
3,858
3,624
17,768
133 1,348 1,576
21,983 1,815 2,325 1,630
19,643
155 1,518 1,673
24,444 1,877 4,736 1,761
20,826
27,753
22,989
30,940
8,153
8,462
8,961
6,523
1,317
1,274
1,838
1,447
1,537
2,198
2,395
3,017
2,006
1,853
1,718
1,906
32,521
37,190
39,751
44,087
1,715
1,942
1,948
2,032
3,328
3,465
3,673
4,377
730
5,064
236
284
236
198
375
218
138
3,311
2,987
5,049
3,299
2,592
3,408
2,308
57
205
660
60
116
424
52
>•282
272
287
273
274
288
278
*•3,767
3,464
5,996
3,784
2,983
4,120
2,642
1,510
1,532
1,482
1,490
1,412
1,656
1,389
250
227
244
363
334
343
329
352
319
311
263
391
566
545
318
258
245
312
324
293
286
1,228
878
4,995
5,145
967
8,324
158
212
273
250
234
185
3,044
124
153
4,774
147
545
3,787
167
71
3,877 1,153
343
223 1,636
5,281
111
64
3,681
295
274
325
283
303
281
3,615
5,740
4,350
5,655
7,443
4,137
743
819
1,130
1,091
1,371
1,370
259
224
264
215
235
250
621
596
602
372
461
364
344
347
263
342
475
135
6,684
1,163
688
4,505
1,111
115
152
" ‘3
Budget outlays4
Period
Educa
Nat Com ComAgri
mun.
tion Health
ural
merce develop.
cul
and
and
and
re
ture sources transp. and
man welfare
housing power
Gen
eral
govt.
Intragovt.
trans
ac
tions5
1,961 6,525 49,395 7,640 15,791
2,965 7,289 56,785 8,677 18,312
3,382 8,650 70,164 9,787 19,608
4,230 10,200 81,492 10,748 20,607
4,844 11,281 87,775 11,745 21,161
2,866
3,336
3,970
4,888
5,531
-5 ,1 1 7
-6 ,3 8 0
-7 ,3 7 6
-7 ,8 6 4
-8 ,5 9 0
3,744
4,906
4,355
5,845
32,710
37,454
38,131
43,362
1,818
2,147
2,392
2,494
-3 ,6 0 7
-3 ,7 7 0
-3 ,8 2 2
-4 ,0 4 2
394
545
291
292
272
256
402
1,191
684
661
924
501
851
722
7,586
6,191
6,385
6,169
6,499
6,437
6,444
874
798
892
758
833
942
896
1,615
1,651
1,668
1,800
1,418
1,811
1,702
413 -2 ,2 8 6
380 -2 4 0
533
386
287 -2 4 6
396 -276
334 -343
473 -2 ,3 3 2
434
254
342
9
490
519
813
908
932
728
1,033
1,431
6,807
6,938
7,111
6,936
6,914
8,657
1,023
864
1,045
929
973
911
1,737
1,714
1,801
1,792
1,784
1,728
390 -2 7 7
400 -3 8 5
401 -293
419 -308
389 -371
495 -2 ,4 0 8
Total
Na
tional
de
fense
Fiscal year:
1969....................................
1970....................................
1971....................................
1972r..................................
1973e6................................
184,548
196,588
211,425
231,619
7246,257
81,232
80,295
77,663
78,150
78,310
3,785
3,570
2,884
3,659
3,844
4,247
3,749
3,381
3,424
3,191
6,221
6,201
5,312
7,276
6,891
2,081 7,921
2,480 9,310
2,713 11,283
3,754 11,055
2,450 11,550
Half year:
1970—July-Dee.................
1971—Jan.-June................
July-Dee.................
1972—Jan.-June................
104,216
107,242
111,557
120,063
38,521
39,178
35,755
42,396
1,409
1,475
1,752
1,906
1,720
1,661
1,777
1,647
4,633
679
5,999
1,278
1,561
1,152
1,952
1,801
5,808
5,475
6,030
5,025
1,677
1,705
2,181
2,048
M onth:
1971—June........................
July.........................
Aug.........................
Sept.........................
Oct...........................
Nov.........................
Dec..........................
19,975
18,556
19,582
18,196
18,791
18,947
17,484
8,139
5,187
5,595
5,979
6,106
6,175
6,713
-2 6
340
308
303
303
286
181
245
377
291
273
266
286
285
115
1,784
963
336
1,134
568
852
559
293
432
344
309
302
271
1,162
572
1,643
947
1,030
892
875
1972—Jan........................... 19,469
Feb.......................... 18,764
Mar......................... 20,327
Apr.......................... 18,598
M ay........................ 19,960
Ju n e....................... 22,945
6,161
6,333
7,158
6,738
7,107
8,899
347
307
361
265
268
358
259
276
310
238
207
294
699
298
16
-1 9 6
126
335
264
237
265
255
265
515
813
619
876
793
713
1,211
Intl.
affairs
Space
re
search
1 Old-age, disability, and hospital insurance, and Railroad Retirement
accounts.
2 Supplementary medical insurance premiums and Federal employee
retirement contributions.
3 Deposits of earnings by Federal Reserve Banks and other miscellane
ous receipts.
4 Outlays by functional categories are published in the Monthly
Treasury Statement (beginning April 1969). Monthly back data (beginning
July 1968) are published in the Treasury Bulletin of June 1969.
5 Consists of government contributions for employee retirement and
interest received by trust funds.
Vet
erans
Inter
est
4,626 9,597
5,162 10,014
5,003 10,050
5,745 10,556
6 Estimates presented in the Jan. 1973 Budget Document. Breakdowns do
not add to totals because special allowances for contingencies, Federal pay
increase (excluding Department of Defense), and revenue sharing, totaling
$6,275 million for fiscal 1973, are not included.
7 On June 5, 1972, the administration revised the Budget estimates—
increasing total outlays to $250.0 billion; revised figures for the functional
breakdown are not available.
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 44
U.S. GOVERNMENT SECURITIES □ AUGUST 1972
GROSS PUBLIC DEBT, BY TYPE OF SECURITY
(In billions o f dollars)
Public issues
Total
gross
public
debt 1
End of period
Marketable
Total
Total
Bills
1941_Dec.
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.
1970—Dec.
320.9
329.3
344.7
358.0
368.2
389.2
270.3
273.0
284.0
296.0
295.2
309.1
214.6
218.0
226.5
236.8
235.9
247.7
60.2
64.7
69.9
75.0
80.6
87.9
1971—July.
Aug.
Sept.
Oct..
Nov.
Dec.,
405.3
414.6
412.3
411.9
414.6
424.1
318.9
325.8
324.5
325.8
328.4
336.7
247.6
249.7
249.9
252.2
254.5
262.0
1972—Jan..
Feb..
Mar.
Apr.,
May
June
July.
422.9
424.0
427.3
425.3
427.9
427.3
432.4
336.9
336.5
340.6
340.4
339.5
335.8
339.6
261.9
261.2
265.4
263.0
261.9
257.2
257.7
* Includes non-interest-bearing debt (of which $623 million on June 30,
1972, was not subject to statutory debt limitation).
2 Includes Treasury bonds and minor amounts of Panama 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
Certifi
cates
Notes
30.0
10.1
6.0
50.2
48.3
61.4
76.5
85.4
Con
vert
ible
Bonds 2 bonds
33.6
119.5
Nonmarketable
Sav
ings
Total 3 bonds
& notes
Special
issues 4
8.9
56.5
6.1
49.8
7.0
24.6
101.2
104.2
99.2
95.2
85.3
69.9
58.6
2.8
2.7
2.6
2.5
2.4
2.4
52.9
52.3
54.9
56.7
56.9
59.1
50.3
50.8
51.7
52.3
52.2
52.5
46.3
52.0
57.2
59.1
71.0
78.1
88.9
89.6
88.6
89.0
89.8
97.5
104.8
108.2
109.5
111.5
114.0
114.0
53.9
51.9
51.8
51.8
50.7
50.6
2.3
2.3
2.3
2.3
2.3
2.3
68.9
73.8
72.2
71.3
71.6
72.3
53.8
54.0
54.2
54.4
54.7
54.9
84.7
87.0
86.0
84.3
84.4
85.7
97.5
98.1
102.4
98.3
98.1
94.6
95.2
114.0
112.9
112.9
114.7
113.4
113.4
113.4
50.4
50.2
50.1
50.0
50.4
49.1
49.1
2.3
2.3
2.3
2.3
2.3
2.3
2.3
72.7
73.0
72.9
75.1
75.2
76.3
79.5
55.1
55.3
55.6
55.9
56.2
56.5
56.7
84.2
85.6
84.9
83.1
86.6
89.6
91.0
5.9
1956, tax and savings notes; and before Oct. 1965, Series A investment
bonds.
4 Held only by U.S. Govt, agencies and trust funds and the Federal
home loan banks.
N ote .— Based on Daily Statement of U.S. Treasury. See also second
paragraph in N ote to table below.
OWNERSHIP OF PUBLIC DEBT
(Par value, in billions of dollars)
Held by private investors
Held by—
Total
gross
public
debt
U.S.
Govt.
agencies
and
trust
funds
F.R.
Banks
Total
1939—Dec................
1946—Dec................
41.9
259.1
6.1
27.4
2.5
23.4
1965—Dec................
1966—Dec................
1967—Dec................
1968—Dec................
1969—Dec................
1970—Dec................
320.9
329.3
344.7
358.0
368.2
389.2
59.7
65.9
73.1
76.6
89.0
97.1
1971—June..............
July...............
Aug...............
Sept...............
Oct.................
Nov...............
Dec................
398.1
405.3
414.6
412.3
411.9
414.6
424.1
1972—Jan.................
Feb................
Mar...............
Apr................
May r ............
June..............
422.9
424.0
427.3
425.3
427.9
427.3
End of
period
Mutual
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
.4
6.3
1.9
44.2
7.5
20.0
.2
2.1
.3
9.3
40.8
44.3
49.1
52.9
57.2
62.1
220.5
219.2
222.4
228.5
222.0
229.9
60.7
57.4
63.8
66.0
56.8
62.7
5.3
4.6
4.1
3.6
2.9
2.8
10.3
9.5
8.6
8.0
7.1
7.0
15.8
14.9
12.2
14.2
13.3
10.5
22.9
24.3
24.1
24.4
25.4
23.1
49.7
50.3
51.2
51.9
51.8
52.1
22.4
24.3
22.8
23.9
29.1
29.8
16.7
14.5
15.8
14.3
11.4
20.6
16.7
19.4
19.9
22.4
24.1
21.4
102.9
104.9
107.3
106.5
104.7
104.7
106.0
65.5
65.8
66.9
67.6
67.2
67.8
70.2
229.7
234.6
240.4
238.2
240.0
242.1
247.9
61.0
60.5
59.5
60.0
60.9
61.5
65.3
2.9
2.9
2.8
2.8
2.8
2.7
2.7
6.6
6.7
6.7
6.5
6.5
6.5
6.6
10.1
11.6
10.9
10.0
11.1
12.0
12.6
21.4
21.9
21.1
21.0
20.8
20.6
20.4
53.2
53.4
53.6
53.7
54.0
54.2
54.4
24.8
24.8
24.5
24.1
23.7
23.4
23.0
32.7
35.4
42.7
42.4
42.8
44.1
46.9
17.2
17.3
18.6
17.7
17.4
17.1
16.0
104.4
106.2
105.5
105.5
109.1
111.5
69.6
67.7
69.9
70.3
71.6
71.4
248.9
250.2
251.9
249.5
247.2
244.4
62.8
62.1
63.3
61.9
60.8
59.9
2.7
2.7
2.7
2.7
2.8
2.7
6.5
6.5
6.5
6.4
6.3
6.2
12.2
12.5
12.3
11.2
12.0
10.4
21.1
22.0
21.6
21.5
21.4
21.8
54.6
54.9
55.2
55.5
55.8
56.0
22.8
22.4
22.3
21.9
21.4
20.8
48.2
48.9
49.9
49.8
49.4
50.0
18.0
18.2
18.1
18.5
17.4
16.7
1 Consists of investments of foreign and international accounts in
the United States.
2 Consists of savings and loan assns., nonprofit institutions, cor
porate pension trust funds, and dealers and brokers. Also included
are certain Govt, deposit accounts and Govt.-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
Com
mercial
banks
Other
Savings
bonds securities
Foreign Other
and
misc.
inter
inves
national 1 tors 2
The debt and ownership concepts were altered beginning with the
Mar. 1969 B u l l e t i n . The new concepts (1) exclude guaranteed se
curities and (2) remove from U.S. Govt, agencies and trust funds
and add to other miscellaneous investors the holdings of certain
Govt.-sponsored but privately owned agencies and certain Govt, deposit
accounts.
AUGUST 1972 a U.S. GOVERNMENT SECURITIES
A 45
OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value, in millions of dollars)
Within 1 year
1-5
years
5-10
years
10-20
years
Over
20 years
37,553
35,500
21,636
28,523
27,296
73,301
82,318
93,648
89,005
89,004
20,026
22,554
29,321
26,852
26,852
8,358
8,556
9,530
9,364
9,343
16,054
10,863
10,397
10,086
10,059
812
708
605
2,255
1,671
1,509
2,297
775
748
679
6,006
6,075
7,614
7,738
7,739
2,472
3,877
4,676
4,895
4,906
2,059
1,748
2,319
2,346
2,358
3,437
2,387
2,456
2,456
2,514
36,023
36,338
36,032
40,245
40,085
22,265
25,965
31,033
31,291
31,258
13,758
10,373
4,999
8,954
8,827
12,810
19,089
25,299
24,311
24,109
7,642
6,046
7,702
5,818
5,913
224
229
584
621
627
453
440
601
612
622
162,414
168,479
173,376
169,879
165,978
79,780
84,080
81,729
83,369
79,509
57,494
61,250
65,867
64,548
61,719
22,286
22,830
15,862
18,821
17,790
54,485
57,154
60,735
56,956
57,156
9,912
12,631
16,943
16,139
16,033
6,075
6,579
6,627
6,397
6,358
12,164
8,036
7,340
7,018
6,923
Commercial banks:
1969—Dec. 31.........................................
1970—Dec. 31.........................................
1971—Dec. 31........................................
1972—May 31.........................................
June 30........................................
45,173
50,917
51,363
48,076
47,028
15,104
19,208
14,920
15,044
14,337
6,727
10,314
8,287
5,911
6,335
8,377
8,894
6,633
9,133
8,002
24,692
26,609
28,823
26,675
26,326
4,399
4,474
6,847
5,723
5,688
564
367
555
451
500
414
260
217
183
178
Mutual savings banks:
1969—Dec. 31.........................................
1970—Dec. 31.........................................
1971—Dec. 31........................................
1972 May 31........................................
June 30.........................................
2,931
2,745
2,742
2,747
2,668
501
525
416
456
388
149
171
235
249
175
352
354
181
207
213
1,251
1,168
1,221
1,214
1,192
263
339
499
493
502
203
329
281
298
298
715
385
326
287
287
Insurance companies:
1969—Dec. 31.........................................
1970—Dec. 31.........................................
1971—Dec. 31.........................................
1972 May 31.........................................
June 30........................................
6,152
6,066
5,679
5,478
5,340
868
893
720
644
525
419
456
325
287
208
449
437
395
357
317
1,808
1,723
1,499
1,375
1,362
253
849
993
1,027
1,027
1,197
1,369
1,366
1,352
1,356
2,028
1,231
1,102
1,082
1,068
Nonfinancial corporations:
1969—Dec. 31.........................................
1970—Dec. 31............................. ...........
1971—Dec. 31.........................................
1972 May 31........................................
June 30........................................
5,007
3,057
6,021
5,717
4,182
3,157
1,547
4,191
4,537
3,010
2,082
1,194
3,280
3,425
1,945
1,075
353
911
1,112
1,065
1,766
1,260
1,492
971
1,020
63
242
301
181
135
12
2
16
19
10
8
6
20
9
9
Savings and loan associations:
1969—Dec. 31.........................................
1970—Dec. 31.........................................
1971—Dec. 31........................................
1972—May 31........................................
June 30........................................
3,851
3,263
3,002
3,006
2,849
808
583
629
803
675
269
220
343
458
359
539
363
286
345
316
1,916
1,899
1,449
1,276
1,250
357
281
587
607
608
329
243
162
144
140
441
258
175
176
175
State and local governments:
1969—Dec. 31.........................................
1970—Dec. 31.........................................
1971—Dec. 31........................................
1972—May 31........................................
June 30.........................................
13,909
11,204
9,823
9,987
10,314
6,416
5,184
4,592
4,934
5,298
5,200
3,803
3,832
4,054
4,441
1,216
1,381
760
880
857
2,853
2,458
2,268
2,184
2,223
524
774
783
765
749
1,225
1,191
918
838
773
2,893
1,598
1,263
1,265
1,270
All others:
1969—Dec.
1970—Dec.
1971—Dec.
1972—May
June
85,391
91,227
94,746
94,868
93,597
52,926
56,140
56,261
56,951
55,276
42,648
45,092
49,565
50,164
48,256
10,278
11,048
6,696
6,787
7,020
20,199
22,037
23,983
23,261
23,783
4,053
5,672
6,933
7,343
7,324
2,545
3,078
3,329
3,295
3,281
5,665
4,298
4,237
4,016
3,936
Type of holder and date
Total
Total
Bills
Other
235,863
247,713
262,038
261,924
257,202
118,124
123,423
119,141
126,617
121,944
80,571
87,923
97,505
98,094
94,648
16,295
17,092
18,444
20,438
19,868
2,321
3,005
1,380
3,003
2,350
Federal Reserve Banks:
1969 Dec. 3 1 . . . ...........................................
1970—Dec. 31................................................
1971—Dec. 31................................................
1972 May 31................................................
June 30................................................
57,154
62,142
70,218
71,607
71,356
Held by private investors:
1969 Dec. 31................................................
1970—Dec. 31................................................
1971—Dec. 31................................................
1972 May 31................................................
June 30................................................
All holders:
1969 Dec.
1970—Dec.
1971—Dec.
1972 May
31........................................................
31........................................................
31........................................................
31........................................................
U.S. Govt, agencies and trust funds:
1969 Dec. 31................................................
1970 Dec. 31................................................
1971—Dec. 31................................................
1972 May 31................................................
31.........................................
31.........................................
31........................................
31........................................
30.........................................
N ote .—Direct public issues only. Based on Treasury Survey of
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.
Data complete for U.S. Govt, agencies and trust funds and F.R. Banks
but for other groups are based on Treasury Survey data. Of total mar
ketable issues held by groups, the proportion held on latest date by those
reporting in the Survey and the number of owners surveyed were: (1)
about 90 per cent by the 5,647 commercial banks, 485 mutual savings
banks, and 736 insurance companies combined; (2) about 50 per cent by
the 466 nonfinancial corporations and 487 savings and loan assns.; and
(3) about 70 per cent by 504 State and local govts.
“All others,” a residual, includes holdings of all those not reporting
in the Treasury Survey, including investor groups not listed separately.
A 46
U.S. GOVERNMENT SECURITIES □ AUGUST 1972
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
U.S. Govt,
securities
Other
Com
mercial
banks
All
other
U.S. Govt.
agency
securities
Nov..............................
Dec...............................
2,195
2,484
2,482
2,115
2,646
2,691
3,139
1,802
2,103
1,848
1,598
1,905
1,668
2,317
273
280
512
271
438
523
497
92
74
97
219
268
418
266
28
28
25
26
36
81
58
727
814
859
759
988
906
1,006
110
131
129
99
117
157
214
687
837
855
725
906
940
1,190
672
702
640
532
634
687
730
418
471
462
482
659
547
569
1972—Jan................................
Feb...............................
Mar..............................
Apr...............................
M ay.............................
June.............................
3,191
3,260
3,177
2,990
2,542
2,452
2,268
2,339
2,443
2,300
1,939
2,001
571
652
464
460
348
257
309
242
241
203
221
161
44
27
29
28
35
34
i 879
913
800
704
589
545
2 391
363
437
450
364
355
1,120
1,170
1,060
1,002
821
759
3 801
815
881
835
767
793
623
611
459
609
485
411
Week ending—
1972—June 7.......................
14.......................
21.......................
28.......................
2,481
2,117
2,076
2,819
1,858
1,719
1,673
2,408
357
213
239
232
241
131
134
148
25
53
30
32
558
466
451
671
403
280
299
402
799
626
693
819
720
745
632
927
483
288
431
417
2,926
2,121
2,286
2,080
2,601
1,866
1,938
1,880
199
146
165
116
107
88
156
65
19
21
26
19
609
416
588
581
401
309
367
265
932
707
709
636
983
689
622
599
327
419
366
587
1971—June.............................
July..............................
Aug..............................
July
5.......................
12.......................
19.......................
26.......................
1 Beginning Jan. 5, 1972, represents transactions
dealers.
2 Beginning Jan. 5, 1972, represents transactions
brokers.
3 Beginning Jan. 5, 1972, includes transactions
in securities other than U.S. Govt., previously
dealers and brokers.
of U.S. Govt, securities
of U.S. Govt, securities
of dealers and brokers
shown under “other”
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
Over
10
years
130
26
70
377
310
943
600
12
-1 1
11
36
37
265
232
776
771
698
926
903
1,063
1,101
1971—June...........
July............
Aug............
Sept...........
437
479
228
20
84
-5 5
365
304
-32
-131
102
-9 9
94
83
27
-2 9
-1 8
-1 6
847
554
489
422
551
532
1972—Jan.............
Feb............
Mar............
3,912
3,916
4,106
4,049
4,501
180
151
56
37
30
16
138
100
117
87
-2 5
-3 1
-21
-11
-5
600
453
428
580
779
4,054
3,932
4,011
3,813
-2 9
-2 1
-3 8
-1 0 4
-3 9
-4 6
-70
-187
-2 4
-2 1
-1 2
-11
526
488
594
533
1-5
years
2,735
July................ 3,011
Aug................ 2,897
Sept................ 3,856
Oct................. 4,353
5,846
Dec................. 5,335
2,477
3,018
2,473
3,089
3,612
3,725
3,877
116
-2 3
344
355
394
914
626
1972—Jan.................
Feb.................
Mar................
Apr.................
May...............
June...............
5,561
4,960
4,933
3,573
4,257
3,733
4,665
4,094
4,710
3,713
4,089
3,903
Week ending—
1972—May 3 ........
10
17
2 4 ........
31........
4,084
4,175
4,240
4,193
4,613
3,963
3,845
3,891
3,511
7 ........
14
21
2 8 ........
5-10
years
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.
Commercial banks
U.S.
Govt.
agency
securi
ties
Within
All
1
maturi
ties
year
June
N ote .—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.
Corpora
tions 1
All
other
523
391
390
856
704
932
912
435
721
821
811
921
1,564
1,659
1,145
1,254
967
1,430
1,699
2,082
1,571
1,296
1,456
1,347
1,044
1,107
1,056
904
719
907
746
931
838
1,750
1,344
949
657
755
804
1,763
1,686
1,458
953
1,280
1,108
3,759
3,966
4,138
3,951
4,328
1,181
1,192
1,198
957
1,042
772
843
979
932
1,011
655
674
671
861
853
1,151
1,257
1,290
1,201
1,421
4,237
3,980
3,905
3,271
1,091
1,047
1,174
969
1,005
944
831
630
891
860
759
709
1,250
1,129
1,142
962
Period
All
sources
New
York
City
Else
where
3,163
3,516
3,071
4,146
4,511
6,455
5,517
1,061
1,151
894
1,049
1,188
1,877
1,375
May...........
June...........
5,714
5,205
4,662
3,400
4,073
3,804
Week ending—
1972—May 3 ...
1 0 ...
1 7 ...
2 4 ...
3 1 ...
June
7. ..
14. ..
2 1 ...
28. ..
1 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.
AUGUST 1972 □ GOVERNMENT SECURITIES
A 47
U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, JULY 31, 1972
(In millions o f dollars)
Amount
Issue and coupon rate
Amount
Issue and coupon rate
Treasury bills—Cont.
Jan. 18, 1 9 7 3 ....
3.901
Jan. 25, 1 9 7 3 ....
3.901
Jan. 31, 1 9 7 3 ....
4.101
4.102
Feb. 28, 1973----Mar. 31, 1 9 7 3 ....
5.798
Apr. 30, 19 7 3 ....
4.102
May 31, 1 9 73....
4.101
June 30, 1 9 7 3 ....
4.102
July 31, 1 9 7 3 ....
4,105
1,702
4,098
4.102
4.101
4.102
1.700
1,801 Treasury notes
Aug. 15, 1972 ........ 5
1,800
Oct. 1, 1972.......... UA
1,801
Nov. 15, 1972........ 6
1,801
3,502
Feb. 15, 1973........ 6%
1,800
Feb. 15, 1973........ 4V&
1,802
Apr. 1, 1973.......... VA
1,802
May 15, 1973........ 7y4
1.799
May 15, 1973.........4 y4
1.701
Aug. 15, 1973........ 8H
1.799
1,801
Treasury bills
Aug. 3, 1972
Aug. 10, 1972,
Aug. 17, 1972
Aug. 24, 1972
Aug. 31, 1972
Sept. 7, 1972
Sept. 14, 1972
Sept. 21, 1972
Sept. 28, 1972
Sept. 30, 1972
Oct. 5, 1972
Oct. 12, 1972
Oct. 19, 1972
Oct. 26, 1972
Oct. 31, 1972
Nov. 2, 1972
Nov. 9, 1972
Nov. 16, 1972
Nov. 24, 1972
Nov. 30, 1972
Dec. 7, 1972
Dec. 14, 1972
Dec. 21, 1972
Dec. 28, 1972
Dec. 31, 1972
Jan. 4, 1973
Jan. 11, 1973
1,800
1,800
1.700
1.701
1.702
1,700
1,200
1,201
1,201
2,574
33
2,285
2,514
4,268
34
5,844
3,792
1,839
Issue and coupon rate
Oct.
Feb.
Apr.
May
Aug.
Oct.
Nov.
Feb.
Feb.
Apr.
May
May
Aug.
Oct.
Nov.
Feb.
Apr.
May
May
Aug.
Oct.
Nov.
Feb.
Apr.
Aug.
Feb.
Nov.
1,
15,
1,
15,
15,
1,
15,
15,
15,
1,
15,
15,
15,
1,
15,
15,
1,
15,
15,
15,
1,
15,
15,
1,
15,
15,
15,
1973..,...1*4
1974......7 %
1974..,...1V4
1974..,...7 %
1974, ,...55/g
1974 , ...1 %
1974... ...5 %
1975......5 %
1975..,...5 %
1975......1 %
1975, ...578
1975.., . .6
1975,.,...57/8
1975..,. . . l 1/!
1975. . , . 7
1976, , ...6 %
1976......1 %
1976.. ...5 %
1976.. ...6 %
1976,.
1976 . . . m
1976 , . . . 6 Va
1977..
8
1977
1977..,. . . m
1978,. ...6 %
1978.. . ..6
Amount
Issue and coupon rate
Amount
Treasury bonds
Sept. 15, 1967-72. •2i/i
30
Dec. 15, 1967-72. .2 Vi
2,960
34
Aug. 15, 1972, , .4
4,334
Aug. 15, 1973
.4
10,284
Nov. 15, 1 9 7 3 .... •41/s
42
Feb. 15, 1 9 7 4 .... •41/g
7,212
May 15, 1974
■4V4
5,148
Nov. 15, 1974,,. •3%
2,045
May 15, 1975-85. .41/4
8
June 15, 1978-83. .3%
1,776
Feb. 15, 1980, ,, ,4
6,760
Nov. 15, 19 8 0 .,,, • 3i/i
7,679
Aug. 15, 1981
.7
30
Feb. 15, 1982, , .6%
3,115
May 15, 1 9 8 5 ,,,, .314
3,739
Nov. 15, 19 8 6 .... •61/8
Aug. 15, 1987-92. .41/4
27
2,802
Feb. 15, 1988-93. .4
2,697
May 15, 1989-94. .41/g
4,194
Feb. 15, 1990,, .3i/i
11
Feb. 15, 1995
.3
1,283
Nov. 15, 19 9 8 .... • 3 ^
5,163
3
2,264 Convertible bonds
8,389
Investment Series B
Apr. 1, 1975-80.. 2Y4
8,207
1,951
2,546
1,453
3,894
4,339
2,467
2,853
2,236
1,207
1,513
2,583
1,900
807
2,702
1,011
1,216
3,776
242
1,526
4,370
1,006
3,465
2,309
N ote . —Direct public issues only. Based on Daily Statement of U.S.
Treasury.
t Tax-anticipation series.
NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES
(In millions of dollars)
All issues (new capital and refunding)
Type of issue
Period
Total
196
196
196
196
196
196
197
197
4
5
6
7
8
9
0
1
Gener Reve
al
nue
obli
gations
10,847 6,417
11,329 7,177
11,405 6,804
14,766 8,985
16,596 9,269
11,881 7,725
18,164 11,850
24,962 15,220
3,585
3.517
3,955
5,013
6.517
3,556
6,082
8,681
1971—June..
July. .
A ug..
Sept..
O c t...
N ov..
D ec..,
2,013
1,989
1,903
2,098
1,728
2,264
2,068
1,320
1,306
1,141
1,313
836
1,394
1,367
684
506
754
523
890
869
440
1972—J a n ...
Feb...
M ar..
Apr..
May.
June.
1,776
1,120
654
948
718
725
992
1,035
2,002
2,237
2,114
1,986
2,224
1,049
1,289
1,382
990
975
Issues for new capital
Type of issuer
U.S.
H A A 1 Govt.
loans
State
Special
district
and Other2
stat.
auth.
1,628
2,401
2,590
2,842
2,774
3,359
4,174
5,999
3,812
3,784
253
779
477
459
348
341
629
441
337
606
735
706
840
874
568
209
639
354
434
471
374
246
545
977
954
674
828
1,199
637
464
325
477
528
402
131
1,000
171
208
170
312
334
282
197
103
62
4,110
4,810
5,946
3,596
5,595
8,714
1 Only bonds sold pursuant to 1949 Housing Act, which are secured
by contract requiring the Housing Assistance Administration to make
annual contributions to the local authority.
2 Municipalities, counties, townships, school districts.
3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser
and payment to issuer, which occurs after date of sale.
4 Water, sewer, and other utilities.
Total
amount
deliv
ered3
Use of proceeds
Total
Edu Roads
and
cation bridges
Util
ities4
Other
Hous Veter
ans* pur
ing 5
aid poses
5,407 10,069 10,201
5,144 11,538 10,471
11,303
4,695
14,643
7,115
16,489
7,884
11,838
4,926
18,110
8,399
24,495
10,246
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
896
905
707
1,044
548
761
1,058
2,004
1,942
1,894
2,053
1,626
2,134
2,042
385
301
352
463
291
418
353
394
120
158
65
210
338
137
699
231
377
458
353
500
239
14
219
159
271
96
246
298
512
1,071
846
796
678
631
1,016
591
670
849
969
785
778
1,696
1,930
2,111
377
531
463
490
657
334
147
78
134
229
214
144
440
433
348
434
295
523
56
29
329
10
67
393
676
858
837
912
684
563
2,075
1,919
1,959
5 Includes urban redevelopment loans.
N ote . —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 treatment of U.S. Govt, loans.
Investment Bankers Assn. data; par amounts of long-term issues
based on date of sale unless otherwise indicated.
Components may not add to totals due to rounding.
A 48
SECURITY ISSUES □ AUGUST 1972
TOTAL NEW ISSUES
(In millions o f dollars)
Gross proceeds, all issues1
Noncorporate
Corporate
Period
Total
U.S.
Govt.2
U.S.
Govt.
agency3
State
and local
(U.S.)4
Bonds
Other 5
Total
Stock
Total
Publicly
offered
Privately
placed
Preferred
Common
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
68,514
1967....................
65,562
1968....................
52,496
1969....................
1970..................... 88,666
1971..................... 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
1971—May.........
June.........
July..........
Aug..........
Sept..........
O ct.c........
N ov.c. . . .
Dec.c.......
6,969
10,994
9,316
9,346
9,445
9,410
10,568
6,911
466
2,779
1,153
3,228
1,698
2,455
3,254
443
1,000
1,812
2,049
1,500
1,774
1,876
1,300
698
2,114
1,988
1,951
1,850
2,044
1,679
2,286
2,058
118
40
17
237
161
12
24
39
3,271
4,375
4,147
2,532
3,768
3,387
3,704
3,673
2,638
3,042
1,951
1,844
2,573
2,665
2,436
2,473
2,148
2,283
1,331
1,428
1,966
1,942
2,003
1,190
491
760
619
416
607
723
433
1,283
54
104
1,527
270
165
86
270
169
579
1,228
669
418
1,031
637
999
1,031
1972—Jan...........
Feb...........
M ar..........
A pr.r.......
May.........
7,188
7,302
6,556
8,507
9,517
529
539
586
2,281
2,360
1,401
1,325
400
1,055
1,500
1,737
1,942
2,185
1,963
1,924
316
126
156
24
161
3,205
3,369
3,229
3,184
3,571
2,371
2,329
2,253
2,322
2,428
1,767
1,917
1,677
1,622
1,696
604
412
577
700
732
303
195
282
263
128
531
846
694
598
1,016
1964....................
1965....................
1966....................
Gross proceeds, major groups of corporate issuers
Period
Manufacturing
Commercial and
miscellaneous
Transportation
Public utility
Communication
Real estate
and financial
Bonds
Stocks
Bonds
Stocks
Bonds
Stocks
Bonds
Stocks
Bonds
Stocks
Bonds
Stocks
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
9,894
5,668
4,448
1970............................................... 9,192
1971.............................................. 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
1971—May...................................
June...................................
July....................................
AllC......... .........................
Sept....................................
Oct.....................................
Nov...................................
Dec....................................
631
1,031
383
262
991
571
637
687
158
175
200
212
154
91
174
293
143
497
159
76
123
150
61
246
131
290
188
175
295
172
232
127
250
182
157
76
120
185
145
199
89
115
62
12
29
5
6
33
447
616
520
687
578
703
672
520
141
439
212
162
492
230
545
371
403
204
232
359
235
432
261
311
2
14
1,390
9
42
763
513
500
385
525
624
660
510
113
300
144
126
179
224
303
335
1972—Jan.....................................
Feb.....................................
Mar....................................
Apr.....................................
May...................................
321
428
448
375
607
71
101
155
197
150
163
67
178
223
197
138
104
264
178
281
268
142
102
104
135
14
4
3
3
71
418
388
386
917
378
115
600
354
295
357
458
438
197
176
374
294
60
30
1
16
742
865
942
527
737
202
171
170
189
269
1968..............................................
1 Gross proceeds are derived by multiplying principal amounts or
number of units by offering price.
2 Includes guaranteed issues.
3 Issues not guaranteed.
4 See note to table at bottom of preceding page.
46
5 Foreign governments and their instrumentalities, International Bank
for Reconstruction and Development, and domestic nonprofit organizations.
N ote .— Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.
AUGUST 1972 □ SECURITY ISSUES
A 49
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions o f dollars)
Derivation of change, all issuers1
All securities
Period
Bonds and notes
Common and preferred stocks
New issues
Retirements
Net change
New issues
Retirements
Net change
New issues
Retirements
Net change
7
8
9
0
1
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—1..
II.
III
IV
11,241
13,212
10,746
11,488
2,015
2,979
1,992
2,521
9,226
10,233
8,754
8,967
8,765
8,974
6,159
8,019
1,776
2,681
1,649
2,084
6,989
6,294
4,510
5,935
2,476
4,238
4,586
3,469
239
299
343
437
2,237
3,939
4,244
3,032
1972—1..
10,072
2,691
7,381
6,699
2,002
4,698
3,373
690
2,683
196
196
196
197
197
Type of issuer
Manu
facturing
Period
Bonds
& notes
Transpor
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
7
8
9
0
1
7,237
4,418
3,747
6,641
6,585
832
-1 ,8 4 2
69
870
2,534
1,104
2,242
1,075
853
827
282
821
1,558
1,778
2,290
1,158
987
946
1,104
900
165
-149
186
36
800
3,444
3,669
4,464
6,861
6,486
652
892
1,353
2,917
4,206
1,716
1,579
1,834
4,806
3,925
467
120
241
94
1,600
1,302
1,069
1,687
2,564
5,005
-1 3 0
-741
866
1,107
2,017
1971—1..
II.
Ill
IV.
2,076
2,296
852
1,361
520
885
676
453
201
446
-1 0
190
416
757
678
445
271
461
195
-2 7
33
374
230
163
1,897
1,347
1,493
1,749
948
1,261
814
1,183
1,194
919
832
980
66
38
1,442
54
1,349
825
1,148
1,683
255
624
404
734
1972—1..
696
423
31
545
267
15
827
872
1,020
402
1,856
425
196
196
196
197
197
1 Excludes investment companies.
2 Extractive and commercial and miscellaneous companies.
3 Railroad and other transportation companies.
N ote .— Securities and Exchange Commission estimates of cash trans
actions only. As contrasted with data shown on opposite page, new issues
exclude foreign sales and include sales of securities held by affiliated com
panies, special offerings to employees, and also new stock issues and cash
proceeds connected with conversions of bonds into stocks. Retirements
are defined in the same way and also include securities retired with in
ternal funds or with proceeds of issues for that purpose.
OPEN-END INVESTMENT COMPANIES
(In millions of dollars)
Year
Sales and redemption
of own shares
Sales 1 Redemp
tions
Net
sales
Assets (market value
at end of period)
Total 2
Other
Cash
position 3
1960..............
2,097
842
1,255
17,026
973
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
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
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
1970..............
1971..............
4,624
5,145
2,987
4,751
1,637
774
47,618
56,694
3,649
3,163
Sales and redemption
of own shares
Sales 1 Redemp
tions
16,053 1971—Ju n e ..
July...
Aug...
Sept...
Oct....
Nov...
Dec...
27,787
33,417
31,858 1972—Jan....
Feb. ..
42,135
M ar...
49,490
A pr...
44,445
M ay..
Ju n e ..
43,969
53,531
21,809
19,956
23,873
1 Includes contractual and regular single purchase sales, voluntary and
contractual accumulation plan sales, and reinvestment of investment in
come dividends; excludes reinvestment of realized capital gains dividends.
2 Market value at end of period less current liabilities.
Month
Assets (market value
at end of period)
Net
sales
Total 2
Cash
position 3
Other
434
371
432
304
596
397
453
467
444
394
471
419
334
411
-3 3
-7 3
38
-1 6 7
177
63
42
53,560
51,424
53,798
53,291
51,160
50,958
55,045
2,830
2,856
3,016
2,511
2,885
3,172
3,038
50,730
48,568
50,782
50,780
48,275
47,786
52,007
521
404
472
405
378
393
475
514
667
655
585
560
46
-1 1 0
-1 9 5
-2 5 0
-207
-167
56,694
58,536
58,740
58,870
59,736
57,707
3,163
3,478
3,251
2,827
2,763
3,015
53,531
55,058
55,489
56,043
56,973
54,692
3 Cash and deposits, receivables, all U.S. Govt, securities, and other
short-term debt securities, less current liabilities.
N ote .— 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. Data reflect
newly formed companies after their initial offering of securities.
A 50
BUSINESS FINANCE □ AUGUST 1972
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)
Corporate
capital
Undis
tributed consump
tion
profits
allow
ances1
Year
Profits
before
taxes
In
come
taxes
Profits
after
taxes
Cash
divi
dends
1966..............
1967..............
84.2
79.8
34.3
33.2
49.9
46.6
20.8
21.4
29.1
25.3
39.5
43.0
1968..............
1969r ............
1970r ............
1971'............
87.6
84.9
74.3
83.3
39.9
40.1
34.1
37.3
47.8
44.8
40.2
45.9
23.6
24.3
24.8
25.4
24.2
20.5
15.4
20.5
46.8
51.9
55.2
60.3
Corporate
capital
Undis consump
tributed
tion
profits
allow
ances 1
Quarter
Profits
before
taxes
In
come
taxes
Profits
after
taxes
Cash
divi
dends
1970—I I ' ..
I I I '..
I V '..
75.2
76.6
69.6
34.6
35.4
32.2
40.6
41.2
37.4
24.7
24.9
24.7
15.8
16.3
12.7
54.8
55.2
56.1
1971—i*-. ..
IIr . .
I I P ..
IV r..
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
25.2
17.7
20.4
21.0
22.7
57.5
59.4
61.2
63.0
1972—I ' . . .
88.2
38.8
49.5
26.0
33.5
64.8
1 Includes depreciation, capital outlays charged to current accounts, and
N ote .—Dept, of Commerce estimates, Quarterly data are at seasonally
adjusted annual rates.
accidental damages.
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS
(In billions of dollars)
Current assets
Net
working
capital
End of period
Total
Cash
U.S.
Govt.
securi
ties
Current liabilities
Notes and accts.
receivable
U.S.
Govt.1
Other
Notes and accts.
payable
Inven
tories
Other
U.S.
Govt.1
Other
Accrued
Federal
income
taxes
Total
Other
1967..............................
1968..............................
1969.............................
198.9
212.0
213.2
470.4
513.8
555.9
54.1
58.0
54.9
12.7
14.2
12.7
5.1
5.1
4.8
216.0
237.1
261.0
153.4
165.8
184.8
29.0
33.6
37.8
271.4
301.8
342.7
5.8
6.4
7.3
190.6
209.8
238.1
14.1
16.4
16.6
60.8
69.1
80.6
1970—1........................
I I .......................
I l l .....................
I V .....................
213.3
213.6
214.0
217.0
561.0
566.3
567.6
572.1
52.9
52.5
53.7
56.9
12.5
10.7
9.3
9.7
4.7
4.4
4.2
4.2
264.5
268.7
270.0
268.1
188.0
190.2
191.8
194.4
38.5
39.9
38.5
38.8
347.7
352.7
353.6
355.2
7.2
7.0
6.8
6.6
238.4
244.1
243.0
244.5
18.0
14.6
15.4
15.9
84.2
87.1
88.3
88.1
1971—1........................
I I .......................
I l l .....................
IV2...................
220.4
226.3
231.3
235.3
576.9
582.6
591.9
601.5
55.8
58.6
59.8
63.0
10.1
10.3
10.6
13.0
4.2
3.9
3.9
3.5
269.8
273.2
276.9
277.6
196.8
197.4
199.5
201.3
40.1
39.3
41.2
43.0
356.5
356.3
360.6
366.2
6.1
5.3
5.2
4.9
240.3
241.2
242.2
247.4
18.6
16.8
18.7
19.5
91.4
93.0
94.7
94.4
1972—1........................
240.6
611.8
62.7
12.3
3.4
282.7
205.4
45.2
371.2
4.9
247.3
21.4
97.7
1 Receivables from, and payables to, the U.S. Govt, exclude amounts
offset against each other on corporations’ books.
2 New series (for which figures for the third and fourth quarters of 1971
were published in the April B u l l e t in ) has been temporarily abandoned
by SEC.
N ote .—Securities and Exchange Commission estimates; excludes
banks, savings and loan assns., insurance companies, and investment
companies.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions of dollars)
Manufacturing
Period
Total
Durable
Non
durable
Public utilities
Transportation
Mining
Rail
road
Air
Other
Total
(S A.
A.R.)
2.00
2.54
2.67
2.49
2.44
2.86
6.34
6.83
8.30
10.10
10.77
12.30
14.59
15.14
16.05
16.59
18.05
19.51
.33
3.12
.63
2.81
4.42
78.63
.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
.32
.38
.34
3.19
3.56
3.72
.44
.71
.87
2.72
4.55
86.79
90.69
89.72
65.47
67.76
75.56
79.71
81.21
89.77
14.06
14.12
15.96
15.80
14.15
16.11
14.45
14.25
15.72
16.15
15.84
16.50
1.65
1.63
1.86
1.89
2.16
2.20
1.86
1.45
1.86
1.78
1.67
1.75
2.29
2.56
2.51
3.03
1.88
2.42
1.48
1.59
1.68
1.23
1.38
1.55
1970—IV................
21.66
4.26
4.40
.50
.43
.76
1971—1..................
II.................
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
1972—1..................
II 2 r............
Ill 2............
19.38
22.90
22.41
3.29
4.09
3.95
3.32
4.09
4.00
.58
.61
.58
.48
.47
.49
.50
.76
.50
Other1
6.75
7.66
8.94
10.65
12.86
14.58
1967.......................
1968.......................
1969.......................
1970.......................
1971.......................
1972 2 ....................
1 Includes trade, service, construction, finance, and insurance.
2 Anticipated by business.
Commu
nications
Gas
Electric and other
8.24
7.96
N ote .—Dept, of 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.
AUGUST 1972 □ REAL ESTATE CREDIT
A 51
MORTGAGE DEBT OUTSTANDING
(In billions o f dollars)
End of
period
All properties
Farm
Nonfarm
Other
holders2
Finan
All
cial
hold insti
Indi
ers tutions 1 U.S. viduals
agen
and
cies
others
Finan Other
All
cial
hold
insti hold
ers tutions
1 ers3
All
hold
ers
1- to 4-family houses4
Total
Multifamily and
commercial properties5
Finan. Other
insti hold
tutions 1 ers
Total
Mortgage
type6
FHA- Con
VAven
under- tional
written
Finan. Other
hold
insti
tutions 1 ers
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
1964
1965
1966
1967
1968
1969.
300.1
325.8
347.4
370.2
397.5
425.3
241.0
264.6
280.8
298.8
319.9
339.1
11.4
12.4
15.8
18.4
21.7
26.8
47.7
48.7
50.9
53.0
55.8
59.4
18.9
21.2
23.3
25.5
27.5
29.5
7.0
7.8
8.4
9.1
9.7
9.9
11.9
13.4
14.9
16.3
17.8
19.6
281.2
304.6
324.1
344.8
370.0
395.9
197.6
212.9
223.6
236.1
251.2
266.8
170.3
184.3
192.1
201.8
213.1
265.0
27.3
28.7
31.5
34.2
38.1
1.8
83.6
91.6
100.5
108.7
118.7
129.1
63.7
72.5
80.2
87.9
97.1
105.5
19.9
19.1
20.3
20.9
21.6
23.6
77.2
81.2
84.1
88.2
93.4
204.0
223.4
240.0
256.6
276.6
1969—III.
IV.
418.7
425.3
335.7
339.1
24.9
26.8
58.1
59.4
29.2
29.5
10.1
9.9
19.1
19.6
389.5
395.9
263.4
266.8
222.5
223.6
40.9
43.2
126.0
129.0
103.1
105.5
22.9
23.5
98.5
100.2
291.0
295.7
1970—1 ...
11..
I II .
IV .
429.4
435.6
443.4
451.7
340.7
344.5
349.7
355.9
28.6
30.0
31.7
33.0
60.1
61.1
61.9
62.8
29.8
30.3
30.8
31.2
9.8
9.8
10.0
10.1
20.0
20.5
20.8
21.1
399.6
405.2
412.5
420.5
268.5
271.7
276.0
280.2
223.8
225.7
228.5
231.4
44.7
46.0
47.5
48.8
131.1
133.5
136.5
140.3
107.1
109.1
111.4
114.6
23.9
24.5
25.1
25.7
101.9
103.2
106.8
109.2
297.6
302.0
305.7
311.3
1971—1 ...
11..
III.
IV .
459.0
471.1
485.6
499.9
361.8
372.0
383.6
394.5
33.6
35.2
37.4
105.4
63.6
63.9
64.6
66.8
31.8
31.9
32.4
32.9
10.1
9.7
9.8
9.9
21.7
22.2
22.6
23.0
427.2
439.3
453.2
467.0
283.6
290.8
299.7
307.8
234.5
240.7
248.0
254.2
49.1
50.1
51.7
53.6
143.6
148.3
153.5
159.2
117.5
121.6
125.8
130.5
26.1
26.7
27.7
28.7
111.0
114.4
316.2
324.9
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 FNMA and, beginning fourth quarter
1968, new GNMA as well as FHA, VA, PH A, Farmers Home Admin.,
and in earlier years, RFC, HOLC, and FFMC. They also include
U.S. sponsored agencies—new FNMA, Federal land banks, GNMA
(Pools), and the FHLHC. Other U.S. agencies (amounts small or sep
arate data not 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 For multifamily and total residential properties, see tables below.
MORTGAGE DEBT OUTSTANDING
ON RESIDENTIAL PROPERTIES
5 Derived figures; includes small amounts of farm loans held by savings
and loan assns.
6 Data by type of mortgage on nonfarm 1- to 4-family properties alone
are shown in table below.
N ote .—Based on data from Federal Deposit Insurance Corp., Federal
Home Loan Bank Board, Institute of Life Insurance, Depts. of Agricul
ture and Commerce, Federal National Mortgage Assn., Federal Housing
Admin., Public Housing Admin., Veterans Admin., Government National
Mortgage Assoc., Federal Home Loan Mortgage Corp., and Comptroller
of the Currency.
Figures for first three quarters of each year are F.R. estimates.
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAMILY PROPERTIES
(In billions of dollars)
(In billions o f dollars)
G ovemmenituinderwritte:n
All residential
Multifamily 1
Finan
cial
insti
tutions
Other
holders
Total
Finan
cial
insti
tutions
Other
holders
24.2
1941...............
24.3
1945...............
1963............... 211.2
1964............... 231.1
14.9
15.7
176.7
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
1954...............................
1965...............
1966...............
1967...............
1968...............
1969...............
250.1
264.0
280.0
298.6
319.0
213.2
223.7
236.6
250.8
265.0
36.9
40.3
43.4
47.8
54.0
37.2
40.3
43.9
47.3
52.2
29.0
31.5
34.7
37.7
41.3
8.2
8.8
9.2
9.6
10.9
1966...............................
1970—1..........
I I ........
I l l ----IV.......
321.7
326.3
332.2
338.2
265.9
268.9
272.8
277.2
55.8
57.4
59.4
61.0
53.2
54.5
56.1
58.0
42.9
43.2
44.3
45.8
10.3
11.3
11.8
12.2
1971—1..........
I I ........
I II ....
IV.......
343.3
353.1
364.0
374.7
281.6
290.1
298.4
306.1
61.7
63.0
65.6
68.6
59.7
62.3
64.3
66.8
47.2
49.4
50.4
52.0
12.5
12.9
13.9
14.8
End of
period
Total
End of period
i S t r u c t u r e s o f fiv e o r m o r e u n i t s .
N ote.—Based on data from same source as for “Mortgage Debt Out
standing'’ table.
1964...............................
1969................................
1970—1..........................
I l l .......................
1971—1...........................
I I .........................
I l l .......................
IV ........................
Total
Con
ven
tional
Total
FHAinsured
VAguaranteed1
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
212.9
223.6
236.1
251.2
266.8
73.1
76.1
79.9
84.4
90.2
42.0
44.8
47.4
50.6
54.5
31.1
31.3
32.5
33.8
35.7
139.8
147.6
156.1
166.8
176.6
268.5
271.7
276.0
280.2
91.6
92.2
95.1
97.3
55.6
56.1
58.1
59.9
36.0
36.0
37.0
37.3
176.9
179.6
181.0
182.9
283.6
290.9
299.7
307.8
98.2
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
i Includes outstanding amount of VA vendee accounts held by private
investors under repurchase agreement.
N ote .—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 52
REAL ESTATE CREDIT □ AUGUST 1972
MORTGAGE LOANS HELD BY BANKS
(In millions o f dollars)
Commercial bank holdings *
End of period
Residential
Total
Total
FHAinsured
VAguar
anteed
4,906
4,772
3,292
3,395
4
5
6
7
8
43,976
49,675
54,380
59,019
65,696
28,933
32,387
34,876
37,642
41,433
7,315
7,702
7,544
7,709
7,926
2,742
2,599
2,696
2,708
1969—1..
II.
III.
IV.
67,146
69,079
70,336
70,705
42,302
43,532
44,331
44,573
7,953
8,060
8,065
7,960
1970—1..
II.
Ill
IV.
70,854
71,291
72,393
73,275
44,568
44,845
45,318
45,640
1971—1 ..
II.
Ill
IV.
74,424
76,639
79,936
82,515
46,343
48,163
50,280
52,004
1941........
1945........
196
196
196
196
196
Mutual savings bank holdings 2
Residential
Other
non
farm
Con
ven
tional
Farm
Total
Total
FHAin
sured
VAguar
anteed
1,048
856
566
521
4,812
4,208
3,884
3,387
18,876
21,997
24,733
27,237
30,800
12,405
14,377
16,366
17,931
20,505
2,638
2,911
3,138
3,446
3,758
40,556
44,617
47,337
50,490
53,456
36,487
40,096
42,242
44,641
46,748
12,287
13,791
14,500
15,074
15,569
11,121
11,408
11,471
11,795
12,033
2,711
2,743
2,793
2,663
31,638
32,729
33,470
33,950
20,950
21,459
21,924
22,113
3,894
4,088
4,081
4,019
54,178
54,844
55,359
56,138
47,305
47,818
48,189
48,682
15,678
15,769
15,813
15,862
7,5
7,800
7,885
7,919
2,496
2,575
2,583
2,589
34,184
34,469
34,850
35,131
22,248
22,392
22,825
23,284
4,038
4,054
4,250
4,351
56,394
56,880
57,402
57,948
48,874
49,260
49,628
49,937
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
4,486
3,999
4,156
4,205
58,680
59,643
60,625
61,978
50,553
51,362
51,989
53,027
2,688
1 Includes loans held by nondeposit trust companies, but not bank
trust depts.
2 Data for 1941 and 1945, except for totals, are special F.R. estimates.
Other
non
farm
Con
ven
tional
Farm
900
797
28
24
13,079
14,897
16,272
17,772
19,146
4,016
4,469
5,041
5,732
6,592
53
52
53
117
117
12,097
12,151
12,169
12,166
19,530
19,898
20,207
20.654
6,756
6,908
7,053
7,342
117
117
117
114
15,865
15,931
16,017
16,087
12,105
12,092
12,127
12,008
20,904
21,237
21.654
21,842
7,413
7,519
7,671
7,893
107
101
103
119
16,157
16,281
16,216
16,141
12,010 22,386
8,014
23,069 8,174
12,033 23,740 c8,636
12,074 24,812 c8,951
113
107
75
50
12,011
States and possessions. First and third quarters, estimates based on special
F.R. interpolations after 1963 or beginning 1964. For earlier years, the
basis for first- and third-quarter estimates included F.R. commercial bank
call report data and data from the National Assn. of Mutual Savings
Banks.
N ote . —Second and fourth quarters, Federal Deposit Insurance Corpo
ration series for all commercial and mutual savings banks in the United
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Period
Total
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Farm
Total
FHAinsured
VAguaranteed
Other i
Total
Total
FHAinsured
Farm
VAguaranteed
Other
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
1967..............................................
1968..............................................
1970..............................................
1971..............................................
8,470
7,925
7,531
7,137
7,684
7,633
7,153
6,943
6,785
7,185
757
755
663
397
320
444
346
220
80
98
6,432
6,052
6,108
6,268
6,584
837
722
537
315
497
67,516
69,973
72,027
73,227
74,700
61,947
64,172
66,254
67,555
69,125
12,161
12,469
12,271
11,551
11,086
6,122
5,954
5,701
5,540
5,195
43,664
45,749
48,282
49,898
52,274
5,569
5,801
5,773
5,672
5,574
1971—M ay..................................
June...................................
July...................................
Aug....................................
Sept....................................
Oct.....................................
Nov....................................
Dec....................................
491
537
590
735
672
607
607
1,346
442
494
551
684
636
568
565
1,285
24
29
20
23
73
28
20
18
8
9
8
8
10
11
9
10
410
456
523
601
515
487
492
1,252
49
42
39
51
36
39
42
61
74,552
74,535
74,583
74,707
74,799
74,864
74,903
75,596
68,425
68,973
69,017
69,121
69,209
69,270
69,302
69,995
11,186
11,123
11,048
10,975
10,950
10,884
10,843
10,760
5,254
5,219
5,180
5,142
5,104
5,071
5,047
5,001
51,985
52,631
52,789
52,438
52,590
52,749
52,854
c54,228
5,554
5,562
5,566
5,586
5,590
5,594
5,596
5,601
1972—Jan.....................................
Feb....................................
Mar....................................
Apr....................................
M ay...................................
503
436
569
560
602
475
392
484
504
540
37
26
24
30
15
16
12
18
15
13
393
354
442
459
512
28
44
85
54
60
81,056
75,456
75,424
75,469
75,493
75,517
69,940
69,897
69,163
69,379
10,722
10,674
10,599
10,535
10,467
4,986
4,952
4,932
4,903
4,873
53,704
53,750
54,366
53,725
54,039
5,539
5,516
5,527
5,543
5,552
i Includes mortgage loans secured by land on which oil drilling oir
extracting operations are in process.
N ote .—Institute of Life Insurance data. For loans acquired, the
monthly figures may not add to annual totals; and for loans outstanding
the end-of-Dec. figures may differ from end-of-year figures because (1)
monthly figures represent book value of ledger assets, whereas year-end
figures represent annual statement asset values, and (2) data for year-end
adjustments are more complete. Beginning 1970 monthly and year-earlier
data are on a statement balance basis.
AUGUST 1972 □ REAL ESTATE CREDIT
A 53
COMMITMENTS OF LIFE INSURANCE COMPANIES FOR INCOME PROPERTY MORTGAGES
Period
Number
of loans
Total
amount
committed
(millions of
(dollars)
1968...........................
1969...........................
1970...........................
1971...........................
2,569
1,788
912
1,664
1971—Jan.................
Feb.................
Mar................
Apr.................
Averages
Loan
amount
(thousands
of dollars)
Contract
interest
rate
(per cent)
Maturity
(yrs./mos.)
Loanto-value
ratio
(per cent)
Capitaliza
tion rate
(per cent)
Debt
coverage
ratio
Per cent
constant
3,244.3
2,920.7
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
Oct.................
Nov................
Dec.................
69
90
124
137
146
203
183
153
178
112
136
133
141.4
237.7
351.5
302.1
257.3
729.0
386.5
434.4
366.1
198.4
288.2
290.0
2,050
2,641
2,835
2,205
1,762
3,591
2,112
2,839
2,057
1,771
2,119
2,181
9.69
9.47
9.14
8.98
8.91
8.92
8.94
9.08
9.15
9.20
9.01
8.96
22/8
22/11
23/4
22
23/4
23/8
21/10
23/1
22/6
22/7
23/5
23
74.3
72.9
75.0
75.2
75.6
75.5
74.4
74.9
74.8
75.8
75.6
74.4
10.5
10.2
10.2
9.9
10.0
9.8
9.8
9.9
9.8
10.0
9.9
9.9
1.31
1.32
1.32
1.28
1.27
1.29
1.26
1.27
1.28
1.28
1.27
1.30
10.7
10.6
10.4
10.4
10.4
10.2
10.4
10.4
10.4
10.4
10.2
10.2
1972—Jan.................
Feb.................
Mar................
107
122
220
198.6
423.5
530.4
1,856
3,471
2,411
8.78
8.62
8.50
22/1
22/6
24/2
73.3
73.3
76.3
10.0
9.7
9.5
1.31
1.31
1.29
10.2
10.0
9.7
June.........
July................
Aug................
N o te .—Life Insurance Association of America data for new commit
ments of $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 of both the total assets
and the nonfarm mortgages held by all U.S. life insurance companies.
Averages, which are based on number of loans, vary in part with loan
composition by type and location of property, type and purpose of loan,
and loan amortization and prepayment terms. Data for the following are
limited to cases where information 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 of debt). All statistics exclude construction
loans, increases in existing loans in a company’s portfolio, reapprovals,
and loans secured by land only.
MORTGAGE ACTIVITY OF SAVINGS AND
LOAN ASSOCIATIONS
FEDERAL HOME LOAN BANKS
(In millions of dollars)
(In millions of dollars)
Loans outstanding (end of period)
Loans made
Period
New
home Home
pur
con
struc chase
tion
Period
1945..........
1,913
181
1,358
Total 2
FHA- VAin
guarsured anteed
24,913 6,638 10,538 101,333 4,894
24,192 6,013 10,830 110,306 5,145
16,924 3,653 7,828 114,427 5,269
196
196
196
197
197
20,122 4,243
6,683 89,756
6,398 98,763
6,157 103,001
21,983
21,847
21,383
39,472
4,916
4,757
4,150
6,835
9,604
11,215
11,254
10,237
18,811
121,805
130,802
140,347
150,331
174.385
5,791 6,351
6,658 7,012
7,917 7,658
10,178 8,494
13.798 10.848
109,663
117,132
124,772
131,659
149.739
1971—June,
July.
Aug.
Sept.
O ct..
Nov.
Dec.
4,301
4,151
4,111
3,672
3,405
3,298
3,592
718
686
641
628
609
589
573
2,109
2,087
2,225
1,951
1,717
1,661
1,590
161,440
163,951
166,342
168,464
170,106
172,047
174.385
12,273
12,592
12,852
13,130
13,278
13,521
13.798
9,580
9,784
10,034
10,232
10,374
10,582
10.848
139,587
141,575
143,456
145,102
146,454
147,944
149.739
1972—Jan..
Feb..
Mar.
Apr.
May
June
2,632
2.849
2.849
3,819
4,603
5,427
481
518
712
707
836
876
1,253
1,400
1,861
1,819
2,276
2,909
175,838
177,614
180,145
182,711
185,431
188,864
13,976
14,167
14,450
14,697
14,878
15,017
11,013
11,264
11,546
11,789
7
8
9
0
1
150,849
152,183
154,149
156,225
12,010 158,543
12,293 161,554
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.
N o t e .—Federal
Home Loan Bank Board data.
Repay
ments
Advances outstanding
(end of period)
Total
Con
ven
tional
5,376
196 4
196 5
196 6
Ad
vances
Members1
deposits
(end of
Short Long period)
term 1 term 2
278
213
195
176
19
46
5,565
1965....................... 5,007
1966....................... 3,804
5,025
4,335
2,866
5,325
5,997
6,935
2,846
3,074
5,006
2,479
2,923
1,929
1,199
1,043
1,036
1967.......................
1968.......................
1969.......................
1970.......................
1971.......................
1,527
2,734
5,531
3,256
2,714
4,076 4,386
1,861 5,259
1,500 9,289
1,929 10,615
5,392 7,936
3,985
4,867
8,434
3,081
3,002
401
392
855
7,534
4,934
1,432
1,382
1,041
2,331
1,789
1971—July............
Aug............
Sept............
Nov............
Dec.............
309
358
327
306
364
490
213
183
203
303
296
262
7,338
7,514
7,637
7,640
7,709
7,936
2,544
2,812
2,844
2,874
2,829
3,002
4,794
4,702
4,793
4,766
4,880
4,934
1,696
1,528
1,522
1,450
1,549
1,789
1972—Jan.............
Feb.............
Mar............
Apr.............
May...........
June...........
186
148
165
318
260
420
885
871
689
396
320
198
7,238
6,515
5,992
5,913
5,853
6,074
2,569
2,342
2,125
2,049
2,019
1,944
4,669
4,173
3,867
3,864
3,835
4,130
1,948
2,014
2,008
1,762
1,789
1,746
1 Secured or unsecured loans maturing in 1 year or less.
2 Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
N ote . —Federal
Home Loan Bank Board data.
A 54
REAL ESTATE CREDIT □ AUGUST 1972
FEDERAL NATIONAL MORTGAGE
ASSOCIATION ACTIVITY
FEDERAL NATIONAL MORTGAGE ASSOCIATION
AUCTIONS
(In millions of dollars)
Mortgage
transactions
(during
period)
Mortgage
holdings
End of
period
196
196
196
197
197
1971-June.
July..
Aug..
Sept..
Oct. .
Nov..
D ec..
12
1,736
2,697
6,630
8,047
4,986
501
1,287
3,539
5,203
5.694
10
1,294
576
1,219
572
655
893
1,014
5,750
5,709
5,146
5,327
5,208
5,466
5.694
574
578
469
558
614
635
Sales
1,474
2,046
3,270
4,431
1,400
1,944
4,121
5,078
3,574
15,363 10,970 4,393
15,674 11,184 4,490
c16,204 ^11,562 4,642
16,732
17,202
17,535
17.791
239
407
659
635
553
406
350
281
324
316
17,977
18,220
18,342
18,403
18,599
18,628
1972-Jan...
Feb..
Mar..
Apr..
May.
June.
Out
stand
ing
Pur
chases
5,522 4,048
7,167 5,121
10,950 7,680
15,502 11,071
17.791
7
8
9
0
1
iction
Made
during
period
VAguar
anteed
FHAinsured
Total
79
Government-underwritten Conventional home loans
home loans
Mortgage
commitments
Mortgage
amounts
Average
Mortgage
Average
yield
amounts
yield
(short
(short
term
term
commit
commit
Ac
Ac
Offered cepted
ments) Offered cepted
ments)
In millions of
dollars
1972—Feb.
7 ....
14
2 2 ....
28
88.7
63.9
7.61
68.6
44.8
7.61
6 ....
13
2 0 ....
86.9
50.6
7.56
202.9
86.2
7.54
3 ....
10
1 7 ....
Apr.
N o t e .— Federal National Mortgage Assn. data. Total holdings include
conventional loans. Data prior to Sept. 1968 relate to secondary market
portfolio of former FNMA. Mortgage holdings include loans used to back
bond issues guaranteed by GNMA. Mortgage 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 FNMA’s
free market auction system, and through the FNMA-GNMA Tandem
Plan (Program 18).
In
per cent
258.8
178.5
7.56
347.4
176.3
7.60
1 . . . . 364.9
8
1 5 .... 266.3
3 0 .... 133.4
336.4
7.63
188.2
76.4
7.63
7.62
48.1
76.6
7.62
7.62
1
1 2 ....
2 6 ....
1 0 ....
17
2 4 ....
83.5
97.8
134.6
92.1
7.62
123.9
113.0
7.62
In millions of
dollars
In
per cent
7.74
7.64
62.4
34.9
21.1
11.5
10.1
5.5
7.61
27.1
14.9
7.66
35.0
20.4
7.77
28.2
22.7
7.80
32.4
22.7
7.80
N ote . —Average secondary market yields are gross—before deduction
of 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 adjustment for FNMA commit
ment fees and FNMA stock purchase and holding requirements. Begin
ning Oct. 18, 1971, the maturity on new short-term commitments was
extended from 3 to 4 months. Mortgage amounts offered by bidders are
total eligible bids received.
GNMA MORTGAGE-BACKED SECURITY PROGRAM
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION ACTIVITY
(In millions of dollars)
(In millions of dollars)
Pass-through securities
Mortgage
transactions
(during
period)
Mortgage
holdings
End of
period
Total
FHAin
sured
guar
anteed
Pur
chases
7
8
9
0
3,348
4,220
4,820
5,184
2,756
3,569
4,220
4,634
592
651
600
550
1971-June.
July..
Aug..
Sept..
Oct. .
Nov..
D ec..
5,275
5,282
5,279
5.259
5,245
5.260
5,294
4,751
4,761
524
520
4,749
510
1972-Jan...
Feb..
Mar..
A p r..
May.
June.
5,287
5,281
5,243
5,125
5,214
5,230
196
196
196
197
Mortgage
commitments
Made
during
period
Out
stand
ing
860
1,089
827
621
1,045
867
615
897
1,171
1,266
1,130
738
43
25
29
17
15
24
32
424
487
1,247
1,586
Sales
N ote .—Government National Mortgage Assn. data. Data prior to
Sept. 1968 relate to Special Assistance and Management and Liquidating
portfolios of former FNMA and include mortgages subject to participation
pool of Government Mortgage Liquidation Trust, but exclude conven
tional mortgage loans acquired by former FNMA from the RFC Mortgage
Co., the Defense Homes Corp., the Public Housing Admin., and Com
munity Facilities Admin.
Period
Bonds
sold
Applications
received
Securities
issued
1,126.2
4,373.6
452.4
2,701.9
1,315.0
300.0
1971—Apr.,
May.
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
548.3
255.9
135.3
104.2
121.1
254.2
226.1
533.7
318.3
439.8
519.7
277.0
116.4
118.0
71.5
112.6
244.2
212.8
300.0
1972—Jan..
Feb.,
Mar.
Apr.
May
384.1
511.2
528.3
187.8
216.4
247.7
391.2
322.5
275.1
212.9
197 0
197 1
200.0
’50 6 .‘6 ‘
N ote .—Government National Mortgage Assn. data. Under the Mortgage-Backed Security Program, GNMA guarantees the timely payment
of principal and interest on both pass-through and bond-type securities,
which are backed by a pool of mortgages insured by FHA or Farmers
Home Admin, or guaranteed by VA and issued by an approved mortgagee.
To date, bond-type securities have been issued only by FNMA and
FHLMC.
AUGUST 1972 □ REAL ESTATE CREDIT
HOMEMORTGAGE YIELDS
GOVERNMENT-UNDERWRITTEN RESIDENTIAL
LOANS MADE
(In per cent)
FHA series
New
homes
Yield
on FHAinsured
new
home
loans
7.03
7.82
8.35
7.54
7.12
7.99
8.52
7.75
7.21
8.26
9.05
7.70
7.50
7.66
7.74
7.83
7.84
7.79
7.77
7.50
7.63
7.71
7.76
7.75
7.69
7.64
7.70
7.80
7.85
7.85
7.80
7.75
7.70
7.89
7.97
7.92
7.84
7.75
7.62
7.59
7.78
7.60
7.52
7.51
7.53
7.54
7.58
7.49
7.44
7.42
7.46
7.49
7.60
7.60
7.55
7.60
7.60
7.60
7.49
7.46
7.45
7.50
7.53
7.54
FHLBB series
(effective rate)
New
homes
Existing
homes
6.97
7.81
8.44
7.60
1971—June,
July.
Aug.
Sept.
O ct..
Nov.
Dec.,
1972—Jan ..
Feb..
Mar.
Apr.,
May,
June
196
196
197
197
8
9
0
1
(In millions of dollars)
Secondary
market
Primary market
(conventional loans)
Period
A 55
FHA-insured
Mortgages
Period
Total
1945............
N ote .—Annual data are averages of monthly figures. The
FHA data are based on opinion reports submitted by field offices
on prevailing local conditions as of the first of the succeeding
month. Yields on FHA-insured mortgages are derived from
weighted averages of private secondary market prices for Sec.
203, 30-year mortgages with minimum downpayment and an
assumed prepayment at the end of 15 years. Gaps in data are
due to periods of adjustment to changes in maximum permis
sible contract interest rates. The FHA series on average contract
interest rates on conventional first mortgages in primary markets
are unweighted 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 firstmortgage terms, p. A-37) and an assumed prepayment at end
of 10 years.
Ex
New isting
homes homes
257
217
665
8,130 1,608 4,965
8,689
7,320
7,150
1968........... 8,275
9,129
11,981
1971—May.
June.
July..
Aug..
Sept..
Oct. .
Nov..
D ec..
VA-guaranteed
1,705
1,729
1,369
1,572
1,551
2,667
Pro
jects 1
Mortgages
Prop
erty
im
Total3 New
Ex
prove
isting
homes homes
ments2
20
895
171
663
192
2,846
1,023
1,821
5,760
591
4,366
583
4,516
642
4,924 1,123
5,570 1,316
5,447 3,250
634
641
623
656
693
617
2,652
2,600
3,405
3,774
4,072
3,442
876
980
1,143
1,430
1,493
1,311
1,774
1,618
2,259
2,343
2,579
2,131
1,203
1,372
1,340
1,393
1,242
1,202
1,220
1,598
290
322
338
407
320
318
358
358
504
629
646
710
543
504
511
502
354
399
304
216
290
276
273
691
55
21
53
60
89
105
77
47
417
519
561
577
693
514
757
685
111
127
135
146
188
135
226
220
306
392
426
431
506
379
526
465
1972—J a n .. 1,277
Feb.. 1,094
Mar.. 1,253
A pr..
954
May.
628
420
366
349
272
259
516
448
449
381
369
280
237
401
249
217
62
44
54
51
56
629
460
658
509
603
204
199
231
170
185
425
361
427
339
418
1 Monthly figures do not reflect mortgage amendments included in annual
totals.
2 Not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separ
ately; only such loans in amounts of more than $1,000 need be secured.
N ote .—Federal Housing Admin, and Veterans Admin, data. FHA-insured
loans represent gross amount of insurance written; VA-guaranteed loaps,
gross amounts of loans closed. Figures do not take into account principal
repayments on previously insured or guaranteed loans. For VA-guaranteed
loans, amounts by type are derived from data on number and average
amount of loans closed.
FEDERAL HOME LOAN MORTGAGE
CORPORATION ACTIVITY
DELINQUENCY RATES ON HOME MORTGAGES
(Per 100 mortgages held or serviced)
(In millions of dollars)
Loans not in foreclosure
but delinquent for—
End of 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
1969—1..........
I I ........
I ll....
IV ___
2.77
2.68
2.91
3.22
2.04
2.06
2.18
2.43
.49
.41
.47
.52
.24
.21
.26
.27
.26
.25
.25
.27
1970—1..........
I I ........
I l l ___
IV.......
2.96
2.83
3.10
3.64
2.14
2.10
2.26
2.67
.52
.45
.53
.61
.30
.28
.31
.36
.31
.31
.25
.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..........
3.16
2.21
.58
.37
.50
N ote .—Mortgage
Mortgage
transactions
(during period)
End of period
Bankers Association of 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.
Mortgage
holdings
Con
ven
tional
Pur
chases
Sales
325
821
147
325
778
64
320
328
346
485
637
689
798
902
976
968
316
322
339
454
587
625
695
761
800
821
4
6
7
31
50
65
103
141
176
147
3
8
20
141
154
54
111
108
91
45
979
893
988
1,110
1,324
828
844
928
1,040
1,239
151
49
60
70
86
17
23
98
126
220
Total
FHAVA
1970..................
1971..................
325
968
1971—Mar
Apr........
M ay. . . .
June. . . .
July
Aug........
Sept........
Oct.........
N ov.......
Dec........
1972—Jan.........
Feb
Mar........
Apr........
M ay. . . .
15
49
2
104
Mortgage
commitments
Made
during
period
Out
stand
ing
182
49
76
117
49
23
7
283
305
376
300
227
182
17
126
258
232
156
182
290
373
455
398
N o te .— Federal Home Loan Mortgage Corp. data. Data for 1970 include
only the period beginning Nov. 26 when the FHLMC 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
GNMA. Commitment data cover the conventional and Govt.-underwritten
loan programs.
A 56
CONSUMER CREDIT □ AUGUST 1972
TOTAL CREDIT
(In millions of dollars)
Instalment
End of period
Total
Auto
mobile
paper
Other
consumer
goods
paper
Total
Noninstalment
Repair
and mod
ernization
loans i
Personal
loans
Total
Single
payment
loans
Charge
accounts
Service
credit
19V).
1941.
1945.
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
845
1950.
1955.
1960.
21,471
38,830
56,141
14,703
28,906
42,968
6,074
13,460
17,658
4,799
7,641
11,545
1,016
1,693
3,148
2,814
6,112
10,617
6,768
9,924
13,173
1,821
3,002
4,507
3,367
4,795
5,329
1,580
2,127
3,337
1965.
1966.
1967.
1968.
1969.
1970,
1971.
90,314
97,543
102,132
113,191
122,469
126,802
137,237
71,324
77,539
80,926
89,890
98,169
101,161
109,545
28,619
30,556
30,724
34,130
36,602
35,490
38,310
18,565
20,978
22,395
24,899
27,609
29,949
32,447
3,728
3,818
3,789
3,925
4,040
4,110
4,356
20,412
22,187
24,018
26,936
29,918
31,612
34,432
18,990
20,004
21,206
23,301
24,300
25,641
27,692
7,671
7,972
8,428
9,138
9,096
9,484
10,300
6,430
6,686
6,968
7,755
8,234
8,850
9,818
4,889
5,346
5,810
6,408
6,970
7,307
7,574
1971--Ju n e.............................
July..............................
Aug..............................
Sept..............................
Dec...............................
127,388
128,354
129,704
130,644
131,606
133,263
137,237
101,862
102,848
104,060
104,973
105,763
107,097
109,545
36,349
36,763
37,154
37,383
37,759
38,164
38,310
28,976
29,165
29,477
29,840
30,072
30,586
32,447
4,186
4,240
4,295
4,330
4,357
4,370
4,356
32,351
32,680
33,134
33,420
33,575
33,977
34,432
25,526
25,506
25,644
25,671
25,843
26,166
27,692
9,862
9,854
9,997
10,061
10,097
10,182
10,300
8,214
8,271
8,305
8,305
8,435
8,634
9,818
7,450
7,381
7,342
7,305
7,311
7,350
7,574
Feb...............................
Mar..............................
Apr...............................
M ay.............................
June.............................
135,830
135,253
136,135
137.791
139,963
142,215
108,826
108,634
109,481
110,734
112,477
114,567
38,111
38,239
38,762
39,337
40,119
41,104
32,096
31,615
31,682
31,882
32,309
32,841
4,319
4,332
4,354
4,417
4,497
4,571
34,300
34,448
34,683
35,098
35,552
36,051
27,004
26,619
26,654
27,057
27,486
27,648
10,324
10,433
10,511
10,620
10,749
10,851
8,929
8,141
8,011
8,306
8,692
8,870
7,751
8,045
8,132
8,131
8,045
7,927
1972-
i Holdings of financial institutions; holdings of retail outlets are ineluded in “ other consumer goods paper.”
N o t e .—Consumer
hold, family, and other personal expenditures, except real estate mortgage
loans. For back figures and description of the data, see “Consumer Credit,”
Section 16 (New) of Supplement to Banking and, Monetary Statistics, 1965,
and pp. 983-1003 of the B u l l e t in for Dec. 1968.
credit estimates cover loans to individuals for house-
INSTALMENT CREDIT
(In millions of dollars)
Financial institutions
End of period
Total
Retail outlets
Total
Com
mercial
banks
Finance
cos. 1
Credit
unions
Mis
cellaneous
lenders 1
Total
Auto
mobile
dealers 2
Other
retail
outlets
1939.
1941.
1945.
4,503
6,085
2,462
3,065
4,480
1,776
1,079
1,726
745
1,836
2,541
910
132
198
102
18
15
19
1,438
1,605
686
123
188
28
1,315
1,417
658
1950.
1955.
1960.
14,703
28,906
42,968
11,805
24,398
36,673
5,798
10,601
16,672
5,315
11,838
15,435
590
1,678
3,923
102
281
643
2,898
4,508
6,295
287
487
359
2,611
4,021
5,936
1965.
1966.
1967.
1968.
1969,
1970
1971.
71,324
77,539
80,926
89,890
98,169
101,161
109,545
61,533
66,724
69,490
77,457
84,982
87,064
94,086
28,962
31,319
32,700
36,952
40,305
41,895
45,976
24,282
26,091
26,734
29,098
31,734
31,123
32,140
7,324
8,255
8,972
10,178
11,594
12,500
14,191
965
1,059
1,084
1,229
1,349
1,546
1,779
9,791
10,815
11,436
12,433
13,187
14,097
15,459
315
277
285
320
336
327
360
9,476
10,538
11,151
12,113
12,851
13,770
15,099
1971-
101,862
102,848
104,060
104,973
105,763
107,097
109,545
88,544
89,458
90,536
91,279
91,943
92,901
94,086
43,011
43,509
44,112
44,603
44,947
45,396
45,976
30,609
30,906
31,098
31,133
31,331
31,643
32,140
13,206
13,296
13,570
13,780
13,875
14,052
14,191
1,718
1,747
1,756
1,763
1,790
1,810
1,779
13,318
13,390
13,524
13,694
13,820
14,196
15,459
339
344
347
349
354
359
360
12,979
13,046
13,177
13,345
13,466
13,837
15,099
1972-
108,826
108,634
109,481
110,734
112,477
114,567
93,668
93,955
94,853
96,104
97,748
99,734
45,878
45,963
46,415
47,148
48,032
49,167
31,948
31,979
32,221
32,530
32,957
33,470
14,062
14,126
14,328
14,494
14,797
15,175
1,780
1,887
1,889
1,932
1,962
1,922
15,158
14,679
14,628
14,630
14,729
14,833
359
360
366
372
381
391
14,799
14,319
14,262
14,258
14,348
14,442
June.................................................
1 Finance companies consist of 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 t e to table above,
AUGUST 1972 □ CONSUMER CREDIT
A 57
INSTALMENT CREDIT HELD BY FINANCE
COMPANIES
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS
(In millions o f dollars)
(In millions of dollars)
End of
period
Automobile
paper
Total
Pur
chased
Direct
Other
con
sumer
goods
paper
Repair
and
modern
ization
loans
135
161
End of period
Total
Auto
mobile
paper
Other
con
sumer
goods
paper
363
471
312
1939...............................
1941...............................
1945...............................
1,836
2,541
910
932
1,438
202
134
194
40
151
204
62
619
705
606
Per
sonal
loans
Repair
and
modern
ization
loans
Per
sonal
loans
1939...............
1941...............
1945...............
1,079
1,726
745
237
447
66
178
338
143
166
309
114
1950...............
1955...............
1960...............
5,798
10,601
16,672
1,177
3,243
5,316
1,294
2,062
2,820
1,456
2,042
2,759
2,200
834
1,338
1,037
1,916
3,577
1950...............................
1955...............................
1960...............................
5,315
11,838
15,435
3,157
7,108
7,703
692
1,448
2,553
80
42
173
1,386
3,240
5,006
196
196
196
196
196
197
197
28.962
31,319
32,700
36,952
40,305
41,895
45.976
10,209
11,024
10,927
12,213
12,784
12,433
13.003
5,659
5,956
6,267
7,105
7,620
7,587
8.752
4,166
4,681
5,126
6,060
7,415
8,633
9.805
2,571
2,647
2,629
2,719
2,751
2,760
2.864
6,357
7,011
7,751
8,855
9,735
10,482
11.552
1965...............................
1966...............................
1967...............................
1968...............................
1969...............................
1970...............................
24,282
26,091
26,734
29,098
31,734
31,123
32,140
9,400
9,889
9,538
10,279
11,053
9,941
10,279
4,425
5,171
5,479
5,999
6,514
6,648
6,521
224
191
154
113
106
94
107
10,233
10,840
11,563
12,707
14,061
14,440
15,233
1971—June...
J u ly ...
Aug. ..
Sept...
Oct___
N ov.. .
D ec....
43,011
43,509
44,112
44,603
44,947
45,396
45.976
12,484
12,614
12,753
12,831
12,932
13,015
13.003
8,098
8,318
8,380
8,509
8,680
8.752
8,821
8,931
9,074
9,235
9,301
9,412
9.805
2,765
2,803
2,838
2,860
2.874
2.875
2.864
10,843
10,941
11,129
11,297
11,331
11,414
11.552
1971—June..................... 30,609
July..................... 30,906
31,098
Sept..................... 31,133
31,331
Nov..................... 31,643
32,140
9,918
10,037
10,077
10,077
10,177
10,248
10,279
6,224
6,230
6,249
6,268
6,306
6,325
6,521
101
101
103
104
105
106
107
14,366
14,538
14,669
14,684
14,743
14,964
15,233
1972—Ja n .. . .
F e b ....
Mar. ..
Apr__
M ay...
June...
45,878
45.963
46,415
47,148
48,032
49,167
12,957
13,007
13,167
13,369
13,647
14,028
8,734
8,763
8,903
9,065
9,264
9,487
9,783
9,769
9,833
10,004
10,208
10,486
2.835
2,824
2.835
2,873
2,925
2,985
11,569
11,600
11,677
11,837
11,988
12,181
1972—Jan.......................
31,948
31,979
32,221
32,530
32,957
33,470
10,197
10,207
10,340
10,474
10,642
10,865
6,501
6,508
6,554
6,574
6,686
6,820
108
107
109
112
113
114
15,142
15,157
15,218
15,370
15,516
15,671
See
5
6
7
8
9
0
1
N o te
8,220
110
to first table on preceding page.
Mar.....................
May.....................
June....................
N o t e .—Finance companies consist of those institutions formerly clas
sified as sales finance, consumer finance, and other finance companies.
INSTALMENT CREDIT HELD BY OTHER
FINANCIAL LENDERS
NONINSTALMENT CREDIT
(In millions of dollars)
(In millions of dollars)
End of period
Total
Auto
mobile
paper
Other
con
sumer
goods
paper
Repair
and
modern
ization
loans
Per
sonal
loans
Single
payment
loans
End of period
Total
Charge accounts
Com
mer
cial
banks
Other
finan
cial
insti
tutions
Retail
outlets
Credit
cards1
Service
credit
1939................................
1941...............................
1945...............................
150
213
121
27
47
16
5
9
4
12
11
10
106
146
91
1950...............................
1955...............................
1960...............................
692
1,959
4,566
159
560
1,460
40
130
297
102
313
775
391
956
2,034
1939...............
1941...............
1945...............
2,719
3,087
3,203
625
693
674
162
152
72
1,414
1,645
1,612
1965...............................
8,289
9,314
1966...............................
1967............................... 10,056
1968................................ 11,407
1969................................ 12,943
1970................................ 14,046
1971................................ 15,970
3,036
3,410
3,707
4,213
4,809
5,202
5,916
498
588
639
727
829
898
1,022
933
980
1,006
1,093
1,183
1,256
1,385
3,822
4,336
4,704
5,374
6,122
6,690
7,647
1950...............
1955...............
1960...............
6,768
9,924
13,173
1,576
2,635
3,884
245
367
623
3,291
4,579
4,893
76
216
436
1,580
2,127
3,337
1971—June.....................
July.....................
Aug.....................
Sept.....................
Oct.......................
Nov.....................
Dec......................
14,924
15,043
15,326
15,543
15,665
15,862
15,970
5,510
5,548
5,659
5,746
5,787
5,862
5,916
952
958
977
992
999
1,012
1,022
1,320
1,336
1,354
1,366
1,378
1,389
1,385
7,142
7,201
7,336
7,439
7,501
7,599
7,647
196
196
196
196
196
197
197
18,990
20.004
21,206
23,301
24,300
25,641
27.692
6,690
6,946
7,340
7,975
7,900
8,205
8.916
981
1,026
1,088
1,163
1,196
1,279
1.384
5,724
5,812
5,939
6,450
6,650
6,932
7.597
706
874
1,029
1,305
1,584
1,918
4,889
5,346
5,810
6,408
6,970
7,307
7.574
15,842
16,013
16,217
16,426
16,759
17,097
5,864
5,902
5,986
6,057
6,185
6,333
1,013
1,019
1,033
1,046
1,067
1,093
1,376
1,401
1,410
1,432
1,459
1,472
7,589
7,691
7,788
7,891
8,048
8,199
8,512
8,498
8,633
8,694
8,722
8,795
8.916
1,350
1,356
1,364
1,367
1,375
1.387
1.384
6,199
6,173
1972—Jan.......................
Feb......................
Mar.....................
Apr......................
May.....................
June....................
25,526
25,506
25,644
25,671
25,843
26,166
27.692
6,269
6,482
7.597
1972—Jan.. . . 27.004
F eb .... 26,619
Mar. .. 26,654
Apr__ 27,057
M ay... 27,486
June... 27,648
8,937
9,008
9,083
9,176
9,294
9,406
1.387
1,425
1,428
1.444
1,455
1.445
6,719
6,008
5,969
6,239
6,638
6,764
N o t e .—Other financial lenders consist of credit unions and miscel
laneous lenders.
5
6
7
8
9
0
1
1971—June...
J u ly ...
Aug. ..
Sept...
O ct.. . .
N ov.. .
Dec....
6,120
6,101
518
597
845
2,221
2,015
2,098
2,185
2,204
2,166
2,152
2,221
2,210
2,133
2,042
2,067
2,054
2,106
7,450
7,381
7,342
7,305
7,311
7,350
7.574
7,751
8.045
8,132
8,131
8.045
7,927
1 Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank credit card accounts outstanding are included
in estimates of instalment credit outstanding.
See also N o te to first table on preceding page.
A 58
CONSUMER CREDIT □ AUGUST 1972
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Total
Period
S.A.1
Automobile paper
N.S.A.
S.A.1
N.S.A.
Other consumer
goods paper
S.A.1
N.S.A.
Repair and
modernization loans
S.A.1
N.S.A.
Personal loans
S.A.1
N.S.A.
Extensions
1965........................................
1966........................................
1967........................................
1968........................................
1969........................................
1970.........................................
1971.........................................
27,227
27,341
26,667
31,424
32,354
29,831
34,638
78,586
82,335
84,693
97,053
102,888
104,130
117,638
22,750
25,591
26,952
30,593
33,079
36,781
40,979
2 266
2*200
2,113
2,268
2)278
2*145
2*550
26 343
27*203
28)961
32)768
35)l77
35)373
39,471
1971—June.............................
July...............................
Aug..............................
Sept..............................
Oct...............................
Nov..............................
Dec...............................
9,715
9,675
10,049
10,156
10,031
10,572
10,130
10,667
10,098
10,300
9,849
9,797
10,711
11,966
2,838
2,773
3,004
3,147
2,992
3,162
2,973
3,301
3,032
3,066
2,927
3,037
3,105
2,780
3,433
3,399
3,465
3,462
3,467
3,595
3,604
3,538
3,415
3,465
3,454
3,423
3,737
5,061
224
218
222
227
229
214
217
263
248
253
237
225
215
181
3,220
3,285
3,358
3,320
3,343
3,601
3,336
3,565
3,403
3,516
3,231
3,112
3,654
3,944
1972—Jan................................
Feb...............................
Mar..............................
Apr...............................
M ay.............................
June.............................
10,184
10,339
10,996
10,777
10,998
11,118
8,766
8,902
10,951
10,563
11,677
12,062
2,978
3,046
3,143
3,194
3,239
3,398
2,470
2,762
3,358
3,257
3,666
3,885
3,706
3,698
3,921
3,824
3,938
3,969
3,297
2,926
3,727
3,591
3,986
4,066
221
243
249
256
243
249
156
202
230
262
307
290
3,279
3,352
3,683
3,503
3,578
3,502
2,843
3,012
3,636
3,453
3,718
3,821
Repayments
1965.........................................
1966.........................................
1967.........................................
1968.........................................
1969.........................................
1970.........................................
1971.........................................
69,957
76,120
81,306
88,089
94,609
101,138
109,254
23,543
25,404
26,499
28,018
29,882
30,943
31,818
20,518
23,178
25,535
28,089
30,369
34,441
38,481
2,116
2,110
2,142
2,132
2,163
2,075
2,304
23 780
25^428
27)130
29)850
32*,195
33)679
36,651
1971—June.............................
July..............................
Aug..............................
Sept..............................
Oct...............................
Nov..............................
Dec...............................
9,190
8,914
9,222
9,157
9,107
9,306
9,230
9,497
9,112
9,088
8,936
9,007
9,377
9,518
2,678
2,565
2,697
2,732
2,634
2,662
2,696
2,771
2,618
2,675
2,698
2,661
2,700
2,634
3,233
3,203
3,262
3,172
3,219
3,254
3,188
3,268
3,226
3,153
3,091
3,191
3,223
3,200
192
188
196
199
197
199
198
203
194
198
202
198
202
195
3,087
2,958
3,067
3,054
3,057
3,191
3,148
3,255
3,074
3,062
2,945
2,957
3,252
3,489
1972—Jan................................
Feb...............................
Mar..............................
Apr...............................
M ay.............................
June.............................
9,547
9,373
9,632
9,681
9,557
9,791
9,485
9,094
10,104
9,310
9,934
9,972
2,761
2,693
2,693
2,767
2,748
2,851
2,669
2,634
2,835
2,682
2,884
2,900
3,501
3,408
3,422
3,531
3,457
3,526
3,648
3,407
3,660
3,391
3,559
3,534
201
200
204
207
214
207
193
189
208
199
227
216
3,084
3,072
3,313
3,176
3,138
3,207
2,975
2,864
3,401
3,038
3,264
3,322
Net change in credit outstanding 2
1965........................................
1966........................................
1967........................................
1968........................................
1969........................................
1970........................................
1971........................................
3,684
1,937
168
3,406
2,472
-1 ,1 1 2
2,820
8,629
6,215
3,387
8,964
8,279
2,992
8,384
2,232
2,413
1,417
2,504
2,710
2,340
2,498
150
90
-2 9
136
115
70
246
2,563
1,775
1,831
2,918
2,982
1,694
2,820
Oct...............................
Nov..............................
Dec..............................
525
761
827
999
924
1,266
900
1,170
986
1,212
913
790
1,334
2,448
160
208
307
415
358
500
277
530
414
391
229
376
405
146
200
196
203
290
248
341
416
270
189
312
363
232
514
1,861
32
30
26
28
32
15
19
60
54
55
35
27
13
-1 4
133
327
291
266
286
410
188
310
329
454
286
155
402
455
1972—Jan................................
Feb...............................
Mar..............................
Apr...............................
M ay.............................
June.............................
637
966
1,364
1,096
1,441
1,327
-719
-192
847
1,253
1,743
2,090
217
353
450
427
491
547
-199
128
523
575
782
985
205
290
499
293
481
443
-351
-481
67
200
427
532
20
43
45
49
29
42
-3 7
13
22
63
80
74
195
280
370
327
440
295
-1 3 2
148
235
415
454
499
1971—June.............................
July..............................
Aug..............................
1 Includes adjustments for differences in trading days.
2 Net changes in credit outstanding are equal to extensions less
repayments.
N o t e .—Estimates are based on accounting records and often
include financing charges. Renewals and refinancing of loans,
purchases and sales of instalment paper, and certain other transac
tions may increase the amount of extensions and repayments
without affecting the amount outstanding.
For back figures and description of the data, see “Consumer
Credit,” Section 16 (New) of Supplem ent to Banking and M onetary
Statistics, 1965, and pp. 983-1003 of the B u lle tin for Dec. 1968.
AUGUST 1972 □ CONSUMER CREDIT
A 59
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions o f dollars)
Total
Period
S.A.i
N.S.A.
Commercial banks
Finance companies
S.A.1
S.A.1
N.S.A.
N.S.A.
Other financial
lenders
S.A.1
N.S.A.
Retail outlets
S.A.i
N.S.A.
Extensions
1965 .......................................
1966.........................................
1967.........................................
1968 .......................................
1969 .......................................
1970 . . .
.......................
1971.........................................
78,586
82,335
84,693
97.053
102,888
104,130
117,638
29,528
30,073
30,850
36,332
38,533
39,136
45,099
25,192
25,406
25,496
28,836
30,854
29,662
32,036
9,436
10,362
10,911
12,850
14,245
14,619
17,312
14,430
16,494
17^436
19^035
19 256
20*713
23*191
Dec...............................
9,715
9,675
10,049
10,156
10,031
10,572
10,130
10,667
10,098
10,300
9,849
9,797
10,711
11,966
3,806
3,644
3,919
3,989
3,832
4,140
3,939
4,207
3,917
4,062
3,932
3,752
3,931
4,023
2,490
2,676
2,699
2,718
2,733
2,853
2,760
2,832
2,791
2,729
2,549
2,655
3,015
3,370
1,513
1,423
1,452
1,488
1,490
1,564
1,454
1,724
1,506
1,582
1,439
1,414
1,535
1,477
1,906
1,932
1,979
1,961
1,976
2,015
1,977
1,904
1,884
1,927
1,929
1,976
2,230
3,096
1972—Jan................................
Feb...............................
Mar..............................
Apr...............................
M ay.............................
June.............................
10,184
10,339
10,996
10,777
10,998
11,118
8,766
8,902
10,951
10,563
11,677
12,062
3,826
3,947
4,117
4,156
4,250
4,565
3,366
3,539
4,237
4,215
4,701
4,968
2,695
2,666
2,906
2,908
2,912
2,777
2,247
2,354
2,890
2,793
3,009
3,106
1,482
1,602
1,737
1,583
1,614
1,656
1,244
1,465
1,743
1,577
1,792
1,870
2,181
2,124
2,236
2,130
2,222
2,120
1,909
1,544
2,081
1,978
2,175
2,118
1971—June.............................
July..............................
Aug..............................
Sept..............................
Oct...............................
Repayments
1965........................................
1966........................................
1967........................................
1968........................................
1969.........................................
1970.........................................
1971.........................................
25,663
27,716
29,469
32,080
35,180
37,961
41,018
69,957
76,120
81,306
88,089
94,609
101,138
109,254
22,551
23,597
24,853
26,472
28,218
29,858
31,019
8,310
9,337
10,169
11,499
12,709
13,516
15,388
13,433
15,470
16,815
18,038
18,502
19,803
21,829
1971—June.............................
July..............................
Aug..............................
Sept..............................
Oct...............................
Nov..............................
Dec...............................
9,190
8,914
9,222
9,157
9,107
9,306
9,230
9,497
9,112
9,088
8,936
9,007
9,377
9,518
3,541
3,351
3,456
3,460
3,439
3,470
3,451
3,678
3,419
3,459
3,441
3,408
3,482
3,443
2,550
2,485
2,590
2,614
2,495
2,579
2,596
2,664
2,494
2,537
2,514
2,457
2,703
2,873
1,299
1,293
1,288
1,266
1,319
1,360
1,324
1,368
1,387
1,299
1,222
1,292
1,338
1,369
1,800
1,785
1,888
1,817
1,854
1,897
1,859
1,787
1,812
1,793
1,759
1,850
1,854
1,833
1972—Jan................................
Feb...............................
9,547
9,373
9,632
9,681
9,557
9,791
9,485
9,094
10,104
9,310
9,934
9,972
3,620
3,538
3,574
3,598
3,621
3,755
3,464
3,454
3,785
3,482
3,817
3,833
2,586
2,463
2,513
2,579
2,489
2,528
2,439
2,323
2,648
2,484
2,582
2,593
1,346
1,377
1,527
1,424
1,408
1,480
1,372
1,294
1,539
1,368
1,459
1,532
1,995
1,995
2,018
2,080
2,039
2,028
2,210
2,023
2,132
1,976
2,076
2,014
Apr...............................
M ay.............................
June.............................
Net change in credit outstanding 2
1965.........................................
1966.........................................
1967.........................................
1968.........................................
1969.........................................
1970.........................................
1971.........................................
8,629
6,215
3,387
8,964
8,279
2,992
8,384
3,865
2,357
1,381
4,252
3,353
1,590
4,081
997
1,024
621
997
754
910
1,362
1,126
1,025
742
1,351
1,536
1,103
1,924
2,641
1,809
643
2,364
2,636
-611
1,017
Dec...............................
525
761
827
999
924
1,266
900
1,170
986
1,212
913
790
1,334
2,448
265
293
463
529
393
670
488
529
498
603
491
344
449
580
-6 0
191
109
104
238
274
164
168
297
192
35
198
312
497
214
130
164
222
171
204
130
356
119
283
217
122
197
108
106
147
91
144
122
118
118
117
72
134
170
126
376
1,263
1972—Jan................................
Feb...............................
Mar..............................
Apr...............................
M ay.............................
June.............................
637
966
1,364
1,096
1,441
1,327
-719
-1 9 2
847
1,253
1,743
2,090
206
409
543
558
629
810
-9 8
85
452
733
884
1,135
109
203
393
329
423
249
-1 9 2
31
242
309
427
513
136
225
210
159
206
176
-128
171
204
209
333
338
186
129
218
50
183
92
-301
-4 7 9
-5 1
2
99
104
1971—June.............................
July...............................
Aug..............................
Sept..............................
Oct...............................
1 Includes adjustments for differences in trading days.
2 Net changes in credit outstanding are equal to extensions less re
payments, except in certain months when data for extensions and re
payments have been adjusted to eliminate duplication resulting from
large transfers of paper. In those months the differences between ex
tensions 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 o t e .—“Other financial lenders” include credit unions and miscellaneous
lenders. See also N o te to preceding table and Note 1 at bottom of p. A-56.
A 60
INDUSTRIAL PRODUCTION: S.A. □ AUGUST 1972
MARKET GROUPINGS
(1967 = 100)
Grouping
Total index.
Products, total................
Final products ..............
Consumer goods....
Equipment...............
Intermediate products.
Materials.........................
1967
pro
por
tion
1971
averagep
1972
1971
June
July
Aug.
Sept.
Oct.
Nov.
Dec,
100.00 106.8 107.4 106.8 105.6 107.1 106.8 107.4 108.1
Jan.
Feb.
M ar.r A pr.r M ayr June**
108.7 110.0 111.2 112.8 113.2 113.3
62.21 106.4 106.2 107.0 106.1 107.0 107.0 107.9 108.0 108.4 109.5 110.1 111.4 112.1 111.9
48.95 104.7 104.6 105.0 104.8 105.5 105.4 106.1
106.2 106.4 107.6 108.2 109.8 110.1
110.1
28.53 115.7 116.1 116.3 115.9 116.7 116.6 118.0 118.0 118.5 119.6 119.6 122.0 122.1 122.2
20.42 89.4 88.5 89.3 89.5 89.8 89.8 89.6 89.6 89.5 90.9 92.4 92.7 93.4 93.0
13.26 112.6 112.2 114.6 110.9 112.3 113.2 114.3 114.9 115.9 117.0 117.3 117.3 119.3 118.8
37.79 107.4 109.3 106.4 104.8 107.3 106.6 106.5 108.4 109.2 110.8 113.1 115.0 115.2 115.7
Consumer goods
Durable consumer goods ..............
Automotive products...............
Autos....................................
Auto parts and allied goods.
Home goods.............................
Appliances, TV, and radios.
Appliances and A /C . . .
TV and home audio....
Carpeting and furniture
Misc. home goods................
Nondurable consumer goods ..........
Clothing......................................
Consumer staples.......................
Consumer foods and tobacco....
Nonfood staples.....................
Consumer chemical products..
Consumer paper products....
Consumer fuel and lighting. . .
Residential utilities.........
7.86 115.1 117.0 117.4 117.3 117.1
116.8 116.0 117.4 117.5 120.3 118.9 125.9 125.3 124.8
2.84 119.5 121.2 121.7 122.3 122.9 121.9 119.7 119.9 116.6 119.5 119.3 128.9 127.4 125.5
109.4 102.8 106.4 104.6 114.3 111.3 108.2
1.87 108.3 107.9 107.9 108.5 108.0 107.8 109
.97 140.9 146.8 148.0 148.9 151.5 149.0 140.1 140.0 143.4 144.5 147.5 157.0 158.3 158.8
5.02
1.41
.92
.49
1.08
2.53
112.6
111.5
127.6
81.4
117.2
111.2
114.6
117.3
129.7
93.9
119.2
111.3
115.0
115.5
126.7
94.5
121.2
112.1
114.4
112.4
128.5
82.4
121.7
112.7
113.8
110.4
129.0
75.6
121.9
112.3
113.9
109.7
129.5
72.6
120.7
113.4
113.8
110.5
131.3
71.
122.2
112.0
116.0
116.9
135.8
81.3
120.4
113.7
118.1
123.8
143.4
87.1
121.7
113.5
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
129.4
148.4
93.7
132.0
118.2
124.3
124.3
139.0
97.2
132.0
121.1
20.67 116.0 115.6 115.9 115.4 116.5 116.6 118.8 118.4 119.0 119.3 119.9 120.5 121.0 121.2
4.32 101.4 102.0 102.5 100.3 103.6 103.2 103.7 105.0 105.8 102.7 105.0 105.0 106.3
119.9 120.2 122.8 121.9 122.5 123.7 123.9 124.6 124.9 124.8
16.34 119.8 119.2 119.4 119
8.37 113.6 113.4 112.3 112.8 114.1 113.9 117.2 115.5 115.4 115.5 116.3 116.8 117.0 116.7
7.98
2.64
1.91
3.43
2.25
126.3
133.9
107.9
130.8
137.6
125.3
131.1
107
130.5
137
126.9
132.7
106.9
133.8
141.8
126.4
133.3
106.2
132.3
138.6
126.1
133.6
109.2
129.6
136.5
126.7
132.0
111.0
131.6
138.5
128.6
137.2
111.5
131.6
138.8
128.7
134.3
114.8
132.1
139.0
129.8
137.6
111.4
134.2
141.8
12.74
9 6.8
95.6
97.1
97.5
98.2
98.2
97.9
98.0
98.4
132.4 132.0 132.8
144.3 141.4 145.4
112.1 113.9 111.4
134.5 134.9 134.8
142.5 142.3 142.1
133.4
144.8
111.1
137.0
144.2
133.3
143.4
110.9
138.1
146.8
Equipment
Business equipment.....................
9 9.9 101.3 101.3 102.5 102.0
Industrial equipment..............
Building and mining equip..
Manufacturing equipment..
Power equipment...............
6.77 92.9 91
92.0 92.8 93.2 93.5 94.2 94.2 94.1 95.4 96.3 95.7 96.3 96.8
1.45 92.9 88.8 88.9 96.4 96.6 95.5 95.2 94.0 98.0 99.6 101.2 98.4 97.0 97.4
3.85 82.6 81.2 82.5 81.5 82.1 83.1 83.5 83.8 82.4 83.4 84.5 84.9 85.9 86.2
1.47 119.8 122.8 119.9 119.0 118.7 118.8 121.5 121.6 121.0 122.7 122.0 121.4 122.8 124.0
Commercial, transit, farm eq..
Commercial equipment---Transit equipment..............
Farm equipment.................
5.97 101.2 99.7 102.9 102.8 104.0 103.6 102.1 102.4 103.3 105.1 107.0 107.6 109.5 107.8
111.1 113.1 112.2 110.2 109.4 109.1 111.9 114.7 114.1 116.4 114.7
3.30 110.0 108.6 111
88.2
89.3 90.7 90.8 91.1 89.4 93.1 95.1 94.7 95.4 97.0 98.3 95.6
2.00 89.4
.67 93.2 90.4 100.2 97.7 98.5 98.8 100.0 96.1 98.6 102.4 103.5 106.8 108.2 110.0
Defense and space equipment.
Military products...............
7.68
5.15
77.1
79.9
76.7
76.3
79.3
78.8
76.3
79.2
76.0
79.0
75.7
79.0
75.9
78.8
75.6
78.3
74.8
77.6
76.0
78.5
77.6
80.7
78.5
81.3
78.2
81.1
78.3
81.3
Intermediate products
Construction products..........
Misc. intermediate products.
109.3 111.5 112.8 114.2 115.2 115.7 115.8 115.9 116.5 117.9 117.5
5.93 112.6 113
115
114.5 116.1 118.0 118
7.34 112.6 111.4 114.4 112.1 112.9 113.5 114
120.4 119.8
118
Materials
Durable goods materials ----
20.91 101
103
99.
Nondurable goods materials ...........
13.99 114.1 115
113.
114.7 114.7 115.0 115.
116.7 116.0 117.0 119.8 120.6 120.7 122.4
9.34 107.4 108
109.
1.82 116.8 115.6 118.
107.9 109.1 108.9 109.
117.3 115.1 116.9 119.
110.9 112.4 112.4 112.3 115.3 116.0 116.7
121.0 120.6 123.7 120.3 127.5 123.4 124.4
Consumer durable parts.
Equipment parts.............
Durable materials n e c ...
Textile, paper, and chem. m at..
Nondurable materials n.e.c.......
Fuel and power, industrial...........
96.5 100.6 102.2 100.5 101.6 103.5 105.
107.8 110.4 110.8 110.7
4.75 104.2 107.6 101.1 105.6 103.3 104.1 101.8 104.0 105.1 107.1 110.2 113.8 112.0 111.4
5.41 87.1 87.3 88.0 83
87.1 88.1 87.3 87.9 88 .8 90.7 91.0 95.4 95.3 94.6
108.5 106.5 107.4 110.2 112.8 115.2 116.5 118.2 118.5
10.75 107.9 110.3 105.1 99.3 106
8.58 116.6 117.3 115.5 117.7 118.8 119.0 121.5 123.0 120.8 121
125.0 125.9 126.2 127.5
112.1 110. 110.0 108.2 108.4 107.2 106.8 108.3 109.9 111
5.41 110
112
112.4 114.2
117.4 119.5 98.7 104
117.6 117.4 117.7 118
2.89 116.3 120.7 119.
121
120.1 119.8
Supplementary groups
Home goods and clothing.
Containers..........................
Gross value oi products
in market structure
(In billions of 1963 dollars)
Products , total .................
Final products............
Consumer goods. . .
Equipment...............
Intermediate products.
For N ote see p. A-63.
392.0 391.4 391.8 390.0 392.1 393.2 396.5 396.5 398.7 402.0 405.6 409.7 413.2 411.5
302.6 302.4 300.7 302.4 303.5 303.8 306.7 305.8 306.7 309.2 312.3 317.1 318.7 317.2
213.8 214.6 213.3 213.9 214.2 215.0 217.9 217.4 217.4 218.8 220.4 224.8 225.5 224.4
88.8 88.1 87.7 88.6 89.4 89.2 89.0 88.9 89.2 90.4 91.9 92.4 93.2 93.0
89.5 89.4 91.4 87.8 88.9 89.4 90.2 90.6 92.5 92.9 93.2 92.8 94.5 94.3
1
AUGUST 1972 □ INDUSTRIAL PRODUCTION: S.A.
A 61
INDUSTRY GROUPINGS
(1967 = 100)
Grouping
Manufacturing......................................
1967
pro
por
tion
1971
aver
age*
1972
1971
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
M ar.r A pr.r May r June*
88.55 105.2 106.0 105.8 104.2 105.7 106.1 106.0 106.2 107.1 108.5 109.7 111.8 112.2 112.1
100.3 9 1 .A 99.3 100.1 99.1 99.5 100.4 102.1 103.4 105.8 106.3 106.0
Durable............................................ 52.33 99.4 100.7
Nondurable...................................... 36.22 113.6 113.7
Mining and utilities............................. 11.45 118.9 119.7
6.37 107.0 108.6
5.08 133.9 133.8
113.8
119.2
105.6
136.2
114.0
118.6
106.3
134.1
115.1 114.7 115.9 116.0 116.8
118.3 114.3 117.4 120.1 120.6
105.9 97.7 102.5 107.8 107.3
134.0 135.2 136.0 135.8 137.4
117.8
121.6
107.2
139.7
118.8
122.3
108.5
139.7
120.3
122.9
109.0
140.2
120.6
122.4
107.4
141.4
121.0
122.9
108.4
141.2
Durable manufactures
Primary and fabricated metals ............
12.55 104.0 108.3 104.6 94.0 99.5 101.3 98.8 100.6 104.0 105.4 107.4 110.4 112.3 111.3
6.61 100.9 108.1 98.9 81.2 93.8 96.1 91.4 94.3 102.4 102.6 105.1 110.2 112.8 110.0
4.23 96.6 105.3 99.0 66.5 85.9 89.4 81.9 85.5 95.2 95.9 98.8 105.5 107.3 104.3
5.94 107.5 108.6 110.9 108.2 105.9 107.1 107.1 107.6 106.0 108.6 110.1 110.8 111.9 112.7
Machinery and allied goods .................
32.44
Primary metals.................................
Iron and steel, subtotal...............
Fabricated metal products..............
94.9
95.1
95.8
95.4
96.2
96.6
95.9
95.6
95.7
97.3
98.4
101.1
101.1
100.9
Machinery........................................
Nonelectrical machinery..............
Electrical machinery....................
Transportation equipment..............
Motor vehicles and parts............
Aerospace and misc. trans. e q ...
Instruments......................................
Ordnance, private and Govt...........
17.39 96.2 96.3 97.7 96.7 97.9 98.3 97.8 97.9 98.5 99.5 100.3
9.17 94.3 93.6 95.8 95.5 97.0 97.4 95.9 94.8 95.1 96.2 97.6
8.22 98.3 99.4 99.9 97.9 99.0 99.3 99.9 101.3 102.2 103.2 103.3
9.29 92.9 93.1 93.2 93.9 94.2 94.5 93.4 92.7 92.0 94.7 95.9
4.56 114.1 113.9 115.5 116.3 115.8 116.0 115.7 116.1 114.0 117.7 118.8
4.73 72.5 73.0 71.7 72.3 73.4 73.7 72.0 70.1 70.8 72.7 73.9
2.07 108.5 108.5 110.9 109.1 110.5 111.2 110.4 109.3 111.3 114.5 114.2
3.69 86.1 87.1 85.0 85.5 85.2 85.3 84.9 84.4 83.2 83.7 86.4
Lumber, clay, and glass .......................
4.44 111.5 112.6 111.4 111.0 112.1 113.2 113.7 114.8 115.5 118.0 118.1
Furniture and miscellaneous.................
2 .90 111.7 113.3 115.9 114.0 114.2 114.0 113.3 114.3 115.0 117.3 118.4 119.9 120.6 120.8
Lumber and products.....................
Clay, glass, and stone products----
Furniture and fixtures.....................
Miscellaneous manufactures...........
102.6
98.6
107.1
100.4
125.6
76.1
116.1
87.3
103.0
100.4
105.9
99.1
122.9
76.1
117.3
87.6
103.7
102.1
105.4
96.5
117.4
76.5
118.4
89.0
118.1 118.2 119.0
1.65 113.9 114.0 114.1 113.9 114.8 118.2 119.4 121.7 122.0 119.7 119.6 119.9 119.1 121.1
2.79 110.0 111.8 109.8 109.3 110.6 110.1 110.4 110.7 111.6 117.0 117.2 117.1 117.5 117.7
1.38 102.1 105.2 104.8 105.2 105.3 104.5 105.4 103.8 104.0 108.4 108.7 111.7 110.7 112.9
1.52 120.5 120.7 126.1 122.0 122.2 122.6 120.5 123.9 125.1 125.4 127.2 127.4 129.6 127.9
Nondurable manufactures
Textiles , apparel, and leather ..............
Textile mill products.......................
Apparel products.............................
Leather and products......................
Paper and printing ...............................
6.9 0 100.7 101.3 100.9 100.8 102.5 102.3 101.8 103.1
102.0 101.1 103.7 106.1
105.0 105.9
2.69 108.6 109.2 108.6 110.5 111.0 110.1 110.2 112.6 108.9 107.0 110.9 113.5 112.8 113.4
3.33 97.8 98.1 98.3 97.4 99.5 100.0 99.8 99.7 99.8 100.1 102.7 103. 3 102.9
.88 87.4 89.4 87.0 84.2 87.7 87.4 83.3 87.1 89.6 86.9 85.4 94.4 89.2 91.0
7.92 107.8 105.9 108.4 108.1 108.2 109.4 110.5 110.7 111.3 112.6 112.6 112.3 113.3 112.5
Paper and products.........................
Printing and publishing...................
3.18 115.8 113.1 115.3 117.5 116.2 116.9 119.2 119.8 122.2 122.8 122.5 124.4 125.1 121.8
4.74 102.5 101.0 103.8 101.7 102.9 104.3 104.5 104.7 103.9 105.8 105.9 104.2 105.3 106’. 4
Chemicals, petroleum, and rubber . . . .
11.92 124.8 126.1 124.7 126.3 127.5 126.6 127.9 127.9 129.8 132.6 133.4 136.1 137.3 138.9
Foods and tobacco ...............................
9.48 113.7 113.6 114.1 113.1 114.2 113.3 115.8 115.0 115.7 115.9 116.3 117.6 117.1 116.7
Chemicals and products..................
Petroleum products.........................
Rubber and plastics products.........
Foods................................................
Tobacco products............................
7.86 126.4 127.9 126.0 127.7 129.9 128.4 130.8 130.4 131.2 135.1 135.7 137.9 138.7 140.8
1.80 115.7 115.0 114.8 115.8 113.7 115.7 116.0 118.3 119.3 118.7 117.9 117.0 119.5 118.6
2.26 126.0 129.1 128.1 129.9 129.6 129.1 127.7 126.6 133.3 135.0 138.1 144.7 146.5 148.2
8.81 114.9 115.2 115.5 114.1 115.2 114.4 117.1 116.6 116.5 116.9 117.5 118.6 118.5 118.0
.67 97.7 92.1 96.6 98.2 100.3 98.5 98.2 93.8 103.8 102.5 101.9 103.9 99.1
Mining
Metal, stone, and earth minerals.........
1.26 104.6 104.9
Coal, oil, and g a s .................................
5.11
Metal mining...................................
Stone and earth minerals................
Coal..................................................
Oil and gas extraction.....................
.51 121.4 117.3
.75 93.2 96.4
91.5
96 .8
98.1 102.0 110.9 111.1
108.0 109.8 108.3 104.6
99.0
98.2
93.3 104.8 109.7 117.1 136.7 137.7 128.9 133.7 131.0 122.2 110.2 105.6
90.2 91.4 90.1 91.7 93.4 92.7 93.8 93.5 92.7 92.6 91.4 93.1
107.6 109.5 109.1
108.7 107.9
96.6 100.4 107.1 107.1 106.5 108.6 110.0 109.5 110.9
.69 99.8 109.3 109.3 110.7 111.0' 29.5 55.7 112.4 106.3 99.6 104.1 112.9 104.8 104.2
4.42 108.9 109.6 109.1 108.4 107.4 107.1 107.4 106.3 107.2 107.6 109.3 109.6 110.3 111.9
Utilities
Electric.................................................
Gas.......................................................
F o r N o t e see p .
A-63.
3.91 138.1 137.5 140.9 138.6 138.6 140.6 141.9 141.9 141.2 144.4 144.8 145.6 146.9 146.6
1.17 119.8
A 62
INDUSTRIAL PRODUCTION: N.S.A. □ AUGUST 1972
MARKET GROUPINGS
(1967 = 100)
Grouping
1967
pro
por
tion
1971
aver
age*
1971
June
July
Aug.
Sept.
1972
Oct.
Nov.
Dec.
Jan.
Feb.
Mar . r A pr.r Mayr June*
Total index....................................... 100.00 106.8 110.0 102.8 105.8 110.3 110.3 107.7 104.5 106.6 110.3 111.6 113.6 113.4 115. <
Products, total.....................................
Final products ...................................
Consumer goods..........................
Equipment....................................
Intermediate products.....................
Materials..............................................
62.21 106.4 109.1 104.5 107.4 112.2 111.5 107.7 103.0 105.5 109.0 110.0 111.7 110.9 114.'
48.95 104.7 107.4 102.0 105.5 110.6 109.7 105.9 101.2 104.4 107.7 108.3 110.2 108.6 112.i
28.53 115.7 119.3 112.6 118.4 124.2 123.0 117.2 109.9 115.7 119.4 119.2 122.4 119.7 125.'
20.42 89.4 90.8 87.3 87.5 91.7 91.1 90.1 89.0 88.6 91.4 93.1 93.2 93.1 95.:
13.26 112.6 115.3 113.5 114.3 118.0 118.0 114.1 109.8 109.4 113.8 116.5 117.4 119.5 121.(
37.79 107.4 111.5 99.9 103.1 107.3 108.2 107.6 106.9 108.3 112.4 114.5 116.6 117.4 117.J
Consumer goods
Durable consumer goods .......................
7.86 115.1 121.3 102.7 109.7 122.5 126.6 119.9 107.7 117.1 122.9 121.8 128.8 126.0 128..
Automotive products.......................
Autos............................................
Auto parts and allied goods........
2.84 119.5 130.5 94.9 102.0 128.7 135.9 123.9 102.5 120.7 126.5 126.3 138.2 132.6 133.:
1.87 108.3 120.8 69.4 76.5 112.0 124.0 115.6 87.5 112.0 117.0 115.1 128.0 121.3 120.:
.97 140.9 149.0 144.0 151.1 160.6 158.7 139.8 131.3 137.5 144.8 147.8 157.8 154.3 158.1
Home goods....................................
Appliances, TV, and radios........
Appliances and A /C ................
TV and home audio.................
Carpeting and furniture..............
Misc. home goods.......................
5.02 112.6 116.1
Nondurable consumer goods ................
Clothing............................................
Consumer staples.............................
Consumer foods and tobacco....
Nonfood staples...........................
Consumer chemical products..
Consumer paper products.......
Consumer fuel and lighting. . .
Residential utilities...............
1.41
.92
.49
1.08
2.53
111.5
127.6
81.4
117.2
111.2
117.5
136.6
81.9
118.1
114.5
107.1
102.9
122.9
65.4
103.4
111.1
114.1 119.0 121.4 117.6 110.7 115.1
104.5
115.0
84.8
121.9
116.2
113.9
128.6
86.2
125.4
119.1
125.7
143.5
92.5
122.0
118.8
120.8 119.3 123.5 122.3 125..
116.7 98.4 123.1 127.2
132.3 108.2 143.8 150.3
87.4 80.1 84.3 83.9
125.5 123.0 123.5 131.4
114.7 112.3 107.1 112.7
20.67 116.0 118.6 116.4 121.7 124.8 121.6 116.2 110.8 115.1
120.1
139.3
84.1
130.8
113.9
131.9
156.6
85.6
131.8
115.3
125.0
147.1
83.7
128.3
118.2
124.:
145.:
84.1
130.1
123.<
118.1
118.2 119.9 117.3 124. <
131.7
137.7
109.1
139.6
150.1
129.2
135.0
110.8
135.0
144.2
4.32 101.4 105.6 93.7 105.6 107.0 110.4 100.6 90.6 100.8 106.6 108.1 113.2 102.8
16.34 119.8 122.1 122.4 126.0 129.5 124.6 120.3 116.2 118.9 121.2 120.9 121.7 121.1 i 27.1
8.37 113.6 116.5 112.9 118.7 123.9 120.5 115.8 109.0 109.2 111.2 113.0 114.8 114.7 119.1
7.98
2.64
1.91
3.43
2.25
126.3
133.9
107.9
130.8
137.6
127.9
142.4
110.2
126.5
130.7
132.4
138.0
109.6
140.8
151.6
12.74
96.8
98.9
94.4
133.7
139.6
113.9
140.2
149.6
135.3
145.4
116.0
138.3
148.6
128.9
139.4
114.7
128.8
134.8
125.0
137.1
110.7
123.7
126.9
123.7
124.9
108.9
131.0
135.5
94.7 101.1 100.3
98.3
96.4
129.0
129.3
106.3
141.4
152.3
128.9
142.3
110.3
129.0
136.3
127.8
143.9
107.9
126.5
130.3
136.1
155.'
113.133.'
139.:
Equipment
Business equipment...............................
96.6 100.7 102.2 102.3 102.1
105.
Industrial equipment.......................
Building and mining equip..........
Manufacturing equipment..........
Power equipment.........................
6.77 92.9 93.6 91.0 90.8 95.7 95.2 94.6 93.4 93.0 96.2 96.4 95.7 95.7 98.(
1.45 92.9 91.6 87.0 90.5 98.2 97.0 99.0 95.7 97.1 99.5 97.9 99.0 96.3 ioo.:
3.85 82.6 82.6 80.7 80.0 85.0 83.9 83.2 83.1 81.4 85.6 86.2 84.8 85.5 87.'
1.47 119.8 124.2 121.7 119.1 121.2 123.1 120.2 118.1 119.3 120.6 121.4 121.2 121.8 125. -
Commercial, transit, farm eq..........
Commercial equipment...............
Transit equipment.......................
Farm equipment...........................
5.97 101.2 104.9 98.2 99.1 107.3 106.1 102.4 99.9 100.7 105.8 108.7
3.30 110.0 113.5 114.5 111.9 116.7 113.2 110.5 107.4 105.3 110.1 112.6
2.00 89.4 94.1 75.5 83.1 92.9 96.0 91.8 90.8 93.5 97.3 99.5
.67 93.2 94.3 85.8 83.8 103.7 101.2 93.7 90.6 99.1 109.9 117.2
Military products.............................
5.15
7.68
77.1
79.9
77.4
80.6
75.4
78.2
75.5
78.6
76.1
78.9
75.7
78.7
76.4
79.0
76.6
78.8
75.3
77.8
75.9
78.4
77.9
81.0
109.8
112.2
104.8
113.2
78.0
81.1
109.4 112.114.7 119.!
100.3 99.:
110.0 114.'
78.1
81.3
79.1
82.i
Intermediate products
Construction products.........................
Misc. intermediate products...............
5.93 112.6 118.4 112.2 111.8 116.1 117.6 112.7 109.1 107.6 113.7 116.9 118.9 120.5 121.!
7.34 112.6 112.8 114.5 116.4 119.6 118.4 115.2 110.4 110.9 113.9 116.1 116.2 118.7 121.-
Materials
20.91
Consumer durable parts.................
Equipment parts..............................
Durable materials n.e.c...................
Nondurable goods materials.................
Textile, paper, and chem. mat.........
Nondurable materials n.e.c.............
Fuel and power, industrial.................
101.7 107.0
4.75 104.2 107.3
5.41 87.1 89.6
10.75 107.9 115.7
13.99 114.1
93.1
90.4
82.6
99.6
102.2 107.5 110.2 112.4 113.6 7 /i.i
96.7 102.7 106.6 106.3 109.0 108.8 110.5 111.6 112.9 113.3 111.
81.1 88.0 87.8 86.5 87.1 89.1 92.1 93.7 96.5 95.9 97.
98.3 106.4 109.6 106.3 102.7 105.8 114.0 117.8 120.1 122.6 123.'
93.5 100.8 103.3 101.2 100.1
116.4 107.7 114.4 114.8 117.6 117.5 114.4 115.1
118.3 119.8 121.8 122.5 123.
8.58 116.6 118.9 107.3 116.8 118.7 121.5 122.8 119.2 120.0 124.3 126.0 128.5 128.7 129.
5.41 110.3 112.5 108.3 110.7 108.6 111.3 109.0 106.8 107.4 108.8 110.0 111.2 112.7 114.
2.89 116.3 119.9 111.6 118.0 118.5 97.9 105.3 119.2 119.4 119.6 119.6 121.8 120.0 119.
Supplementary groups
Home goods and clothing...................
Containers............................................
For N ote see p. A-63.
9.34 107.4 111.2 100.9 110.2 113.4 116.3 109.7 101.4 108.5 114.2 114.1 118.7 113.3 119.
1.82 116.8 119.2 113.1 121.3 120.2 123.6 118.3 111.9 114.0 123.3 120.3 127.9 125.3 128.
AUGUST 1972 □ INDUSTRIAL PRODUCTION: N.S.A.
A 63
INDUSTRY GROUPINGS
(1967= 100)
Grouping
Manufacturing, total ............................
1967
pro
por
tion
1971
aver
age*
1972
1971
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
M ar.r Apr. r May r June*
88.55 105.2 108.7 100.3 103.5 108.8 109.7 106.8 102.7 104.7 109.0 110.5 112.7 112.5 115.0
101.0 102.4 99.8 91.1 99.2 103.8 105.5 107.5 107.5 108.6
Durable............................................ 52.33 99.4 103.3 93.7 94.3
Nondurable...................................... 36.22 113.6 116.5 109.9 116.8
Mining and utilities............................... 11.45 118.9 120.1 121.3 123.5
6.37 107.0 110.8 103.0 107.9
Mining..............................................
Utilities............................................. 5.08 133.9 131.7 144.2 143.0
120.0 120.2 116.8 110.9 112.6 116.4 117.8 120.2 119.8 124.2
122.8 114.2 113.9 118.1
121.0 121.1 120.7 120.4 120.0 122.9
106.5 97.9 101.8 107.5 104.7 105.4 106.4 108.8 109.5 110.3
143.4 134.7 129.1 131.5 141.5 140.8 138.7 134.9 133.2 138.8
Durable manufactures
Primary and fabricated metals ............
Primary metals.................................
Iron and steel, subtotal................
Fabricated metal products..............
12.55 104.0 111.2
96 .2
90.2
94.9
89.2
91.0
32.44
Nonelectrical machinery..............
Electrical machinery....................
Transportation equipment..............
Motor vehicles and parts............
Aerospace and misc. trans. eq. ..
Instruments......................................
Ordnance, private and Govt...........
99.1
101.6
98.9
98.0 102.8 109.4 112.6 114.3 115.4 114.1
99.2
96 .7
93.7
6.61 100.9 112.6 88.5 76.4 91.1 94.5 90.2 89.4 101.0 108.6 113.5 117.2 118.2 114.5
4.23 96.6 109.0 90.4 62.1 81.9 86.2 80.7 81.3 93.7 101.3 107.4 113.2 113.2 107.9
5.94 107.5 109.6 104.8 105.5 107.9 109.5 108.6 107.6 104.8 110.2 111.5 111.1 112.2 113.7
97.3
17.39 96.2 97.7 93.1 93.5
9.17 94.3 95.3 93.6 92.0
8.22 98.3 100.4 92.6 95.2
9.29 92.9 97.5 79.0 84.4
4.56 114.1 122.8 88.0 98.0
4.73 72.5 73.2 70.4 71.2
2.07 108.5 110.8 110.9 111.4
3.69 86.1 87.5 84.3 84.5
98.0
100.4
98.6
102.5
94.8
116.6
73.8
114.9
84.9
Lumber, clay, and glass .......................
4.4 4 111.5 117.4 111.5 116.7 117.6 118.6 113.5 107.1
Furniture and miscellaneous.................
2.90 111.7 114.3 106.2 114.6 118.1
Lumber and products.....................
Clay, glass, and stone products----
Furniture and fixtures.....................
Miscellaneous manufactures...........
95.8
100.6 98.1 95.6 97.8
97.1 95.0 93.7 93.9
104.4 101.5 97.7 102.1
99.0 95.4 90.3 94.0
124.8 119.8 110.8 119.1
74.1 71.9 70.6 69.8
114.4 111.0 109.2 108.1
84.7 85.0 84.8 83.7
99.1
101.7
99.4
104.3
97.5
123.3
72.6
111.2
84.0
100.2 102.3 101.7 103.2
102.2
100.2
104.5
99.0
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
100.9
105.1
101 .6
127.8
76.3
116.1
87.8
105.2
103.9
106.6
101.0
126.3
76.7
120.9
89.4
105.9 112.3 115.9 118.5 120.4 124.1
1.65 113.9 118.4 113.2 118.5 120.4 122.6 116.2 109.3 111.1 119.5 121.5 122.1 121.8 125.8
2.79 110.0 116.8 110.5 115.6 115.9 116.3 111.9 105.8 102.8 108.1 112.5 116.3 119.6 123.0
117.3 117.5 115.2 111. 3 118.4 118.8 119.1
118.1
121.8
1.38 102.1 103.5 91.1 103.5 106.4 104.8 108.6 106.9 106.2 113.7 112.7 111.6 108.7 111.1
1.52 120.5 124.1 120.0 124.8 128.8 128.7 125.6 122.7 116.0 122.8 124.4 125.9 126.6 131.5
Nondurable manufactures
Textiles, apparel, and leather .............
Textile mill products.......................
Apparel products.............................
Leather and products......................
Paper and printing ...............................
Paper and products.........................
Printing and publishing...................
Chemicals, petroleum, and rubber.......
Chemicals and products..................
Petroleum products.........................
Rubber and plastics products.........
Foods and tobacco ...............................
Foods................................................
Tobacco products............................
6.9 0 100.7 104.6
2.69 108.6 114.1
3.33 97.8 100.8
.88 87.4 89.9
90.8 104.4 105.0 107.5 101.3
92.6 100.4 105.4 106.7 109.9 104.0 109.9
97.0 114.5 113.6 113.8 111.0 101.9 106.6 110.3 114.0 115.9 115.8 118.5
89.9 100.4 102.4 106.7 98.1 87.7 98.4 105.3 105.0 109 5 98.8
75.4 88.8 88.1 91.5 83.9 83.0 88.9 90.6 90.4 93.3 87.3 91.5
7.92 107.8 108.4 105.1 111.4 113.3 115.2 112.0 104.9 105.2 109.9 111.2 112.9 113.2 115.3
3.18 115.8 116.3 105.5 117.3 115.9 123.0 120.2 110.8 120.7 125.9 125.3 128.1 126.4 125.2
4.74 102.5 103.1 104.9 107.5 111.5 109.9 106.5 100.9 94.8 99.2 101.7 102.7 104.4 108.6
11.92 124.8 129.4 122.3 126.8 130.9 130.1 129.1 125.9 126.0 131.1
132.5 135.8 137.8 142.4
7.86 126.4 132.2 125.2 128.7 133.3 131.0 131.3 127.7 126.6 132.0 134.1 138.9 140.5 145.6
1.80 115.7 119.1 118.9 120.9 118.9 117.8 115.2 116.5 114.4 115.0 113.5 112.1 118.4 122.9
2.26 126.0 127.7 114.9 124.7 131.9 136.7 132.3 126.9 133.0 140.8 142.2 144.1 144.0 146.6
9.48 113.7 115.9 112.3 117.8 122.9 121.2 116.8 110.4 110.8 111.4 112.9 114.2 114.1
119.1
8.81 114.9 117.2 114.3 118.7 124.1 122.4 118.2 112.8 111.3 111.8 113.7 115.3 115.3 120.1
.67 97.7 98.5 86.2 105.7 106.5 106.1 99.0 78.7 103.6 105.5 102.1 99.4 98.1
Mining
Metal, stone%and earth minerals .........
Metal mining...................................
Stone and earth minerals................
Coal..................................................
Oil and gas extraction.....................
1.26 104.6 118.3
97.2 104.1 104.1 105.8 103.9 100.5
93.1
95.4
98.0 105.3 110.3 110.3
.51 121.4 147.7 106.6 116.9 118.7 117.9 114.8 111.3 105.8 113.8 114.4 123.5 130.9 132.9
.75 93.2 98.3 90.9 95.4 94.2 97.6 96.6 93.1 84.4 82.8 86.8 92.8 96.3 95.0
5.11
107.6 109.0 104.5 108.8 107.1
95.9 101.3 109.2 107.6 107.9 108.5 109.7 109.3 110.3
.69 99.8 110.4 83.7 117.9 113.9 31.5 56.9 111.7 105.1 99.9 102.7 114.9 106.9 105.2
4.42 108.9 108.8 107.8 107.4 106.1 106.0 108.2 108.8 108.0 109.2 109.4 108.9 109.7 111.1
Utilities
Electric..................................................
Gas........................................................
3.91 138.1 134.6 151.3 150.0 150.8 139.9 132.8 136.2 146.6 145.8 143.5 138.5 136.4 143.5
1.17 119.8
N o t e .—Published groupings include series and subtotals not shown
separately. A description and historical data will be available at a later
date. Figures for individual series and subtotals are published in the
monthly Business Indexes release.
A 64
BUSINESS ACTIVITY; CONSTRUCTION □ AUGUST 1972
SELECTED BUSINESS INDEXES
(1967= 100, except as noted)
Industrial production
Manu
facturing 2
In
dustry
Market
Period
Prices 4
Ca
pacity
NonagCon riculutiliza struc
tural
tion
tion
em
in mfg. con
ploy
Em
Final products
(1967
Manu output tracts ment— ploy
Inter Mate factur = 100)
Total i ment
mediate rials
ing
Con
Total sumer Equip prod
ucts
goods ment
Products
Total
Total
Pay
rolls
Total
retail
sales3
Con
sumer
Whole
sale
com
modity
1952.
1953.
1954.
51.9
51.8
50.8
53.3
47.9
55.1
52.0
51.5
92.8
95.5
84.1
74.1
76.3
74.4
93.4
98.2
89.6
54.5
60.3
55.1
52
54
54
79.5
80.1
80.5
88.6
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
68.7
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
64.8
65.3
70.8
74.9
79.6
71.3
72.8
77.7
82.0
86.8
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.r
1968.| .....................
1969.).....................
1970.).....................
1971.
89.2
97.9
100.0
105.7
110.7
106.7
106.8
88.1
96.8
100.0
105.8
109.7
106.0
106.4
86.8
96.1
100.0
105.8
109.0
104.5
104.7
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
91.0
99.8
100.0
105.7
112.4
107.7
107.4
89.1
98.3
100.0
105.7
110.5
105.2
105.2
89.0
91.9
87.9
87.7
86.5
'78. 3
r75.0
132.0
92.3
97.1
100.0
103.1
106.7
107.3
107.4
93.9
99.9
100.0
101.4
103.2
98.1
94.3
88.1
97.8
100.0
108.3
116.6
114.2
116.9
91
97
100
109
114
120
122
94.5
97.2
100.0
104.2
109.8
116.3
121.2
96.6
99.8
100.0
102.5
106.5
110.4
113.9
—June.........
July..........
Aug..........
Sept..........
Oct...........
Nov..........
Dec...........
107.4
106.8
105.6
107.1
106.8
107.4
108.1
106.2
107.0
106.1
107.0
107.0
107.9
108.0
104.6
105.0
104.8
105.5
105.4
106.1
106.2
116.1
116.3
115.9
116.7
116.6
118.0
118.0
112.2
114.6
110.9
112.3
113.2
114.3
114.9
109.3
106.4
104.8
107.3
106.6
106.5
108.4
106.0
105.8
104.2
105.7
106.1
106.0
106.2
s '75.6 147.0
151.0
r74.7 153.0
156.0
137.0
'74.6 155.0
160.0
107.3
107.1
107.1
107.6
107.6
107.9
108.1
94.3
93.9
93.5
94.5
94.1
94.4
94.2
117.7
116.8
116.5
117.0
117.8
118.4
121.1
129
129
133
135
134
136
133
121.5
121.8
122.1
122.2
122.4
122.6
123.1
114.3
114.6
114.9
114.5
114.4
114.5
115.4
\—Jan........... 108.7
1972Feb........... 110.0
Mar.......... '1 11.2
Apr........... '112.8
May......... '113.2
June......... 113.3
July**........ 113.6
108.4
109.5
'110.1
'111.4
'112.1
111.9
112.0
106.4
107.6
'108.2
'109.8
'110.1
110.1
110.2
165.0 108.7
155.0 108.9
159.0 109.4
167.0 109.7
r77.3 165.0 '110.2
154.0 110.3
110.2
94.5
95.0
95.6
96.2
96.8
97.0
96.5
122.2
124.9
125.8
128.7
'129.4
130.7
129.4
133
135
139
139
'142
140
123.2
123.8
124.0
124.3
124.7
125.0
116.3
117.3
117.4
117.5
118.2
118.8
119.7
88.5
89.3
89.5
89.8
89.8
89.6
89.6
118.5 89.5 115.9 109.2 107.1
119.6 90.9 117.0 110.8 108.5
'119.6 '92.4 '117.3 '113.1 '109.7
'122.0 '92.7 '117.3 '115.0 '111.8
'122.1 '93.4 '119.3 '115.2 '112.2
122.2 93.0 118.8 115.7 112.1
122.2 93.4 119.1 116.2 112.6
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 second quarter 1971.
N o t e .—All series:
Data are seasonally adjusted unless otherwise noted.
86.1
89.4
93.2
94.8
100.0
113.2
123.7
'75.3
Capacity utilization: Based on data from Federal Reserve, McGrawHill Economics Department, and Department of Commerce.
Construction contracts: F. W. Dodge Co. monthly index of dollar
value of total construction contracts, including residential, nonresidential,
and heavy engineering; does not include data for Alaska and Hawaii.
Employment and payrolls: Based on Bureau of 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)
Type of ownership and
type of construction
1971
1970
1972
1971
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
Total construction 1.........................
67,097 78,878 8,077 7,670 7,712 6,814 6,568 6,405 6,286 6,234 5,607 7,284 8,100 9,907 8,478
By type of ownership:
Public........................................
Private 1....................................
23,362 24,183 2,795 2,683 2,299 2,010 1,837 1,960 1,696 2,137 1,634 1,686 1,741 2,574 2,517
45,058 56,408 5,489 4,987 5,413 4,804 4,731 4,445 4,590 4,097 3,973 5,598 6,359 6,524 5,960
By type of construction:
Residential building 1.............. 24,910 35,226 3,485 3,357 3,255 3,196 3,170 3,001 2,997 2,667 2,664 3,617 3,971 4,428
Nonresidential building........... 24,180 26,577 2,800 2,621 2,120 2,246 2,064 2,128 1.959 1,728 1,799 2,187 2,182 2,908
Nonbuilding............................. 18,489 20,509 1,792 1,691 2,337 1,371 1,332 1,274 1.959 1,840 1,144 1,480 1,947 1,762
Private housing units authorized. . .
(In thousands, S.A., A.R.)
1,324
1,885 1,849 2,052 2,006 1,900 2,173 1,961 2,292 2,105 2,078 1,928 1,928 '1,958 2,079
i Because of improved collection procedures, data for 1-family homes
N o t e .—Dollar 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 Alaska 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.
AUGUST 1972 □ CONSTRUCTION
A 65
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private
Public
Nonresidential
Period
Total
Total
Resi
dential
Buildings
Total
Indus
trial
Com
mercial
Other
build-
Other
Total
Mili
tary
High
way
Conser
vation
Other 2
&
develop
ment
1962 3 . . . .
1963 * . . . .
1964
1965
1966
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
1967
1968
1969
1970
197 1
77,503
86,626
93,347
94,265
108.968
51,967
59,021
65,384
66,147
79,080
25,568
30,565
33,200
31,748
42,379
26.399
28,456
32,184
34.399
36,701
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
5,437
8,293
10,292
11,029
12,982
14,222
25,536
27,605
27,963
28,118
695
808
879
719
8,591
9,321
9,252
9,986
1971—June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.,
109,210
109,801
111,778
110,319
114,748
115,186
117,017
79,941
80,328
81,939
81,730
82,905
84,764
85,989
42,326
42,533
43,795
45,027
46,135
46,841
47,741
37,615
37,795
38,144
36,703
36,770
37,923
38,248
5,508
5,428
4,852
4,597
4,993
4,885
4,914
11,795
12,690
13,069
11,702
11,510
12,188
12,391
5,815
5,499
5,482
5,591
5,372
5,670
5,770
14,497
14,178
14,741
14,813
14,895
15,180
15,173
29,269
29,473
29,839
28,573
31,843
30,422
31,028
865
1,142
900
786
881
938
918
1,614
2,150
1,609
1,570
1,540
1,697
1,454
1972—Jan..
Feb..
Mar.
Apr.
May
June
120,763
121,728
122.968
120,634
122,381
123,287
88,580
90,812
92,586
91,686
92,558
93,278
49,587
51,907
53,109
52,766
52,424
52,979
38,993
31,905
39,477
38,920
40,134
40,299
4,936
4,674
4,796
4,649
4,723
4,989
13,272
13,247
13,243
13,411
14,132
13,738
5,734
5,583
5.993
5.765
5.766
6,249
15,051
15,401
15,445
15,095
15,513
15,323
32,183
30,916
30,382
28,948
29,823
30,009
985
1,002
1,186
965
980
1,081
1,943
1,804
1,919
1,644
1,967
2,195
1 Includes religious, educational, hospital, institutional, and other buildings.
2 Sewer and water, formerly shown separately, now included in “Other.”
3 Beginning July 1962, reflects inclusion of new series affecting most
private nonresidential groups.
4 Beginning 1963, reflects inclusion of new series under “Public” (for
State and local govt, activity only).
N o t e .—Census
Bureau data, monthly series at seasonally adjusted
annual rates.
NEW HOUSING UNITS
(In thousands)
Units started
Private (S.A., A.R■0
Period
Region
Type of structure
Total
North North South
east Central
West
5- or
12- to 4- morefamily family family
Total
1,642
1,562
1963.........................
1964.........................
1,610
1,529
261
253
328
339
591
582
431
355
1,021
972
5189
108
450
1965.........................
1966.........................
1967.........................
1968.........................
1969.........................
1970.........................
1971.........................
1,473
1,165
1,292
1,508
1,467
1,434
2,051
270
207
215
227
206
218
263
362
288
337
369
349
294
434
575
473
520
619
588
612
869
266
198
220
294
323
310
485
964
779
844
900
810
813
1,151
1971—June..............
July...............
Aug...............
Sept...............
Oct................
Nov...............
Dec...............
2,008
2,091
2,219
2,029
2,038
2,228
2,457
250
271
279
249
242
305
437
396
436
493
454
435
483
508
864
849
941
876
895
950
995
498
535
505
449
465
489
518
2,487
2,682
2,369
2,109
2,331
June.............. 2,298
438
271
360
244
271
332
436
566
363
335
561
449
983
1,223
1,049
1,086
1,019
976
629
622
597
444
480
541
1972—Jan................
Feb...............
Mar...............
Apr. T............
Private Public
Total
FHA
VA
1,610
1,529
32
32
292
264
221
205
71
59
151
191
87
61
72
81
87
85
120
422 1,510 1,473
325 1,196 1,165
376 1,322 1,292
527 1,548 1,508
571 1,500 1,467
536 1,467 1,434
780 c2 ,087 c2,055
37
31
30
40
33
33
c32
246
195
232
283
288
479
c627
197
158
180
227
237
418
c533
49
37
53
56
51
61
c94
216
217
240
318
413
401
c497
1,150
1,162
1,198
1,172
1,155
1,242
1,347
127
131
143
137
108
102
121
731
798
878
720
774
883
989
197
197
206
176
182
179
155
194
194
205
174
180
176
152
3
3
2
2
2
3
3
55
52
55
58
47
57
92
46
43
46
50
39
48
85
9
9
9
9
8
9
7
47
45
50
53
50
40
34
1,415
1,325
1,302
1,167
1,332
1,288
175
215
139
146
125
138
896
1,142
928
796
874
872
151
154
206
213
226
223
149
152
204
212
224
220
2
1
2
2
2
3
45
36
49
38
43
43
37
28
38
29
34
33
8
8
11
9
9
10
33
40
49
53
52
N o t e .— Starts are Census Bureau series (including farm starts) except
for Govt.-underwritten, which are from Federal Housing Admiii. and
Veterans Admin, and represent units started, including rehabilitation
Mobile
home
ship
ments
(N.S.A.)
Government
underwritten
(N.S.A.)
Private and public
(N.S.A.)
units under FHA, based on field office reports of first compliance inspec
tions. Data may not add to totals because of rounding.
Mobile home shipments are as reported by Mobile Homes Manufac
turers Assn.
A 66
EMPLOYMENT □ AUGUST 1972
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons, except as noted)
Civilian labor force (S.A.)
Total noninstitutional
population
(N.S.A.)
Period
Not in
labor force
(N.S.A.)
Total
labor
force
(S.A.)
Unem
ployed
Unemploy
ment
rate2
(per cent;
S.A.)
Employed1
Total
Total
In nonagricultural
industries
In
agriculture
1966...
1967 3.
1968. .
1969...
1970...
1971...
131,180
133,319
135,562
137,841
140,182
142,596
52,288
52,527
53,291
53,602
54,280
55,666
78,893
80,793
82,272
84.240
85,903
86,929
75,770
77,347
78,737
80,734
82,715
84,113
72,895
74,372
75,920
77,902
78,627
79,120
68,915
70,527
72,103
74,296
75,165
75,732
3,979
3,844
3,817
3,606
3,462
3,387
2,875
2,975
2,817
2,832
4,088
4,993
3.8
3.8
3.6
3.5
4.9
5.9
1971—July.
Aug..
Sept..
Oct..
Nov..
Dec..
142,685
142,886
143,104
143,321
143,517
143,723
53,877
54,433
56,220
55,968
55,802
56,181
86,727
87,088
87.240
87,467
87,812
87,883
83,930
84.313
84,491
84,750
85,116
85,225
79,014
79,199
79,451
79,832
80,020
80,098
75,640
75,792
76,088
76,416
76,601
76,698
3,374
3,407
3,363
3,416
3,419
3,400
4,916
5,114
5,040
4,918
5,096
5,127
5.9
6.1
6.0
5.8
6.0
6.0
144,697
1972—Jan...
144,895
Feb..
145,077
M ar..
145,227
Apr..
145,427
May.
145,639
June.
July................I 145,854
57,550
57,577
57,163
57.440
57.441
55,191
54,850
88,301
88,075
88,817
88,747
88,905
88,788
88,855
85,707
85,535
86.313
86,284
86,486
86,395
86,467
80,636
80,623
81,241
81,205
81,394
81,667
81,682
77,243
77,266
77,759
77,881
78,041
78,330
78,237
3,393
3,357
3,482
3,324
3,353
3,337
3,445
5.071
4,912
5.072
5,079
5,092
4,728
4,785
5.9
5.7
5.9
5.9
5.9
5.5
5.5
1 Includes self-employed, unpaid family, and domestic service workers.
2 Per cent of civilian labor force.
3 Beginning 1967, data not strictly comparable with previous data.
Description of changes available from Bureau of Labor Statistics.
N ote.—Bureau of Labor Statistics. Information relating to persons 16
years of age and over is obtained on a sample basis. Monthly data relate
to the calendar week that contains the 12th day; annual data are averages
of monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
(In thousands of persons)
Contract
construc
tion
Period
Total
Manufac
turing
1971.........................................................
63,955
65,857
67,915
70,284
70,616
70,699
19,214
19,447
19,781
20,167
19,369
18,610
627
613
606
619
622
601
3,275
3,208
3,285
3,435
3,345
3,259
1971—July..............................................
Aug...............................................
Sept...............................................
Oct................................................
Nov..............................................
Dec...............................................
70,531
70,529
70,853
70,848
71,042
71,185
18,533
18,457
18,616
18,560
18,603
18,566
597
609
616
521
525
607
1972—Jan................................................
Feb...............................................
Mar...............................................
Apr...............................................
May..............................................
June*............................................
July*............................................
71,584
71,729
72,030
72,263
72,558
72,647
72,565
18,609
18,690
18,777
18,870
18,973
18,995
18,898
1971—July..............................................
Aug...............................................
Sept...............................................
Oct................................................
Nov...............................................
Dec...............................................
70,452
70,542
71,184
71,379
71,638
72,034
1972—Jan................................................
Feb...............................................
Mar..............................................
Apr...............................................
May..............................................
June*............................................
July*............................................
70,643
70,776
71,374
71,928
72,533
73,361
72,413
Transporta
tion & pub
lic utilities
Trade
Finance
Service
Govern
ment
4,151
4,261
4,310
4,429
4,504
4,481
13,245
13,606
14,084
14,639
14,922
15,174
3,100
3,225
3,382
3,564
3,690
3,800
9,551
10,099
10,623
11,229
11,630
11,917
10,792
11,398
11,845
12,202
12,535
12,858
3,228
3,219
3,250
3,290
3,320
3,245
4,476
4,428
4,460
4,442
4,434
4,465
15,158
15,223
15,273
15,270
15,278
15,315
3,806
3,804
3,821
3,834
3,851
3,860
11,921
11,946
11,962
11,996
12,044
12,089
12,812
12,843
12,855
12,935
12,987
13,038
616
612
613
603
602
598
597
3,320
3,236
3,272
3,233
3,256
3,242
3,153
4,502
4,479
4,536
4,522
4,539
4,532
4,520
15,447
15,495
15,518
15,647
15,671
15,729
15,730
3,872
3,879
3,890
3,897
3,921
3,934
3,923
12,120
12,177
12,217
12,254
12,303
12,358
12,449
13,098
13,161
13,207
13,237
13,293
13,529
13,295
18,448
18,651
18,840
18,709
18,693
18,595
613
625
623
522
524
605
3,480
3,509
3,471
3,478
3,410
3,177
4,534
4,486
4,509
4,455
4,447
4,469
15,132
15,151
15,242
15,327
15,537
16,089
3,867
3,865
3,829
3,826
3,836
3,841
12,040
11,994
11,986
12,020
12,032
12,029
12,338
12,261
12,684
13,042
13,159
13,229
18,440
18,537
18,653
18,713
18,824
19,137
18,766
602
596
599
597
602
612
613
2,965
2,880
2,974
3,117
3,246
3,401
3,399
4,430
4,407
4,482
4,486
4,521
4,582
4,579
15,266
15,147
15,274
15,460
15,592
15,788
15,703
3,833
3,844
3,867
3,885
3,913
3,965
3,986
11,926
12,031
12,131
12,279
12,401
12,519
12,573
13,181
13,334
13,394
13,391
13,434
13,357
12,794
Mining
SEASONALLY ADJUSTED
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
the Armed Forces are excluded.
Beginning with 1969, series has been adjusted to Mar. 1970 bench
mark.
AUGUST 1972 □ EMPLOYMENT AND EARNINGS
A 67
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
( I n th o u s a n d s
of p e rs o n s )
Seasonally adjusted1
Industry group
1971
Not seasonally adjusted1
1972
1971
1972
July
May
June*
July?
July
May
June?
July*
13,440
13,852
13,884
13,802
13,315
13,723
14,005
13,639
Durable goods.................................................................
Ordnance and accessories......................................
Lumber and wood products..................................
Furniture and fixtures............................................
Stone, clay, and glass products.............................
Primary metal industries........................................
7,594
93
500
380
496
965
7,886
92
523
403
523
977
7,897
95
523
406
524
969
7,872
96
526
405
522
962
7,512
92
516
371
508
976
7,852
91
520
399
521
983
7,987
94
543
406
537
991
7,750
95
543
396
535
973
Fabricated metal products.....................................
Machinery...............................................................
Electrical equipment and supplies.........................
Transportation equipment.....................................
Instruments and related products.........................
Miscellaneous manufacturing industries...............
1,016
1,156
1,169
1,244
257
318
1,054
1,207
1,237
1,272
268
330
1,054
1,216
1,246
1,258
273
333
1,061
1,218
1,222
1,256
270
334
999
1,151
1,153
1,181
255
310
1,044
1,211
1,220
1,271
267
326
1,065
1,228
1,242
1,271
273
335
1,043
1,214
1,205
1,153
268
326
Food and kindred products...................................
Tobacco manufactures...........................................
Textile-mill products..............................................
Apparel and related products...............................
Paper and allied products......................................
5,846
1,188
56
841
1,179
515
5,966
1,177
62
874
1,191
540
5,987
1,190
62
875
1,186
541
5,930
1,186
63
870
1,157
538
5,803
1,213
49
831
1,135
516
5,871
1,114
53
870
1,188
535
6,018
1,182
54
887
1,200
550
5,889
1,211
55
859
1,115
539
Printing, publishing, and allied industries...........
Chemicals and allied products..............................
Petroleum refining and related industries.............
Rubber and misc. plastic products.........................
Leather and leather products.................................
661
582
115
450
259
669
581
116
485
271
667
585
116
494
271
662
582
116
491
265
658
584
120
443
255
665
581
116
480
269
667
590
120
496
275
659
585
121
483
261
1 Data adjusted to 1970 benchmark.
N o t e .—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 of the month.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
Average weekly earnings1
(dollars per week; N.S.A.)
Average hours worked1
(per week; S.A.)
Industry group
1972
1971
July
May
June*
1972
1971
July*
July
May
June*
July*
May
Total..................................................................
40.0
40.5
40.7
40.7 142.09 153.50 155.01 153.50
3.57
3.79
3.79
3.79
Ordnance and accessories..........................
Lumber and wood products......................
Furniture and fixtures................................
Stone, clay, and glass products.................
Primary metal industries............................
40.4
41.9
40.5
40.1
41.8
40.6
41.2
42.0
40.9
40.6
41.8
41.4
41.4
42.2
41.2
40.9
42.2
41.5
41.3
42.7
41.1
40.8
42.3
41.4
151.98
160.66
128.88
115.53
155.40
170.53
166.04
170.94
135.88
121.81
162.54
191.73
168.06
173.42
138.03
125.36
165.33
193.95
164.82
173.03
135.71
123.62
166.18
192.98
3.79
3.89
3.19
2.91
3.70
4.19
4.03
4.07
3.29
3.03
3.87
4.62
4.04
4.09
3.31
3.05
3.89
4.64
4.02
4.11
3.31
3.06
3.91
4.65
Fabricated metal products.........................
Machinery...................................................
Electrical equipment and supplies.............
Transportation equipment.........................
Instruments and related products.............
Miscellaneous manufacturing industries...
40.7
40.7
40.1
39.5
39.8
39.2
41.1
41.7
40.4
42.0
40.7
39.3
41.2
42.2
40.5
42.0
40.7
39.5
41.5
42.2
40.5
40.9
40.4
39.2
150.72
161.20
139.00
172.97
140.23
113.48
162.76
176.81
147.50
199.55
150.66
121.13
165.17
179.77
149.37
199.13
151.37
121.97
163.17
176.81
147.60
190.94
149.17
118.89
3.74
4.00
3.51
4.39
3.55
2.94
3.96
4.24
3.66
4.74
3.72
3.09
3.98
4.26
3.67
4.73
3.71
3.08
3.97
4.24
3.69
4.68
3.72
3.08
Nondurable goods...............................................
Food and kindred products.......................
Tobacco manufactures...............................
Textile-mill products..................................
Apparel and related products...................
Paper and allied products..........................
39.3
40.2
39.6
40.3
35.8
42.4
39.7
40.4
33.9
41.3
35.6
42.6
39.8
40.6
34.3
41.5
35.9
42.9
39.8
40.7
34.0
41.3
36.2
42.8
129.63
137.63
130.87
102.66
88.43
157.30
135.88
144.72
116.25
111.38
91.49
164.90
137.66
146.11
122.50
113.42
93.24
168.17
138.85
147.55
116.27
111.79
93.76
169.49
3.29
3.39
3.33
2.56
2.47
3.71
3.44
3.60
3.47
2.71
2.57
3.88
3.45
3.59
3.52
2.72
2.59
3.92
3.48
3.59
3.45
2.72
2.59
3.96
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
41.4
42.6
40.3
37.7
37.7
41.6
41.6
41.2
38.7
38.0
42.0
42.2
41.5
38.5
38.2
42.0
42.1
40.9
37.6
158.30
164.79
197.80
137.94
98.56
167.70
173.06
209.81
146.32
104.88
169.48
176.40
209.95
148.57
105.57
171.52
177.24
211.23
147.74
102.87
4.21
3.99
4.60
3.44
2.58
4.46
4.16
4.96
3.56
2.71
4.46
4.20
4.94
3.58
2.70
4.49
4.23
4.97
3.63
2.70
July*
1972
July
1 Data adjusted to 1970 benchmark.
June35
1971
Average hourly earnings1
(dollars per hour; N.S.A.)
N o t e . —Bureau of Labor Statistics; data are for production and related
workers only.
A 68
PRICES □ AUGUST 1972
CONSUMER PRICES
(1967 = 100)
Housing
All
items
Food
1929..........................
1933..........................
1941..........................
1945.........................
51.3
38.8
44.1
53.9
1960.........................
1961.........................
1962.........................
1963.........................
1964.........................
Period
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
96.9
98.2
100.0
102.4
105.7
110.1
115.2
92.7
96.3
100.0
105.7
116.0
128.5
133.7
124.0
124.5
125.1
125.5
125.9
126.4
126.8
115.2
115.4
115.8
116.1
116.4
116.6
116.9
127.3
127.6
127.9
128.2
128.5
129.0
117.1
117.5
117.7
118.1
118.3
118.8
Homeownership
Total
Rent
48.3
30.6
38.4
50.7
53.7
59.1
76.0
54.1
57.2
58.8
88.7
89.6
90.6
91.7
92.9
88.0
89.1
89.9
91.2
92.4
90.2
90.9
91.7
92.7
93.8
91.7
92.9
94.0
95.0
95.9
94.5
1965.........................
97.2
1966.........................
1967......................... 100.0
1968.......................... 104.2
1969.......................... 109.8
1970.......................... 116.3
1971......................... 121.3
94.4
99.1
100.0
103.6
108.9
114.9
118.4
94.9
97.2
100.0
104.2
110.8
118.9
124.3
1971—June.............. 121.5
July............... 121.8
Aug............... fl2 2 .1
Sept............... fl22.2
Oct................ fl22.4
Nov............... 122.6
Dec............... 123.1
119.2
119.8
120.0
119.1
118.9
119.0
120.3
123.2
123.8
124.0
124.3
124.7
125.0
120.3
122.2
122.4
122.4
122.3
123.0
1972—Jan................
Feb................
Mar...............
Apr...............
M ay..............
June..............
Health and recreation
Fur Apparel Trans
and
nish
porta
ings upkeep tion
Total
and
opera
tion
Read Other
ing
goods
and
and
recrea serv
tion
ices
Med
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
99.4
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
95.0
87.8
88.5
89.1
90.6
92.0
94.6
97.0
100.0
103.1
105.6
110.1
117.5
99.4
99.6
100.0
100.9
102.8
107.3
114.7
95.3
97.0
100.0
104.4
109.0
113.4
118.1
93.7
96.1
100.0
105.4
111.5
116.1
119.8
95.9
97.2
100.0
103.2
107.2
112.7
118.6
93.4
96.1
100.0
105.0
110.3
116.2
122.2
89.5
93.4
100.0
106.1
113.4
120.6
128.4
95.2
97.1
100.0
104.2
109.3
113.2
116.8
95.9
97.5
100.0
104.7
108.7
113.4
119.3
94.2
97.2
100.0
104.6
109.1
116.0
120.9
133.0
133.5
134.4
135.1
135.7
136.7
137.0
117.4
117.5
117.8
117.8
117.8
118.1
118.1
114.6
114.7
115.7
115.7
115.7
116.2
118.2
118.7
118.9
119.1
119.4
119.5
119.5
119.6
120.1 119.6
119.3 119.5
119.0 fl 19.3
120.6 f 118.6
121.6 f 119.3
121.9 118.8
121.8 118.6
122.1
122.6
123.1
123.6
123.5
123.7
123.9
128.6
129.3
130.0
130.4
129.6
129.7
130.1
116.8
117.1
117.5
117.6
117.9
117.9
117.9
119.3
119.6
119.7
120.5
120.5
120.8
121.1
120.3
121.2
121.8
122.4
122.6
122.8
123.0
137.8
138.0
138.2
138.5
138.9
139.6
118.7
118.7
118.7
118.6
118.7
117.8
119.0
119.4
119.7
120.2
120.5
120.3
119.5
119.6
120.1
120.5
120.8
121.0
120.2
120.7
121.3
121.8
122.5
122.1
124.3
124.7
125.0
125.5
125.8
126.1
130.5
131.0
131.4
131.7
132.0
132.4
118.1
118.4
118.7
119.1
119.7
120.0
121.4
121.5
121.7
122.3
122.5
122.9
123.5
124.3
124.6
125.1
125.4
125.6
99.4
119.0
118.3
118.4
118.6
119.5
120.0
N o t e .—Bureau
of Labor Statistics index for city wage-earners and clerical workers,
t Reflects effect of refund of Federal excise tax on new cars.
WHOLESALE PRICES: SUMMARY
(1967 = 100)
Industrial commodities
Period
Pro
All Farm cessed
com prod
foods
modi ucts
and
ties
feeds Total
Ma
Non Trans
Tex Hides, Fuel, Chem Rub Lum Paper, Met chin
me porta Mis
ery Furni
ber,
als,
tallic tion cella
tiles,
icals,
ber,
ture,
etc.
and
etc.
etc.
etc.
etc.
etc.
etc. equip
etc.
min equip neous
etc.
erals ment1
ment
92.4
91.9
91.2
91.3
93.8
92.0
91.9
92.0
92.2
92.8
99.0
98.4
97.7
97.0
97.4
97.2
97.6
97.6
97.1
97.3
93.0
93.3
93.7
94.5
95.2
94.3
103.4
100.0
103.2
108.9
110.1
114.0
95.5 99.0 95.9 95.9 96.2 96.4
97.8 99.4 97.8 100.2 98.8 98.8
100.0 100.0 100.0 100.0 100.0 100.0
98.9 99.8 103.4 113.3 101.1 102.6
100.9 99.9 105.3 125.3 104.0 108.5
105.9 102.2 108.6 113.7 108.2 116.7
114.2 104.2 109.2 127.0 110.1 119.0
93.9
96.8
100.0
103.2
106.5
111.4
115.5
96.9
98.0
100.0
102.8
104.9
107.5
109.9
97.5
98.4
100.0
103.7
107.7
113.3
122.4
95.9
97.7
100.0
102.2
100.8 105.2
104.5 109.9
110.3 112.8
109.2
109.7
109.7
109.6
109.8
110.6
114.2
114.4
114.7
114.7
115.1
116.2
114.4
114.8
115.3
114.8
114.7
115.0
104.4
104.3
104.3
104.2
103.8
103.4
109.7
109.8
109.7
109.5
109.5
109.4
130.6
134.6
134.3
131.8
131.3
132.7
110.5
110.6
110.6
110.6
110.6
110.7
119.4
121.1
121.1
121.0
120.9
120.8
115.7
116.1
116.0
116.0
115.9
116.2
110.0
110.2
110.2
110.2
110.2
110.2
123.3
124.2
124.2
124.1
124.0
124.2
110.3
110.5
109.6
110.7
110.8
112.9
112.8
113.0
113.0
113.0
113.1
113.2
111.3
112.0
112.1
112.6
113.3
113.6
114.0
117.8
119.1
123.0
127.2
129.5
130.9
131.6
116.0
116.1
116.5
116.9
117.5
118.2
118.6
103.4
103.5
103.4
104.1
104.4
104.3
104.2
109.5
109.2
108.9
108.7
108.8
108.9
109.2
134.9
137.7
139.5
141.1
142.7
144.2
146.1
110.8
111.6
112.3
112.8
113.2
113.5
113.7
121.4
122.6
123.4
123.5
123.6
123.6
123.5
116.5
117.1
117.3
117.6
117.9
118.1
118.3
110.2
110.8
110.9
111.0
111.1
111.2
111.4
124.3
124.6
124.8
125.6
125.9
125.8
126.2
113.4
113.6
113.8
113.7
113.8
114.2
114.1
113.7
114.0
114.2
114.1
114.1
114.2
114.9
1960............................. 94.9
1961............................. 94.5
1962............................. 94.8
1963............................. 94.5
1964............................. 94.7
97.2
96.3
98.0
96.0
94.6
89.5
91.0
91.9
92.5
92.3
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
1965.............................
1966.............................
1967.............................
1968.............................
1969.............................
1970.............................
1971.............................
96.6
99.8
100.0
102.5
106.5
110.4
113.9
98.7
105.9
100.0
102.5
109.1
111.0
112.9
95.5
101.2
100.0
102.2
107.3
112.0
114.3
96.4
98.5
100.0
102.5
106.0
110.0
114.0
99.8
100.1
100.0
103.7
106.0
107.2
108.6
1971—July..................
Aug...................
Sept...................
Oct....................
Nov...................
Dec...................
114.6
114.9
114.5
114.4
114.5
115.4
113.4
113.2
110.5
111.3
112.2
115.8
116.0
115.4
114.6
114.1
114.4
115.9
114.5
115.1
115.0
115.0
114.9
115.3
1972—Jan....................
Feb...................
Mar..................
Apr...................
M ay.................
June.................
July...................
116.3
117.3
117.4
117.5
118.2
118.8
119.7
117.8
120.7
119.7
119.1
122.2
124.0
128.0
117.2
118.8
118.6
117.7
118.6
119.6
121.5
115.9
116.5
116.9
117.3
117.6
117.9
118.1
1 For transportation equipment, Dec. 1968 = 100.
96.1 101.8 103.1
97.2 100.7 99.2
96.7 99.1 96.3
96.3 97.9 96.8
93.7 98.3 95.5
95.3
91.0
91.6
93.5
95.4
98.1
95.2
96.3
95.6
95.4
AUGUST 1972 □ PRICES
A 69
WHOLESALE PRICES: DETAIL
(1967=100)
1972
Group
Group
July
May
June
July
109.3
102.5
121.3
121.1
92.6
119.5
89.4
114.4
113.3
120.6
97.5
139.8
96.3
130.1
122.5
90.6
116.9
119.5
121.7
94.5
146.4
102.9
127.3
121.7
91.9
116.9
119.9
129.9
96.3
152.4
118.4
125.4
122.0
102.2
116.8
121.8
111.5
119.6
116.2
115.9
119.4
115.9
135.7
136.7
135.5
122.8
113.8
106.9
113.3
126.8
117.4
119.0
120.8
117.2
127.3
112.8
119.6
120.7
115.0
108.4
113.3
131.4
115.3
119.5
121.3
117.8
125.8
112.0
119.1
121.5
114.4
107.7
113.6
135.8
117.7
119.6
122.2
117.9
124.1
106.9
115.8
121.4
114.4
110.9
July
May
June
July
110.8
112.4
111.8
114.6
102.8
110.1
103.6
113.4
111.5
130.5
115.9
105.8
113.3
106.5
113.8
111.5
137.7
116.2
106.0
113.5
106.6
114.0
111.5
137.7
116.7
106.0
113.7
106.8
121.9
123.4
116.9
123.0
116.7
117.9
115.9
118.2
119.3
128.3
130.7
117.8
127.3
120.2
119.0
118.1
122.0
124.4
128.1
130.4
117.6
128.8
120.4
119.7
118.6
122.2
124.4
128.3
130.3
116.8
129.9
120.5
119.7
119.0
122.2
124.2
117.4
121.6
117.7
122.3
125.6
120.0
122.7
125.9
120.2
122.7
125.9
120.5
119.8
122.2
122.7
122.9
121.6
109.5
117.3
123.5
110.5
120.3
123.7
110.6
120.7
123.9
110.7
120.8
115.3
118.1
98.2
107.0
93.9
121.6
117.1
119.4
98.2
107.2
92.9
125.0
117.2
119.5
98.6
107.1
92.6
125.4
117.4
119.8
98.8
107.3
92.4
126.4
122.5
123.3
121.5
121.5
126.7
125.1
121.1
126.8
125.3
121.8
126.9
126.0
114.5
126.9
131.2
112.7
131.5
125.6
117.2
127.1
131.2
113.4
136.2
128.4
117.4
127.1
131.2
113.9
136.2
127.4
117.5
127.1
131.2
115.7
136.4
127.1
114.7
121.5
118.1
129.6
118.5
129.6
118.4
130.2
112.6
116.6
111.7
106.2
112.4
114.1
117.5
111.7
106.2
114.9
114.4
117.5
111.7
106.2
115.2
114.5
117.5
111.7
106.3
117.4
Pulp, paper, and allied products:
Farm products:
Fresh and dried produce.....................
Grains....................................................
Livestock..............................................
Live poultry..........................................
Plant and animal fibers.......................
Fluid m ilk.............................................
Eggs.......................................................
Hay and seeds......................................
Other farm products............................
Processed foods and feeds:
Cereal and bakery products................
Meat, poultry, and fish.......................
Dairy products.....................................
Processed fruits and vegetables.........
Sugar and confectionery....................
Beverages and beverage materials
Animal fats and oils...........................
Crude vegetable oils...........................
Refined vegetable oils........................
Vegetable oil end products................
Miscellaneous processed foods..........
Manufactured animal feeds...............
Cotton products.................................
Wool products....................................
Manmade fiber textile products
Apparel...............................................
Textile housefumishings....................
Miscellaneous textile products..........
111.9
92.6
101.9
113.3
104.8
119.9
121.5
98.3
108.0
114.3
109.3
129.8
122.6
99.2
108.6
114.4
109.5
125.8
123.0
100.0
108.9
115.1
109.5
122.6
114.0
114.4
116.8
108.2
200.3
137.8
124.6
115.3
204.1
138.6
125.8
116.7
212.5
138.1
126.5
116.5
182.9
150.5
107.7
113.5
113.2
107.2
191.2
155.3
113.0
121.2
113.2
107.3
191.2
155.3
112.9
121.5
113.2
108.5
191.2
155.3
113.2
122.1
113.2
109.1
102.4
115.9
99.8
102.6
130.8
93.4
88.6
112.5
101.4
118.3
103.5
102.8
116.0
92.1
88.6
114.1
101.4
118.3
103.9
103.1
115.9
92.3
87.9
113.8
101.5
118.3
104.2
103.2
113.2
91.9
87.9
113.3
113.2
98.8
111.2
118.7
113.0
98.6
108.4
120.4
113.3
98.6
108.7
120.8
113.8
98.8
109.5
121.3
94.0
93.3
93.5
93.3
100.6
98.5
98.1
98.2
99.7
98.4
97.9
98.3
142.5
122.8
111.7
119.0
157.0
127.6
130.3
122.7
159.0
128.4
131.7
123.4
161.6
129.6
132.9
125.6
Fuels and related products, and power:
Coal.....................................................
Coke....................................................
Gas fuels.............................................
Electric power....................................
Crude petroleum.................................
Petroleum products, refined..............
Rubber and plastic products:
Rubber and rubber products............
Crude rubber...................................
Tires and tubes...............................
Miscellaneous rubber products---Plastic construction products (Dec.
1969 = 100)......................................
Unsupported plastic film and sheeting
(Dec. 1970=100)............................
Laminated sheets, high pressure
(Dec. 1970=100)............................
Lumber and wood products:
Lumber................................................
Millwork.............................................
Plywood..............................................
Other wood products.........................
of Labor Statistics indexes.
Agricultural machinery and equip...
Construction machinery and equip..
Metalworking machinery and equip
General purpose machinery and
equipment......................................
Special industry machinery and
equipment......................................
Electrical machinery and equip........
Miscellaneous machinery.................
Furniture and household durables:
Household furniture.......................
Commercial furniture.....................
Floor coverings...............................
Household appliances.....................
Home electronic equipment............
Other household durable goods.. .
Nonmetallic mineral products:
Chemicals and allied products:
Industrial chemicals...........................
Prepared paint....................................
Paint materials...................................
Drugs and pharmaceuticals...............
Fats and oils, inedible.......................
Agricultural chemicals and products.
Plastic resins and materials................
Other chemicals and products..........
Iron and steel.................................
Steelmill products.........................
Nonferrous metals.........................
Metal containers.............. ............
Hardware.......................................
Plumbing equipment.....................
Heating equipment.......................
Fabricated structural metal products
Miscellaneous metal products. . . .
Machinery and equipment:
Hides, skins, leather, and products:
Hides and skins..................................
Leather................................................
Footwear.............................................
Other leather products.......................
Pulp, paper and products, excluding
building paper and board...........
Woodpulp........................................
Wastepaper......................................
Paper................................................
Paperboard......................................
Converted paper and paperboard..
Building paper and board..............
Metals and metal products:
Textile products and apparel:
N o t e .—Bureau
1972
1971
Flat glass..........................................
Concrete ingredients.......................
Concrete products...........................
Structural clay products excluding
refractories...................................
Refractories.....................................
Asphalt roofing...............................
Gypsum products............................
Glass containers..............................
Other nonmetallic minerals............
Transportation equipment:
Motor vehicles and equipment.
Railroad equipment...................
Miscellaneous products:
Toys, sporting goods, small arms,
ammunition.................................
Tobacco products...........................
Notions............................................
Photographic equipment and supplies
Other miscellaneous products. . . .
A 70
NATIONAL PRODUCT AND INCOME □ AUGUST 1972
GROSS NATIONAL PRODUCT
(In billions of dollars)
Item
1929
1933
1941
1950
1967
1968
1969
1970
1971
1971 1
III
11
Gross national product........................................
103.1
101.4
Personal consumption expenditures...................
77.2
9 .2
37.7
30.3
Structures..................... .............................
Residential structures..................................
Change in business inventories.....................
Government purchases of goods and services..
Federal..........................................................
National defense..........................................
Other...............................................................
1972
IV
II*
55.6 124.5 284.8 793.9 864.2 930.3 976.4 1050.4 1043.01056.9 1,078.1 1,109.1 1,139.0
57.2 120.1 278.0 785.7 857.1 922.5 971.5 1046.7 1036.41055.6 1,076.4 1,108.6 1,1 3 4 .7
45.8
3.5
22.3
20.1
80.6 191.0 492.1 536.2 579.5 616.8 664.9 660.4
9 .6 30.5 73.1 84.0 90.8 90.5 103.5 101.9
42.9 98.1 215.0 230.8 245.9 264.4 278.1 277.2
28.1 62.4 204.0 221.3 242.7 261.8 283.3 281.3
670.7
106.1
278.5
286.1
680.5
106.1
283.4
290.9
696.1
288.3
296.7
712.5
113.6
296.3
302.6
54.1 116.6 126.0 139.0 137.1 152.0 153.0 152.2
47.3 108.4 118.9 131.1 132.2 148.3 146.4 150.9
27.9 83.3 88.8 98.5 100.9 105.8 105.0 106.3
9 .2 28.0 30.3 34.2 36.0 38.4 38.3 38.7
18.7 55.3 58.5 64.3 64.9 67.4 66.7 67.6
19.4 25.1 30.1 32.6 31.2 42.6 41.4 44.5
18.6 24.5 29.5 32.0 30.7 42.0 40.9 43.9
6.8
8 .2
7.8
4.9
7.1
3.6
6.6
1.3
6 .0
7.5
6.9
7.7
4.8
2 .4
-.2
5.1
158.8
157.2
109.8
38.8
71.0
47.3
46.7
1.7
.8
168.1
167.7
116.1
41.3
74.8
51.6
51.0
.4
.1
176.8
172.6
120.1
41.5
78.7
52.4
51.8
4.3
3.6
1.8
13.8
12.0
.4
68.5
68.2
-2 .1
63.0
65.1
- 4 .6
70.7
75.3
-4 .9
70.0
74.9
37.9 180.1 199.6 210.0 219.0 232.8 229.5 233.6
18.4 90.7 98.8 98.8 96.5 97.8 96.3 97.9
14.1 72.4 78.3 78.4 75.1 71.4 71.2 70.1
4.3 18.4 20.5 20.4 21.5 26.3 25 0 27.8
19.5 89.4 100.8 111.2 122.5 135.0 133.3 135.7
240.9
100.7
71.9
28 7
140.2
249.4
105.7
76.7
28 9
143‘.7
254.6
108.2
78.6
29! 6
146.4
203.6 141.5 263.7 355.3 675.2 706.6 725.6| 722.1 741.7 737.9 742.5
754.5
766.5
783.1
16.2
1.4
14.5
3 .0
10.6
2 .4
5 .0
.9
5 .6
1.5
.6
4 .0
3.8
.5
1.7 —1.6
1.8 - 1 . 4
17.9
13.4
9 .5
2.9
6 .6
3.9
3.7
4 .5
4 .0
1.1
7 .0
5.9
.4
2 .4
2 .0
1.3
5.9
4 .6
8 .5
1.3
8.0
2 .0
7 .2
6 .0
24.8
16.9
13.8
3.1
7.9
5.2
46.2
41.0
2.5
50.6
48.1
1.9
55.5
53.6
3 .6
62.9
59.3
.7
66.1
65.4
.1
66.7
66.6
1
Gross national product in constant (1958)
dollars.................................................................
I
N o t e . —Dept, o f Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. For back data and explanation o f series,
111.0
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 o f dollars)
1929
1933
1941
1950
1967
1968
1969
Item
1971
1970
1972
1971
II
III
IV
I
IIP
National income....................................................
86.8
40.3 104.2 241.1 653.6 711.1 766.0 798.6 855.7 851.4 860.8 876.2 903.1
Compensation of employees................................
51.1
29.5
64.8 154.6 467.2 514.6 566.0 603.8 644.1 639.6 648.0 660.4 682.7 697.5
Wages and salaries .......................................
Private.............................................................
Military..........................................................
Government civilian....................................
50.4
45.5
.3
4 .6
29.0
23.9
.3
4.9
62.1 146.8 423.1 464.9 509.7 541.9 573.5 569.6 576.5 587.3 606.6 619.7
51.9 124.4 337.3 369.2 405.6 426.8 449.7 447.0 451.6 460.9 475.8 486.9
5.0 16.2 17.9 19.0
1.9
19.6
19.4 19.4
18.8
19.4 20.8
20.5
17.4 69.5 77.8 85.1 95.5 104.4 103.3 106.0 107.0 110.0 112.4
8.3
.7
.5
2 .7
7.8
44.2
49.7
56.3
61.9
70.7
70.0
71.5
73.0
76.1
Employer contributions for social in
surance .......................................................
Other labor income......................................
77.8
.1
.6
.1
.4
2 .0
.7
4 .0
3.8
21.9
22.3
24.3
25.4
27.8
28.4
29.7
32.1
34.1
36.5
33.8
36.1
34.3
37.2
35.0
38.0
37.3
38.8
38.0
39.8
Proprietors’ income...............................................
Business and professional..............................
Farm...................................................................
15.1
9 .0
6 .2
5.9
3.3
2.6
17.5
11.1
6.4
37.5
24.0
13.5
62.1
47.3
14.8
64.2
49.5
14.7
67.2
50.5
16.7
66.8
49.9
16.9
70.0
52.6
17.3
69.3
52.4
16.9
70.7
53.1
17.6
71.8
53.8
18.1
73.3
54.3
19.1
73.5
54.7
18.7
Rental income of persons....................................
5 .4
2 .0
3 .5
9 .4
21.1
21.2
22.6
23.3
24.5
24.4
24.8
25.0
25.2
24.4
Corporate profits and inventory valuation
adjustment..........................................................
10.5
—1.2
15.2
37.7
78.7
84.3
79.8
69.9
78.6
80.1
78.3
79.4
81.8
Profits before ta x .........................................
Profits tax liability........................................
Profits after tax .........................................
Dividends..................................................
Undistributed profits..............................
10.0
1.4
8.6
5.8
2.8
1.0
.5
2 .0
-1 .6
17.7
7.6
10.1
4 .4
5 .7
42.6
17.8
24.9
8.8
16.0
79.8
33.2
46.6
21.4
25.3
87.6
39.9
4 7.8
23.6
24.2
84.9
40.1
44.8
24.3
20.5
74.3
34.1
40.2
24.8
15.4
83.3
37.3
45.9
25.4
20.5
84.5
38.6
45.8
25.4
20.4
84.1
37.5
46.6
25.5
21.0
83.2
35.3
48.0
25.2
22.7
88.2
38.8
49.5
26.0
23.5
.5
-2 .1
- 2 .5
-5 .0
-1 .1
-3 .3
-5 .1
-4 .4
- 4 .7
-4 .4
-5 .8
-3 .9
-6 .5
-5 .5
4 .7
4 .1
3 .2
2 .0
24.4
26.9
30.5
34.8
38.5
38.1
39.1
39.7
40.1
40.9
.4
N o t e . — Dept, o f Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also N o t e to table above.
26.2
AUGUST 1972 □ NATIONAL PRODUCT AND INCOME
A 71
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING
(In billions of dollars)
1929
Item
1933
1941
1950
1967
1968
1969
1970
II
103.1
Gross national product.
Less: Capital consumption allowances.........
Indirect business tax and nontax lia
bility ..................................................
Business transfer payments.................
Statistical discrepancy..........................
Plus: Subsidies less current surplus of gov
ernment enterprises...........................
Equals: National income..................................
Plus: Government transfer payments......... .
Net interest paid by government and
consumers.........................................
Dividends..............................................
Business transfer payments.................
III
IV
55.6 124.5 284.8 793.9 864.2 930.3 976.4 1050.4 1043.0 1056.9 1,078.1 1,109.1 1,139.0
7.9
7.0
8.2
18.3
68.9
95.0
97.4
99.7
104.8
7.0
.6
.7
7.1
.7
.6
11.3
.5
23.3
.8
1.5
70.4 78.6 85.9 93.4 101.9 100.3 102.6
4.7
3.8
4.6
4.6
3.4
4.2
3.1
- . 7 —2.7 - 6 .1 - 4 .7 - 4 .8 - 4 .9 - 5 .9
105.6
4.7
- 5 .2
106.7
4.8
- 4 .1
108.3
4.9
.1
.2
1.5
- .1
86.8
74.5
1.4
81.6
86.3
93.8
92.4
.3
.7
1.2
40.3 104.2 241.1 653.6 711.1 766.0 798.6 855.7 851.4 860.8
876.2
903.1
Less: Corporate profits and inventory valu
ation adjustment...............................
Contributions for social insurance---Excess of wage accruals over disburse
ments..................................................
1972
1971
1971
10.5 - 1 .2
.2
.3
15.2
2.8
37.7
6.9
78.7
42.4
.7
84.3
47.1
1.0
79.8
54.2
1.5
69.9
57.7
.9
78.6
65.3
80.1
64.8
78.3
65.7
79.4
66.9
81.8
71.9
.6
.2
.6
1.4
- 1 .4
- .5
73.1
.9
1.5
2.6
14.3
48.7
56.1
61.9
75.2
89.0
90.7
90.3
92.1
94.4
95.9
2.5
5.8
.6
1.6
2.0
.7
2.2
4.4
.5
7.2
8.8
.8
23.6
21.4
3.1
26.1
23.6
3.4
28.7
24.3
3.8
31.0
24.8
4.2
31.1
25.4
4.6
31.0
25.4
4.6
31.1
25.5
4.7
30.9
25.2
4.7
30.9
26.0
4.8
31.8
26.2
4.9
96.0 227.6 629.3 688.9 750.9! 806.3 861.4 858.1 867.9
881.5
907.0
922.5
97.9 116.5 116.7 117.0 115.2 117.5
123.0
136.5
139.6
Equals: Personal income...............................
85.9
47.0
Less: Personal tax and nontax payments...
2.6
1.5
Equals: Disposable personal income..............
83.3
45.5
92.7 206.9 546.3 591.0 634.4 689.5 744.4 742.9 750.4
758.5
770.5
782.9
Less: Personal outlays...................................
79.1
77.2
1.5
46.5
45
.5
81.7 193.9 506.0 551.2 596.2 634.7 683.4 678.8 689.4
80.6 191.0 492.1 536.2 579.5 616.8 664.9 660.4 670.7
2.4 13.2 14.3 15.8 16.9 17.6 17.5 17.6
.9
699.2
680.5
17.7
714.9
696.1
17.8
731.5
712.5
18.0
Personal consumption expenditures.
Consumer interest payments............
Personal transfer payments to for
eigners............................................
Equals: Personal saving.
Disposable personal income in constant (1958)
dollars...........................................................
3.3
20.7
83.0
.9
1.0
1.0
.9
1.1
1.1
1.0
1.0
38.2
54.9
60.9
64.1
61.0
59.3
55.7
51.5
150.6 112.2 190.3 249.6 477.5 499.0 513.6 533.2 554.7 554.6 556.5
560.9
565.7
570.9
May
June®
.3
.2
.2
.5
.7
4.2
- .9
11.0
13.1
40.4
39.8
N o t e . —Dept, of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also N o te to table opposite.
PERSONAL INCOME
(In billions of dollars)
Item
1970
1972
1971
1971
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
Total personal income.........................
806.3 861.4 873.4 862.4 869.1 872.2 874.8 879.4 890.4 898.9 908.5 913.6 919.4 924.0 924.0
Wage and salary disbursements..........
Commodity-producing industries..
Manufacturing only ......................
Distributive industries.....................
Service industries.............................
Government.....................................
541.9 572.9 571.8 572.5 577.2 577.9 579.9 583.4 594.3 602.6 609.0 612.4 617.6 619.9 623.2
201.0 206.1 206.4 205.5 205.5 206.9 207.9 208.8 213.1 214.8 217.7 220.1 221.7 222.5 223.0
158.3 160.3 160.7 160.0 159.5 160.4 161.3 161.7 165.1 165.8 169.3 171.3 173.3 173.8 174.4
129.2 138.2 137.6 137.7 139.3 140.2 140.4 140.8 143.8 145.5 148.1 148.0 149.4 149.4 151.2
96.7 105.0 104.7 105.7 106.3 106.8 107.5 108.2 109.4 111.2 111.6 112.8 113.9 114.7 115.5
115.1 123.5 123.1 123.6 126.1 124.0 124.0 125.5 128.0 131.2 131.7 131.5 132.5 133.2 133.6
Other labor income.............................
32.1
36.5
36.6
36.9
37.2
37.5
37.8
38.0
38.3
38.5
38.8
39.1
39.5
39.8
40.1
Proprietors’ income.............................
Business and professional................
Farm .................................................
66.8
49.9
16.9
69.9
52.6
17.3
69.6
52.7
16.9
70.0
52.8
17.2
70.7
53.1
17.6
71.3
53.4
17.9
71.6
53.6
18.0
71.9
53.8
18.1
72.0
53.9
18.1
72.6
54.0
18.6
73.2
54.1
19.1
74.2
54.7
19.5
74.0
54.9
19.1
74.0
55.3
18.7
72.5
54.1
18.4
Rental income......................................
23.3
24.5
24.6
24.7
24.9
24.9
24.9
25.0
25.1
25.1
25.2
25.3
25.5
25.6
22.1
Dividends.............................................
24.8
25.4
25.4
25.5
25.6
25.5
25.5
25.5
24.6
26.0
26.1
26.0
26.1
26.3
26.3
Personal interest income.....................
65.8
69.6
69.3
69.8
70.2
70.5
70.5
70.6
70.7
70.8
71.0
71.3
72.0
72.7
73.4
Transfer payments...............................
79.5
93.6 107.3
94.2
94.7
96.1
96.2
96.8
97.6
97.6 100.0 100.1
28.0
31.2
31.2
31.4
31.5
31.6
31.8
32.3
34.3
Less: Personal contributions for social
insurance......................................
31.1
34.7
34.8
99.7 100.9 101.7
35.0
35.1
35.3
Nonagricultural income........................ 782.8 837.2 849.8 838.4 844.7 847.6 850.0 854.5 865.0 873.4 882.4 887.1 893.4 898.3 898.5
Agricultural income.............................. 23.5 24.2 23.6 24.0 24.4 24.6 24.8 24.9 25.4 25.6 26.0 26.5 26.0 25.8 25.4
N o t e .—Dept, of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also N o t e to table opposite.
A 72
FLOW OF FUNDS □ AUGUST 1972
SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS
(Seasonally adjusted annual rates; in billions o f dollars)
1969
Transaction category, or sector
1965
1966
1967
1968
1969
1970
1971
HI
1970
H2
HI
1971
H2
HI
1972
H2
Q lr
Funds raised, by type and sector
Total funds raised by nonfinancial
sectors........................................
70.4
68.7
83.4
97.8
2 U.S. Government..............................
Public debt securities....................
3
Budget agency issues....................
4
1.8
1.3
.5
3.6
2.3
1.3
13.0
8.9
4.1
13.4 - 3 .6
10.3 - 1 .3
3.1 - 2 .4
12.8
12.9
-.1
5 A ll o th e r n o n fin a n cia l s e c to r s ..
Corporate equity shares...............
6
Debt instruments...........................
7
Debt capital instruments..........
8
9
State and local govt. secs.. . .
Corporate and fgn. bonds. . .
10
11
Mortgages..............................
12
Home mortgages ................
13
14
Commercial........................
15
Farm ...................................
68.6
.3
68.3
38.8
7.3
5.9
25.6
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
95.3
4.8
90.6
49.0
7.9
13.1
27.9
15.4
3 .6
4 .4
2.2
11.4
3.1
5 .7
2.1
11.6
3 .6
4 .7
2.1
15.2
3 .5
6 .6
2.1
15.7
4 .8
5 .5
1.9
88.8 130.8
6.8 13.5
81.9 117.4
60.8 87.5
13.8 20.2
21.1 20.3
25.8 47.0
Other private credit...................
Bank loans n.e.c.....................
Consumer credit....................
Open-market paper...............
Other......................................
29.5
14.1
10.0
- .3
5.7
25.1
10.4
7.2
1.0
6.4
21.8
9.9
4.6
2.1
5.2
33.8
13.8
11.1
1.6
7.3
21 B y b o rro w in g s e c to r ....................
Foreign..........................................
22
State and local governments........
23
Households....................................
24
Nonfinancial business............. .
25
Corporate ...................................
26
27
Farm ...........................................
28
68.6
2.5
7.6
28.8
29.6
65.0
1.3
6.4
23.2
34.1
70.4
4.0
8.5
19.7
38.1
20.6
5 .7
3 .3
25.2
5 .5
3 .5
29.7
5 .0
3 .5
1
16
17
18
19
20
91.7 101.6 156.3
92.1
25.5 - 6 .4
26.0 - 5 .9
- .5
- .5
91.0
93.8 109.7 142.9 168.9 138.6
- .6
8.2
3.6
9.5
- 1 .3 - 4 .2
17.4 22.3
16.3 23.8
1.1 - 1 .6
28.6
28.1
.5
1
5.3
3.1
2.2
2
3
4
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
85.6
6.0
79.6
52.5
11.8
18.0
22.7
92.3 120.6 140.3 133.3
7.6 12.7 14.2 10.4
84.7 108.0 126.1 122.9
69.2 84.5 90.5 77.7
15.9 22.0 18.4 16.7
24.3 23.2 17.4 11.6
29.0 39.3 54.6 49.4
12.8
5 .9
5 .4
1.8
26.1
8 .8
10.1
2 .0
16.8
4 .6
5 .7
2 .3
14.6
5.1
5 .3
1.6
11.2
5 .2
4 .8
1.5
14.4
6 .6
6 .0
2.1
20.4
8 .6
8 .6
1 .8
31.8
9 .0
11.6
2 .3
27 .2
8 .5
11.5
2 .2
5
6
7
8
9
10
11
12
13
14
15
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
44.8
19.4
10.0
4.6
10.8
37.8
14.2
7.9
2.1
13.6
27.1
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
45.2
19.7
13.9
2.9
8.6
16
17
18
19
20
84.4
3.1
10.4
31.9
39.1
95.3
3.3
8.7
32.6
50.8
30.7
5 .7
2 .7
40.2
7.4
3 .2
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
39.8
6 .4
3 .2
39.8
7.6
3 .4
40.6
7.2
3 .0
41.1
5 .6
3 .2
92.3 120.6 140.3 133.3
3.8
5.8
2.9
5.5
16.4 22.1
19.1 17.8
22.9 31.5 51.0 47.4
49.2 61.6 64.4 65.2
49.5
11.4
4 .2
21
22
23
24
25
26
27
28
173.6 191.2 188.7 208.7 227.1 225.5 252.9 224.2 229.9 224.3 226.7 247.0 258.8 276.1
110.3 118.5 128.4 140.4 154.4 164.9 178.5 151.0 157.7 162.5 167.3 174.5 182.6 188.7
63.3 72.7 60.3 68.3 72.7 60.6 74.3 73.2 72.2 61.8 59.4 72.5 76.1 87.4
1
2
3
48.6
10.3
4.1
9 .0
5.5
3.7
8.8
38.5
7.4
3 .3
47.0
11.0
3 .6
50.1
9 .7
4 .6
Private net investment and borrowing in credit markets
Total, households and business
1
2
3
Capital consumption2. . , .............
Net physical investment................
4
5
Excess net investment3.................
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
58.5
4.9
57.3
15.4
57.9
2.4
T o ta l c a p ita l o u tla y s ...............
Capital consumption.....................
Net physical investment...............
84.1
50.5
33.6
97.0
54.2
42.8
94.0
58.5
35.6
Net debt funds raised...................
Corporate equity issues................
29.6
*
4.0
33.0 35.8
1.2
2.3
8.7 - 2 .5
T o ta l c a p ita l o u tla y s ................
Capital consumption.....................
Net physical investment...............
62.8
35.2
27.5
77.1
38.2
38.9
72.0
41.5
30.5
76.2
45.1
31.1
Net debt funds raised...................
Corporate equity issues................
Excess net investment3.................
20.6
*
6.9
24.0
1.2
13.7
27.4
2.3
.8
31.6 35.9
- .8
4.3
.3 - 6 .0
89.6
59.9
29.7
Total business
Corporate business
Households
Net physical investment................
Net funds raised............................
Of which:
Houses less home mortgages........
Durables less cons, credit............
Nonprofit P&E less mortgages. . .
Less: Unallocated debt................
71.0 83.3 71.8 104.6 84.9
- 2 .7 -1 0 .6 - 1 1 .2 - 3 0 .3 - 1 1 .7
81.1 71.9 72.1 93.1 115.4 112.6
- 8 .9 -1 0 .1 - 1 2 .7 -2 0 .5 -3 9 .2 - 2 5 .2
4
5
99.0 109.3 110.1 118.0 106.1 112.4 108.4 111.9 116.9 119.0 129.4
63.2 69.5 73.6 80.0 67.9 71.1 72.9 74.2 77.8 82.3 85.5
35.8 39.7 36.6 37.9 38.1 41.3 35.5 37.6 39.2 36.7 43.9
6
7
8
40.0 46.5 42.7 49.6 49.5
- .8
4.3
6.8 13.4
1.2
- 3 .3 -1 1 .1 - 1 2 .9 -2 5 .1 -1 2 .6
84.0
49.9
34.2
12
13
14
33.0 35.1 38.6 33.2 34.9 31.2 34.7 35.6 39.0
6.8 13.4
7.3 12.3 14.5 10.5
1.2
7.4
6.3
- 7 .9 - 2 0 .7 - 6 .9 - 5 .1 - 1 0 .4 - 5 .3 -1 7 .6 - 2 3 .7 - 1 7 .0
15
16
17
94.2
64.3
29.9
94.6 109.7 117.8 115.3 134.9 118.1 117.5 115.9 114.8 130.1 139.8 146.7
69.9 77.2 84.8 91.3 98.5 83.1 86.6 89.6 93.0 96.7 100.3 103.2
24.7 32.5 33.0 24.0 36.4 35.1 30.9 26.3 21.7 33.4 39.4 43.5
18
19
20
28.8
.9
23.2
6.7
19.7
5.0
22.3
1.7
41.6
- 5 .2
34.2
.9
30.3
.6
22.0 22.9
4.3 - 1 .2
31.5 51.0 47.4
1.9 - 1 1 .5 - 3 .9
21
22
- 3 .3
4.7
1.8
2.4
- . 8 - 1 .3 - 2 .1 - 2 .9 - 1 .9
7.8
7.9
5.6
7.0
5.5
2.0
1.9
1.9
2.2
2.2
2.4
3.5
4.8
5.8
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 - 2 .8
6.4
4.4
2.3
2.1
3.3
4.9
-4 .4
5.4
2.6
7.5
23
24
25
26
31.9
.6
outlays and capital consumption allowances reflect
1969-72 revisions published in the July 1972 issue of Survey o f Current
Business.
Funds raised by type and sector. Credit flows included here are the
9
10
11
94.0
61.5
32.5
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 of net investment over net funds raised.
N o t e .—Capital
43.4 43.7 41.9 49.2 49.9 54.6
7.4
6.3
7.3 12.3 14.5 10.5
- 9 .5 - 1 4 .4 -1 1 .6 - 2 2 .4 - 2 7 .7 - 2 1 .3
32.6
.5
84.6
52.7
31.9
85.2
57.3
27.9
81.5
48.7
32.9
86.5
51.1
35.4
83.0
52.3
30.7
86.3
53.1
33.1
85.0
55.6
29.4
85.5
59.0
26.4
- 4 .2 -1 1 .9
8.7
3.5
2.3
2.4
4.9
5.6
net amounts raised by households, nonfinancial business, governments,
and foreigners. All funds raised by financial sectors are excluded. U.S.
Government budget issues (line 4) are loan participation certificates
issued by CCC, Export-Import Bank, FNMA, and GNMA, together with
security issues by FHA, Export-Import Bank, and TVA. Issues by federally
sponsored credit agencies are excluded as borrowing by financial institu
tions. Such issues are in U.S. Government securities on p. A-73, line 11.
Corporate share issues are net cash issues by nonfinancial and foreign
corporations. Mortgages exclude loans in process. Open market paper is
commercial paper issued by nonfinancial corporations plus bankers’
acceptances.
AUGUST 1972 □ FLOW OF FUNDS
A 73
DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
(Seasonally adjusted annual rates; in billions of dollars)
1969
Transaction category, or sector
1 Total funds advanced in credit mar
kets to nonfinancial sectors........
By public agencies and foreign
2 Total net advances.............................
U.S. Government securities..........
3
Residential mortgages..................
4
FHLB
advances to S&L’s............
5
Other loans and securities...........
6
1965
70.1
8.9
3.7
.4
.7
4.1
1966
1967
1971
HI
1970
H2
HI
1971
H2
HI
1972
H2
Q1r
98.5
86.9
94.7 142.9
90.2
83.3
87.8 102.1 130.2 154.7 128.2
1
12.2
3.4
2.8
.9
5.1
15.8
.9
4.6
4.0
6.3
28.0 41.2
9.9
15.7 33.4 - 2 .7
5.7
3.0
5.7
3.1
1.3 - 2 .7
4.8
6.6
5.2
22.3
4.5
6.3
5.0
6.6
25.3
10.5
6.3
2.8
5.7
30.6
21.0
5.2
- .1
4.6
2
3
4
5
6
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
2.7
2.8
6.2
8.8
3.7
26.4 - 2 .6
3.9
7.1
3.7
11.8
4.8
2.0
11.0
3.1
11.1
2.8
8.3
10.8
2.6
4.4
8.7 - 1 .8
7.2
8.4
12.2 26.7
6.6
.3
2.2
7.3
3.8
13.9
6.0
7
8
9
10
11
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 92.8 117.3 106.9
3.1 - 9 .9
1.8 - 8 .7
15.9 22.0 18.4 16.7
23.8 23.0 17.1 11.3
15.7 24.7 33.6 29.6
19.4 27.2 46.8 52.0
- . 1 - 5 .8
.5 - 6 .0
12
13
14
15
16
17
18
75.0
54.0
70.2 105.8
64.1
43.7
54.3
86.1
105.9 105.3 120.9
19
20
21
22
23
105.9 105.3 120.9
Private domestic funds advanced
12 Total net advances.............................
U.S. Government securities..........
13
14
Municipal securities......................
Corporate and foreign bonds.......
15
Residential mortgages...................
16
17
Other mortgages and loans.........
18
Less: FHLB advances..................
63.3
*
7.3
6.0
18.6
32.1
.7
60.6 69.1
5.4
5.7
8.3
5.7
10.3 16.0
11.6 13.1
28.5 23.5
.9 - 2 .5
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 pri
vate financial institutions...........
62.5
44 .7
4.9
5.1
3.5
- 1 .6
4.8
Commercial banking....................
Savings institutions.......................
Insurance and pension funds........
Other finance................................
29.1
14.3
13.6
5.5
24 Sources o f funds.................................
Domestic private deposits............
25
26
Credit market borrowing..............
62.5
38.5
6.8
21.2
3.0
27
28
29
30
31
17.2
.8
-1 .0
11.4
5.9
20.5
3.7
- .5
13.2
4.2
P riv a te d o m e s tic n o n fin a n c ia l
in v e sto rs
1970
81.0
2.8
2.2
3.8
.1
2.1
Foreign funds............................
Treasury balances.....................
Insurance and pension reserves.
Other, net...................................
1969
11.9 11.3
3.4
6.8
2.8
2.1
.9 - 2 .5
4.9
4.8
67.7
By agency—
U.S. Government..........................
7
Sponsored credit agencies.............
8
9
Federal Reserve.............................
10
Foreign..........................................
11 Agency borrowing not in line 1. . ..
20
21
22
23
1968
17.0
7.9
15.0
4.7
62.8
35.9
15.0
12.4
-.5
18.9
14.2
12.2
8.6
39.0
15.6
13.9
6.6
31.6
16.6
17.6
4.5
49.8
41.6
12.0
2.3
14.7
10.6
12.1
6.2
75.0
54.0
49.4
- .6
46.1
6.9
2.5
16.8
5.0
13.4
- .1
20.1
14.0
2.3
.2
11.8
- .3
22.0
2.6
- .2
11.2
8.4
34.7
8.0
9.0 45.7
9.3 - 8 .4 - 3 .3
14.4
*
2.2 - 2 .1
2.9
10.3 13.5
8.2
9.7
*
1.8 23.7
15.1
18.9
5.8
8.8 - 1 .3
2.7 - 2 .0
5.3
2.5
2.0
1.5
3.0
2.4
21.7
7.7
.3
5.1
4.4
4.2
42.7
7.0
4.2
16.0 - 7 .6 -1 3 .1
6.7
1.4
5.7
7.6 10.4
8.6
8.7 - 1 .2 - 2 .1
3.7
4.1
5.0
4 4.7
62.8
70.2 105.8
23.1
17.8
12.4
10.9
60.4
1.8
92.3
4.5
43.7
21.6
11.7
17.7
3.3
41.5
21.5
17.5
5.5
37.7
32.4
4.2
- 5 .8
6.9
49.4
45.4
11.6
- .6
44.8 27.2
34.4 20.4
5.9
7.1
.5 - 6 .0
2.8
6.9
1.9
7.4
9.3
26.1
7.4
50.0
37.8
12.4
5.2
55.2
49.8
8.1
7.9
88.8 105.8
- 7 .0
- .2
78.6 112.3
9.2
7.2
24
25
26
23.6
4.2
2.1
10.9
6.3
11.6
4.3
.3
- 3 .4 - 1 3 .5 - 7 .6
3.4
2.4 - 1 .6
13.0 14.1
7.6
- 1 .3
1.2
2.0
17.6
1.4
1.0
1.3
6.1 - 7 .9
8.8
3.1
1.6
4.9
27
28
29
30
31
48.7
17.4
7.2
9.1
11.2
3.8
29.5
1.8
3.8
8.7
10.9
4.3
- 1 5 .0 -1 3 .3
- 1 7 .0 - 2 4 .7
- 1 .1
5.3
12.1 10.3
-1 3 .3 - 7 .8
4.3
3.5
21.2 - 6 .8
- 1 .6 - 1 8 .2
6.1
4.2
6.8
7.1
3.7 - 3 .8
6.2
4.0
32
33
34
35
36
37
6.5
4.1
5.2 - 9 .7
35.0
31.1
92.8 110.3
81.4 92.4
80.9 117.4
70.1 92.7
38
39
10.7
8.4
2.3
64.1
36.4
14.6
6.2
6.0
6.1
3.5
54.3
32.0
10.7
86.1
32 Direct lending in credit mkts............
33
U.S. Government securities..........
34
Municipal securities......................
35
Corporate and foreign bonds.......
Commercial paper.........................
36
37
Other..............................................
7.6
2.3
2.6
1.4
.5
.8
38 Deposits and currency.....................
39
Time and savings accounts..........
40.7
32.7
23.1
20.3
51.5
39.3
48.6
34.0
5.3
- 2 .2
63.9
56.2
95.7
81.3
Demand deposits.......................
Currency....................................
7.9
5.8
2.1
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
24.7
19.6
5.0
40
41
42
43 Total of credit market instr., de
posits, and currency..................
48.2
42.1
57.3
70.3
48.8
71.3
99.9
42.1
55.3
65.3
77.8
96.9 102.1 110.6
43
Memoranda:
44
Public support rate (in per cent)
45
Pvt. fin. intermediation (in per
cent).......................................
46
Total foreign funds.......................
12.7
17.6
13.9
12.3
18.0
29.4
28.9
11.1
26.0
28.6
30.0
28.9
44
98.8
.8
73.7
2.1
90.8
4.3
83.5
2.9
66.9
9.0
92.6 100.2
1.8 23.1
74.3
11.8
58.5
6.2
73.4 110.3 114.0
4.9 - 1 .3
19.1
40
41
42
29.0
21.2
89.8 113.1 45
15.2 46
27.1
Corporate equities not included above
1
2
3
Mutual fund shares.......................
Other equities................................
3.4
3.1
.3
4.6
3.7
.9
4.9
2.6
2.3
4.0
4.7
- .7
4 Acq. by financial institution...........
5 Other net purchases.........................
5.7
- 2 .3
6.0
- 1 .3
8.4
- 3 .5
9.5
- 5 .5
Notes
Line
1.
2.
6.
11.
12.
17.
25,
26.
28.
10.4
5.7
4.7
14.6
1.1
13.5
8.3
6.4
1.9
12.6
5.0
7.6
9.1
3.0
6.1
12.8 11.3 19.1
- 2 .4 - 2 .0 - 4 .5
12.1
- 3 .8
13.5
- .9
12.5
- 3 .3
Total funds raised (line 1 of p. A-72) excluding corporate equities.
Sum of lines 3-6 or 7-10.
Includes farm and commercial mortgages.
Funds raised by Federally sponsored credit agencies.
Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32.
Also sum of lines 27 through 41 excluding subtotals.
Includes farm and commercial mortgages.
Lines 39 + 41.
Excludes equity issues and investment company shares. Includes
line 18.
Foreign deposits at commercial banks, bank borrowings from foreign
branches, and liabilities of foreign banking agencies to foreign
affiliates.
9.3
2.4
6.9
16.3
7.9
2.1 - 2 .7
14.2 10.6
1
2
3
10.2 20.7 17.5 14.7
- . 7 - 7 .8 - 1 .2 - 6 .7
4
5
9.5
1.9
7.6
12.9
.2
12.7
29. Demand deposits at commercial banks.
30. Excludes net investment of 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.
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 74
U.S. BALANCE OF PAYMENTS □ AUGUST 1972
1.
U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1969
Credits+ , debits —
Line
1970
1971
1971
I
II
1972
III
Ip
IV
Summary—Seasonally adjusted
1
2
3
621
2,164 -2 ,6 8 9
289 -1 ,0 1 2
-4 7 2 -1 ,4 9 4 -1 ,6 7 3
36,417 41,963 42,770 11,017 10,710 11,479
Exports..............................................................................
9,564 11,809
Imports.............................................................................. -35,796 -39,799 -45,459 -10,728 -11,722 -11,951 -11,058 -13,482
4
5
Military transactions, net.........................................................
Travel and transportation, net.................................................
-3 ,3 4 4
-1 ,7 8 4
-3 ,3 7 4
-2,061
-2 ,8 9 4
-2 ,4 3 2
6
7
8
9
Investment income, net 2..........................................................
U.S. direct investments abroad........................................
Other U.S. investments abroad........................................
Foreign investments in the United States.......................
5,975
7,340
3,199
-4 ,5 6 4
6,259
7,995
7,920
9,455
3,506
3,443
-5 ,1 6 7 -4 ,9 0 3
-665
-498
-698
-625
-724
-6 0 6
-807
-703
-8 6 6
-643
1,798
2,191
1,711
2,295
2,464
2,163
2,060
2,770
877
833
852
881
-1 ,1 3 9 -1 ,1 0 6 -1 ,3 0 4 -1 ,3 5 6
1,836
2,271
930
-1 ,3 6 5
10
442
574
748
212
180
182
172
199
11
1,911
3,563
727
1,136
36
91
-537
-1 ,1 4 7
12
Remittances, pensions, and other transfers...........................
-1,301
-1 ,4 7 4
-1 ,5 2 9
-355
-369
-402
-4 0 4
-3 8 7
13
Balance on goods, services, and remittances...................................
610
2,089
-8 0 2
781
-333
-311
-941
-1 ,5 3 4
14
U.S. Government grants (excluding military).........................
-1 ,6 4 4
-1 ,7 3 4
-2 ,0 4 5
-436
-477
-5 4 4
-588
-5 6 0
15
Balance on current account...............................................................
-1 ,0 3 5
356 -2 ,8 4 7
345
-8 1 0
-855
-1,529
-2 ,0 9 4
16
U.S. Government capital flows excluding nonscheduled
repayments, net 4..................................................................
Nonscheduled repayments of U.S. Government assets..........
U.S. Government nonliquid liabilities to other than foreign
official reserve agencies.........................................................
Long-term private capital flows, n et.......................................
U.S. direct investments abroad........................................
Foreign direct investments in the United States.............
-2 ,1 0 6
-8 7
-1 ,8 2 9 -2 ,1 1 7
244
225
-609
4
-681
102
-4 4 2
72
-385
48
-2 8 7
45
267
-433
-486
-5
-188
-9 7
- 5 0 -1 ,3 9 8 -4 ,1 4 9
-9 2 2 -1 ,6 0 5 -1 ,8 8 3
-3 ,2 5 4 -4 ,4 0 0 -4 ,7 6 5 -1 ,2 9 0 -1 ,2 7 7 -1 ,4 1 0
832
1,030
-6 7
1
-3 7 4
124
-1 ,4 9 4
-9 4 2
-909
-372
-2 4 9
-361
3,112
2,190
2,282
196
606
559
477
198
-8 1 4
-214
-308
-127
277
124
526
61
-148
173
-1 9 6
260
-788
181
73
921
-165
38
-143
-7 6 2
-9 9 4
-3 3 5
-388
1,066
6
-1 1 7
17
18
19
20
21
22
23
24
25
Other, reported by U.S. banks........................................
Other, reported by U.S. nonbanking concerns...............
26
Balance on current account and long-term capital 4........................
27
28
29
30
Nonliquid short-term private capital flows, net.....................
Claims reported by U.S. banks........................................
Claims reported by U.S. nonbanking concerns..............
Liabilities reported by U.S. nonbanking concerns.........
31
32
Allocations of Special Drawing Rights (SDR’s)..................
33
34
35
36
37
38
39
40
41
42
Liquid claims.....................................................................
Reported by U.S. banks...........................................
Reported by U.S. nonbanking concerns.................
Liquid liabilities...............................................................
To foreign commercial banks..................................
To international and regional organizations...........
To other foreigners...................................................
45
Official reserve transactions balance................................................
Financed by changes in—
Nonliquid liabilities to foreign official reserve agencies
reported by U.S. Government.............................................
Nonliquid liabilities to foreign official agencies reported
by U.S. banks........................................................................
Liquid liabilities to foreign official agencies...........................
46
47
48
49
50
U.S. official reserve assets, net................................................
Gold...................................................................................
SDR’s ................................................................................
Convertible currencies......................................................
Gold tranche position in IM F .........................................
43
44
51
52
53
Memoranda:
Transfers under military grant programs (excluded from
lines 2, 4, and 14).................................................................
Reinvested earnings of foreign incorporated affiliates of
U.S. firms (excluded from lines 7 and 20)...........................
Reinvested earnings of U.S. incorporated affiliates of
foreign firms (excluded from lines 9 and 21)......................
For notes see end o f table.
-3,011
-3 ,0 5 9
-9 ,3 7 4
-1 ,2 7 9
-2 ,9 9 9
-3 ,2 9 6
-1 ,8 0 2
-3 ,2 4 1
-6 4 0
-4 8 2 -2 ,4 2 0
-658 -1,0 2 3 -1 ,8 0 7
-7 3
-361
-555
91
902
-5 8
-534
-139
-133
-262
-315
-9 1
-145
-7 9
-883
-892
-147
156
-688
-685
-1 3 0
127
-529
-5 6 6
34
3
179
179
180
179
-9 4 4 -2 ,5 8 6 -5 ,3 8 0 -2,0 1 8
178
480
-2 ,4 7 0
867
717
-1 ,1 7 4 -10,927
-6 ,1 2 2
-3,851 -22,002
-2 ,5 7 7
8,824 -5 ,9 8 8 -7,763 -2 ,8 4 8
162
252 -1 ,0 7 2
-272
-209
-9 9
-566
-9 4
371
351
-506
-178
8,662 -6 ,2 4 0 -6,691 -2 ,5 7 6
9,166 -6 ,5 0 8 -6 ,9 0 8 -2,9 2 8
-6 3
181
682
280
-441
87
-465
72
2,702 -9 ,8 3 9 -29,765
-5 ,4 2 5
-5,721
-4 ,3 2 9
-3 ,1 1 2
-745 -2,551 -1 ,6 1 9
95
-555
-3 4 0
32
-392
-1 1 2
63
-163
-228
-840 -1 ,9 9 6 -1 ,2 7 9
-892 -1 ,7 7 5 -1 ,3 1 3
149
198
55
-3 7 0
-2 1
-146
-9 ,3 8 0
-1 6 5
-693
-518
-1 7 5
528
438
29
61
-6 ,4 6 6 -11,931
-5 ,9 4 8
-3 ,2 7 7
-162
535
341
-8
-8
-9
366
280
-836
-517
-8 1 0
7,637
-539
27,615
-201
4,952
-160
5,975
-173
10,919
-5
5,774
-4
2,572
-1 ,1 8 7
-967
814
-1 ,0 3 4
2,477
787
-851
2,152
389
2,348
866
-249
381
1,350
682
109
-5 5
373
255
659
456
17
-6 6
252
1,194
300
-2 9
72
851
-187
1
-182
2
-8
429
544
-178
64
-1
2,856
2,586
3,153
735
778
701
2,614
2,885
( 5)
(5)
431
434
( 5)
( 5)
(5)
<S)
939
932
(5)
( 5)
( 5)
( 5)
( 5)
(5)
AUGUST 1972 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE
A 75
1. U.S. BALANCE OF PAYMENTS-Continued
(In millions of dollars)
1969
Credits + , debits —
1970
1971
1971
1972
II
III
IV
Ip
-2 ,7 5 7
-5 ,6 0 5
-5 ,9 0 0
-6 ,6 4 5
-9 ,5 5 9
-12,110
-4 ,5 0 8
-6 ,1 2 7
-3 ,2 9 0
-3 ,4 5 5
I
Balances excluding allocations of SDR’s—Seasonally adjusted
-6 ,1 2 2
-4,7 1 8
2,702 -10,706
-22,719
-30,482
Balances not seasonally adjusted
Balance on goods, services, and remittances (line 13)...............
Balance on current account and long-term capital 4 (line 26)...
Balances including allocations of SDR’s:
Net liquidity (line 33).............................................................
Official reserve transactions (line 42)....................................
Balances excluding allocations of SDR’s :
1,911
610
-1 ,0 3 5
-3,011
3,563
2,089
356
-3 ,0 5 9
727
-802
-2 ,8 4 7
-9 ,3 7 4
1,509
1,174
709
-1 ,2 6 2
251
-131
-655
-3 ,4 6 6
-1 ,3 3 0
-1 ,7 4 3
-2 ,2 4 6
-4 ,6 7 2
296
-1 0 4
-6 5 7
23
-7 8 2
-1 ,1 4 8
-1 ,7 3 8
-3 ,2 7 2
-6 ,1 2 2
2,702
-3,851
-9 ,8 3 9
-22,002
-29,765
-1 ,8 5 8
-4 ,7 1 8
-6 ,6 1 2
-6 ,4 6 2
-10,066
-12,703
-3 ,4 6 6
-5 ,8 8 2
-2 ,3 6 5
-2 ,5 4 8
-6 ,1 2 2
-4,7 1 8
2,702 -10,706
-22,719
-30,482
-2 ,5 7 5
-5 ,4 3 5
-6 ,6 1 2
-6 ,4 6 2
-10,066
-12,703
-3 ,4 6 6
-5 ,8 8 2
-3 ,0 7 5
-3 ,2 5 8
1 Adjusted 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.
3 Equal to net exports of goods and services in national income and
product accounts of the United States.
4 Includes some short-term U.S. Govt, assets.
5 Not available.
N o t e .—Data are from U.S. Department of Commerce, Office of Busi
ness Economics. Details may not add to totals because of rounding.
2. MERCHANDISE EXPORTS AND IMPORTS
(Seasonally adjusted; in millions of dollars)
Imports 2
Exports 1
Trade balance
1971
1972
1969
1970
1971
1972
3,406
3,547
3,376
3,409
3,661
3,730
3,699
3,592
3,553
3,689
3,499
3,570
3,733
3,691
3,815
3,528
3,776
3,662
3,493
3,678
4,505
2,710
3,160
3,858
4,221
3,806
3,891
3,760
3,914
3,905
32,002
32,672
32,982
3 3,183
3 3,257
3 3,152
3,074
3,163
3.078
3,192
3,180
3.078
3,223
3,278
3,218
3,263
3,338
3,266
3,255
3,346
3.428
3,501
3.428
3,404
3,685
3,546
3,568
3,748
3,988
4,019
3,793
3,928
4,237
3,523
3,379
4,128
4,540
4,403
4,475
4,460
4,466
4,495
7,615
9,765
9,889
10,020
10,328
10,800
10,845
10,758
11,239
10,965
11,675
9,726
11,917
11,579
7,655
9,591
9,315
9,450
9,719
9,867
10,029
10,333
10,799
11,747
11,958
11,030
13,418
13,421
37,332
42,662
43,555
36,043
39,963
45,602
1969
1970
3 2,161
32,266
3 3,188
3 3,318
3 3,268
3 3,179
3,182
3,366
3.341
3.342
3,398
3,280
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.
1970
1971 ^
1972
159
-4 0 6
206
135
11
27
108
203
263
150
218
202
183
269
158
146
323
465
444
246
125
188
71
166
48
145
247
-2 2 0
-2 1 2
-3 5 0
-3 0 0
-251
268
-815
-218
-2 7 0
-3 1 9
-598
-5 8 4
-6 9 9
-5 5 2
-5 9 0
-4 0
174
574
570
609
933
816
425
440
-782
-283
-1 ,3 0 4
1,289
2,699
-2 ,0 4 7
1969
-1,501
-1 ,8 4 2
3 Significantly affected by strikes.
4 Sum of unadjusted figures.
N o te .—Bureau of the Census data. Details may not add to totals be
cause of rounding.
A 76
U.S. GOLD TRANSACTIONS □ AUGUST 1972
3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES
AND INTERNATIONAL ORGANIZATIONS
(Net sales ( —) or net acquisitions; in millions of dollars at $35 per fine troy ounce)
1971
Area and country
1963
1964
1965
1966
1967
1968
1969
1970
1972
1971
III
Western Europe:
Austria...............................
Belgium..............................
France................................
Germany, Fed. Rep. o f . ..
Ireland................................
Italy...................................
Netherlands......................
Spain................... ...............
Switzerland....................... .
United Kingdom ,............
Bank for Intl. Settlements.
Other.................................
T otal.
-8 2
—M8
-130
*329
-5 5
-4 0
-405
-225
-1
200
-6 0
-3 2
-8 1
618
-399
-100
-8 3
-884
-2
-8 0
-3 5
-180
-5 0
150
T otal.
Asia:
Ira q ................
Japan.......
Lebanon........
Malaysia........
Philippines. . .
Saudi A rabia.
Singapore
Other..............
32
-2
-6 0
-2
-8 5
-5 2
-209
-1 9
-2
80
-3 0
-879
-5 0
-835
-49
16
-47
-9 8 0
-669
969
-204
200
150
50
-2 5
-2 5
-2 8
-2 3
-1
-4 0
-2 9
-80
-6 5
-5 4
-131
-3 9
-3
7
-41
-21
-42
"H i
-9 5
-3 4
9
-5 0
-81
-7 5
-1
25
-1 4
-1 4
-2 2
-119
40
-110
-473
-5 0
51
-5 0
-659
56
-6
-25
-129
-35
-4
-5 6
-11
-1 3
325
500
41
-7 6
-1,299
25
29
-2 5
-1 3
-1 1
-5 8
600
200
11
Canada . , . .
Latin American republics:
Argentina .....................
Brazil............... ..............
Colombia.......................
Venezuela.......................
Other..............................
-2 5
-6oi
-1 1 0
-282
-75
-13
15
-796
-85
-5
-50
-4
-3 5
-1 0
-2
-3 5
"H i
-1 0
-1
2 -91
21
21
-3 0 .
-1 .
10
-3 2
-4
12
-2 4
-8 6
-4 4
-3 6 6
-213
-1 5
-1 6
-2 2
3-166
3-6 8
-8 1
-1
-4
Total foreign countries........
-392
-36 -1,3 2 2
Grand total..............
-392
-36 -1 ,5 4 7
-608 -1,031 -1,118
957
-631
-845
-102
-445
-3
10
-156
-2 2
-7
-1 1
-431 -1,009 -1,121
967
-787
-867
-109
-457
22
1 Includes purchase from Denmark of $25 million.
2 Includes purchase from Kuwait of $25 million.
3 Includes sales to Algeria of $150 million in 1967 and $50 million in
1968.
4 Data for IM F include the U.S. payment of $385 million increase in
its gold subscription to the IM F and gold sold by the IM F to the United
States in mitigation of U.S. sales to other countries making gold payments
to the IMF. 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,
-263
-4
-3 6
177
-5 0 ,
-2 2 ,
-448
T otal............... .....
* —225
-191
-25
All other..............................
Jntl. Monetary Fund5---- - .
IV
-296
-4 .
-300
—5'
-5
U.S. payment of increases in its gold subscription to IMF, gold deposits
by the IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The
first withdrawal ($17 million) was made in June 1968 and the last with
drawal ($144 million) was made in Feb. 1972.
IMF sold to the United States a total of $800 million of gold ($200
million in 1956, and $300 million in 1959 and in 1960) with the right of
repurchase; proceeds from these sales invested by IM F in U.S. Govt,
securities. IMF repurchased $400 million in Sept. 1970 and the remaining
$400 million in Feb. 1972.
6 Payment to the IMF of $259 million increase in U.S. gold subscription
less gold deposits by the IMF.
Notes to Table 5 on opposite page:
1 Represents net IMF sales of gold to acquire U.S. dollars for use in
IMF operations. Does not include transactions in gold relating to gold
deposit or gold investment (see Table 6).
2 Positive figures represent purchases from the IMF of currencies of
other members for equivalent amounts of dollars; negative figures repre
sent repurchase of dollars, including dollars derived from charges on
purchases and from other net dollar income of the IMF. The United
States has a commitment to repurchase within 3 to 5 years, but only to
the extent that the holdings of dollars of the IMF exceed 75 per cent of
the U.S. quota. Purchases of dollars by other countries reduce the U.S.
commitment to repurchase by an equivalent amomit.
3 Includes dollars obtained by countries other than the United States
from sales of gold to the IMF.
4 Represents the U.S. gold tranche position in the IM F (the U.S.
quota minus the holdings of dollars of the IMF), which is the amount
that the United States could purchase in foreign currencies automatically
if needed. Under 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 IMF 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 of Special Drawing Rights.
7 Represents amount payable in dollars to the IMF to maintain the
value of IMF holdings of U.S. dollars.
N o t e .—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 May 1972 as
a result of the change in par value of the U.S. dollar. Under the Articles of
Agreement, subscription payments equal to the quota have been made
25 per cent in gold and 75 per cent in dollars.
AUGUST 1972 □ U.S. RESERVE ASSETS; POSITION IN THE IMF
A 77
4. U.S. RESERVE ASSETS
(In millions of dollars)
Con
vertible
foreign
curren
cies
Gold stock1
End of
year
Total
1958...
1959...
19 6 0 ...
19 6 1 ...
196 2 ...
1 9 6 3 ...
1 9 6 4 ...
1 9 6 5 ...
Reserve
position
in
IM F 3
Total 2
T reasury
22,540
21,504
19*359
20,582
19*507
17^804
20,534
19 456
17,767
18,753
17,220
16,843
16,672
15,450
16,947
16,057
15,596
15,471
613,806
16,889
15,978
15,513
15,388
613,733
116
99
212
432
781
1,690
1,064
1,035
769
6 863
1 9 6 6 ... 14,882
14,830
19 6 7 ...
15,710
19 6 8 ...
19 6 9 ... 7 16,964
1970...
14,487
1971'... 812,167
13,235
12,065
10,892
11,859
11,072
10,206
13,159
11,982
10,367
10,367
10,732
10,132
1,321
2,345
3,528
72,781
629
8276
326
420
1,290
2,324
1,935
585
Gold stock1
Total 2
Treasury
Con
vertible
foreign
curren
cies 5
1971
13,283
July... .
12,128
Aus...
JTVU&* • •.•
12,131
Sept__
O ct.. . . 12,146
N ov....
12,131
Dec__ 812,167
10,453
10,209
10,207
10,207
10,206
10,206
10,332
10,132
10,132
10,132
10,132
10,132
250
248
250
259
243
8276
1,433
*574
577
580
582
585
1,147
1*097
1 ,*097
1,100
1,100
1,100
1972
Jan .. . . 12,879
12,330
Feb.. . .
12,270
Mar__
A p r... . 12,285
May... 913,345
Ju n e ...
13,339
July. . . 13,090
10,206
9,662
9,662
9,662
910,490
10,490
10,490
10,132
9,588
9,588
9,588
910,410
10,410
10,410
276
276
212
429
469
457
203
587
582
586
391
9428
434
439
1,810
1,810
1,810
1,803
91,958
1,958
1,958
End of
month
SDR’s4
1,958
1,997
1,555
851
1,100
1 Includes (a) gold sold to the United States by the International Mon
etary Fund with the right of repurchase, and (b) gold deposited by the
IM F to mitigate the impact on the U.S. gold stock of foreign purchases
for the purpose of making gold subscriptions to the IMF 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 IMF automatically 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 IMF of 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 of 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 IMF in June 1965 for a U.S. quota increase which
Total
Reserve
position
in
IM F 3
SDR’s4
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 of $67 million resulting from revaluation of the German
mark in Oct. 1969, of which $13 million represents gain on mark holdings
at time of revaluation.
8 Includes $28 million increase in dollar value of foreign currencies
revalued to reflect market exchange rates as of Dec. 31, 1971.
9 Total reserve assets include an increase of $1,016 million resulting
from change in par value of the U.S. dollar on May 8, 1972; of which,
total gold stock is $828 million (Treasury gold stock $822 million), reserve
position in IMF $33 million, and SDR’s $155 million.
N o t e .—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 of the United States.
5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND
(In millions of dollars)
Transactions affecting IMF holdings of dollars
(during period)
U.S. transactions with IMF
Transactions by
other countries
with IMF
Period
Payments
of
subscrip
tions in
dollars
1946—1957.............................
1958—1963.............................
1964—1966.............................
1967.........................................
1968........................................
1969........................................
1970.........................................
1971.........................................
2,063
1,031
776
600
150
1,155
22
6712
*
1971—July...............................
Aug..............................
Sept..............................
Oct................................
Nov..............................
Dec...............................
1972—Jan................................
Feb...............................
Mar..............................
Apr...............................
M ay.............................
June.............................
July..............................
For notes see opposite page.
Net
gold
sales
by IM F 1
Transac
tions in
foreign
curren
cies 2
1,640
-8 4
150
1,362
862
7541
200
IMF holdings
of dollars
fend of Deriod)
U.S.
reserve
position
in IMF
(end of
period) 4
Total
change
Amount
Per cent
of
U.S.
quota
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
-8 7 0
-1 ,0 3 4
1,929
1,350
4,740
3,870
2,836
4,765
6,115
92
75
55
71
91
420
1,290
2,324
1,935
585
—5
—3
—3
-3
—2
—3
—5
859
—3
—3
—2
—3
5,267
6,126
6,123
6,120
6,118
6,115
79
91
91
91
91
91
1,433
574
577
580
582
585
-2
5
—4
-5
—4
—6
—5
-2
5
—4
195
537
-6
—5
6.113
6,118
6.114
6,309
6,846
6,840
6,835
91
91
91
94
94
94
94
587
582
586
391
428
434
439
IM F net
income
in
dollars
Purchases
of
dollars 3
Re
purchases
in
dollars
-4 5
60
45
-2 ,6 7 0
—1,666
-723
20
20
19
25
-2 8
-1 1 4
-806
-1,3 4 3
-8 5 4
-2 4
A 78
INTL. CAPITAL TRANSACTIONS OF THE U.S. □ AUGUST 1972
6. U.S. LIQUID AND NONLIQUID LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS, AND LIQUID
LIABILITIES TO ALL OTHER FOREIGNERS
(In millions of dollars)
Liabilities to foreign countries
End
of
period
Total
Liquid
liabili
ties to
IMF
arising
from
gold
trans
actions 1
Official institutions 2
Liquid
Total
Short
term
Market
liabili
able
ties re
U.S.
ported
Govt.
bonds
by
banks
and
in
notes3,4
U.S.
Liquid liabilities to
other foreigners
N onliquid
Nonmar Nonmar
ketable ketable
con noncon
vertible vertible
U.S.
U.S.
Treas.
Treas.
bonds
bonds
and
and
notes 5
notes
Liquid
liabili
Long
ties
term
to com
liabili mercial
ties re banks
ported abroad6
by
banks
in
U.S.
Total
Liquid
liabili
ties to
non
mone
Short
tary
term
Market
inti,
liabili
able
and re
ties re
U.S.
gional
ported
Govt,
organi
bonds zations 8
by
banks
and
in
notes 3’7
U.S.
10,120
7,917
8,665
9,154
(10)
(10)
966
3,472
3,520
4,678
2,940
2,252
2,430
2,399
( )
(10)
541
764
1,047
1,190
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
f22,853
122,936
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 u ..........
J24,268
124,268
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 n ..........
/26,433
126,394
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 i i ..........
/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 7
195 8
195 9
9 15,825
916,845
19,428
200
200
500
1960 i i ..........
/20,994
\21,027
1961 n ..........
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 i i ..........
/31,145
131,020
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 i i ..........
f35,819
\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 n ..........
J38,687
138,473
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 i i .........
[45,755
145,914
1.019
1.019
15,975
15,998
11,054
11,077
346
346
i 2 555 i 22,515
2,515
555
1.505
1.505
23,638
23,645
4,464
4,589
3,939
4,064
525
525
659
663
1970—Dec. ii
/47,009
146,960
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—J u n e ..
Ju ly ...
Aug.. .
Sept...
O ct.. .
N ov...
Dec. 13
54,765
56,603
63,105
63,943
65,262
65,746
(67,693
167,819
548
544
544
544
544
544
544
544
33,996
36,259
43,863
45,331
46,574
48,339
51,221
50,661
26,808
26,868
34.015
35,080
36.067
37,271
39,679
39.016
379
632
870
1,015
1,272
1,747
1.955
1.955
3.452
5.452
5,785
6.054
6.055
6.055
6,060
6.093
3.023
3.023
3.021
3.021
3.021
3,096
3,371
3.441
334
284
172
161
159
170
156
156
14.367
13,937
12,820
12,435
12,478
11,194
10,262
10,950
4,530
4,473
4,382
4.160
4,244
4,214
4,138
4,141
3,957
3,894
3,839
3,645
3,734
3,733
3,691
3,694
573
579
543
515
510
481
447
447
1,324
1,390
1,496
1,473
1,422
1,455
1,528
1,523
1972—Ja n ....
Feb...,
M ar...
Apr...
May*.
June*.
69,077
70,032
71,071
72,257
72,136
73,996
544
51,531
52,847
53,858
54,136
53,615
54,630
39,586
40,699
41,007
38,741
37,857
38,632
2,260
2,448
2,882
2,933
3,283
3,557
6.094
6.094
6.094
8.594
8.594
8.594
3.441
3.441
3.723
3.723
3.723
3.723
150
165
152
145
158
124
11,166
11.368
11,459
12,433
12,820
13,409
4.161
4,203
4,202
4,242
4,283
4,486
3,771
3,811
3,826
3,853
3,888
4,114
390
392
376
389
395
372
1,675
1,614
1,552
1,446
1,418
1,471
196 5
1 Includes (a) liability on gold deposited by the IMF to mitigate the
impact on the U.S. gold stock of foreign purchases for gold subscriptions
to the IMF under quota increases, and (b) U.S. Govt, obligations at cost
value and funds awaiting investment obtained from proceeds of sales of
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 benchmark data;
breakdown of transactions by type of holder estimated 1960-63. Includes
securities issued by corporations and other agencies of the U.S. Govt,
which are guaranteed by the United States.
4 Includes nonguaranteed securities of U.S. Federally-sponsored agen
cies, beginning Feb. 1972.
5 Excludes notes issued to foreign official nonreserve agencies.
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. Govt, bonds and notes held by commercial
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 of securities in IMF gold investment account.
9 Includes total foreign holdings of U.S. Govt, bonds and notes, for
which breakdown by type of holder is not available.
i o Not available.
11 Data on the two lines shown for this date differ because of 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.
12 Includes $101 million increase in dollar value of foreign currency
liabilities resulting from revaluation of the German mark in Oct. 1969 as
follows: liquid, $17 million, and nonliquid, $84 million.
13 Data on the second line differ from those on first line because cer
tain accounts previously classified as “official institutions” are included
with “banks” ; a number of reporting banks are included in the series for
the first time; and U.S. Treasury securities payable in foreign currencies
issued to official institutions of foreign countries have been increased in
value to reflect market exchange rates as of Dec. 31, 1971.
N o t e .—Based on Treasury Dept, data and on data reported to the
Treasury Dept, by banks and brokers in the United States. Data correspond
generally to statistics following in this section, except for the exclusion
of nonmarketable, nonconvertible U.S. Treasury notes issued to foreign
official nonreserve agencies, the inclusion of investments by foreign
official reserve agencies in nonguaranteed bonds of U.S. Federally
sponsored agencies and minor rounding differences. Table excludes IMF
“holdings of dollars,” and holdings of U.S. Treasury letters of credit and
non-negotiable, non-interest-bearing special U.S. notes held by other in
ternational and regional organizations.
AUGUST 1972 □ INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 79
7. U.S. LIQUID AND NONLIQUID LIABILITIES TO OFFICIAL INSTITUTIONS
OF FOREIGN COUNTRIES, BY AREA
(Amounts outstanding; in millions of dollars)
Total
foreign
countries
Western
Europe i
Canada
18,194
/17,407
\17,340
1969 3..................................................................................... ( 4 15,975
\ 15,998
1970 3.....................................................................................
/23,786
\ 23,775
10,321
8,070
8,062
4 7,074
7,074
13,620
13,615
1,310
1,867
1,866
1,624
1,624
2,951
2,951
1,582
1,865
1,865
1,888
1,911
1,681
1,681
4,428
5,043
4,997
4,552
4,552
4,713
4,708
250
259
248
546
546
407
407
303
303
302
291
291
414
413
1971—June.............................................................................
July..............................................................................
Aug..............................................................................
Sept................................... ..........................................
Oct...............................................................................
Nov..............................................................................
Dec. 5...........................................................................
33,996
36,259
43,863
45,331
46,574
48,339
(51,221
\50,661
21,277
23,048
26,059
26,634
27,154
28,157
30,020
30,144
3,132
3,210
3,474
3,462
3,530
3,710
3,980
3,980
1,338
1,362
1,398
1.275
1,344
1,340
1,414
1,429
7,245
7,566
11,788
12,872
13,477
14,009
14,522
13,824
271
285
312
296
276
248
415
415
733
788
832
792
793
875
870
869
1972—Jan...............................................................................
Feb...............................................................................
Mar..............................................................................
51,531
52,847
53,858
54,136
53,615
54,630
30,280
31,217
31,620
31,386
30,958
31,910
3,974
3,981
4,052
4,181
4,316
4,486
1,401
1,346
1,339
1,508
1,475
1,485
14,435
14,798
15,196
15,249
14,981
14,589
426
449
457
477
458
533
1,015
1,056
1,194
1,335
1,427
1,627
End of period
1967........................................................................................
1968 3.....................................................................................
May v ..........................................................................
June**...........................................................................
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 11 to Table 6.
4 Includes $101 million increase in dollar value of foreign currency
liabilities resulting from revaluation of the German mark in Oct. 1969.
5 Data on second line differ from those on the first line because certain
accounts previously classified as “Official institutions” are included in
“ Banks” ; a number of reporting banks are included in the series for
the first time; and U.S. Treasury liabilities payable in foreign currencies
Latin
American
republics
Asia
Africa
Other
countries 2
to official institutions of foreign countries have been increased in value by
$110 million to reflect market exchange rates as of Dec. 31, 1971.
N o t e .—Data represent short- and long-term liabilities to the official
institutions of foreign countries, as reported by banks in the United States;
foreign official holdings of marketable and nonmarketable U.S. Govt,
securities with an original maturity 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 nonguaranteed bonds of
U.S. Federally-sponsored agencies.
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 organizations 6
To all foreigners
Payable in dollars
End of period
U.S.
Treasury
bills and
Demand Time 2 certifi
cates 3
Deposits
Total i
Total
Other
short
term
liab. 4
Payable
in
foreign
cur
rencies
IMF
gold
invest
ment5
Deposits
Total
U.S.
Treasury
bills and
Demand Time2 certifi
cates
Other
short
term
liab.4
1969............................. 40,199
19707............................ (41,719
141,761
39,770
41,351
41,393
20,460
15,785
15,795
6,959
5,924
5,961
5,015
14,123
14,123
7,336
5,519
5,514
429
368
368
800
400
400
613
820
820
62
69
69
83
159
159
244
211
211
223
381
381
1971—June.................. 46,713
July................... 46,346
Aug................... 52,416
Sept................... 52,878
Oct.................... 53,946
Nov................... 53,898
(55,404
Dec.8................ 155,427
46,046
45,693
51,766
52,481
53,566
53,527
55,018
55,035
10,869
10,274
9,294
10,605
11,860
10,883
10,399
6,460
4,968
4,955
5,026
5,054
5,088
5,219
5,209
4,215
22,763
23,439
30,198
29,772
29,758
30,723
33,025
33,025
7,446
7,025
7,248
7,050
6,860
6,702
6,385
11,335
667
653
650
397
380
371
386
392
400
400
400
400
400
400
400
400
1,181
1,247
1,342
1,318
1,267
1,300
1,372
1,367
60
79
61
92
78
69
73
73
232
224
202
212
177
205
192
192
164
170
269
146
168
157
210
210
724
774
810
867
843
870
896
891
1972—Jan..................... 56,441
Feb.................... 57,335
Mar................... 57,687
Apr.................... 56,304
May v ............... 55,822
JuneP................ 57,465
56,009
56,862
57,171
55,810
55,323
56,948
6,157
6,019
5,991
6,460
6,570
7,216
4,225
4,329
4,438
4,497
4,647
4,827
33,906
34,494
34,933
32,324
31,498
31,871
11,721
12,020
11,809
12,529
12,608
13,034
432
473
516
494
499
517
400
1,518
1,457
1,395
1,277
1,257
1,310
86
85
88
87
84
85
200
164
191
195
173
235
338
295
275
177
198
212
893
912
841
819
802
779
For notes see the following page.
A 80
INTL. CAPITAL TRANSACTIONS OF THE U.S. □ AUGUST 1972
8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE— Continued
(Amounts outstanding; in millions o f dollars)
To residents of foreign countries
To official institutions 9
Payable in dollars
End of period
Total
Deposits
Demand
Time2
U.S.
Treasury
bills and
certifi
cates 3
Payable in dollars
Other
short
term
liab.4
Payable
in
foreign
cur
rencies
Total
Deposits
Demand
Time2
U.S.
Treasury
bills and
certifi
cates 3
Other
short
term
liab. 4
Payable
in
foreign
currencies
1969..............
19707...........
38,786
J4C>,499
140,541
20,397
15,716
15,726
6,876
5,765
5,802
3,971
13.511
13.511
7,113
5,138
5,133
429
368
368
11,077
19.333
19.333
1,930
1.652
1.652
2,942
2.554
2.554
3,844
13.367
13.367
2.159
1,612
1,612
202
148
148
1971—Ju n e..
July..,
Aug...
Sept...
O ct...
Nov...
Dec.8
45,132
44,699
50,674
51,160
52,279
52,198
53,632
53,660
10,809
10,195
9,233
10,513
11,781
10,814
10,326
6,387
4,736
4,732
4,823
4,843
4,911
5,014
5,017
4.023
22.199
22,869
29,529
29,226
29,190
30,166
32.415
32.415
6,722
6,249
6,438
6,182
6,016
5,831
5,489
10,443
667
653
650
397
380
371
386
392
26,808
26,868
34.015
35,080
36,067
37,271
39,679
39.016
1,463
1,469
1,264
1,450
1,231
1,263
1,620
1,327
2,251
2,307
2,371
2,392
2.465
2.465
2,504
2,036
20,097
19,605
26,674
27,855
28,982
30,071
32.311
32.311
2,577
3,067
3,285
3,225
3,231
3,314
3,086
3,177
420
420
421
158
158
158
158
165
1972—Jan ...,
Feb.. .
M ar...
Apr.. .
May p
JuneP .
54,523
55,878
56,292
55,027
54,565
56,155
6,071
5,934
5,903
6,373
6,485
7,131
4.024
4,165
4,247
4,302
4,475
4,592
33,168
34.199
34.658
32,147
31,300
31.659
10,827
11,108
10,968
11,711
11,806
12,256
432
473
516
494
499
517
39,586
40,699
41;007
38,741
37,857
38,632
1,185
1,099
1,128
1,246
1,224
1,540
2,027
2,121
2,150
2,268
2,387
2,469
33,049
34,096
34,552
32,047
31,209
31,573
3.159
3,216
3,010
3,013
2,870
2,883
166
167
167
167
167
167
To banksio
To other foreigners
Payable in dollars
End of period
Total
Deposits
Demand
Time2
U.S.
Treasury
bills and
certifi
cates
Total
Other
short
term
liab. 4
Deposits
Demand
Time2
U.S.
Treasury
bills and
certifi
cates
Total
Other
short
term
liab. 4
To banks
and other
foreigners:
Payable in
foreign
cur
rencies
1969..............
19707 ..........
27,709
/21,166
\21,208
23,419
16,917
16,949
16,756
12,376
12,385
1,999
1,326
1,354
20
14
14
4,644
3,202
3,197
4,064
4,029
4,039
1,711
1,688
1,688
1,935
1,886
1,895
107
131
131
312
325
325
226
220
220
1971—June. .
Ju ly ...
A ug...
Sept...
Oct.. .
N ov...
Dec.8
18,324
17,831
16,659
16,080
16,212
14,927
/13,953
\14,644
14,120
13,704
12,590
12,196
12,256
10,981
10,034
10,722
7,586
7,030
6,284
7,486
8,845
7,871
7,047
3,400
649
600
665
739
786
879
850
320
2,016
3,168
2,769
1,286
120
9
3,869
2,905
2,872
2,686
2,504
2,223
2,130
6,995
3,957
3,894
3,839
3,645
3,734
3,733
3,691
3,694
1,760
1,696
1,684
1,577
1,705
1,680
1,660
1,660
1,835
1,825
1,787
1,712
1,660
1,670
1,663
1,666
86
96
87
85
89
87
96
96
276
277
280
272
281
296
274
271
247
233
230
239
222
213
228
228
1972—Ja n ....
Feb.. .
M ar...
Apr.. .
May p
JuneP .
14,937
15,179
15.285
16.286
16,708
17.523
10,899
11,062
11,110
12,106
12,487
13,059
3,183
3,121
3,093
3,372
3,569
3,791
330
344
354
352
307
310
7,382
7,593
7,658
8,379
8,609
8,953
3,771
3,811
3,826
3,853
3,888
4,114
1,703
1,714
1,682
1,756
1,693
1,799
1,667
1,699
1,742
1,682
1,781
1,813
116
99
102
96
88
81
284
299
299
318
328
421
267
306
349
327
333
350
1 Data exclude “holdings of dollars” of the International Monetary
Fund.
2 Excludes negotiable time certificates of deposit, which are included
in “Other.”
3 Includes nonmarketable certificates of indebtedness issued to official
institutions of foreign countries.
4 Principally bankers’ acceptances, commercial paper, and negotiable
time certificates of deposit. See also note 8(a).
5 U.S. Treasury bills and certificates obtained from proceeds of sales of
gold by the IMF to the United States to acquire income-earning assets.
Upon termination of investment, the same quantity of gold was reac
quired by the IMF.
6 Principally the International Bank for Reconstruction and Develop
ment and the Inter-American Development Bank.
Includes difference between cost value and face value of securities in
IMF gold investment account.
7 Data on the two lines shown for this date differ because of changes in
reporting coverage. Figures on the first line are comparable in coverage
with those Shown for the preceding date; figures on the second line are
comparable with those shown for the following date.
8 Data on second line differ from those on first line because (a) those
liabilities of U.S. banks to their foreign branches and those liabilities of
U.S. agencies and branches of foreign banks to their head offices and
foreign branches, which were previously reported as deposits, are included
in “Other short-term liabilities” ; (b) certain accounts previously classified
as “Official institutions” ar6 included in “Banks” ; and (c) a number of
reporting banks are included in the series for the first time.
^Foreign central banks and foreign central govts, and their agencies,
and Bank for International Settlements and European Fund.
io Excludes central banks, which are included in “Official institutions.”
N o t e .—“Short term” refers to obligations payable on demand or having
an original maturity of 1 year or less. For data on long-term liabilities
reported by banks, see Table 10. Data exclude the “holdings of dollars”
of the International Monetary Fund; these obligations to the IM F consti
tute contingent liabilities, since they represent essentially the amount of
dollars available for drawings from the IMF by other member countries.
Data exclude also U.S. Treasury letters of credit and non-negotiable, noninterest-bearing special U.S. notes held by the Inter-American Develop
ment Bank and the International Development Association.
AUGUST 1972 □ INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 81
9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY
(End of period. Amounts outstanding; in millions of dollars)
Area and country
1971
1970
1972
Dec.1
Jan.
Feb.
Mar.
Apr.
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
261
735
177
156
3,234
6,972
167
1,704
306
702
299
187
803
3,256
36
7,892
35
1,367
28
54
252
779
179
150
3,311
7,724
164
1,697
424
675
282
177
871
3,099
34
7,600
40
1,438
11
46
257
895
191
140
3,103
7,670
147
1,576
823
674
267
183
964
2,935
42
8,089
54
1,416
9
58
276
866
218
151
3,043
5,482
163
1,627
878
655
279
219
981
2,942
36
7,954
94
1,391
9
56
283
864
203
131
3,027
5,500
159
1,572
861
669
284
206
1,010
2,708
39
7,954
88
1,388
13
58
254
961
215
148
3,513
6,483
179
1,373
847
654
269
231
1,044
2,626
44
7,913
90
1,367
10
68
27,503
27,530
28,372
28,955
29,494
27,321
27,020
28,289
3,441
3,441
3,593
3,574
3,486
3,722
4,146
3,966
437
383
189
179
6
706
150
163
108
874
615
376
85
46
441
342
191
188
6
709
154
164
108
963
656
657
87
36
441
342
191
188
6
715
154
164
108
963
655
656
87
37
435
376
180
185
6
757
158
164
108
870
645
313
97
43
420
423
146
176
6
747
156
160
111
843
684
278
90
47
541
466
137
163
6
658
156
174
124
740
649
307
81
37
507
559
132
184
7
667
155
174
118
851
695
444
87
29
465
576
134
190
6
760
185
167
122
873
661
440
91
43
459
628
136
190
7
733
154
179
117
919
681
484
94
.40
Dec.
Oct.
Nov.
Switzerland...............................................
Turkey......................................................
United Kingdom.....................................
Yugoslavia................................................
Other Western Europe2..........................
U.S.S.R.....................................................
Other Eastern Europe.............................
185
597
189
117
2,267
7,520
184
1,330
762
324
274
198
503
1,948
46
5,504
37
594
15
54
255
875
171
136
2,842
5,606
184
2,231
315
658
307
202
729
3,306
48
7,223
34
1,409
12
56
246
736
168
134
2,858
5,733
175
1,953
291
714
308
185
757
3,265
67
7,711
40
1,401
8
67
254
701
168
160
3,150
6,596
170
1,888
271
685
303
203
791
3,248
68
7,374
34
1,369
14
53
Total..................................................
22,648
26,599
26,816
4,056
3,803
3,590
539
346
266
247
7
821
147
225
118
735
620
745
98
39
415
360
211
181
6
678
150
163
116
915
608
346
94
42
Europe:
Belgium-Luxembourg..............................
Finland......................................................
France.......................................................
Germany...................................................
Netherlands..............................................
Norway.....................................................
Portugal....................................................
Latin America:
Argentina..................................................
Chile..........................................................
Colombia..................................................
P anam a....................................................
Peru...........................................................
Other Latin American republics.............
Bahamas and Bermuda...........................
Netherlands Antilles and Surinam.........
Other Latin America...............................
May®
June®
4,952
4,284
4,317
4,702
4,708
4,336
4,288
4,239
4,609
4,713
4,820
Asia:
China Mainland.......................................
Hong Kong..............................................
India..........................................................
Indonesia..................................................
Israel.........................................................
Japan........................................................
Korea........................................................
Philippines................................................
Taiwan......................................................
Thailand....................................................
O ther........................................................
33
258
302
73
135
5,150
199
285
275
508
717
34
316
154
69
130
14,014
189
294
294
131
631
34
336
142
65
133
13,919
216
304
248
107
579
39
312
89
63
150
14,294
201
304
258
126
595
39
312
89
63
150
14,295
196
304
258
126
595
39
304
114
54
133
14,179
224
269
280
121
774
38
335
118
71
143
14,950
220
264
291
116
708
39
306
116
90
143
14,808
204
265
320
120
717
39
299
102
89
145
14,902
178
291
338
170
714
38
328
104
87
148
14,017
196
344
365
174
729
39
311
105
113
139
14,095
198
346
383
177
706
Total..................................................
7,936
16,255
16,082
16,432
16,427
16,493
17,254
17,129
17,265
16,532
16,612
Africa:
Congo (Kinshasa)....................................
South Africa.............................................
U.A.R. (Egypt)........................................
14
11
83
17
395
16 !
8 i
74
16
331
12
9
74
13
314
12
9
78
24
474
12
9
78
24
474
12
10
53
14
510
13
9
73
13
538
22
9
70
13
526
14
11
79
15
542
16
8
70
18
522
18
11
76
19
608
Total..................................................
521
445
422
597
597
599
646
640
661
635
731
Other countries:
Australia...................................................
All other...................................................
389
39
854
39
919
51
916
42
916
42
1,087
42
1,121
41
1,257
47
1,405
43
1,482
39
1,692
45
Total..................................................
428
893
970
957
957
1,129
1,162
1,304
1,448
1,520
1,737
Total foreign countries...............................
40,541
52,279
52,198
53,632
53,660
54,523
55,878
56,292
55,027
54,565
56,155
International and regional:
International3...........................................
Latin American regional.........................
Other regional4........................................
975
131
114
1,265
267
135
1,269
287
144
1,332
298
142
1,327
298
142
1,470
306
142
995
316
146
947
302
146
809
334
134
803
330
124
817
346
147
Total..................................................
1,220
1,667
1,700
1,772
1,767
1,918
1,457
1,395
1,277
1,257
1,310
53,898
55,404
55,427
56,441
57,335
57,687
56,304
55,822
57,465
Grand total.......................................
For notes see the following page.
41,761
53,946
INTL. CAPITAL TRANSACTIONS OF THE U.S. □ AUGUST 1972
A 82
9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY— Continued
(End of period. Amounts outstanding; in millions of dollars)
Supplementary data 5
1970
Area and country
1972
1971
Apr.
Dec.
Apr.
Dec.
Apr.
Other Western Europe:
Cyprus.......................................
Iceland......................................
Ireland, Rep. o f........................
15
10
32
10
10
41
7
10
29
2
11
16
2
9
15
Other Latin American republics:
Bolivia.......................................
Costa Rica................................
Dominican Republic................
Ecuador.....................................
El Salvador...............................
Guatemala.................................
Haiti..........................................
Honduras..................................
Jamaica.....................................
Nicaragua.................................
Paraguay...................................
Trinidad & Tobago.................
76
43
96
72
79
110
19
29
17
76
17
11
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
Other Latin America:
British West Indies...................
38
33
38
Other Asia:
Afghanistan...............................
Burma........................................
Cambodia.................................
Ceylon.......................................
Iran............................................
Iraq............................................
15
5
1
4
41
6
26
4
2
4
32
11
15
3
2
4
50
7
23
19
10
5
4
59
10
17
5
2
6
88
( 6)
1 Data in the two columns shown for this date differ because of changes
in reporting coverage. Figures in the first column are comparable in cov
erage with those shown for the preceding date; figures in the second column
are comparable with those shown for the following date.
2 Includes Bank for International Settlements and European Fund.
3 Data exclude “holdings of dollars” of the International Monetary
Fund but include IM F gold investment until Feb. 1972, when investment
was terminated.
1970
1971
1972
Area and country
Apr.
Dec.
Apr.
Dec.
Apr.
Other Asia—Cont.:
Jordan.........................................
Kuwait........................................
Laos............................................
Lebanon.....................................
Malaysia.....................................
Pakistan......................................
Ryukyu Islands (incl. Okinawa)
Saudi Arabia..............................
Singapore...................................
Syria............................................
Vietnam......................................
30
66
4
82
48
34
26
166
25
6
91
14
54
5
54
22
38
18
106
57
7
179
3
36
2
60
29
27
39
41
43
3
161
2
20
3
46
23
33
29
79
35
4
159
2
16
3
60
25
58
(6)
80
45
6
185
Other Africa:
Algeria........................................
Ethiopia (incl. Eritrea)..............
G hana.........................................
Kenya.........................................
Liberia........................................
Libya..........................................
Nigeria........................................
Southern Rhodesia....................
Sudan..........................................
Tanzania.....................................
Tunisia........................................
Uganda.......................................
Zambia.......................................
13
33
7
47
41
430
11
2
1
18
7
7
38
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
( 6)
( 6)
2
( 6)
6
7
( 6)
( 6)
All other:
New Zealand.............................
18
25
22
j 23
27
4 Asian, African, and European regional organizations, except BIS and
European Fund, which are included in “Europe.”
5 Represent a partial breakdown of the amounts shown in the “other”
categories (except “Other Eastern Europe”).
6 Not available.
10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED
BY BANKS IN THE UNITED STATES
(Amounts outstanding; in millions of dollars)
End of period
Total
To
inti.
and
regional
To foreign countries
Total
Official
institu
tions
Country or area
Other
Banks1 foreign
ers
Argen Other
Latin
tina
America
Israel
Japan
196 8
196 9
197 0
3,166
2,490
1,703
777
889
789
2,389
1,601
914
2,341
1,505
695
55
166
40
41
54
284
64
13
257
175
138
241
41
6
658
655
385
1971—June.
Ju ly ..
Aug..
Sept..
Oct...
Nov..
Dec..
1,129
1,024
895
885
941
917
915
557
501
480
480
490
452
446
572
524
415
405
452
465
469
334
284
172
161
159
170
156
189
189
190
189
236
237
257
48
51
53
55
57
59
56
13
13
13
15
15
15
2
87
88
66
62
84
101
109
8
8
130
83
12
12
12
1972—Jan...
Feb..
Mar..
Apr..,
May*
June*,
1,009
1,062
1,115
1,138
1,188
1,168
546
565
633
659
695
695
462
497
483
479
494
473
150
165
152
145
158
124
255
253
254
254
253
267
58
79
78
80
83
82
2
2
2
2
2
2
105
107
102
103
116
133
1 Excludes central banks, which are included with “Official institutions.”
Thailand
201
70
8
Other
Asia
All
other
countries
651
472
122
97
124
240
80
91
92
90
92
89
83
252
239
223
217
240
245
265
80
79
68
63
61
53
268
303
304
305
309
279
AUGUST 1972 □ INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 83
11. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES
(End of period; in millions of dollars)
1971
June
July
1972
Aug.
Sept.
Oct.
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
Mayp
JuneP
Europe:
Belgium-Luxembourg.....................
Switzerland......................................
United Kingdom.............................
Other Western Europe...................
Eastern Europe...............................
6
29
490
25
6
6
29
496
25
6
6
29
460
25
6
6
29
432
49
5
6
29
427
71
5
6
60
362
82
5
6
60
323
85
5
6
53
279
95
5
6
53
283
95
5
6
53
268
95
5
6
52
280
95
5
6
52
288
95
5
6
52
264
96
5
T otal.........................................
557
562
525
521
538
516
480
438
441
426
438
445
424
Canada................................................
174
175
175
175
175
179
181
179
179
178
179
166
313
Latin America:
Latin American republics...............
Other Latin America......................
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
Total.........................................
7
7
7
7
7
7
7
7
7
7
7
7
7
Asia:
India................................................
Japan................................................
Other Asia.......................................
20
142
10
20
395
10
20
633
10
20
755
10
20
1,009
10
20
1,488
10
1,717
10
2,007
10
2,146
10
2,391
10
2,415
10
2,777
10
2,901
10
T otal.........................................
172
425
663
784
1,038
1,518
1,727
2,017
2,156
2,401
2,425
2,787
2,912
Africa...................................................
All other..............................................
43
*
43
*
43
*
43
*
25
*
8
*
8
*
8
«
8
*
8
*
8
*
8
*
8
*
Total foreign countries.......................
952
1,211
1,413
1,530
1,782
2,228
2,402
2,650
2,791
3,020
3,057
3,413
3,664
International and regional:
International...................................
Latin American regional................
115
27
115
28
126
28
126
29
126
29
126
30
126
30
126
31
126
31
126
32
136
33
136
25
136
26
Total.........................................
142
143
154
155
155
156
156
157
157
158
168
161
161
Grand total..............................
1,095
1,354
1,567
1,685
1,937
2,383
2,558
2,807
2,948
3,177
3,226
3,574
3,825
N o t e .—Data represent estimated official and private holdings of marketable U.S. Govt, securities with an original maturity of more than 1
year, and are based on benchmark surveys of holdings and regular monthly
reports of securities transactions (see Table 16).
12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF
FOREIGN COUNTRIES
(In millions of dollars or dollar equivalent)
Payable in dollars
End of period
Total
Total
Bel
gium
Can
ada 1
1969................................................. 43,181
3,563
1970.................................................
1,431
2,480
32
32
1,129
2,289
1971—July.......................................
Aug.......................................
Sept......................................
8,592
8,924
9,193
9,195
9,271
Nov......................................
Dec....................................... 5 9,657
7,480
7,479
7,479
7,479
7,554
7,829
32
32
32
32
32
32
2,289
2,289
2,289
2,289
2,365
2,640
9,658
9,658
9,940
12,440
12,441
12,441
15,864
7,829
7,829
8,188
10,688
10,688
10,688
14,188
32
32
32
32
32
32
32
2,640
2,640
2,840
2,840
2,840
2,840
2,840
1972—Jan........................................
Feb.......................................
Mar......................................
Apr.......................................
M ay.....................................
June.....................................
July......................................
1 Includes bonds issued in 1964 to the Government of Canada in connec
tion with transactions under the Columbia River treaty. Amounts out
standing end of 1967 through Oct. 1968, $114 million; Nov. 1968 through
Sept. 1969, $84 million; Oct. 1969 through Sept. 1970, $54 million; and
Oct. 1970 through Oct. 1971, $24 million.
2 Bonds issued to the Government of Italy in connection with mili
tary purchases in the United States.
3 In addition, nonmarketable U.S. Treasury notes amounting to $125
Ger
many
Payable in foreign currencies
Italy 2 Korea Tai
wan
Thai
land
Ger
many *
Italy
125
135
25
15
15
20
20
100
100
4 1,750
1,083
4 1,084
542
5,000
5,000
5,000
5,000
5,000
5,000
25
23
23
23
22
22
15
15
15
15
15
15
20
20
20
20
20
20
100
100
100
100
100
100
1,111
1,444
1,714
1.716
1.716
5 1,827
542
542
542
542
542
612
5,000
5,000
5,158
7,658
7,658
7,658
11,158
22
22
22
22
22
22
22
15
15
15
15
15
15
15
20
20
20
20
20
20
20
100
100
100
100
100
100
100
1,828
1,828
1.752
1.752
1.753
1.753
1,676
612
612
536
536
536
536
459
million equivalent were issued to a group of German commercial banks in
June 1968. The dollar value of these notes was increased by $10 million in
Oct. 1969 and by $18 million as of Dec. 31, 1971.
4 Includes an increase in dollar value of $84 million resulting from
revaluation of the German mark in Oct. 1969.
5 Includes $106 million increase in dollar value of foreign currency
obligations revalued to reflect market exchange rates as of Dec. 31, 1971.
A 84
INTL. CAPITAL TRANSACTIONS OF THE U.S. □ AUGUST 1972
13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY
(End of period. Amounts outstanding; in millions of dollars)
1971
1970
1972
Area and country
Dec.
Europe:
Dec.1
Nov.
Oct.
Jan.
June*
May*
Apr.
Mar.
Feb.
6
50
40
66
113
186
26
101
61
54
11
52
97
100
9
379
35
13
3
45
4
53
50
113
133
198
24
114
70
66
10
58
113
137
4
410
27
16
4
33
10
63
48
116
182
227
23
139
90
66
12
68
120
143
3
536
22
11
10
33
11
57
49
135
267
235
30
159
105
67
12
70
118
145
3
564
19
12
28
37
11
57
49
135
268
235
30
161
105
67
12
70
118
145
3
564
19
12
28
37
8
71
50
137
311
202
30
166
92
72
14
83
125
147
4
527
20
13
33
44
11
102
54
139
344
253
25
182
102
71
14
88
125
181
8
563
15
16
37
48
11
78
55
138
342
258
29
230
117
73
14
105
130
164
3
559
25
17
47
51
12
66
52
137
273
239
28
213
105
72
13
135
128
138
3
537
24
17
70
42
13
72
54
133
295
231
30
231
101
65
24
149
132
192
3
539
27
19
65
43
15
73
52
126
321
315
24
201
117
64
21
141
95
147
3
564
25
24
57
43
1,449
1,639
1,923
2,123
2,125
2,148
2,376
2,445
2,303
2,416
2,429
1,043
1,093
1,138
1,529
1,529
1,507
1,700
1,942
1,831
1,697
1,737
Panama.....................................................
Peru...........................................................
Uruguay....................................................
Venezuela..................................................
Other Latin American republics.............
Bahamas and Bermuda...........................
Netherlands Antilles and Surinam.........
Other Latin America...............................
326
325
200
284
13
909
112
147
63
283
342
196
19
22
327
418
138
353
13
808
95
198
32
251
326
242
21
32
316
410
142
378
13
839
109
201
39
249
337
264
20
23
305
434
139
380
13
936
125
176
41
268
374
262
18
25
305
440
139
380
13
936
125
176
41
268
374
262
18
26
310
452
126
375
13
1,004
110
163
41
271
366
253
20
23
306
472
122
390
13
977
106
159
41
271
364
288
23
21
316
482
106
376
13
1,006
116
155
41
278
352
300
16
20
304
511
108
379
13
1,095
110
163
38
311
376
278
15
27
316
544
94
394
13
1,037
120
177
38
299
360
265
16
24
325
551
78
404
13
1,152
125
160
35
314
366
314
16
25
Total..................................................
3,239
3,253
3,340
3,495
3,502
3,527
3,554
3,577
3,727
3,697
3,878
2
39
13
56
120
3,890
178
137
95
109
167
1
77
22
39
103
3,739
286
111
105
145
226
1
71
17
40
132
3,889
329
129
94
148
226
1
68
21
41
129
4,279
348
136
109
164
252
1
70
21
41
129
4,296
348
138
109
173
252
1
61
22
37
124
4,149
330
141
123
175
237
1
81
20
35
106
4,059
394
145
154
200
213
2
90
17
37
98
4,116
403
149
156
201
232
2
99
18
39
84
3,980
399
137
172
203
210
2
107
16
49
81
3,687
377
138
180
203
199
2
111
16
45
78
3,577
346
138
182
188
221
Belgium-Luxembourg.............................
United Kingdom.....................................
Yugoslavia................................................
Other Western Europe............................
U.S.S.R.....................................................
Other Eastern Europe............................
Latin America:
Argentina..................................................
Brazil........................................................
Chile..........................................................
Cuba..........................................................
Asia:
China Mainland.......................................
Hong Kong..............................................
India..........................................................
Indonesia..................................................
Japan........................................................
K orea........................................................
Philippines................................................
Taiwan......................................................
Thailand...................................................
Total..................................................
4,807
4,854
5,075
5,548
5,577
5,399
5,407
5,502
5,343
5,040
4,903
Africa:
Congo (Kinshasa)....................................
Morocco...................................................
South Africa............................................
U.A.R. (Egypt)........................................
O ther.........................................................
4
6
77
13
79
22
5
146
11
101
21
4
152
9
90
21
4
156
10
99
21
4
158
10
99
21
4
163
11
91
14
4
166
13
101
13
3
147
11
104
15
4
152
10
120
19
4
149
11
129
14
4
160
16
123
Total..................................................
180
285
277
291
292
290
299
278
301
311
318
Other countries:
Australia...................................................
All other...................................................
64
16
140
22
140
24
159
27
159
27
162
31
158
29
165
35
169
34
175
31
176
34
Total..................................................
80
162
164
186
186
193
188
200
203
206
211
Total foreign countries...............................
10,798
11,286
11,917
13,172
13,211
13,063
13,524
13,944
13,709
13,368
13,475
3
4
3
3
3
5
4
3
7
4
11,289 j 11,920
13,175
13,214 j 13,066
13,528
13,948
13,712
13,375
13,479
International and regiona l ..........................
3
Grand total.......................................
10,802
1 Data in the two columns shown for this date differ because of changes
on demand or with a contractual maturity of not more than 1 year: loans
in reporting coverage. Figures in the first column are comparable in
made to, and acceptances made for, foreigners; drafts drawn against
coverage with those shown for the preceding date; figures in the second
foreigners, where collection is being made by banks and bankers for
column are comparable with those shown for the following date.
their own account or for account of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and
N o t e .—Short-term claims are principally the following items payable
their customers in the United States. Excludes foreign currencies held
by U.S. monetary authorities.
AUGUST 1972 □ INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 85
14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in dollars
Loans to—
End of period
Total
Total
Total
Official
institu
tions
Banks1
Others
Payable in foreign currencies
Collec Accept
ances
tions
made
out
for
stand of acct.
for
ing
eigners
Other
Total
Foreign
govt, se
Deposits curities,
with for coml.
eigners and fi
nance
paper
Other
9,680
10,802
9,165
10,192
3,278
3,051
262
119
1,943
1,720
1,073
1,212
2,015
2,389
3,202
3,985
670
766
516
610
352
352
89
92
74
166
1971—June.................. 11,048
July................... 10,953
Aug................... 12,441
Sept................... 11,870
Oct..................... 11,289
Nov................... 11,920
[1 3 ,175
Dec.2................. \13,214
10,493
10,423
11,810
11,225
10,668
11,276
12,333
12,373
3,401
3,559
4,290
3,831
3,516
4,024
4,508
3,975
147
200
191
188
135
167
221
222
1,969
2,051
2,682
2,236
2,056
2,431
2,621
2,087
1,284
1,308
1,417
1,406
1,325
1,426
1,667
1,666
2,378
2,364
2,357
2,372
2,307
2,306
2.475
2.475
3,990
3,678
4,157
4,049
3,864
3,897
4,243
4,270
724
821
1,006
974
982
1,050
1,107
1.652
555
531
631
645
620
644
842
841
365
374
495
453
406
457
549
548
102
62
46
104
111
89
119
119
89
95
90
88
103
99
174
174
1972—Jan.....................
Feb....................
Mar...................
Apr....................
May®................
June®.................
12,322
12,741
13,048
12,991
12,614
12,721
3,882
4,036
4,179
4,455
4,608
4,770
206
198
167
163
170
163
2,061
2,061
2,141
2,354
2,516
2,586
1,614
1,777
1,870
1,939
1,923
2,021
2,473
2,430
2,476
2,469
2,540
2,650
4,251
4,394
4,410
4,252
3,793
3,489
1,716
1,882
1,983
1,815
1,673
1,812
744
787
900
721
760
758
501
562
579
498
530
477
139
127
183
112
112
148
104
98
138
111
118
133
1969..............................
1970..............................
13,066
13,528
13,948
13,712
13,375
13,479
1 Excludes central banks, which are included with “Official institutions.”
2 Data on second line differ from those on first line because (a) those
claims of U.S. banks on their foreign branches and those claims of U.S.
agencies and branches of 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 of dollars)
Country or area
Type
Payable in dollars
End of
period
Total
Loans to—
Total
Official
institu
tions
Other
Banks1 foreign
ers
Other
long
term
claims
Payable
in
foreign
curren
cies
United
King
dom
Other
Europe
Latin
Canada America
Japan
Other
Asia
All
other
countries
1969.................
1970.................
3,250
3,075
2,806
2,698
502
504
209
236
2,096
1,958
426
352
18
25
67
71
411
411
408
312
1,329
1,325
88
115
568
548
378
292
1971—Ju n e.. . .
July. . . .
Aug. . . .
Sept. . . .
Oct........
Nov. . . .
Dec.......
3,203
3,261
3,393
3,440
3,494
3,537
3,640
2,898
2,959
3,090
3,121
3,181
3,237
3,331
475
489
513
514
533
555
565
241
253
265
269
266
282
309
2,182
2,217
2,311
2,338
2,382
2,401
2,457
278
282
276
291
286
276
287
26
20
28
28
26
23
22
112
118
120
126
127
138
130
519
530
546
570
580
586
593
266
266
259
264
261
244
228
1,234
1,277
1,337
1,351
1,323
1,357
1,435
225
219
221
225
240
240
246
514
515
539
536
565
564
582
333
337
371
367
398
407
426
1972—Jan........
Feb.......
M ar... .
Apr.......
May®...
June®...
3,668
3,717
3,838
3,939
4,042
4,193
3,362
3,414
3,526
3,617
3,722
3,869
565
595
644
653
672
712
307
319
328
335
335
369
2,490
2,500
2,554
2,630
2,715
2,788
281
279
285
295
289
293
24
24
26
27
30
30
132
124
131
143
140
139
581
592
605
625
636
631
256
254
233
230
251
284
1,436
1,453
1,496
1,540
1,582
1,642
241
241
278
290
278
311
594
624
651
671
710
739
427
430
444
440
444
446
1 Excludes central banks, which are included with “Official institutions.’1
INTL. CAPITAL TRANSACTIONS OF THE U.S. □ AUGUST 1972
A 86
16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
U.S. corporate
securities 2
Marketable U.S. Govt, bonds and notes 1
Foreign bonds
Foreign stocks
Net pi irchases or sales
Period
Total
Intl.
and
regional
Pur
chases
Foreign
Total
Official
123 11,426 9,844
-119 14,573 13,156
-7 6 9,858 8,052
56
1,672
1,267
-2 5
130
5
82
1,542
1,261
-4 1
1,661
1,337
1971—June..................
July..................
Aug...................
*
1
11
1
Nov..................
Dec...................
92
260
212
118
252
446
175
91
259
202
117
252
445
175
87
253
238
145
257
474
209
4
6
-3 6
-2 8
-5
-2 9
-3 4
1,007
1,042
1,185
1,045
965
940
1,673
1972—Jan...................
Feb...................
Mar..................
Apr...................
MayP...............
JuneP...............
248
141
230
48
348
251
1
247
141
229
38
356
251
305
138
245
25
350
274
-5 8
3
-1 6
13
6
-2 3
1,580
1,611
2,025
1,703
1,326
1,614
1
11
-8
1
Net pur Pur
Sales chases or chases
sales
Sales
Net pur
chases or
sales
Other
1970.............................
1971.............................
1972—Jan.-June®. . . .
1
1
Net pur Pur
Sales chases or chases
sales
1,582
1,416
1,806
1,490
1,687
855
2,441
2,571
1,648
-951
-885
-7 9 2
1,033
1,385
1,381
998
1,434
1,225
35
-4 9
156
1,022
1,006
1,021
796
972
845
1,207
-1 5
36
163
249
-7
94
465
139
112
110
131
163
137
185
239
138
313
138
257
136
175
-1 0 0
-2 7
-203
-7
-9 5
*
10
98
102
124
118
157
137
195
130
144
102
96
104
76
154
-3 2
-4 2
22
22
52
61
41
1,277
1,312
1,527
1,420
1,111
1,405
302
299
498
283
215
209
126
159
181
161
124
103
409
241
248
157
310
282
-283
—82
-6 7
4
-186
-179
191
200
290
215
245
240
170
199
269
181
138
268
21
1
20
34
107
-2 8
' Excludes nonmarketable U.S. Treasury bonds and notes issued to
Also includes issues of new debt securities sold abroad by U.S. corpora
official institutions of foreign countries; see Table 12.
tions organized to finance direct investments abroad.
2 Includes State and local govt, securities, and securities of U.S. Govt,
N o t e .—Statistics include transactions of international and regional
agencies and corporations that are not guaranteed by the United States.
organizations.
17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY
(In millions of dollars)
Period
Total
France
Ger
many
Nether Switzer United
Other
land Kingdom Europe
lands
Total
Europe
Latin
Canada America
Asia
1970.....................
1971.....................
1972—Jan.-June^
626
733
765
58
87
85
195
131
-3 5
128
219
166
110
168
264
-3 3
-4 9
196
24
71
6
482
627
682
-9
-9 2
-9 7
47
38
-2 6
85
108
166
1971—June..........
July..........
Aug...........
Sept..........
Oct...........
Nov..........
Dec...........
-1 1
-3
78
155
-4 7
*
483
3
12
10
24
8
9
66
3
-6
7
33
-4
-9
51
12
15
38
9
2
22
76
9
-1 0
24
38
4
1
102
-1 9
6
-3 3
11
-3 0
-1
68
-2 4
-1 3
-7
17
•
20
32
-1 8
4
38
132
-2 1
42
394
-1 1
-2 4
11
10
-2 1
-1 4
2
-4
2
12
7
-1 7
-3 8
49
1972—Jan............
Feb...........
Mar..........
Apr...........
MayP.......
JuneP........
269
153
177
78
55
33
36
13
19
-9
19
8
29
4
-1 2
-2 2
-1 4
-2 0
60
37
27
19
8
15
98
55
56
1
27
27
2
36
95
46
20
-2
-7
5
•
*
2
5
218
149
185
35
62
32
1
-3 2
-2 6
-2 3
-1 7
1
11
10
3
13
-2 2
-4 2
Other Intl. &
Africa countries
regional
1
-2
1
22
54
41
7
15
16
4
5
6
39
*
-2
*
•
1
*
*
*
*
*
*
•
*
—1
*
*
14
-2
*
2
7
4
-2
27
20
8
49
30
32
*
—l
*
—1
*
*
*
*
*
*
*
*
12
6
7
6
2
9
AUGUST 1972 □ INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 87
18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY
(In millions o f dollars)
Nether Switzer United
Other
lands
land Kingdom Europe
Total
France
Ger
many
197 0
956
.
684
197 1
19 72—Jan.-June® 1,041
35
15
145
48
35
5
134
197
13
118
327
244
-2
3
26
21
53
42
-1 2
-1 4
-20
29
-1
-3
21
Period
1971—Jun e
July..........
Aug...........
Sept..........
Oct............
Nov..........
Dec...........
-4
40
85
94
40
94
-1 8
-1
-2
-3
-1
-1
-1
-1
-1
1
4
-1
1972—Ja..............n
Feb...........
Mar..........
Apr...........
May®........
June®........
33
146
321
205
160
176
3
-1
5
38
40
61
2
-1
3
3
-3
1
20
Total
Europe
Latin
Canada America
Asia
Other Intl. and
Africa countries
regional
464
612
492
128
37
52
25
19
14
28
-2
293
-4
20
49
69
24
70
18
-8
22
67
86
83
122
-3
11
-1 0
*
16
-8
7
-1 3
2
3
1
5
-2
-1
-3
-2
-1
2
1
-5
20
102
54
17
47
4
49
67
106
63
97
110
10
11
-3
-1
11
23
-2
-1 3
3
*
26
3
51
192
27
11
8
N o t e .—Statistics include State and local govt, securities, and securities
of U.S. Govt, agencies and corporations that are not guaranteed by
91
39
61
324
39
190
-3
24
17
-1 4
-3 3
-3 1
-3
-2 7
29
23
115
14
36
the United States. Also includes issues of new debt securities sold abroad
by U.S. corporations organized to finance direct 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 of dollars)
(Amounts outstanding; in millions of dollars)
Latin
Canada Amer Asia
ica
Af
rica
Other
coun
tries
-1 1
-5 3
-129
-3 5 0
-6
-1
20
32
-451
-4 8
-188
-1 3
21
-9 3
-6
-2 3
-7
-111
32
53
5
-2
-1 6
3
-1 3
-2 8
-1 0
-7 2
-5 3
-1 4
8
24
6
-1 5
-2 4
-7 3
-7 4
8
-143
-145
-1 6
1
-2
-3 1
14
-1 5
5
-2 6
-4 7
-1 7
-2 1
-81
Intl.
and
re
gional
Total
foreign
coun
tries
Eu
rope
1970................
1971................
1972—
Jan.-June®..
—915 —254
—933 —310
—662
-623
50
34
—586
-2 8 5
-2 2 6
-4 1 0
269
1971—June. ..
July.. . .
Aug.. ..
Sept---Oct
Nov.. . .
Dec.. . .
-1 3 2
13
-6 8
7
-1 8 0 -1 5 2
15
8
32
-4 3
11
61
51
2
-1 4 5
-7 5
-2 9
6
-7 5
51
49
-3
-1 6
23
1
22
37
23
1972—Jan.......
Feb___
M a r....
Apr.. . .
May®. .
June®..
-2 6 2 -2 4 2
-8 1
-1 2
14
-4 6
38
6
3
-7 8
5
-2 0 7
-2 0
-6 8
-6 0
32
-81
-212
11
32
58
65
75
29
Period
Total
-6 3 6
6
-1
1
*
1
*
-4
*
-2
-5
3
-9
*
14
2
1
1
2
3
2
3
*
10
5
2
*
End of
period
Credit
balances
(due to
foreigners)
Debit
balances
(due from
foreigners)
1969—June...........................
Sept............................
Dec............................
566
467
434
397
297
278
1970—Mar...........................
June...........................
Sept............................
Dec............................
368
334
291
349
220
182
203
281
1971—Mar............................
June...........................
Sept............................
511
419
333
311
314
300
320
314
1972—Mar.®.........................
325
379
N o t e .—Data represent the money credit balances and
money debit balances appearing on the books of reporting
brokers and dealers in the United States, in accounts of
foreigners with them, and in their accounts carried bv
foreigners.
Notes to Tables 21a and 21b on following pages:
1 Total assets and total liabilities payable in U.S. dollars amounted to
For a given month, total assets may not equal total liabilities because
$8,109 million and $8,227 million, respectively, on Apr. 30, 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
rates, which are used to convert foreign currency values into equivalent
N o t e .—Components may not add to totals due to rounding.
dollar values.
A 88
INTL. CAPITAL TRANSACTIONS OF THE U.S. □ AUGUST 1972
21a. ASSETS OF FOREIGN BRANCHES OF U.S. BANKS
(In millions of dollars)
Claims on U.S.
Location and currency form
Month-end
Total
Total
IN ALL FOREIGN COUNTRIES
IN UNITED KINGDOM
Total, all currencies.............................
Payable in U.S. dollars........................
IN THE BAHAMAS
Total all currencies.............................
For notes see p. A-87.
Parent
bank
Claims on foreigners
Other
Total
Other
branches
of parent
bank
Other
banks
Offi
Non
cial
bank
insti
for
tutions eigners
Other
1970—Dec...........
47,363
9,740
7,248
2,491 36,221
1971—Apr...........
M ay..........
June..........
July...........
Aug...........
Sept...........
Oct............
Nov...........
Dec...........
49,444
50,574
52,732
52,739
54,873
56,967
57,496
58,684
61,474
5,047
4,398
4,853
4,833
4,092
5,047
5,844
5,662
4,800
2,511
2,191
2,661
2,619
2,036
2,970
3,649
3,341
2,313
2,536
2,207
2,191
2,214
2,056
2,077
2,195
2,320
2,487
39,927
41,576
43,292
43,088
46,393
48,963
49,716
51,095
54,879
8,468
8,317
8,924
8,788
9,126
9,706
10,154
10,416
11,224
17,401
18,124
19,062
18,474
20,773
22,305
21,923
22,685
24,630
747
798
851
1,006
1,129
1,164
1,198
1,195
1,167
13,311
14,337
14,456
14,820
15,365
15,788
16,441
16,799
17,858
4,471
4,600
4,587
4,817
4,388
2,957
1,937
1,928
1,795
1972—Jan............ 60,026
Feb............ 61,862
Mar........... 65,053
Apr........... 64,171
4,333
4,116
4,565
4,886
1,987
1,742
2,085
2,426
2,345
2,374
2,480
2,461
53,760
55,845
58,662
57,465
10,445
11,013
10,635
10,544
24,513
25,618
28,070
26,693
1,211
1,118
1,176
1,181
17,591
18,095
18,781
19,048
1,933
1,901
1,826
1,820
6,887 16,997
695 11,643
1,403
1970—Dec...........
34,619
9,452
7,233
2,219 24,642
4,213 13,265
362
6,802
525
1971—Apr...........
May..........
June..........
July...........
Aug...........
Sept...........
Oct............
Nov...........
Dec...........
35,742
36,070
37,648
37,117
37,846
38,712
38,570
39,184
40,236
4,856
4,193
4,648
4,613
3,875
4,807
5,600
5,380
4,542
2,501
2,172
2,651
2,610
2,025
2,950
3,633
3,319
2,306
2,356
2,020
1,998
2,003
1,851
1,858
1,968
2,061
2,236
27,361
28,296
29,438
28,718
30,703
32,145
32,617
33,147
35,117
5,654
5,354
5,609
5,648
5,791
6,029
6,094
6,436
6,659
13,223
13,839
14,645
13,799
15,466
16,436
16,302
16,715
18,040
530
554
587
714
866
875
907
910
864
7,954
8,549
8,598
8,557
8,581
8,805
9,013
9,086
9,554
3,525
3,581
3,562
3,787
3,268
1,759
653
658
577
1972—Jan............ 38.928
Feb........... 39,920
Mar........... 43,002
Apr........... 41,757
4,072
3,864
4,300
4,597
1,975
1,732
2,062
2,387
2.097
2,132
2,238
2,210
34.228
35,374
38,074
36,489
6.427
6,637
6,727
6,359
17,759
18,514
20,608
19,346
822
821
845
883
9.220
9,402
9,891
9,902
629
682
631
671
1970—Dec...........
28,451
6,729
5,214
1,515 21,121
3,475 11,095
316
6,235
601
1971—Apr...........
M ay..........
June..........
July...........
Aug...........
Sept...........
Oct............
Nov...........
Dec...........
29,082
29,952
31,276
30,710
32,119
33,280
33.408
33,945
34,552
3,143
2,746
3,188
3,098
2,608
3,390
4,116
3,845
2,694
1,598
1,401
1,827
1,700
1,340
2,143
2,772
2,529
1,230
1,545
1,345
1,361
1,398
1,268
1,247
1,344
1,316
1,464
23,414
24,627
25,545
25,140
27,249
28,464
28,458
29,203
30,996
4,307
4,218
4,393
4,448
4,462
4,882
5,189
5,483
5,690
11,584
11,957
12,632
11,953
13,744
14,683
14,536
15,040
16,211
412
433
418
520
558
512
524
527
476
7,111
8,020
8,101
8,218
8,486
8,387
8,210
8,153
8,619
2,524
2,579
2,542
2,473
2,262
1,426
834
896
862
1972—Jan............
Feb...........
Mar...........
Apr...........
33,877
34,712
37,104
36,126
2,514
2,247
2,503
2,738
1,228
1,044
1,312
1,574
1,287
1,204
1,190
1,163
30,447
31,617
33,810
32,585
5,243
5,584
5,380
5,269
16,411
17,097
19,177
17,945
469
454
491
507
8,325
8,482
8,762
8,865
916
848
790
803
1970—Dec...........
22,574
6,596
15,655
2,223
Q A70
4,012
323
1971 _ A p r...........
May..........
June..........
July..........
Aug...........
Sept...........
Oct............
Nov...........
Dec...........
22,786
23,028
24,228
23,282
23,848
24,418
24,481
24,561
24,428
3,057
2,651
3,098
3,010
2,528
3,289
4,012
3,717
2,585
17,534
18,156
18,918
18,155
19,451
20,123
20,069
20,445
21,493
3,133
3,030
3,231
3,219
3,245
3,369
3,440
3,918
4,135
9, 861
10,128
10,674
10,031
11,336
11,883
11,859
12,090
12,762
4,541
4,999
5,013
4,906
4,870
4,871
4,771
4,438
4,596
2,194
2,221
2,211
2,116
1,868
1,006
399
398
350
1972—Jan............
Feb...........
Mar...........
Apr...........
23,666
23,816
26,097
24,967
2,415
2,153
2,401
2,620
20,857
21,254
23,324
21,943
4,341
4,237
4,534
4,481
394
409
372
404
1970—Dec...........
4,815
1,173
455
717
3,885
12,631
3,960
13,058
3,926
14,865
13,754
3,708
v------------ --- Y----- ----------'
3,583
2,119
1,464
59
1971—Apr...........
May..........
June..........
July..........
Aug...........
Sept...........
Oct............
Nov...........
Dec...........
5,270
5,379
5,760
6,047
5,970
6,208
6,586
7,319
8,493
935
773
839
890
728
835
887
1,037
1,282
169
113
203
267
139
219
246
227
505
766
660
635
623
589
615
641
810
778
3,666
3,913
4,238
4,428
4,618
5,039
5,605
6,167
7,119
1,933
2,062
2,338
2,357
2,604
2,934
3,019
3,228
3,798
1,733
1,850
1,900
2,071
2,014
2,105
2,585
2,940
3,320
669
694
683
729
624
334
95
115
92
1972—Jan............
7,973
Feb...........
8,380
Mar........... 8,836
Apr........... 19,038
955
994
1,178
1,284
159
107
126
204
796
888
1,052
1,080
6,925
7,276
7,551
7,643
3,679
3,819
4,038
4,121
3,247
3,457
3,513
3,521
94
110
108
111
AUGUST 1972 □ INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 89
21b. LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS
(In millions of dollars)
To foreigners
To U.S.
Total
Parent
bank
Other
Total
Other
branches
of parent
bank
Other
banks
7,377
1,967 ........... 1970—Dec.
8,078
8,134
8,553
8,346
8,792
9,516
9,802
10,038
10,818
24,118
25,039
26,729
26,544
27,178
28,497
28,520
29,354
31,147
5,554
5,216
5,339
5,373
5,450
5,476
5,581
5,749
5,491
7,316
7,502
7,721
7,670
8,203
8,451
8,638
8,531
8,786
1,849
1,835
1,824
1,741
1,902
2,014
2,041
2,119
2,119
10,324
10,645
10,363
10,119
29,763
30,707
33,712
32,651
5,869
6,180
6,312
6,617
9,091
9,102
9,546
9,723
2,034 ........... 1972—Jan.
2,058 ....................... Feb.
2,073
2,081
3,737
4,877
1,243 ........... 1970—Dec.
4,743
4,419
4,604
4,416
4,375
4,408
4,503
4,662
4,426
4,612
4,630
4,775
4,530
4,956
4,752
4,878
4,910
4,953
997 ........... 1971—Apr.
1,096
1,068
990 .......................July
1,149
1,195
1,161
1,227
1,276
4,753
4,768
4,947
5,202
5,306
5,244
5,428
5,349
1,182 ........... 1972—Jan.
1,212 ....................... Feb.
1,225
1,227
2,320 16,533
3,119
4,548
592 ........... 1970—Dec.
26,989
27,667
29,021
28,264
29,429
30,877
31,009
31,513
32,128
2,699
2,843
2,931
2,762
3,069
3,344
3,250
3,106
3,401
15,698
16,387
17,578
16,843
17,310
18,431
18,535
18,901
19,137
4,067
3,873
3,967
4,034
4,268
4,318
4,447
4,622
4,464
4,525
4,565
4,545
4,625
4,782
4,785
4,777
4,885
5,126
601 ........... 1971—Apr.
694
690
674 .......................July
691
745
772
814
763
31,473
32,371
34,787
33,980
3,296
3,417
3,209
3,056
18,076
18,705
20,989
19,893
4,680
4,788
4,996
5,172
5,421
5,461
5,594
5,859
778 ........... 1972—Jan.
759 ....................... Feb.
792
807
716
1,859 42,812
49,
50,
52,
52,
54,
56,
57,
58,
61,
2,529
2,848
2,565
3,061
3,349
3,015
2,915
2,892
3,114
547
726
528
477
763
501
474
475
669
1,982
2,122
2,038
2,584
2,586
2,514
2,441
2,417
2,445
45,066
45,891
48,342
47,934
49,622
51,940
52,540
53,673
56,242
60,
61,
65,
64,
2,938
3,170
3,047
2,980
658
779
636
621
2,280
2,391
2,411
2,358
55,048
56,634
59,933
59,111
36,
2,334
657
1,677 32,509
4,079 19,816
36 j
37 5
39 j
38 j
39,
40,
40,
40,
42,
2,284
2,582
2,293
2,762
2,939
2,638
2,549
2,546
2,674
491
643
432
393
643
381
352
375
511
1,794
1,939
1,861
2,368
2,296
2,257
2,198
2,170
2,163
33,717
33,638
35,782
34,571
35,406
36,375
36,331
37,176
38,139
5,644
5,469
5,793
5,433
5,735
6,234
6,154
6,479
6,692
18,717
19,120
20,610
20,192
20,340
20,981
20,797
21,124
22,069
41,
42,
45,
44,
2,556
2,743
2,643
2,591
546
644
509
514
2,010
2,099
2,135
2,077
37,642
38,607
41,744
40,260
6,710
6,853
6,945
6,583
20,874
21,742
24,425
23,127
28,
1,339
116
1,222 26,520
29,
29,
31,
30.
3 2i
33.
1,492
1,591
1,565
1,773
2,000
1,658
1,628
1,618
1,660
186
301
147
126
300
117
104
77
111
1,306
1,291
1,419
1,647
1,700
1,541
1,523
1,541
1,550
37,
36,
1,626
1,582
1,525
1,340
132
114
78
68
1,494
1,468
1,447
1,272
23,
1,208
98
22.
23;
1,358
1,455
1,432
1,610
1,790
1,460
1,435
1,452
1,412
173
266
96
89
238
59
49
36
23
33.
34;
24.
23;
24.
24,
24.
25.
24;
24,
24,
26,
25,
4,
5,
5;
5
6
5
6
6
7
8
7
8
8
19
Month-end
4,180
2,575
33,
34,
Other
6,426 24,829
47,
33;
Non
Offi
cial
bank
for
insti
tutions eigners
1,110 21,495
.......................July
.......................Sept.
.......................Oct.
1,548 13,684
2,859
3,404
302 ........... 1970—D ec.
21,249
21,378
22,682
21,428
22,095
22,882
22,875
23,166
23,059
1,900
1,902
2,053
1,819
1,900
2,126
2,095
2,028
2,164
3,588
3,368
3,493
3,382
3,501
3,555
3,660
3,813
3,676
3,121
3,142
3,065
3,029
3,249
3,041
3,041
3,140
3,181
299 ........... 1971—Apr.
365
361
361 .......................July
377
400
417
426
374
1,437
76 1,360
1,377
50 1,327
19 1,308
1,327
26 1,129
1,154
^-------- ---- S/*------------- '
542
*•22,608
22,985
25,220
24,027
2,157
2,081
2,093
1,852
13,249 3,851
13,670 3,824
15,694 4,041
14,465 4,233
'V-------- ^
2,872
488
3,351
3,411
3,392
3,477
400 ........... 1972—Jan.
403 ....................... Feb.
424
419
823
90 ........... 1970—Dec.
4,183
503
646
446
753
696
719
628
622
750
4,681
4,633
5,221
5,197
5,155
5,359
5,805
6,537
7,557
1,087
991
1,013
1,126
1,005
931
1,083
1,446
1,649
2,706
2,744
3,095
3,138
3,029
3,381
3,,551
3,947
4,784
888
898
1,113
933
1,121
1,048
1,170
1,144
1,124
87 ............1971—Apr.
101
93
95 .......................July
119
133
155
161
188
625
858
833
961
7,197
7,380
7,876
7,922
1,563
1,526
1,429
1,494
4,427
4,676
5,142
5 ,224
1,207
1,178
1,305
1,204
151 ........... 1972—Jan.
142 ....................... Feb.
128 ....................... Mar.
155
see p. A-87.
IN ALL FOREIGN COUNTRIES
..........Total, all currencies
............1971—Apr.
1,185
1,189
1,336
1,521
1,552
1,401
1,387
1,416
1,389
12,640
12,967
14,071
13,198
13,445
14,160
14,079
14,185
14,038
Location and currency form
..........Payable in U.S. dollars
IN UNITED KINGDOM
.......... Total, all currencies
............P ay ab le in U.S. do llars
IN THE BAHAMAS
..........Total, all currencies
A 90
INTL. CAPITAL TRANSACTIONS OF THE U.S. □ AUGUST 1972
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
(Amounts outstanding; in millions of dollars)
(End of month; in billions of dollars)
Liabili Wednesday
ties1
Wednesday
29.............
28.............
27.............
27.............
3,412
3,166
4,059
4,241
1968
Mar.
June
Sept.
Dec.
4,920
6,202
7,104
6,039
27.............
26.............
25.............
31 (1/1/69)
1969
Mar.
June
Sept.
Dec.
9,621
13,269
14,349
12,805
26.............
25.............
24.............
31.............
25...............
24...............
30...............
30..............
11,885
12,172
9,663
7,676
Wednesday Liabili
ties1
6,536
5,666
2,858
2,158
1,579
1,492
1,495
1,405
2,475
2,917
3,342
2,408
1,867
1,384
1,544
909
7,536
6,666
4,358
5,166
4,587
4,500
4,645
4,075
3,578
Feb.
5.
12.
19.
26.
1,208
1,721
1,568
1,419
2.
9.
16.
23.
1,301
1,062
1,006
1,068
Mar.
1 ...
8 ...
15...
22...
29...
954
1,164
1,263
1,346
1,532
Call...................................
Other liabilities, maturing
in following calendar
months after report
date:
Apr.
5..
12..
19..
26..
1,130
1,052
1,279
1,374
2nd.............................
3rd..............................
4th..............................
3. .
10. .
17. .
24. .
31r .
1,240
1,323
1,544
1,599
1,465
June 7. .
14. .
2 1 ..
28
1,192
1,525
1,740
1,442
July 5 ...
12...
19...
2 6...
824
1,375
974
1,342
May
1972
Jan.
1972
Maturity of
liability
Mar.
Apr.
May
1.50
1.75
1.91
2.10
1.74
1.91
11.27
5.56
4.79
2.85
1.91
1.77
.43
.34
.45
.43
.36
.36
9.00
5.90
5.05
2.16
2.06
2.12
.38
.58
.51
.36
.37
.43
9,48
6.24
3.86
2.43
2.47
2.33
.63
.54
.41
.42
.38
.45
1.07
1.11
1.05
1972—Cont.
Jan. 27.
Feb. 24.
Mar. 31.
Apr. 28.
May 26.
June 30.
July 28.
Aug. 25.
Sept. 29.
Oct. 27.
Nov. 24.
Dec. 1.
8.
15.
22.
29.
1970
Mar.
June
Sept.
Dec.
Liab.
plus
sec.2
1971
1967
Mar.
June
Sept.
Dec.
Liabili
ties1
6th..............................
7th..............................
10th..............................
11th..............................
12th..............................
Maturities of more than 1
34.81 34.05 34.32
N o t e .— Includes interest-bearing U.S. dollar
deposits and direct borrowings of all branches in
the Bahamas and of all other foreign branches
for which such deposits and direct borrowings
amount to $50 million or more.
Details may not add to totals due to rounding.
1 Represents gross liabilities of reporting banks to their branches in foreign countries.
2 For period Jan. 27, 1971 through Oct. 20, 1971, includes U.S. Treasury Certificates Euro
dollar Series and special Export-Import Bank securities held by foreign branches. Beginning
July 28, 1971, all of the securities held were U.S. Treasury Certificates Eurodollar Series.
24. DEPOSITS, U.S. GOVT. SECURITIES,
AND GOLD HELD AT F.R. BANKS FOR
FOREIGN OFFICIAL ACCOUNT
25. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS
REPORTED BY NONBANKING CONCERNS
(Amounts outstanding; in millions of dollars)
(In millions of dollars)
Payable in
Payable in dollars foreign currencies
Assets in custody
End of
period
Deposits
U.S. Govt.
securities1
Earmarked
gold
1969..............
1970..............
134
148
7,030
16,226
12,311
12,926
1971—July...
Aug...
Sept...
O ct.. .
Nov. .
Dec...
162
122
166
135
177
294
28,574
35,914
36,921
38,207
39,980
43,195
13,559
13,821
13,819
13,819
13,820
13,815
1972—Ja n ....
Feb. ..
M ar...
A pr.. .
M a y ..
June..
July...
147
137
191
228
157
257
160
44,359
45,699
46,837
46,836
46,453
47,176
51,522
13,815
14,359
14,321
14,315
15,542
15,542
15,542
1 Marketable U.S. Treasury bills, certificates of in
debtedness, notes, and bonds and nonmarketable U.S.
Treasury securities payable in dollars and in foreign
currencies.
N o t e .—Excludes
deposits and U.S. Govt, securities
held for international and regional organizations. Ear
marked gold is gold held for foreign and international
accounts and is not included in the gold stock of the
United States.
End of
period
Total
Short
Short
term Deposits term
Deposits invest
invest
ments 1
ments 1
United
King
dom
Canada
1,638
/1,319
\ 1,491
1,141
1,219
952
1,062
697
87
116
161
150
272
174
183
173
60
76
86
121
979
610
663
372
280
469
534
436
1971—May........
June........
July.........
Aug.........
Sept.........
Oct..........
Nov.........
Dec.r. ...
1,551
1,470
1,478
1,661
1,579
1,604
1,622
1,637
938
932
949
1,085
989
1,015
1,029
1,073
160
176
189
201
198
206
205
203
293
240
238
246
285
277
246
241
161
122
101
128
107
106
143
120
622
634
579
639
519
540
612
575
430
365
395
480
489
531
517
577
1972—J a n .'___
Feb.r . . . .
M ar.r__
A pr.r___
May........
1,736
1,820
1,956
1,881
1,919
1,087
1,034
1,209
1,247
1,282
235
316
266
251
245
281
259
279
163
225
200
164
150
614
548
642
651
684
672
845
847
740
664
1968...................
1Q£Q 2
211
207
1 Negotiable and other readily transferable foreign obligations payable on demand
or having a contractual maturity of not more than 1 year from the date on which the
obligation was incurred by the foreigner.
2 Data on the two lines for this date differ because of changes in reporting coverage.
Figures on the first line are comparable in coverage with those shown for the preceding
date; figures on the second line are comparable with those shown for the following date.
N o t e .—Data represent the liquid assets abroad of large nonbanking concerns in
the United States. They are a portion of the total claims on foreigners reported by
nonbanking concerns in the United States and are included in the figures shown in
Tables 26 and 27.
AUGUST 1972 □ INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 91
26. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS
(End of period. Amounts outstanding; in millions of dollars)
Liabilities to foreigners
Area and country
1972
1971
Mar.
Europe:
Austria..................................
Belgium-Luxembourg..........
Denmark...............................
Claims on foreigners
June
Dec.
Mar.p
Mar.
June
Sept.
Dec.
Mar.p
10
60
3
2
139
125
6
74
85
5
18
37
28
100
3
686
4
2
3
5
66
2
2
142
117
4
108
70
5
16
66
17
91
2
768
3
2
4
5
105
3
2
128
88
5
112
75
6
9
66
16
60
2
870
4
1
5
10
49
16
8
159
191
34
175
65
15
13
93
53
38
17
1,020
16
12
16
10
61
17
15
181
228
27
172
74
14
20
91
40
62
9
961
16
11
16
13
59
14
16
182
209
40
176
66
17
13
89
37
95
9
846
21
14
16
14
62
15
18
208
192
35
191
69
13
16
125
40
63
9
957
13
13
28
17
47
18
19
201
210
36
187
67
16
23
103
35
59
9
976
10
13
25
France...................................
Germany, Fed, Rep. of.......
Greece...................................
Italy.......................................
Netherlands...........................
Norway.................................
Portugal.................................
Spain.....................................
Sweden..................................
Switzerland...........................
Turkey...................................
United Kingdom..................
Yugoslavia............................
Other Western Europe........
Eastern Europe.....................
11
47
9
2
112
122
4
71
115
4
14
27
28
122
3
735
4
1
4
T otal..............................
1,437
3
1,319
1,391
1,489
1,564
1,997
2,027
1,932
2,080
2,074
Canada......................................
206
193
183
181
188
721
706
800
909
1,217
Other L.A. republics............
Bahamas and Bermuda........
Neth. Antilles and Surinam.
Other Latin America............
14
15
13
6
*
20
6
4
4
17
29
173
5
5
17
17
8
6
*
20
6
4
4
17
29
167
7
6
19
13
14
6
*
23
6
5
4
14
33
232
4
8
18
21
14
7
*
22
5
7
2
16
33
275
3
5
18
20
21
7
*
17
8
8
3
18
28
341
5
12
65
105
40
36
1
143
21
35
7
69
95
222
8
21
66
117
44
31
1
151
17
36
6
69
96
273
9
25
66
127
48
40
1
146
20
34
6
73
105
362
9
21
55
150
47
46
1
151
21
34
5
81
101
366
9
24
49
142
40
41
1
134
19
31
6
77
95
313
8
22
T otal..............................
311
307
381
429
506
866
940
1,057
1,090
977
Other Asia.............................
8
25
5
28
165
11
7
10
4
59
8
22
6
19
158
10
7
11
3
122
9
26
11
21
178
10
6
17
4
140
12
27
10
10
177
13
7
18
3
143
11
13
6
9
194
12
9
23
4
110
19
39
20
24
349
50
31
32
12
153
25
39
21
25
372
54
56
38
13
158
26
36
24
21
397
52
43
43
16
201
24
37
29
23
411
68
49
41
15
147
21
31
29
23
469
56
64
45
18
173
T otal..............................
322
366
421
420
391
729
800
859
844
930
South Africa.........................
U.A.R. (Egypt).....................
Other Africa.........................
2
31
2
19
2
45
1
33
1
45
1
32
1
31
1
35
1
26
1
31
5
32
10
53
6
38
9
67
4
39
9
70
6
41
9
100
5
42
9
76
T otal..............................
54
82
78
68
59
100
120
122
156
130
Other countries:
Australia...............................
All other...............................
81
8
81
8
68
9
54
10
86
13
82
17
85
24
83
19
86
27
89
*
77 !
64
*
99
99
109
102
113
International and regional. . . .
89
*
46
9
55
3
4
4
4
2
Grand total...................
2,418
2,357
2,774
4,515
4,696
4,882
5,185
5,443
Latin America:
Brazil.....................................
Chile......................................
Peru.......................................
Asia:
Indonesia...............................
Israel.....................................
Japan.....................................
Philippines.............................
Africa:
Total..............................
12
58
3
2
117
105
5
69
102
5
18
35
31
85
5
659
4
2
Sept.
1972
1971
1 I
2,532 i
2,643
N o t e .—Reported by exporters, importers, and industrial and commercial concerns and other nonbanking institutions in the United States.
Data exclude claims held through U.S. banks, and intercompany accounts
between U.S. companies and their foreign affiliates.
A 92
INTL. CAPITAL TRANSACTIONS OF THE U.S. □ AUGUST 1972
27. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY
NONBANKING CONCERNS, BY TYPE
(Amounts outstanding; in millions of dollars)
Liabilities
End of period
Total
Payable
in
dollars
Claims
Payable
in
foreign
currencies
Payable in foreign
currencies
Total
Payable
in
dollars
Deposits with
banks abroad
in reporter’s
name
Other
1967—Dec......................
1,386
1,039
347
3,011
2,599
203
209
1968—M ar......................
June.....................
Sept......................
Dec......................
1,358
1,473
1,678
1,608
991
1,056
1,271
1,225
367
417
407
382
3,369
3,855
3,907
3,783
2,936
3,415
3,292
3,173
211
210
422
368
222
229
193
241
1969—Mar......................
June.....................
Sept......................
1,576
1,613
1,797
( 1,786
I 2,124
1,185
1,263
1,450
1,399
1,654
391
350
346
387
471
4,014
4,023
3,874
3,710
4,159
3,329
3,316
3,222
3,124
3,532
358
429
386
221
244
327
278
267
365
383
1970—Mar......................
June.....................
Sept......................
Dec.......................
2,234
2,387
2,512
2,655
1,724
1,843
1,956
2,159
510
543
557
496
4,275
4,457
4,361
4,160
3,738
3,868
3,756
3,579
219
234
301
234
318
355
305
348
1971—Mar......................
June......................
Sept......................
Dec.......................
2,418
2,357
2,532
2,643
1,957
1,919
2,091
2,180
462
438
442
463
4,515
4,696
4,882
5,185
3,909
4,045
4,174
4,535
232
303
383
318
374
348
326
333
1972—Mar.*...................
2,774
2,340
433
5,443
4,677
358
408
1
i Data on the two lines shown for this date differ
because of changes in reporting coverage. Figures on
the first line are comparable with those shown for the
preceding date; figures on the second line are comparable with those shown for the following date,
28. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS
(Amounts outstanding; in millions of dollars)
Claims
End of period
Total
liabilities
Country or area
Total
United
Kingdom
Other
Europe
Canada
Brazil
Mexico
Other
Latin
America
Japan
Other
Asia
Africa
All
other
1967—Dec........................
428
1,570
43
263
322
212
91
274
128
132
89
16
1968—Mar........................
June.......................
Sept........................
Dec.........................
582
747
767
1,129
1,536
1,568
1,625
1,790
41
32
43
147
265
288
313
306
330
345
376
419
206
205
198
194
61
67
62
73
256
251
251
230
128
129
126
128
145
134
142
171
84
83
82
83
21
33
32
38
1969—M ar........................
June.......................
Sept........................
S
Dcc l
{
1,285
1,325
1,418
1.725
2,304
1,872
1,952
1,965
2,215
2,363
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
1970—Mar........................
June.......................
Sept........................
Dec........................
2,358
2,587
2,785
3,102
2,744
2,757
2,885
2,950
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
1971—Mar........................
June.......................
Sept........................
Dec.........................
3,177
3,172
2,922
3,028
2,983
2,994
3,025
3,137
154
151
135
128
688
692
675
715
670
677
753
756
182
180
179
174
63
64
63
60
615
629
598
656
161
138
133
141
302
313
323
327
77
75
91
96
72
76
75
85
1972—Mar.*.....................
2,946
3,214
128
723
775
173
59
662
141
362
104
86
1 Data on the two lines shown for this date differ because of changes
shown for the preceding date; figures on the second line are comparable
in reporting coverage. Figures on the first line are comparable with those
with those shown for the following date.
AUGUST 1972 □ MONEY RATES
A 93
FOREIGN EXCHANGE RATES
(In cents per unit o f foreign currency)
Australia
(dollar)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
France
(franc)
.28473
1968.............................................................
.28492
1969.............................................................
1970............................................................. 226.589
22.502
1971.............................................................
111.25
111.10
111.36
113.61
3.8675
3.8654
3.8659
44.0009
2.0026
1.9942
2.0139
2.0598
92.801
92.855
395.802
99.021
16.678
16.741
16.774
16.800
13.362
13.299
13.334
13.508
23.761
23.774
23.742
23.758
20.191
i 19.302
18.087
18.148
1971—July..................................................
Aug...................................................
Sept..................................................
Oct....................................................
Nov..................................................
Dec...................................................
22.642
20.757
19.919
19.923
19.925
19.928
112.42
113.17
114.78
115.76
115.89
117.48
4.0040
4.0264
4.0844
4.1261
4.1280
4.2041
2.0133
2.0351
2.0921
2.1353
2.1572
2.1986
97.912
98.670
98.717
99.537
99.607
100.067
16.792
16.792
16.839
16.820
16.806
16.797
13.334
13.435
13.672
13.768
13.773
13.994
23.735
23.735
23.830
23.800
23.773
23.852
18.136
18.130
18.112
18.073
18.096
18.549
1972—Jan....................................................
Feb...................................................
Mar...................................................
Apr...................................................
May..................................................
June..................................................
July...................................................
19.960
219.960
119.10
119.10
119.10
119.10
119.10
119.10
119.10
4.2516
4.3108
4.3342
4.3236
4.3277
4.3421
4.3674
2.2514
2.2810
2.2757
2.2672
2.2737
2.2758
2.2814
99.411
99.528
100.152
100.430
101.120
102.092
101.630
16.653
16.650
16.650
16.650
16.650
16.772
15.878
14.219
14.306
14.361
14.301
14.332
14.336
14.368
24.077
24.099
24.121
24.088
24.084
24.136
24.035
19.329
19.650
19.835
19.852
19.944
19.937
19.990
Germany
(Deutsche
mark)
India
(rupee)
Ireland
(pound)
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
Neth
erlands
(guilder)
25.048
5 25.491
27.424
6 28.768
13.269
13.230
13.233
13.338
239.35
239.01
239.59
244.42
.16042
.15940
.15945
.16174
.27735
.27903
.27921
.28779
32.591
32.623
32.396
32.989
8.0056
8.0056
8.0056
8.0056
27.626
27.592
27.651
6 28.650
28.728
29.277
29.794
30.065
30.005
30.593
13.347
13.345
13.401
13.349
13.353
13.388
241.85
243.46
246.94
249.06
249.33
252.66
.16048
.16157
.16292
.16332
.16324
.16652
.27980
.28113
.29583
.30202
.30418
.31249
32.733
32.737
33.354
33.573
33.627
34.135
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
28.097
28.693
29.308
29.772
30.006
30.503
30.956
31.390
31.545
31.468
31.454
31.560
31.634
13.415
13.638
13.716
13.735
13.763
13.754
13.072
257.05
260.37
261.81
261.02
261.24
256.91
244.47
.16923
.17036
.17161
.17138
.17175
.17142
.17208
.31978
.32769
.33054
.32943
.32854
.33070
.33219
34.737
35.080
35.409
35.406
35.446
35.475
35.918
8.0002
8.0000
8.0000
8.0000
8.0000
8.0000
8.0000
31.072
31.468
31.384
31.142
31.124
31.296
31.424
Period
New
Zealand
(dollar)
Norway
(krone)
Portugal
(escudo)
South
Africa
(rand)
Spain
(peseta)
Sweden
(krona)
Switz
erland
(franc)
United
King
dom
(pound)
1969................................................................................
111.37
111.21
111.48
113.71
14.000
13.997
13.992
14.205
3.4864
3.5013
3.4978
3.5456
139.10
138.90
139.24
140.29
1.4272
1.4266
1.4280
1.4383
19.349
19.342
19.282
19.592
23.169
23.186
23.199
724.325
239.35
239.01
239.59
244.42
1971—July......................................................................
Aug......................................................................
Sept......................................................................
Oct.......................................................................
Nov......................................................................
Dec......................................................................
112.53
113.28
114.95
115.88
116.01
117.31
14.073
14.244
14.494
14.599
14.578
14.816
3.5016
3.5289
3.5970
3.6275
3.6342
3.6494
140.55
141.46
140.88
140.43
140.40
137.22
1.4292
1.4335
1.4415
8 1.4457
1.4533
1.4822
19.371
19.502
19.732
19.914
19.989
20.434
24.423
24.813
25.118
25.157
25.104
25.615
241.85
243.46
246.94
249.06
249.33
252.66
1972—Jan.......................................................................
Feb.......................................................................
Mar......................................................................
Apr.......................................................................
May.....................................................................
June.....................................................................
Ju ly .....................................................................
119.36
119.39
119.29
119.36
119.41
119.13
119.31
14.913
15.029
15.161
15.151
15.214
15.303
15.367
3.6474
3.6690
3.6930
3.6950
3.7075
3.7083
3.7178
131.27
132.98
133.77
133.32
133.82
132.63
125.26
1.5162
1.5170
1.5369
1.5487
1.5492
1.5509
1.5754
20.731
20.858
20.956
20.907
21.032
21.101
21.134
25.693
25.890
25.974
25.920
25.903
26.320
26.561
257.09
260.37
261.81
261.02
261.24
9256.91
244.47
Period
Argentina
(peso)
Period
1971—July......................................................................
Aug......................................................................
Sept......................................................................
Oct.......................................................................
Dec.......................................................................
1972—Jan........................................................................
Feb.......................................................................
Mar......................................................................
Apr.......................................................................
June.....................................................................
Ju ly .....................................................................
1 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to
5.55 francs per U.S. dollar.
2 A new Argentine peso, equal to 100 old pesos, was introduced on
Jan. 1, 1970. Since Apr. 6, 1971, the official exchange rate is set daily by
the Government of Argentina. Average for Feb. 1-27, 1972.
3 On June 1, 1970, the Canadian Government announced that, for the
time being, Canada will not maintain the exchange rate of the Canadian
dollar within the margins required by IMF rules.
4 Effective May 9, 1971, the Austrian schilling was revalued to 24.75
per U.S. dollar.
5 Effective Oct. 26, 1969, the new par value of the German mark was
set at 3.66 per U.S. dollar.
6 Effective May 10, 1971, the German mark and Netherlands guilder
have been floated.
7 Effective May 10, 1971, the Swiss franc was revalued to 4.08 per
U.S. dollar.
8 Effective Oct. 20, 1971, the Spanish peseta was revalued to 68.455
per U.S. dollar.
9 Effective June 23, 1972, the U.K. pound was floated.
N o t e .— Effective Aug. 16, 1971, the U.S. dollar convertibility to gold
was suspended; as from that day foreign central banks did not have to
support the dollar rate in order to keep it within IMF limits.
During December 1971, certain countries established central rates
against the U.S. dollar in place of former IMF parities.
Averages of certified noon buying rates in New York for cable transfers.
For description of rates and back data, see “International Finance,”
Section 15 of Supplement to Banking and Monetary Statistics, 1962.
A 94
MONEY RATES □ AUGUST 1972
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Country
Per
cent
Month
effective
Argentina.
A ustria.. . .
Belgium.. .
Brazil........
C anada...
6.0
5.0
6.0
20.0
5.25
Dec.
Jan.
Mar.
July
Feb.
1957
1970
1971
1969
1971
Ceylon........
Chile...........
Colom bia...
Costa Rica.
D enm ark...
6.5
8.0
8.0
4.0
7.5
Jan.
July
May
June
Apr.
1970
1971
1963
1966
1971
Ecuador.....................
Egypt, Arab Rep. o f .
El Salvador................
Ethiopia.....................
Finland......................
8.0
5.0
4.0
6.50
8.50
Jan.
May
Aug.
Aug.
June
1970
1962
1964
1970
1971
France.............................
Germany, Fed. Rep. o f..
G hana.............................
Greece.............................
Honduras........................
6.75
5.0
8.0
6.5
4.0
May
Apr.
July
Sept.
Feb.
1971
1971
1971
1969
1966
Iceland. . .
India.......
Indonesia.
Iran.........
Ireland. . .
5.25
6.0
6.0
8.0
5.94
Jan.
Jan.
May
Aug.
July
1966
1971
1969
1969
1971
Italy
Jamaica.
Japan. . .
K orea...
Mexico..
5.0
5.5
5.25
16.0
4.5
Apr.
Apr.
May
June
June
1971
1971
1971
1971
1942
3.50
5.5
7.0
4.50
4.5
Nov.
Apr.
Mar.
June
Sept.
1951
1971
1961
1968
1969
5.0
9.5
10.0
3.75
6.5
June
Nov.
June
Feb.
Mar.
1965
1959
1969
1971
1971
6.0
6.0
3.75
9.25
5.0
Apr.
Apr.
Sept.
May
Oct.
1971
1971
1969
1971
1959
Sept.
Sept.
Apr.
Oct.
Sept.
1966
1970
1971
1970
1970
Morocco........
Netherlands...
New Zealand.
Nigeria............
Norway..........
Pakistan...................
Peru..........................
Philippine Republic.
Portugal...................
South Africa............
Spain..........
Sweden.......
Switzerland.
Taiwan........
Thailand. . .
Tunisia.................
Turkey..................
United Kingdom.
Venezuela............
Vietnam................
Changes during the last 12 months
Rate as of
June 30, 1971
5.0
9.0
6.0
5.0
18.0
1971
j
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
18.0
5.5
5.0
4 .5 ’
7.0
7.0
8.0
6.12
5.12
7.0
5.12
4.0
4.94
6.0
5.75
3.0
5.75
3.0
8.0
6.5
4.0
4.81
4.81
5.19
4.0
4.5
5.0
4.75
6.0
4.25
13.0
4.5
5.0
5.0
5.25
6.0
6.0
7.0
5.19
4.0
6.0
4.25
13.0
4.5
3.50
4.0
6.0
4.50
4.5
4.0
6.0
6.0
5.5
6.5
7.0
8.0
4.0
8.0
8.0
5.0
4.0
6.50
7.75
7.75
6.5
4.5
July
Rate
as of
June 30,
1972
18.0
5.0
4.0
20.0
4.75
4.0
4.75
N o t e .—Rates shown are mainly those at which the central bank either
discounts or makes advances against eligible commcrcial paper and/or
govt, securities for commercial banks or brokers. For countries with
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts
the largest proportion of its credit operations. Other rates for some
of these countries follow:
Argentina —3 and 5 per cent for certain rural and industrial paper, de
pending on type of transaction;
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Chile—Various rates ranging from 1 per cent to 17 per cent; 20 per cent
for loans to make up reserve deficiencies.
Colombia —5 per cent for warehouse receipts covering approved lists of
products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent
for rediscounts in excess of an individual bank’s quota;
Costa Rica —5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper);
Ecuador—5 per cent for special advances and for bank acceptances for
agricultural purposes, 7 per cent for bank acceptances for industrial
purposes, and 10 per cent for advances to cover shortages in legal reserves;
Ethiopia—5 per cent for export paper and 6 per cent for Treasury bills.
1972
6.0
9.5
10.0
3.75
6.5
5.0
5.0
3.75
9.25
5.0
5.0
6.0
5.0
9.0
6.0
5.0
18.0
Honduras—Rate shown is for advances only.
Indonesia—Various rates depending on type of paper, collateral, com
modity involved, etc.;
Japan—Penalty rates (exceeding the basic rate shown) for borrowings
from the central bank in excess of an individual bank’s quota:
Morocco—Various rates from 3 per cent to 4.6 per cent depending on type
of paper, maturity, collateral, guarantee, etc.
Peru —3.5, 5, and 7 per cent for small credits to agricultural or fish produc
tion, import substitution industries and manufacture of exports; 8 per
cent for other agricultural, industrial and mining paper;
Philippines—6 per cent for financing the production, importation, and dis
tribution of rice and corn and 7.75 per cent for credits to enterprises en
gaged in export activities. Preferential rates are also granted on credits to
rural banks; and
Venezuela—2 per cent for rediscounts of certain agriculture paper, 4l/i
per cent for advances against government bonds, and 5 per cent for
rediscounts of certain industrial paper and on advances against promissory
notes or securities of first-class Venezuelan companies.
Vietnam—10 per cent for export paper; treasury bonds are rediscounted
at a rate 4 percentage points above the rate carried by the bond; and
there is a penalty rate of 24 per cent for banks whose loans exceed quan
titative ceilings.
AUGUST 1972 □ MONEY RATES; ARBITRAGE
A 95
OPEN MARKET RATES
(Per cent per annum)
Month
Prime
Treasury
Treasury Day-tobank
bills,
bills,
day
bills,
3 months
3 m onths1 money* 3 months3
Germany,
Fed. Rep. of
France
United Kingdom
Canada
Day-today
money
Clearing
banks’
deposit
rates4
Day-today
money5
Treasury
bills,
60-90
days6
Netherlands
Day-to- Treasury
bills,
day
money 7 3 months
Switzer
land
Day-today
money
Private
discount
rate
1970.......................
1971.......................
6.12
3.62
6.22
3.76
8.26
6.41
6.70
5.57
5.73
4.93
5.23
3.84
8.67
6.54
4.54
8.67
6.10
5.97
4.34
6.47
3.76
5.14
5.24
1971—July.............
Aug.............
Sept.............
Oct..............
Nov.............
Dec..............
3.58
3.88
3.93
3.79
3.31
3.25
3.64
3.94
4.16
4.16
3.60
3.63
6.42
5.99
3 5.42
8 4.90
4.74
4.42
5.57
5.75
4.83
4.63
4.48
4.36
5.00
5.05
4.39
4.29
3.75
3.46
4.00
4.00
4 3.00
2.88
2.70
2.50
5.62
5.69
5.99
5.95
5.51
5.28
4.25
4.25
4.25
3.75
3.75
3.25
6.33
6.18
7.01
7.50
4.58
5.78
4.03
4.24
4.34
4.47
4.06
3.90
2.69
5.53
3.80
5.35
3.79
4.91
5.25
5.25
5.25
5.25
5.25
5.12
1972—Jan..............
Feb..............
Mar.............
Apr.............
M ay............
June............
July
3.29
3.48
3.51
3.65
3.67
3.61
3.48
3.71
3.79
3.70
3.68
3.73
3.64
3.45
4.48
4.85
4.77
4.62
4.83
5.86
6.82
4.36
4.37
4.34
4.30
4.27
5.21
5.60
3.94
4.43
4.58
3.82
4.56
3.92
4.99
2.50
2.50
2.50
2.50
2.50
2.93
4.18
5.31
5.20
4.76
4.81
3.25
2.75
2.75
2.75
2.75
2.75
4.20
4.15
3.88
3.77
2.95
2.65
3.61
3.19
2.26
1.84
1.98
1.90
1.09
4.44
3.38
0.98
0.70
3.03
1.53
0.86
5.00
5.00
5.00
4.75
4.75
4.75
1 Based on average yield of weekly tenders during month.
2 Based on weekly averages of daily closing rates.
3 Data for 1968 through Sept. 1971 are for bankers’ acceptances, 3
months.
4 Data for 1968 through Sept. 1971 are for bankers’ allowance on
deposits.
5 Rate shown is on private securities.
6 Rate in effect at end of month.
7 Monthly averages based on daily quotations.
8 Bill rates in table are buying rates for prime paper.
N o t e .— For description and back data, see “International Finance,”
Section 15 of Supplement to Banking and Monetary Statistics , 1962.
ARBITRAGE ON TREASURY BILLS
(Per cent per annum)
United States and United Kingdom
United States and Canada
Treasury bill rates
Date
Treasury bill rates
United
Kingdom
(adj. to
U.S.
quotation
basis)
United
States
Spread
(favor
of
London)
Premium
( + ) or
discount
( - ) on
forward
pound
Net
incentive
(favor
of
London)
Canada
As
quoted
in
Canada
Adj. to
U.S.
quotation
basis
United
States
Spread
(favor
of
Canada)
Premium
(+ ) or
discount
( - ) on
forward
Canadian
dollars
Net
incentive
(favor
of
Canada)
1972
Feb.
4 ..............
11..............
18..............
25..............
4.29
4.32
4.32
4.31
3.24
2.89
2.97
3.22
1.05
1.43
1.35
1.09
- .1 3
- .2 8
- .4 4
-.3 7
.92
1.15
.91
.72
3.55
3.43
3.48
3.47
3.46
3.35
3.40
3.39
3.24
2.89
2.97
3.22
.22
.46
.43
.17
- .0 8
- .4 8
- .9 2
-1 .0 0
.14
- .0 2
- .4 9
- .8 3
Mar.
3 ..............
10..............
17..............
24..............
31..............
4.30
4.29
4.29
4.27
4.26
3.40
3.53
3.78
3.69
3.80
.90
.76
.51
.58
.46
- .4 0
.15
.07
.12
- .1 1
.50
.91
.58
.70
.35
3.41
3.40
3.56
3.61
3.55
3.38
3.33
3.48
3.53
3.47
3.40
3.53
3.78
3.69
3.80
- .0 2
-.2 0
- .3 0
- .1 6
- .3 3
- 1 .0 8
- 1 .2 8
- .7 6
- .7 6
- .7 6
-1 .1 0
- 1 .4 8
- 1 .0 6
- .92
-1 .0 9
Apr.
7 ..............
14..............
21..............
28..............
4.27
4.27
4.23
4.21
3.72
3.78
3.48
3.48
.55
.49
.75
.73
.17
.12
.01
-.0 4
.72
.61
.76
.69
3.64
3.71
3.64
3.62
3.56
3.63
3.56
3.54
3.72
3.78
3.48
3.48
- .1 6
- .1 5
.08
.06
- .8 0
- .8 0
- 1 .0 4
- 1 .2 0
- .9 6
- .9 5
- .9 6
- 1 .1 4
May
5 ..............
12..............
19..............
26..............
4.19
4.20
4.20
4.24
3.44
3.55
3.72
3.67
.75
.65
.48
.57
- .2 2
- .2 1
- .3 8
- .4 9
.53
.44
.10
.08
3.61
3.62
3.69
3.75
3.53
3.54
3.61
3.66
3.44
3.55
3.72
3.67
.09
- .0 1
- .1 1
- .0 1
-1 .2 8
- 1 .4 0
- 1 .7 2
- 1 .7 2
- 1 .1 9
-1 .4 1
-1 .8 3
-1 .7 3
June
2 ..............
9 ..............
16..............
23..............
30..............
4.34
4.78
5.46
5.54
5.56
3.77
3.78
3.85
3.93
3.91
.57
1.00
1.61
1.61
1.65
- .3 9
- .4 9
- 1 .6 2
- 7 .7 4
- 4 .0 0
.18
.51
- .0 1
-6 .1 3
-2 .3 5
3.73
3.70
3.57
3.53
3.50
3.65
3.62
3.49
3.45
3.42
3.77
3.78
3.85
3.93
3.91
- .1 2
- .1 6
- .3 6
- .4 8
- .4 9
- 1 .8 0
- 1 .3 6
- .7 2
- .1 0
- .2 0
- 1 .9 2
-1 .5 2
-1 .0 8
- .5 8
- .6 9
July
7 ..............
14..............
21..............
28..............
5.41
5.34
5.67
5.69
3.96
3.94
3.85
3.80
1.45
1.40
1.82
1.89
- 2 .5 0
-3 .5 8
-3 .4 3
-3 .4 3
- 1 .0 5
-2 .1 8
-1 .6 1
-1 .5 4
3.56
3.49
3.43
3.46
3.48
3.41
3.33
3.38
3.96
3.94
3.85
3.80
- .4 8
- .5 3
- .5 2
- .4 2
- .0 4
.02
.24
.12
- .5 2
- .5 1
- .2 8
- .3 0
N o t e .— Treasury bills: All rates are on the latest issue of 91-day bills.
U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K.
rates arc Friday opening market offer rates in London.
Premium or discount on forward pound and on forward Canadian dollar:
Rates per annum computed on basis of midpoint quotations (between
bid and offer) at 11 a.m. Friday in New York for both spot and forward
pound sterling and for both spot and forward Canadian dollars.
All series: Based on quotations reported to F.R. Bank of New Yorl
by market sources.
For description of series and for back figures, see Oct. 1964 B u l l e t in
pp. 1241-60. For description of adjustments to U.K. and Canadiar
Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260,
Oct. 1964 B u l l e t in .
A 96
GOLD RESERVES □ AUGUST 1972
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions o f dollars; valued at $35 per fine ounce through Apr. 1972 and at $38 per fine ounce thereafter)
End of
period
1965.
1966.
1967.
1968.
1969.
1970.
1971—June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
1972—Ja n ....
Feb....
Mar.. .
Apr.. .
May. .
June®.
End of
period
Esti
mated
total
world i
Intl.
Mone
tary
Fund
United
States
Esti
mated
rest of
world
Algeria
Argen
tina
243,230
43,185
41,600
40,905
41,015
41,275
31,869
2,652
2,682
2,288
2,310
4,339
13,806
13,235
12,065
10,892
11,859
11,072
27,285
27,300
26,855
27,725
26,845
25,865
6
6
155
205
205
191
66
84
84
109
135
140
223
224
231
257
263
239
700
701
701
714
715
714
41,250
4,523
4,479
4,695
4,722
4,724
4,726
4.732
10,507
10,453
10,209
10.207
10.207
10,206
10,206
26,220
26’,250
191
192
192
192
192
192
192
140
140
140
140
140
140
90
254
259
259
259
259
259
259
®41,260
4.732
5.303
5.304
5,331
5.761
5.761
10,206
9.662
9.662 ®26,290
9.662
10.490
10.490
192
192
192
192
208
208
90
90
70
70
76
260
260
259
259
282
283
Co
lombia
Den
mark
France
Ger
many,
Fed.
Rep. of
Greece
41,210
*4i;i85
Fin
land
26,280
Aus
tralia
India
Aus
tria
Bel
gium
Brazil
Burma
Canada
1,558
1,525
1,480
1,524
1,520
1,470
63
45
45
45
45
45
84
84
84
84
84
63
1,151
1,046
1,015
863
872
791
44
45
45
46
47
47
747
746
752
722
722
722
729
1,584
1,600
1,584
1,572
1,564
1,564
1,544
46
46
46
46
46
46
46
22
22
22
22
22
22
22
792
792
792
792
792
792
792
47
47
47
47
47
47
47
729
729
729
729
791
792
1,544
1,544
1,544
1,544
1,682
1,682
46
46
46
46
22
21
20
20
18
16
792
792
792
767
836
834
47
Iran
Iraq
Ire
land
Israel
Italy
Chile
Japan
35
26
31
31
26
17
97
108
107
114
89
64
84
45
45
45
45
29
4,706
5,238
5,234
3,877
3,547
3,532
4,410
4,292
4,228
4,539
4,079
3,980
78
120
130
140
130
117
281
243
243
243
243
243
146
130
144
158
158
131
110
106
115
193
193
144
21
23
25
79
39
16
56
46
46
46
46
43
2,404
2,414
2,400
2,923
2,956
2,887
328
329
338
356
413
532
1971—June..
Ju ly ..
Aug..
Sept..
Oct...
Nov..
Dec..
16
16
14
14
14
14
14
64
64
64
64
64
64
64
29
29
49
49
49
49
49
3.523
3.523
3.523
3.523
3.523
3.523
3.523
4,046
4,077
4.076
4.077
4.077
4.077
4.077
99
99
99
98
98
98
98
243
243
243
243
243
243
243
131
131
131
131
131
131
131
143
143
143
143
143
143
144
16
16
16
16
16
16
16
43
43
43
43
43
43
43
2.884
2.884
2.884
2.884
2.884
2.884
2.884
641
670
679
679
679
679
679
1972—Jan...
Feb...
Mar..
A pr..
May.
June®
14
14
14
14
15
16
64
64
64
64
69
69
49
49
49
49
53
53
3.523
3.523
3.523
3.523
3.826
3.826
4.077
4.077
4.077
4.077
4.437
4.437
98
98
98
98
132
132
243
243
243
243
264
131
131
131
131
143
143
144
144
144
144
156
156
16
16
16
16
17
17
43
43
43
43
2.884
2.884
2.884
2.884
3.131
3.131
679
711
735
735
801
801
Libya
Malay
sia
Mexi
co
Moroc
co
Nether
lands
Philip
pines
Portu
gal
Saudi
Arabia
196
196
196
196
196
197
5
6
7
8
9
0
End of
period
Kuwait
Leb
anon
Nor
way
Paki
stan
Peru
1965.........................
1966.........................
1967.........................
1968..........................
1969..........................
1970..........................
52
67
136
122
86
86
182
193
193
288
288
288
68
68
68
85
85
85
2
1
31
66
63
48
158
109
166
165
169
176
21
21
21
21
21
21
1,756
1,730
1,711
1,697
1,720
1,787
31
18
18
24
25
23
53
53
53
54
54
54
67
65
20
20
25
40
38
44
60
62
45
56
576
643
699
856
876
902
73
69
69
119
119
119
1971—June...............
July...............
Aug................
Sept...............
Oct.................
Nov...............
Dec................
87
87
87
87
87
87
87
322
322
322
322
322
322
322
85
85
85
85
85
85
85
58
58
58
58
58
58
58
182
184
184
184
184
184
184
21
21
21
21
21
21
21
1,867
1,888
1,889
1,889
1,889
1,889
1,909
32
34
34
34
34
34
33
55
55
55
55
55
55
55
40
40
40
40
40
40
40
63
64
65
66
67
67
67
902
895
907
911
911
918
921
119
119
127
127
127
127
127
1972—Jan.................
Feb................
Mar...............
Apr................
May...............
June®. . . . . . .
87
87
87
89
104
98
322
322
322
322
85
85
85
85
93
93
58
58
58
58
63
181
179
177
21
21
21
21
23
1,908
1,908
1,908
1,908
2,079
2,079
33
33
33
33
36
36
55
55
55
55
60
40
40
68
68
68
68
73
72
921
921
925
925
1,004
127
127
127
127
138
138
For notes see end o f table.
AUGUST 1972 □ GOLD RESERVES AND PRODUCTION
A 97
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
South
Africa
Spain
Taiwan
Sweden Switzer
land
Thai
land
Turkey
U.A.R.
(Egypt)
United
King
dom
Uru
guay
Vene
zuela
Yugo
slavia
Bank
for
Intl.
Settle
ments 4
1965.............................
1966..............................
1967.............. ...............
1968..............................
1969..............................
1970..............................
425
637
583
1,243
1,115
666
810
785
785
785
784
498
202
203
203
225
226
200
3,042
2,842
3,089
2,624
2,642
2,732
55
62
81
81
82
82
96
92
92
92
92
92
116
102
97
97
117
126
139
93
93
93
93
85
2,265
1,940
1,291
1,474
1,471
1,349
155
146
140
133
165
162
401
401
401
403
403
384
19
21
22
50
51
52
-558
-4 2 4
-6 2 4
-3 4 9
-4 8 0
-2 8 2
1971—June...................
July...................
Aug...................
Sept...................
Oct.....................
Nov...................
Dec....................
551
481
486
479
460
443
410
498
498
498
498
498
498
498
200
200
200
200
200
200
200
2,857
2,909
2,909
2,909
2,909
2,909
2,909
82
82
81
81
80
80
80
81
81
81
82
82
82
82
127
127
127
127
127
122
130
85
85
85
85
85
85
85
804
803
778
778
778
778
775
151
148
148
148
148
148
148
389
391
391
391
391
391
391
52
52
52
52
52
51
51
213
225
210
215
227
249
310
1972—Jan.....................
Feb....................
Mar...................
Apr....................
May..................
June*
...
403
405
405
412
469
506
498
498
498
498
200
200
200
200
217
217
2,909
2,909
2,909
2,909
3,158
3,158
80
80
80
80
87
87
82
82
82
82
89
89
130
130
129
127
138
132
85
85
85
85
92
778
751
751
146
146
156
156
169
391
391
391
391
425
425
51
51
51
51
56
56
332
333
354
347
365
304
some member countries in anticipation of increase in Fund quotas, except
those matched by gold mitigation deposits with the United States and
United Kingdom; adjustment is $270 million.
3 Excludes gold subscription payments made by some member countries
in anticipation of increase in Fund quotas: for most of these countries
the increased quotas became effective in Feb. 1966.
4 Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets minus gold deposit liabilities.
1 Includes reported or estimated gold holdings of international and
regional organizations, central banks and govts, of countries listed in
this table, and also of a number not shown separately here, and gold to be
distributed by the Tripartite Commission for the Restitution of Monetary
Gold; excludes holdings of the U.S.S.R., other Eastern European coun
tries, and China Mainland.
The figures included for the Bank for International Settlements are
the Bank’s gold assets net of gold deposit liabilities. This procedure
avoids the overstatement of total world gold reserves since most of the
gold deposited with the BIS is included in the gold reserves of individual
countries.
2 Adjusted to include gold subscription payments to the IM F made by
N o t e .— For back figures and description of the data in this and the
following tables on gold (except production), see “ Gold,” Section 14 of
Supplement to Banking and Monetary Statistics, 1962.
GOLD PRODUCTION
(In millions of dollars; valued at $35 per fine ounce through 1971 and at $38 per fine ounce thereafter)
Africa
Period
1966.............................
1967.............................
1968.............................
1969.............................
1970.............................
1971*...........................
World
produc
tion 1
1.445.0
1.410.0
1.420.0
1.420.0
1.450.0
North and South America
South
Africa
Ghana
Congo
(Kin
shasa)
United
States
Can
ada
Mex
ico
1,080.8
1.068.7
1,088.0
1.090.7
1,128.0
1.098.7
24.0
26.7
25.4
24.8
24.8
24.4
5.6
5.4
5.9
6.0
6.2
6.0
63.1
53.4
53.9
60.1
63.5
114.6
103.7
94.1
89.1
84.3
77.3
7.5
5.8
6.2
6.3
6.9
Asia
Nica Colom India
ragua
bia
Japan
Philip
pines
Aus
tralia
All
other1
9.8
9.0
8.4
7.7
7.1
6.6
4.2
3.4
4.0
3.4
3.7
4.1
19.4
23.7
21.5
23.7
24.8
27.0
15.8
17.2
18.5
20.0
21.1
22.2
32.1
28.4
27.6
24.5
21.7
23.5
62.9
59.4
61.6
60.0
54.1
.3
.4
.4
.3
.3
.3
.3
.3
1.6
2.4
2.4
2.4
2.4
2.1
2.4
2.2
5.2
5.2
4.9
3.7
3.8
1971—May.................
June.................
July..................
Aug..................
Sept..................
Oct...................
Nov..................
Dec...................
91.5
92.0
93.4
92.3
91.3
93.4
91.7
85.7
6.7
6.7
5.8
6.3
6.1
6.3
6.6
5.9
.5
.1
1.1
.6
.6
.6
.6
.5
1972—Jan...................
Feb...................
Mar..................
Apr...................
M ay.................
95.3
88.2
91.8
93.2
94.4
6.5
6.4
6.6
7.5
6.8
.7
.6
.5
.6
1 Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, and North Korea.
Other
2.6
2.5
2.6
1.8
1.9
2.1
2.1
2.1
2.0
2.1
2.1
A 98
BANKING OFFICES □ AUGUST 1972
NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercial banks
Type of office and type of change
All
banks
Member
Total
Mutual savings
banks
Nonmember
Total
Na
tional
State
Total
Insured
Non Insured 1 Noninsured
insured
Banks (head office):
Dec. 31, 1934............................................................ 16,063
Dec. 31, 1941............................................................ 14,826
Dec. 31, 1947 2.......................................................... 14,714
Dec. 31, 1951............................................................ 14,618
Dec. 31, 1960............................................................ 13,986
Dec. 31, 1965........................................................... 14,309
Dec. 31, 1968............................................................ 14,179
Dec. 31, 1969............................................................ 14,158
Dec. 31, 1970............................................................ 14,181
Dec. 31, 1971................................................ .......... 14,273
June 30, 1972.......................................................... 14,364
15,484
14,278
14,181
14,089
13,472
13,804
13,679
13,662
13,688
13,784
13,876
6,442
6,619
6,923
6,840
6,174
6,221
5,978
5,871
5,768
5,728
5,715
5,462
5,117
5,005
4,939
4,530
4,815
4,716
4,669
4,621
4,600
4,607
980
1,502
1,918
1,901
1,644
1,406
1,262
1,202
1,147
1,128
1,108
9,042
7,662
7,261
7,252
7,300
7,583
7,701
7,791
7,920
8,056
8,161
7,699
6,810
6,478
6,602
6,948
7,320
7,504
7,595
7,735
7,875
7,955
Branches, additional offices, and facilities:
3,133
Dec. 31, 1934............................................................
3,699
Dec. 31, 1941............................................................
Dec. 31, 1947 2.......................................................... 4,332
5,383
Dec. 31, 1951............................................................
7,955
Dec. 31, 1956............................................................
Dec. 31, 1960............................................................ 10,969
Dec. 31, 1961............................................................ 11,896
Dec. 31, 1962............................................................ 12,932
Dec. 31, 1963............................................................ 14,122
Dec. 31, 1964............................................................ 15,275
Dec. 31, 1965............................................................ 16,471
Dec. 31, 1966............................................................ 17,665
Dec. 31, 1967............................................................ 18,757
Dec. 31, 1968............................................................ 19,911
Dec. 31, 1969............................................................ 21,196
Dec. 31, 1970............................................................ 22,727
Dec. 31, 1971............................................................ 24,299
June 30, 1972.......................................................... 25,034
3,007
3,564
4,161
5,153
7,589
10,483
11,353
12,345
13,498
14,601
15,756
16,908
17,928
19,013
20,208
21,643
23,104
23,763
2,224
2,580
3,051
3,837
5,886
8,133
8,899
9,649
10,613
11,457
12,298
13,129
13,856
14,553
15,204
16,191
17,085
17,459
1,243
1,565
1,870
2,370
3,809
5,509
6,044
6,640
7,420
8,156
8,964
9,611
10,183
10,985
11,727
12,536
13,272
13,545
981
1,015
1,181
1,467
2,077
2,624
2,855
3,009
3,193
3,301
3,334
3,518
3,673
3,568
3,477
3,655
3,813
3,914
783
984
1,110
1,316
1,703
2,350
2,454
2,696
2,885
3,144
3,458
3,779
4,072
4,460
5,004
5,452
6,019
6,304
78:3
932
1,043
1,275
1,666
2,303
2,410
2,646
2,835
3,094
3,404
3,717
4,026
4,414
4,957
5,404
5,979
6,260
149
-1
-1
149
-1
-1
32
26
6
117
-1
-1
86
-1
31
-1
-4 9
-5
-2
-4 9
-4
-2
-2 1
-4
-1 6
-3
-2 8
-2 5
-3
Changes Jan.-June 30, 1972
Banks:
New banks................................................................
Suspensions............. .................................................
Ceased banking operations
.................................
Consolidations and absorptions:
Banks converted into branches...........................
O ther......................................................................
Voluntary liquidations 3...........................................
Interclass changes:
Nonmember to national ...................................
Nonmember to State member
.
...............
State member to n a tio n a l............
...............
State member to nonmember . .
..
. . .
National to nonmember . . .
. . . .
National to State member....................................
Net change .................................................................
Number of banks, June 30, 1972.............................
Branches and additional offices:
De novo.....................................................................
Banks converted........................................................
Discontinued.............................................................
Sale of branch...........................................................
Interclass changes:
Nonmember to national.......................................
Nonmember to State member.............................
State member to national.....................................
State member to nonmember...............................
National to State member...................................
National to nonmember.......................................
Noninsured to insured.........................................
Facilities reclassified as branches.........................
O ther.........................................................................
Net change .................................................................
Number of branches and additional offices, June
30, 1972.................................................................
Banking facilities:4
Discontinued.............................................................
Other.........................................................................
Facilities reclassified as branches.............................
Net change.................................................................
Number of facilities, June 30, 1972.........................
7
2
—20
—9
3
14,364
13,876
5,715
-1 3
—9
-1
7
4,607
742
50
-6 0
-1
665
50
-5 9
-1
404
35
-4 6
-3
301
28
-31
-1
27
47
27
91
92
-6 8
5
8
5
8
2
-2 2
-2 8
-2 2
3
7
3
4
2
-3
-2 0
i
-2 0
-2
-7
-2
32
124
165
257
381
427
466
502
549
583
614
669
729
810
891
983
1,044
i: >6
511
496
339
327
189
111
167
166
165
163
163
103
47
65
109
105
116
121
122
125
132
143
160
169
178
193
212
227
-1
-7
-2
20
9
105
20
9
80
8,161
7,955
103
7
-1 5
-2
261
15
-1 3
2
255
15
-1 2
2
-2 7
-4 7
-2 7
-4 7
68
68
22
22
1
2
1
3
52
67
41
37
47
44
50
50
50
54
62
46
46
47
48
40
44
-2
1,108
47
-2
-6 8
28
68
52
194
202
325
328
333
330
328
326
325
2
1
25
-1
206
325
6
61
-1
163
16
-1
-1
744
668
384
283
101
284
280
4
61
15
24,827
23,556
17,286
13,385
3,901
6,270
6,226
44
1,044
221
-1
_3
-5
-1
-3
-5
-9
207
-1
-6
-3
-1
-6
-3
3
-2
3
-2
-1 0
-1 0
34
34
-9
207
1 Insured mutual savings banks figures include one to three member
mutual savings banks, 1941 to 1962 inclusive, not reflected in total com
mercial bank figures.
2 Series revised as of June 30,1947. The revision resulted in an addition
of 115 banks and nine branches.
7
-5
-1
1,343
852
783
650
352
263
197
196
185
181
206
173
160
1
13
1
3 Exclusive of liquidations incident to succession, conversion, and
absorption of banks.
4 Provided at military and other Govt, establishments through arrange
ments made by the Treasury Dept.
N o t e .— Beginning with 1959, figures include all banks in Alaska and
Hawaii, but nonmember banks in territories and possesssions are excluded.
AUGUST 1972 □ FEDERAL RESERVE PAR LIST
A 99
NUMBER OF PAR AND NONPAR BANKING OFFICES
Par
Total
Total
F.R. district,
State, or other area
Nonmember
Member
Banks
Branches
and offices
Banks
Branches
and offices
Banks
Branches
and offices
Banks
Branches
and offices
Total, including Puerto Rico
and Virgin Islands:1
Dec. 31, 1971......................
June 30, 1972.....................
13,702
13,770
23,296
23,982
13,440
13,523
23,126
23,840
5,728
5,715
17,121
17,497
7,712
7,808
6,005
6,343
F.R. districts, June 30, 1972:
Boston.................................
New York 1........................
Philadelphia........................
Cleveland.............................
Richmond............................
Atlanta.................................
Chicago...............................
St. Louis.............................
Minneapolis........................
Kansas City........................
Dallas..................................
San Francisco.....................
376
474
437
784
735
1,711
2,604
1,400
1,376
2,099
1,374
400
1,720
3,768
1,728
2,126
3,352
1,754
2,494
972
312
350
279
5,127
376
474
437
784
704
1,613
2,604
1,338
1,376
2,099
1,318
400
1,720
3,768
1,728
2,126
3,313
1,677
2,494
960
312
350
265
5,127
222
335
303
466
359
568
942
433
494
817
632
144
1,176
3,297
1,238
1,747
2,070
1,082
1,634
508
154
216
140
4,235
154
139
134
318
345
1,045
1,662
905
882
1,282
686
256
544
471
490
379
1,243
595
860
452
158
134
125
892
273
10
14
252
151
239
62
18
14
553
317
68
355
186
3,216
32
481
105
111
52
223
10
14
190
151
239
62
18
14
553
296
68
355
174
3,216
32
481
105
111
52
108
5
4
81
64
139
27
7
12
246
233
61
252
111
2,837
21
324
49
104
13
115
5
10
109
87
100
35
11
2
307
63
7
103
63
379
11
157
56
7
39
434
7
24
1,141
407
667
606
343
238
42
452
145
165
131
692
329
74
376
429
242
434
7
24
1,141
407
667
606
343
152
42
452
145
165
131
692
329
74
376
359
242
71
1
13
493
183
150
198
93
59
26
298
9
144
85
430
93
42
220
225
178
363
6
11
648
224
517
408
250
93
16
154
136
21
46
262
236
32
156
134
64
Maryland...........
Massachusetts...
Michigan............
Minnesota..........
Mississippi..........
Missouri.............
M ontana............
Nebraska............
Nevada...............
New Hampshire.
111
155
331
734
182
670
146
441
8
74
581
794
1,287
17
387
108
12
47
91
69
111
155
331
734
182
670
146
441
8
74
581
794
1,287
17
387
108
12
47
91
69
46
95
205
223
45
170
96
135
5
49
356
600
1,056
8
166
45
9
28
79
57
65
60
126
511
137
500
50
306
3
25
225
194
231
9
221
63
3
19
12
12
New Jersey
New Mexico
New Y ork.........
North Carolina.
North D akota..
Ohio..................
Oklahoma........
Oregon.............
Pennsylvania__
Rhode Island. . ,
211
70
300
90
168
510
437
47
445
16
1,133
144
2,620
1,266
72
1,406
79
364
1,857
182
211
70
300
70
168
510
437
47
445
16
1,133
144
2,620
1,230
72
1,406
79
364
1,857
182
151
40
235
24
47
337
209
8
305
5
982
92
2,464
638
15
1,182
56
263
1,370
97
60
30
65
46
121
173
228
39
140
11
151
52
2 156
592
57
224
23
101
487
85
South Carolina.
South D ak o ta..
Tennessee.........
Texas................
U tah.................
Vermont...........
Virginia............
Washington.. . .
West Virginia..
Wisconsin........
Wyoming..........
96
159
310
1,228
51
41
251
91
200
610
71
471
102
558
90
152
92
919
594
6
292
2
85
159
310
1,210
51
41
251
91
200
610
71
468
102
558
90
152
92
919
594
6
292
2
24
57
90
579
15
25
146
30
119
164
55
262
68
350
29
108
37
708
503
2
91
1
61
102
220
631
36
16
105
61
81
446
16
206
34
208
61
44
55
211
91
4
201
1
13
203
27
13
8
203
27
19
27
13
7
184
State or area, June 30, 1972:
Alabama............................
Alaska...............................
Arizona..............................
Arkansas...........................
California..........................
Colorado...........................
Connecticut.......................
Delaware...........................
District of Columbia........
Florida...............................
Georgia. . .
H aw aii... .
Idaho........
Illinois.. . .
In d ian a.. .
Iowa..........
Kansas___
Kentucky.,
Louisiana.
Maine.
Puerto Rico 1.. .
Virgin Islands 1.
1 Puerto Rico and the Virgin Islands assigned to the New York District
for purposes of Regulation J, “Check Clearing and Collection.” Member
branches in Puerto Rico and all except eight in the Virgin Islands are
branches of banks located in California, New York, and Pennsylvania.
Certain branches of Canadian banks (two in Puerto Rico and one in
Virgin Islands) are included above in the table as nonmember banks;
and nonmember branches in Puerto Rico include eight branches of
Canadian banks.
2 Includes fifteen New York City branches of three insured nonmember
Puerto Rican banks.
Nonpar
(nonmember)
Banks
Branches
and offices
262
247
170
142
31
98
39
77
62
12
56
14
50
21
62
12
86
70
20
36
18
N o t e .— Includes all commercial banking offices in the United States,
Puerto Rico, and the Virgin Islands on which checks are drawn, including
207 banking facilities. Number of banks and branches differs from that
in the table on p. A-98 of the Aug. 1972 B u l l e t in , because this table in
cludes banks in Puerto Rico and the Virgin Islands but excludes banks
and trust companies on which no checks are drawn.
AUGUST 1972 □ BANK HOLDING COMPANY GROUPS
A 101
BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1971
A. Details for 49 States and District of Columbia
Number of offices
Assets
Banks and branches
Number of
companies1
State
Totals—49 States and District
Alabama.....................................
Alaska........................................
Arkansas....................................
California...................................
Colorado....................................
Connecticut...............................
District of Columbia.................
Indiana.......................................
Massachusetts...........................
Michigan....................................
Missouri.....................................
Nevada.......................................
New Hampshire........................
New Mexico..............................
North Carolina.........................
North D akota...........................
Pennsylvania..............................
Rhode Island.............................
South Carolina..........................
Tennessee...................................
Texas..........................................
U tah...........................................
Vermont.....................................
Virginia......................................
West V irginia...........................
Banks
Branches
Total
As a
percentage
of all
commercial
banking
offices
In
millions
of dollars
Deposits
As a
percentage
of all
commercial
bank
assets
In
millions
of dollars
As a
percentage
of all
commercial
bank
deposits
1,567
2,420
10,832
13,252
15
2
5
18
38
69
6
3
5
59
25
1
6
19
39
102
8
3
3
235
112
4
209
35
2,242
12
246
24
32
6
137
5
215
54
2,281
114
254
27
35
241
24.0
7.0
60.2
12.6
69.1
38.1
47.7
23.1
28.9
42.7
1,799
69
2,697
816
51,744
4,202
3,766
306
859
11,433
27.2
9.5
51.5
19.8
76.6
71.2
58.9
18.1
25.5
62.2
1,526
62
2,351
699
42,607
3,613
3,259
274
761
10,038
26.4
9.5
54.4
19.2
75.9
71.3
58.5
19.2
25.8
61.8
27
3
145
24
136
101
15
15
6
14
37
3
138
22
148
97
13
14
19
13
238
76
20
149
106
15
40
77
131
153
275
79
158
171
254
112
53
91
150
166
32.9
42.0
12.6
15.9
25.5
16.6
7.5
14.1
53.8
24.8
5,692
723
24,694
4,412
3,192
1,851
794
2,685
865
1,950
56.1
41.7
52.9
31.5
38.6
28.3
11.4
30.4
53.9
28.3
4,385
636
19,973
3,519
2,817
1,540
658
2,297
735
1,631
53.0
41.3
50.9
29.4
38.3
27.4
10.7
29.9
53.1
27.5
15
27
110
4
95
34
110
3
3
15
36
22
222
4
145
64
111
3
8
33
415
109
16
53
47
7
19
65
11
320
451
131
238
57
192
71
130
68
19
353
48.2
8.3
31.8
10.4
24.9
46.4
26.7
70.1
13.4
27.1
10,605
1,738
8,713
1,068
8,981
1,476
2,271
1,064
374
7,085
72.5
6.5
71.2
26.1
60.0
69.7
47.9
69.3
27.2
36.5
8,369
1,555
7,353
918
7,336
1,291
1,952
956
320
6,166
70.9
6.7
69.7
25.3
57.8
69.1
47.3
69.7
27.2
36.1
12
47
8
19
44
48
4
21
9
6
25
83
10
46
103
47
4
23
9
6
80
2,008
708
23
502
11
269
642
166
112
105
2,091
718
69
605
58
273
665
175
118
50.7
72.0
54.7
28.9
32.2
11.5
67.6
29.2
91.6
21.3
1,415
108,434
6,674
890
10,479
3,160
4,323
15,642
2,052
805
67.8
89.2
66.9
44.8
37.9
42.8
83.0
41.4
95.0
24.8
1,238
85,831
5,522
791
8,928
2.593
3,760
12,674
1,740
699
67.3
89.4
66.0
44.8
37.8
41.1
82.8
40.3
95.1
25.1
26
17
108
10
2
26
5
8
51
19
37
30
142
12
2
82
9
8
126
23
71
176
10
116
7
573
274
108
206
152
128
9
655
283
8
221
23
41.7
24.6
11.9
66.0
6.9
58.7
41.9
3.9
24.6
31.9
1,160
3,730
16,826
1,816
95
6,660
3,198
175
6,376
481
58.5
36.9
47.4
74.6
8.6
62.9
43.0
4.5
51.8
45.8
1,027
3,156
13,464
1,549
84
5,795
2,731
152
5,256
424
58.2
36.3
44.8
73.8
8.5
62.9
44.0
4.6
49.5
45.4
95
362,315
297,011
B. Summary totals and comparisons
49 States and District of Columbia
Item
Number of banking offices—Total.....................................
Banks...........................................................................
Branches......................................................................
Deposits (millions of dollars)..............................................
Assets (millions of dollars).................................................
Holding
company
groups
All
commercial
banks
13,252
2,420
10,832
297,011
362,315
36,582
13,776
22,806
536,716
638,745
1Data for individual States represent bank holding companies having
subsidiary banks in the respective States rather than bank holding compa
nies whose principal offices are located in such States. Total does not
equal sum of State figures because it has been corrected for duplications;
that is, holding companies that have subsidiary banks in more than one
State are included in the total only once.
N o t e .—Holding
companies referred to are as defined in the Bank
United States—
All commer
cial banks
36,741
13,786
22,955
538,626
640,935
Holding company groups as a per
centage of all commercial banks in—
49 States
and District
of Columbia
United States
36.2
36.1
55.3
56.7
55.i
56.5
Holding Company Act of 1956. The data include companies that have
reported to the Board, and include some companies that have filed registra
tion statements pursuant to the Act, but whose holding company status
has not yet been determined by the Board. Companies that notified the
Board of the divestment of their bank subsequent to December 31, 1971,
are excluded from the data. (A list showing the names, offices, total
assets, and total deposits of the banks in the holding company groups
is available upon request.)
A 102
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
A rthur
G eorge
F. B u r n s , Chairman
W. M i t c h e l l
J.
J. D
ew ey
Jo h n E . S h e e h a n
D
aane
L. R o b e r t s o n , Vice Chairman
A n d r e w F. B r i m m e r
J
effrey
M . B ucher
R o b e r t C . H o l l a n d , Executive D irecto r
R o b e r t S o l o m o n , A d viser to the B oard
J. C h a r l e s P a r t e e , 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
F r a n k O ’B r i e n , J r ., S pecial A ssista n t to the B oard
J o s e p h R . C o y n e , S pecial A ssistan t to the B oard
J o h n S . R i p p e y , S pecial A ssista n t to the B oard
OFFICE OF EXECUTIVE DIRECTOR
R o b e r t C . H o l l a n d , Executive D irector
D a v i d C. M e l n i c o f f , D eputy Executive
D irector
A ssistan t D irecto r and
Program D irector fo r Contingency Planning
H a r r y J. H a l l e y , Program D irector for
M anagem ent System s
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 rdo n B . G r im w o o d ,
OFFICE OF THE SECRETARY
T y n a n S m i t h , 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 iz a b et h
L. C a r m i c h a e l , A ssistan t
Secretary
M
ic h a e l
A. G reenspan,
A ssistan t Secretary
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 , Jr. , 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
R obert S. P l o t k in ,
A dviser
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 irecto r
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
DIVISION OF RESEARCH AND STATISTICS
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 sso cia te D irecto r
S a m u e l B . C h a s e , A sso cia te D irecto r
L y l e E . G r a m l e y , A sso cia te D irecto r
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 ssociate A d viser
E d w a r d C . E t t i n , A ssista n t A d viser
E l e a n o r J. S t o c k w e l l , A ssista n t A d viser
S t e p h e n P . T a y l o r , A ssista n 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
DIVISION OF INTERNATIONAL FINANCE
R a l p h C . B r y a n t , D irecto r
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 dviser
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 d viser
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 eorg e B . H e n r y , Assistant Adviser
H e l e n B . J u n z , Assistant Adviser
DIVISION OF SUPERVISION AND REGULATION
F r e d e r i c S o l o m o n , D irecto r
B r e n t o n C . L e a v i t t , D eputy D irecto r
F r e d e r i c k R . D a h l , A ssistan t D irecto r
J a c k M . E g e r t s o n , A ssista n t D irecto r
J o h n P . F l a h e r t y , A ssistan 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 ssistan t D irecto r
J o h n T . M c C l i n t o c k , A ssista n t D irecto r
T h o m a s A. S i d m a n , A ssista n t D irecto r
C h a r l e s L . M a r i n a c c i o , A d viser
A 103
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 , C ontroller
H a r r y J. H a l l e y , D eputy C ontroller
DIVISION OF DATA PROCESSING
DIVISION OF ADMINISTRATIVE SERVICES
J o s e p h E. K e l l e h e r , D irector
W a l t e r W . K r e i m a n n , D eputy 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
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 ssista n t D irecto r
B e n j a m i n R . W . K n o w l e s , Jr . ,
A ssistan t D irecto r
H e n r y W . M e e t z e , A ssista n t D irecto r
R i c h a r d S . W a t t , A ssistan t D irector
E d w a r d K . O ’C o n n o r , A ssistan t D irector
A 104
FEDERAL OPEN MARKET COMMITTEE
A
A
ndrew
F. B u r n s , Chairman
rthur
F. B r i m m e r
J. D
A
ewey
Je f f r e y M . B u c h e r
D
P h ilip E. C o l d w e l l
B ruce
a v id
D
H ayes,
J. L . R o b e r t s o n
aane
Jo h n E . S h e e h a n
K. M a c L a u r y
W
urray
A ssistan t Secretary
N
ormand
Edward G. B oehne,
H oward H. H ackley,
Thomas
A ssistan t Secretary
G eneral Counsel
L yle E. G r a m ley ,
A ssociate Econom ist
Econom ist
A . B. H ersey,
illiam
A sso cia te Econom ist
J. H o c t e r ,
R obert G. Lin k ,
lan
R. H olm es,
C harles A . C oom bs,
A sso cia te Econom ist
A ssociate Econom ist
A ssociate Econom ist
Jo h n H . K a r e k e n ,
(D om estic Finance)
A
A ssociate Econom ist
W
J. C h a r l e s P a r t e e , Senior Econom ist
A ssociate Econom ist
R alph C. B r y a n t ,
R alph T. G r e e n ,
J. O ’C o n n e l l , A ssistan t G eneral Counsel
S t e p h e n H. A x il r o d ,
inn
Econom ist
(International Finance)
M
R. V. B ernard,
J. W
R obert S o l o m o n ,
D eputy Secretary
ltmann,
illis
W. M i t c h e l l
Secretary
A r th u r L. B r o id a ,
A
Vice Chairman
P. E a st b u r n
G eorge
R obert C. H o l l a n d ,
lfred
A ssociate Econom ist
M an ager, System Open M arket A ccount
Special M an ager, System Open M arket A ccount
FEDERAL ADVISORY COUNCIL
A. W . C la u s e n , t w e l f t h
fe d e ra l re se rv e d is tric t,
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 ,
Jam es F . E
n g l is h
,
G
f ir s t f e d e r a l
r e s e r v e d is t r ic t
D
a v id
R ockefeller,
arry
C h e s t e r C . L in
fo u r th fed era l
sev en th federal
d
,
n in t h
fed er a l
r e s e r v e d is t r ic t
a r r , f if t h fe d e r a l
M
o r r is
F. M
il l e r
,
t e n t h fed era l
r e s e r v e d is t r ic t
H ood B a ssett,
L e w is
s ix t h f e d e r a l
H. B o n d , e l e v e n t h f e d e r a l
re se rv e d is tric t
r e s e r v e d is t r ic t
,
re se rv e d is tric t
r e s e r v e d is t r ic t
H
an
H. M o r e y , e i g h t h f e d e r a l
D a v id
second
r e s e r v e d is t r ic t
Jo seph W . B
Freem
r e s e r v e d is t r ic t
FEDERAL RESERVE DISTRICT
Jo h n S. F a n g b o n e r ,
aylord
President
Vice President
H e rb e rt V. P ro c h n o w ,
W illia m
J. K o r s v ik ,
Secretary
A ssista n t Secretary
A 105
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 ork................
10045
Roswell L. Gilpatric
Ellison L. Hazard
Morton Adams
Alfred Hayes
William F. Treiber
Buffalo................. ....14240
A. A. Maclnnes, Jr.
Philadelphia .........
19101
Bayard L. England
John R. Coleman
David P. Eastburn
Mark H. Willes
Cleveland ................
44101
Willis J. Winn
Walter H. MacDonald
Cincinnati ...........
Pittsburgh ............
45201
15230
Albert G. Clay
J. Ward Keener
Graham E. Marx
Lawrence £. Walkley
Robert W. Lawson, Jr.
Stuart Shumate
John H. Fetting, Jr.
Charles W. DeBell
Aubrey N. Heflin
Robert P. Black
Monroe Kimbrel
Kyle K. Fossum
R ichm ond......................23261
Baltimore ...................21203
Charlotte.................... 28201
Culpeper Communications
C enter.................... 22701
Atlanta ....................
30303
John C. Wilson
H. G. Pattillo
Birmingham.........
Jacksonville .........
Nashville..............
New Orleans.........
Miami Office.........
35202
32203
37203
70160
33101
Henry K. Stanford
John C. Tune, Jr.
Broadus N. Butler
Chicago....................
60690
Detroit...................
48231
St. L ou is...................
63166
Little Rock............
Louisville.............
Memphis...............
72203
40201
38101
Minneapolis ............
55480
Helena...................
59601
Kansas C ity .............
64198
Denver .................
Oklahoma City
Omaha .................
80217
73125
68102
D a lla s.......................
75222
El P a so .................
Houston................
San Antonio.........
79999
77001
78295
San F rancisco.........
94120
Los A ngeles.........
Portland................
Salt Lake C ity ......
Seattle...................
90051
97208
84110
98124
Fred O. Kiel
James H. Campbell
H. Lee Boatwright, III
Jimmie R. Monhollon
J. Gordon Dickerson, Jr.
Dan L. Hendley
Edward C. Rainey
Jeffrey J. Wells
George C. Guynn
W. M. Davis
Emerson G. Higdon
William H. Franklin
Peter B. Clark
Robert P. Mayo
Ernest T. Baughman
Frederic M. Peirce
Sam Cooper
Roland R. Remmel
John G. Beam
William L. Giles
Darryl R. Francis
Eugene A. Leonard
David M. Lilly
Bruce B. Dayton
Warren B. Jones
Bruce K. MacLaury
M. H. Strothman, Jr.
Robert W. Wagstaff
Willard D. Hosford, Jr.
David R. C. Brown
Joseph H. Williams
Henry Y. Kleinkauf
George H. Clay
John T. Boy sen
Chas. F. Jones
Philip G. Hoffman
Allan B. Bowman
Geo. T. Morse, Jr.
Irving A. Mathews
Philip E. Coldwell
T. W. Plant
O. Meredith Wilson
S. Alfred Halgren
Leland D. Pratt
John R. Howard
John H. Breckenridge
C. Henry Bacon, Jr.
Vice President
in charge of branch
Daniel M. Doyle
John F. Breen
Donald L. Henry
Laurence T. Britt
Howard L. Knous
George C. Rankin
Howard W. Pritz
Robert D. Hamilton
Frederic W. Reed
James L. Cauthen
Carl H. Moore
A. B. Merritt
Paul W. Cavan
William M. Brown
Arthur L. Price
William R. Sandstrorn
A 106
FEDERAL RESERVE BOARD PUBLICATIONS
A vailable from Publications Services, D ivision of A dm in istrative S e rvices, B o a rd of G overnors o f the Federal
R eserve System , W ashington, D .C . 20551. W here a charge is indicated, rem ittance should accom pany request
and be made p ayable to the order of the B o a rd of G overnors of the F ederal R eserve System in a form collectible
at p a r in U .S. currency. (Stam ps and coupons are not accepted.)
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FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
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REAPPRAISAL OF THE FEDERAL RESERVE DIS
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STAFF ECONOMIC STUDIES
Studies and papers on econom ic and financial
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Summaries only printed in the BULLETIN.
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MEASURES OF INDUSTRIAL PRODUCTION AND
A 107
FINAL DEMAND, by Clayton Gehman and Corne
lia Motheral. Jan. 1967. 57 pp.
OPERATING POLICIES OF BANK HOLDING COMPA
NIES—PART 1, by Robert J. Lawrence. Apr.
1971, 82 pp.
THE RELATIVE IMPORTANCE OF MONETARY AND
FISCAL VARIABLES IN DETERMINING PRICE LEVEL
MOVEMENTS: A NOTE, byPeter S. Rose and Lacy
H. Hunt II. June 1971. 7 pp.
ESTIMATION OF THE INVESTMENT AND PRICE
EQUATIONS OF A MACROECONOMETRIC MODEL,
by Robert J. Shiller. June 1971. 65 pp.
ADJUSTMENT AND DISEQUILIBRIUM COSTS AND
THE ESTIMATED BRAINARD—TOBIN MODEL, by
Joseph Bisignano. July 1971. 108 pp.
A TEST OF THE “EXPECTATIONS HYPOTHESIS”
USING DIRECTLY OBSERVED WAGE AND PRICE
EXPECTATIONS, by Stephen J. Turnovsky and
M ichael L. Wachter. Aug. 1971. 25 pp.
MORTGAGE REPAYMENTS AS A SOURCE OF
LOANABLE FUNDS, by Robert Moore Fisher.
Aug. 1971. 43 pp.
THE USE OF INTEREST RATE POLICIES AS A STIMU
LUS TO ECONOMIC GROWTH, by Robert F.
Emery. Sept. 1971. 37 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. Mar.
1972. 74 pp.
EXPLAINING CHANGES IN EURO-DOLLAR POSI
TIONS: A STUDY OF BANKS IN FOUR EUROPEAN
COUNTRIES, by Rodney H. M ills, Jr. May 1972.
34 pp.
CREDIT RATIONING: A REVIEW, by Benjamin M.
Friedman. June 1972. 27 pp.
REGULATION Q AND THE COMMERCIAL LOAN MAR
KET IN THE 1960’s, by Benjamin M. Friedman.
June 1972. 38 pp.
A 108
FEDERAL RESERVE BULLETIN □ AUGUST 1972
Printed in full in the BULLETIN.
(These studies are included in list of reprints
below .)
REPRINTS
ADJUSTMENT FOR SEASONAL VARIATION. June
1941. 11 pp.
SEASONAL FACTORS AFFECTING BANK RESERVES.
Feb. 1958. 12 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. Mar. 1965. 4 pp.
TIME DEPOSITS IN MONETARY ANALYSIS, Staff
Econom ic Study by Lyle E. Gramley and Sa
muel B. Chase, Jr. Oct. 1965. 25 pp.
RESEARCH ON BANKING STRUCTURE AND PER
FORMANCE, Staff E conom ic Study by Tynan
Smith. Apr. 1966. 11 pp.
A REVISED INDEX OF MANUFACTURING CAPACITY,
Staff E conom ic Study by Frank de Leeuw with
Frank E. Hopkins and Michael D. Sherman.
N ov. 1966. 11 pp.
THE ROLE OF FINANCIAL INTERMEDIARIES IN U.S.
CAPITAL MARKETS, Staff E conom ic Study by
Daniel H. Brill with Ann P. Ulrey. Jan. 1967.
14 pp.
REVISED SERIES ON COMMERCIAL AND INDUS
TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp.
SURVEY OF FINANCE COMPANIES, MID-1965. Apr.
1967. 26 pp.
EVIDENCE ON CONCENTRATION IN BANKING MAR
KETS AND INTEREST RATES, Staff Econom ic
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.
THE FEDERAL RESERVE-MIT ECONOMETRIC MODEL
Staff E conom ic Study by Frank de Leeuw
and Edward Gramlich. Jan. 1968. 30 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 Econom ic Study by Jared J. Enzler. N ov. 1968.
5 pp.
MONETARY RESTRAINT, BORROWING, AND CAPITAL
SPENDING BY SMALL LOCAL GOVERNMENTS AND
STATE COLLEGES IN 1966. Dec. 1968. 30 pp.
REVISION OF CONSUMER CREDIT STATISTICS. D ec.
1968. 21 pp.
HOUSING PRODUCTION AND FINANCE. Mar. 1969.
7 pp.
OUR PROBLEM OF INFLATION. June 1969. 15 pp.
THE CHANNELS OF MONETARY POLICY, Staff E conom ic 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. Mar. 1970. 16 pp.
SDR’s IN FEDERAL RESERVE OPERATIONS AND
STATISTICS. May 1970. 4 pp.
INFLATION IN WESTERN EUROPE AND JAPAN. Oct.
1970. 13 pp.
MEASURES OF SECURITY CREDIT. D ec. 1970. 11
pp.
MONETARY AGGREGATES AND MONEY MARKET
CONDITIONS IN OPEN MARKET POLICY. Feb.
1971. 26 pp.
FEDERAL RESERVE BOARD PUBLICATIONS
A 109
BANK FINANCING OF MOBILE HOMES. Mar. 1971.
4 pp.
CHANGES IN TIME AND SAVINGS DEPOSITS,
JULY-OCTOBER 1971. Jan. 1972. 14 pp.
RESPONSE OF STATE AND LOCAL GOVERNMENTS
TO VARYING CREDIT CONDITIONS. Mar. 1971. 24
pp.
ASSETS AND LIABILITIES OF FOREIGN BRANCHES
OF U.S. BANKS. Feb. 1972. 16 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 AND NEW
MEASURES. July 1971. 26 pp.
BANKING AND MONETARY STATISTICS, 1970. S e
lected series of banking and monetary statistics
for 1970 only. F eb., M ar., and July 1971. 19
pp.
REVISED MEASURES OF MANUFACTURING CAPAC
ITY UTILIZATION. Oct. 1971. 3 pp.
REVISION OF THE MONEY STOCK. N ov. 1971. 14
pp.
BALANCE OF PAYMENTS PROGRAM: REVISED
GUIDELINES FOR BANKS AND NONBANK FINAN
CIAL INSTITUTIONS. N ov. 1971. 11 pp.
REVISION OF BANK CREDIT SERIES. D ec. 1971. 5
pp.
PLANNED AND ACTUAL LONG-TERM BORROWING
BY STATE & LOCAL GOVERNMENTS. Dec. 1971.
ii
pp.
TREASURY-FEDERAL RESERVE FOREIGN EX
CHANGE OPERATIONS. Mar. 1972. 29 pp.
WAYS TO MODERATE FLUCTUATIONS IN THE
CONSTRUCTION OF HOUSING. Mar. 1972. 11 pp.
U.S. BALANCE OF PAYMENTS AND INVESTMENT
POSITION. Apr. 1972. 15 pp.
OPEN MARKET OPERATIONS AND THE MONETARY
AND CREDIT AGGREGATES—1971. Apr. 1972. 23
pp.
CHANGES IN BANK LENDING PRACTICES, 1971. Apr.
1972. 5 pp.
FINANCIAL DEVELOPMENTS IN THE FIRST QUARTER
OF 1972. May 1972. 9 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.
CHANGES IN TIME AND SAVINGS DEPOSITS AT
COMMERCIAL BANKS, JANUARY—APRIL 1972. July
1972. 11 pp.
BANK DEBITS, DEPOSITS, AND DEPOSIT TURN
OVER-REVISED SERIES. July 1972. 5 pp.
RECENT REGULATORY CHANGES IN RESERVE
REQUIREMENTS AND CHECK COLLECTION.
July 1972. 5 pp.
FINANCIAL DEVELOPMENTS IN THE SECOND QUAR
TER OF 1972. August 1972. 9 pp.
A 110
FEDERAL RESERVE BULLETIN □ AUGUST 1972
INDEX TO STATISTICAL TABLES
(For list of tables published periodically, but not monthly, see page A-3)
Acceptances, bankers’, 14, 33, 35
(References are to pages A-4 through A-101 although the prefix “ A” is omitted in this index)
Agricultural loans of commercial banks, 24, 26
Arbitrage, 95
Assets and liabilities (See also Foreigners):
Banks, by classes, 20, 24, 25, 26, 39
Banks and the monetary system, 19
Corporate, current, 50
Federal Reserve Banks, 12
Automobiles:
Consumer instalment credit, 56, 57, 58
Production index, 60, 61
Bank credit proxy, 18
Bank holding companies, banking offices and deposits of group
banks, Dec. 31, 1971, 101
Bankers’ balances, 25, 28
(See also Foreigners, claims on, and liabilities to)
Banking offices:
Changes in number, 98
Par and nonpar offices, number, 99
Banks and the monetary system, 19
Banks for cooperatives, 40
Bonds (See also U.S. Govt, securities):
New issues, 47, 48, 49
Yields and prices, 36, 37
Branch banks, foreign, 30, 88, 89, 90
Brokerage balances, 87
Business expenditures on new plant and equipment, 50
Business indexes, 64
Business loans (See Commercial and industrial loans)
Capacity utilization, 64
Capital accounts:
Banks, by classes, 20, 25, 30
Federal Reserve Banks, 12
Central banks, 94, 96
Certificates of deposit, 30
Coins, circulation, 16
Commercial and industrial loans:
Commercial banks, 18, 24, 33
Weekly reporting banks, 26, 31
Commercial banks:
Assets and liabilities, 18, 20, 24, 25, 26
Banking offices, changes in number, 98
Consumer loans held, by type, 57
Deposits at, for payment of personal loans, 32
Loans sold outright, 33
Number, by classes, 20
Real estate mortgages held, by type, 52
Commercial paper, 33, 35
Condition statements (See Assets and liabilities)
Construction, 64, 65
Consumer credit:
Instalment credit, 56, 57, 58, 59
Noninstalment credit, by holder, 57
Consumer price indexes, 64, 68
Consumption expenditures, 70, 71
Corporations:
Profits, taxes, and dividends, 50
Security issues, 48, 49
Security yields and prices, 36, 37
Cost of living (See Consumer price indexes)
Currency and coin, 5, 10, 25
Currency in circulation, 5, 16, 17
Customer credit:, stock market, 38
Debits to deposit accounts, 15
Debt (See specific types of debt or securities)
Demand deposits:
Adjusted, banks and the monetary system, 19
Adjusted, commercial banks, 15, 18, 25
Banks, by classes, 11, 20, 25, 29
Ownership by individuals, partnerships, and
corporations, 32
Subject to reserve requirements, 18
Turnover, 15
Deposits (See also specific types of deposits):
Accumulated at commercial banks for payment of per
sonal loans, 32
Adjusted, and currency, 19
Banks, by classes, 11, 20, 25, 29, 39
Euro-dollars, 90
Federal Reserve Banks, 12, 90
Postal savings, 19, 25
Subject to reserve requirements, 18
Discount rates (See Interest rates)
Discounts and advances by Fed. Reserve Banks (See Loans)
Dividends, corporate, 50
Dollar assets, foreign, 77, 83
Earnings and hours, manufacturing industries, 67
Employment, 64, 66, 67
Euro-dollar deposits in foreign branches of U.S. banks, 90
Farm mortgage loans, 51, 52
Federal agency obligations, 12, 13, 14, 15
Federal finance:
Cash transactions, 42
Receipts and expenditures, 43
Treasury operating balance, 42
Federal funds, 8, 24, 26, 30, 35
Federal home loan banks, 40, 41, 53
Federal Home Loan Mortgage Corporation, 55
Federal Housing Administration, 51, 52, 53, 54, 55
Federal intermediate credit banks, 40, 41
Federal land banks, 40, 41
Federal National Mortgage Assn., 40, 41, 54
Federal Reserve Banks:
Condition statement, 12
U.S. Govt, securities held, 4, 12, 15, 44, 45
Federal Reserve credit, 4, 6, 12, 15
Federal Reserve notes, 12, 16
Federally sponsored credit agencies, 40, 41
Finance companies:
Loans, 26, 56, 57, 59
Paper, 33, 35
Financial institutions, loans to, 24, 26
Float, 4
Flow of funds, 72
Foreign:
Currency operations, 12, 14, 77, 83
Deposits in U.S. banks, 5, 12, 19, 25, 29, 90
Exchange rates, 93
Trade, 75
Foreigners:
Claims on, 84, 85, 90, 91, 92
Liabilities to, 30, 78, 79, 81, 82, 83, 90, 91, 92
Gold:
Certificates, 12, 13, 16
Earmarked, 90
Net purchases by United States, 76
Production, 97
Reserves of central banks and govts., 96
Stock, 4, 19, 77
Government National Mortgage Assn., 54
Gross national product, 70, 71
A 111
Industrial production index, 60-63, 64
Instalment loans, 56, 57, 58, 59
Insurance companies, 39, 44, 45, 52, 53
Insured commercial banks, 22, 24, 32, 98
Interbank deposits, 11, 20, 25
Interest rates:
Business loans by banks, 34
Federal Reserve Banks, 9
Foreign countries, 94, 95
Money market rates, 35
Mortgage yields, 53, 54, 55
Prime rate, commercial banks, 34
Time and savings deposits, maximum rates, 11
Yields, bond and stock, 36
International capital transactions of U.S., 78-92
International institutions, 76, 77, 94, 96
Inventories, 70
Investment companies, issues and assets, 49
Investments (See also specific types of investments):
Banks, by classes, 20, 24, 27, 28, 39
Commercial banks, 18
Federal Reserve Banks, 12, 15
Life insurance companies, 39
Savings and loan assns., 40
Labor force, 66
Loans (See also specific types of loans):
Banks, by classes, 20, 24, 26, 27, 39
Commercial banks, 18, 20, 24, 26, 27, 31, 33, 34
Federal Reserve Banks, 4, 6, 9, 12, 13, 15
Insurance companies, 39, 52, 53
Insured or guaranteed by U .S., 51, 52, 53, 54, 55
Savings and loans assns., 40, 53
Manufacturers:
Capacity utilization, 64
Production index, 61, 64
Margin requirements, 10
Member banks:
Assets and liabilities, by classes, 20, 24
Banking offices, changes in number, 98
Borrowings at Federal Reserve Banks, 6, 12
Deposits, by classes, 11
Number, by classes, 20
Reserve position, basic, 8
Reserve requirements, 10
Reserves and related items, 4, 18
Mining, production index, 61, 63
Mobile home shipments, 65
Money rates (See Interest rates)
Money stock and related data, 17, 19
Mortgages (See Real estate loans and Residential mortgage
loans)
Mutual funds (See Investment companies)
Mutual savings banks, 19, 29, 39, 44, 45, 52, 98
National banks, 22, 32, 98
National income, 70, 71
National defense expenditures, 43, 70
Nonmember banks, 22, 24, 25, 32, 98
Open market transactions, 14
Par and nonpar banking offices, number, 99
Payrolls, manufacturing index, 64
Personal income, 71
Postal savings, 19, 25
Prices:
Consumer and wholesale commodity, 64, 68
Security, 37
Prime rate, commercial banks, 34
Production, 60-63, 64
Profits, corporate, 50
Real estate loans:
Banks, by classes, 24, 27, 39, 52
Delinquency rates on home mortgages, 55
Mortgage yields, 53, 54, 55
Type of holder and property mortgaged, 51-55
Reserve position, basic, member banks, 8
Reserve requirements, member banks, 10
Reserves:
Central banks and govts., 96
Commercial banks, 25, 28, 30
Federal Reserve Banks, 12
Member banks, 5, 6, 11, 18, 25
U.S. reserve assets, 77
Residential mortgage loans, 37, 51, 52, 53, 54, 55
Retail credit, 56
Retail sales, 64
Saving:
Flow of funds series, 72
National income series, 71
Savings and loan assns., 40, 45, 53
Savings deposits (See Time deposits)
Savings institutions, principal assets, 39, 40
Securities (See also U.S. Govt, securities):
Federally sponsored agencies, 40, 41
International transactions, 86, 87
New issues, 47, 48, 49
Silver coin, 16
Special Drawing Rights, 4, 12, 13, 19, 74, 77
State and local govts.:
Deposits, 25, 29
Holdings of U.S. Govt, securities, 44, 45
New security issues, 47, 48
Ownership of securities of, 24, 28, 39
Yields and prices of securities, 36, 37
State member banks, 22, 32, 98
Stock market credit, 38
Stocks:
New issues, 48, 49
Yields and prices, 36, 37
Tax receipts, Federal, 43
Time deposits, 11, 18, 19, 20, 25, 29
Treasury cash, Treasury currency, 4, 5, 16, 19
Treasury deposits, 5, 12, 42
Treasury operating balance, 42
Unemployment, 66
U.S. balance of payments, 74
U.S. Govt, balances:
Commercial bank holdings, 25, 29
Consolidated condition statement, 19
Member bank holdings, 18
Treasury deposits at Reserve Banks, 5, 12, 42
U.S. Govt, securities:
Bank holdings, 19, 20, 24, 27, 39, 44, 45
Dealer transactions, positions, and financing, 46
Federal Reserve Bank holdings, 4, 12, 15, 44, 45
Foreign and international holdings, 12, 83, 86, 90
International transactions, 83, 86
New issues, gross proceeds, 48
Open market transactions, 14
Outstanding, by type of security, 44, 45, 47
Ownership, 44, 45
Yields and prices, 36, 37
United States notes, 16
Utilities, production index, 61, 63
Veterans Administration, 51, 52, 53, 54, 55
Weekly reporting banks, 26
Yields (See Interest rates)
(References are to pages A-4 through A-101 although the prefix “A” is omitted in this index)
Hours and earnings, manufacturing industries, 67
Housing permits, 64
Housing starts, 65
Income, national and personal, 70, 71
B O U N D A R IE S O F F E D E R A L R E S E R V E D IS T R IC T S A N D T H E IR B R A N C H T E R R IT O R IE S
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January 1972
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