Full text of Federal Reserve Bulletin : January 1974
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FEDERAL RESERVE
BULLETIN
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FEDERAL RESERVE BULLETIN
NUMBER 1 • VOLUME 60 • JANUARY 1974
CONTENTS
1
The Economy in 1973
15
Balance of Payments—Revised Guidelines for Banks
and Nonbank Financial Institutions
26
Record of Policy Actions of the Federal
Open Market Committee
33
Law Department
63
Announcements
67
Industrial Production
Financial and Business Statistics
A
1
Contents
A
3
Guide to Tabular Presentation
A
3
Statistical Releases: Reference
A
4
U.S. Statistics
A
72
International Statistics
A
98
Board of Governors and Staff
A 100
Open Market Committee and Staff; Federal Advisory Council
A 101
Federal Reserve Banks and Branches
A 102
Federal Reserve Board Publications
A 105
Index to Statistical Tables
Map of Federal Reserve System on Inside Back Cover
EDITORIAL
COMMITTEE
J. Charles Partee
Ralph C. Bryant
Lyle E. Gramley
Joseph R. Coyne
Robert Solomon
Kenneth B. Williams
Elizabeth B. Sette
T h e Federal R e s e r v e B U L L E T I N is issued m o n t h l y under the direction of the staff editorial
c o m m i t t e e . T h i s c o m m i t t e e is r e s p o n s i b l e for o p i n i o n s e x p r e s s e d e x c e p t in official
statements and s i g n e d articles. D i r e c t i o n for the art w o r k is p r o v i d e d by M a c k R o w e .
The Economy in 1973
CHANGES IN GNP
CURRENT
20
1 REAL
Dept. of Commerce data, seasonally
adjusted annual rates. " R e a l " is in
terms of 1958 dollars.
The economy in 1973 was subject to exceptional strains, including
shortages and capacity limitations on production, heavy inflationary
pressures, and finally, late in the year, the impact of an energy
shortage. To an unusual degree these problems were aggravated
by international economic forces.
The year started on a very strong note, but activity thereafter
slowed abruptly from the unsustainably high first-quarter pace; thus
by the fourth quarter both real gross national product and industrial
production were rising at only minimal rates. The increase in real
GNP for the four quarters of 1973 averaged about 4 per cent—in
line with the long-run growth potential, but well below the previous
year's performance.
Strength early in the year reflected a broad range of forces—impressive gains in consumer demand (especially for durable goods)
and in business fixed investment, significant improvement in the
Nation's trade balance, and some further growth in residential
construction activity. Capital outlays continued to rise at a brisk
pace throughout the year. Net exports of goods and services
increased dramatically, becoming strongly positive in the second
half as earlier devaluations of the dollar and the more rapid price
increases abroad made U.S. goods more competitive at a time of
rapid expansion in world demands. But increasing shortages and
capacity constraints were important in curbing the growth of output
during the spring and summer, and a more restrictive credit market
operated to reduce housing starts and thereby to reverse the sharp
rise in residential construction activity after midyear. Growth in
consumer demands also weakened after the exceptional first-quarter
surge—mainly due to a leveling-off of auto sales at a high rate, but
also reflecting in part the erosion of real income gains by inflation.
For much of 1973, basic materials-producing industries were
operating at rates higher than at any other time in the postwar period. Shortages appear to have played a significant part in
2
FEDERAL RESERVE BULLETIN • JANUARY 1974
curbing inventory investment, and such investment remained quite
small until near the year-end. Even the realization of business plans
to spend for new capital goods appears to have been delayed
somewhat by the increasingly limited availability of such basic
materials as steel, lumber, and petroleum, for which there was
strong worldwide demand.
By year-end a growing awareness of the seriousness of fuel
shortages had affected expectations and was beginning to affect
demands and activity directly. The decline in auto sales that had
begun in early autumn accelerated as buyer preferences shifted
from full-size cars to compacts—for which production capacity was
too small to meet growing consumer demands. Late in the year
there were announcements of curtailed activity and layoffs in auto
plants and related activities and in air transport.
Employment continued to move up vigorously throughout most
of 1973 despite the slowdown in real growth, and the year witnessed
a significant improvement in the labor market. Although the labor
force rose substantially, the unemployment rate was cut to a
3^2-year low of 4.5 per cent by October. In the closing months
of the year, however, labor demand weakened, and the unemployment rate began to rise again.
Wages and the cost of fringe benefits increased somewhat faster
than in 1972, but they rose less rapidly than consumer prices and real
spendable earnings for nonfarm workers declined. Meanwhile,
productivity gains slackened, reflecting in part the slowing in real
growth, and unit labor costs increased much more sharply than
the year before.
There were a number of other factors, however, that played an
even more important part in accelerating price increases during
1973. Food prices began rising strongly early in the year as a result
of a reduction in per capita meat supplies and increases in grain
exports, and they continued to move up rapidly in subsequent
months. Strong international demands for machinery and industrial
CHART 1
PRODUCTION growth slows; high rates of CAPACITY UTILIZATION and strong
EXPORT demands keep pressure on PRICES
7.5
5.0
2.5
"Industrial production" and "Capacity u s e , " Federal Reserve data: " N e t exports" of goods and services ( G N P basis) and
"Prices" (the gross private product fixed-weight price index), Dept. of Commerce data.
THE ECONOMY IN 1973
3
materials, and the easing in mid-January of the relatively strict
Phase II controls, contributed to the substantial rise in other prices.
A freeze at midyear retarded the rise in prices somewhat. But
nonfood prices increased more rapidly after mid-August when
Phase IV controls replaced the freeze. In late 1973 an extraordinarily sharp increase in all fuel prices—especially pronounced
for petroleum products—was superimposed on already widespread
inflationary pressures.
BUSINESS FIXED
INVESTMENT
Sustained, strong advances in capital spending continued to provide
a major source of support for economic expansion in 1973. Business
fixed investment increased 15 per cent, following a vigorous upswing in 1972. In real terms such outlays rose about 10 per cent.
Moreover, had it not been for materials shortages, caused in part
by increased demand from abroad, capital spending probably would
have risen further. Manufacturers were especially hard hit by an
inability to fulfill their demands for capital goods; as delivery times
lengthened and unfilled orders increased sharply, manufacturers
tended to spend less than their plans had indicated.
CHART 2 BUSINESS INVESTMENT continues strong
"Business fixed investment,'* Dept. of Commerce data, seasonally adjusted annual rates.
" R e a l " is in terms of 1958 dollars. " C a p a c i t y , " Federal Reserve data.
Although the current investment boom has resulted from a variety
of factors, a significant source of the expansion last year was
the approach to capacity constraints, after several years of relatively
slow growth in capacity of key industries. This was particularly
true of the major materials industries such as steel, petroleum, and
paper. Producers of major materials have been very hard pressed
to satisfy the expanding demands of their customers, and in 1973
their operating rates climbed to record levels. In addition, a sound
corporate cash flow position, a continued response to the investment
tax credit, and the dynamics of inflationary expectations all continued to provide stimuli for gains in business fixed investment during
1973.
4
FEDERAL RESERVE BULLETIN • JANUARY 1974
Increases in capital expenditures were evenly balanced between
equipment and construction; each component of investment recorded an increase of about 15 per cent over its 1972 level.
Although replacement needs required approximately the same
amount of funds as net expansion, many manufacturers were forced
by environmental controls to modernize antiquated production
facilities. Major materials producers, because of their particular
technological requirements, had to bear a proportionately larger
share of this responsibility.
During 1973 plant and equipment expenditures in manufacturing
industries rose much faster than in the nonmanufacturing sector.
This was in contrast to the pattern of 1972. In manufacturing,
investment was particularly strong for primary metals, paper, and
stone, clay, and glass. Aside from manufacturing, mining and public
utilities registered the strongest increases.
Toward year-end various plant and equipment spending surveys
indicated further large increases in 1974, with manufacturers expected to continue the substantial advances made in 1973. Findings
of the surveys are further buttressed by the expected shortage-induced carryover from 1973 of demands for capital goods into the
first half of 1974. However, the surveys were conducted before
the impact of the energy crisis could be fully evaluated. The
production processes of many industries, particularly those of the
shortage-plagued major materials producers, make intensive use
of oil and petrochemical by-products. As a result, if the sizable
investment gains being projected by the surveys are to be realized
in 1974, the capital-goods-producing industries will have to make
more efficient use of existing and alternative energy sources.
Furthermore, as the year unfolds, revisions in plans would not be
surprising as energy availability is clarified, allocation programs
go into effect, and the response of the economy to energy problems
is more fully appraised.
RESIDENTIAL
CONSTRUCTION
Outlays for private residential construction, which had advanced
steadily since early 1970, turned downward after the first quarter
of 1973, reversing what had been a significant source of economic
expansion. The decline reflected some slowing in demands in
response to a substantial further rise in construction costs and—
particularly after midyear—in financing costs as inflows into mortgage-lending institutions slowed, resulting in much less favorable
interest-rate as well as nonrate terms on new mortgage commitments. Even so, outlays for the year were about 7 per cent higher
in current dollars and down only slightly from the 1972 total in
real terms.
Private housing starts held at a seasonally adjusted annual rate
of 2.4 million units in the first quarter, virtually matching the record
pace of a year earlier and almost doubling the low in the first quarter
THE
RESIDENTIAL CONSTRUCTION
3.0
2.0
1.0
Dept. of Commerce data, seasonally
adjusted annual rates. - R e a r is
in terms of 1958 dollars.
ECONOMY
IN
1973
5
of 1970. Starts declined rapidly during the last three quarters of
1973, reaching an annual rate of about 1.6 million units in the
last quarter. However, they totaled somewhat more than 2 million
units for the year compared to the 2.36 million units registered
in 1972.
Multifamily structures, including an increased number of condominiums, continued to account for nearly 45 per cent of total
housing starts in 1973. Some of the emphasis on such structures
was in response to further advances in the cost of land and related
requirements. Unlike other recent years, nonsubsidized starts,
expensive units, increased
which incIude the ,
er and m o r e
°
r
substantially in 1973 and accounted for more than 90 per cent of
the over-all total. Subsidized starts—new commitments for which
remained largely under a moratorium instituted early in the year—
were reduced to the lowest level since 1968.
Shipments of new mobile homes, which are not counted in
residential construction outlays nor in housing starts and completions, also dropped appreciably during 1973 from a peak in the
first quarter. Nevertheless, the annual total of such shipments at
least matched the record 576,000 in 1972.
Completions of new dwelling units, which lag starts, reached
a new high estimated at just over 2 million units in 1973. The
total fell short of potential,, however, in part because of shortages
of some materials. As a result, while average vacancy rates for
dwellings available for occupancy remained comparatively low, the
overhang of units still under construction at the year-end continued
above the advanced year-earlier level.
Even though mortgage markets were beginning to ease somewhat
during the fourth quarter, new commitments continued to be restrained, especially in States where usury ceilings remained well
below the exceptionally high level of mortgage rates elsewhere.
Moreover, apart from the large flow of completions still in prospect
and questions about the availability of materials, uncertainties about
heating facilities and adequacy of transportation that were
stemming from the energy crisis were forcing a re-evaluation of
future plans by lenders, builders, real estate investors, and potential
homebuyers alike.
CONSUMER OUTLAYS
AND INCOME
A slowing in consumer spending during 1973 was also an important
factor in the deceleration of over-all activity. For the year as a
whole, in current dollars, outlays by consumers for goods and
services rose almost in line with the strong gain in disposable income
and considerably sharper than in the previous year. But in real
terms the increase in consumer spending was substantially
smaller—about 2Vi per cent as compared with 7 per cent in
1972. After an unusually large surge in late 1972 and early
1973, real increases in spending moderated considerably in the
6
AUTO SALES
Wards Automotive
Reports
data.
Seasonal adjustment by Federal Reserve. Domestic-type autos include
U . S . sales of cars produced in Canada.
FEDERAL RESERVE BULLETIN • JANUARY 1974
second and third quarters, and toward the year-end they weakened
further under the impact of reduced gains in aggregate real incomes
and the fuel crisis, which affected in particular the sale of larger
cars.
The large increase in spending for both durable and nondurable
goods in the first quarter was stimulated by strong gains in wage
and salary income associated with the rapid expansion of employment and earnings, and also by the anticipation of unusually large
refunds of personal income taxes. Disposable income increased a
remarkable 13 per cent, annual rate, in the 6 months ending in
March, and a change in withholding schedules in early 1972
resulted in an extra $7.5 billion refund in personal taxes in the
first half of the year. This income growth apparently made consumers particularly willing to incur future liabilities, and there was
a sharp increase in extensions of instalment credit. Continuation
of the housing boom provided an impetus to sales of furniture and
appliances, which increased almost 30 per cent in the first quarter,
and unit sales of new autos reached a record \2lA million, annual
rate. Both domestic and foreign car sales were strong with some
consumers buying foreign models in advance of anticipated price
increases due to the dollar devaluation. The sharp increase in
purchases of nondurable goods reflected in part an acceleration in
food prices, but sales of other items such as apparel were even
stronger.
Exceptionally vigorous quarters such as the first are frequently
followed by slower growth because some needs have been temporarily satiated. This is very likely to be true when some purchases
may have been in anticipation of rising prices. A moderation of demand at a high level in the next two quarters was therefore not surprising, particularly with a slowdown in the expansion of real disposable income. A lack of real growth in outlays for furniture and
appliances probably also reflected to some extent the leveling-off in
housing sales, and the demand for luxury items in the other durable
goods category was adversely affected by the decline in the stock
market. Real outlays for food were limited by sharply rising prices
and reduced supplies of meat. Auto sales weakened slightly, but
the annual rate was still a strong 11% million in the second and
third quarters, possibly because some consumers bought in anticipation of expected higher prices and of anti-pollution controls
announced for the next model year. The saving rate remained stable
at a relatively low level during this period, ranging only between
5.7 and 5.9 per cent for the first three quarters.
Consumer attitudes toward business conditions and personal
financial situations had become more pessimistic during the year
and appeared to be a significant factor in further weakening consumer demand in the late fall. With the additional awareness of
the energy crisis and associated shortages, consumers reacted by
7
THE ECONOMY IN 1973
CHART 3 Growth of PERSONAL SPENDING
moderates
• i
PERSONAL
CONSUMPTION
EXPENDITURES
SAVING
~
RATE
Dept. of Commerce data; expenditures are seasonally adjusted annual rates.
sharply curtailing further their purchases of automobiles and some
other discretionary items at year-end. The personal saving rate rose
sharply by more than a full percentage point to 6.9 per cent.
INVENTORY INVESTMENT
BUSINESS INVENTORIES/SALES
Dept. of Commerce data. " R a t i o , "
end-of-period inventories to quarterly average sales. Ratio for 1973
Q4 is November inventories to October-November average sales.
FEDERAL GOVERNMENT
Inventory investment, which usually rises in a cyclical recovery,
had shown little increase in 1972 and continued small until late
in 1973. Indeed, in marked contrast to earlier postwar business
cycles, inventory investment has made no significant contribution
to growth in the current economic expansion.
As measured in the national income accounts, business inventories were accumulated at an average of only $4.6 billion, annual
rate, in the first three quarters of 1973. Inventory/sales ratios
continued to decline, reaching their lowest levels since early in
the Korean war. The low rate of nonfarm inventory accumulation
throughout much of the year reflected in large part the growing
shortages of many major materials resulting from near-capacity
production in basic industries and generally strong business sales.
Stocks of finished goods were drawn down in the primary metals
and chemicals industries in order to meet shipping schedules. In
the fourth quarter business inventories grew at a much more rapid
pace. This growth was due in part to a back-up in auto stocks
as the drop in auto sales resulted in a substantial involuntary
accumulation of large cars and in part from the generally sluggish
demands of consumers for nondurable goods. Nonetheless, yearend inventory/sales ratios for total manufacturing and trade were
still quite low by historical standards.
During 1973 the Federal budget moved into balance on a nationalincome-accounts basis, whereas in 1972 it had registered a deficit
of nearly $16 billion. This shift was the result both of curbs on
expenditures and of increased revenues derived from rising incomes
and prices.
Receipts increased by more than $36 billion, a record for any
calendar year. Corporate profits tax accruals contributed substan-
8
FEDERAL RESERVE BULLETIN • JANUARY 1974
tially, increasing by about 30 per cent. Contributions for social
insurance—about 25 per cent higher than in 1972—were the next
largest revenue gainer; growth in such contributions reflected both
higher tax rates and an increased wage base as well as
appreciable gains in employment and payrolls. Personal tax receipts
and indirect business taxes were only moderately higher.
Federal purchases of goods and services—which enter directly
into GNP—rose less than 3 per cent from 1972; this was under
half the rise registered in the previous year and was well below
the increase in the GNP deflator. National defense outlays were
virtually unchanged from 1972, representing a considerable cutback
in real terms and in their share of total GNP. The Federal work
force experienced a small decline during the year as a result of large
reductions in civilian employment in the Department of Defense.
Federal nondefense purchases, which are relatively less important
than defense spending, were held to a smaller increase than in
1972—due in large part to the agricultural sector, which registered
large sales from grain and cotton inventories held by the Commodity Credit Corporation.
Among other Federal expenditures, total grants-in-aid to State
and local governments increased as a result of the rise in general
revenue sharing. Other grant-in-aid payments declined, in striking
contrast to a rapid pace of expansion in previous years. Somewhat
lower farm support payments were responsible for a reduction in
subsidy payments. But outlays for interest and other transfer payments grew rapidly, reflecting the sharply higher interest rates
payable on the Federal debt and higher outlays for social security
benefits and other transfer payments.
CHART 4
FEDERAL BUDGET is in balance;
STATE AND LOCAL PURCHASES are strong
Dept. of Commerce national income and product data, seasonally adjusted annual rates.
STATE AND LOCAL
GOVERNMENT
Purchases by State and local governments continued to be a strongly
expansive force in 1973. Their total expenditures rose by approximately $20 billion, an increase of 13 per cent; in real terms they
grew by 6.5 per cent. Employee compensation and purchases of
THE ECONOMY IN 1973
9
goods and services accounted for the major portion of the total
rise. State and local construction expenditures grew at an 8 per cent
rate in 1973 but most of this gain can be attributed to higher prices.
Average earnings of State and local government employees rose
by 6 per cent, and the employment level was up by 400,000
compared with a 500,000 increase in the previous year. The more
moderate rise in employment reflected a reduction in the number
of people hired under the provisions of the Public Employment
Act of 1971.
During 1973, the State and local sector as a whole experienced
a surplus of $11.0 billion. The fiscal position of State and local
governments was improved substantially by general revenue sharing, which permitted a significant accumulation of financial assets
and a substantial reduction in the amount of long-term borrowing
in 1973. Revenue-sharing funds also were used for tax relief, and
it is expected that this trend will continue in 1974, though expenditures of these funds will probably also increase.
EXPORTS AND IMPORTS
U.S. FOREIGN TRANSACTIONS
GOODS AND
SERVICES
Dept. of Commerce national income
and product data, seasonally adjusted
annual rates.
Both the balance of trade and the over-all balance of payments
positions of the United States were dramatically transformed during
1973. Exports of goods and services rose by about 35 per cent
from the previous year, while imports were up by slightly more
than 20 per cent. As a result, the balance in goods and services
shifted from a deficit of about $4% billion in 1972 to a surplus
of about $5 billion in 1973. Merchandise trade alone shifted from
a deficit of $7 billion in 1972 to a position of near balance.
Several factors were responsible, including a sharp reduction in
foreign agricultural output in 1972, a strong economic expansion
abroad, and the effects of the declining value of the U.S. dollar
that resulted in a significant reduction in the prices of American
goods and services in terms of foreign currencies.
The increase in agricultural exports was a particularly prominent
element in the trade improvement last year, and accounted for about
40 per cent of the growth in total exports from 1972 to 1973.
Such exports—mainly record shipments of wheat, feed grains, and
soybeans, but also other commodities such as cotton, rice, and
hides—nearly doubled in value. While the physical volume of
agricultural exports peaked in the first quarter, their dollar value
continued to rise during the year as prices moved up. Nonagricultural exports rose sharply during the entire year, on the other hand,
reflecting stronger demand conditions in foreign markets.
In contrast, the physical volume of imports declined substantially
after the first quarter—discouraged by the sharply higher import
prices—although rising prices resulted in some further increase in
aggregate value. The net export balance was further improved by
the strong performance of the services sector, reflecting in large
part increased receipts from investments abroad.
10
FEDERAL RESERVE BULLETIN • JANUARY 1974
While foreign trade developments during the final quarter were
affected by higher oil prices, exports continued to do well, resulting
in a sizable trade surplus. However, the continued escalation of
prices for petroleum products suggests a significantly weaker trade
picture for 1974.
THE LABOR MARKET
Demand for labor remained generally strong throughout most of
1973, despite the slower growth of output after the first quarter.
The unemployment rate averaged 4.7 per cent in the fourth quarter,
down from 5.3 per cent a year earlier, and nonfarm payroll
employment rose by 2% million over the four quarters of 1973,
about the same increase as in the preceding year.
The employment advance was led by a vigorous increase of
three-fourths of a million in manufacturing jobs—returning the
factory employment total to near the peak level reached in mid1969. Job gains were also strong in service-type industries. Manufacturing employment rose quite rapidly in the first half of
the year, with gains concentrated in the metals and metal-using
sector—those industries most affected by the strength of business
investment and the high level of auto sales. But the pace of
manufacturing employment growth slackened in the latter half of
the year, and the factory workweek edged off slightly from the
relatively high level reached earlier in 1973. Near year-end, energy
shortages resulted in layoff announcements by a number of manufacturing and related industries and by many airlines.
The expansion in total employment was accompanied by an
acceleration in the growth of the labor force. The increase of 2.7
million over the year—compared with 2 million in 1972—was
substantially faster than the normal growth estimated on the basis
of long-term demographic and participation rate trends. There were
large increases among teenagers and young adult women (20-24
CHART 5 LABOR FORCE and EMPLOYMENT grow rapidly;
UNEMPLOYMENT declines
THE ECONOMY IN 1973
LABOR OUTPUT AND COST
PRIVATE NONFARM
ECONOMY
Compensation per manhour
Dept. of Labor data, seasonally adjusted.
11
years) and an acceleration in growth among women 25-54 years,
reflecting both population growth and a sharp rise in their participation rates.
Employment gains about matched labor force increases in the
first part of the year and unemployment remained near 5 per cent.
It dropped to about 4% per cent at midyear where it stayed for
several months. But after falling to AVi per cent in October, the
unemployment rate turned up near year-end.
Although the rate of increase in wages over the four quarters
of 1973 was about the same as in 1972, the pace of earnings
increases accelerated substantially after the first quarter. The hourly
earnings index—the wage series that most closely approximates
changes in wage rates—increased at a 7.2 per cent annual rate
in the final three quarters of 1973 compared with 6.5 per cent
for all of 1972. Nevertheless, the accelerating pace of price increases completely offset the purchasing power of gains in weekly
take-home pay, and real spendable earnings at the end of 1973
were lower than they had been a year earlier. This suggests
increased demands for improved cost-of-living clauses and other
benefits during the heavily loaded 1974 collective bargaining
schedule, which includes steel, aluminum, coal, and railroads.
In January 1973 the mandatory wage stabilization program of
Phase II was abolished, as was the Pay Board that administered
the program, and was replaced by self-administered stabilization
programs under the control of the Cost of Living Council. The
suggested guidelines of the program remained the same as under
Phase II—a limit of 5.5 per cent on increases in wages and salaries
plus 0.7 per cent in certain qualified fringe benefits. But mandatory
reporting of wage adjustments was made a requirement only for
large firms and all pre-notification requirements were eliminated.
Compensation per manhour, which includes the costs of fringe
benefits and employers' contributions for social security in addition
to wages, accelerated from about a 7 per cent average rise during
the four quarters of 1972 to about 8 per cent in 1973, boosted
in part by a considerably larger increase in social security taxes.
At the same time, there was a weaker rate of productivity growth
as expansion of output slowed. Output per manhour in the first
quarter of 1973 continued the rapid growth of 1972, rising at about
a 5 per cent annual rate in the private nonfarm sector. However,
there was little change in productivity until the fourth quarter when
there was a decline. The speed-up in compensation increases,
combined with the poorer productivity performance, resulted in
a much larger rise in unit labor costs; in the private nonfarm sector,
these costs rose at a 6 per cent annual rate in the first three quarters,
and even faster in the fourth quarter, compared with a 2.5 per
cent rise in 1972.
12
PRICES
FEDERAL RESERVE BULLETIN • JANUARY 1974
Inflation accelerated in 1973, fanned by a reduction in per capita
food supplies, record exports of farm products, shortages of many
basic materials, rising labor and other costs, and an energy crisis
late in the year. In addition, the drop in the value of the dollar
relative to other currencies and the high rates of activity in the
industrial nations of the world raised import prices and stimulated
exports. Relaxation of Phase II price and wage controls also added
to price pressures early in the year. A broad measure of price
developments, the fixed-weight index for the gross private product,
rose more than 7 per cent in the year ending in the fourth quarter
of 1973—more than double the rate in 1972.
CHART 6 Wholesale prices rise sharply, particularly FOOD and FUEL
Dept. of Labor data, seasonally adjusted.
A surprisingly sharp and sustained price advance developed early
in 1973. During the first few months meat prices rose dramatically
as per capita output dropped. Although ceiling prices on meats
were established at the end of March, food prices continued to
rise. The price of nonfood commodities and services also accelerated sharply, with the result that the over-all consumer price index
advanced at an 8 per cent annual rate in the first half of 1973—faster
than the rapid rates in 1969 or 1970.
Wholesale prices advanced even more rapidly—at a 22 per cent
annual rate in the first half of 1973. Prices of farm products
increased most rapidly as poor grain harvests outside the United
States in 1972 led to a sharp rise in farm exports and to record
price advances. But industrial prices also rose at an annual rate
of more than 12 per cent. Record output levels in most industrialized countries stimulated demands for raw materials, and prices
of these goods were also increased by devaluation of the dollar.
Wholesale prices of finished goods (excluding foods) advanced at
a 10 per cent annual rate—four times as fast as in 1972.
THE ECONOMY IN 1973
13
CHART 7 FOOD PRICE increases spur strong rise in consumer prices
CONSUMER
PRICES
CONSUMER
PRICES
SERVICES
NONFOOD C O M M O D I T I E S
Dept. of Labor data, seasonally adjusted.
In an effort to slow the surge in prices, a 60-day price freeze
was imposed in mid-June. Most food-price ceilings, however, were
removed after a month to minimize cutbacks in food production
resulting from a cost squeeze on producers; thus processors and
distributors were allowed a dollar-for-dollar pass-through of rising
farm prices. With foreign demands and speculative activity adding
to the effects of decontrol, prices of farm products shot up by
about one-fourth between mid-July and mid-August. Although
these prices dropped back in the second half of the year, they
remained much higher than before the midyear climb.
Consumers benefited very little from the drop in livestock prices
as the spread between farm and grocery store prices widened
appreciably. Moreover, other food prices moved up rapidly in the
post-freeze relaxation, and the second-half rise in food prices at
retail was almost as severe as in the first half of the year—about
20 per cent at an annual rate. Moreover, increases in service costs
accelerated between June and December, with the result that the
consumer price index advanced at an annual rate of about 10 per
cent—somewhat faster than from January to June.
Wholesale prices of industrial commodities also increased rapidly
in Phase IV. Prices of materials continued to soar, and a large
spread developed between controlled domestic prices and higher
foreign prices of nonferrous metals and other commodities. In part
to curb exports of scarce goods, a process of selective decontrol
was begun, and by year-end prices of several basic commodities
had been decontrolled. Prices of new autos were also decontrolled
following an agreement by major producers to limit increases.
In late 1973, fuel-price increases accelerated. When the freeze
was lifted in August, a portion of domestic crude oil production—
about one-fifth in the early months—was exempted from control,
and this portion rapidly increased in price. Prices of imported crude
and refined products soared even faster, especially after the Arab
14
FEDERAL RESERVE BULLETIN • JANUARY 1974
states embargoed shipments of oil to the United States and reduced
supplies to most of the rest of the world. Moreover, in early
December, domestic producers of crude were granted a one-dollarper-barrel price rise on the less-than-half of the supplies still
under control.
Inflationary forces in 1974 are likely to continue strong—especially in view of the probable effects of the oil situation and
continued high levels of grain prices. Distributors were permitted
to raise prices of gasoline and fuel oil early in 1974 to compensate
for reduced sales and other costs as well as for the rising price
of petroleum products, and even larger increases are expected by
March 1. Increases in gasoline and fuel costs alone may add 1
to 2 percentage points to the over-all rate of price rise this year.
Continued selective decontrol may be needed to avoid further
dislocations and this is likely to result in further general price
increases, although reduced demand in some sectors may operate
to moderate price rises as the year progresses.
•
BALANCE OF PAYMENTS PROGRAM
Revised Guidelines
For Banks and Nonbank Financial Institutions
The Board of Governors has issued amendments
to its Voluntary Foreign Credit Restraint
(VFCR) guidelines that will increase foreign
lending and investment ceilings for banks and
other financial institutions subject to the program and eliminate differences in the degrees
of restraint on lending in developed countries.
The announcement was made in conjunction
with actions by the Treasury and Commerce
Departments to change the Interest Equalization
Tax (IET) and the Foreign Direct Investment
Regulations. The three programs constitute a set
of restraints on capital outflow that have been
part of an over-all Government program to help
the U.S. balance of payments. The Federal
Reserve has administered the VFCR program
since early 1965 at the request of the President.
The VFCR amendments approved by the
Board, effective January 1, 1974, are:
1. The present ceiling for each commercial
bank is increased to $10 million or to an amount
4 per cent above the ceiling in effect immediately prior to the present revision. Heretofore,
ceilings have ranged upward in size from
$500,000, depending on the size of the bank
or on its historical record in foreign lending.
Banks without ceilings could hold foreign assets
of types subject to restraint up to the lesser of
(a) $500,000 or (b) 2 per cent of their end-of1970 total assets. The amendment raises the
$500,000 minimum figure for banks with ceilings to $10 million. Banks previously without
ceilings but adopting them under the amendment
will be expected to observe the established
principle that the ceilings are for loans generated
directly by the " n e w c o m e r " bank and not for
loans initiated by other U.S. banks.
2. The request that banks refrain from making nonexport loans with maturities of over 1
year to residents of the developed countries of
continental Western Europe is eliminated. Such
loans by a bank will be left to compete with
loans to borrowers in other foreign areas within
the limits of the bank's available guideline ceiling. In general, such loans are, and will at this
time remain, subject to the IET.
3. U.S. agencies and branches of foreign
banks will have a ceiling of at least $10 million
for making foreign loans and other investments
of types restrained under the program. The
present minimum ceiling is $1 million.
4. Agencies and branches will be able to
recalculate the "base net foreign position,"
which determines the relationship between their
foreign lending and foreign borrowing, by using
96 per cent of their foreign liabilities for June
30, 1973. They will thereby be allowed to
increase foreign assets, or to decrease foreign
liabilities, by approximately 4 per cent from
amounts determined by the previous formula.
5. The restraint against term loans by agencies and branches to the developed countries of
continental Western Europe will be dropped, as
it is being dropped for banks.
6. The ceiling of each nonbank financial institution (which includes, among others, insurance companies, finance companies, and mutual
funds) will be increased to an amount 5 per cent
above that in effect at the end of 1972 or to
$2 million, whichever is higher.
7. The request that nonbank financial institutions refrain from increasing their loans and
investments in the developed countries of continental Western Europe beyond the amount held
at the end of 1968 is eliminated. Any increase
in such investments is left to compete for available latitude with other foreign loans and investments under an institution's guideline ceiling. The IET will continue to apply to some
of these loans and investments.
8. Periodic reports will continue to be filed
by all banking institutions with $500,000 or
more in foreign assets and by all nonbank financial institutions with $500,000 or more in
foreign assets of types subject to restraint or
with $5 million or more of total foreign assets.
15
FEDERAL RESERVE BULLETIN • JANUARY 1974
16
The VFCR guidelines, as amended, are reproduced in consolidated form below.
I. General Purpose
In order to help to strengthen the U.S. balance
of payments, U.S. financial institutions are
asked to restrain their foreign credit and investments, except credit that finances U.S. exports.
Within these restraints, they are asked to give
priority to meeting the credit needs of developing countries.
II. Banks
A. CEILINGS FOR N0NEXP0RT FINANCING
1. Basic Restraint on Nonexport Financing
A bank is requested not to hold claims on
foreigners or other foreign assets in excess of
its ceiling.
2. Banks Previously with Ceilings
A bank that had a ceiling under the guidelines
in force December 31, 1973 (hereinafter, "the
previous guidelines"), shall have a ceiling equal
to the greater of:
a. 104 per cent of its ceiling under the previous guidelines, or
b. $10 million.
3. Banks Previously without Ceilings
a. A bank that did not have a ceiling under
the previous guidelines may adopt a ceiling
equal to (a) 2 per cent of its total assets, as
of December 31, 1970, or (b) $10 million,
whichever is the larger. A bank established
subsequent to December 31, 1973, may adopt
a ceiling equal to 2 per cent of its total assets,
month by month. A bank established between
December 31, 1970, and December 31, 1973,
may adopt a ceiling equal to 2 per cent of its
total assets as of the end of the first year of
operation.
b. The purpose of making a ceiling available
to a bank that did not have one is to enable
the bank to engage directly in foreign financing.
The ceiling should not be used to purchase from
other U.S. financial institutions loans that the
latter have already extended to foreigners. The
ceiling should be used only when the bank (a)
takes the initiative to arrange credit that it extends, (b) assumes the principal burden of judging the creditworthiness of the borrower, and
(c) bears responsibility for the administrative
details concerning the extension and the repayment of the credit.
c. Before adopting a ceiling under this subparagraph, a bank should consult with the Federal Reserve Bank in the district in which it is
located to apprise itself of the guidelines and
reporting requirements and to notify the Federal
Reserve Bank of the amount of its ceiling.
4. Sales of Foreign Assets
a. SALES WITHOUT RECOURSE. Banks
are requested not to sell foreign assets that are
subject to the guideline ceilings, without recourse, to a U.S. resident other than a financial
institution participating in the Federal Reserve
Foreign Credit Restraint Program or other than
a direct investor subject to the Foreign Direct
Investment Program administered by the
Department of Commerce.
b. SALES WITH RECOURSE. A bank that
sells a foreign asset that is subject to its ceiling,
with recourse, to a U.S. resident should continue to report that asset under its ceiling, unless
the U.S. resident is a financial institution participating in the Federal Reserve Foreign Credit
Restraint Program or is a direct investor subject
to the Foreign Direct Investment Program administered by the Department of Commerce.
5. Foreign Borrowings
In principle, the restraints under these guidelines are imposed on gross foreign assets, including gross claims on foreigners. However,
certain liabilities to foreigners may be counted
REVISED GUIDELINES
as offsets to foreign assets, provided that the
liabilities arise from borrowings abroad that
substitute for direct investment capital outflow
from the United States. Such offsetting may be
done in the manner described below.
a. BANKS, BANK HOLDING COMPANIES,
EDGE ACT CORPORATIONS, AND AGREEMENT CORPORATIONS. A bank, a bank
holding company, an "Edge Act" Corporation,
or an "Agreement" Corporation may not count
its borrowings from, or its other liabilities to,
foreigners as offsets to its claims on foreigners
and other foreign assets.
b. DOMESTIC SUBSIDIARIES. A domestically chartered nonbank subsidiary (for example, a so-called Delaware subsidiary) of a
bank holding company, of an Edge Act Corporation, or of an Agreement Corporation may
count the outstanding amount of its borrowings
from foreigners as offsets to its claims on foreigners and to its other foreign assets, provided
those borrowings are of an original maturity of
3 years or more. Such borrowings would include
debentures, promissory notes, or other debt obligations of the domestic subsidiary to a foreigner. The amount of the offset at any time
would be equal to the amount of the outstandings after deducting (i) any repayments of
principal and (ii) in the case of convertible debt
issues, any conversions. This offsetting principle may be used to reduce the value of foreign
assets of the subsidiary in computing the value
of foreign assets to be consolidated for reporting
purposes with those of the parent institution; any
excess of outstanding borrowings of the subsidiary over foreign assets of the subsidiary may
not be used to reduce the reportable value of
foreign assets of the parent institution.
6. Total Assets
For the purpose of calculating the ceiling,
total assets are those shown in the Official
Report of Condition submitted to the relevant
supervisory agency as of December 31, 1970.
7. U.S. Agencies and Branches of
Foreign Banks
a. An agency or branch of a foreign bank
will be acting in accordance with the spirit of
the guidelines if its holdings of foreign assets
of types subject to restraint do not exceed $10
17
million and if its foreign lending and investments otherwise correspond to the provisions of
the guidelines that U.S. banks are requested to
observe.
b. A U.S. agency or branch of a foreign bank
holding more than $10 million in foreign assets
of types subject to restraint ("covered assets")
should not incur a "net foreign position"
greater than its "base net foreign position," as
explained in " d " below.
c. The "base net foreign position" is the
value resulting from subtracting from "covered
assets," as of June 30, 1973, 96 per cent of
total liabilities to non-U.S. residents as of June
30, 1973. However, for an agency or branch
that started operating after June 30, 1973, the
"base net foreign position" shall be zero.
d. An agency or branch with a "base net
foreign position" that showed an excess of the
respective liabilities over "covered assets"
should maintain at least an equal excess of total
foreign liabilities over "covered assets"; an
agency or branch with a "base net foreign
position" that showed an excess of "covered
assets" over the respective liabilities should not
hold a greater excess of "covered assets" over
total foreign liabilities.
e. For the purpose of calculating liabilities
under " a " through " d " , residents of Puerto
Rico, the Virgin Islands, and other territories
and possessions included in the definition of the
United States for Treasury Foreign Exchange
Reports should be treated as U.S. residents.
B. EXCLUSIONS
1. Export Credits
a. BASIC EXEMPTION. Export credits,
defined in Part IV-3, are exempted from restraint under these guidelines. These include
credits of the type previously subject to General
and Export Term-Loan Ceilings. Banks should
maintain adequate information and otherwise
take all reasonable measures to provide assurance that credits meet the definition before
treating them as exempted.
b. ACQUISITION OF PREVIOUS FOREIGN
EXPORT CREDITS. The purpose of the exemption for export credits is to ensure that, as of
November 11, 1971, no restraint is applied to
the granting of credit that will finance U.S.
18
exports. A bank should report under its ceiling
any outstanding loans that it purchases or
repurchases from a foreigner, including its own
branch, if that loan financed U.S. exports
shipped (or financed U.S. services performed
abroad) prior to November 11, 1971.
2. Canada
The extension of credit to residents of Canada
or other acquisition of Canadian assets is exempted from restraint under these guidelines.
3. Securities of Certain International Institutions
All direct obligations of international institutions of which the United States is a member
are exempted from a bank's ceiling.
4. Insurance and Guaranty Settlements
of OPIC
A foreign asset acquired directly or through
purchase of a participation in a pool of foreign
assets, provided the foreign asset or the participation is covered by a payment guarantee issued
by the U.S. Overseas Private Investment Corporation (OPIC) under its insurance and guaranty claims settlement authority, is exempted
from an institution's ceiling.
C. BANKS OVER CEILINGS
Banks are expected to observe their ceilings
throughout the monthly reporting periods.
Banks are not expected routinely to sell foreign
assets immediately prior to the reporting date
or otherwise engage in "window-dressing" activities.
A bank whose foreign assets are in excess
of its ceiling or otherwise conflict with these
restraints and that does not show improvement
will be expected periodically to discuss with the
Federal Reserve Bank in its district the steps
it has taken or that it proposes to take to bring
the amount of its foreign assets into conformity
with these guidelines.
D. APPLICABILITY TO BANKS AND
BANK-RELATED FINANCIAL INSTITUTIONS
1. General
The guidelines are applicable to all U.S.
banks (exclusive of trust departments of com
FEDERAL RESERVE BULLETIN • JANUARY 1974
mercial banks, which should follow the guidelines for nonbank financial institutions in Part
III), to their domestically chartered subsidiaries
at any level, to bank holding companies and
their domestically chartered subsidiaries at any
level, except where those subsidiaries are covered by other U.S. capital restraint programs
as noted in subparagraph 3b, and to U.S. agencies and branches of foreign banks.
2. Edge Act and Agreement Corporations
a. POLICY OF LIMITING AGGREGATE
CEILINGS. It is intended that the establishment
of new Edge Act Corporations or Agreement
Corporations not result in the expansion of aggregate ceilings under these guidelines.
b. ONE-BANK-OWNED
CORPORATIONS. An Edge Act or Agreement Corporation
that is owned by one bank and that, under the
previous guidelines, had a ceiling separate from
that of its parent bank may continue to have
a ceiling separate from that of its parent or may
combine its ceiling with that of its parent.
i) The ceiling to which it would be entitled if it did not combine would be calculated
as under Section A-2 for the corporation as a
separate entity.
ii) An Edge Act or Agreement Corporation that is owned by one bank and that was
established after March 3, 1965, should share
the ceiling of its parent bank.
c. MULTIBANK-OWNED
CORPORATIONS.
i) Separate ceilings. An Edge Act or
Agreement Corporation that is owned by more
than one bank or by a multibank holding company
will have a ceiling separate from that of its parent
and from those of the banks in its parent holding
company. The corporation's ceiling is to be determined in accordance with Section A-2 or, as
appropriate, A-3.
ii) Transfer of parent's ceiling. To acquire
or to increase a ceiling, such an Edge Act or
Agreement Corporation may receive from one or
more of its parent banks (including banks of its
parent holding company) a share of the ceilings
of the parent or parents. Once transferred to the
corporation, the ceiling should not be transferred
in whole or in part back to the parent or parents,
except to meet unforeseen and overriding devel-
REVISED GUIDELINES
opments. If any such exceptional need for transfer
should arise, the corporation and its parent or
parents should consult in advance with the Federal
Reserve Banks in their respective districts.
d. DOMESTIC SUBSIDIARIES OF EDGE
ACT AND AGREEMENT CORPORATIONS.
The foreign assets of domestically chartered
subsidiaries of Edge Act and Agreement Corporations (net of foreign borrowings offset under
Section A-5b, above) should be consolidated
with the foreign assets of the parent corporation
for the purposes of the guidelines.
3. Bank Holding Companies
a. HOLDING COMPANIES AS BANKS. A
bank holding company is to be treated as a bank
for the purpose of these guidelines.
b. HOLDING COMPANIES WITH ONE
BANK. A holding company with one bank,
which bank subsidiary has a ceiling under these
guidelines, together with that bank subsidiary
and any nonbank subsidiary should report on
a consolidated basis. However, the ceiling is
to be calculated on the basis of the ceiling of
the bank subsidiary. Furthermore, to minimize
changes from earlier established procedures,
any nonbank subsidiary that was reporting prior
to December 1, 1969, to the Department of
Commerce under the Foreign Direct Investment
Program or to a Federal Reserve Bank under
the nonbank financial institution part of the
guidelines should not report under these bank
guidelines.
c. HOLDING COMPANIES WITH MORE
THAN ONE BANK. A multibank holding company should share the ceiling of one or more
of its banks.
d. CONSOLIDATION OF CEILINGS OF
BANK SUBSIDIARIES OF HOLDING COMPANIES. A bank subsidiary (including a bank,
Edge Act Corporation, or Agreement Corporation) of a bank holding company may elect to
consolidate its ceiling with that of one or more
of the holding company's other bank subsidiaries only if each bank subsidiary involved in
the contemplated consolidation had a ceiling
under the guidelines in effect prior to November
11, 1971. Such election should be made known
in advance to the respective Federal Reserve
Banks. Ceilings adopted under subsequent
guidelines should not be consolidated. Ceilings
19
that were consolidated before March 9, 1972,
in conformity with the guidelines may remain
consolidated.
4. Foreign Branches and Foreign Subsidiaries of U.S. Banks and Banking Institutions
a. The guidelines are not intended to restrict
the extension of foreign credit by foreign
branches, or foreign subsidiaries, of (i) U.S.
banks, (ii) Edge Act Corporations, or (iii)
Agreement Corporations, except as the result of
the restraints on banks, and on Edge and
Agreement Corporations (and their domestic
subsidiaries), with respect to foreign credit to,
or foreign investment in, such foreign branches
or foreign subsidiaries.
b. Claims of a bank's, or banking institution's, domestic offices on its foreign branches
and foreign subsidiaries (including permanent
capital invested in, as well as balances due
from, such branches and subsidiaries) represent
foreign assets subject to the guidelines.
E. CONFORMITY WITH OBJECTIVES OF
GUIDELINES
1. Department of Commerce Program
and Nonbank Financial Institution Guidelines
Banks should avoid making loans that would
directly or indirectly enable borrowers to use
funds abroad in a manner inconsistent with the
Department of Commerce Foreign Direct Investment Program or with the guidelines for
nonbank financial institutions.
2. Substitute Loans
Banks should not extend to U.S. resident
subsidiaries, or branches, of foreign companies
loans that otherwise might have been made by
the banks to the foreign parent or other affiliate
of the company or that normally would have
been obtained abroad.
3. Management of Liquid Assets
A bank should not hold its own. funds abroad
in liquid form for short-term investment purposes whether such investments are payable in
foreign currencies or in U.S. dollars. This is
not intended to preclude its maintaining necessary working balances held with its own foreign
branches or with foreign correspondents.
20
FEDERAL RESERVE BULLETIN • JANUARY 1974
4. Transactions for Customers
While recognizing that it must follow a customer's instruction, a bank should discourage
customers from placing liquid funds outside the
United States. A bank should not place with
a customer foreign obligations that, in the absence of the guidelines, it would have acquired
or held for its own account.
5. U.S. Branches and Agencies of
Foreign Banks
Branches and agencies of foreign banks located in the United States are requested to act
in accordance with the spirit of these guidelines
and, as they may be requested from time to
time, to consult with the Federal Reserve Bank
in the district in which they are located.
A U.S. agency or branch of a foreign bank
that holds $10 million or more of foreign assets
of types subject to restraint should make every
reasonable effort to ensure that its foreign assets
and foreign liabilities are kept throughout the
monthly reporting periods, as well as on the
end-of-the month reporting dates, at levels consistent with its "base net foreign position."
Each agency and branch of a foreign bank may
adopt an individual "base net foreign position."
Alternatively, one or more agencies or branches
of a particular foreign bank may consolidate
positions to which they would be entitled. Once
consolidated, they should henceforth report as
a unit under the guidelines.
6. Banks without Ceilings
A bank that has not adopted a ceiling will
be acting in conformity with the objectives of
the guidelines (a) if its foreign assets of types
subject to restraint do not exceed the lesser of
(i) $500,000 or (ii) 2 per cent of its end-of-1970
total assets and (b) if those foreign assets are
otherwise in conformity with the guidelines, for
example, with the request against holding funds
abroad in liquid form except for necessary
working balances.
F. REPORTING
Each U.S. bank (whether or not it has a
ceiling), and each U.S. agency and branch of
a foreign bank, that on a reporting date had
$500,000 or more in foreign assets (whether or
not subject to restraint under the guidelines)
should file a Monthly Report on Foreign Assets
(for U.S. Banks or for U.S. Agencies and
Branches of Foreign Banks, as appropriate) with
the Federal Reserve Bank in the district in which
the institution is located within 15 days after
the end of the reporting period. (Forms are
available at the Federal Reserve Banks.)
III. Nonbank Financial Institutions
A. APPLICABILITY TO FINANCIAL INSTITUTIONS
This part of the guidelines applies to all U.S.
nonbank financial institutions, including: trust
companies, trust departments of commercial
banks; mutual savings banks; insurance companies; investment companies; financial companies; employee retirement and pension funds;
college endowment funds; charitable foundations; U.S. branches of foreign insurance companies and of other foreign nonbank financial
corporations; and holding companies (other than
bank holding companies) whose domestic assets
consist primarily of the stock of operating nonbank financial institutions. Investment underwriting firms, securities brokers and dealers,
and investment counseling firms also are cov-
ered with respect to foreign financial assets held
for their own account and are requested to
inform their customers of the program in those
cases where it appears applicable.
Businesses whose principal activity is the
leasing of property and equipment, and that are
not owned or controlled by a financial institution, are not defined as financial institutions.
Real estate investment trusts whose assets consist primarily of real property as contrasted with
financial assets (such as mortgages) also are not
covered by these guidelines.
B. CEILING AND PRIORITIES
1. Ceiling
Each institution is requested to limit its aggregate holdings of foreign assets covered by
REVISED GUIDELINES
21
the program to no more than its ceiling as
described in Section C, except for special situations discussed in Section J, below.
a. 105 per cent of its ceiling as of December 31, 1972, or
b. $2 million.
2. Liquid Foreign Balances
Institutions generally are expected to hold no
foreign deposits or foreign money market instruments, except such minimum working balances abroad as are needed for the efficient
conduct of their foreign business activities.
2. Minus equity securities of companies established in developed countries (except Canada) that are included in Section C - l but had
been sold to American investors after December
31, 1972.
3. Developing Countries
Among the foreign assets that are subject to
the guideline ceiling (covered assets), institutions are asked to give priority to credits that
directly benefit the economies of developing
countries.
4. Conformity with Objectives of Guidelines
Institutions may invest in noncovered foreign
assets generally as desired. However, they are
requested to refrain from making any nonexport
loans or investments, noncovered as well as
covered, that appear to be inconsistent with
other aspects of the U.S. balance of payments
program. Among these are the following:
a. Noncovered credits under this program
that substitute directly for loans that commercial
banks would have made in the absence of that
part of the program applicable to them.
b. Noncovered credits to developing country
subsidiaries of U.S. corporations that would not
have been permitted under the Department of
Commerce Foreign Direct Investment Program
if made by the U.S. parent directly.
c. Credits to U.S. borrowers that would enable them to make foreign loans and investments
inconsistent with the Foreign Direct Investment
Program.
d. Credits to U.S. subsidiaries and branches
of foreign companies that otherwise would have
been made to the foreign parent or that would
substitute for funds normally obtained from
foreign sources.
C. CALCULATION OF CEILING
The ceiling for each nonbank financial institution will be:
1. The greater of:
3. Plus, or minus, the difference between
sales proceeds and "carrying" value of covered
equities sold after December 31, 1972, to other
than American investors or in other than U.S.
markets. On each reporting date, "carrying"
value should be the value reflected in the institution's report (on Form FR 392R-68) for December 31, 1967, in the case of equities held
on that date, or it should be the cost in the case
of equities purchased after that date.
D. COVERED ASSETS—SUBJECT TO
CEILING
Foreign financial assets subject to the ceiling
(covered assets) include investments of the following types (but see exclusions in Section E):
1. Liquid funds in all foreign countries. This
category comprises foreign bank deposits, including deposits in foreign branches of U.S.
banks, and liquid money market claims on
foreign obligors, generally defined to include
marketable negotiable instruments maturing in
1 year or less.
2. All other claims on foreign obligors written, at date of acquisition, to mature in 10 years
or less. This category includes bonds, notes,
mortgages, loans, and other credits.
3. Net financial investment in foreign
branches, subsidiaries, and affiliates located in
developed countries other than Canada. Such
financial investment includes payments into equity and other capital accounts of, and net loans
and advances to, any foreign business in which
the U.S. institution has an ownership interest
of 10 per cent or more. Excluded are earnings
of such a foreign business if they are directly
retained in its capital accounts.
4. Long-term credits entered into after November 11, 1971, to finance the construction
22
or operation of foreign-built vessels unless the
financing involves a corresponding transfer of
capital by a direct investor under the Foreign
Direct Investment Program. Included in this
category are bonds, notes, mortgages, loans,
leases, and other credits. A credit is long-term
if at least 10 per cent of the amount to be repaid
to the lender is scheduled, at the time of acquisition, to be repaid after 10 years.
5. Long-term credits of foreign obligors established in developed countries other than
Canada. (Long-term credits are as defined in
paragraph 4.)
6. Equity securities (including American
Depositary Receipts) of foreign corporations
established in developed countries other than
Canada, except those acquired after September
30, 1965, in U.S. markets from American investors. Exclusion from ceiling normally will
be indicated if, in acquiring an equity security
that otherwise would be covered, the purchasing
institution receives a certificate of prior American ownership or brokerage confirmation
thereof. Securities acquired from a broker who
purchased them from a foreigner in anticipation
of early resale are not deemed to be acquisitions
from a prior American investor.
7. Investments made by trust departments of
commercial banks or by trust companies with
trust funds over which the trustee (or co-trustee)
has at least some influence on investment policy
and not separately reported by another financial
institution.
E. NONCOVERED ASSETS—EXCLUSIONS
The following foreign financial assets are
excluded from the guideline ceiling:
1. Export credits, as defined in Part IV-3.
Institutions should maintain adequate information and otherwise take all reasonable measures
to provide assurance that credits meet the definition before treating them as exempted.
2. All financial assets in, or claims on residents of, Canada.
FEDERAL RESERVE BULLETIN • JANUARY 1974
3. All direct obligations of international institutions of which the United States is a member.
4. Long-term investments in all developing
countries (except as noted in Section D-4),
including direct investment in subsidiaries and
affiliates, credit instruments of the types and
maturity described in Section D-4, and all equity securities issued by firms established in
these countries.
5. Equity securities of firms in developed
countries other than Canada that have been
acquired in U.S. markets from American investors. (See Section D-6.)
6. Foreign assets of types subject to ceiling
but acquired after December 31, 1967, as "free
delivery" items—that is, acquired as gifts or,
in the case of trust companies or trust departments of commercial banks, deposited with the
institution in new accounts.
7. A foreign asset acquired directly or
through purchase of a participation in a pool
of foreign assets, provided the foreign asset or
the participation is covered by a payment guarantee issued by the U.S. Overseas Private Investment Corporation (OPIC) under its insurance and guaranty claims settlement authority,
is exempted from an institution's ceiling.
F. CREDITS TO CERTAIN U.S. CORPORATIONS
1. Any loan or investment acquired by a
nonbank financial institution after June 30,
1968, that involves the advance of funds to a
domestic corporation that is simply a financing
conduit (commonly known as a Delaware subsidiary) and that in turn will transmit the funds
to a foreign business is a foreign asset if one
or more foreigners own a majority of the domestic corporation. The amounts of such foreign
loans or investments should be classified according to the country where the funds are
actually to be used, not according to the residence of the owners of the domestic corporation.
REVISED GUIDELINES
2. If U.S. residents, other than the lending
institution, hold a majority ownership interest
in the domestic corporation, no part of a loan
or of an investment in such a corporation is to
be regarded as a foreign asset of the institution.
G. LEASING OF PHYSICAL GOODS
The foreign leasing activities of firms that
engage primarily in the leasing of physical
assets (e.g., computers, real property, ships,
aircraft) and that are not owned or controlled
by a U.S. financial institution are not subject
to these guidelines. However, such activities are
subject to these guidelines when they are undertaken by nonbank financial institutions.
H. INVESTMENT IN CERTAIN FOREIGN INSURANCE VENTURES
Net investment in foreign insurance ventures
should be reported. In the case only of a foreign
insurance venture in which a U.S. nonbank
financial institution had an investment before
1965, if it is not feasible to segregate the net
investment of the U.S. nonbank financial institution, the latter may exclude from its foreign
assets subject to ceiling the aggregate of the
larger of the following in each foreign country
in which a foreign affiliate sells insurance: (a)
110 per cent of assets held in the foreign country
as reserve against insurance sold to residents of
that country by the foreign affiliate or (b) the
minimum deposit of cash or securities required
by foreign authorities as a condition of doing
insurance business in that country.
I. REPORTING REQUIREMENT
Each nonbank financial institution holding, on
any quarterly reporting date, covered assets of
$500,000 or more, or total foreign financial
assets of $5 million or more, should file a
statistical report covering its total holdings on
that date with the Federal Reserve Bank of the
Federal Reserve district in which its principal
office is located. The reports are due within 20
days following the close of each calendar
quarter, and forms may be obtained from the
Federal Reserve Bank. (See also Section J-2.)
23
J. COVERED
CEILING
ASSETS
IN EXCESS
OF
1. In view of the balance of payments objectives of the program, covered investments of
nonbank financial institutions may be permitted
to exceed the guideline ceiling to the extent that
the funds for such investment are (a) borrowed
abroad for investment in the same country or
in countries that are subject to the same or more
liberal guideline restraint or (b) derived from
equity securities issued by the nonbank financial
institution and sold to residents of foreign developed countries (other than Canada), provided
that the nonbank financial institution promptly
treats as a charge against its ceiling the amount
of any such equity securities at any moment it
is unable to assure itself fully that any such
securities continue in the possession of such
foreigners. (For reporting purposes, the amount
of such securities held by foreigners should be
included with borrowings in foreign countries.)
Thus, for the purpose of the offset provision,
funds borrowed in the developed countries may
be used to finance investments in these countries
and elsewhere, but funds borrowed in the developing countries should not be used to finance
investment in the developed countries. Any institution desiring to offset foreign borrowing
against foreign investment, however, should
discuss its plans with the Federal Reserve Bank
before entering into such an arrangement.
2. An institution without a guideline ceiling
may hold covered assets up to $2 million if its
investments are consistent with guideline restraints (a) with respect to liquid funds and (b)
concerning possible conflict with program objectives, as noted in Section III-B-2 and B-4.
The institution is expected to file an initial
statement of its holdings with its Federal Reserve Bank and thereafter to file a statement with
the Bank within 20 days after the end of any
calendar quarter when its total holdings of covered foreign assets have changed by as much
as $100,000 since its previous report, even
though its total holdings remain below the minimum reporting levels stipulated in the guidelines.
24
FEDERAL RESERVE BULLETIN • JANUARY 1974
IV. Definitions
The following definitions apply to boh the bank
and nonbank financial institution parts of the
guidelines.
1. "Claims on foreigners" are claims on
foreigners held for an institution's own account.
For banks, they include: foreign long-term securities; deferred payment letters of credit described in Treasury Department Supplemental
Reporting Instruction No. 1 (Revised), Treasury
Foreign Exchange Reports, Banking Forms,
September 25, 1972; participations purchased
in loans to foreigners; loans to financial conduits
incorporated in the United States, 50 per cent
or more owned by foreigners; and foreign assets
sold, with recourse, to U.S. residents other than
financial institutions participating in the Federal
Reserve Foreign Credit Restraint Program or
other than direct investors subject to the controls
administered by the Department of Commerce.
They also include foreign customers' liability
for acceptances executed, whether or not the
accepted drafts are held by the accepting bank.
"Claims on foreigners" exclude: contingent
claims; unutilized credits; claims held for accounts of customers; and acceptances executed
by other U.S. banks.
2. "Foreigners" include: individuals, partnerships, and corporations domiciled outside the
United States, irrespective of citizenship, except
their agencies or branches located within the
United States; branches, subsidiaries, and
affiliates of U.S. banks and other U.S. corporations that are located in foreign countries; and
any government of a foreign country or official
agency thereof and any official international or
regional institution created by intergovernmental agreement, irrespective of location.
3. "Export credit" means any claim on a
foreigner for the demonstrable financing (a) of
the export of U.S. goods or (b) of the performance abroad of U.S. services. (Items (a) and
(b) are hereinafter referred to as exports.) To
be demonstrable, the financing must relate to
a specific, individual, identifiable export for
which shipping documents or other documents
evidencing the export are obtainable.
Export credit may be direct or indirect. Direct
credit is a credit that results in the direct acquisition of a debt obligation of a foreign obligor.
An indirect credit is a credit extended to a
foreign financial institution which, in consequence, itself acquires debt obligations of obligors resident outside the United States. Therefore, credit extended by a U.S. financial institution to a foreign buyer of U.S. exports directly
or through a foreign financial institution may
be an export credit. Also, an export credit may
be extended through purchase of documented
loan paper.
The cost of freight in connection with exportation, the cost of transport insurance in connection with exportation, and the cost of export
credit guarantees and export credit insurance
borne by the foreign buyer or the foreign financial institution may be included in the cost of
export for the purpose of determining the
amount of credit that is to be considered export
credit. Any element of foreign duty is to be
excluded for this purpose.
U.S. goods are goods grown, produced, or
manufactured in the United States.
U.S. services performed abroad should be
services performed outside the United States by
U.S. domiciled or U.S. incorporated companies
or by U.S. nationals temporarily resident
abroad.
A particular credit should be regarded as an
export credit only if 85 per cent or more of its
total amount finances U.S. exports. However,
a single credit agreement exclusively for services may be broken down to exclude non-U.S.
services. The export credit may thereby be
identified as that portion of credit financing the
performance of services by U.S. firms and U.S.
nationals, as well as financing the purchase (or
lease) of U.S. goods incidental to the performance of those services.
A participation in export credits should be
regarded as export credit of the financial institution purchasing the participation. However, a
participation in a pool of loans would not be
considered export credit by the institution purchasing the participation.
REVISED GUIDELINES
A credit that has a substantially longer maturity than is customary in international export
financing practice for the type of transaction in
question should not be regarded as an export
credit.
4. "Developing countries" are all foreign
countries other than: Abu Dhabi, Australia,
Austria, the Bahamas, Bahrain, Belgium, Bermuda, Canada, Denmark, France, Germany
(Federal Republic), Hong Kong, Iran, Iraq,
Ireland, Italy, Japan, Kuwait, Kuwait-Saudi
Arabia Neutral Zone, Libya, Liechtenstein,
Luxembourg, Monaco, Netherlands, New Zea-
25
land, Norway, Portugal, Qatar, Republic of
South Africa, San Marino, Saudi Arabia, Spain,
Sweden, Switzerland, and the United Kingdom;
and other than: Albania, Bulgaria, the People's
Republic of China, Cuba, Czechoslovakia, East
Germany, Estonia, Hungary, Communist-controlled Korea, Latvia, Lithuania, Outer Mongolia, Poland (including any area under its provisional administration), Romania, Tibet, Union
of Soviet Socialist Republics and the Kurile
Islands, Southern Sakhalin, and areas in East
Prussia that are under the provisional administration of the Union of Soviet Socialist Republics, and Communist-controlled Vietnam.
Record of Policy Actions
of the Federal Open Market Committee
MEETING HELD ON OCTOBER 16, 1973
Domestic policy directive
The information reviewed at this meeting suggested that growth
in real output of goods and services—which was estimated to have
picked up somewhat in the third quarter from an annual rate of
about 2.5 per cent in the second quarter—would remain moderate
in the current quarter. Staff projections continued to suggest that
growth in real output would slacken in the first half of 1974 and
that the rise in prices would remain rapid.
In September industrial production rose appreciably, owing to
a partial recovery in output of motor vehicles—following a sharp
reduction in August caused by shortages of parts and by other
temporary influences—and to further gains in output of business
equipment and industrial materials. Nonfarm payroll employment
continued to rise, but expansion during the third quarter was well
below the rapid pace earlier in the year, reflecting in large part
a leveling-off in employment in manufacturing. The unemployment
rate remained at 4.8 per cent. Retail sales declined in both August
and September, but sales in the third quarter as a whole were
moderately above the second-quarter level.
Wholesale prices of farm and food products declined substantially in September—for the most part because of sizable decreases
in prices of meat, poultry, and eggs—but the decline was small
in relation to the extraordinarily large increase in August. The rise
in wholesale prices of industrial commodities, which had slowed
for 2 months after mid-June when the freeze was imposed, accelerated in September. From mid-July to mid-August the consumer
price index had risen sharply, reflecting not only a record increase
in prices of foods following the relaxation of food price controls
on July 18 but also exceptionally large advances in average prices
of other consumer goods and of consumer services. The index of
average hourly earnings of production workers on nonfarm payrolls
26
had advanced at a faster pace in recent months than it had earlier
in the year.
Staff projections for the current quarter in general were similar
to those of 4 weeks earlier. It was expected that both Federal and
State and local government purchases of goods and services would
rise appreciably, that consumption expenditures would expand at
a moderate pace, and that business inventory investment would
increase further. It was also anticipated, however, that residential
construction outlays would decline substantially.
Exchange rates for the dollar against most foreign currencies
had changed little since mid-August, following a significant
strengthening earlier in the month. In September, as in August,
the U.S. balance of payments on an official settlements basis was
in surplus.
U.S. merchandise exports expanded substantially further in August, reflecting increases in both prices and the physical volume
of agricultural commodities; however, imports rose even more—for
the most part owing to a large increase in imports of fuels following
a dip in July—and the trade balance slipped back into deficit. For
July and August combined, the trade balance was close to zero.
Net foreign purchases of U.S. equity securities, which had risen
considerably in July, remained large in August.
At U.S. commercial banks, expansion in loans to business
slowed in September to the lowest rate in more than a year, in
part because business borrowers shifted to the commercial paper
market in response to declines in market interest rates relative to
effective rates on bank loans. Most other types of bank loans
continued to expand rapidly, but banks again liquidated substantial
amounts of their holdings of Government securities. Altogether,
the increase in total bank credit was small.
The narrowly defined money stock (Mi) 1 declined in September
for the second successive month; Mx changed little over the third
quarter, after having grown at a rate of about 10.5 per cent in
the second quarter. 2 Inflows of time and savings deposits other
P r i v a t e demand deposits plus currency in circulation.
Growth rates cited are calculated on the basis of the daily-average level in
the last month of the quarter relative to that in the last month preceding the
quarter.
2
28
FEDERAL RESERVE BULLETIN • JANUARY 1974
than large-denomination C D ' s were substantial in September—although well below the high rate of August—and the more broadly
defined money stock (M 2 ) 3 expanded slightly. The outstanding
volume of large-denomination CD's continued to rise in early
September, but the volume declined after midmonth as banks
reduced the rates paid on such C D ' s in response to the weakening
in business loan demand; over the whole month, the outstanding
volume changed little, and growth in the bank credit proxy 4 slowed
markedly.
Nonbank thrift institutions experienced a net increase in savings
deposits in September—even after adjustment for the crediting of
interest and other seasonal influences—following net outflows of
funds in August. Although outstanding borrowings by savings and
loan associations from the Federal home loan banks rose substantially in September, the increase was below that in each of the
two preceding months. Mortgage interest rates rose appreciably
further.
Short-term market interest rates began to decline sharply soon
after the Committee's meeting on September 18, in large part
because of widespread market expectations that the recent weakness
in the behavior of the monetary aggregates would lead to more
aggressive System efforts to supply reserves and, consequently,
to an easing in money market conditions. The market rate on
3-month Treasury bills was 7.19 per cent on the day before this
meeting, compared with 8.70 per cent on the day before the
September meeting and with an inter-meeting period low of 6.96
per cent on September 27.
Yields on long-term securities, which had turned down in early
August, declined moderately further after the September meeting—although the decline, as usual, was not so sharp as that for
short-term instruments. The volume of new public offerings of
corporate bonds fell contraseasonally in September, following a
more-than-seasonal reduction in August, but a substantial rise in
the volume was in prospect for October.
3
M i plus commercial bank time and savings deposits other than large-denomination C D ' s .
4
D a i l y - a v e r a g e member bank deposits, adjusted to include funds from
nondeposit sources.
RECORD OF POLICY ACTIONS OF FOMC
The Treasury was expected to announce on October 24 the terms
of its mid-November refunding. Of the maturing issues, $3.6 billion
were held by the public.
System open market operations since the meeting on September
18 had been guided by the Committee's decision to seek bank
reserve and money market conditions consistent with moderate
growth in monetary aggregates over the months ahead, while taking
account of international and domestic financial market developments. Operations initially had been directed toward fostering
growth in reserves available to support private nonbank deposits
(RPD's) at an annual rate in a range of 15 to 18 per cent, while
avoiding unduly sharp changes in money market conditions.
In late September incoming data suggested that in the September-October period growth in both Mx and M 2 would fall short
of acceptable ranges and that R P D ' s would grow at a rate well
below the range that the Committee had specified, in part because
of the decline in the outstanding volume of large-denomination
C D ' s that began in late September. The System Open Market
Account had been avoiding overly aggressive reserve-supplying
operations because of the substantial declines in market interest
rates that had occurred and a concern that such operations would
contribute to further declines in interest rates. The Federal funds
rate remained at about 10% per cent. On October 1 the Account
Manager reported that significant inconsistencies existed among the
Committee's various objectives and constraints, and the Committee
held a telephone meeting on October 2.
Following the telephone meeting, at which the majority of the
members concluded that money market conditions should be allowed to ease somewhat if such easing did not threaten to reinvigorate the sharp rally in markets for short-term securities, the
System became somewhat more aggressive in supplying reserves.
Short-term interest rates in general declined further, but the Federal
funds rate on most days through October 8 remained close to 10%
per cent. Moreover, incoming data indicated that growth in R P D ' s
and the monetary aggregates would be even weaker in the September-October period than had been expected a week earlier.
On October 10 the Committee held another telephone meeting,
at which the members agreed that in the few days remaining until
this meeting, reserves should be supplied at a rate consistent with
29
30
FEDERAL RESERVE BULLETIN • JANUARY 1974
some easing in money market conditions beyond that decided upon
on October 2. In the days just before this meeting, the Federal
funds rate was around 10 per cent. In the 4 weeks ending October
10, member bank borrowings averaged about $1,690 million, down
from an average of $2,135 million in the preceding 4 weeks.
At this meeting the Committee agreed that the economic situation
and prospects continued to call for moderate growth in monetary
aggregates over the months ahead. A staff analysis indicated that,
although the transactions demand for money would probably expand, the sharp rise in short-term interest rates that had occurred
through early September would tend to dampen the demand for
money in the months ahead. Consequently, achievement of moderate growth in monetary aggregates was likely to require some easing
in money market conditions.
The staff analysis also indicated that growth of consumer-type
time and savings deposits probably would strengthen and that
expansion in the outstanding volume of large-denomination C D ' s
would be resumed in response to moderate growth in business loan
demand. However, because of the recent weakness in the aggregates in combination with lagged reserve accounting, relatively
slow growth in R P D ' s in the October-November period—at an
annual rate in a range of 2 to 4 per cent—was thought likely to
be consistent with moderate growth in both the narrowly defined
and the more broadly defined money stock over the months
ahead.
In view of the weak behavior of the monetary aggregates in
August and September, the Committee concluded that reservesupplying operations should not become restrictive unless R P D ' s
in the October-November period appeared to be growing at an
annual rate of more than 5 per cent. Specifically, the members
decided that operations should be directed at fostering RPD growth
during that period within a range of 2 to 5 per cent, while avoiding
unduly sharp changes in money market conditions. The members
also agreed that, in the conduct of operations, account should be
taken of international and domestic financial market developments,
of the forthcoming Treasury financing, and of deviations in monetary growth from an acceptable range. It was understood that the
Chairman might call upon the Committee to consider the need for
supplementary instructions before the next scheduled meeting if
RECORD OF POLICY ACTIONS OF FOMC
significant inconsistencies appeared to be developing among the
C o m m i t t e e ' s various objectives and constraints.
The following domestic policy directive was issued to the Federal
Reserve Bank of New York:
The information reviewed at this meeting suggests that growth
in real output of goods and services in the fourth quarter is likely
to remain at about the moderate rate indicated for the third quarter.
In recent months manufacturing employment has leveled off and
total nonfarm employment has expanded less rapidly than earlier;
the unemployment rate has remained at 4.8 per cent. The advance
in wage rates has been somewhat faster than earlier. In September
wholesale prices of industrial commodities rose appreciably; farm
and food prices declined, but by far less than they had risen in
August. The U.S. merchandise trade balance weakened slightly in
August. Net foreign purchases of U.S. stocks continued large,
however, and the balance of payments on an official settlements
basis was in surplus in both August and September. Exchange rates
for the dollar against most foreign currencies have changed little
since mid-August.
The narrowly defined money stock, which had risen sharply
during the second quarter, declined in September for the second
successive month. The more broadly defined money stock expanded
slightly in September as a result of net inflows at banks of consumer-type time deposits. The deposit experience at nonbank thrift
institutions improved somewhat in September following a period
of sizable outflows. Bank credit—which had been expanding rapidly—increased little as business loan growth slowed markedly, and
after mid-September the outstanding volume of large-denomination
CD's declined substantially. Short-term market interest rates fell
sharply from mid-September to early October, partly as a result
of a shift in market expectations regarding monetary policy, and
rates on long-term market securities declined moderately further.
In light of the foregoing developments, it is the policy of the
Federal Open Market Committee to foster financial conditions conducive to abatement of inflationary pressures, a sustainable rate of
advance in economic activity, and continued progress toward equilibrium in the country's balance of payments.
To implement this policy, while taking account of the forthcoming
Treasury financing and of international and domestic financial market
31
32
FEDERAL RESERVE BULLETIN • JANUARY 1974
developments, the Committee seeks to achieve bank reserve and
money market conditions consistent with moderate growth in monetary aggregates over the months ahead.
Votes for this action: Messrs. Burns, Hayes,
Balles, Brimmer, Bucher, Daane, Francis, Holland,
Mayo, Mitchell, Morris, and Sheehan. Votes
against this action: None.
Records of p o l i c y actions taken by the Federal O p e n Market C o m m i t t e e at e a c h
m e e t i n g , in the f o r m in w h i c h they will appear in the Board's Annual
Report,
are released about 9 0 days after the meeting and are subsequently published in
the BULLETIN.
Law Department
Statutes, regulations, interpretations, and decisions
RESERVES OF MEMBER BANKS
The Board has amended Regulation D to reduce
to 8 per cent the marginal reserve requirement on
those classes of time deposits currently subject to
the 11 per cent marginal reserve requirement.
AMENDMENT TO REGULATION D
Effective December 13, 1973, section
204.5(a)(l)(ii) and 2(ii) of Regulation D is
amended to read as follows:
SECTION 204.5—RESERVE REQUIREMENT
(a) Reserve percentages. Pursuant to the provisions of section 19 of the Federal Reserve Act
and § 204.2(a) and subject to paragraph (c) of this
section, the Board of Governors of the Federal
Reserve System hereby prescribes the following
reserve balances that each member bank of the
Federal Reserve System is required to maintain
on deposit with the Federal Reserve Bank of its
district:
(1) If not in a reserve city—
(ii) 3 per cent of its other time deposits up to
$5 million, plus 5 per cent of such deposits in
excess of $5 million: Provided, however, That a
member bank shall maintain a reserve balance
equal to 8 per cent of the amount by which the
daily average amount of time deposits of the types
hereinafter specified exceeds either the daily
average amount of such time deposits outstanding
during the computation period ending May 16,
1973, or $10 million, whichever is greater, and
such 8 per cent reserve percentage shall apply with
respect to time deposits of the following types:
(a) time deposits of $100,000 or more; and
(b) time deposits represented by promissory
notes, acknowledgments of advance, due bills, or
similar obligations issued by a member bank's
affiliate, as provided in § 204.1(f); and
(c) time deposits represented by bank acceptances, as provided in § 204.1(f); and
*
*
*
(2) If in a reserve city (except as to any bank
located in such a city that is permitted by the Board
of Governors of the Federal Reserve System, pursuant to § 204.2(a)(2), to maintain the reserves
specified in subparagraph (1) of this paragraph)—
(ii) 3 per cent of its other time deposits up to
$5 million, plus 5 per cent of such deposits in
excess of $5 million: Provided, however, That a
member bank shall maintain a reserve balance
equal to 8 per cent of the amount by which the
daily average amount of time deposits of the types
hereinafter specified exceeds either the daily
average amount of such time deposits outstanding
during the computation period ending May 16,
1973, or $10 million, whichever is greater, and
such 8 per cent reserve percentage shall apply with
respect to time deposits of the following types:
(a) time deposits of $100,000 or more; and
(b) time deposits represented by promissory
notes, acknowledgments of advance, due bills, or
similar obligations issued by a member bank's
affiliate, as provided in § 204.1(f); and
(c) time deposits represented by bank acceptances, as provided in § 204.1(f); and
*
*
*
MAXIMUM LOAN VALUE OF STOCKS
The Board of Governors has amended Regulations G, T, and U to change from 35 per cent
to 50 per cent the maximum loan value of margin
securities. This will have the effect of decreasing
the amount of margin required for stock-secured
loans and short sales.
SECURITIES CREDIT BY PERSONS
OTHER THAN BANKS, BROKERS, OR DEALERS
1. Effective January 3, 1974, section 207.5 is
amended to read as follows:
SECTION 207.5—SUPPLEMENT
TO REGULATION G
(a) Maximum loan value of margin securities. For the purpose of § 207.1, the maximum
33
FEDERAL RESERVE BULLETIN • JANUARY 1974
34
loan value of any margin security, except convertible securities subject to § 207.1(d) and any put,
call, or combination thereof, shall be 50 per cent
of its current market value, as determined by any
reasonable method. No put, call, or combination
thereof shall have any loan value for the purposes
of this part.
CREDIT BY BROKERS AND DEALERS
2. Effective January 3, 1974, sections
220.8(a)(1) and (d) are amended to read as follows:
SECTION 220.8—SUPPLEMENT
TO REGULATION T
(a) Maximum loan value for general accounts. The maximum loan value of securities in
a general account subject to § 220.3 shall be:
(1) Of a registered nonequity security held in
the account on March 11, 1968, and continuously
thereafter, and of a margin equity security (except
as provided in § 220.3(c) and paragraphs (b), (c)
and (f) of this section) 50 per cent of the current
market value of such securities.
(d) Margin required for short sales. The
amount to be included in the adjusted debit balance
of a general account, pursuant to § 220.3(d)(3),
as margin required for short sales of securities
(other than exempted securities) shall be 50 per
cent of the current market value of each security.
CREDIT BY BANKS FOR THE PURPOSE OF
PURCHASING OR CARRYING MARGIN STOCKS
3. Effective January 3, 1974, section 221.4(a)
is amended to read as follows:
SECTION 221.4—SUPPLEMENT
TO REGULATION U
(a) Maximum loan value of stocks. For the
purpose of § 221.1, the maximum loan value of
any stock except puts, calls, and combinations
thereof, whether or not registered on a national
securities exchange shall be 50 per cent of its
current market value, as determined by any reasonable method. Puts, calls, and combinations
thereof shall have no loan value.
MEMBERSHIP OF STATE BANKING INSTITUTIONS
IN THE FEDERAL RESERVE SYSTEM
AMENDMENT TO REGULATION H
1. Effective December 21, 1973 sections 208(b)
and (c) are amended to read as follows:
SECTION
208.9—PUBLICATION
OF
REPORTS OF MEMBER BANKS AND THEIR
AFFILIATES
(b) Reports of affiliates. 10 (1) If reports of affiliates are requested by the Board of Governors of
the Federal Reserve System, each report of an
affiliate of a member State bank, including a holding company affiliate, shall be published at the
same time and in the same newspaper as the
affiliated bank's own condition report submitted
to the Federal Reserve Bank, unless an extension
of time for submission of the report of the affiliate
has been granted under authority of the Board of
Governors of the Federal Reserve System. When
such extension of time has been granted, the report
of the affiliate must be submitted and published
before the expiration of such extended period in
the same newspaper as the condition report of the
bank was published.
(2) The copy of the report for the use of the
printer for publication should be prepared on Form
F.R. 220a. The published information shall agree
in every respect with that shown on the face of
the report of the affiliate furnished to the Federal
Reserve Bank by the affiliated member bank, except that any item appearing under the caption
"Financial relations with bank" against which the
word " n o n e " appears on the report furnished to
the Federal Reserve Bank may be omitted in the
published statement of the affiliate: Provided, That
if the word " n o n e " is shown against all of the
items appearing under such caption in the report
furnished to the Federal Reserve Bank the caption
10
Section 21 of the Federal Reserve Act, among other things,
provides as follows: "Whenever member banks are required
to obtain reports from affiliates, or whenever affiliates of
member banks are required to submit to examination, the Board
of Governors of the. Federal Reserve System or the Comptroller
of the Currency, as the case may be, may waive such requirements with respect to any such report or examination of any
affiliate if in the judgment of the said Board or Comptroller,
respectively, such report or examination is not necessary to
disclose fully the relations between such affiliate and such bank
and the effect thereof upon the affairs of such bank." In any
case where the Board has waived the filing of a report of an
affiliate, no publication of a report of an affiliate is required.
35
LAW DEPARTMENT
"Financial relations with bank" shall appear in
the published statement followed by the word
" n o n e . " All signatures shall be the same in the
published statement as in the original report submitted to the Federal Reserve Bank, but the signatures may be typewritten or otherwise copied on
the report for publication.
(3) A copy of the printed report shall be submitted to the Federal Reserve Bank attached to
the certificate on Form F.R. 220a.
(c) Waiver of reports of affiliates. Pursuant
to section 21 of the Federal Reserve Act (12
U.S.C. 486), the Board of Governors of the Federal Reserve System waives the requirement for
the submission of reports of affiliates of State bank
members of the Federal Reserve System, unless
such reports are specifically requested by the Board
of Governors. The Board of Governors of the
Federal Reserve System may require the submission of reports which are necessary to disclose
fully relations between member banks and their
affiliates and the effect thereof upon the affairs of
member banks.
INTEREST ON DEPOSITS
The Board of Governors has amended its Regulation Q to prescribe rules governing the use of
negotiable orders of withdrawal within Massachusetts and New Hampshire.
AMENDMENT TO REGULATION Q
Effective January 1, 1974, the Board's Regulation Q is amended in the following respects:
1. Section 217.1 is amended by adding a new
subparagraph (3) to paragraph (e) of that section
to read as follows:
SECTION 217.1—DEFINITIONS
(e) Savings deposits.
(3) In those States where banks are permitted
to offer deposits subject to negotiable orders of
withdrawal, such deposits may be maintained only
by individuals and organizations permitted to
maintain savings deposits under subparagraph (1)
of this paragraph.
2. Section 217.5 is amended by amending
paragraph (c) of that section to read as follows:
SECTION 217.5—WITHDRAWAL OF
SAVINGS DEPOSITS
(c) Manner of payment of savings deposits.
(1) Subject to the provisions of subparagraphs
(2) and (3) of this paragraph, *
*
*
(3) The provisions of this paragraph do not
apply to deposits subject to negotiable orders of
withdrawal authorized by Federal law to be issued
in the States of Massachusetts and New Hampshire
which shall be subject to the limitation that no
member bank may accept more than 150 negotiable orders of withdrawal during any calendar year
on any deposit subject to such orders.
(4) Where a savings deposit is evidenced by a
passbook, every withdrawal made upon presentation of the passbook shall be entered in the passbook at the time of withdrawal, and every other
withdrawal for such a deposit shall be entered in
the passbook as soon as practicable after withdrawal is made.
3. Section 217.6 is amended by adding a new
paragraph (i) to read as follows:
SECTION 217.6—ADVERTISING OF INTEREST ON DEPOSITS
(i) Negotiable orders of withdrawal. In addition to compliance with the other paragraphs of
this section, member banks offering accounts subject to negotiable orders of withdrawal, to the
extent practicable, shall limit every advertisement,
announcement or solicitation made in any newspaper, magazine, radio, television or other media
to such facilities directed toward residents of New
Hampshire and Massachusetts. All other advertisements, announcements and solicitations of such
accounts, including direct mailing, circulars, and
notices, whether written or oral, to the extent
practicable, shall be directed only to persons residing or employed in New Hampshire and Massachusetts and to persons who are customers of
member banks in those states on the effective date
of this amendment.
4. Section 217.7 is amended by amending paragraph (c) to read as follows:
SECTION 217.7—MAXIMUM RATES OF INTEREST PAYABLE BY MEMBER BANKS ON
TIME AND SAVINGS DEPOSITS
FEDERAL RESERVE BULLETIN • JANUARY 1974
36
(c) Savings deposits. No member bank shall
pay interest at a rate in excess of 5 per cent on
any savings deposit including savings deposits that
are subject to negotiable orders of withdrawal, the
issuance of which is authorized by Federal law.
CREDIT BY BROKERS AND DEALERS
AMENDMENT TO REGULATION T
Effective June 21, 1974, section 220.6 of Regulation T is amended to add paragraph (1) as set
forth below:
SECTION 220.6—CERTAIN TECHNICAL
DETAILS
(1) Credit related to portion of a security.
Credit for the purpose of purchasing or carrying
any part of an investment contract security (for
example, but not limited to, the cattle ownership
portion of a program to own and feed cattle, or
the condominium ownership part of a program to
own and rent a unit through a rental pool or
otherwise) shall be deemed to be credit on the
entire security.
INTERPRETATION OF REGULATION Q
Nonbank participation in "Federal funds"
market. The Board has recently considered
whether the use of "interbank loan participations"
("IBLPs"), which involves participation by nonbank third parties in Federal funds transactions,
comes within the exemption from "deposit" classification for certain obligations between banks
contained in § 204.1(f) of Regulation D and §
217.1(f) of Regulation Q. An IBLP transaction is
one through which a bank that has sold Federal
funds to another bank, subsequently "sells" or
participates out its loan contract to a nonbank third
party without notifying the bank that has "purchased" its funds.
The Board's 1970 interpretation regarding Federal funds transactions (§ 217.137) clarifies the
meaning of " b a n k " as that term is used in the
exemption for liabilities to banks. Paragraph (b)
of that interpretation states that the purpose of
requiring that interbank transactions be issued to
another bank for its own account, in order to come
within the non-deposit exemption, is "to assure
that the exemption for liabilities to banks is not
used as a means by which nonbanks may arrange
through a bank to 'sell' Federal funds to a member
bank that are not subject to Regulations D and
Q " . The Board regards transactions which result
in third parties gaining access to the Federal funds
interbank loan market as contrary to the interbank
exemption contained in § 217.1(f) of Regulation
Q, and § 204.1(f) of Regulation D regardless of
whether the nonbank third party is a party to the
initial interbank transaction or thereafter becomes
a participant in the transaction through purchase
of all or part of the obligation held by "selling"
bank.
The Board regards the notice requirements set
out in (§ 217.137) as applicable to IBLP-type
transactions as described herein so that a bank
"selling" Federal funds must provide to the purchasing bank (1) notice of its intention, at the time
of the initial transaction, to sell or participate out
its loan contract to a nonbank third party, and (2)
full and prompt notice whenever it (the "selling"
bank) subsequently sells or participates out its loan
contract to a nonbank third party.
BANK HOLDING COMPANIES
MISCELLANEOUS INTERPRETATIONS
Issuance and sale of short-term debt obligations by bank holding companies. The opinion
of the Board of Governors of the Federal Reserve
System has been requested recently with respect
to the proposed sale of "thrift notes" by a bank
holding company for the purpose of supplying
capital to its wholly-owned nonbanking subsidiaries.
The thrift notes would bear the name of the
holding company, which in the case presented,
was sustantially similar to the name of its affiliated
banks. It was proposed that they be issued in
denominations of $50 to $100 and initially be of
12-month or less maturities. There would be no
maximum amount of the issue. Interest rates would
be variable according to money market conditions
but would presumably be at rates somewhat above
those permitted by Regulation Q ceilings. There
would be no guarantee or indemnity of the notes
by any of the banks in the holding company system
and, if required to do so, the holding company
would place on the face of the notes a negative
representation that the purchase price was not a
deposit, nor an indirect obligation of banks in the
holding company system, nor covered by deposit
insurance.
The notes would be generally available for sale
to members of the public, but only at offices of
the holding company and its nonbanking subsidiaries. Although offices of the holding company
37
LAW DEPARTMENT
may be in the same building or quarters as its
banking offices, they would be physically separated from the banking offices. Sales would be
made only by officers or employees of the holding
company and its nonbanking subsidiaries. Initially, the notes would only be offered in the State
in which the holding company was principally
doing business, thereby complying with the exemption provided by section 3 ( a ) ( l l ) of the Securities Act of 1933 (15 U.S.C. 77c) for "intrastate" offerings. If it was decided to offer the notes
on an interstate basis, steps would be taken to
register the notes under the Securities Act of 1933.
Funds from the sale of the notes would be used
only to supply the financial needs of the nonbanking subsidiaries of the holding company. These
nonbank subsidiaries are, at present, a small loan
company, a mortgage banking company and a
factoring company. In no instance, would the
proceeds from the sale of the notes be used in
the bank subsidiaries of the holding company nor
to maintain the availability of funds in its bank
subsidiaries.
The sale of the thrift notes, in the specific
manner proposed, is an activity described in section 20 of the Banking Act of 1933 (12 U.S.C.
377), that is, " t h e issue, flotation, underwriting,
public sale or distribution . . . of . . . notes, or
other securities". Briefly stated, this statute prohibits a member bank to be affiliated with a company "engaged principally" in such activity.
Since the continued issuance and sale of such
securities would be necessary to permit maintenance of the holding company's activities without
substantial contraction and would be an integral
part of its operations, the Board concluded that
the issuance and sale of such notes would constitute a principal activity of a holding company
within the spirit and purpose of the statute. (For
prior Board decisions in this connection, see 1934
Federal Reserve B U L L E T I N 485, 12 CFR 218.104,
12 CFR 218.105 and 12 CFR 218.101.)
In reaching this conclusion, the Board distinguished the proposed activity from the sale of
short-term notes commonly known as "commercial p a p e r " , which is a recognized form of financing for bank holding companies. For purposes
of this interpretation, "commercial p a p e r " may
be defined as notes, with maturities not exceeding
nine months, the proceeds of which are to be used
for current transactions, which are usually sold to
sophisticated institutional investors, rather than to
members of the general public, in minimum denominations of $10,000 (although sometimes they
may be sold in minimum denominations of $5,000). Commercial paper is exempt from registration under the Securities Act of 1933 by reason
of the exemption provided by section 3(a)(3)
thereof (15 U.S.C. 77c). That exemption is inapplicable where the securities are sold to the general
public (17 CFR 231.4412). The reasons for such
exemption, taken together with the abuses that
gave rise to the passage of the Banking Act of
1933 ( " t h e Glass-Steagall A c t " ) have lead the
Board to conclude that the issuance of commercial
paper by a bank holding company is not an activity
intended to be included within the scope of section
20.
BANK HOLDING COMPANY AND BANK MERGER ORDERS
ISSUED BY THE BOARD OF GOVERNORS
ORDERS UNDER SECTION 3 OF
BANK HOLDING COMPANY ACT
CEDAR HOLDINGS LIMITED, BANKERS
LONDON, ENGLAND
O R D E R A P P R O V I N G F O R M A T I O N OF B A N K
HOLDING
COMPANY
Cedar Holdings Limited, Bankers, London,
England, 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 up to 51
per cent or more of the voting shares of The
Chester National Bank, Chester, New York
("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, organized under British law, is engaged primarily in second mortgage lending
through offices in London and Glasgow, Scotland
and holds deposits of $94.7 million. 1 Applicant
also controls four nonbank subsidiaries; neither
'All banking data are as of December 31, 1972.
38
Applicant nor its subsidiaries engage in business
activity within the United States.
Bank, which controls deposits of $45.3 million,
operates in both the Middletown and Mid-Hudson
markets. It is the sixth largest of 15 banks in the
Middletown market and the nineteenth largest of
26 banks in the Mid-Hudson market. It controls
6.0 per cent and 1.1 per cent of total deposits in
those two markets, respectively.
The proposed plan of acquisition includes a
tender offer to all common shareholders of Bank
to acquire up to 51 per cent of total outstanding
shares of Bank. As British exchange controls restrict investments in a foreign bank by organizations such as Applicant (which is not considered
a " b a n k " for exchange control purposes) to 20
per cent of a foreign bank's total shares outstanding, Applicant will divest all shares acquired over
20 per cent to its institutional shareholders. Applicant will then propose a rights offering, whereby
all shareholders of Bank's common stock will be
entitled to purchase an additional share for each
share held. All unexercised rights will be publically auctioned and Applicant and its institutional
shareholders will be free to purchase rights so
auctioned and therefore increase their combined
holdings (Applicant would still hold 20 per cent;
the overage to be assumed by the institutional
shareholders).
Since Applicant does no business in the United
States, it is clear that consummation of the proposal would eliminate no existing or likely potential competition between Applicant and Bank.
Adequate banking services are presently offered
in the relevant market area. Bank presently provides limited retail banking services and Applicant's proposal to offer its expertise in international financing would at best be of limited benefit
to Bank and its customers. Thus, the convenience
and needs of the community will be minimally
served by approval of the application.
The managerial and financial resources of Applicant are generally satisfactory, while those of
Bank are considered fair. Bank is somewhat undercapitalized and Applicant plans to meet its
capital needs. Banking factor considerations lend
only slight weight toward approval of the application.
On the basis of the record, the application is
approved for the reasons set forth in the Board's
Order of this date. The transaction shall not be
made (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
FEDERAL RESERVE BULLETIN • JANUARY 1974
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
December 10, 1973.
Voting for this action: Chairman Burns and Governors
Sheehan, Bucher and Holland. Voting against this action:
Governor Brimmer. Absent and not voting: Governors Mitchell
and Daane.
(Signed)
[SEAL]
CHESTER B .
Secretary
FELDBERG,
of the
Board.
DISSENTING S T A T E M E N T OF
G O V E R N O R BRIMMER
I would disapprove the application by Cedar
Holdings Limited, Bankers, to acquire The Chester National Bank. I would do so because I see
no public benefits to support approval while there
are some risks that adverse effects may result.
The fact that Applicant will control only 20 per
cent of the common stock of Bank makes it clear
that the proposed acquisition is more an investment
undertaking than a serious commitment to the
business of managing and controlling banks. As
I have previously stated (59 Federal Reserve BULLETIN 456 (1973)), such an undertaking is not an
appropriate activity for a holding company, is
contrary to the intent of the 1970 Amendments,
and performs a disservice to the interest of stockholders of the acquired bank and to other holding
companies. On this basis alone, the application
should be denied.
Further, the Board generally has required that
an Applicant demonstrate that it will be a source
of strength for its subsidiary bank. It is improbable—given Applicant's investment orientation
toward Bank and the circumstances of this application—that Applicant will be such a source of
strength. While it is true that Applicant plans to
alleviate Bank's immediate capital deficiency,
there is little evidence that improvements in the
overall condition of Bank are a reasonable prospect. Applicant has signed seven year employment
contracts with two of the present senior officers
of Bank. Applicant does not propose to allocate
any of its managerial resources to Bank on a
full-time basis. Instead, it will merely send representatives from London as necessary. Since the
expertise which Applicant plans to make available
to Bank is in the field of international finance,
neither the representatives sent to aid Bank nor
any other proposed assistance will be of more than
minimal benefit to Bank. Therefore, it seems that
LAW DEPARTMENT
the overall condition and operation of Bank will
in no way be improved by Applicant's plan of
acquisition. Since I discern no public benefits in
this application, I would not find approval to be
in the public interest.
CENTRAL BANCSHARES OF THE SOUTH,
INC., BIRMINGHAM, ALABAMA
ORDER A P P R O V I N G ACQUISITION OF B A N K
Central Bancshares of the South, Inc., Birmingham, Alabama, 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 of The Sumiton
Bank, Sumiton, Alabama ( " B a n k " ) .
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 controls eight banks with aggregate
deposits of about $717 million, representing approximately 10 per cent of total commercial bank
deposits in Alabama, and is the third largest banking organization in the State. (Banking data are
as of June 30, 1973, adjusted to reflect holding
company formations and acquisitions approved by
the Board through November 30, 1973.) Acquisition of Bank (deposits of $4.3 million) would
increase Applicant's share of State deposits by less
than one percentage point.
Bank, the only bank in the town of Sumiton,
ranks as the sixth largest of seven banking organizations in the relevant market area (approximated
by Walker County, Alabama) with 5.5 per cent
of the market deposits. Applicant's closest banking
subsidiary has a branch located 25 miles east of
Bank, and there is no significant existing competition between the two institutions. Furthermore, it
appears unlikely that any significant competition
would develop in the future due to the distances
separating the banking offices and the size of Bank.
The Board concludes that consummation of the
proposal would not have any adverse effects on
existing or potential competition, nor on any competing bank.
The financial and managerial resources and
prospects of Applicant and its subsidiary banks are
satisfactory. Applicant has already supplied Bank
39
with management assistance in order to alleviate
previously existing managerial problems, and the
continued managerial assistance which Bank will
receive as a subsidiary of Applicant should
strengthen Bank and enhance its financial resources and future prospects. Therefore, banking
factors lend weight toward approval of the application. In view of the fact that affiliation with
Applicant will enable Bank to meet the borrowing
needs of its larger commercial customers, considerations relating to the convenience and needs of
the community to be served are consistent with
approval of the application. It is the Board's judgment that consummation of 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 made (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
December 20, 1973.
Voting for this action: Vice Chairman Mitchell and Governors Daane, Sheehan, Bucher and Holland. Voting against this
action: Governor Brimmer. Absent and not voting: Chairman
Burns.
(Signed)
CHESTER
Secretary
[SEAL]
B. F E L D B E R G ,
of the Board.
DISSENTING S T A T E M E N T OF
GOVERNOR
BRIMMER
I disagree with the action taken by the majority
of the Board on this application by Central Bancshares of the South, Inc., to acquire The Sumiton
Bank. In approving the proposed acquisition, the
majority has sanctioned a covenant not to compete
entered into by Applicant and the directors of
Bank. The covenant, contained in an agreement
by the directors to sell Applicant their Bank stock,
restricts the directors from entering the banking
business in Walker County, Alabama, or any contiguous county, for a period of two years. In effect,
such action would preclude for a period of two
years the possibility of these individuals undertaking to provide an alternative source of banking
services in the relevant market (as well as contiguous markets) in which Applicant would offer
such services through Bank. In my opinion, such
agreements are anticompetitive and should not be
FEDERAL RESERVE BULLETIN • JANUARY 1974
40
sanctioned by the Board. For this reason, I would
deny this application.
D. H. BALDWIN COMPANY,
CINCINNATI, OHIO
O R D E R A P P R O V I N G A C Q U I S I T I O N OF B A N K S
D. H. Baldwin Company, Cincinnati, Ohio, 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 80 per cent or more
of the voting shares of Central Colorado Bancorp,
Inc., Colorado Springs, Colorado ( " B a n c o r p " ) ,
and thereby indirectly to acquire State Bank of
Greeley, Greeley, Colorado; Rocky Ford National
Bank, Rocky Ford, Colorado; and Central Colorado Bank of Colorado Springs and The Academy
Boulevard Bank of Colorado Springs, Colorado
Springs, Colorado.
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 six banks with combined
deposits of $442.3 million, representing 7.4 per
cent of the total commercial bank deposits in
Colorado, and ranks as the fifth largest banking
organization in the State. (All banking data are
as of December 31, 1972, and reflect acquisitions
approved through October 31, 1973, including five
new acquisitions approved by the Board on September 28, 1973.) Bancorp, through its four
banking subsidiaries, controls $65.7 million in
deposits in the State and ranks as the ninth largest
banking organization in Colorado. The acquisition
of Bancorp would increase Applicant's total deposits to $508 million, or 8.4 per cent of the total
commercial bank deposits in the State. Applicant
would remain the fifth largest banking organization
in Colorado, controlling a statewide network of
ten banks.
Bancorp's two subsidiary banks in the Colorado
Springs banking market control $56.6 million in
deposits which represents 12.7 per cent of the total
commercial bank deposits in this market. Bancorp
ranks as the fourth largest of 15 banking organizations in the market. Applicant's nearest banking
or nonbank financial subsidiary is 70 miles away
in Denver, and it does not appear that the proposed
acquisition will eliminate any significant existing
competition between Applicant's subsidiaries and
those of Bancorp. Nor will the proposed acquisition increase the concentration of the market.
The rapid growth of the Colorado Springs area
has made the Colorado Springs banking market
an attractive market for foothold or de novo entry.
Applicant, as one of the few large banking organizations in the State which is not present in the
market, appears to have the capability to enter the
market de novo. Therefore, some potential competition will be eliminated by this proposed acquisition. In view of the expected growth of the
market, the number of independent banks therein
which might serve as a foothold entry, and the
fact that two of the State's largest holding companies recently entered the market through acquisition of smaller banks, it does not appear that
Applicant's indirect acquisition of Bancorp's two
Colorado Springs banking subsidiaries would have
a significantly adverse effect on future competition
in the Colorado Springs area.
Bancorp has one banking subsidiary in the
Rocky Ford market area. This subsidiary, Rocky
Ford National Bank (deposits of $6.7 million),
ranks second of the four banks in the market with
21.5 per cent of total market deposits. Since Applicant's nearest banking or financial subsidiary is
over 150 miles away, this proposed acquisition
will result in no elimination of existing competition between Rocky Ford National Bank and any
subsidiary of Applicant. The area's lack of growth
and the distance involved make it unlikely that
Applicant would seek de novo entry into the market. In the Board's judgment, there would be no
elimination of substantial potential competition
through Applicant's acquisition of Bancorp's
Rocky Ford subsidiary.
Bancorp's fourth banking subsidiary is the State
Bank of Greeley ("State B a n k " ) , (deposits of $2.8
million), the smallest of six banks in Greeley.
Applicant's nearest banking subsidiary is located
in Denver, 54 miles away; and there is no existing
competition between Applicant's banking subsidiaries and the State Bank of Greeley. Since the
other five banks in Greeley are subsidiaries of the
State's three largest holding companies and since
the area is still in large part agricultural, it is not
a promising market for a de novo expansion.
Applicant's nonbank financial subsidiary, Empire Savings and Loan (assets of $307.6 million),
has a small office in Greeley. Empire's Greeley
office has total savings deposits of $13.2 million
and ranks second of the savings and loan compa-
41
LAW DEPARTMENT
nies in Greeley. There is little direct competition
between Empire and State Bank, however. State
Bank's size and inability to extend real estate loans
on a long term basis precludes it from any significant mortgage lending, which is Empire's main
activity. Thus, the proposed indirect acquisition
of State Bank will not result in the elimination
of any significant existing competition.
State Bank may eventually increase in size and
develop into an active mortgage lender, but Applicant must divest its interest in Empire by 1980
unless the Board approves retention of such interest prior to that date. It appears unlikely that any
significant potential competition between State
Bank and Empire will be eliminated through consummation of the proposal. Empire has no offices
and does not compete in the other markets in which
Bancorp's subsidiary banks are located.
The financial condition of Applicant and its
subsidiaries is satisfactory. Bancorp's need for
funds for debt servicing, however, has not permitted sufficient retention of earnings by Bancorp's
two Colorado Springs banks to permit them to
maintain capital at adequate levels. In view of
Applicant's commitment to replace $1.8 million
of Bancorp's debt with equity capital and to provide an additional $1.7 million to Bancorp to repay
further indebtedness, the Board finds that financial
factors lend weight to approval of this application.
There is no evidence indicating that the major
banking needs of the Colorado Springs, Greeley,
and Rocky Ford areas are not being adequately
met by the existing institutions serving these markets. Applicant has the capability and has expressed the desire, however, to provide the capital
for further improvements in the Bancorp subsidiaries, improvements which are presently limited
by Bancorp's capital position. Both of Bancorp's
Colorado Springs subsidiaries have expressed a
need for building expansion programs which Applicant could provide. Applicant also intends to
provide a unified and expanded computer program
for all its subsidiaries. It should also be in position
to provide the necessary expertise for such specialized services as trust services, agricultural
leasing, and mortgage lending. In addition, Applicant can assist the smaller subsidiaries of Bancorp by handling an increased volume of overline
participation loans. Considerations relating to the
convenience and needs of the communities to be
served lend weight to approval of the application.
It is the Board's judgment that considerations
relating to banking factors and convenience and
needs of the communities to be served outweigh
the slight adverse competitive effects of the
proposed acquisition and that the proposed transaction is in the public interest and should be
approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction shall not be made (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
December 5, 1973.
Voting for this action: Chairman Burns and Governors
Sheehan, Bucher, and Holland. Voting against this action:
Governors Mitchell and Brimmer. Absent and not voting:
Governor Daane.
(Signed)
CHESTER
Secretary
[SEAL]
B. F E L D B E R G ,
of the Board.
D I S S E N T I N G S T A T E M E N T OF
GOVERNOR
MITCHELL
I would deny the application by D. H. Baldwin
Company to acquire Central Colorado Bancorp,
Inc. ( " B a n c o r p " ) . It is my view that the proposed
acquisition of Bancorp is without the positive
public interest factors necessary to outweigh the
transaction's adverse effects on competition. There
is no showing that Bancorp's affiliation with Applicant would benefit the convenience and needs
of the communities Bancorp serves in such a
manner as to offset the elimination of one of the
few local multibank organizations which competes
effectively against the State's larger multibank
holding companies.
The majority recognizes that Applicant has the
capability, proximity, and interest to enter the
attractive and expanding Colorado Springs market
de novo; and, therefore, potential competition between Applicant and Bancorp's lead bank would
be eliminated. In addition, the proposed acquisition will eliminate the ninth largest banking organization in the State, and one of the nine multibank
organizations in Colorado, as an independent
competitor.
Section 3(c)(2) of the Bank Holding Company
Act (12 U.S.C. 1842(c)(2)) provides that the
Board may approve a proposal having such substantial anticompetitive consequences only if the
adverse effects are:
. . . clearly outweighed in the public interest by the probable
42
effect of the transaction in meeting the convenience and needs
of the community to be served.
In my opinion, the financial considerations relied
upon by the majority as positive public interest
factors are insufficient to counterbalance the adverse competitive effects of the proposed acquisition.
Growth and earnings by Bancorp indicate it is
an able competitor. At the same time, the rapid
growth of its lead bank has strained the capital
position of that bank, and the cash purchase of
its Rocky Ford subsidiary has forced Bancorp to
incur significant debt. However, Bancorp recently
issued a $1.5 million, 10-year capital debenture
to temporarily alleviate the need for capital funds,
and its earnings appear sufficient to continue a
satisfactory amortization of this debt.
Bancorp's earnings record over the past two
years places it among the top 50 per cent of all
similarly sized banking organizations in the Tenth
Federal Reserve District. The net income performance of its lead bank in Colorado Springs over
the same period places it in the upper 25 per cent
of all Tenth District Banks of similar size. In
addition, the strong management of Bancorp's
smaller bank subsidiaries enhances the outlook for
a more significant contribution to Bancorp's consolidated income from these subsidiaries.
Bancorp's strong earning record is evidence of
its ability to manage its outstanding debt. It also
is an indication that Bancorp, under favorable
market conditions, could float an issue of equity
securities to provide further capital. Thus, any
financial difficulties which Bancorp might experience can be remedied through the bank supervisory
process without resort to an acqusition—such as
proposed here—under the Bank Holding Company
Act.
The evidence indicates that Bancorp can continue to be a strong regional competitor without
affiliation with a larger banking organization. It
can be expected to enter additional Colorado markets. All of the advantages which Applicant claims
it can provide through this acquisition can eventually be provided by Bancorp itself, perhaps on a
somewhat slower timetable. I can find no overwhelming need for such improvements (a building
expansion program or a greater volume of overline
participation loans) on an immediate basis as the
majority seems to contemplate.
In short, I conclude that the anticompetitive
effects of this proposal are not outweighed by "the
probable effect of the transaction in meeting the
convenience and needs of the community to be
FEDERAL RESERVE BULLETIN • JANUARY 1974
served." Accordingly, I would deny the application.
D I S S E N T I N G S T A T E M E N T OF
G O V E R N O R BRIMMER
I would deny the application by D. H. Baldwin
Company to acquire Central Colorado Bancorp,
Inc. ( " B a n c o r p " ) and, thereby, to acquire indirectly four additional banks in Colorado. My views
with respect to the expansion of D. H. Baldwin
Company as a multibank holding company while
it remains a manufacturing conglomerate have
been set forth in my dissenting statement to the
Board's Order of September 28, 1973, wherein
Applicant was permitted to acquire five additional
banks in Colorado (1973 Federal Reserve B U L L E TIN 752). I have held consistently that the opportunities for holding companies to engage in nonbanking activities authorized by Congress through
the 1970 Amendments to the Bank Holding Company Act do not give Applicant the privilege to
expand as a multibank holding company while
retaining sizable nonbanking interests.
I dissented to the Board's determination of June
14, 1973, that Applicant's activities relating to its
musical instruments business be accorded indefinite grandfather privileges (1973 Federal Reserve
B U L L E T I N 536). I still believe the history of the
Act indicates the intention of Congress to keep
the business of banking separate from other commercial enterprises and that Applicant, therefore,
should be required to decide whether it wants to
be a bank holding company or whether it wishes
to be in the manufacturing business. Since Applicant's further expansion as a multibank holding
company through this proposed acquisition is contrary to the aim of Congress in passing the Act,
I would deny this application.
In addition, I concur with Governor Mitchell's
statement that the acquisition of Bancorp is without the positive public interest factors necessary
to outweigh the transaction's adverse effects on
competition. The proposed acqusition will result
in the elimination of potential competition between
Applicant and Bancorp's lead bank. It will mean
the elimination of the ninth largest banking organization in the State—and one of nine multibank
organizations in Colorado—as an independent
competitor. It will also permit Applicant (the only
banking organization in the State to have the strong
competitive advantage of affiliation with a savings
and loan association) to exploit this advantage
through further expansion. [See my dissent to the
43
LAW DEPARTMENT
Board Order of September 28, 1973 (1973 Federal
Reserve B U L L E T I N 752), for further discussion of
this point.] In my opinion, the financial considerations relied upon by the majority as positive
public interest factors under § 3(c)(2) of the Act
are insufficient to counterbalance the adverse
competitive efects of the proposed acquisition.
Although the rapid growth of Bancorp's lead
bank has strained the capital position of that bank
and the cash acquisition of its Rocky Ford subsidiary has forced Bancorp to incur significant debt,
the favorable earnings record of Bancorp is an
indication that it can manage these problems. Over
the last two years, Bancorp's lead bank in Colorado Springs has ranked in the upper 25 per cent
of all Tenth District Banks of similar size in terms
of its net income performance. The strong management of Bancorp's other subsidiary banks gives
every indication that they will be able to make'
a more significant contribution to Bancorp's consolidated income in the future.
Moreover, I have consistently held that it is not
proper to use the Act as a means to acquire banks
simply because they are experiencing some financial difficulties. I stated in my dissents to the
applications of State Street Boston Financial Corporation to acquire Union National Bank (1973
Federal Reserve B U L L E T I N 5 2 6 ) and D . H . Baldwin Company to acquire five Colorado banks
( 1 9 7 3 Federal Reserve B U L L E T I N 7 5 2 ) that I
would look to other bank supervisory agencies to
remedy such financial problems. Accordingly, any
difficulties which Bancorp might experience in
maintaining adequate capital levels or amortizing
its debt can and should be handled by the bank
supervisory process.
The evidence indicates that Bancorp can continue to be a strong regional competitor without
affiliation with a larger holding company. It can
be expected to enter other Colorado markets. I can
find no advantages which Applicant would provide
which would outweigh the adverse competitive
effects of this proposal.
Since this proposed acquisition would permit the
expansion of a multibank holding company which
retains significant manufacturing and other nonbanking interests in contravention of Congressional intent in enacting the 1970 Amendments to
the Bank Holding Company Act and since the
adverse competitive effects of the proposal are not
outweighed by " t h e probable effect of the transaction in meeting the convenience and needs of
the community to be served" as required by §
3(c)(2) of the Act, I would deny the application.
FIRST INTERNATIONAL BANCSHARES,
INC., DALLAS, TEXAS
O R D E R D E N Y I N G A C Q U I S I T I O N OF B A N K
First International Bancshares, Inc., Dallas,
Texas, 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 the successor by merger to Citizens First National Bank of Tyler, Tyler, Texas ( " B a n k " ) . The
bank into which Bank is to be merged has no
significance except as a means to facilitate the
acquisition of the voting shares of Bank. Accordingly, the proposed acquisition of shares of the
successor organization 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 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 largest banking organization
and bank holding company in Texas, and has been
following an aggressive program of expansion
through the acquisition of subsidiary banks. The
current phase of Applicant's expansion program
involves entry into a number of the secondary
SMS A markets 1 in Texas through acquisition of
a major bank in each market it plans to enter. This
pattern is evidenced by the recent acquisitions of
Applicant as shown on the attached Table I.
Section 3(c) of the Act provides, in part, that
the Board not approve any proposed acquisition,
the effect of which, in any section of the country,
may be substantially to lessen competition or to
tend to create a monopoly, or which in any other
manner would be in restraint of trade, unless the
Board finds that the anticompetitive effects of the
transaction are clearly outweighed in the public
interest by the probable effect of the transaction
in meeting the convenience and needs of the community to be served. [Emphasis added.]
In 1970, the five largest banking organizations
'A secondary S M S A market in Texas is defined as an SMSA
market other than Texas' four largest SMSA markets, i.e.,
other than the Dallas, Fort Worth, Houston, and San Antonio
SMSA markets.
44
in Texas, 2 held aggregate deposits of approximately $5.8 billion, or 22 per cent of the total
commercial bank deposits in the State. Today, the
five largest banking organizations in the State
(each a multi-bank holding company) 3 hold aggregate deposits approximating $10.6 billion, or almost 31 per cent of the total commercial bank
deposits in the State. 4 This increase in the concentration of the State's commercial bank deposits
held by the largest banking organizations in Texas
represents a trend which, in the Board's view, has
proceeded to an extent that is a cause for concern.
There are presently some 24 multi-bank holding
companies in Texas, which together control $17
billion in deposits, or 49 per cent of all commercial
bank deposits in the State. The five largest of these
banking organizations control amost two-thirds of
all deposits controlled by the State's bank holding
companies. The Board is concerned over the
present size disparity among the State's bank
holding companies and the likelihood that this
disparity may become greater in the future by
virtue of the present acquisition policy. The Board
is not required to await the development of undue
concentration among bank holding companies in
Texas before it intervenes. Indeed, the underlying
purpose of the Clayton Act, as incorporated in the
Bank Holding Company Act, is to break the force
of a trend toward undue concentration before it
gathers momentum. (See Brown Shoe Co. v.
United States, 370 U.S. 294, 317-18). It is,
therefore, the tendency toward undue concentration the Board must guard against when viewing
the probable effect of an acquisition upon future
competition in a banking market.
Applicant's proposal would affiliate the largest
commercial bank in the Tyler SMSA banking
market with Applicant's 15 present subsidiary
banks (with aggregate deposits of $2.8 billion) and
Applicant's four nonsubsidiary banks (with aggregate deposits of $41.9 million). There is no significant existing competition between Bank and
Applicant's present and prospective banking subsidiaries. Applicant's banking subsidiary closest to
Bank is located in Dallas, about 104 miles from
Tyler. Accordingly, the Board concludes that no
2
Republic National Bank of Dallas; First National Bank of
Dallas; First City National Bank of Houston; Texas Commerce
Bank, N . A . ; Bank of the Southwest.
,3
First International Bancshares, Inc.; First City Bancorporation of Texas, Inc.; Republic of Texas Corporation; Texas
Commerce Bancshares, Inc.; Southwest Bancshares, Inc.
4
Deposit figures are as of December 31, 1972, and reflect
approved and pending acquisitions as of November 15, 1973.
FEDERAL RESERVE BULLETIN • JANUARY 1974
significant existing competition would be eliminated between Bank and Applicant's banking subsidiaries upon consummation of this proposal.
The three largest of the nine banks in the Tyler
market hold 82 per cent of the area's total commercial bank deposits, and 75 per cent of the area's
total IPC deposits in accounts of $100,000 or less.
Bank presently controls 30 per cent of the total
commercial bank deposits in the Tyler market,
while the second and third largest banks control,
respectively, 29 and 23 per cent of such deposits.
In addition, these three banks together control a
sizable block of the voting shares of the fourth
largest bank in the Tyler market. 5 The future
prospects of the Tyler market appear favorable in
view of the facts of record, including the population growth in the market; Tyler's geographical
position as the hub for an extensive oil and lumbering area; and healthy deposit gains in all five
Tyler banks, with local economic conditions favoring a continuation of this trend. It is in this
context of a favorable economic market that the
potential competitive effects of Applicant's proposal must be considered.
The available evidence indicates clearly that
entry into the smaller metropolitan areas by the
State's largest banking organizations through acquisition of the larger independent commercial
banks in these areas will increase present levels
of deposit concentration. It is also apparent that
these markets will only become less concentrated
if the major holding companies enter de novo or
via foothold acquisitions, thereby creating additional competition in the markets.
The Board concludes that this proposal, for this
organization, in light of previous acquisitions,
would have significant adverse effects on potential
competition with respect to the Tyler SMSA
banking market and throughout the State. Accordingly, it is the Board's view that the competitive
factors weigh against approval of this application.
The financial and managerial resources and future prospects of Bank, and of Applicant and its
present subsidiary banks, are regarded as satisfactory and consistent with approval of the application. However, these factors do not outweigh
the anticompetitive effects connected with this
proposal. There is no indication in the record that
5
Bank controlled 17.8 per cent of the voting shares of
Southside State Bank, Tyler, Texas, through Bank's Employees Pension Trust Fund; however, Applicant and Bank were
committed to the disposition of these shares by December 3,
1973.
LAW DEPARTMENT
45
the banking needs of the relevant market are not
being met. Accordingly, although considerations
relating to the convenience and needs of the communities to be served are consistent with approval,
they do not outweigh the adverse competitive
effects of the proposal. It is the Board's judgment
that consummation of the proposed acquisition
would not be in the public interest and that the
application should be denied.
On the basis of the record, the application is
denied for the reasons summarized above.
By order of the Board of Governors, effective
December 28, 1973.
Voting for this action: Chairman Burns and Governors
Mitchell, Brimmer, Bucher, and Holland. Voting against this
action: Governors Daane and Sheehan.
[SEAL]
(Signed) T H E O D O R E E. A L L I S O N ,
Assistant Secretary of the Board.
TABLE 1*
Recent Acquisitions of First International Bancshares, Inc.
Name of Bank
(Date of Approval)
SMSA
Market
Temple National
KilleenBank, Temple
Temple
Texas (5/25/73)
The State National
Bank of Denison,
ShermanDenison, Texas
(6/25/73)
Denison
The First National
Bank of Odessa,
MidlandOdessa, Texas
Odessa
(7/3/73)
The First National
Bank of Harlingen, BrownsvilleHarlingen, Texas
HarlingenSan Benito
(7/3/73)
Citizens National
Bank in Abilene,
Abilene, Texas
9/17/73)
Abilene
First HutchingsSealy National
Bank of GalvesGalvestonton, Galveston,
Texas (9/18/73)
Texas City
Citizens First
National Bank of
Tyler, Tyler,
Texas (present
Tyler
proposal)
Three
Bank
ConBank Size
Number of cenTotal Market
Deposits Share Market Banks in tration
($ Millions) (%) Rank Market
(%)
56.1
21.4
1st
15
60
37.0
16.4
3rd
13
63
54.0
11.1
3rd
9
73
62.7
23
2nd
9
66
88.1
26.4
2nd
15
73
82.7
24.2
1st
13
57
86
30
1st
9
82
* All banking data are as of December 31, 1972, and reflect
acquisitions approved by the Board through September 30, 1973.
D I S S E N T I N G S T A T E M E N T OF
GOVERNORS D A A N E AND S H E E H A N
We would approve the application of First International Bancshares, Inc., to enter the Tyler
SMSA banking market through acquisition of the
Citizens First National Bank of Tyler.
While the instant proposal would give Applicant
control of the largest bank in the Tyler banking
market, we note that each of the three largest banks
in this market are of near-equal size. Thus, approval would not give Applicant a dominant position in the market nor raise the barriers to entry
for bank holding companies now outside this market. We believe the introduction of a strong and
competitive holding company such as Applicant
in the Tyler banking market will foster increased
competition there. Furthermore, Citizens has divested a substantial block of shares in the fourth
largest bank in order to eliminate a potentially
adverse factor from the consideration of this application; we deem this action to be procompetitive.
There are significant benefits that would flow
to the banking public through approval of this
proposal. Applicant has specialized divisions
within its organization which deal with data processing, international trade financing, and the
unique problems of the petroleum industry. Bank
and its customers would be able to draw upon
Applicant's expertise in each of these areas.
Moreover, the entire community would benefit
from Bank's increased lending capacity. Thus, we
conclude that the convenience and needs of the
Tyler area would be significantly improved upon
approval of this proposal, and that the benefits
derived from the acquisition outweigh whatever
anticompetitive effects that the majority find exist.
It is apparent from reviewing the recent growth
of other banking organizations in Texas that Applicant's competitors have been equally active in
the acquisition of banks in secondary SMSA's.
However, none of the five largest bank holding
companies in Texas has acquired a dominant position in a secondary SMSA, nor have their acquisitions to date foreclosed the opportunity for other
State-wide or regional bank holding companies to
develop in Texas.
Finally, the majority states: "There is no indication in the record that the banking needs of the
relevant market are not being m e t . " We believe,
however, that approval would serve—in a modest
way—to foster the economic development of
Texas, as well as the Southwest region of the
FEDERAL RESERVE BULLETIN • JANUARY 1974
46
United States, by encouraging the development of
" l o c a l " institutions which are capable of serving
the growing domestic and international interests
of Texas corporations not now being met by Texas
banking institutions. The large industrial organizations in Texas have a strong need for the kind
of financial services that can best be fulfilled by
large wholesale banking organizations. The development in Texas, of large wholesale banking institutions, capable of competing with similar institutions in the major money centers, can only be
fostered through acquisitions of smaller banks.
Such acquisitions will not injure competition at
the retail level in local markets. It is estimated
that the State's banking industry is losing a billion
dollars a year in potential business to out-of-State
banks, primarily because Texas banks are not large
enough to compete effectively with the major
money center banks and cannot provide loans and
services adequate to meet demand. 1 We believe
that the continued growth of Texas banking organizations is necessary if they are to compete effectively in the nation's major money centers.
FLORIDA NATIONAL BANKS OF FLORIDA,
JACKSONVILLE, FLORIDA
O R D E R A P P R O V I N G A C Q U I S I T I O N OF B A N K
Florida National Banks of Florida, Jacksonville,
Florida, a bank holding company within the
meaning of the Bank Holding Company Act, has
applied for the Board's approval under § 3(a)(3)
of the Act (12 U.S.C. 1842(a)(3)) to acquire 90
per cent or more of the voting shares of Northside
Bank of Miami, Miami, Florida ("Miami B a n k " ) .
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, the fifth largest banking organization
in Florida has deposits of $1,186.1 million representing 6 per cent of total deposits in commercial
banks in the State, and controls 32 banks located
'Federal Reserve Bank of Dallas Business
1973, p. 7.
Review,
October
throughout Florida. 1 Upon acquisition of Miami
Bank (deposits of $10.6 million), Applicant's
share of deposits in the State would increase by
0.1 percentage point and its rank among banking
organizations in the State would be unchanged. 2
Miami Bank is located in the Greater Miami
Banking Market which includes all of Dade
County and portions of southern Broward County,
Florida. Miami Bank controls approximately 0.3
per cent of the deposits in commercial banks in
the market. Three of Applicant's subsidiary banks
are located in this market and control a total of
approximately $227 million of deposits, representing approximately 4.6 per cent of deposits in
commercial banks in the Miami market. Applicant's two subsidiary banks closest to Miami Bank
are located, respectively, approximately three
miles north and eight miles south of Miami Bank.
Some direct competition exists between Miami
Bank and all three of Applicant's Miami area
subsidiary banks, some direct competition would
be eliminated as a result of consummation of
Applicant's proposal. Miami Bank derives more
than 65 per cent of its total deposits and approximately 60 per cent of its total loans from the area
served by Applicant's second largest subsidiary
bank, Florida National Bank and Trust Company,
Miami, Florida (deposits of about $164 million).
In the circumstances of th is matter, particularly
Miami Bank's relatively small size, and the large
number of competing banks located in the Miami
area, elimination of Miami Bank as a competitor
of Applicant would have only a slightly adverse
effect on existing competition in this market and
a minimal effect on the concentration of banking
resources in this area. Moreover, acquisition of
Miami Bank by Applicant may serve to increase
future competition among the largest banking organizations in the Miami area where Applicant
ranks seventh, with control of approximately 5 per
cent of deposits. The largest banking organization
in this market controls more than 23 per cent of
'All banking data are as of December 31, 1972.
By Notice dated July 5, 1973, the Board informed the
Trustees of the Alfred I. duPont Testamentary Trust that the
Board had made a preliminary determination that the Trust
exercised control and/or a controlling influence over Applicant.
Upon the Trust's failure to contest this determination, and after
notice of its willingness to divest its share holdings in Applicant, the Board ordered the Trust to divest its holdings in
Applicant (constituting approximately 24.7 per cent of Applicant's outstanding voting shares) as early as possible but in
no case later than December 31, 1974. (Determination and
Order for Diverstiture of Control dated October 15, 1973.)
Details of the Trust's divestiture plan have not yet been
approved by the Board.
2
47
LAW DEPARTMENT
bank deposits and each of the next two largest
organizations controls approximately 9 per cent of
bank deposits.
On the basis of the record before it, the Board
concludes that consummation of the proposal
herein would not substantially lessen competition
nor have a significant adverse effect on competition
and may, in fact, have a beneficial effect upon
the development of future competition among
banking organizations in the Miami area.
The financial condition and managerial resources and prospects of Applicant and its subsidiary banks are regarded as generally satisfactory.
These factors as they relate to Miami Bank are
regarded as consistent with approval. Affiliation
with Applicant should enable Miami Bank to draw
upon the additional financial and managerial resources of Applicant. Although there is no evidence in the record that the banking needs of the
Miami area are going unserved, consummation of
the proposed acquisition should enable Miami
Bank to expand the qu ality and range of its
banking services, including consumer finance, financial counseling, computer and trust services
presently offered by Applicant's subsidiary banks.
Considerations relating to the convenience and
needs of the Miami area are consistent with approval .
In light of the Board's Determination and Order
for Divestiture of Control of Florida National
Banks of Florida, Inc., issued on October 15,
1973, requiring the Alfred I. duPont Trust to divest
its share holdings of Applicant, an acquisition by
Applicant would be regarded by the Board as an
acqu isition by the duPont Trust, a " c o m p a n y "
engaged in nonpermissible activities under the
provisions of the Bank Holding Company Act.
However, the duPont Trust, through its Trustees,
has formally committed itself to divest its holdings
of shares of Applicant as soon as possible but in
no event later than December 31, 1974; and pursuant to the Board's Determination and Order of
October 15, 1973, the duPont Trustees are required to submit to the Board a plan of divestiture
containing provisions to assure termination of the
control and/or the controlling influence found to
exist. In view of the duPont Trust commitment
to divest control of Applicant and in light of the
Board's requirement that an appropriate plan of
divestiture be submitted to the Board, the Board
concludes that the proposed acquisition may go
forward, provided, however, that the transaction
shall not be executed prior to approval by the
Board of a plan of divestiture by the duPont Trust
of control of Applicant.
On the basis of the record, the application is
approved for the reasons summarized above and
subject to prior approval by the Board of a plan
of divestiture by the duPont Trust of control of
Applicant. In addition to the condition so imposed,
the transaction shall not be made (a) before the
thirtieth calendar day following the effective date
of this Order or (b) later than three months after
the effective date of th is 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
December 20, 1973.
Voting for this action: Chairman Burns and Governors
Brimmer, Sheehan, Bucher, and Holland. Absent and not
voting: Governors Mitchell and Daane.
(Signed)
[SEAL]
CHESTER
Secretary
B. F E L D B E R G ,
of the Board.
CAPITAL NATIONAL CORPORATION,
HOUSTON, TEXAS
ORDER APPROVING MERGER
OF B A N K
HOLDING
COMPANIES
Capital National Corporation ( " A p p l i c a n t " ) ,
Houston, Texas, a bank holding company within
the meaning of the Bank Holding Company Act,
has applied for the Board's approval under §
3(a)(5) of the Act (12 U.S.C. 1842(a)(5)) to merge
with Federated Texas Bancorporation, ("Federated"), San Antonio, Texas, under the certificate of incorporation of Applicant. The name of
the corporation will be changed to Federated Capital Corporation on the effective date of the
merger.
Notice of the receipt of the application, affording an 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 twenty-third largest banking organization in Texas, controls one bank with deposits of about $219 million, representing .6 per
cent of total commercial bank deposits in the
State. 1 Federated controls three banks with total
deposits of approximately $580 million and ranks
d e p o s i t data are as of June 30, 1973, and reflect acquisitions
approved through October 31, 1973.
48
as the ninth largest banking organization in Texas,
controlling 1.7 per cent of the total commercial
deposits in the State. Upon consummation of the
proposal, the resulting holding company would
control about 2.3 per cent of total commercial bank
deposits in the State, making it the seventh largest
holding company in Texas.
Applicant's one subsidiary bank, Capital National Bank, is located in Houston where it is the
sixth largest bank in the market, controlling 2.3
per cent of the market deposits. 2 Federated's subsidiary banks operate in three distinct markets.
Corpus Christi State National Bank is the largest
of the 26 banks competing in the Corpus Christi
market and holds about 31.2 per cent of the total
deposits in the market. The Alamo National Bank
of San Antonio, which controls about 10 per cent
of the deposits in the San Antonio SMSA, is the
third largest bank in that market. American National Bank of Austin is the fourth largest bank
in its market and holds about 15.2 per cent of
total deposits.
Consummation of the proposed merger would
not appear to have an adverse effect on existing
competition since the distance separating Applicant's subsidiary bank from Federated's closest
subsidiary is about 160 miles. In addition, it does
not appear that the proposal will have significantly
adverse effects on potential competition. Applicant
does not appear to possess the resources for
meaningful entry into any of the markets now
served by any of the banking subsidiaries of Federated. While Federated probably could gain
access to the Houston market through means other
than its combination with Applicant, this factor
alone does not provide sufficient grounds for denial
in view of the large number (over 130) of banks
in the Houston market, as well as the fact that
Applicant does not occupy a dominant position in
that market. On the other hand, the proposed
merger should result in the development of a new
state-wide holding company with the financial resources to compete effectively with the State's
largest bank holding companies. The Board con-
FEDERAL RESERVE BULLETIN • JANUARY 1974
eludes, therefore, that the competitive factors are
consistent with, and lend some weight toward,
approval of the application.
The financial condition, managerial resources,
and prospects of Applicant, Federated and their
subsidiary banks are considered to be generally
satisfactory. Applicant has committed itself to
injecting an additional $2 million in the capital
account of Capital National Bank, which should
have the effect of strengthening the overall financial condition of the resulting bank holding company. These factors, therefore, are regarded by the
Board as being consistent with approval of the
proposal.
There is no evidence in the record that the
banking needs of the markets involved are not
being adequately served. However, the international financial capabilities of Applicant will be
expanded through the combination of Alamo National Bank's Latin American expertise and Capital National's European experience. Considerations relating to the convenience and needs of
the communities to be served are, therefore, consistent with approval. It is the Board's judgment
that execution of the proposed merger 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 made (a) before the thirtieth calendar day following the effective date of
this Order or (b) later than three months after the
effective date of th is 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
December 28, 1973.
Voting for this action: Vice-Chairman Mitchell and Governors Daane, Brimmer, Sheehan, Bucher and H olland. Absent
and not voting: Chairman Burns.
[SEAL]
(Signed) T H E O D O R E E . A L L I S O N ,
Assistant Secretary of the Board.
C O N C U R R I N G S T A T E M E N T OF
2
Applicant also owns approximately 24 per cent of Northwest National Bank, Houston, Texas, (deposits approximately
$25 million). The Board's action herein does not constitute
a determination that this bank 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 this bank. However, the
determination herein does not preclude the Board from determining that Applicant exercises a controlling influence over
the management or policies of the bank within the meaning
of § 2(a)(2)(C) of the Act.
GOVERNOR
BRIMMER
I concur in the Board's action approving Capital
National Corporation's application to merge with
Federated Texas Bancorporation. However, I want
to emphasize one of the factors relied upon by
the Board which I feel strongly supports our approval of this application and distinguishes it from
some other proposals which have arisen in Texas.
LAW DEPARTMENT
I refer specifically to the fact that the surviving
corporation will be a medium-sized holding company formed by large—but by no means the largest—banks in a State where significantly larger
banking organizations have been mainly responsible for expansion.
An examination of the deposit data for the State
of Texas indicates that each of the four largest
holding companies controls between 5 per cent and
7.5 per cent of the total commercial deposits. Each
of the next five largest holding companies controls
between 2 per cent and 3 per cent of total commercial deposits. This second group includes the
new Federated Capital Corporation which will
control approximately 2.3 per cent of total commercial deposits. The combination of Federated's
financial resources and Capital National's location
in the Houston market should enable the new
holding company to compete vigorously with the
larger banking organizations.
I would contrast this merger with the Board's
approval of the application of First International
Bancshares to become a bank holding company
through the acquisition of the shares of the second
largest bank in Dallas and the fifth largest bank
in Houston. (1972 Federal Reserve B U L L E T I N
1028).
In my dissent from the Board's approval of that
application I expressed my belief that any action
cementing the ties among the large banks in the
State's two largest financial centers would encourage a concentration of resources in the banking
industry. I stated that I favored the continuing
independence of banks with deposits of $100 million or more or, alternatively, the formation of
their own holding companies. Therefore, the approval of this application is consistent with the
opinion expressed in my dissent.
ORDERS UNDER SECTION 4(c)(8)
OF BANK HOLDING COMPANY ACT
DOMINION BANKSHARES CORPORATION
ROANOKE, VIRGINIA
O R D E R D E N Y I N G A C Q U I S I T I O N OF B A N K
Dominion Bankshares Corporation, Roanoke,
Virginia, 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 of the successor by merger
to The Bank of Fincastle ( " B a n k " ) , Fincastle,
Virginia. The bank into which Bank is to be
49
merged has no significance except as a means to
facilitate the acquisition of the voting shares of
Bank. Accordingly, the proposed acquisition of
shares of the successor organization 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) of the Act (12 U.S.C.
1842(c)).
Applicant, the fifth largest banking organization
in Virginia, controls nine banks with aggregate
deposits of approximately $840 million, representing 7.4 per cent of the total deposits of commercial banks in the State. 1 Approval of this
application would not significantly increase Applicant's share of Statewide deposits or change Applicant's ranking among Virginia banking organizations.
Bank ($5.6 million in deposits) is the ninth
largest of 15 banks in the Roanoke banking market, which is approximated by the Roanoke
SMSA, and controls .8 per cent of deposits in that
market. Bank's main office and only branch are
located in Botetourt County, which comprises the
northeast part of the Roanoke SMSA. Although
Applicant's acquisition of Bank would increase its
share of market deposits by only .8 percentage
points, this would aggravate the high level of
deposit concentration in the market (the four largest banking organizations presently control over
85 per cent of market deposits). Furthermore,
Applicant's lead bank, First National Exchange
Bank ("Exchange B a n k " ) controls 43.6 per cent
of total market deposits and is clearly the predominant banking organization in the Roanoke SMSA.
The second and third largest banks in the market
are less than one-half and one-third the size of
Exchange Bank, controlling 18.6 per cent and 13.6
per cent of market deposits, respectively. Exchange Bank is restricted from branching into
Botetourt County; however, Exchange Bank has
15 banking offices within 20 miles of Bank's
branch, with the closest office being 4.7 miles from
Bank's Daleville branch with no other banking
office intervening. It appears that Exchange Bank
'All banking data are as of June 30, 1973, and reflect bank
holding company formations and acquisitions approved by the
Board through November 30, 1973.
50
derives a significant dollar volume of loans and
deposits from Bank's primary service area. Although the loans and deposits derived from Bank's
primary service area represent a relatively small
percentage of Exchange Bank's total loans and
deposits, they represent, respectively, approximately 110 and 87 per cent of the total loans and
deposit dollar volume that Bank derives from its
own primary service area. Further, Bank derives
approximately 8 per cent of its deposits and 4 per
cent of its loans from Exchange Bank's service
area. Accordingly, on the basis of these and other
facts of record, the Board concludes that significant existing competition would be eliminated
upon consummation of this proposal.
The acquisition of Bank by a banking organization not presently represented in this part of the
Roanoke SMSA banking market, without the percentage of deposits that Applicant controls in this
market, could have a beneficial effect on competition in this area. The Board therefore finds that
it is likely that the proposed acquisition would
have significant adverse effects on the relevant
banking market by increasing deposit concentration and removing a banking alternative therein,
by eliminating existing competition, and by foreclosing the possibility that Bank could serve as
a potential means of entry by other banking organizations not presently represented in the market.
Accordingly, competitive considerations require
denial of this application unless the anticompetitive effects of the proposal are outweighed by
benefits to the public in meeting the convenience
and needs of the communities to be served.
The financial and managerial resources of Applicant and its subsidiaries, and Bank, are satisfactory, and future prospects appear favorable.
Thus, banking factors are consistent with approval
but provide no significant support for such action.
There is no evidence in the record to suggest that
the banking needs of the communities to be served
are not presently being met by existing financial
institutions. Although Applicant proposes to assist
Bank in expanding and improving its services, it
appears that none of the proposed additions or
improvements is of such import or benefit to the
public that they would override the adverse effects
this proposal would have on competition in the
Roanoke area. It is the Board's judgment that
consummation of the proposed acquisition would
not be in the public interest and that the application
should be denied.
On the basis of the record, the application is
denied for the reasons summarized above.
FEDERAL RESERVE BULLETIN • JANUARY 1974
By order of the Board of Governors, effective
December 21, 1973.
Voting for this action: Chairman Burns and Governors
Daane, Brimmer, Bucher, and Holland. Absent and not voting:
Governors Mitchell and Sheehan.
(Signed)
CHESTER B .
Secretary
[SEAL]
FELDBERG,
of the
Board.
FIRST NATIONAL CITY CORPORATION
NEW YORK, NEW YORK
O R D E R D E N Y I N G R E T E N T I O N OF A D V A N C E
MORTGAGE
CORPORATION
First National City Corporation, New York,
New York, a bank holding company within the
meaning of the Bank Holding Company Act of
1956, 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 retain all of the voting
shares of Advance Mortgage Corporation, Southfield, Michigan ( " A d v a n c e " ) . 1 Advance engages
in the origination and placement of 1-4 family
residential mortgage loans, loans on apartments
and other income-producing properties, and construction loans; Advance also services mortgage
loans for institutional investors. Such activities
have been determined by the Board to be closely
related to the business of banking (12 CFR
225.4(a)(1) and (3)).
Notice of the application, affording opportunity
for interested persons to submit comments and
views on the public interest factors, has been duly
published (38 Federal Register 8193). The time
for filing comments and views has expired; and
the Board has considered all comments received
in light of the public interest factors set forth in
§ 4(c)(8) of the Act (12 U.S.C. 1843(c)).
Applicant, a multibank holding company, is the
second largest banking organization in New York
State, and the third largest nationally. Applicant
controls the First National City Bank, New York,
New York ( " B a n k " ) , and six other commercial
banks which, collectively, hold $15.5 billion of
domestic deposits, 2 representing 14.1 per cent of
total deposits in commercial banks in New York
State. Applicant's total consolidated assets amount
to $34.4 billion; assets of Bank represent 97 per
'Such shares were purchased by Applicant in July, 1970,
and, under the provisions of § 4(a)(2) of the Act, may not
be retained beyond December 31, 1980, without Board approval.
2
Deposit data as of June 30, 1973.
LAW DEPARTMENT
cent ($33.5 billion) of this total. 3 During the 5-year
period ending December 31, 1972, Applicant's 1
consolidated assets increased by 76 per cent, consolidated net income by 96 per cent, domestic and
foreign deposits by 123 per cent, and total equity
capital by 21 per cent. Although much of this
growth is attributable to Bank, Applicant has acquired a number of firms during this period, including six commercial banks and two consumer
finance companies. Applicant's nonbanking activities include leasing, factoring, and commercial
financing. It appears that Applicant is a well-managed, growing (through both external and internal
expansion), profitable, and significant leader in
commercial banking and finance in the United
States.
Advance was and is a profitable enterprise and
one of the nation's major mortgage banking companies. It maintains 32 offices in 11 States and
the District of Columbia, and is represented in 20
local markets. 4 However, its competitive influence
extends to at least 35 States and the District of
Columbia where its loans originate from. In addition, at offices in Chicago, Illinois, and Detroit,
Michigan, Advance originated in 1969 (the last
full year preceding acquisition) construction loans
as well as loans on income-producing property not
only in Illinois and Michigan, but also in California, Oklahoma, Texas, Montana, and other distant
States. These same offices, in 1971, were brokering long-term loans on income-producing properties located throughout the United States and in
Canada.
In 1969 Advance was the fourth largest mortgage company in the United States based upon
a servicing volume of approximately $1.2 billion.
During that year it originated a total volume of
mortgage loans of approximately $282 million, of
which $31 million were mortgages on incomeproducing property, and $22.6 million were construction loans. Also in 1969, Advance warehoused mortgage loans having a total volume of
$79.6 million. In 1971, the first full year following
subject acquisition, Advance's originations of
•'Data as of December 31, 1972.
4
Such local markets are approximated by the various
S M S A ' s in which Advance's offices are located. The local
market concept is useful for analysis of competitive effects
with respect to origination of 1-4 family residential mortgage
loans. Said concept is not applicable, however, in analysis
of competitive effects with respect to origination of construction loans and of loans on apartments and other incomeproducing property, where relevant markets tend to be nationwide in scope.
51
mortgage loans totalled $450 million. Its servicing
volume had increased to $1.5 billion and it was
then warehousing mortgage loans totalling $166.8
million. This increased activity elevated Advance
to the rank of the third largest mortgage company
in the United States. Moreover, based on data
provided by Applicant, it appears that Advance
enjoys a significant presence in each of the local
markets in which it originates loans on 1-4 family
residences as well as in the national markets for
the origination of construction loans and loans on
apartments and other income-producing properties. 5
Applicant, through its banking subsidiaries,
originates 1-4 family residential mortgage loans,
primarily in New York State, and construction
loans and loans on apartments and other incomeproducing properties in many parts of the country.
Applicant does not service mortgage loans for
others; nor does Applicant own a mortgage banking subsidiary other than Advance. At the time
of subject acquisition, Bank was Applicant's only
commercial banking subsidiary. In 1969, Bank
originated $47 million of 1-4 family residential
mortgage loans, $13.6 million of construction
loans, and $3.1 million of loans on incomeproducing properties. These figures increased to
$54 million, $38.7 million, and $ 6 . 3 ' million,
respectively, for 1970, and to $90 million, $144.6
million, and $18.1 million, respectively, for 1971.
At the time of the acquisition, Bank originated
no 1-4 family residential mortgage loans in areas
in which offices of Advance were located; and such
is the case at the present time. However, Applicant
then originated construction loans and loans on
income-producing property on a nationwide basis
and continues to do so. Moreover, Applicant
reports a substantial volume of business loans
outstanding in 16 of the cities in which Advance
is presently represented. 6
5
It appears, for example, that Advance's volume of originations of 1-4 family residential mortgage loans, in those local
markets for which figures are available, is comparable with
the volumes enjoyed by those mortgage company competitors
of Advance which Applicant lists among Advance's principal
competitors; and that such volumes place Advance among the
market leaders in most such areas.
6
Based on figures provided by Applicant, the total of such
loans, as of December 31, 1971, exceeded $883 million. In
addition, offices of Advance and of Acceptance Finance Corporation, Applicant's consumer finance subsidiary, coexist in
six such cities. Moreover, Bank's San Francisco loan production office, established in 1972, is capable of originating certain
mortgage loans that can also be originated by Advance's San
Francisco area offices.
52
FEDERAL RESERVE BULLETIN • JANUARY 1974
At the time of the acquisition, no significant
direct competition existed between Applicant and
Advance in the origination of 1-4 family residential mortgage loans, since 186 road miles separated
Bank from Advance's closest office (Harrisburg,
Pennsylvania). However, both Advance and Bank
competed in the origination of construction loans
and loans on income-producing properties in the
national markets for such loans. In 1969, originations by Advance of loans on income-producing
property amounted to about 1 per cent of the total
of such originations by all mortgage companies
in the United States. Advance also enjoyed about
1 per cent of the nationwide market for construction loans. Bank's loan volume was smaller
than Advance's for both kinds of loans in 1969. 7
These percentages, although relatively small,
should be read in light of the fact that there are
approximately 800 mortgage banking firms in the
United States and only one such firm accounts for
more than 2 per cent of the industry volume.
Moreover, it is clear that the subject acquisition
did eliminate some direct competition between
Applicant and Advance in the origination of both
construction loans and loans on income-producing
property. The Board regards such loss of competition as an adverse factor weighing against approval
of the application.
Applicant's resources gave it the capability to
enter each of the local markets for 1-4 family
residential mortgages served by Advance at the
time of the acquisition. 8 However, Applicant could
have entered such markets either de novo or by
acquisition of a firm less substantial in size than
Advance. It appears likely that, absent subject
7
Since the acquisition, both Advance and Bank have substantially increased their volume of such loans; and Bank's
volume of construction loans, in 1971, actually exceed that
of Advance. Between 1969 and 1971, however, Advance
accelerated its construction loan volume three times faster than
the industry as a whole.
"Applicant maintains that Bank and Advance serve different
product markets with respect to their originations of 1-4 family
residential mortgage loans, since Advance originates primarily
FHA and V A loans, whereas Bank's originations are, for the
most part, conventional. W e disagree. Available data indicate
that the effective rates (all costs, including the cost of FHA
insurance) for conventional and for FHA loans are almost
identical, and the fluctuations in such rates tend to coincide.
From the borrower's view point, the respective advantages and
disadvantages of conventional, FHA and VA loans present
competitive alternatives and, accordingly, all such loans should
be regarded as reasonable substitutes for one another. This
conclusion is confirmed by recent developments within the
mortgage banking industry which, in early 1972, began to
increase its volume of conventional loan originations by so
great a factor that, in February, 1973, total industry originations of conventional loans exceeded all industry originations
of either FHA or V A loans.
acquisition, Applicant would have entered some
or all of the local mortgage banking markets served
by Applicant either de novo or by the acquisition
of a smaller firm. The loss of such probable future
competition between a substantial potential entrant
and a major competitor in various local markets
as well as national markets for certain loans constitutes an adverse effect which weighs against
approval of the application. 9
The 1970 Amendments to the Bank Holding
Company Act direct the Board to consider, among
possible adverse effects that could arise from the
affiliation of a bank holding company with a nonbanking firm, the adverse effect stemming from
an undue concentration of resources. This specific
adverse effect is of particular concern to the Board
in the instant application for, as noted, the acquisition combined the nation's third largest banking
organization with the fourth largest mortgage
company in the country. The affiliation created a
financial organization with an immediate nationwide presence in both commercial banking and
mortgage banking. The dangers which Congress
feared might arise from an undue concentration
of financial resources would appear to be present
through the combination of one of the country's
largest banking organizations with one of its largest mortgage bankers.
As noted in the Conference Report accompanying the 1970 Amendments, "the dangers of undue
concentration of resources include, but are not
limited to, specific competitive effects which are
themselves relevant factors under the A c t . " 1 0 The
9
The Conference Report accompanying the 1970 Amendments, in discussing this factor, states:
"Equally important will be adverse competitive effects
which may result from a bank holding company's acquisition
of a going concern with which it may not presently compete.
One of the asserted justifications for permitting bank holding
companies to engage in activities that the Board has determined
independently to be closely related to banking, is to permit
the introduction of new innovative and competitive vigor into
these markets which could benefit therefrom. Where a bank
holding company enters a market through acquisition of a major
going concern, it may not have the incentive to compete
vigorously, thereby bringing the possible benefits into play,
as it would immediately succeed to what it might consider
its fair share of the market. On the other hand, where a bank
holding company enters a new market de novo, or through
acquisition of a small firm, as opposed to acquisition of a
substantial competitor, its desire to succeed in its new endeavor
is more likely to be competitive. This legislation specificially
emphasizes the importance of the manner in which a bank
holding company may enter new activities. Such considerations
will be particularly important in the context of expansion by
bank holding companies into new geographic markets." H.R.
Rep. No. 9 1 - 1 7 4 7 , 91st C o n g . , 2d Sess. 17 (1970).
,0
H . R . Rep. No. 91-1747, 91st Cong., 2d Sess. 17 (1970).
LAW DEPARTMENT
adverse competitive effects which are of concern
to the Board have been previously noted. Another
possible danger—though not the only one—arising
from an undue concentration of financial resources
lies in the potential for abuse of the power to grant
credit, and thereby favor a holding company subsidiary over its nonbanking competitiors. The
record herein indicates that Applicant's loans to
Advance increased by 1100 per cent between 1970
and 1972, and that such loans greatly exceeded
those extended to any of Advance's competitors
during the same period. This financial support
following the subject acquisition permitted Advance, in no small part, to improve its position
significantly within the mortgage banking industry.
Consideration of the dangers of undue concentration of resources as may reasonably be found to
arise from a consolidation of two financial institutions which, as here, have already achieved significant power in their respective industries, requires the Board to observe the Congressional
mandate " t o consider all reasonable ramifications
of the concentration of resources in fulfilling its
responsibilities under section 4 . " 1 1 It is the
Board's judgment, upon consideration of the entire
record, that the dangers which the Congress feared
might arise from an undue concentration of resources are present in the instant application and
constitute an adverse effect which weighs against
approval.
Applicant has made an attempt to meet its
burden of establishing public benefits which outweigh the adverse effects noted above. One such
public benefit is said to be a substantial increase
in the volume of Advance's origination of construction loans on apartment buildings in 1971,
and that such increase was made possible largely
because of " t h e availability of funds provided by
[Applicant], primarily through use of commercial
paper at lower rates than Advance could have
obtained." However, construction loans made by
Bank during the same period increased by an even
greater margin than did those of Advance. Of
equal importance, however, is the fact that originations made by Advance on 1 -4 family residences
during this period increased by a lesser margin
than did such originations for the industry as a
whole. In this respect, it would appear that whatever public benefits flowed from Advance's affiliation with Applicant were equally achievable by
independent mortgage bankers in the country.
"ibid.
53
Applicant has also claimed public benefits
through Applicant's recent authorization that permitted Advance to originate and warehouse $30
million of mortgages without investor " t a k e - o u t "
commitments. Such a practice, Applicant maintains, has a counter-cyclical effect on the flow of
funds into mortgage markets during tight money
periods and is accordingly socially beneficial.
However, both affiliated and independent mortgage bankers appear to warehouse an increased
volume of mortgage loans during periods of tight
money. Thus, the record does not permit an inference that Applicant caused Advance to originate
a greater volume of mortgages during periods of
tight money than it would have originated as an
independent firm.
Applicant states that upon approval of this application Advance will open new offices before the
end of 1974. However, considering the size and
resources of Applicant, it appears that Applicant
has the capability to enter all such proposed new
markets without acquiring one of the nation's
largest mortgage banking firms. In the Board's
judgment, such entry could be accomplished either
de novo or through the acquisition of a mortgage
banking firm smaller in size than Advance. Where
less anticompetitive means of entry are available
and such entry is likely to increase the vigor of
competition in either a local, regional, or national
mortgage market, the public is likely to benefit
thereby. Accordingly, the Board is unable to conclude that the overall public benefits ascribed to
Advance's affiliation with Applicant are sufficient
to outweigh the substantial adverse effects of the
acquisition.
The Board is cognizant of the fact that Applicant, rather than await the eve of the statutory
deadline of December 31, 1980, sought prompt
Board approval of its retention of Advance through
submission of this § 4 application. In so doing,
Applicant may have denied itself the opportunity
to present evidence relating to the public benefits
aspect of the acquisition which could only be
shown through a longer period of operation than
Applicant afforded itself. Accordingly, the
Board's issuance of an order herein denying Applicant's present application is without prejudice
to any subsequent application Applicant may file
with the Board at such time it believes more
persuasive evidence is available which may tend
to outweigh the anticompetitive effects of the proposal. The Board should caution Applicant, however, that its willingness to receive additional
post-acquisition evidence does not imply that such
FEDERAL RESERVE BULLETIN • JANUARY 1974
54
evidence will be "given conclusive weight or
allowed to override all probabilities." (See F.T.C.
v. Consolidated Foods Corp., 380 U.S. 592, 598.)
Such post-acquisition evidence will only be
deemed relevant to the extent that it is helpful in
illuminating or filling in details that are otherwise
difficult to evaluate at the present time.
Based upon the foregoing and other considerations reflected in the record, the Board concludes that the public interest factors the Board
is required to consider under § 4(c)(8) do not
outweigh the probable adverse effects, and that the
application should be denied.
Accordingly, the application is herewith denied.
By order of the Board of Governors, effective
December 26, 1973.
Voting for this action: Chairman Burns and Governors
Mitchell, Brimmer, Bucher, and Holland. Voting against this
action: Governors Daane and Sheehan.
(Signed) T H E O D O R E E. A L L I S O N ,
Assistant Secretary of the Board.
[SEAL]
and susceptible of judgment as to their significance.
Under these circumstances, it is not enough for
Applicant to imply that it can make a strong
mortgage company stronger, or to offer conjectural
evidence regarding the effect of subject acquisition
on a housing shortage perceived at the time of
the acquisition. Applicant needs a stronger demonstration of lower cost, better service, or other
public benefits to offset the loss of probable future
competition associated with this particular acquisition. Applicant has not, in my opinion, made
a sufficiently strong case for public benefits; Applicant is a competent competitor and certain of
the benefits it claims as realizable would be more
relevant to the issue were a differently circumstanced or smaller mortgage banking firm involved.
Since Applicant has not demonstrated public
benefits needed to outweigh the adverse effects that
appear from the record, I join in the Board's denial
of the present application.
C O N C U R R I N G S T A T E M E N T OF
GOVERNOR
MITCHELL
I have joined my colleagues in voting to deny
First National City Corporation's application to
retain Advance Mortgage Corporation because I
agree that Applicant has not demonstrated public
benefits which outweigh the adverse effects associated with this acquisition. However, my decision
is based solely upon the absence of meaningful
public benefits to offset the loss of present and
future competition associated with the acquisition.
In my view, the record does not reflect any undue
concentration of resources.
It appears that Applicant was responding to a
profit opportunity when it acquired Advance in
July, 1970. Such a response, of course, is not
improper and, other things being equal, should not
be presumed to be prejudicial to the public interest.
However, in enacting the 1970 Amendments to
the Bank Holding Company Act, Congress determined that bank holding companies may engage
in nonbanking activities pursuant to § 4(c)(8) only
if such activities can reasonably be expected to
produce public benefits that outweigh whatever
adverse effects are associated with said activities.
Thus, Congress appears to have required public
benefits beyond those presumed to be associated
with the pursuit of the corporate interest. Thus
where adverse effects exist, Congress required
something more: i.e., the public benefits emanating from the proposed activity must be discernible
C O N C U R R I N G S T A T E M E N T OF
G O V E R N O R BRIMMER
I joined the majority in voting to deny First
National City Corporation's application to retain
Advance Mortgage Corporation; and, in general,
I concur with the Board's analysis and with the
language in its Order. In my view, however, the
Board should not act "without prejudice to any
subsequent application"; rather the Board should
deny this application unequivocally and without
reservation. The Board has, in effect, invited Applicant to reapply for retention if, and when, new
evidence becomes available which adds credence
to Applicant's claim of public benefits. Such an
invitation is, in my view, inappropriate, since it
is inconsistent with the purposes of the Act and
encourages uncertainty regarding the meaning and
effect of the Board's Order.
In denying Applicant permission to retain Advance Mortgage Corporation, the Board determined that the possible adverse effects associated
with acquisition of the Nation's fourth largest
mortgage company by its third largest banking
organization were not outweighed by public benefits which might reasonably be expected therefrom.
The legal standards applicable to this determination will be the same on December 31, 1980,
the statutory deadline for retention. New data,
reflecting changed economic circumstances, will
not alter the fact that the acquisition, when made,
55
LAW DEPARTMENT
violated the standards of the Bank Holding Company Act.
D I S S E N T I N G S T A T E M E N T OF
GOVERNOR
SHEEHAN
I would approve the application by First National City Corporation to retain Advance Mortgage Corporation. I do not believe Applicant's size
and past performance record form an adequate
basis upon which the Board should bar its entry
into nonbanking fields. This is particularly true
where it can be shown, as here, that Applicant's
operation of the acquired financial institution has
permitted the latter to render superior service to
the public.
Applicant and Advance, combined, hold but a
small percentage of total national originations in
construction loans and an equally small percentage
of loans on income-producing property. For example, in 1971, Advance accounted for less than
1.1 per cent of total national originations by mortgage companies of loans on income properties and
less than 0.3 per cent of all such originations by
all mortgage lending institutions. Moreover, in the
same year, Advance accounted for less than 0.5
per cent of total construction loan originations in
the United States. 1 Originations in both of these
product markets by Applicant's lead bank were
similarly insubstantial. Thus the amount of direct
competition actually foreclosed by this acquisition
is far too minute to constitute a significant adverse
effect.
The Board correctly notes that, at the time of
the acquisition, Applicant and Advance did not
compete in any of the same markets for the origination of 1-4 family residential mortgage loans.
Moreover, in those markets in which Advance
does compete, its largest share of originations of
1-4 family residential mortgages was but 5.2 per
cent (Detroit, Michigan) 2 and 4.5 per cent (Indianapolis, Indiana). 3 In Indianapolis Advance
competes for such originations with approximately
30 savings and loan associations, 35 commercial
banks, and 10 other mortgage companies. It faces
an even greater number of competitors in Detroit.
1
Based upon Department of Housing and Urban Development data covering commercial banks, mutual savings banks,
savings and loan associations, life insurance companies, mortgage investment trusts, Federal credit agencies and State and
local retirement funds.
2
Based upon 1969 data.
'Based upon 1971 data.
Among Advance's competitors in both cities—as
well as in most other markets where Advance does
business—are some of the Nation's largest mortgage bankers. Hence, it is unlikely that affiliation
with Applicant would enable Advance to dominate
any relevant market; and the record since acquisition indicates that no such dominance has occurred. Moreover, Advance's low market shares
and the presence of so many strong competitors
in each relevant market negate whatever effect the
acquisition might have had on potential competition in any such market. Indeed, had Applicant
sought to acquire only the Indianapolis office of
Advance, I am confident that the Board would
have approved the application without difficulty.
Merely because additional offices were acquired
in other markets does not, in my view, permit a
finding of adverse competitive effects.
I have previously expressed the view—in defining the term " u n d u e c o n c e n t r a t i o n of resources"—that Congress was "concerned with
concentration in particular product lines and particular markets rather than generalized bigness per
s e . " 4 It appears from the legislative history of the
1970 Amendments to the Bank Holding Company
Act that the legislators were not particularly concerned with the kind of "concentration" which
results from acquisition of a large mortgage company by a large banking organization.
The debate on aggregate concentration of financial resources appears to have centered about a
need, perceived by some in Congress, to prevent
the concentration in a few hands of the power to
grant credit. For this reason, concern was expressed, particularly in the House, that large
banking organizations and large insurance companies might join forces to unduly concentrate control of available credit resources in the United
States. For example, during debate on the House
floor, Congressman Patman remarked:
In addition, serious questions were raised by several witnesses during our hearings on H.R. 6778, including leading
economists, concerning the tremendous economic power that
would be created by the concentration of giant insurance
companies and large banks under a single holding company
umbrella. The assets of commercial banks and insurance companies comprise most of the assets available for use by all
the institutional investors in the United States. Insurance companies and banks combined control roughly $865 billion or
77.2 percent of the $1.1 trillion of institutional investors in
the American economy. Commercial banks alone control $646
billion, or 57.7 percent of this total. Various news media have
4
Concurring Statement of Governors Mitchell, Daane, and
Sheehan in BankAmerica Corporation,
1973 Federal Reserve
BULLETIN
692.
56
indicated possible mergers, through the holding company device, of several of the largest commercial banks and largest
insurance companies in the country. 5
In my view, mortgage banking companies differ
fundamentally from insurance companies with regard to the nature and significance of their economic power. Mortgage companies, like Advance,
serve merely as conduits for the dispersal of mortgage funds actually controlled by an institutional
investor for whom they service loans. Insurance
companies, on the other hand, are—like banks—
themselves significant institutional investors who
actually control credit granting resources. Therefore, I am not surprised to discover that Advance's
year-end 1971 total assets were less than $200
million. 6 Applicant, in acquiring Advance, did not
significantly increase its total financial power. 7
Now, as before the acquisition, Advance must rely
on the confidence of its institutional investors in
order to maintain a competitive posture in the
various markets that it serves. Moreover, the acquisition neither increased Applicant's ability to
generate lendable funds nor gave Applicant control
of any other investor of such funds. Congress did
not express concern with the kind of forward
integration reflected by the instant application. The
Board, therefore, attributes too much financial
power to Advance and is, for this reason, able
to conclude that subject acquisition created an
undue concentration of resources.
The record reflects that, since the acquisition,
Advance has reduced the cost of financing FHA
multifamily construction projects and has also reduced the discount on its FHA 1-4 family residential mortgages. In addition, Advance has significantly increased its total commitments, especially
on construction loans, and has, in general, played
a more active role in the housing market since
its affiliation with Applicant. Such reduced costs
and increased activity are possible because Appli5
115 Cong. Rec. 33134 (1969). See also, H.R. Rep. No.
91-387, 91st Cong., 1st Sess. 24 (1969). When hearings on
the proposed amendments began in the House of Representatives on April 15, 1969, the news media had reported
that four of the nation's largest banking organizations might
acquire large insurance companies. Hearings on H.R. 6778
Before the House Comm. on Banking and Currency, 91st
Cong., 1st Sess., pt. 1 at 26 (1969).
6
In comparison, the four insurance companies that Congress
feared would be acquired by banking organizations had total
assets, respectively, of $6.2 billion, $4.1 billion, $1.6 billion,
and $500 million. Hearings on H.R. 6778 Before the House
Comm. on Banking and Currency, 91st Cong., 1st Sess., pt.
1 at 26 (1969).
7
For example, as of June 30, 1973, Applicant held about
2.4 per cent of total deposits in commercial banks in the United
States. The acquisition of Advance did not, of course, affect
such deposit data.
FEDERAL RESERVE BULLETIN • JANUARY 1974
cant, through use of its commercial paper, has
provided Advance with funds at rates lower than
Advance could otherwise have obtained. Affiliation thus satisfies Advance's need for funds and
provides increased benefits to the public through
Advance's contribution to the Nation's housing
needs.
For each of the foregoing reasons, and based
upon the entire record of this case, I would approve Applicant's retention of Advance Mortgage
Corporation.
Governor Daane joins Governor Sheehan in
voting to approve the retention application of First
National City Corporation for reasons substantially
as expressed in the above Dissenting Statement
of Governor Sheehan.
NCNB CORPORATION,
CHARLOTTE, NORTH CAROLINA
O R D E R A P P R O V I N G C O N T I N U A T I O N OF C E R T A I N
INSURANCE SALES ACTIVITIES
NCNB Corporation, Charlotte, North Carolina,
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 continue to engage, indirectly through C.
Douglas Wilson & Co. ( " W i l s o n " ) , Greenville,
South Carolina, in the sale, as agent, of credit
life and credit health and accident insurance to
mortgagors of its wholly-owned subsidiary, Wilson, which primarily engages in mortgage banking
activities. Such insurance sales activities have
been determined by the Board to be closely related
to 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 (38 Federal Register 23363). The time
for filing comments and views has expired, and
none has been received.
On August 1, 1972, the Board approved 1 Applicant's application to acquire Wilson. That application indicated that Wilson's activities were
limited to mortgage banking and described an item
entitled "Insurance Commissions" on Wilson's
Consolidated Statement of Earnings as "servicing
fees received by [Wilson] in connection with its
collection, in conjunction with mortgage payments, of premiums on life, accident, and health
policies." Furthermore it was expressly stated in
1
58 Federal R e s e r v e BULLETIN 844 (1972).
LAW DEPARTMENT
the application that 4 4 [Wilson] does not perform
a sales role in connection with insurance involved." Accordingly, neither published notice of
receipt of the application, nor the Board's Order
of August 1, 1972, contained any reference to
insurance sales activities as the Board only considered the mortgage banking activities of Wilson.
However, the Order expressly subjected the
Board's determination to the conditions set forth
in section 225.4(c) of Regulation Y which provides, inter alia, " t h e activities involved shall not
be altered in any significant respect from those
considered by the Board in making the determination."
On August 16, 1972, Applicant acquired shares
of Wilson, which, both prior and subsequent to
that date, was a party to agency agreements with
two different group credit underwriters, under
which it sold, and received commission income
for the sale of, credit life and credit health and
accident insurance. On April 16, 1973, Applicant
filed the instant application and, shortly thereafter,
ceased the insurance sales activities of Wilson.
The Board has considered both whether Applicant has "knowingly and willfully" made a false
statement to the Board within the meaning of
section 1001 of Title 18 of the United States Code
and whether Applicant has " w i l l f u l l y " violated
the Bank Holding Company Act and Regulation
Y, within the meaning of section 8 of the Act
(12 U.S.C. 1847). In doing so, the Board has
considered Applicant's asserted reliance on disclaimers made by officers of Wilson at the time
of the Wilson application to the effect that Wilson's insurance activities did not constitute "acting as insurance agent or broker." 2 That reliance
may have been misplaced, particularly in that the
question whether certain activities constitute "acting as insurance agent or broker" for purposes
of Regulation Y is a question of law, not of fact,
and not susceptible to resolution by officers of
Wilson. However, upon the basis of the facts
presented, the Board concludes that Applicant did
neither knowingly and willfully make a false
statement in its application nor engage in a willful
violation of the Act.
2
That the sale of credit-related insurance coverage under a
group policy is contemplated within the phrase "acting as
insurance agent or broker" has been recognized by the Board
virtually since the promulgation of section 225.4(a)(9) of
Regulation Y (12 CFR 225.4(a)(9) after enactment of the 1970
Amendments. For example, see Order of January 27, 1972
Approving Acquisition of IDS Credit Corporation by First
Bank System, Inc., Minneapolis, Minnesota, 58 Federal Reserve BULLETIN 172, 173 (1972).
57
Applicant controls one bank with aggregate deposits of $1.9 billion representing approximately
19 per cent of the total deposits of commercial
banks in North Carolina. (All banking data are
as of June 30, 1973.) Applicant has nonbanking
subsidiaries which are engaged principally in consumer finance activities, mortgage activities, factoring activities, and insurance agency activities.
Wilson has previously engaged in the sale of
insurance as agent in connection with its mortgage
company activities. Wilson had gross commission
income of approximately $78 thousand for its
fiscal year 1972. All of the commissions resulted
from the sale, at Wilson's seven offices in South
Carolina, of declining coverage term life insurance
policies where the coverage was equal to the
outstanding balance of a mortgage held or serviced
by Wilson and of accident and health insurance
policies where the coverage was equal to monthly
mortgage payments. Thus, it appears all of Wilson's gross commission income is directly related
to an extension of credit by Wilson or directly
related to provision of other financial services by
Wilson.
Although Applicant engages in certain insurance
agency activities through some of its existing subsidiaries, approval of the proposed acquisition
would not eliminate any significant existing competition between Applicant's subsidiaries and
Wilson in the area of insurance sales because of
the limited nature of the respective insurance activities. Applicant's subsidiaries do not derive income from the sale of credit life or credit accident
and health insurance to mortgage customers in
South Carolina, nor does Wilson receive income
from the sale of any such insurance in North
Carolina.
It is anticipated that the provision of insurance
by Wilson will provide a convenient alternative
source of insurance agency services for its mortgage customers. There is no evidence in the record
indicating that continuation of Wilson's insurance
sales activities would result in any undue concentration of resources, unfair competition, conflicts
of interests, unsound banking practices or other
adverse effects.
Based upon the foregoing and other considerations reflected in the record, the Board has
determined that the balance of the public interest
factors the Board is required to consider under §
4(c)(8) is favorable. Accordingly, the application
is hereby approved. The insurance sales activities
shall resume not later than three months after the
effective date of this Order, unless such period
FEDERAL RESERVE BULLETIN • JANUARY 1974
58
is extended for good cause by the Board, or by
the Federal Reserve Bank of Richmond. This
determination is also subject to the conditions set
forth in § 225.4(c) of Regulation Y (12 CFR
225.4(c)) 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 compliance
with the provisions and purposes of the Act and
the B o a r d ' s r e g u l a t i o n s and o r d e r s issued
thereunder, or to prevent evasion thereof.
By order of the Board of Governors, effective
December 28, 1973.
Voting for this action: Vice Chairman Mitchell and Governors Daane, Brimmer, and Holland. Absent and not voting:
Chairman Burns and Governors Sheehan and Bucher.
(Signed) T H E O D O R E E . A L L I S O N ,
Assistant Secretary of the Board.
[SEAL]
ORDER UNDER SECTION 4(c)(9)
OF BANK HOLDING COMPANY ACT
THE ROYAL TRUST COMPANY,
MONTREAL, QUEBEC, CANADA
ORDER DENYING
A C Q U I S I T I O N OF
SYSTEMS D E S I G N ,
INFORMATION
INC.
The Royal Trust Company, Montreal, Quebec,
Canada ( " R o y a l " ) , a foreign bank holding company within the meaning of § 225.4(g)(l)(iii) of
Regulation Y, has applied for the Board's approval
under § 4(c)(9) of the Bank Holding Company Act
( " A c t " ) to indirectly acquire Information Systems
Design, Inc. ( " I S D " ) , Oakland, California.
Royal proposes to acquire Computel Systems,
Ltd. ( " C o m p u t e l " ) , a Canadian corporation that
is primarily engaged in the business of selling
computer time. 1 Royal proposes to acquire Computel in order to obtain an internal source of
computer services that may increase efficiency and
reduce Royal's cost of obtaining such services.
ISD is a wholly-owned subsidiary of Computel
that is also primarily engaged in selling computer
time. ISD provides other related services, including storage of information and programs on magnetic recording devices, leasing remote terminal
computer devices and telephone lines, and writing
'Although the data processing activities of Computel are
broader than those permissible for a domestic bank holding
company under § 4(c)(8) of the Act, § 225.4(g)(2)(i) of Reg.
Y provides that a foreign bank holding company may engage
in direct activities of any kind outside the United States.
and developing computer programs. Royal
proposes to indirectly acquire ISD contemporaneously with and as an incident to its acquisition
of Computel. Pursuant to § 225.4(g)(3) of Regulation Y and § 4(c)(9) of the Act, Royal has
requested the Board to exempt its indirect acquisition of ISD from the prohibition against nonbanking interests contained in § 4 of the Act.
Section 4(c)(9) of the Act provides that the
prohibitions of § 4 shall not apply to the investments or activities of foreign bank holding companies that conduct the greater part of their business outside the United States if the Board by
regulation or order determines that, under the
circumstances and subject to the conditions set
forth in the regulation or order, the exemption
would not be substantially at variance with the
purposes of the Act and would be in the public
interest. Royal has applied for a special exemption
for its acquisition of ISD under § 225.4(g)(3) of
Regulation Y, contending that such acquisition
would be consistent with the purposes of the Act
and would be in the public interest.
In support of its request for an exemption pursuant to § 4(c)(9), Royal states that the acquisition
of ISD is merely an incident to an essentially
foreign transaction which would have no adverse
effects in the United States. Although Royal's
indirect acquisition of ISD is part of an essentially
foreign transaction, a domestic bank holding company would be prohibited from acquiring a company engaged in the range of data processing
activities of ISD. 2 The Board believes that the
acquisition of a data processing company engaged
in the range of activities of ISD could give a
foreign bank holding company a competitive advantage over a domestic bank holding company
and that the acquisition of such a company is
inappropriate for a foreign bank holding company.
Royal has not presented arguments that would
support a contrary conclusion. On the basis of the
foregoing and other considerations reflected in the
record, the Board hereby denies Royal's request
for an exemption pursuant to § 4(c)(9) to permanently acquire ISD. Since Royal proposes to indirectly acquire ISD simultaneously with its acquisition of Computel and as an incident to an essen-
2
Selling more than excess computer time, storing and processing information that is not financial in nature, and developing programs that are not financial in nature are not permitted
by the Board's data processing regulation and interpretation
unless such data processing services are requested by a customer and are not otherwise reasonably available in the relevant
market area (§ 225.4(a)(8) of Reg. Y and 12 CFR § 225.123).
LAW DEPARTMENT
59
tially foreign transaction, the Board finds that it
would be consistent with the standards of § 4(c)(9)
to permit Royal to temporarily acquire ISD and
to grant Royal a reasonable period of time in which
to effect an orderly divestiture of ISD. Gn this
basis, the Board hereby permits Royal to temporarily acquire ISD subject to the condition that
Royal shall use its best efforts to divest ISD as
soon as practicable after its acquisition of Computel, but in no event shall Royal retain any interest
in ISD after two years from the date of its acquisition of Computel.
By order of the Board of Governors, effective
December 6, 1973.
Voting for this action: Governors Brimmer, Sheehan,
Bucher and Holland. Absent and not voting: Chairman Burns
and Governors Mitchell and Daane.
(Signed)
CHESTER
Secretary
[SEAL]
B. F E L D B E R G ,
of the Board.
ORDERS NOT PRINTED IN THIS ISSUE
During December 1973, the Board of Governors approved the applications listed below. The orders
have been published in the Federal Register, and copies of the orders are available upon request to
Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551.
ORDERS UNDER SECTION 3(a)(1) OF BANK HOLDING COMPANY A C T APPLICATIONS FOR FORMATION OF BANK HOLDING COMPANY
Applicant
Lloyds Bank Limited, London,
England and Lloyds First
Western Corporation, Wilmington, Delaware
Victoria Bankshares, Inc.,
Victoria, Texas
Bank(s)
Board action
(effective
date)
Federal
Register
citation
First Western Bank and Trust
Company, Los Angeles,
California
12/10/73
38 F.R. 31691
12/17/73
Victoria Bank and Trust Company,
Victoria; Farmers State Bank
and Trust Co., Cuero; The First
National Bank of Nordheim,
Nordheim, Home State Bank,
Westhoff; Community State
Bank, Runge; and Smiley State
Bank, Smiley, all in Texas
12/27/73
39 F.R. 1323
1/7/74
ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY A C T APPLICATIONS FOR ACQUISITION OF BANK
Applicant
Austin Bancshares Corporation,
Austin, Texas
Boatmen's Bancshares, Inc.,
St. Louis, Missouri
Boatmen's Bancshares, Inc.,
St. Louis, Missouri
Charter New York Corporation,
New York, New York
Bank(s)
Oak Hill National Bank,
Oak Hill, Texas
Boatmen's National Bank of North
St. Louis County, St. Louis
County, Missouri
Bank of Pevely,
Pevely, Missouri
The First National Bank of
Hancock, Hancock, New York
Board action
(effective
date)
12/12/73
12/21/73
12/6/73
12/4/73
Federal
Register
citation
38 F.R. 34834
12/19/73
39 F.R. 1120
1/4/74
38 F.R. 34510
12/14/73
38 F.R. 34511
12/14/73
A 60
FEDERAL RESERVE BULLETIN • JANUARY 1974
ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY A C T APPLICATIONS FOR ACQUISITION OF BANK—Cont.
Applicant
Fidelity American Bankshares,
Inc., Lynchburg, Virginia
First Amtenn Corporation,
Nashville, Tennessee
First Bancorp of N . H . , Inc.,
Exeter, N e w Hampshire
First Bancorp of N . H . , Inc.,
Exeter, N e w Hampshire
First Financial Corporation,
Tampa, Florida
FrostBank Corporation,
San Antonio, Texas
Mercantile Bankshares Corporation, Baltimore, Maryland
Mercantile Bancorporation,
Inc., St. Louis, Missouri
Mercantile Bancorporation Inc.,
St. Louis, Missouri
PanNational Group Inc.,
El Paso, Texas
Southeast Banking Corporation,
Miami, Florida
Southeast Banking Corporation,
Miami, Florida
Southwest Florida Banks, Inc.,
Fort Myers, Florida
Tennessee Valley Bancorp, Inc.,
Nashville, Tennessee
Northern States Bancorporation,
Inc., Detroit, Michigan and
Twin Gates Corporation, Wilmington, Delaware
Bank(s)
The Peoples Bank of Buena Vista,
Virginia, Inc., Buena Vista,
Virginia
City National Bank of Memphis,
Memphis, Tennessee
Laconia Peoples National Bank and
Trust Company, Laconia,
N e w Hampshire
The Merchants National Bank of
Manchester, Manchester,
N e w Hampshire
Gadsden State Bank,
Chattahoochee, Florida
Colonial National Bank,
San Antonio, Texas
The Fidelity Bank,
Frostburg, Maryland
High Ridge Bank,
High Ridge, Missouri
Rozier Bank, Ste.
Genevieve, Missouri
Franklin National Bank,
El Paso, Texas
Bank of Wildwood,
Wildwood, Florida
First Citizens Bank and Trust
Company, Titusville, Florida
North First Bank, North Fort
Myers, Florida, and South First
Bank, Fort Myers, Florida
First Trust & Savings Bank,
Clarksville, Tennessee
Union National Bank and Trust
Company of Marquette,
Marquette, Michigan
Board action
(effective
date)
12/6/73
38 F.R. 34512
12/14/73
12/21/73
39 F.R. 1123
1/4/74
38 F.R. 34027
12/10/73
12/3/73
12/12/73
38 F.R. 34834
12/19/73
12/27/73
38 F.R. 1397
1/8/74
38 F.R. 35054
12/21/73
39 F.R. 1400
1/8/74
12/13/73
12/28/73
12/13/73
12/4/73
12/7/73
12/12/73
12/27/73
12/28/73
12/7/73
12/28/73
ORDERS UNDER SECTION 4(c)(8) OF BANK HOLDING COMPANY A C T APPLICATIONS TO ENGAGE IN NONBANKING ACTIVITIES
Board action
Nonbanking Company
(effective
Applicant
(or activity)
date)
Bank America Corporation,
San Francisco, California
Fidelity Corporation of Pennsylvania, Rosemont, Pennsylvania
B A Insurance Company, Inc.,
San Francisco, California
Local Finance Corporation of
Florida
Federal
Register
citation
12/27/73
12/27/73
38 F.R. 35055
12/21/73
38 F.R. 34514
12/14/73
38 F.R. 35055
12/21/73
38 F.R. 34835
12/19/73
39 F.R. 1402
1/8/74
39 F.R. 1403
1/8/74
38 F.R. 34093
12/17/73
39 F.R. 1402
1/8/74
Federal
Register
citation
39 F.R. 1396
1/8/74
39 F.R. 1397
1/8/74
LAW DEPARTMENT
61
ORDER UNDER BANK MERGER ACT—
APPLICATION TO MERGE, CONSOLIDATE, OR ACQUIRE ASSETS
Board action
(effective
Applicant
Bank(s)
date)
New Victoria Bank and Trust
Company, Victoria, Texas
Victoria Bank and Trust
Company, Victoria, Texas
12/27/73
Federal
Register
citation
39 F.R. 1404
1/8/74
ORDERS ISSUED BY FEDERAL RESERVE BANKS
During December or November 1973, applications were approved by the Federal Reserve Banks
under delegated authority as listed below. The orders have been published in the Federal Register,
and copies of the orders are available upon request to the Reserve Bank.
Bank(s)
Applicant
Reserve
Chatham Trust Company,
State Street Boston Financial
Chatham, Massachusetts
Corporation, Boston, Massachusetts
Central Bancorporation, Inc., The Commercial Banking &
Cincinnati, Ohio
Trust Company, Wooster,
Ohio
American Beach Boulevard
American Banks of Florida,
Inc., Jacksonville, Florida
Bank, American Arlington
Bank, and American
Mandarin Bank, in
Jacksonville, Florida
Community Banks of Florida, Clearwater Mall Community
Bank, Clearwater, Florida
Seminole, Florida
First Citizens Bank,
Twin Gates Corporation,
Wilmington, Delaware and
Troy Michigan
Northern States Bancorporation, Inc., Detroit, Michigan
Effective
date
Bank
Federal
Register
citation
Boston
12/10/73
38 F.R. 34836
12/19/73
Cleveland
12/6/73
38 F.R. 34690
12/17/73
Atlanta
12/21/73
39 F.R. 1395
1/8/74
Atlanta
11/28/73
Chicago
11/30/73
38 F.R. 34156
12/11/73
38 F.R. 34692
12/17/73
ORDER UNDER BANK MERGER A C T APPLICATION TO MERGE, CONSOLIDATE, OR ACQUIRE ASSETS
Applicant
Brownsburg State Bank,
Brownsburg, Indiana
Bank
Hendricks County Bank and
Trust Company,
Plainfield, Indiania
Reserve Bank
Chicago
Board
action
(effective
date)
12/10/73
Federal
Register
citation
38 F.R. 35053
12/21/73
Announcements
CHANGES IN BOARD STAFF
The Board of Governors of the Federal Reserve
System has announced, effective January 1, 1974,
the following promotions: Samuel B. Chase, Jr.,
from Associate Director, Division of Research and
Statistics, to Adviser to the Board, Office of Managing Director for Research and Economic Policy;
and Edward C. Ettin and Eleanor J. Stock well
from Assistant Advisers to Associate Advisers in
the Division of Research and Statistics. Effective
January 6, 1974, Griffith L. Garwood, Adviser,
Division of Supervision and Regulation, has been
named Adviser in the Legal Division.
The Board also has announced the following
official staff appointments, effective January 14,
1974:
James L. Kichline has been appointed an Assistant Adviser in the Division of Research and
Statistics. On the Board's staff since 1966, Mr.
Kichline holds a Ph.D. degree from the University
of Maryland.
Thomas D. Thomson has been named an Assistant Adviser in the Division of Research and
Statistics. Mr. Thomson, who has been on the
Board's staff since 1965, holds a Ph.D. degree
from the Graduate School of Business at the University of Chicago.
Helmut F. Wendel has been appointed an Assistant Adviser in the Division of Research and
Statistics. Mr. Wendel, who joined the Board's
staff in 1951, holds M . A . and Ph.D. degrees from
Columbia University.
Charles W. Wood has been appointed Assistant
Director in the Division of Personnel. Mr. Wood,
a graduate of the College of William and Mary,
joined the Board's staff in 1960.
In addition, Pauline B. Heller, Assistant General Counsel in the Legal Division, has retired,
and Jerold E. Slocum, Director, Division of Data
Processing, has resigned.
CHANGE IN MARGIN REQUIREMENTS
The Board of Governors lowered its margin requirement for purchasing or carrying stocks from
65 per cent to 50 per cent, effective January 3,
1974.
The action covers new extensions of credit for
the purpose of purchasing or carrying stocks that
are registered on a national stock exchange or are
included in the Board's over-the-counter margin
list. As a result of the action, persons buying such
stocks on credit will be required to put up a
minimum of 50 per cent of the purchase price—
instead of 65 per cent—at the time of the transaction. Credit may be obtained for the remaining
50 per cent. This action was taken under the
authority granted to the Board in the Securities
Exchange Act of 1934 to prevent the excessive
use of credit to finance securities transactions.
In announcing the change, the Board noted the
sharp reduction that has occurred in stock market
credit since margin requirements were increased
from 55 to 65 per cent effective November 24,
1972. Margin credit extended by brokers and
dealers declined last November for the eleventh
consecutive month. The level of margin debt at
broker-dealers on November 30 was about $ 5 . 5
billion, or 31 per cent below the peak of $ 7 . 9
billion in December 1972.
In line with the new margin requirement, the
required deposit on short sales was lowered from
65 to 50 per cent, also effective January 3, 1974.
The 50 per cent margin requirement for purchasing
or carrying convertible bonds and the 70 per cent
''retention requirement" that applies to undermargined accounts remain the same. This latter
requirement relates to that portion of the proceeds
of a sale of securities that must be retained in an
account if the account's equity does not meet the
initial margin requirement—50 per cent.
The action applies specifically to new extensions
of credit by brokers and dealers (Regulation T)
and loans by banks and other lenders (Regulations
U and G, respectively) for the purpose of purchasing or carrying margin stocks.
AMENDMENT TO REGULATION T
The Board of Governors has announced an
amendment to its Regulation T—extension of
credit on securities by brokers or dealers—withdrawing permission for brokers or dealers to sell
certain kinds of investment contract securities on
credit.
63
A 64
FEDERAL RESERVE BULLETIN • JANUARY 1974
The amendment, to become effective June 21,
1974, will provide uniform treatment of every
security, for credit purposes, as an indivisible
whole. The amendment was published for comment July 5, 1973.
The amendment relates to, but is not limited
to, the arrangement for credit by securities brokers
or dealers in the sale of investment contract securities such as a program to own and feed cattle,
or to own and rent, through a related rental arrangement, a condominium unit. In general, the
combination, in one package, of both property
ownership and provision for services such as cattle
feeding or rental management makes such an investment a "security" subject to securities credit
regulation.
The Board has held that, in most cases, securities brokers and dealers are not permitted, under
Regulation T, to arrange credit for the sale of such
investment contract securities. However, the
Board had made an exception where the property
sale and the management contract were separate
items and the credit involved was connected only
with the property. The current amendment negates
that exception, and makes the extension of credit
on any part of such an investment an extension
of credit on the whole. This makes it impermissible for securities brokers and dealers to arrange
for such credit unless collateral is supplied that
meets the requirements of the regulation. Others
may continue to sell such investment programs on
credit.
EARNINGS AND EXPENSES OF THE FEDERAL
RESERVE BANKS IN 1973
Preliminary figures from the Federal Reserve
Banks indicate that their 1973 gross current earnings amounted to $ 5 , 0 1 7 million. Expenses totaled
$495 million, leaving net current earnings of $4,522 million. With an $81 million net deduction
from profit and loss account (due to losses of $35
million on the sale of U . S . Government securities
and $46 million on foreign exchange transactions),
net earnings before payments to the U . S . Treasury
were $4,441 million. Payments to the Treasury
as interest on Federal Reserve notes amounted to
$4,341 million; statutory dividends to member
banks, $49 million; and additions to surplus accounts, $51 million.
Under the policy adopted by the Board of Governors at the end of 1964, all net earnings after
the statutory dividend to member banks and additions to surplus to bring it to the level of paid-in
capital were paid to the U . S . Treasury as interest
on Federal Reserve notes.
EARNINGS, EXPENSES, AND DISTRIBUTION OF
NET EARNINGS OF FEDERAL RESERVE BANKS,
1973 AND 1972
In thousands of dollars
Item
Current earnings
Current expenses
Current net earnings
Net deduction from current net
earnings
Net earnings before payments to
U . S . Treasury
Dividends paid
Payments to U . S . Treasury (interest on F. R. notes)
Transferred to surplus
1973
1972
5,016,769
495,117
3,792,334
414,606
4,521,652
3,377,728
-80,654
-49,616
4,440,998
3,328,1 12
49,140
46,183
4,340,680
3,231,268
51,178
50,661
Compared with 1972, gross earnings were up
$1,225 million, or 32 per cent. The principal
changes in earnings were as follows: on U . S .
Government securities, an increase of $1,125 million; on discounts and advances, an increase of
$95 million.
NEW PUBLICATION
Joint Treasury-Federal
Reserve Study of the U.S.
Government
Securities
Market: Staff
Studies—
Part 3 is available for distribution. It consists of
the following three papers: " N e w Techniques in
Debt Management from the Late 1950's Through
1966" by Lawrence B any as; "Dealer Profits and
Capital Availability in the U.S. Government Securities Industry, 1955-65" by William G. Colby,
Jr.; and "Automating Operations in the Government Securities Market" by Felix T. Davis and
Matthew J. Hoey. Copies may be obtained from
Publications Services, Division of Administrative
Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. The price
is $ 1 . 0 0 per copy; in quantities of 10 or more
sent to one address, 85 cents each.
REVISED CHARTS FOR STAFF STUDY
ON ENERGY
Three charts appearing in " U . S . Energy Supplies
and U s e s " published in the December 1973 Federal Reserve BULLETIN have been revised and are
included in the reprint.
Revised Charts 13 and 14 provide more appropriate subdivisions of annual energy data between
end-product and processing uses in the period
immediately after World War II. At that time total
coal shipments for rail, vessel, and space-heating
purposes were still large, and this was not ade-
ANNOUNCEMENTS
quately illustrated by the data used for the original
charts.
Chart 17 has been amended to show an approximate adjustment for the quantity of Btu's " l o s t "
in the conversion of fossil fuels in the generation
of electricity.
The three revised charts are available, either
separately or in the reprint, from Publications
Services, Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington, D . C . 20551.
PUBLISHED INTERPRETATIONS OF THE BOARD
Supplement No. 20 to the looseleaf compilation
of "Published Interpretations of the Board of
Governors of the Federal Reserve S y s t e m , " con-
65
taining the published interpretations as of June 30,
1973, is now available.
ADMISSION OF STATE BANKS TO MEMBERSHIP
IN THE FEDERAL RESERVE SYSTEM
The following banks were admitted to membership
in the Federal Reserve System during the period
December 16, 1973, through January 15, 1974:
Florida
Hillsborough County
Michigan
Livonia
New York
Syracuse
American Guaranty
Bank
Manufacturers Bank of Livonia
Chemical Bank of Syracuse
Industrial Production
Released for publication January 16
Total industrial production declined 0.5 per cent
in December, reflecting a sharp drop in automobile
output and reduced use of electricity and gas
mainly by residential and commercial users. Excluding motor vehicles and parts and electric and
gas utilities, the index rose slightly. The total
index, at 126.6 per cent of the 1967 average, was
4.5 per cent above a year earlier.
Auto assemblies in December were at an annual
rate of 8.2 million units, down 14.6 per cent from
November. Preliminary January output schedules
indicate a further decline of about 15 per cent.
Production of other consumer durable goods was
off slightly in December, as output of some
household appliances declined. Nondurable consumer goods, excluding the decline in electric and
gas utilities, also edged off. Output of business
equipment, however, rose 0.4 per cent to a new
high. Production of construction products and steel
and other durable and nondurable materials was
maintained at about their previous advanced
levels.
INDUSTRIAL PRODUCTION
SEASONALLY ADJUSTED, RATIO SCALE, 1967=100
- MAJOR MATERIALS:
QUARTERLY
—^CAPACITY /
l/
-
U-f
| PRODUCTO
IN
-
-4
1967
1969
1971
1973
1967
1969
1971
1973
F.R. indexes, seasonally adjusted. Latest figures: December.
Seasonally adjusted
1967 = 100
Per cent
changes from—
Per cent changes, annual rate
Industrial production
1973
p
e
Month
ago
Year
ago
Oct.
Nov.
Total
Products, total
Final products
Consumer goods
Durable goods
Nondurable goods
Business equipment
127.0
124.4
122.8
132.8
138.2
130.8
126.2
127.3
124.9
123.2
133.2
138.9
130.9
127.1
126.6
123.9
122.0
130.7
134.4
129.4
127.6
-.5
-.8
-1.0
-1.9
-3.2
-1.1
.4
Intermediate products
Construction products
Materials
130.5
134.3
131.5
131.2
135.0
131.3
131.0
135.0
131.0
-.2
p
Preliminary.
e
Dec.
-.2
1973
QII
QUI
QIV
4.5
4.0
4.5
2.3
-.4
-3.5
11.5
5.5
5.3
5.0
3.7
9.3
1.3
10.9
6.1
3.9
4.3
1.8
-8.8
6.6
11.2
.9
1.0
2.3
.3
-2.8
1.8
8.0
2.6
4.9
5.3
4.6
7.4
7.0
4.0
6.9
8.4
-3.2
-.4
.9
Estimated.
67
A 1
Financial and Business Statistics
CONTENTS
A
3
GUIDE TO TABULAR PRESENTATION
A
3
STATISTICAL RELEASES: REFERENCE
U.S. STATISTICS:
A
4
A
A
A
A
A
A
A
A
7
8
9
10
11
12
14
15
Member bank reserves, Federal Reserve Bank credit,
and related items
Federal funds—Major reserve city banks
Reserve Bank interest rates
Reserve requirements
Maximum interest rates; margin requirements
Open market account
Federal Reserve Banks
Bank debits
U.S. currency
A
A
A
A
A
A
A
A
A
A
A
A
16
17
18
24
29
30
31
31
32
35
36
37
Money stock
Bank reserves; bank credit
Commercial banks, by classes
Weekly reporting banks
Business loans of banks
Demand deposit ownership
Loan sales by banks
Open market paper
Interest rates
Security markets
Stock market credit
Savings institutions
A
A
A
A
A
A
A
39
40
42
45
48
49
54
Federally sponsored credit agencies
Federal finance
U.S. Government securities
Security issues
Business finance
Real estate credit
Consumer credit
Continued on next page
A70FEDERAL RESERVE BULLETIN • JANUARY 1974
U.S. STATISTICS—Continued
A
A
A
A
A
A
A
A
58
62
62
64
66
66
68
70
Industrial production
Business activity
Construction
Labor force, employment, and earnings
Consumer prices
Wholesale prices
National product and income
Flow of funds
INTERNATIONAL STATISTICS:
A 72
A 73
A 74
A 75
A 76
A 91
A 92
A 93
A 94
A 95
U.S. balance of payments
Foreign trade
U.S. gold transactions
U.S. reserve assets; position in the IMF
International capital transactions of the United States
Foreign exchange rates
Central bank rates
Open market rates; arbitrage on Treasury bills
Gold reserves of central banks and governments
Gold production
TABLES PUBLISHED PERIODICALLY:
A
96
A 105
Stock market credit
INDEX TO STATISTICAL TABLES
A 3
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
e
c
p
r
rp
N.S.A.
Estimated
Corrected
Preliminary
Revised
Revised preliminary
I, II,
III, IV Quarters
n.e.c.
Not elsewhere classified
A.R.
Annual rate
S.A.
Monthly (or quarterly) figures adjusted for
seasonal variation
IPC
SMSA
A
L
S
U
*
Monthly (or quarterly) figures not adjusted
for seasonal variation
Individuals, partnerships, and corporations
Standard metropolitan statistical area
Assets
Liabilities
Sources of funds
Uses of funds
Amounts insignificant in terms of the particular unit (e.g., less than 500,000
when the unit is millions)
(1) Zero, (2) no figure to be expected, or
(3) figure delayed
GENERAL INFORMATION
Minus signs are used to indicate (1) a decrease, (2)
a negative figure, or (3) an outflow.
A heavy vertical rule is used in the following instances: (1) to the right (to the left) of a total when
the components shown to the right (left) of it add to
that total (totals separated by ordinary rules include
more components than those shown), (2) to the right
(to the left) of items that are not part of a balance sheet,
(3) to the left of memorandum items.
"U.S. Govt, securities" may include guaranteed
issues of U.S. Govt, agencies (the flow of funds figures
also include not fully guaranteed issues) as well as direct
obligations of the Treasury. "State and local govt."
also includes municipalities, special districts, and other
political subdivisions.
In some of the tables details do not add to totals
because of rounding.
The footnotes labeled N O T E (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 SEMIANNUALLY OR ANNUALLY,
WITH LATEST BULLETIN REFERENCE
Quarterly
Sales, revenue, profits, and dividends of large manufacturing
corporations
Issue
Page
Dec. 1973
Annually—Continued
A-96
Semiannually
Banking offices:
Analysis of changes in number
On, and not on, Federal Reserve
Par List, number
Annually
Bank holding companies:
List, Dec. 31, 1971
Banking offices and deposits of
group banks, Dec. 31, 1972
Banking and monetary statistics:
1972
Aug. 1973
Issue
Page
Banks and branches, number,
by class and State
Apr. 1973
Flow of funds:
Assets and liabilities:
1961-72
Sept. 1973
A-71.14—A-71.28
Sept. 1973
A-70—A-71.13
A-96—A-97
A-96
Aug. 1973
A-97
June 1972
A-98
June 1973
A-102—A-104
Mar. 1973
July 1973
A-100—A-114
A-96—A-99
Flows:
1961-72
Income and expenses:
Federal Reserve Banks ..
Insured commercial banks
Member banks:
Calendar year
Income ratios
Operating ratios
Feb. 1973
May 1973
A-98—A-99
A-96—A-97
May 1973
May 1973
June 1973
A-96—A-105
A-106—A-l 11
A-96—A-101
Stock market credit
Jan. 1974
A-96—A-97
Statistical Releases
LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE
Issue
Anticipated schedule of release dates for individual releases
Dec. 1973
Page
A-104
A 4
BANK RESERVES AND RELATED ITEMS • JANUARY 1974
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS
(In millions of dollars)
Factors supplying reserve funds
Reserve Bank credit outstanding
Period or date
U.S. Govt, securities i
Total
Bought
outright
Held
under
repurchase
agreement
Loans
Float 2
Other
F.R.
assets 3
Total 4
Gold
stock
Special
Drawing
Rights
certificate
account
Averages of daily figures
1939—Dec
1941—Dec
1945—Dec
1950—Dec
1960—Dec
2,510
2,219
23,708
20,345
27,248
2,510
2,219
23,708
20,336
27,170
1968—De c
1969—De c
1970—De c
1971—Dec
52,529
57,500
61,688
69,158
52,454
57,295
61,310
68,868
1972—Dec
71,094
1973—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.
Oct
Nov
Dec.*
72,194
72,307
74,019
75,353
76,758
75,355
77,448
76,653
76,073
78,042
78,457
79,701
2,612
2,404
24,744
21,606
29,060
17,518
22,759
20,047
22,879
17,954
2,204
1,032
982
56,610
64,100
66,708
74,255
10,367
10,367
11,105
10,132
400
400
3,479
1,138
76,851
10,410
400
3,267
2,556
2,387
2,319
2,247
2,369
3,113
2,566
2,924
2,933
2,763
3,326
1,329
1,004
839
1,043
960
942
1,180
1,018
889
1,122
1.078
1.079
78,063
77,600
79,219
80,542
81,889
80,546
83,880
82,445
81,809
83,643
83,755
85,554
10,410
10,410
10,410
10,410
10,410
10,410
10,410
10,410
10,410
10,933
11,567
11,567
400
400
400
400
400
400
400
400
400
400
400
400
9
78
8
5
381
142
94
83
170
652
1,117
1,665
75
205
378
290
765
1,086
321
107
3,251
3,235
3,570
3,905
70,790
304
1,049
71.711
72,082
73,624
74,914
76,205
75,047
76,875
76,475
75.712
77,500
77,937
78,833
483
225
395
439
553
308
573
178
361
542
520
868
1,165
1,593
1,858
1,721
1,786
1,789
2,051
2,143
1,861
1,467
1,399
1,298
Week ending—
1973—Oct.
3
10
17
24
31
77,917
77,376
78,053
78,419
78,325
76,503
76,360
77,692
78,267
78,072
1,414
1,016
361
152
253
1,519
1,351
1.169
1,912
1,455
2,551
3,096
3,482
3,120
2,251
990
1,041
1,109
1,198
1,198
83,110
82,981
83,884
84,705
83,284
10,410
10,410
10,410
11,567
11,567
400
400
400
400
400
Nov.
7
14
21
28
78,007
77,154
79,692
78,886
78,007
76,867
78,365
78,404
287
1,327
482
1.170
1,521
1,572
1,287
2,194
2,526
877
339
1,281
1,378
826
871
82,701
82,633
85,044
84,438
11,567
11,567
11,567
11,567
400
400
400
400
5
12
19pp
26
79,532
78,727
79,571
80,087
78,232
78,036
78,752
79,242
1,300
691
819
845
1,475
1,303
1,489
1,042
2,500
2,580
3,255
4,697
942
963
1,037
1,229
84,569
83,673
85,480
87,276
11,567
11,567
11,567
11,567
400
400
400
400
80,378
79,107
80,495
8 78,606
78,203
80,395
1,772
904
100
2,198
1,915
1,257
2,654
2,124
2,799
1,265
916
1,152
86,602
84,133
85,771
11,567
11,567
11,567
400
400
400
3
10
17
24
31
78,766
73,802
78,952
79,371
80,378
8
9
8
8
8
76,657
73,802
77,849
78,302
78,606
2,109
1,103
1,069
1,772
1,205
705
1,536
3,367
2,198
3,474
4,561
3,770
3,281
2,654
1,028
1,117
1,170
1,215
1,265
84,612
80,228
85,558
87,329
86,602
10,410
10,410
10,410
11,567
11,567
400
400
400
400
400
7
14
21
28
77,207
79,417
80,862
79,466
9
9
8
8
77,207
77,406
78,441
78,507
2,011
2,421
959
840
3,992
1,385
1,486
2,997
3,146
3,649
3,750
1,315
1,375
859
923
82,406
88,036
86,873
85,685
11,567
11,567
11,567
11,567
400
400
400
400
79,639
78,206
81,965
76,740
8
9
8
9
78,203
77,590
79,223
76,740
1,436
616
2,742
686
1,580
1,568
485
3,819'
2,879
4,689
5,593
970
1,056
1,063
1,964
85,292
83,820
89,525
84,843
11,567
11,567
11,567
11,567
400
400
400
400
Dec.
End of month
1973—Oct
Nov
Dec.p
Wednesday
1973—Oct.
Nov.
Dec.
5f
12*
19*
26*
1
Includes Federal agency issues held under repurchase agreements as
of Dec. 1, 1966, and Federal agency issues bought outright as of Sept. 29,
2 Beginning with 1960 reflects a minor change in concept; see Feb. 1961
BULLETIN, p . 164.
8
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 Includes certain deposits of domestic nonmember banks and foreignowned banking institutions held with member banks and redeposited in
full with Federal Reserve Banks in connection with voluntary participation by nonmember institutions in the Federal Reserve System's program
of credit restraint.
Notes continued on opposite page.
JANUARY 1974 • BANK RESERVES AND RELATED ITEMS
A 5
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(In millions of dollars)
Factors absorbing reserve funds
Deposits, other
than member bank
reserves,
with F.R. Banks
Treasury
cash
holdings
Treasury
Foreign
Other 2,5
Other
F.R.
accounts 3
Other
F.R.
liabilities
and
capital 3
Member bank
reserves
With
F.R.
Banks
Currency
and
coin 6
Period or date
Total?
Averages of daily figures
2,595
11,473
12,812
16.027
17,391
19,283
1939—Dec.
1941—Dec.
1945—Dec.
1950—Dec.
1960—Dec.
4,737
4,960
5,340
5,676
27,221
28,031
29,265
31,329
1968—Dec.
1969—Dec.
1970—Dec.
1971—Dec.
24,830
6,095
31,353
1972—Dec.
26,220
25,432
25,848
26,281
26,214
25,776
27.156
27;377
27,509
28,457
28,260
28,264
6,463
6,031
5,856
5,824
6,007
6,086
6,274
6,296
6,402
6,371
6,383
6,639
32,962
31,742
31,973
32,277
32,393
32.028
33,542
33,785
34,019
34,912
34,727
34,984
1973—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec. P
2,972
2,735
2,802
2,904
3,004
28,073
28,105
28,518
29,128
28,368
6,515
6,606
6,413
5,899
6,496
34,672
34,795
35,015
35,111
34,948
662
696
722
684
2,726
2,738
2,913
2,986
28,062
27,924
29,009
28,058
6,479
6,720
5,997
6,286
34,625
34,728
35,090
34,428
Nov.
670
651
674
694
2,958
2,769
2,923
3,047
28,418
27,448
28,477
28,854
6,400
6,912
6,567
6,508
34,902
34,444
35,128
35,446
Dec.
248
292
493
739
1,029
11,473
12,812
16,027
17,391
16,688
-1,105
2,192
2,265
2,287
22,484
23,071
23,925
25,653
631
2,362
644
645
666
666
652
698
782
838
781
5 752
5 689
5 717
2,365
2,482
2,530
2,622
2,721
2,732
2,846
2,877
2,848
2,866
2,854
2,942
252
270
276
254
279
713
682
764
5 950
5 655
2,087
1,120
1,946
1,853
332
580
557
651
5
5
5
5
1,884
1,597
1,654
2,228
440
297
397
531
5
5
5
5
2,402
2,189
2,269
1,290
408
616
592
625
615
522
739
1,531
1,247
920
250
353
495
756
656
427
453
360
1,194
849
i 1.926
225
146
145
290
458
458
735
728
350
1,449
272
364
382
384
414
413
386
346
344
349
622
340
323
2,033
2,956
3,598
3,471
4,121
2,408
3,375
1,674
792
1,718
1,772
1,892
294
302
338
275
330
266
341
300
332
266
522
406
371
350
354
,522
365
1,771
1,362
1,439
1,566
2,422
364
338
333
329
334
315
307
328
Week ending—
1973—Oct.
3
10
17
24
7
14
21
28
5
12
19P
p
26
End of month
5 719
5 672
5 1,419
3,065
3,025
2,669
31,787
28,108
26,759
6,496
6,400
6,780
38,367
34,592
33,606
612
654
743
673
719
3,101
2,742
2,846
2,986
3,065
29,405
23,652
30,419
32,122
31,787
6,515
6,606
6,413
5,899
6,496
36,004
30,342
36,916
38,105
38,367
1973—Oct.
3
10
17
24
31
5
5
5
5
654
697
662
645
2,679
2,808
2,988
3,029
27,717
32,547
30,828
29,133
6,479
6,745
5,997
6,286
34,280
39,376
36,909
35,503
Nov.
7
14
21
28
5
5
5
5
716
632
670
593
2,720
2,801
2,986
3,021
29,104
27,155
31,702
25,361
6,400
6,912
6,567
6,508
35,588
34,151
38,353
31,953
Dec.
5p
12*
19 p
2 6p
342
317
332
1,837
1,945
2,542
426
420
251
367
355
381
1,537
342
1,594
2,638
1,124
1,252
1,837
239
265
286
272
426
5
5
5
5
5
353
343
333
333
1,557
1,530
1,404
2,001
413
552
759
516
333
335
303
321
1,705
1,524
2,092
2,716
369
297
283
729
1973—Oct.
Nov.
Dec. p
Wednesday
6 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.
i Beginning with week ending Nov. 15, 1972, includes $450 million of
reserve deficiencies on which F.R. Banks are allowed to waive penalties
for a transition period in connection with bank adaptation to Regulation J
as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies
included are (beginning with first statement week of quarter): Ql, $279
million;
Q2, $172 million; Q3, $112 million; Q4, $84 million.
8
Includes securities loaned—fully secured by U.S. Govt, securities
pledged
with
F.R. Banks.
9
Includes securities loaned—fully secured by U.S. Govt, securities
pledged with F.R. Banks. Also reflects securities sold, and scheduled to
be bought back, under matched sale/purchase transactions.
For other notes see opposite page.
A 6
BANK RESERVES AND RELATED ITEMS • JANUARY 1974
RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions of dollars)
Large banks 2
All member banks
All other banks
Period
Reserves
Borrowings
New York City
City of Chicago
Excess
Excess
Total
held 1
Required
Excess 1
1939—Dec
1941—Dec
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
2,611
989
48
125
192
58
1960—Dec
1965—Dec
1967—De c
1968—De c
1969—Dec
1970—De c
1971—De c
19,283
22,719
25,260
27,221
28,031
29,265
31,329
18,527
22,267
24,915
26,766
27,774
28,993
31,164
756
452
345
455
257
272
165
87
454
238
765
1,086
321
107
29
41
18
100
56
34
25
19
111
40
230
259
25
35
4
15
8
15
18
7
1972—De c
31,353
31,134
219
1,049
-20
301
1973—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.*
32,962
31,742
31,973
32,277
32,393
32,028
33,542
33,785
34,019
34,912
34,727
34,984
32,620
31,537
31,678
32,125
32,275
31,969
33,199
33,539
33,782
34,712
34,523
34,791
342
205
295
152
118
59
343
246
237
200
204
193
1,165
1,593
1,858
1,721
1,786
1,789
2,051
2,143
1,861
1,467
1,399
1,298
95
-13
72
38
-35
-62
144
37
-7
11
27
-11
193
324
176
146
110
145
135
109
115
74
180
74
-24
29
21
24
17
-37
43
206
422
278
-24
-7
Total
Seasonal
5
30
77
124
163
147
126
84
41
Borrowings
540
295
14
8
Borrowings
Other
Excess
Borrowings
Excess
Borrowings
5
1,188
1,303
418
232
1
96
50
671
804
1,011
663
3
4
46
29
8
23
13
85
27
4
8
100
67
50
90
6
42
-35
20
228
105
270
479
264
22
623
330
267
250
177
189
174
40
92
80
180
321
28
42
13
55
-42
429
-160
264
2
108
105
102
9
12
28
67
53
62
54
28
29
-33
-33
7
-111
-65
-78
-23
6
31
-11
-19
-24
578
693
857
828
881
904
855
754
712
589
593
763
-28
-47
45
40
37
88
98
81
115
136
118
286
471
723
738
783
712
994
1,227
972
750
598
432
33
-24
34
1
75
13
21
-42
-34
-80
-81
118
300
514
654
-126
-172
-215
-144
353
286
264
186
34
47
18
9
88
-102
-113
60
689
953
965
1,028
45
11
54
41
728
698
694
713
195
28
13
24
103
-52
10
-26
917
759
851
842
169
102
109
42
836
778
856
1,165
-6
8
6
-4
22
-7
24
Week ending1972—Dec.
6..
13..
20..
27..
31,009
31,068
31,408
31,441
30,673
30,824
31,202
31,252
336
244
206
189
589
805
1,221
1,118
1973—June
6..
13..
20..
27..
32,218
31,597
32,302
32,224
31,817
31,595
32,121
32,000
401
2
181
224
1,664
1,700
1,930
1,848
64
67
71
93
62
-78
92
-42
200
31
262
107
July
4..
11..
18..
25..
33,328
32,507
33,723
33,827
32,697
32,527
33,262
33,793
631
-20
461
34
2,402
1,680
1,720
2,081
111
117
117
128
190
-131
232
-150
454
115
50
57
-51
-2
56
Aug.
1..
8..
15..
22..
29..
34,051
33,455
33,827
33,600
33,796
33,552
33,381
33,511
33,558
33,673
499
74
316
42
123
2,095
2,006
1,914
2,133
2,561
141
158
148
163
185
266
-40
24
-24
-47
90
50
172
137
12
24
-3
2
-21
88
41
54
36
68
-5
-68
21
-84
2
785
741
656
712
948
114
46
162
36
77
1,222
1,134
1,154
1,213
1,408
Sept.
5..
12..
19..
26..
34,121
33,525
33,860
34,144
33,644
33,401
33,724
34,070
477
124
136
74
2,363
1,488
1,704
2,189
168
145
139
150
201
-46
-4
-21
143
32
91
217
29
-5
3
27
117
20
15
127
29
-38
-40
-80
799
590
758
855
106
101
65
36
1,304
846
840
990
Oct.
3..
10..
17..
24..
31..
34,672
34,795
35,015
35,111
34,948
34,220
34,395
35,106
34,741
34,817
452
400
-91
370
131
1,519
1,351
1,169
1,912
1,455
144
131
120
125
119
88
128
-158
131
-69
43
43
26
185
72
7
1
-9
7
30
41
9
58
66
81
130
10
-81
40
1
463
535
520
901
473
143
177
73
108
85
972
764
565
760
829
Nov.
7..
14. .
21..
28..
34,625
34,728
35,090
34,428
34,360
34,707
34,706
34,343
265
21
384
85
1,170
1,521
1,572
1,287
93
80
85
84
102
-109
111
-56
192
262
224
94
-54
-23
2
-13
12
61
15
28
-8
-29
65
-33
383
763
625
541
141
98
122
103
583
435
708
624
Dec.
5..
12..
19*.
26*.
34,902
34,444
35,128
35,446
34,456
34,472
34,865
34,949
446
-28
263
497
1,475
1,303
1,489
1,042
57
45
40
35
168
-139
136
212
102
163
15
-23
-20
24
11
11
29
-37
-35
-17
889
769
843
681
150
87
98
194
575
421
483
361
1
Beginning with week ending Nov. 15, 1972, includes $450 million of
reserve deficiencies on which F.R. Banks are allowed to waive penalties
for a transition period in connection with bank adaptation to Regulation J
as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies
included are (beginning with first statement week of quarter): Ql, $279
million; Q2, $172 million; Q3, $112 million; Q4, $84 million.
2
Beginning Nov. 9, 1972, designation of banks as reserve city banks
for reserve-requirement purposes has been based on size of bank (net
demand deposits of more than $400 million), as described in the Bulletin
for July 1972, p. 626. Categories shown here as "Large" and "All other"
parallel the previous "Reserve city" and "Country" categories, respectively
(hence the series are continuous over time).
NOTE.—Monthly and weekly data are averages of daily figures within
the month or week, respectively. Beginning with Jan. 1964 reserves are
estimated except for weekly averages.
Borrowings at F.R. Banks: Based on closing figures.
Effective Apr. 19, 1973, the Board's Regulation A, which governs lending by Federal Reserve Banks, was revised to assist smaller member banks
to meet the seasonal borrowing needs of their communities.
JANUARY 1974 • MAJOR RESERVE CITY BANKS
A 7
BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS
(In millions of dollars, except as noted)
Basic reserve position
Reporting banks
and
week ending—
NetExcess
reserves 1
Related transactions with
U.S. Govt, securities dealers
Interbank Federal funds transactions
Gross transactions
Borrowings
at F.R.
Banks
Net
interbank
Federal
funds
trans.
Per cent
Surplus
of
or
avg.
deficit required
reserves
Net transactions
Total
two-way
trans- 2
actions
Purchases
of net
buying
banks
Sales
of net
selling
banks
Loans
to
dealers 3
Borrowings
from
dealers 4
Net
loans
Purchases
Sales
78.7
87.3
84.0
79.8
18,939
19,861
19,131
18,265
7,106
6,912
6,547
6,492
4,871
020
108
304
14,068
14,842
14,022
12,962
2,235
1,893
1,439
1,189
2,463
2,560
1,911
1,890
683
774
,004
765
1,780
1,786
908
1,125
80.5
98.0
100.5
90.8
18,089
20,065
20,537
19,890
6,013
5,655
5,588
5,700
5,041
4,936
5,028
4,987
13,048
15,129
15,509
14,903
972
720
561
713
1,801
2,067
2,322
2,660
669
523
503
446
1,132
1,545
1,819
2,214
Total—46 banks
Nov.
7
14
21
28
54
-53
167
256
627
487
270
11,833
12,949
12,584
11,773
Dec.
5
12
19
26
178
9
40
333
322
531
768
180
12,076
14,409
14,949
14,190
-12,034
-13,628
-12,904
-11,955
-12,219
-14,732
-15,677
-14,037
7
14
21
28
74
-27
87
12
170
247
189
76
5,072
4,781
4,044
3,692
-5,168
-5,056
-4,147
-3,756
85.7
67.9
63.3
5,679
5,707
5,093
4.787
607
926
1,048
1,095
607
926
1,048
1,095
5,072
4,781
4,044
3,692
1,656
1,664
1,354
1,273
383
421
421
395
1,272
1,243
933
878
5
12
19
26
149
-19
86
188
102
163
3,774
4,759
4,940
4,944
-3,625
-4,881
-5,017
-4,757
58.7
79.8
78.7
76.1
4,686
5,589
5.788
5,843
912
830
848
899
912
830
848
899
3,774
4,759
4,940
4,944
1,198
1,429
1,674
1,669
351
334
329
273
847
1,096
1,344
1,395
6,761
-6,867
-8,572
-8,757
-8,199
74,1
91.5
94.6
90.6
13,260
14,154
14,038
13,478
6,499
5,886
5,499
5,397
4,264
4,093
4,060
4,208
8,996
10,061
9,978
9,270
2,235
1,893
1,439
1,189
807
896
557
618
300
353
583
370
13,403
14,476
14,749
14,047
101
825
740
801
4,129
4,106
4,180
4,088
9,274
10,370
10,570
9,959
972
720
561
713
603
638
649
991
318
189
174
172
285
449
475
819
95
95
54
414
505
261
330
8 in New York City
Nov.
Dec.
81.1
38 outside
New York City
Nov.
Dec.
7
14
21
28
-20
-25
80
76
86
379
298
195
8,539
8,081
5
12
19
26
29
28
-46
145
322
429
606
180
8,302
9,650
10,009
9,246
-8,594
-10,051
-9,281
95.4
110.1
115.4
100.7
51
-3,543
-4,035
-4,144
-3,437
216.2
247.4
263.6
226.2
4,254
4,504
4,943
4,371
736
521
801
924
652
466
717
847
3,602
4,038
4,225
3,525
84
55
84
77
509
600
316
330
859
732
72
356
405
366
364
8,168
-10,661
507
543
- 2 6
248
5 in City of Chicago
Nov.
Dec.
7
14
21
28
-25
11
3,518
3,983
4,142
3,448
5
12
19
26
14
-7
-23
57
3,455
3,838
4,085
3,208
-3,442
-3,856
-4,108
-3,151
232.7
247.3
251.3
206.1
4,386
4,570
4,766
4,007
931
732
799
727
3,527
3,838
4,084
3,281
-1
- 2
681
681
72
356
405
366
364
33 others
Nov.
7
14
21
28
86
328
298
195
3,243
4,185
4,398
4,633
-3,324
-4,537
-4,614
-4,763
43.6
58.6
60.0
63.3
9,006
9,650
9,095
9,107
5,763
5,466
4,698
4,474
3,612
3,628
3,343
3,362
5,394
6,023
5,753
5,745
2,152
1,838
1,355
Dec.
5
12
19
26
322
418
606
180
4,847
5,812
5,924
6,038
-5,153
-6,196
-6,553
-6,130
68.4
9,018
9,906
9,983
10,040
4,171
4,094
4,059
4,002
3,270
3,374
3,498
3,361
5,747
6,532
6,485
6,679
81.8
86.2
79.7
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 carryover reserves.
2 Derived from averages for individual banks for entire week. Figure
for each bank indicates extent to which the bank's weekly average purchases and sales are offsetting.
3 Federal funds loaned, net funds supplied to each dealer by clearing
205
258
528
370
93
39
-287
1,112
298
297
241
287
901
720
561
641
247
233
283
627
318
189
174
172
-71
44
109
455
-82
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.
NOTE.—Weekly averages of daily figures. For description of series
and back data, see Aug. 1964 BULLETIN, pp. 944-74.
A 8
F.R. BANK INTEREST RATES • JANUARY 1974
CURRENT RATES
(Per cent per annum)
Loans to member banks—
Under Sees. 13 and 13a i
Federal Reserve Bank
Rate on
Dec. 31,
1973
7*4
m
7*4
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
m
7*4
m
m
m
7*4
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
7*4
7*4
m
Effective
date
Previous
rate
Loans to all others under
last par. Sec. 13 3
Under Sec. 10(b) 2
Rate on
Dec. 31,
1973
Effective
date
Previous
rate
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
23,
14,
14,
14,
14,
16,
1973
1973
1973
1973
1973
1973
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
23,
14,
14,
14,
14,
16,
1973
1973
1973
1973
1973
1973
7*4
7*4
7*4
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
14,
14,
14,
14,
14,
14,
1973
1973
1973
1973
1973
1973
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
14,
14,
14,
14,
14,
14,
1973
1973
1973
1973
1973
1973
m
m
m
7*4
1 Discounts of eligible paper and advances secured by such paper or by
U.S. Govt, obligations or any other obligations eligible for F.R. Bank
purchase. Maximum maturity: 90 days except that discounts of certain
bankers' acceptances and of agricultural paper may have maturities not
over 6 months and 9 months, respectively.
2 Advances secured to the satisfaction of the F.R. Bank. Maximum
maturity: 4 months.
3 Advances to individuals, partnerships, or corporations other than
member banks secured by direct obligations of, or obligations fully
Rate on
Dec. 31,
1973
4
9*4
9*4
9*4
9*4
4
49*4
m
m
7*4
m
<9 Vt
4
9*4
49y
2
4
9*4
9%
7%
7%
Effective
date
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
23,
14,
14,
14,
14,
16,
1973
1973
1973
1973
1973
1973
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
14,
14,
14,
14,
14,
14,
1973
1973
1973
1973
1973
1973
Previous
rate
guaranteed as to principal and interest by, the U.S. Govt, or any
agency thereof. Maximum maturity: 90 days.
< Also effective on the same dates as the other rates shown above for
the eight Reserve Banks so designated, a rate of li/i percent was approved
on advances to nonmember banks, to be applicable in special circumstances
resulting from implementation of changes in Regulation J, which became
effective on Nov. 9, 1972. See "Announcements" on p. 942 of the Oct.
1 9 7 2 BULLETIN a n d p. 9 9 4 o f t h e N o v . 1 9 7 2 BULLETIN.
SUMMARY OF EARLIER CHANGES
(Per cent per annum)
Effective
date
In effect Dec. 31, 1954
1955—Apr. 14
15
May 2
Aug. 4
12:::::::
Sept.
9
13
Nov. 13
23
1956—Apr. 13
20
Aug. 24
31
1957—Aug.
9
23
Nov. 15
Dec. 2
1958—Jan.
Mar.
Apr.
May
Aug.
Sept.
Oct.
Nov.
22
24
7
13
21
18
9
15
12
23
24
7
Range
(or level)—
All F.R.
Banks
F.R.
Bank
of
N.Y.
Effective
date
1*4
1*4
1 Vi-IVA 13/4
134
m
134-2 »4 l3/4
1959—Mar.
2
2V4
21/4
2*4
2*4
1960—June
1*4
IY4-2V4
2 -2y4
-2i/4
2
21/4
2*4-2*4
2%
2*4-3
2%-3
234-3
3
3
3
-3*4
3»/2
-3*4
3
2%-3
2y4-3
2*4-3
21/4-234
21/4
l3/4-2
m
1*4-2
134-2
2
2
-2*4
2*4
2
234
234
3
3
3
3*4
3
3
6
16,
May 29,
June 12,
Sept. 11,
18,
3,
10.
14,
Aug. 12,
Sept. 9.
1963—July 17.
1964—Nov. 24.
30.
1965—Dec. 6.
13.
1967—Apr.
7.
14.
Nov. 20.
27.
i*
20.
1969—Apr.
4,
8.
NOTE.—Rates under Sees. 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.
F.R.
Bank
of
N.Y.
2*4-3
3
3 -3*4
3*4
3*4-4
4
3*4-4
3*4-4
3*4
3 -3*4
3
-3*4
3*4
3*4-4
4
3
3
31/2
3*4
4
4
4
3*4
3*4
3
3
3*4
3*4
4
4
-4*4
4*4
4 -4i/ 2
4
4 -41/2
4*4
41/2
4*4
4
4
4*4
4*4
4*4-5
5
5 -5V4
5*4
5*4-5*4
514
5*4-5*4
5*4
5*4-6
6
4*4
5
5*4
5*4
5*4
5*4
5*4
5*4
3
26,
3
23/4
1968—Mar. 15.
21/4
22.
21/4
Apr. 19.
21/4
26.
3
14
Aug. 16.
13/4
30.
Dec. 18.
2
2
2*4
Range
(or level)—
All F.R.
Banks
4
6
6
Effective
date
1970—Nov. 11
13
16
Dec. 1
4
11
1971—Jan.
Feb.
July
Nov.
Dec.
8
15
19
22
29
13
19
16
23
11
19
13
17
24
1973—Jan. 15
Feb. 26
Mar. 2
Apr. 23
May 4
11
18
June 11
15
July
2
Aug. 14
23
In effect Dec. 31, 1 9 7 3 . . .
Range
(or level)All F.R.
Banks
F.R.
Bank
of
53/ 4 -6
6
534
53/4
53/4
534-6
534
5*4-53/4
5 f c - 5 34
5*4
5*4-5*4
5
5
5*4
-514
-51/4
5
434-5
434
434-5
5
434-5
434
M4*4
N.Y.
5*4
51/4
51/4
51/4
5
5
5
434
5
5
5
434
434
6
-6*4
6*4
7
7 -7*4
7*4
4*4
4*4
5
5*4
5*4
5*4
53/4
6
6
6*4
6*4
7
7*4
7*4
7*4
7*4
5
-5*4
51/2
5*4-5%
534
5
534-6
6
JANUARY 1974 • RESERVE REQUIREMENTS
A 9
RESERVE REQUIREMENTS ON DEPOSITS OF MEMBER BANKS
(Deposit intervals are in millions of dollars. Requirements are in per cent of deposits.)
Net demand
Effective
date i
Reserve city
Over
5
0-5
In effect
Jan 1 1963
1966—July 14, 21
Sept. 8 15
1967—Mar. 2
Mar. 16
1968—Jan. 11, 1 8 . . .
1969—Apr. 17
1970—Oct 1
Other
17
17 %
Over
5
0-5
12
12%
0-5
Other time
4
4
3%
3
3%
3
2-10 10-100 100-400
Over
5
1972—Nov. 9. .. ,
Nov. 16
5
6
8
1973—July 19
In effect
Dec. 31, 1973
8
10
12
10%
12%
10%
12%
7
16%
13
13%
13%
Savings
Over
400 5
17%
0-5
Over
5 6
8
8
3
5
18
18
3
3
5
5
Present legal requirement:
Net demand deposits, reserve city banks
Net demand deposits, other banks
Time deposits
1 When two dates are shown, the first applies to the change at reserve
city banks and the second to the change at country banks. For changes
prior to 1963 see Board's Annual Reports.
2
(a) Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand
balances due from domestic banks.
(b) Requirement schedules are graduated, and each deposit interval
applies to that part of the deposits of each bank.
(c) Since Oct. 16, 1969, member banks have been required under
Regulation M to maintain reserves against foreign branch deposits computed on the basis of net balances due from domestic offices to their foreign
branches above a specified base and against foreign branch loans to U.S.
residents, which until June 21,1973, were also maintained above a specified
base. The reserve-free base relating to net balances due from domestic
banks to foreign branches is being reduced gradually beginning July 5,
1973, and will be eliminated by April 1974. The applicable reserve percentage, originally 10 per cent, was increased to 20 per cent on Jan. 7,1971,
and effective June 21, 1973, was reduced to 8 per cent. Regulation D imposes a similar reserve requirement on borrowings above a specified base
from foreign banks by domestic offices of a member bank. The reserve-free
base related to this type of borrowings is being reduced gradually and will
be eliminated by April 1974. For details, see Regulations D and M and
appropriate supplements and amendments thereto.
3
Effective Jan. 5, 1967, time deposits such as Christmas and vacation
club accounts became subject to same requirements as savings deposits.
For4 other notes see 2(b) and 2(c) above.
Effective Nov. 9, 1972, a new criterion was adopted to designate reserve cities, and on the same date requirements for reserves against net
demand deposits of member banks were restructured to provide that each
member bank will maintain reserves related to the size of its net demand
deposits. The new reserve city designations are as follows: A bank having
net demand deposits of more than $400 million is considered to have the
3
Time
Effective
date
0-2
Savings
4
12%
13
Net demand 2f4
Other time
12
16%
16%
17
Time 3
(all classes of
banks)
2
Minimum
Maximum
10
7
3
22
14
10
character of business of a reserve city bank, and the presence of the head
office of such a bank constitutes designation of that place as a reserve
city. Cities in which there are F.R. Banks or branches are also
reserve cities. Any banks having net demand deposits of $400 million or
less are considered to have the character of business of banks outside of
reserve cities and are permitted to maintain reserves at ratios set for banks
not in reserve cities. For details, see Regulation D and appropriate supplements and amendments.
5 Reserve city banks.
6 Except as noted below, effective Dec. 27, 1973, member banks are
subject to an 8 per cent marginal reserve requirement against increases
in the aggregate of (a) outstanding time deposits of $100,000 and over,
(b) outstanding funds obtained by the bank through issuance by a bank's
affiliate of obligations subject to the existing reserve requirements on time
deposits, and (c) funds from sales of finance bills. The 8 per cent requirement applies to balances above a specified base, but is not applicable to
banks that have obligations of these types aggregating less than $10 million.
For the period June 21 to Aug. 30, 1973, (a) included only single-maturity
time deposits. Previous requirements have been: 8 per cent for (a) and (b)
from June 21 to Sept. 19, 1973, and for (c) from July 12 to Sept. 19, 1973;
and 11 per cent from Sept. 20 to Dec. 26, 1973. For details, see Regulation
D and appropriate supplements and amendments.
7 The 16% per cent requirement applied for one week, only to former
reserve city banks. For other banks, the 13 per cent requirement was
continued in this deposit interval.
8
See preceding columns for earliest effective date of this rate.
NOTE.—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.
A 10
M A X I M U M INTEREST RATES; MARGIN REQUIREMENTS • JANUARY 1974
MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS
(Per cent per annum)
Rates beginning July 1, 1973
Rates July 20, 1966—June 30, 1973
Effective date
Effective date
Type of deposit
Type of deposit
July 20,
1966
Sept. 26,
1966
Apr. 19,
1968
Jan. 21,
1970
41/2
Savings deposits
Other time deposits—i
Multiple maturity: 2
30-89 days
90 days to 1 year..
1 year to 2 years. .
2 years or m o r e . . .
Single-maturity:
Less than $100,000—
30 days to 1 year..
1 year to 2 years. .
2 years and over. . .
$100,000 or more—
30-59 days
60-89 days
90-179 days
180 days to 1 year.
1 year or m o r e . . . .
41/2
5
5%
5V4
4
5
5
5%
5y2
5%
534
6
I61/4
1 For exceptions with respect to certain foreign time deposits, see
BULLETIN f o r F e b . 1 9 6 8 , p . 167.
2 Multiple-maturity time deposits include deposits that are automatically renewable at maturity without action by the depositor and deposits
that are payable after written notice of withdrawal.
3
Maximum rates on all single-maturity time deposits in denominations
of $100,000 or more have been suspended. Rates that were effective
Jan. 21, 1970, and the dates when they were suspended are:
30-59 days
60-89 days
90-179 days
180 days to 1 yean.
1 year or more
6 1/a
6 Vi
6%
7
7V£
per
per
per
per
per
centl
cent J
cent |
cent \
cent)
Savings deposits
Other time deposits (multiple- and singlematurity)—
Less than $100,000:
30-89 days
90 days to 1 year
1 year to 2l/2 years
i y 2 years or more
4 years or more in minimum denomination of $1,000
$100,000 or more
June 24, 1970
May 16, 1973
Rates on multiple-maturity time deposits in demonination of $100,000
or more were suspended July 16, 1973, when the distinction between
single- and multiple-maturity deposits was eliminated.
4
Between July 1 and Oct. 31, 1973, there was no ceiling for 4-year
5
51/2
61/2
5
6
2*
(4)
(3)
71/4
(3)
NOTE.—Maximum rates that may be paid by meipber banks are established 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.
For previous changes, see earlier issues of the BULLETIN.
(Per cent of market value)
For credit extended under Regulations T (brokers and dealers),
U (banks), and G (others than brokers, dealers, or banks)
On margin stocks
Beginning
date
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
1968—Mar. 11
8
June
1970— May
6
1971—Dec.
6
1972—Nov. 24
Effective Jan.
On convertible bonds
On short sales
(T)
Ending
date
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
June
1970—May
1971—Dec.
1972—Nov.
1974—Jan.
3, 1974
7.
5
22
50
50
75
40
50
75
100
100
75
50
75
50
60
70
50
70
90
70
50
70
75
50
75
50
60
70
50
70
90
70
50
70
70
80
65
55
65
50
50
60
50
50
50
50
70
80
65
55
65
50
NOTE.—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.
61/2
certificates with minimum denomination of $1,000. The amount of such
certificates that a bank could issue was limited to 5 per cent of its total
time and savings deposits. Sales in excess of that amount were subject to
the 6 l / i per cent ceiling that applies to time deposits maturing in 2l/i years
or more.
Effective Nov. 1, 1973, a ceiling rate of 7% per cent was imposed on
certificates maturing in 4 years or more with minimum denomination
of $1,000. There is no limitation on the amount of these certificates that
banks may issue.
MARGIN REQUIREMENTS
Period
Nov. 1,
1973
(3)
(3)
(3)
(3)
(3)
5Vi
51/2
July 1,
1973
JANUARY 1974 • OPEN MARKET ACCOUNT
A 11
TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT
(In millions of dollars)
Outright transactions in U.S. Govt, securities, by maturity (excluding matched sale-purchase transactions)
Treasury bills
1
Others within 1 year
2
Over 10 years
5-10 years
1-5 years
Period
Gross
purchases
)
[
11,074 5,214
8,896 3,642
8,522 6,467
>
>—Nov.. . .
Dec
393
941
635
498
)—Jan . . .
Feb
Mar.. . .
1,855
1,558
1,569
1,377
717
1,047
1,640
655
480
2,117
583
530
695
260
May
June
July.. . .
Aug.. . .
Sept
Oct
Nov.. . .
Exch.,
Gross maturity
sales shifts, or
redemptions
300
623
218
495
945
401
153
489
Gross
sales
Gross Exch. or
sales maturity
shifts
Gross
purchases
-3,483
-6,462
2,933
99
1,036
125
2,160
1,064
2,545
Total outright
Gross
purchases
Gross
purchases
Gross Redempsales
tions
848
1,338
789
5,430
4,672
-1,405
25
-1,408
351
836
-919
-813
1,101
41
1,515
50
61
Redemptions
Gross
sales
Gross
purchases
-1,845
685
-2,094
93
311
167
79
-2,068
32
78
51
11
37
331
680
125
-2,220
Federal agency obligations
Net
change
in U.S.
Govt,
securities
Gross
sales
Outright
Sales or
redemptions
Gross
purchases
Repurchase
agreements,
net
Bankers'
acceptances,
net
Repurchase
agreements
Outright
2,160
2,019
2,862
12,177
16,205
23,319
12,177
16,205
23,319
33.859
44,741
31,103
33,859
43,519
32,228
4,988
8,076
-312
485
1,197
370
101
-88
-6
22
-9
393
941
635
498
351
135
2,245
4,142
2,245
4,142
3,547
4,863
3,547
4,765
-593
405
166
149
9
14
13
-6
7
1,855
1,754
1 ,569
1,584
717
1,274
530
695
260
1,205
4,521
1,941
495
945
401
153
489
9,719
2,774
6,024
5.664
7,379
5,621
7.651
2,234
3,309
8,220
6,637
8,928
3,034
5,478
5,978
8,240
5,621
6,686
2,492
2.752
2,116
1,666
1,006
1,205
4,521
1,941
2,101
1,105
4,630
3,405
9,632
6,981
4,735
2,089
623
218
1,316
2,117
1,116
1,101
1,105
4,630
3,405
9,632
6,981
4,735
2,089
1
Before Nov. 1973 BULLETIN, included matched sale-purchase transactions, which are now shown separately.
2
Includes special certificates acquired when the Treasury borrows
directly from the Federal Reserve, as follows: June 1971, 955; Sept. 1972,
38; Aug. 1973; 351; Sept. 1973, 836.
7,859
7,525
18
14
19
21
19
6
20
30
4
3
599
1,656
1,218
-1,367
893
2,076
-1,005
72
2,325
-1,360
48
-28
61
-65
-29
229
174
176
74
106
157
-95
-20
20
25
35
5,214
3,642
6,467
2,101
-78
100
12,362
12,515
10,142
200
200
51
600
163
60
807
1,400
-102
150
250
468
-23
Repurchase
agreements
(U.S. Govt,
securities)
purchases
249
933
539
19
123
27
Matched
sale-purchase
transactions
(Treasury bills)
Gross Exch. or
sales maturity
shifts
Gross
purchases
-1,316
1,316
1
3,476
127
17
Gross Exch. or
sales maturity
shifts
-411
360
-135
200
200
51
600
163
60
456
564
Gross
purchases
_3
—1
—l
-17
-12
—7
-9
8
-2
181
-145
36
23
95
-66
-36
-52
78
-41
69
-46
-34
3
Net change in U.S. Govt, securities, Federal agency obligations, and
bankers' acceptances.
NOTE.—Sales, redemptions, and negative figures reduce System holdings; all other figures increase such holdings.
CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS
(In millions of U.S. dollar equivalent)
Pounds
sterling
1,967
257
18
122
211
200
192
92
4
4
4
4
4
4
5
4
1,575
154
3
Austrian
schillings
Belgian
francs
Canadian
dollars
Danish
kroner
French
francs
199
German
marks
60
98
Italian
lire
Japanese
yen
Netherlands
guilders
125
2
85
164
164
164
20
20
67
20
16
Swiss
francs
A 12
FEDERAL RESERVE BULLETN
I
• JANUARY 1974
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
End of month
Wednesday
Dec. 26
Dec. 19
1972
1973
1973
Item
Dec. 12
Dec. 5
Nov. 28
Dec. 31
Nov. 30
Dec. 31
Assets
11,460
400
Loans:
Other assets:
Denominated in foreign currencies
11,460
400
11,460
400
10,303
400
289
293
294
297
271
305
313
1,580
686
1,486
1,257
1,915
1,981
61
53
187
48
51
43
135
43
17
68
45
26
70
36
1,798
1,798
419
1,725
79
1,810
215
1,810
79
1,937
42
1,810
168
1,311
13
33,484
36,017
34,530
35,058
35,362
36,897
35,058
29,664
38,309
3,149
38,259
3,149
38,186
3,149
38,186
3,149
38,186
3,149
38,412
3,149
38,186
3,149
36,681
3,463
i 77,425 i 2 75,865
537
2,323
1 76,393
1,221
i 76,697
880
i 78,458
58
1 76,393
736
i 69,808
98
i 2 74,942
Total U.S. Govt, securities
11,460
400
1,568
Other
Total bought outright
11,460
400
485
Held under repurchase agreements
U.S. Govt, securities:
Bought outright:
Bills
11,460
400
278
Other
Acceptances:
Federal agency obligations:
11,460
400
74,942
79,748
76,402
77,614
77,577
78,516
77,129
69,906
77,286
^10,849
222
83,773
^10,865
222
79,885
f 8,516
221
80,503
p9,470
221
81,012
9,286
221
81,820
2>7,868
223
81,093
6,810
221
73,317
9,172
194
9
1,733
4
837
4
831
4
745
4
698
4
925
4
691
192
874
*102,237
^107,850
^101,610
103,097
103,378
^102,971
100,984
94,765
Liabilities
Deposits:
Other:
All other3
Other liabilities and accrued dividends
Total liabilities
64,561
63,941
63,564
62,832
62,518
64,262
62,128
58,757
f25,361
2,716
729
^31,702
2,092
283
P27,155
1,524
297
^29,104
1,705
369
29,133
2,001
516
P26,759
2,542
251
28,108
1,945
420
25,647
1,855
325
593
670
632
716
645
1,633
672
840
*>29,399
p34,747
P29,608
P 31,894
32,295
?31,185
31,145
28,667
5,256
978
6,176
1,048
5,637
959
5,651
975
5,536
973
4,855
981
4,686
942
5,198
557
P100,194
^105,912
P101,352
101,322
p101,283
98,901
93,179
838
793
412
838
793
307
838
793
211
837
793
115
838
793
425
844
844
838
793
452
793
793
f102,237
^107,850
f101,610
P103,097
103,378
f102,971
100,984
94,765
p
99,768
Capital accounts
Other capital accounts
••
Total liabilities and capital accounts
Contingent liability on acceptances purchased for
Marketable U.S. Govt, securities held in custody for
foreign and international accounts
609
616
613
607
605
581
604
179
26,752
26,955
27,136
27,489
26,958
26,365
27,354
30,858
Federal Reserve Notes—Federal Reserve Agents' Accounts
F.R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
i See note 8 on p. A-5.
67,680
67,359
67,680
66,388
66,084
68,161
66,229
62,492
2,555
66,245
2,535
65,940
2,555
66,245
2,485
65,225
2,455
64,930
2,555
66,335
2,485
65,130
2,561
61,015
68,800
68,475
68,800
67,710
67,385
68,890
67,615
63,576
2 See note 9 on p. A-5.
3 See note 5 on p. A-4.
JANUARY 1974 • FEDERAL RESERVE BANKS
A 13
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1973
(In millions of dollars)
Item
Total
Boston
New
York
Philadelphia
Richmond
Cleveland
Chicago
Atlanta
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificate account
Special Drawing Rights certificate
Loans:
Secured by U.S. Govt, and agency
obligations
11,460
391
3,231
817
827
1,283
847
1,595
359
114
416
253
1,327
33
89
32
36
109
28
22
189
39
70
69
33
15
49
19
7
27
10
15
62
32
14
86
14
49
171
28
400
1,208
271
23
96
15
93
198
19
23
63
2
385
872
9
2
63
422
18
95
6
47
59
50
38
158
3
18
10
16
11
15
23
53
140
Acceptances:
Bought outright
Held under repurchase agreements..
Federal agency obligations:
Bought outright
Held under repurchase agreements..
U.S. Govt, securities:
Bought outright 1
Held under repurchase agreements..
1,937
42
91
477
42
106
149
147
111
316
72
40
76
89
263
78,458
58
3,680
19,314
58
4,296
6,016
5,959
4,506
12,781
2,935
1,631
3,091
3,593
10,656
Total loans and securities
81,820
3,782 20,444
4,421
6,260
6,159
4,726
13,293
3,028
1,681
3,194
3,720
11,112
1,288
16
463
14
400
36
602
17
562
12
1,213
8
32
50
32
38
1
156
14,065
Cash items in process of collection...
Other assets:
Denominated in foreign currencies..
68
68
9,852
223
361
44
2,575
10
394
10
445
27
790
14
759
15
4
925
39
2 1
207
48
65
67
59
1
132
4,751 26,778
5,778
7,779
8,486
6,656
16,497
3,979
2,325
4,370
4,699
16,082
4,092
5,243
5,844
3,560
10,926
2,602
1,171
2,544
2,489
7,660
1,350
365
13
1,819
237
18
3,516
208
41
771
178
9
619
89
6
1,067
114
11
1,496
130
14
4,840
349
32
106,163
Liabilities
65,470
Deposits:
U.S. Treasurer—General account..
Other:
All others
Deferred availability cash items
Other liabilities and accrued dividends
3,257
26,759
2,542
251
771
188
11
7,780
394
3 59
1,029
139
13
1,701
151
24
1,633
21
674
39
31
50
247
438
15
9
16
22
71
2,321
4,203
973
723
1,208
1,662
5,292
31,185
991
8,907
1,220
1,907
1,778
6,839
9S1
391
44
1,118
241
331
51
407
74
701
69
584
67
953
151
311
35
368
23
511
37
413
43
751
146
4,683 26,348
5,694
7,631
8,392
6,532
16,233
3,921
2,285
4,300
4,607
13,849
215
215
42
42
74
74
47
47
62
62
132
132
29
29
20
20
35
35
46
46
108
108
4,751 26,778
5,778
7,779
8,486
6,656
16,497
3,979
2,325
4,370
4,699
14,065
4 152
29
53
30
41
91
20
13
24
31
73
8,110
104,475
Capital accounts
844
844
Total liabilities and capital accounts.. 106,163
Contingent liability on acceptances
purchased for foreign correspond-
581
34
34
24
Federal Reserve Notes—Federal Reserve Agents' Accounts
F.R. notes outstanding (issued to
Collateral held against notes outstanding:
68,161
3,393
16,698
4,174
5,464
6,033
3,799
11,242
2,728
1,222
2,660
2,638
2,555
66,335
175
3,230 16,850
400
3,800
350
5,200
750
5,340
3,900
700
10,600
175
2,620
1,240
2,700
5
2,655
8,200
68,890
16,850
4,200
5,550
6,090
3,900
11,300
2,795
1,240
2,700
2,660
8,200
3,405
1 See note 8 on p. A-5.
2 After deducing $3 million participations of other Federal Reserve
Banks.
3 After deducting $192 million participations of other Federal Reserve
Banks.
4 After
deducting $429 million participations of other Federal Reserve
Banks.
S e e n o t e 5 o n p> A
A 14
FEDERAL RESERVE BANKS; BANK DEBITS • JANUARY 1974
MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
End of month
Wednesday
1972
1973
1973
Item
Dec. 26
Dec. 19
Dec. 12
Dec. 5
Nov. 28
Dec. 31
Nov. 30
Dec. 31
Loans—Total
Within 15 days
16 days to 90 days.
91 days to 1 year..
485
475
10
1,568
1,499
69
1,580
1,507
73
686
645
41
1,486
1,428
58
1,257
1,250
7
1,914
1,849
65
1,982
1,980
2
Acceptances—Total..
Within 15 days.. . .
16 days to 90 days.
91 days to 1 year..
61
19
42
240
200
40
99
60
39
178
143
35
60
25
35
68
19
49
71
31
40
106
53
53
74,942
2,215
19,372
21,099
22,991
7,503
1,762
79,748
7,345
19,374
20,773
22,991
7,503
1,762
76,402
5,661
19,007
19,550
22,953
7,469
1,762
77,614
6,895
18,297
20,238
22,953
7,469
1,762
77,577
5,895
19,139
20,359
22,953
7,469
1,762
78,516
4,495
20,352
21,369
23,035
7,503
1,762
77,129
4,018
20,689
20,238
22,953
7,469
1,762
69,906
3,838
17,833
16,097
24,484
6,108
1,546
1,798
18
114
282
733
424
227
2,217
436
115
282
733
424
227
1,804
79
133
282
659
424
227
2,025
299
89
276
665
469
227
1,889
163
85
280
665
469
227
1,980
60
115
282
787
497
239
1,978
252
85
280
665
469
227
1,324
13
32
207
612
269
191
U.S. Government securities—Total.
Within 15 daysi
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
Federal agency obligations—Total.
Within 15 days 1
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
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 accounts 1
(billions of dollars)
Total
233
SMSA's
Leading SMSA's
6 others
2
Turnover of demand deposits
Total 232
SMSA's
(excl.
N.Y.)
226
other
SMSA's
Total
233
SMSA's
6 others 2
Total 232
SMSA's
(excl.
N.Y.)
226
other
SMSA's
Leading SMSA's
1972—Nov.,
Dec..
15,154.7
14.783.7
6.979.3
6,604.8
3,411.9
3,495.4
8,175.3
8,178.9
4,763.5
4.683.5
93.5
90.7
229.2
215.7
93.9
95.6
62.1
61.8
50.0
48.9
1973—Jan..
Feb..
Mar..
April
May.
June.
July.
Aug..
Sept..
Oct..
Nov.,
15,444.5
16,069.5
15,954.5
15.966.3
16.447.0
16.634.4
17.218.8
17,885.3
17.914.5
r
18,388.6
19.091.1
6.855.4
7,227.0
6.844.8
6.297.5
7,177.0
7.244.6
7,381.4
7,744.6
8,025.3
8,137.2
8.437.9
3.631.7
3.804.8
3.868.7
3,852.6
3.913.4
4.046.6
4.277.8
4,315.3
4,192.1
4.413.5
4.550.7
8,589.1
842.4
109.7
,038.8
270.1
409.8
837.4
140.6
889.1
,251.3
653.2
4,957.3
5.037.6
5.241.0
5.186.2
5.356.7
5.363.3
5,559.5
5,825.3
5.697.1
r
5,837.8
6,102.5
93.8
97.9
97.1
95.7
97.8
99.9
102.6
106.1
107.4
M09.5
113.4
224.0
238.0
228.3
228.9
235.1
245.0
247.5
252.5
266.4
265.3
274.9
97.9
103.1
104.4
64.1
66.1
67.8
66.2
67.3
68.7
71.3
73.6
72.4
r
74.7
77.4
51.2
52.0
53.9
52.5
53.6
54.0
55.8
58.4
57.5
r
58.8
61.3
1 Excludes interbank and U.S. Govt, demand deposit accounts.
2
Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and
Los Angeles-Long Beach.
101.8
103.6
107.5
111.5
113.5
111.5
116.3
119.5
NOTE.—Total SMSA's includes some cities and counties not designated
as SMSA's.
For back data see pp. 634-35 of July 1972 BULLETIN.
JANUARY 1974 • U.S. CURRENCY
A 15
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Large denomination currency
Coin and small denomination currency
Total
in circulation 1
Total
Coin
1939
1941
1945
1947
7,598
11,160
28.515
28,868
5,553
8,120
20,683
20,020
590
751
1,274
1.404
1950
1955
195 9
27,741
31,158
32,591
19,305
22,021
23,264
196 0
196 1
196 2
196 3
196 4
32,869
33,918
35,338
37,692
39,619
196 5
196 6
196 7
196 8
196 9
End of period
$2
$5
$10
$20
Total
$50
$100
$500
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
9,119
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
1,554
1,927
2,304
1,113
1,312
1,511
64
75
85
2,049
2,151
2,216
5,998
6,617
6,672
8,529
9,940
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
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
2,246
2,313
2,375
2,469
2,517
6,691
6,878
7,071
7,373
7,543
10,536
10,935
11,395
12,109
12.717
9,348
9,531
9,983
10,885
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
42,056
44,663
47,226
50,961
53,950
29,842
31,695
33,468
36,163
37,917
4,027
4,480
4,918
5,691
6,021
1,908
2,051
2,035
2.049
2,213
127
137
136
136
136
2,618
2,756
2,850
2,993
3,092
7,794
8,070
8,366
8,786
8,989
13,369
14,201
15,162
16,508
17,466
12,214
12,969
13,758
14,798
16,033
3,540
3,700
3,915
4,186
4,499
8,135
8,735
9,311
10,068
11,016
245
241
240
244
234
288
286
285
292
276
3
3
3
3
3
4
4
4
4
5
197 0
197 1
57.093
61,068
39,639
41,831
6,281
6,775
2,310
2,408
136
135
3,161
3,273
9,170
9,348
18,581
19,893
17,454
19,237
4,896
5,377
12,084
13,414
215
203
252
237
3
2
1972—Nov.
Dec.
65,137
66.516
44,208
45,105
7,237
7,287
2,437
2,523
135
135
3,305
3,449
9 , 6 0 2 21,491 20,928
9,827 21,883 21,411
5,714
5,868
14,789
15,118
194
193
225
225
2
2
1973—Jan..
Feb..
Mar.
Apr.
May.
June,
July.
Aug.
Sept.
Oct..
Nov.
64,312
64,696
65,180
66.094
67,161
67,771
68,223
68,376
68,217
69,043
70,296
43,133
43,431
43,699
44,313
45,074
45,428
45,564
45,553
45,398
45,927
46,799
7,274
7,290
7,320
7,382
7,446
7,498
7,542
7,577
7,597
7,644
7,696
2,380
2,370
2,368
2,406
2.439
2,433
2.440
2,430
2,435
2,480
2,528
135
135
135
135
135
135
135
135
135
135
135
3,218
3,213
3,209
3,234
3,302
3,309
3,301
3,288
3,288
3,333
3,418
9,243
9,330
9,352
9,447
9,613
9,648
9,602
9,566
9,505
9,616
9,819
5,742 15,013
5,755 15,089
5,787 15,274
5,887 15,476
5,974 15,697
6,024 15,903
6,116 16,130
6,149 16,261
6,112 16,296
6,182 16,524
6,290 16,799
192
192
191
190
189
189
224
224
223
222
221
220
219
219
218
217
217
$1
2
2
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 breakdown is not available.
9,201
20,883
21,091
21,314
21,707
22,138
22,405
22,544
22,557
22,437
22.718
23,204
21,179
21,266
21,482
21,781
22,088
22,343
22,659
22,822
22,819
23,116
23,497
188
188
187
186
186
$1,000 $5,000 $10,000
5
10
4
4
2
2
2
2
2
2
2
2
2
2
2
Paper currency only; $1 silver coins reported under coin.
NOTE.—Condensed from Statement of United States Currency and
Coin, issued by the Treasury.
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)
Currency in circulation
Held in the Treasury
Kind of currency
Gold
Gold certificates
Federal Reserve notes
Treasury currency—Total..
Dollars
Fractional Coin
United States notes
In process of retirement 3
Total—Nov. 30, 1973
Oct. 31, 1973
Nov. 30, 1972
Total, outstanding, As security
Treasury
against
Nov. 30,
cash
1973
gold
certificates
11,567
(11,460)
66,229
8,684
(11,460)
767
7,306
323
288
4 86,481
4 85,336
4 79,579
(11,460)
(11,460)
(10,303)
Held by
F.R.
Banks
and
Agents
1972
1973
Nov.
30
Oct.
31
Nov.
30
2 11,459
138
73
4,100
306
61,991
8,305
60,790
8,253
57,289
7,848
9
62
31
275
727
6,969
321
288
722
6,922
321
288
665
6,573
320
291
4,408
4,492
3,807
70,296
1
1 Outside Treasury and F.R. Banks. Includes any paper currency held
outside the United States and currency and coin held by banks. Estimated
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
1
317
342
333
11,459
11,459
10,302
69,043
65,137
4 Does not include all items shown, as gold certificates are secured by
gold. Duplications are shown in parentheses.
NOTE.—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 BULLETIN, p. 9 3 6 .
A 16
MONEY STOCK • JANUARY 1974
MEASURES OF THE MONEY STOCK
(In billions of dollars)
N o t seasonally adjusted
Seasonally adjusted
Month or week
Mi
Mi
Mi
M2
Mi
MI
Composition of measures is described in the NOTE below.
1969—Dec
1970—De c
1971—Dec
208.8
221.3
236.0
392.3
425.2
473.8
594.0
641.3
727.7
214.9
227.7
242.8
397.0
430.0
478.7
1972—De c
255.5
525.1
822.0
262.9
530.3
255.4
256.7
256.6
258.2
260.5
263.2
264.3
263.9
263.4
r
r 264.6
828.7
834.9
839.7
845.6
852.0
859.4
863.5
866.5
868.8
875.4
882.6
889.1
262.6
254.0
254.1
259.5
256.0
261.2
263.2
260.7
261.9
264.0
r
268.6
527.9
530.5
532.6
536.2
540.6
545.3
547.6
550.5
552.3
557.1
r
562.4
566.5
276.3
534.1
527.8
531.4
539.5
538.2
544.7
546.6
547.0
550.3
555.8
r
561.0
571.9
26p
266.6
267.9
268.8
269.0
563.3
564.3
567.4
567.7
271.3
274.5
276.3
276.8
565.2
568.6
572.7
573.2
2p
269.2
567.7
282.0
579.1
1973—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.p
266.6
268.4
Week ending—
1973—Dec.
5.
12.
19.
1974—Jan.
NOTE.—Composition of the money stock measures is as follows:
Mi: Averages of daily figures for (1) demand deposits of commercial
banks other than domestic interbank and 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
commercial banks.
Mr. Averages of daily figures for Mi plus savings deposits, time de-
posits open account, and time certificates other than negotiable CD's of
$100,000 of large weekly reporting banks.
Mz: Mi plus the average of the beginning- and end-of-month figures
for deposits of mutual savings banks and for savings capital of savings
and loan associations.
For description and back data, see "Revision of the Money Stock Measures and Member Bank Reserves and Deposits" on pp. 61-79 of the Feb.
1 9 7 3 BULLETIN.
COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Commercial banks
Commercial banks
Currency
Demand
deposits
Time and savings
deposits
CD's i
Other
Total
Currency
Demand
deposits
Time and savings
deposits
Nonbank
thrift
institutions 2
U.S.
Govt,
deposits 3
CD's 1
Other
Total
167.9
177.8
189.2
11.1
25.8
33.8
182.1
202.3
236.0
193.2
228.1
269.8
201.4
215.6
253.2
5.6
7.3
6.9
46.1
49.1
52.6
162.7
172.2
183.4
10.9
25.3
33.0
183.5
203.9
237.9
194.4
229.2
270.9
201.7
216.1
253.8
46.9
50.0
53.5
56.8
198.7
43.2
269.6
312.8
296.9
57.8
205.0
44.3
267.5
311.7
296.1
7.3
57.0
57.5
57.9
58.7
59.0
59.4
59.5
59.7
60.1
60.3
60.8
61.4
198.4
199.3
198.7
199.5
201.6
203.9
204.9
204.2
203.3
204.0
r
205.8
207.2
44.4
48.8
54.9
58.7
61.7
62.0
64.5
67.0
66.8
63.4
61.1
62.5
272.5
273.8
276.0
278.0
280.1
282.0
283.3
286.6
288.9
292.8
295.8
297.9
316.9
322.6
330.9
336.7
341.8
344.1
347.7
353.6
355.6
356.1
356.8
360.5
300.8
304.4
307.0
309.4
311.4
314.2
315.9
315.9
316.6
'318.3
r
320.2
322.6
56.7
56.7
57.3
58.2
58.7
59.4
59.9
60.0
60.1
60.3
r
61.3
62.5
205.9
197.3
196.7
201.3
197.3
201.8
203.2
200.8
201.8
203.6
r
207.1
213.8
45.1
48.6
54.0
56.1
58.8
59.3
62.3
68.4
68.8
66.3
64.1
64.1
271.5
273.8
277.3
280.0
282.2
283.4
283.5
286.3
288.4
291.8
292.6
295.6
316.6
322.5
331.4
336.1
340.9
342.7
345.8
354.7
357.2
358.2
356.7
359.7
300.5
303.8
307.4
310.3
312.0
315.3
317.0
315.9
316.1
317.6
>"318.9
321.8
8.0
9.6
10.1
8.2
8.4
6.9
6.3
4.0
5.1
5.8
4.2
6.0
60 8
61.' 4
61.4
62.1
205 9
206.4
207.3
207.0
61 1
62 .'8
62.0
62.9
296 7
296.4
298.7
298.7
357.8
359 .'2
360.7
361.6
61 8
62.5
62.6
63.2
209 6
211.9
213.6
213.5
63.5
64.4
63.4
64.4
293 8
294.2
296.4
296.5
357.3
358.6
359.8
360.9
4.2
3.1
5.4
8.2
62.0
207.2
64.1
298.5
362.6
62.0
220.0
64.7
297.1
361.8
9.6
1
Negotiable time certificates of deposit issued in denominations of
$100,000 or more by large weekly reporting commercial banks.
2 Average of the beginning and end-of-month figures for deposits of
mutual savings banks and savings capital at savings and loan associations.
Nonbank
thrift
institutions 2
3
At all commercial banks.
See also NOTE above,
JANUARY 1974 • BANK RESERVES; BANK CREDIT
A 17
AGGREGATE RESERVES AND MEMBER BANK DEPOSITS
(In billions of dollars)
Deposits subject to reserve requirements 3
Member bank reserves, S.A.i
N.S.A.
S.A.
Nonborrowed
Period
Total
Required
Available 2
Total
Total member
bank deposits
plus nondeposit
items 4
Demand
Time
and
savings
Private
U.S.
Govt.
Total
Demand
Time
and
savings
Private
U.S.
Govt.
S.A.
N.S.A.
1969—Dec
1970—Dec
1971—Dec....
27.96
29.12
31.21
26.70
28.73
31.06
27.73
28.91
31.06
25.34
26.98
28.91
287.7
321.3
360.3
150.4
178.8
210.4
131.9
136.0
143.8
5.3
6.5
6.1
291.2
325.2
364.6
149.7
178.1
209.7
136.9
141.1
149.2
4.6
6.0
5.7
307.7
332.9
364.3
311.1
336.8
368.7
1972—Nov
Dec
31.88
31.31
31.30
30.06
31.54
31.07
29.50
28.86
397.6
402.0
237.9
241.2
152.8
154.3
6.9
6.5
396.4
406.8
237.6
240.7
153.7
160.1
5.1
6.1
401.9
406.4
400.7
411.2
32.24
31.65
32.00
32.33
32.45
32.46
33.57
33.90
34.15
34.97
'34.80
34.94
30.85
29.79
29.53
30.17
30.20
30.80
32.33
32.00
32.60
33.55
'33.54
33.24
31.98
31.44
31.77
32.08
32.28
32.21
33.30
33.74
33.96
34.71
34.58
34.71
29.41
29.30
29.62
29.86
30.10
30.51
31.32
31.96
32.31
32.76
'32.57
32.61
404.7
410.2
416.7
421.1
425.1
428.9
431.2
436.7
438.6
439.7
'449.5
442.3
243.7
248.5
256.0
261.8
265.8
267.4
270.4
275.6
277.3
276.7
276.2
278.6
153.9
154.5
153.2
153.4
154.7
156.4
157.3
156.9
156.2
156.4
'157.4
158.3
7.1
7.2
7.5
5.8
4.6
5.1
3.4
4.2
5.1
6.6
'5.9
5.4
410.4
409.0
416.3
422.3
423.0
426.3
429.9
433.7
437.7
439.7
'438.2
447.6
243.8
248.5
256.2
260.5
264.5
265.9
268.5
276.6
279.0
278.8
276.6
278.4
160.0
152.4
151.6
154.9
151.4
154.8
156.2
154.0
154.7
156.1
'158.3
164.3
6.6
8.1
8.5
6.8
7.0
5.7
5.1
3.1
4.1
4.8
'3.3
4.9
409.2
414.8
421.6
426.2
430.5
434.5
437.7
443.9
445.9
446.5
'446.6
449.7
414.9
413.5
421.2
427.5
428.4
431.9
436.4
440.8
445.0
446.5
'445.3
455.0
1973—Jan
Feb
Mar....
Apr
May....
June....
July
Aug.. ..
Sept
Oct
Nov....
Dec.*...
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 increased by $660 million effective Apr. 16, 1969, and $400 million effective
Oct. 16, 1969; were reduced by $500 million (net) effective Oct. 1, 1970.
Required reserves were reduced by approximately $2.5 billion, effective
Nov. 9, 1972; by $1.0 billion, effective Nov. 15; and increased by $300
million effective Nov. 22.
2 Reserves available to support private nonbank deposits are defined
as (1) required reserves for (a) private demand deposits, (b) total time
and savings deposits, and (c) nondeposit sources subject to reserve requirements, 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.
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 adjusted bank credit proxy."
NOTE.—For description of revised series and for back data, see article
"Revision of the Money Stock Measures and Member Bank Reserves and
Deposits" on pp. 61-79 of the Feb. 1973 BULLETIN.
Due to changes in Regulations M and D , member bank reserves include
reserves held against nondeposit funds beginning Oct. 16, 1969. Back data
may be obtained from the Banking Section, Division 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)
Not seasonally adjusted
Seasonally adjusted
Plus
loans
sold 2
258.2
279.1
291.7
320.3
U.S.
Treasury
Other 4
Total
Joans
and
invest-1
ments
108.3
112.1
117.5
60 7
51! 5
57.9
60.1
71 3
7l!l
85.9
104.4
400.4
412.1
446.8
497.9
264 4
286.1
299.0
328.3
Commercial
and industrial 3
Total
Plus
loans
sold 2
283.0
294.7
323.1
95.9
105.7
110.0
115.9
Securities
Loans
Securities
Loans
Total
loans
and
invest-1
ments
Date
Total 1
Plus
loans
sold 2
Commercial
and industrial 3
U.S.
Treasury
Other 4
111.0
114.6
120.2
64.5
54.7
61.7
64.9
71.5
71.3
86.1
104.7
Total
Plus
loans2
sold
290.0
301.9
331.1
98.4
108.4
112.5
118.5
1968—Dec. 3 1 . .
1969—Dec. 315.
1970—Dec. 3 1 . .
1971—Dec. 3 1 . .
390.2
401.7
435.5
484.8
1972—Dec.
556.4
377.8
380.4
129.7
131.4
61.9
116.7
571.4
387.3
389.9
132.7
134.4
67.0
117.1
564.7
575.4
583.6
589.6
597.7
602.0
608.2
616.0
618.2
621.7
624.6
625.4
385.8
397.2
405.8
411.1
417.4
420.3
427.3
435.3
438.1
440.0
443.6
444.5
388.4
400.3
409.0
414.7
421.1
423.8
431.3
440.0
442.7
444.6
447.9
448.8
133.3
138.1
141.8
143.9
146.8
148.2
151.4
153.6
154.0
154.0
155.5
156.3
135.0
140.2
143.8
146.2
149.0
150.4
154.0
156.5
156.9
156.9
158.2
158.9
61.8
60.6
60.4
61.0
61.0
61.6
59.6
57.7
56.3
54.9
54.5
53.2
117.1
117.6
117.4
117.5
119.3
120.1
121.3
123.0
123.8
126.8
126.5
127.7
565.6
571.1
580.6
587.3
594.8
605.6
606.8
612.0
617.9
621.4
624.5
642.3
383.5
392.6
401.7
408.3
416.6
426.6
429.1
434.6
439.1
439.9
442.1
455.6
386.1
395.7
404.8
411.9
420.3
430.1
433.1
439.3
443.8
444.5
446.4
459.9
132.0
136.6
141.7
144.4
146.4
150.4
151.8
152.2
154.1
153.3
154.6
159.9
133.7
138.7
143.7
146.7
148.6
152.6
154.4
155.1
157.0
156.2
157.3
162.5
65.6
61.6
61.2
60.4
58.3
57.9
56.4
54.7
54.8
55.6
57.3
58.6
116.5
116.8
117.7
118.6
119.9
121.1
121.4
122.8
123.9
125.9
125.1
128.1
1973—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31..
31..
28..
28..
25..
30..
30..
25*..
29*..
26*..
31*.
28*.
31* .
1 Adjusted to exclude domestic commercial interbank loans. See also
note 3.
2 Loans sold are those sold outright by commercial banks to own subsidiaries, foreign branches, holding companies, and other affiliates.
3
Beginning June 30, 1972, commercial and industrial loans were reduced by about $400 million as a result of loan reclassifications at one
large bank.
4
Beginning June 30, 1971, Farmers Home Administration insured notes
totaling approximately $700 million are included in "Other securities"
rather than in "Loans."
5 Beginning June 30, 1969, data revised to include all bank-premises
subsidiaries and other significant majority-owned domestic subsidiaries;
earlier data include commercial banks only. Also, loans and investments
are now reported gross, without valuation reserves deducted, rather than
net of valuation reserves as was done previously. For a description of the
revision, see Aug. 1969 BULLETIN, pp. 642-46. Data shown in above table
have been revised to include valuation reserves.
NOTE.—Total loans and investments: For monthly data, Jan. 1959June 1973, see Nov. 1973 BULLETIN, pp. A-96-A-97, and for 1948-58,
Aug. 1968 BULLETIN, pp. A-94-A-97. For a description of the current
seasonally adjusted series see the Nov. 1973 BULLETIN, pp. 831-32, and
the Dec. 1971 BULLETIN, pp. 971-73. Commercial and industrial loans:
For monthly data, Jan. 1959-June 1973, see Nov. 1973 BULLETIN, pp.
A-96-A-98; for description see July 1972 BULLETIN, 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.
A 18
COMMERCIAL BANKS • JANUARY 1974
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Deposits
Loans and investments
Securities
Cash
assets 3
Class of bank
and date
Total
U.S.
Treasury
All commercial banks:
1941—Dec. 3 1 . . . 50,746
1945—Dec. 3 1 . . . 124,019
1947—Dec. 31 6. 116,284
21,714 21,808
26,083 90,606
38,057 69,221
1966- -Dec.
1967- -Dec.
1968- -Dec.
1969- -Dec.
1970- -Dec.
1971- -Dec.
1972- -Dec.
31 . .
30..
31..
31 7
31..
31..
31..
322,661
359,903
401,262
421,597
461,194
516,564
598,808
217,726
235,954
265,259
295,547
313,334
346,930
414,696
56,163
62,473
64,466
54,709
61,742
64,930
67,028
1973- -Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31..
28..
28..
25..
30..
30..
25*.
29*.
26*.
31*.
28*.
26*.
591,270
599,970
608,320
616,480
622,340
635,756
634,220
640,100
645,150
652,330
656,700
675,820
409,220
421,500
429,400
437,520
444,120
456,780
456,480
462,630
466,420
470,780
474,300
490,680
65,560
61,620
61,180
60,400
58,330
57,877
56,360
54,720
54,800
55,640
57,300
58,180
Members of
F.R. System:
1941—Dec. 3 1 . . . 43,521
1945—Dec. 3 1 . . . 107,183
1947—Dec. 3 1 . . . 97,846
18,021 19,539
22,775 78,338
32,628 57,914
Other
2
Total
assets—
Total
liabilities
and
capital
accounts 4
Interbank 3
Other
Borrowings
Total 3
Demand
Time 5
Time
U.S.
Govt.
10,982
7,225 26,551 79,104 71,283
14,065
7,331 34,806 160,312 150,227
240
9,006 37,502 155,377 144,103 12,792,
Other
44,349
105,921
1,343, 94,367
15,952
30,241
35,360
23
219
65
69,119
77,928
83,752
89,984
93,643
99,832
113,128
403,368
451,012
500,657
530,665
576,242
640,255
739,033
352,287
395,008
434,023
435,577
480,940
537,946
616,037
19,770
21,883
24,747
27,174
30,608
32,205
33,854
967 4,992 167,751
1,314 5,234 184,066
1,211 5,010 199,901
735 5,054 208,870
1,975 7,938 209,335
2,908 10,169 220,375
4,194 10,875 252,223
158,806
182,511
203,154
193,744
231,084
272,289
314,891
4,859
5,777
8,899
18,360
19,375
25,912
38,083
490 96,490
850 99,590
740 90,980
560 91,580
,890 95,410
099 103, (
380 95,880
750 92,010
930 100,030
910 111,720
100 104,140
960 95,650
716,680
729,670
729,250
738,740
749,470
769,908
761,870
765,200
778,070
798,550
794,420
806,420
589,850
598,520
596,690
604,570
611,920
629,215
618,670
618,440
628,700
643,790
635,940
650,290
29,260
29,5JO
25,960
26,220
27,770
31,047
28,710
26,500
27,720
32,830
30,130
25,720
3,890
4,170
4,530
4,880
5,250
5,590
5,830
6,620
7,190
6,820
7,010
6,850
10,400
11,370
11,390
10,910
5,810
10,434
6,750
3,460
8,210
5,680
4,350
7,950
228,040
227,190
220,290
225,170
229,050
236,953
228,310
224,450
227,880
240,390
237,650
249,530
318,260
326,260
334,520
337,390
344,040
345,191
349,070
357,410
357,700
358,070
356,800
360,240
42,700
45,480
45,420
45,830
47,360
49,299
52,580
53,150
56,180
60,220
62,400
60,290
140 1,709
64 22,179
50 1,176
37,136
69,640
80,609
12,347
24,210
28,340
4
208
54
48,772
61,477
71,537
71,341
86,118
104,704
117,084
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
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
1971—Dec.
1972—Dec.
31 . . .
30...
31...
31 7.
31...
31...
31...
263,687
293,120
325.086
336.738
365,940
405.087
465,788
182,802
196,849
220,285
242,119
253,936
277,717
329,548
41,924
46,956
47,881
39,833
45,399
47,633
48,715
38,960
49,315
56,920
54,785
66,604
79,738
87,524
60,738
68,946
73,756
79,034
81,500
86,189
96,566
334,559
373,584
412,541
432,270
465,644
511,353
585,125
291,063
326,033
355,414
349,883
384,596
425,380
482,124
23,519
25,841
29,142
30,612
31,958
794
1,169
1,061
609
1,733
2,549
3,561
4,432
4,631
4,309
4,114
6.460
8,427
9,024
138,218
151,980
163,920
169,750
168,032
174,385
197,817
128,831
147,442
162,605
149,569
179,229
209,406
239,763
4,618
5,370
8,458
17,395
18,578
25,046
36,357
1973—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31...
28...
28...
25...
30. . .
30...
25...
29...
26...
31.
28...
26*..
458,760
465,024
470,997
476.739
480,394
490,533
489,240
494,200
498,322
504,120
507,176
524,142
324,637
334,601
340,665
346.865
351,223
360,908
360,813
365,951
368,842
371.866
374,148
388,327
47,333
43,698
43,259
42,517
41,030
41,080
39,331
38,233
38,372
39,375
40,752
41,718
86,790
86,725
87,073
87,357
88,141
88,545
89.096
90,016
91,108
92,879
92,276
94.097
82,499
85,364
77,719
78,219
81,169
88,227
82,091
78,475
85,802
96,251
89,652
79,946
565,071
575,322
573,564
580,412
587,722
604,414
597,607
600,202
611,359
628,710
624,258
632,728
458,943
465,495
462,997
468,385
473,623
486,770
478,417
478,273
486,975
499,093
491,405
502,194
27,757
28,037
24,505
24,744
26,139
29,311
27,121
24,972
26,182
31,142
28,522
24,000
3,260
3,537
3,895
4,242
4,621
4,879
5,121
5,911
6,480
6,112
6,298
6,136
8.461
9,364
9,407
9,167
4,511
8,167
5,423
2,701
6,740
4,601
3,359
6,554
177,677
176,525
170,540
173,671
176,766
182,439
175,351
172,082
175,016
185,308
182,931
192,446
241,788
248,032
254,650
256,561
261,586
261,975
265,401
272,607
272,557
271,930
270,295
273,058
40,256
42,912
42,642
43,076
44,214
46,529
48,761
49,283
52,485
56,832
58,865
57,048
4 , 0 7 2 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
18,788
20,811
Large member banks:
New York City :
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
12,896
26,143
20,393
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
1971—Dec.
1972—Dec.
31..
30..
31..
31 7
31..
31..
31..
46,536
52,141
57,047
60,333
62,347
63,342
75,034
35,941
39,059
42,968
48,305
47,161
48,714
58,713
4,920 5,674
6,027 7,055
5,984 8,094
5,048 6,980
6,009 9,177
5,597 9,031
5,696 10,625
14,869 64,424
18,797 74,609
19,948 81,364
22,349 87,753
21,715 89,384
22,663 91,461
26,416 107,603
51,837
60,407
63,900
62,381
67,186
71,723
82,446
6,370
467
7,238
741
8,964
622
10,349
268
12,508
956
13,825 1,186
15,094 1,833
1,016
1,084
888
694
1,039
1,513
1,418
26,535
31,282
33,351
36,126
32,235
30,943
35,373
17,449
20,062
20,076
14,944
20,448
24,256
28,728
2,733
4,405
4,500
5,195
9,502
1973—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31..
28..
28..
25..
30. .
30..
25..
29..
26..
31..
28..
26..
73,744
75,727
76,368
76,834
78,078
79,212
79,869
80,338
81,900
83,338
84,529
89,287
58,304
61,629
62,584
63,395
64,505
65,428
66,117
66,610
67,694
68,229
69,048
72,251
5,439
4,463
4,498
4,254
4,424
4,661
4,047
4,095
4,075
4,828
5,035
5,880
23,203
23,059
20,133
19,710
19,587
24,518
23,544
20,095
22,531
28,643
24,917
14,307
102,923
105,571
103,402
103,622
104,550
77,213
79,567
77,435
77,295
77,980
82,718
81,473
78,925
82,016
87,935
84,824
80,505
13,919
14,040
11,744
11,935
11,780
15,340
13,787
12,092
13,069
16,713
14,864
9,192
1,257
1,506
1,789
1,732
521
1,115
769
310
1,073
642
373
1,213
31,292
30,533
29,032
29,068
30,035
30,607
30,164
28,185
29,656
32,901
31,776
32,718
29,171
31,780
32,919
32,331
33,153
32,883
33,784
34,780
34,199
33,872
33,724
33,612
10,142
10,321
9,938
9,891
10,496
11,597
12,857
12,368
13,729
15,170
14,882
14,333
For notes see p. A-21.
10,001
9,635
9,286
9,185
9,149
9,124
9,705
9,633
10,131
10,281
10,446
11,156
111,028
110,392
108,141
111,675
119,283
116,040
110,550
1,574
1,708
1,951
2,229
2,491
2,773
2,969
3,558
4,019
3,807
4,087
3,770
1,874
1,880
JANUARY 1974 • COMMERCIAL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Loans and investments
Securities
Class of bank
and date
Large member banks (cont.)
City of Chicago: 8,9
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
Total
Cash
assets 3
Loans
l
U.S.
Treasury
Other
2
Total
assets—
Total
liabilities
and
capital
accounts 4
Interbank 3
Borrowings
Demand
Total 3
Demand
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
11,802
Time 5
Time
U.S.
Govt.
127
1,552
72
Other
2,419
3,462
4,201
476
719
913
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
1971—Dec.
1972—Dec.
31
30
31
31 ?
31
31
31
12.744
14,274
14,365
15.745
17,133
21,362
8,756
9,223
10,286
10,771
11,214
12,285
16,294
1,545
1,574
1,863
1,564
2,105
1,782
1,873
1,502
1,947
2,125
2,030
2,427
3,067
3,195
2,638
2,947
3,008
2,802
3,074
3,01
3,580
14,935
16,296
18,099
17,927
19,892
21,214
26,009
12,673
13,985
14,526
13,264
15,041
16,651
19,851
1.433
1.434
1,535
1,677
1,930
1,693
1,615
25
21
21
15
49
168
160
310
267
257
175
282
364
509
6,008 4,!
6,250 6,013
6 , 5 4 2 6,171
6,770 4,626
6,663 6,117
6,896 7,530
7,387 10,179
484
383
682
1,290
1,851
1,935
3,008
1973—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31.
28.
28.
25.
30.
30.
25.
29.
26.
31.
28.
26.
21,026
21,983
22,660
22,800
23,777
24,566
25,221
25,400
25,948
25,489
26,278
26,858
16,371
17,544
17,980
18,253
18,956
19,645
20,580
20,676
20,717
20,022
21,117
21,453
1,562
1,384
1,470
1,414
1,564
1,715
1,364
1,322
1,683
1,621
1,504
1,557
3,093
3,055
3,210
3,133
3,257
3,205
3,277
3,402
3,548
3,846
3,657
3,848
2,939
3,513
3,092
3,277
3,209
3,501
3,759
3,569
3,853
4,146
3,794
3,956
25,035
26,575
26,821
27,170
28,134
29,307
30,199
30,358
31,299
31,015
31,441
32,298
18,709
19,429
19,854
20,020
21,896
21,627
22,272
22,138
21,837
21,577
23,013
1,364
1,433
1,326
1,304
1,501
1,323
1,638
1,355
1,525
1,481
1,505
1,693
247
224
266
333
411
392
389
499
504
517
459
544
358
442
461
426
154
299
226
86
303
194
115
308
6,605
6,778
6,439
6,639
6,882
7,372
6,488
6,725
6,480
6,863
6,942
7,534
10,135
10,552
11,362
11,318
12,140
12,511
3,276
4,075
3,910
3,971
3,954
4,146
4,922
4,647
5,814
5,895
6,314
5,944
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
491 12,557 4,806
104
30 8,221 24,655 9 , 7 6 0
405 28,990 11,423
22
8,593
9,374
Other large member: 8 , 9
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
21,
10,663
11,317
11,241
11,133
233
310
307
242
592
933
1,173
1,633
1,715
1,884
1,575
2,547
3,557
3,860
49,004
53,288
57,449
58,923
59,328
62,474
71,376
163,418
165,150
165,247
168,360
170,123
173,183
169,837
171,725
174,901
178,295
174,434
182,634
9,239
9,365
8,372
8,470
9,540
9,177
8,518
8,467
8,494
9,583
8,939
9,682
1,044
1,210
1,283
1,285
1,324
1,371
1,368
1,459
1,562
1,446
1,410
1,480
3,470
3,942
3,761
4,069
1,653
2,988
2,223
1,051
2,930
1,972
1,223
2,707
63,01
62,627
60,660
61,487
62,744
64,875
61,418
60,607
61,459
65,364
64,717
69,109
19,466
46,059
47,553
17,415
43,418
44,443
Dec.
-Dec.
-Dec.
-Dec.
Dec.
Dec.
Dec.
31 .
30.
31.
31
31.
3t.
31.
95,831 69,464
105,724 73,571
119,006 83,634
121,324 90,896
133,718 96,158
149,401 106,361
171,549 126,661
13,040
14,667
15,036
11,944
14,700
15,912
16,316
13,326
17,487
20,337
18,484
22,860
27,129
28,572
24,228
26,867
28,136
29,954
31,263
33,732
36,729
123,863
136,626
151,957
157,512
171,733
190,880
217,170
108,804
120,485
132,305
126,232
140,518
155,226
173,913
1973—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31.
28.
28.
25.
30.,
30.
25.
29.
26.
31.
28.
26.
168,522
169,711
172,604
175,754
175,455
180,663
178,493
181,404
182,083
185,864
185,094
193,640
123,907
126,893
129,983
133,253
133,519
138,452
137,056
140,151
140,637
142,511
141,112
148,619
15,844
13,957
13,615
13,414
12,547
13,066
11,982
11,572
11,443
12,053
12,966
13,144
28,771
28,861
29,006
29,087
29,389
29,144
29,455
29,681
30,003
31,300
31,016
31,877
30,426
32,497
29,626
30,1
31,779
31,899
28,878
29,551
33,048
35,331
34,360
33,365
207,904
211,396
211,390
215,262
217,001
222,344
217,220
221,043
225,139
231,737
229,828
237,873
2,250 6,402
2,408 10,632
3,268 10,778
1966196719681969197019711972-
All other member: 8 , 9 , 1 0
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
12,518
35,002
36,324
5,890 4,377
5,596 26,999
10,199 22,857
10,181
12,886
13,607
13,326
12,782
12,556
12,934
1
49,341
1,952
55,798 2,555
62,484 4,239
54,829 9,881
66,734 10.391
77,020 14,799
86,372 19.392
86,654
88,006
91,171
93,049
94,862
94,771
96,310
100,141
100,456
99,930
98,145
99,656
21,086
22,434
22,175
22,606
22,183
24,032
22,492
23,670
24,730
27,537
29,092
28,903
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
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
1971—Dec.
1972—Dec.
31..
30..
31 . .
317.
31..
31..
31..
109,518 68,641 22,419
122,511 74,995 24,689
134,759 83,397 24,998
140,715 92,147 21,278
154,130 99,404 22,586
175,211 110,357 24,343
197,843 127,881 24,830
18,458
22,826
26,364
27,291
32,140
40,51
45,132
19,004
20,334
22,664
23,928
25,448
26,783
29,841
131,338
146,052
161,122
169,078
184,635
207,798
234,342
117,749
131,156
144,682
148,007
161,850
181,780
205,914
2,392
2,766
2,839
3,152
3,387
3,853
4,116
69 1,474 56,672 57,144
96 1,564 61,161 65,569
1 1,281 66,578 73,873
84 1,671 67,930 75,170
135 2,592 69,806 85,930
263 2,993 74,072 100,600
395 3,238 83,681 114,483
308
552
804
1,820
1,836
3,118
4,455
1973—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31..
28..
28..
25..
30. .
30..
25..
29..
26..
31..
28..
26*.
195,468
197,603
199,365
201,351
203,084
206,092
205,657
207,058
208,391
209,429
211,275
214,357
126,055
128,535
130,118
131,964
134,243
137,383
137,060
138,514
139,794
141,104
142,871
146,004
44,925
45,174
45,571
45,952
46,346
47,072
46,659
47,300
47,426
47,452
47,157
47,216
25,931
26,295
24,868
25,121
26,594
28,309
25,910
25,260
26,370
28,131
26,581
28,318
229,209
231,780
231,951
234,358
238,037
241,736
239,796
240,660
243,246
246,675
246,949
252,007
199,603
201,349
200,461
202,710
204,432
208,974
205,480
205,351
207,920
211,026
210,570
216,042
3,235
3,199
3,063
3,035
3,318
3,471
3,178
3,058
3,094
3,365
3,214
3,433
395
395
395
395
395
342
395
395
395
342
342
342
76,769 115,828
76,587 117,694
74,409 119,198
76,477 119,863
77,105 121,431
79,585 121,810
77,281 122,421
76,565 124,079
77,421 124,576
80,180 125,346
79,496125; 870
83,085126,856
5.752
6,082
6,619
6,608
7,581
6.753
8,490
8,598
8,212
8,230
8,577
7,868
For notes see p. A-21.
24,488
23,894
23,676
23,435
22,495
21,638
21,938
21,244
21,171
20,873
21,247
21,137
3,376
3,474
3,396
2,940
2,183
3,766
2,205
1,254
2,434
1,793
1,648
2,326
A 19
A 20
COMMERCIAL BANKS • JANUARY 1974
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
Insured banks:
Total:
1941—Dec. 31.. 49,290
1945—Dec. 31.. 121,809
1947—Dec. 31.. 114,274
Loans
l
U.S.
Treasury
21,259 21,046
25,765 88,912
37,583 67,941
Cash
assets 3
Other
2
Total
assets—
Total
liabilities
and
capital
accounts 4
Deposits
Interbank3
Total
Other
3
Demand
Demand
Time
Time
6,984 25,788 76,820 69,411
10,(554
7,131 34,292 157,544 147,775
13, i$83
8,750 36,926 152,733 141,851 12,615
Borrowings
Total Numcapital
ber
acof
counts banks
5
54
U.S.
Govt.
Other
1,762
23,740
1,325
41,298
80,276
92,975
15,699
29,876
34,882
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—Dcc. 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—Dec. 317- 419,746 294,638 54,399 70,709 89,090 527,598 434,138 26,858
31..
28..
30..
17..
594,502
606.852
630,379
647.853
National member:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
27,571
69,312
65,280
1972—Dec.
1973—Mar.
June
Oct.
411,525 66,679 116,298 111,333
178 ,617
89,402
428,235
452,587 57,532 120,261 101,716
467,941 52,485 127,426 101,182
11,725 12,039
13,925 51,250
21,428 38,674
3,806 14,977
4,137 20,144
5,178 22,024
732,519
724,105
762,250
780,051
612,822
594,805
625,316
633,069
43,433
90,220
88,182
39,458
84,939
82,023
695
5,038 207,311 194,237 18,024 39,450 13,464
4,113 10,820 250,693 313,830 37,556
4,339 11,322 219,601 333,821 43,921
5,446 10,408 235,174 343,729 48,413
6,570 5,820 234,493 357,743 55,888
33,366
25,721
30,559
28,443
52,166
53,529
55,240
56,714
13,721
13,766
13,842
13,923
3,640
4,644
5,409
5,117
5,017
5,005
35
1,088
14,013
795
23,262
45,473
53,541
8,322
16,224
19,278
1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863
1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064 190,289 169,615 10,521
1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064
146
211
458
3,691
3,604
•3,284
76,836
84,534
92,533
61,288
70,746
85,522
1,704 13,548
1,109 15,048
2,627 17,434
4,615
4,773
4,815
1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588
1967—Dec. 30.. 208,971 139,315 34,308 35,348 46,634 263,375 231,374 13,877
1968—Dec. 31.. 236,130 159,257 35,300 41,572 50,953 296,594 257,884 15,117
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
361
3,049 121,719 114,885 12,279 23,248
4,668
6, 786
9, 229
8,375
1969—Dec. 317. 247,526 177,435 29,576 40,514 54,721 313,927 256,314 16,299
247,041 37,185 66,516
254,447
100 ,552
270,188 31,651 68,018
276,956 27,628 72,544
31..
28..
30..
17..
350,743
354,999
369,856
377,128
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
1963—Dec. 20..
1964—Dec. 31..
1965—Dec. 31..
1966—Dec. 31..
1967—Dec. 30..
1968—Dec. 31..
1972—Dec.
1973—Mar.
June
Oct.
67,390
53,789
61,336
63,550
434,810
426,035
449,772
460,019
359,319
345,341
364,129
368,240
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
72,680
77,091
74,972
46,866 15,958 9,855 15,760
51,002 15,312 10,777 18,673
51,262 12,645 11,065 15,934
91,235
98,852
93,640
78,553
86,108
81,657
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
85,547
95,637
98,467
90,088
1969—Dec. 317.
65,560 10,257 14,271 24,313 119,219
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
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
5,116
248
1,065
48,030
35,560
8,800
1,201
2,378
2,457
1,986
1,146
51,017
43,377
45,322
44,735
55,523 9,651 10,886
60,065 12,044 10,973
61,032 12,725 11,231
63,132 15,352 11,432
1,092
1,074
1,076
1,078
1,025
1,063
1,448
2,668
4,448
4,083
8,708
19,256
20,691
7,702
18,119
19,340
262
4
53
1,560
149
4,162
10,635
12,366
3,360
5,680
6,558
6
7
7
959
1,083
1,271
6,810
6,416
6,478
5,523
6,233
7,581
5,942
7,174
7,513
49,275
54,747
60,679
44,280
49,389
54,806
559
658
695
61
70
83
726
649
618
23,140
25,504
27,528
19,793
22,509
25,882
72
99
91
4,234
4,488
4,912
7,173
7,262
7,320
33,636 13,873 9,349
37,675 15,146 11,629
43,378 16,155 14,020
7,777
8,403
9,305
65,921
74,328
84,605
59,434
67,107
76,368
709
786
908
87
89
94
543
588
691
28,471
31,004
34,615
29,625
34,640
40,060
99
162
217
5,342
5,830
6,482
7,384
7,440
7,504
94,453
83,380
1,017
85
924
37,561
43,792
629
7,403
7,595
147,013
149,725
157,461
161,783
130,316
131,558
138,171
141,706
1,408
1,076
1,248
1,141
552
559
567
563
1,796i
1,999
2,241
1,305
52,876
49,223
52,735
53,650
73,685
78,701
81,379r
85,047
1,199
1,541
1,884•
1,735i
10,938
11,631
12,143
12,778
8,017
8,085
8,137
8,203
23,550 13,391
26,544 13,790
30,310 14,137
1966—Dec. 31..
1967—Dec. 30..
1968—Dec. 31..
56,857
64,449
73,553
15
i
1,406
1,495
2,005
2,604
42,464
46,567
52,028
For notes see p. A-21.
4,612
4,607
4,629
4,642
9,541
1963—Dec. 20..
1964—Dec. 31..
1965—Dec. 31..
82,133
30,342
30,924
31,867
32,504
12,862
10,511
12,671
11,505
3,241 1,509
2,992 10,584
4,958 10,039
128,333
134,306
139,471
145,010
26,706
30,336
33,804
38,801
94,445
5,776
14,639
16,444
31..
28..
30..
17..
184,622
195,056
201,318
209,564
123,186
117,906
123,016
123,123
Nonmember:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1969—Dec. 317.
146,800
127,001
137,116
136,108
150,697
148,345
155,017
158,250
115,426
117,547
121,052
125,715
1972—Dec.
1973—Mar.
June
Oct.
6,646
6,866
6,181
3,368
2,155
2,285
2,874
3,404
29,176
24,248
26,891
25,491
82,889 11,530 21,008
87,421
30 ,126
91,095 9,429 20,527
95,056 8,863 21,796
31..
28..
30..
17..
1972—Dec.
1973—Mar.
June
Oct.
19,096
14,134 !
16,6401
15,797
4
78
45
51,643 14,565 15,925 10,056
81,594 17,964 28,774
86,368
47 ,939
91,304 16,452 31,716
95,929 15,994 33,087
14,767
11,365
13,490
12,141
129
244
JANUARY 1974 • COMMERCIAL BANKS
A 21
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments
Deposits
Securities
Classification by
FRS membership
and FDIC
insurance
Total
Noninsured
nonmember:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 316
Loans
l
U.S.
Treasury
Other
2
Total
assets—
Total
Cash
liaassets 3 bilities
and
Total 3
capital
accounts 4
Interbank 3
Other
Den land
Demand
Time
U.S.
Govt.
1,457
2,211
2,009
455
318
474
761
1,693
1,280
241
200
255
763
514
576
2,283
2,768
2,643
1,872
2,452
2,251
329
181
177
1963—Dec. 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?
Dcc. 31
2,809
2,982
1,800
2,041
321
310
688
632
898
895
3,942
4,198
2,556
2,570
1971—Dec. 31
3,147
2,224
239
684
1,551
5,130
1972—Dec. 31
4,865
3,731
349
785
1,794
7,073
1973—June 30
5,915
4,732
345
838
1,892
8,196
Total nonmember:
1941 —Dec. 31
1945—Dec. 31
1947—Dec. 31
7,233
16,849
18,454
3,696
3,310
5,432
2,270
12,277
11,318
1,266
1,262
1,703
1963—Dec. 20
1964—Dec. 31
1965—Dec. 31
44,035
48,879
54,483
24,295
27,899
31,858
13,854
14,273
14,555
1967—Dec. 30
1968—Dec. 31
67,087 39,409
76,454 45,253
1969—June 30 7 . . . .
Dec. 31
80,841
85,115
50,159
53,683
111,674 69,411
1971—Dec. 31
1972—Dec. 31 ,
.. 133,198
1973—June 30
85,325
145,386 96,036
Time
5
Total
capital
accounts
Number
of
banks
Other
1,291
1,905
1,392
18
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
2,923
380
116
19
1,273
1,134
283
480
181
3,775
488
81
55
1,530
1,620
527
491
206
4,438
488
145
26
1,779
2,000
885
500
204
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
7,752
8,085
51,304 45,743
57,780 51,447
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
15,516
16,585
12,162
14,617
8,983
9,997
77,732 69,279
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
14,662
14,875
16,021
16,556
81,166
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
17,297 24,966
13,643 129,100 112,764
1,592
359
1,742 45,990
63,081
866
9,932
8,056
18,313 29,559
16,562 154,085 134,091
1,895
633
1,850 54,406
75,305
1,726
11,429
8,223
16,797
15,381 165,657 142,608
1,736
712
2,267
83,379
2,770
12,643
8,341
32,554
9,594 92,743
10,950 98,651
1 Beginning June 30, 1966, loans to farmers directly guaranteed by
CCC were reclassified as securities, and Export-Import Bank portfolio
fund participations were reclassified from loans to securities. This reduced
"Total loans" and increased "Other securities" by about $1 billion. "Total
loans" include Federal funds sold, and beginning with June 1967 securities
purchased under resale agreements, figures for which are included in
"Federal funds sold, etc.," on p. A-22.
Beginning June 30, 1971, Farmers Home Administration notes are
classified as "Other securities" rather than "Loans." As a result of this
change, approximately $300 million was transferred to "Other securities"
for the period ending June 30, 1971, for all commercial banks.
See also table (and notes) at the bottom of p. A-30.
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 third paragraph of note 1 above.
6 Beginning with Dec. 31, 1947, the series was revised; for description,
see n o t e 4, p. 5 8 7 , M a y 1 9 6 4 BULLETIN.
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 Beginning N o v . 9 , 1 9 7 2 , designation of banks as reserve city banks for
reserve-requirement purposes has been based on size of bank (net demand
deposits of more than $400 million), as described in the BULLETIN for
July 1972, p. 626. Categories shown here as "Large" and "All other" parallel the previous "Reserve city" and "Country" categories, respectively
(hence the series are continuous over time).
Borrowings
185
54,514
9 Regarding reclassification as a reserve city, see Aug. 1962 BULLETIN,
p. 993. For various changes between reserve city and country status in
1960-63, see note 6, p. 587, May 1964 BULLETIN. (See also note 8.)
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. (See also note 8.)
NOTE.—Data are for all commercial banks in the United States (including 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; beginning 1973,
excludes one national bank in Puerto Rico.
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 BULLETIN,
pp. 870-71.
A 22
COMMERCIAL BANKS • JANUARY 1974
LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Other loans
Class of
bank and
call date
FedTotal
loans 1 eral
funds
and
invest- sold,
ments etc. 2
Total-.2
1947- -Dec. 31. 116,284
Total
3, 4
1
Investments
For
To
U.S. Treasury
purchasing
financial
securities 6
or carrying institutions
ComOther,
securities
mer- Agrito
Real
cial culin- Other
esand tur- To
ditate
invidal 5 broBills
dusuals3
kers To Banks Others
and Notes Bonds
Total certifitrial
and others
dealcates
ers
38,057 1 8 , 1 6 7
,660
830
1,220
115
9,393
5,723
947 69,221 9,982 6,034 53,205 5,276 3,729
1972—Dec. 3110 599,367 26,662 388,593 132,701 14,314 11,316 4,491 6,585 23,402 9 8 , 3 8 2 87,232 10,171 67,028
1973—June 30.. 636,294 27,652 429,667 150,390 15,985 7 , 3 6 6 4,752 9,853 27,685 108,199 94,416 11,020 57,877
AH insured:
1941—Dec. 31.. 49,290
1945—Dec. 31.. 121,809
1947—Dec. 31.. '14,274
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
40
49
114
89,504 27,579
91,312 29,787
4,773
4,505
21,046
988 3,159 16,899 3,651 3,333
4,677 2,361 1,132 88,912 21,526 16,045 51,342 3,873 3,258
9,266 5,654 914 67,941 9,676 5,918 52,347 5,129 3,621
1972—Dec. 31 io 594,502 25,584 385,941 131,422 14,287 11,165 4,460 6,115 23,277 98,204 86,912 10,099 66,679
1973—June 30.. 630,379 26,162 426,425 148,825 15,967 7 , 2 9 5 4,727 9,060 27,574 108,008 94,060 10,909 57,532
Oct. 17. . 647,853 28,567 439,375
Member—Total:
1941—Dec. 31.. 43,521
1945—Dec. 31.. 107,183
1947—Dec. 31.. 97,846
18,021 8,671
22,775 8,949
32,628 16,962
972 594 598
855 3,133 3,378
,046 811 1,065
39
47
113
89,173 27,125
90,967 29,293
3,494
3,653
19,539
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
1972—Dec. 31 io 466,169 19,961 309,969 112,110 8,495 10,863 3,870 5,783 22,026 73,131 64,490 9,201 48,715
1973—June 30.. 490,908 19,705 341,577 127,194 9,467 7,103 4,122 8,634 26,258 79,840 69,006 9,953 41,080
Oct. 17. . 502,843 20,824 351,189
New York City: *1
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
412 169
2,453 1,172
545 267
1972—Dec. 31 io 75,034
812 57,901 27,864
1973—June 30.. 79,212 1,394 64,033 31,880
Oct. 17. . 81,550 1,578 65,392
City of Chicago:11
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31. .
7,057
4,563
211
73
52
233
87
1972—Dec. 31 io 21,362
718 15,576 7,851
1973—June 30.. 24,566 1,097 18,549 10,034
Oct. 17.. 25,802 1,229
140 ,330
129 843
282
313
Other large banks:11
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
48
300
205
225
123
80
111
522
7,265
311 1,623 5,331
287 272 17,574 3,910 3,325 10,339
564 238 11,972 1,642
558 9,772
114 194
427 1,503
170 484
22
36
46
95
51
149
341 2,780 1,0 66 1,138
598 3,558 1,146 1,207
4
17
15
1,430
256
40 4,213 1,600
26 2,890
367
5,890 1,676
5,596 1,484
10,199 3,096
659
648
818
1972—Dec. 31 io 198,156 8,504 119,690 31,911 6,327
1973—June 30.. 206,404 7,882 129,813 34,824 7,015
Oct. 17.. 211,239 8,807 133,947
Nonmember:
1947—Dec. 31.. 18,454
20
42
23
452 1,040
282 1,253
614
20
1972—Dec. 31 io 133,198 6,701 78,624 20,591 5,819
1973—June 30.. 145,386 7,947 88,089 23,196 6,518
453
263
5,432
,205
183
471
227
156
4
5
153 1,022
749 1,864
248 2,274
6,467
1,508
1,527
751 5,421
295
855 387 29,552 8,016 5,653 15,883
1,459
3,147 1,969 351 20,196 2,731 1,901 15,563
830
629
604
181
213
182
193
204
185
2,820
2,796
375
409
956 820
,126 916
,342 1,053
24,049 4,523
24,435 4,710
4,377
110
481 3,787 1,222 1,028
1,528
1,823
1,881
707 359 26,999 5,732 4,544 16,722 1,342 I , 0 6 7
3,827 1,979 224 22,857 3,063 2,108 17,687 2,006 1,262
455 2,565 39,262 35,458 2,220 24,830
657 2,484 42,638 38,284 2,376 21,638
2,266 1,061
33,664 II,468
34,919 12,153
109 11,318 2,179 1,219 7,920 1,078
622
803 1,377 25,250 22,741 969 18,313
630 1,219 1,427 28,359 25,410 1,067 16,797
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, such securities 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 of Personal
Loans, p. A-30.
2
729
606
638
9,107 1,518
7,224 1,900
648 1,873
721 1,715
1972—Dec. 31 io 171,618 9,927 116,802 44,483 ,977 2,024 1,707 2,716 10,268 27,014 22,669 3,943 16,316
1973—June 30.. 180,726 9,333 129,182 50,457 2,241 1,415 1,784 3,603 11,440 29,705 24,357 4,181 13,066
Oct. 17.. 184,252 9,210 132,627
All other member:11
1941—Dec. 31.. 12,518
1945—Dec. 31.. 35,002
1947—Dec. 31.. 36,324
69,640 17,884
69,374 19,172
841 2,271 6,413 5,789 5,225 2,390 5,696
772 3,776 8,776 6,352 5,158 2,676 4,661
732
954
760
1,333
1,801 1,418
2,760
5,931
5,088
32
26
93
State
and
local Other
secugovt, rities
5
securities
625
19,864 9,695
21,939 10,615
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-18—A-21.
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.
Notes continued on opposite page.
JANUARY 1974 • COMMERCIAL BANKS
A 23
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Demand deposits
Class of
bank and
call date
Reserves
with
F.R.
Banks
Total: 3
1947—Dec. 3 1 . . . .
BalDeCur- ances mand
rency
dewith
posits
and
docoin mestic
ad- 8
banks 7 justed
2,216 10,216 87,123
Interbank
U.S.
Govt.
DoFormestic 7 eign 9
11,362
1,430
1,343
State
and
local
govt.
6,799
Time deposits
Certified
and
officers'
checks,
etc.
2,581
IPC
84,987
U.S.
Govt, State
and
Inter- and
bank Postal local
Sav- govt.
ings
240
1972—Dec. 31 io. 26,070 8,666 32,185 212,121 29,971 3,883 10,875 18,588 11,685 221,950 4,194
1973—June 3 0 . . . 25,143 7,669 29,842 202,109 26,978 4,069 10,434 18,166 11,162 207,625 5,590
All insured:
1941—Dec. 3 1 . . . . 12,396 1,358
1945—Dec. 3 1 . . . . 15,810 1,829
1947—Dec. 3 1 . . . . 17,796 2,145
8,570 37,845
11,075 74,722
9,736 85,751
9,823
12,566
11,236
673 1,762
1,248 23,740
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
1972—Dec. 31 io . 26,070 8,637 30,734 210,287 29,731 3,635 10,820 18,459 11,177 221,057 4,113
1973—June 3 0 . . . 25,143 7,658 28,238 200,083 26,713 3,846 10,408 18,016 10,473 206,685 5,446
Oct. 1 7 . . . 30,983 9,230 24,957 203,878 24,626 3,816 5,820 15,613 9,903 208,977 6,571
Member—Total:
1941—Dec. 3 1 . . . . 12,396
1945—Dec. 3 1 . . . . 15,811
1947—Dec. 3 1 . . . . 17,797
3,066
4,240
5,504
1,009
2,450
2,401
1972—Dec. 31 io. 26,070 6,582 19,396 158,464 28,521 3,437 9,024 13,544
1973—June 3 0 . . . 25,143 5,754 18,004 148,306 25,684 3,627 8,167 13,251
Oct. 1 7 . . . 30,983 7,016 16,007 150,891 23,667 3,634 4,514 11,206
9,503
8,781
8,380
1,087
1,438
1,672
6,246 33,754 9,714
671 1,709
7,117 64,184 12,333 1,243 22,179
6,270 73,528 10,978 1,375 1,176
New York C/7v;U
1941—Dec/31....
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
5,105
4,015
4,639
93
111
151
1972—Dec. 31 io.
1973—June 3 0 . . .
Oct. 1 7 . . .
5,695
4,981
5,972
508
467
581
City of Chicago: a
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1,021
942
1,070
43
36
30
298
200
175
2,215
3,153
3,737
1,027
1,292
1,196
1972—Dec. 31 i®.
1973—June 3 0 . . .
Oct. 1 7 . . .
1,496
1,512
1,576
126
152
173
138
333
5,783
5,827
5,136
1,516
1,206
1,303
99
117
137
Other large banks:11
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
4,060
6,326
7,095
425
494
562
2,590 11,117
2,174 22,372
2,125 25,714
4,302
6,307
5,497
54
131
10,085 2,114
9,345 1,788
13,367 2,234
52,813
4,e
4,099 49,344
3,900 49,190
1972—Dec. 31 io
1973—June 3 0 . .
Oct. 1 7 . .
124
All other member: 11
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
2,210
4,527
4,993
526
796
929
1972—Dec. 31 io
1973—June 3 0 . .
Oct. 1 7 . .
8,794
9,305
10,068
3,807
3,373
4,077
Nonmember:3
1947—Dec. 3 1 . . .
1972—Dec. 31 io
1973—June 3 0 . .
174,770 3,562
160,407 4,879
161,257 6,008
59
103
111
50
99
105
6
17
12
11,282
15,712
17,646
4,854 23,271 12,532 2,562 1,418
5,557 20,478 12,679 2,661 1,115
644
4,567 22,240 10,617 2,656
741
646
497
3,592
3,403
3,358
31,040 1,833
26,558 2,773
25,615 3,809
233
237
285
34
66
63
2,152
3,160
3,853
509
299
141
223
225
314
264
229
206
6,899
6,918
6,542
160
392
459
95
224
2
491
8,221
405
1,144
1,763
2,282
286
611
705
11,127
22,281
26,003
104
30
22
20
38
45
10,426
8,446
8,408
707 3,860
731 2,988
742 1,768
3,854
3,954
3,107
3,075
2,728
2,587
3,216 9,661
4,665 23,595
3,900 27,424
790
1,199
1,049
2
225
8 5,465
432
7
1,370
2,004
2,647
239
435
528
8,500
21,797
25,203
30
17
17
9,681
76,597
72,658
7,208 74,325
4,047
3,353
3,340
118
70 3,238
3,766
99 1,962
8,726
8,426
7,288
2,571
2,421
2,229
72,384
68,737
70,496
395
342
352
13,595
385
55
8,211
3,947
2,084 12,789 53,658
1,915 11,838 53,803
1,449
1,294
110
64,447 1,173
58,194 1,371
58,604 1,388
1,295
180
12,284
190
446 1,851
442 2,267
5,044
4,915
2,182
47,180
47,219
633
712
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.
11
Beginning Nov. 9,1972, designation of banks as reserve city banks for
reserve-requirement purposes has been based on size of bank (net demand
deposits of more than $400 million), as described in the BULLETIN for
July 1972, p. 626. Categories shown here as "Large" and "All other"
10 6,844
215 8,671
61 9,734
418 11,878
399 23,712
693 27,542
4 5,886
208 7,589
54 8,464
29
20
14
778
1,206
1,418
1,648
195 2,120
30 2,259
2,522 26,196 9,502 8,042
2,075 30,788 11,597 8,287
2,371 31,522 13,260 8,405
476
719
902
167
2,381
492 15,146
496 29,277
826 33,946
468 28,553 211,124 36,357 41,228
569 30,812 230,969 46,529 43,098
427 32,392 239,878 54,153 43,936
450
1,338
1,105
127
20 1,552
21
72
10,059
606 37,086 276,138 37,556 52,166
730 40,655 302,344 48,413 55,240
580 42,907 314,256 55,888 56,714
319
237
290
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,
140
64
50
866 34,383
Capital
606 37,161 277,683 38,083 52,658
730 40,734 304,265 49,299 55,740
3,595
607
866
3,535 1,105 6,940
3,236 1,217
267
141 10,761
78 15,065
70 16,653
7
M a y 1964 BULLETIN.
33,061
62,950
72,704
IPC 3
Borrowings
288
377
426
847 9,237 3,008
930 11,357 4,146
,360 11,656 5,827
243
4,542
160 9,563
332 11,045
1,891
1,947
1,988
1,967
2,566
2,844
181 11,811 74,449 19,392 14,687
158 13,145 81,531 24,032 15,260
233 13,167 86,214 27,830 15,450
31
52
45
146 6,082
219 12,224
337 14,177
4 1,982
11 2,525
23 2,934
181 13,373 101,243 4,455 16,608
167 14,661 107,293 6,753 17,604
161 15,494 110,485 7,236 18,091
172
6,858
1,596
138 8,608 66,559 1,726 11,429
162 9,922 73,295 2,770 12,643
parallel the previous "Reserve city" and "Country" categories, respectively
(hence the series are continuous over time).
NOTE.—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 24
WEEKLY REPORTING BANKS • JANUARY 1974
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Loans
Federal funds sold, etc. i
Wednesday
Other
To brokers
and dealers
involving—
Total
loans
and
investments
To
commercial
banks
U.S.
Treasury
securities
Other
securities
For purchasing
or carrying securities
To
others
Total
Commercial
and
industrial
Agricultural
To brokers
and dealers
U.S.
Treasury
sees.
Other
sees.
To nonbank
financial
institutions
To
others
U.S.
Treasury
sees.
Other
sees.
Large banks—
Total
1972
Dec.
6
13
20
27
316,846
318,315
322,157
325,375
12,817
13,212
12,778
13,356
11,571
12,054
11,230
11,054
791
658
827
,424
295
348
464
541
160
152
257
337
220,018
220,695
225,178
227,414
88,794
89,374
90,794
91,103
2,737
2,781
2,788
2,841
1,649
887
1,154
1,663
7,790
7,715
8,767
8,615
205
207
220
264
2,843
2,858
2,890
2,911
1973
Nov.
7
14
21
28
363,207
360,150
358,562
359,766
16,290
15,811
13,487
14,447
14,400
14,163
12,059
12,843
1,312
1,206
924
1,100
349
258
289
321
229
184
215
183
263,271
261,638
261,566
262,469
107,041
107,124
107,381
107,411
3,406
3.402
3.403
3,428
1,445
613
628
623
6,012
5,752
5,632
5,564
138
135
143
142
2,903
2,874
2,852
2,865
Dec.
5*
12*
19*
26*
363,957
366,024
368,702
374,617
15,410
13,951
15,015
18,248
13,771
12,253
13,581
16,187
1,144
1,128
831
1,371
332
401
402
502
163
169
201
188
263,541 107,959
265,410 108,222
267,945 109,119
270,633 109,821
3,419
3,475
3,477
3,535
760
902
1,020
1,739
5,340
6,090
5,572
6,225
144
150
148
153
2,841
2,840
2,843
2,825
1,494
761
992
1,443
4,8
4,746
5,564
5,355
684
709
726
732
New York City
1972
51,010 25,01
50,430 25,122
52,491 25,780
53,204 25,739
Dec.
6.
13.
20.
27.
66,212
66,740
68,218
69,270
439
923
914
1,354
432
914
879
1,317
Nov.
7.
14.
28.
1,060
1,845
1.760
2; 298
940
1,725
1,640
2,178
120
21.
79,250
78,054
77,988
78,616
5*.
12*.
19*.
26*.
79,386
80,632
81,081
83,249
1,439
1,164
1,354
2,213
1,398
1,134
1,323
2,163
40
10
250,634
251,575
253,939
256,105
12,378 11.139
12,289 11.140
11,864 10,351
12,002 9,737
787
654
823
1,420
295
348
464
541
283,957
282,096
280,574
281,150
15,230
13,966
11,727
12,149
13,460
12,438
10,419
10,665
1,192
1,086
804
980
284,571
285,392
287,621
291,368
13,971
12,787
13,661
16,035
12,373
11,119
12,258
14,024
1,104
Dec.
63,271
61,585
61,346
61,839
30,783
30,737
30,851
30,935
107
108
109
112
1,318
543
534
514
3,781
3,447
3,360
3,296
685
662
653
652
62,091
62,795
63,530
64,990
31,084
30,928
31,238
31,439
1
125
127
131
671
764
901
1,598
3,077
3,776
3,250
3,890
647
638
647
633
157
147
226
304
169,008
170,265
172,687
174,210
63,783
64,252
65,014
65,364
2,693
2,734
2,743
2,795
155
126
162
220
2,902
2,969
3,203
3,260
167
170
184
228
2,159
2,149
2,164
2,179
349
258
289
321
229
184
215
183
200,000
200,053
200,220
200,630
76,258
76,387
76,530
76,476
3,299
3,294
3,294
3,316
127
70
94
109
2,231
2,305
2,272
2,268
108
104
112
111
2,218
2,212
2,199
2,213
332
401
402
502
162 201,450 76,875
149 202,615 77,294
180 204,415 77,881
188 205,643 78,382
3,308
3,350
3,350
3,404
89
138
119
141
2,263
2,314
2,322
2,335
114
109
108
112
2,194
2,202
2,196
2,192
120
120
120
10
50
Outside
New York City
1972
Dec.
6
13
20
27
1973
Nov.
Dec.
7
14
21
28
5*
12*
19*
26*
For notes see p. A-28.
1,118
821
1,321
A 25
JANUARY 1974 • WEEKLY REPORTING BANKS
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
Wednesday
Domestic
Foreign
Consumer
instalment
Foreign
govts. 2
All
other
Bills
Certificates
Within
1 yr.
1 to
5 yrs.
After
5 yrs.
Large banks—
Total
1972
2,043
2,126
2,313
2,376
3,094
3,068
3,164
3,222
27,836
27,813
27,963
28,115
1,146
1,146
1,158
1,161
18,054
17,825
18,123
18,726
28,357
28,185
28,201
28,645
Dec.
6
13
20
27
2,804
2,721
3,606
3,496
Nov.
7
14
21
28
3,374
3,359
3,465
3,411
Dec.
6,110
5,957
6,343
6 ,f"
4,495
4,514
4,335
4,413
15,042
15,005
14,958
14,874
2,710
2,709
2,565
2,550
11,908
11,865
12,354
12,416
12,491
1973
3,463
3,526
3,790
3,806
4,422
4,495
4,365
4,543
32,298
32,391
32,450
32,536
1,354
1,408
1,403
1,435
21,171
20,166
20,280
20,278
24,180
24,129
24,872
24,257
5,052
5,114
4,837
4,434
4,416
4,429
4,075
3,911
3,987
3,992
4.021
4.022
4,678
4,883
5,099
5,166
32,591
32,698
32,838
32,942
1,427
1,538
1,589
1,580
20,206
20,349
20,895
21,010
25,974
26,201
25,441
25,527
6,076
6,452
5,764
5,779
4,033
4,174
4,013
4,109
12,216
12,199
12,228
5P
12 p
19"
26 p
New York City
1972
6
13
20
27
750
667
1,193
1,186
Nov.
7
14
21
28
1,155
1,177
1,201
1,160
Dec.
281
327
194
203
1,569
1,482
1,509
1,563
2,063
2,086
2,117
2,131
736
739
732
734
3,918
3,734
3,619
3,959
5,228
5,100
4,803
5,029
1,437
1,265
1,259
1,486
1,368
1,468
1,647
1,661
1,930
2,066
1,972
2,090
2,411
2,419
2,432
2,443
685
748
722
728
5,200
4,390
4,456
4,440
4,890
4,834
5,029
4,719
1,734
1,797
1,443
1,188
687
711
759
664
1,719
1,659
1,634
1,681
1,698
1,667
1,735
1,705
2,085
2,188
2,304
2,359
2,446
2,449
2,466
2,480
701
763
768
762
4,484
4,489
4,681
4,584
5,869
6,081
5,614
5,588
2,162
2,489
2,120
2,095
783
712
615
565
1,769
1,703
1,678
1,768
528
516
543
635
Dec.
2,756
2,764
2,630
2,620
754
744
720
720
1973
5"
12"
19"
26"
Outside
New York City
1972
1,515
1,610
1,770
1,741
1,525
1,586
1,655
1,659
25,575
25,727
25,836
25,984
410
407
426
427
14,136
14,091
14,504
14,767
23,129
23,085
23,398
23,616
4,673
4,692
5,084
5,322
3,741
3,770
3,615
3,693
12,286
12,241
12,328
12,254
2,429
2,382
2,371
2,347
Dec.
6
13
20
27
Nov.
7
14
21
28
Dec. 5*>
1973
2,095
2,058
2,143
2,145
2,492
2,429
2,393
2,453
29,887
29,972
30,018
30,093
669
660
2,593
2,695
2,795!
2,807j
30,145
30,249
30,372
30,462
726
775
For notes see p. A-28.
681
707
821
818
15,971
15,776
15,824
15,838
19,290
19,295
19,843
19,538
3,318
3,317
3,394
3,246
3,729
3,718
3,316
3,247
10,189
10,206
10,720
10,735
2,054
2,054
2,413
2,310
15,722
15,860
16,214
16,426
20,105
20,120
19,827
19,939
3,914
3,963
3,644
3,684
3,250
3,462
3,398
3,544
10,722
10,513
10,521
10,460
2,219
2,182
2,264
2,251
12 p
19"
26"
WEEKLY REPORTING BANKS • JANUARY 1974
A 26
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued
(In millions of dollars)
Investments (cont.)
Other securities
Wednesday
Total
Obligations
of State
and
political
subdivisions
Tax
warrants 3
All
other
Other bonds,
corp. stock,
and
securities
Certif.
of
partici-4
pation
Cash
items
in
process
of
collection
Reserves
with
F.R.
Banks
Currency
and
coin
Balances
with
domestic
banks
Investments
in subsidiaries not
consolidated
Other
assets
Total
assets/
total
liabilities
All
other5
Large banks—
Total
1972
55,654
56,223
56,000
55,960
8,898
8,969
9,039
8,971
37,907
38,382
38,100
38,142
1,771
1,800
1,766
1,760
7,078
7,072
7,095
7,087
28,841
28,178
31,299
34,192
18,423
21,174
19,927
16,452
3,837
4,275
4,184
4,689
10,309
9,766
10,535
11,291
1,084
1,084
1,094
1,096
17,295
17,239
17,379
17,493
396,635
400,031
406,575
410,588
7
14
21
28
59,466
58,572
58,637
58,593
7,749
7,348
7,180
7,152
39,187
38,666
38,970
38,907
2,212
2,230
2,193
2,298
10,318
10,328
10,294
10,236
36,848
36,059
31,700
31,361
20,940
25,990
23,570
22,713
3,955
4,360
4,021
4,745
14,314
12,417
10,576
12,228
1,355
1,360
1,363
1,368
20,599
19,883
20,033
20,016
461.218
460.219
449,825
452,197
5*
59,032
60,462
60,301
60,209
7,152
7,603
7,385
7,405
39,411
39,999
40,121
39,940
2,278
2,341
2,327
2,351
10,191
10,519
10,468
10,513
32,576
34,479
34,915
29,772
22,285
20,303
24,720
18,052
4,064
4,601
4,538
4,846
11,865
14,083
12,696
7,480
1,367
1,364
1,381
1,396
20,773
20,553
20,885
21,139
456,887
461,407
467,837
457,302
9,535
10,287
10,010
9,683
2,485
2,710
2,829
2,672
5,451
5,896
5,582
5,462
545
578
543
540
1,054
1,103
1,056
1,009
10,236
9,314
11,064
11,986
4,751
5,603
4,847
3,260
492
501
480
512
4,262
3,690
4,219
4,431
544
544
542
544
5,282
5,201
5.441
5,463
91,779
91,593
94,811
95,466
Dec.
6
13
20
27
Nov.
1973
Dec.
12*
19*
26*
New York City
1972
Dee.
6
13
20
27
Nov.
7
14
21
28
10,029
9,790
9,853
9,760
2,311
2,368
2.247
2.248
5,070
4,803
4,975
4,878
611
601
590
594
2,037
2,018
2,041
2,040
16,504
13,296
9,870
11,711
5,719
7,197
5,358
5,387
508
511
454
539
7,972
6,431
4,328
6,308
663
662
665
668
5,945
5,636
5,909
5,804
116,561
111,787
104,572
109,033
5*
9,987
10,592
10,583
10,458
2,214
2,392
2,266
2,264
5,114
5,473
5,622
5,526
588
608
590
599
2.071
2,119
2,105
2,069
10,872
12,511
11,992
7,613
6,024
5,106
7,053
3,805
516
533
517
546
5,306
7,713
5,863
1,512
664
667
666
670
5,991
5,942
6,123
6,118
108,759
113,104
113,295
103,513
46,119
45,936
45,990
46,277
6,413
6,259
6,210
6,299
32,456
32,486
32,518
32,680
1,226
1,222
1,223
1,220
6,024
5,969
6,039
6,078
18,605
18,864
20,235
22,206
13,672
15.571
15,080
13,192
3,345
3,774
3,704
4,177
6,047
6,076
6,316
6,860
540
540
552
552
12,013
12,038
11,938
12,030
304,856
308,438
311,764
315,122
1973
Dec.
12*
19*
26*
Outside
New York City
1972
Dec.
6
13
20
27
Nov.
7
14
21
28...
49,437
48,782
48,784
48,833
5,438
4,980
4,933
4,904
34,117
33,863
33,995
34,029
1,601
1,629
1,603
1,704
8,281
8,310
8,253
8,196
20,344
22,763
21,830
19,650
15,221
i8,793
18,212
17,326
3,447
3,849
3,567
4,206
6,342
5,986
6,248
5,920
692
698
698
700
14,654
14,247
14,124
14,212
344,657
348,432
345,253
343,164
5*
49,045
49,870
49,718
49,751
4,938
5,211
5,119
5,141
34,297
34,526
34,499
34,414
1,690
1,733
1,737
1,752
8,120
8,400
8,363
8,444
21,704
21,968
22,923
22,159
16,261
15,197
17,667
14,247
3,548
4,068
4,021
4,300
6,559
6,370
6,833
5,968
703
697
715
726
14,782
14,611
14,762
15,021
348,128
348,303
354,542
353,789
1973
Dec.
12*
19*
26*
For notes see p. A-28.
JANUARY 1974 • WEEKLY REPORTING BANKS
A 27
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued
(In millions of dollars)
Deposits
Time and savings
Demand
Domestic
interbank
Total
IPC
States
and
political
subdivisions
U.S.
Govt.
Commercial
IPC
Foreign
ComMutual
Govts., mersavetc. 2
cial
ings
banks
Certified
and
officers'
checks
Total 6
Savings
Other
States
and
political
subdivisions
Wednesday
Domestic
interbank
Foreign
gOVtS.2
Large banks—
Total
1972
Dec.
6
13
20
27
154,028
152,099
160,530
166,145
109,290
111,905
114,452
119,052
6,505
6,751
6,718
7,043
4,384
i,615
5,980
5,073
22,542
20,698
21,062
22,652
724
662
695
744
1,018
983
932
1,005
3,205
3,078
3,284
3,486
6,360
6,407
7,407
7,090
158,633
159,867
160,440
161,395
58,259
58,162
58,091
58,284
72,878
73,162
73,199
73,567
17,875
18,767
19,253
19,512
2,985
2,997
3,050
3,067
6,017
6,161
6,226
6,329
164,691
159,601
153,280
156,083
112.458
112,884
111,914
112.459
6,800
6,410
6,450
6,173
2,200
1,494
2,424
2,138
28,248
23,768
21,189
22,406
820
685
629
604
1,021
888
954
1,055
3,999
4,011
3,835
3,777
9,145
9,461
5,885
7,471
187,077
186,338
186,468
186,481
56,257
56,262
56,315
56,278
94,097
93,622
93,872
94,014
22,079
21,886
21,670
21,568
5,622
5,795
5,815
5,849
8,525
8,278
8,310
8,267
Nov.
7
14
21
28
159,314
163,856
167,002
161,824
113,193
115,463
116,870
121,364
6,406
6,416
6,390
6,714
2,449 23,532
1,503 25,090
5,600 23,278
5,152 16,767
683
623
670
639
1,164
1,246
1,163
1,024
4,155
4,151
4,180
4,670
7,732
9,368
8,851
5,494
186,071
187,609
187,036
188,273
56,383
56.304
56,241
56.305
93,822
94,678
93,738
94,858
21,617
22,250
22,769
22,738
5,690
5,521
5,538
5,643
7,973
8,302
8,319
8,295
Dec.
5®
12®
19®
26®
1973
New York City
1972
41,466
39,421
43,916
45,892
23,115
23,579
25,072
26,466
373
361
561
554
809
233
1,527
1,048
10,681
9,029
9,462
10,501
Dec.
360
340
338
385
863
823
762
831
2,363
2,222
2,376
2,568
2,902
2,834
3,818
3,539
27,022
27,236
27,187
27,426
5,628
5,921
5,596
5,603
14,963
15,066
14,897
15,046
1,695
1,712
1,750
1,833
1,707
1,694
1,762
1,722
2,931
3,047
3,128
3,102
400
346
323
311
863
731
804
895
2,981
2,949
2,763
2,777
5,430
5,630
2,402
3,889
34,056
34,558
34,952
34,913
4,966
4,977
4,961
4,961
19,110
19,456
19,699
19,694
2,074
2,143
2,148
2,140
3,736
3,934
4,039
4,044
4,091
3,969
4,028
3,998
Nov.
367
308
368
350
966
1,059
973
825
3,158
3,084
3,060
3,554
4,032
5,434
4,886
2,096
34,682
34,995
34,445
34,475
4,965
4,958
4,949
4,958
19,599
19,993
19,336
19,407
2,156
2,110
2,210
2,131
3,936
3,736
3,733
3,722
3,933
4,104
4,144
4,179
Dec.
6
13
20
27
1973
52,027
45,954
40,924
44,706
25,728
23,752
23,851
24,566
464
366
433
344
44,601
48,456
47,368
40,692
23,794
24,722
24,812
27,034
443
338
360
513
477 15,684
150 12,030
9,890
458
363 11,561
558
206
1,510
1,176
11,283
13,305
11,399
5,144
7
14
21
28
5®
12®
19®
26®
Outside
New York City
1972
16,180
17,055
17,503
17,679
1,278
1,303
1,324
1,345
3,086
3,114
3,098
3,227
153,021
151,780
151,516
151,568
51,291 74,987 20,005
51,285 74,166 19,743
51,354 74,173 19,522
51,317 74,320 19,428
1,886
1,861
1,776
1,805
4,434
4,309
4,282
4,269
Nov.
151,389
152,614
152,591
153,798
51,418
51.346
51,292
51.347
74,223 19,461
74,685 20,140
74,402 20,559
75,451 20,607
1,754
1,785
1,805
1,921
4,040
4,198
4,175
4,116
Dec.
112,562
112,678
116,614
120,253
86,175
88,326
89,380
92,586
6,132
6,390
6,157
6,489
3,575
1,382
4,453
4,025
11,861
11,669
11,600
12,151
364
322
357
359
155
160
170
174
842
856
908
918
3,458
3,573
3,589
3,551
131,611 52,631 57,915
132,631 52,541 58,096
133,253 52,495 58,302
133,969 52,681 58,521
112,664
113,647
112,356
111,377
86,730
89,132
88,063
87,893
6,336
6,044
6,017
5,829
1,723
1,344
1,966
1,775
12,564
11,738
11,299
10,845
420
339
306
293
158
157
150
160
1,018
1,062
1,072
1,000
3,715
3,831
3,483
3,582
114,713
115,400
119,634
121,132
89,399
90,741
92,058
94,330
5,963
6,078
6,030
6,201
1,891
1,297
4,090
3,976
12,249
11,785
11,879
11,623
316
315
302
289
198
187
190
199
997
1,067
1,120
1,116
3,700
3,930
3,965
3,398
Dec.
6
13
20
27
1973
For notes see p. A-28.
7
14
21
28
5®
12®
19®
26®
A 28
WEEKLY REPORTING BANKS • JANUARY 1974
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued
(In millions of dollars)
Borrowings
from—
Wednesday
Federal
funds
purF.R.
chased, Banks
etc. 7
Others
Reserves
for—
Other
liabilities,
etc. 8
Loans
Memoranda
Securities
Total
capital
accounts
Total
loans
(gross)
adjusted 9
Large negotiable
Total
time CD's
loans
included in time
and
Deand savings deposits n
investmand
ments deposits
(gross)
adIssued Issued
adjusted i o Total
to
to
justed 9
IPC's others
Gross
liabilities of
banks
to
their
foreign
branches
Large banks—
Total
1972
Dec.
6
13
20
27
Nov.
7
14
21
28
32,768
36,026
32,866
31,085
150
898
1,238
1,293
2,237
2,128
2,023
1,878
15,201
15,372
15,92l2
15,151
4,207
4,202
4,170
4,139
29,339
29,367
29,315
29,431
219,221
219,727
224,413
227,340
303,232
304,135
308,614
311,945
98,261
101,608
102,189
104,228
43,665
44,173
44,355
44,911
28,300
28,554
28,520
28,822
15,365
15,619
15,835
16,089
1,618
1,705
1,807
1,400
49,546
51,676
48,791
48,407
531
3,699
975
1,025
5,894
5,645
5,653
5,533
17,488
17,223
18,678
18,598
4,613
4,613
4,606
4,606
31,313
31,359
31,309
31,399
261,698
259,760
259,204
260,267
345,344
342,461
342,713
343,117
97,395
98,280
97,967
100,178
64,470
63,814
64,117
64,042
42,554
41,979
42,257
42,377
21,916
21,835
21,860
21,665
1,692
1,826
2,428
2,479
50,823
48,232
52,315
47,759
370
1,350
1,267
274
5,818
5,795
5,588
5,274
18,227
18,344
18,596
17,759
4,615
4,585
4,547
4,513
31,584
31,571
31,520
31,560
261,193
263,116
265,358
268,672
346,199
349,779
351,100
354,408
100,757
102,784
103,209
110,133
63,429
64,442
63,366
64,390
42,194
43,044
41,999
42,986
21,235
21,398
21,367
21,404
1,946
1,973
2,432
1,759
8,268
9,560
7,948
6,878
250
487
430
610
574
510
422
5,659
5,791
6,038
5,711
1,238
1,237
1,222
1,214
7,516
7,524
7,503
7,493
50,489
49,923
51,983
52,606
65,252 19,740
65,310 20,845
66,796 21,863
67,318 22,357
14,364
14,495
14,447
14,704
9,810
9,927
9,748
9,913
4,554
4,568
4,699
4,791
1,174
1,349
1,487
1,169
13,092
12,536
10,286
11,097
1,491
325
258
2,417
2,405
2,482
2,524
5,744
5,503
6,274
6,214
1,324
1,323
1,320
1.320
7,901
8,017
8,009
8,001
62,023
60,237
59,819
60,298
76,942 19,362 20,026
74,861 20,478 20,428
74,701 20,706 20,850
74,777 21,071 20,830
12,443
12,724
12,964
12,985
7,583
7,704
7,886
7,845
1,200
1,389
1,715
1,687
1973
Dec.
5*
12*
19*
26*
New York City
1972
Dec.
6
13
20
27
1973
Nov.
Dec.
7
14
21
28
5*
12*
19*
26*
11,544
10,715
13,311
10,900
715
90
2,819
2,950
2,834
2,536
5,706
5,870
5,879
5,571
1.321
1,306
1,289
1,273
8,086
8,097
8,079
8,066
60,434
61,158
61,826
63,335
76,290
77,831
78,023
79,381
21,888
22,434
22,567
26,759
20,510
20,871
20,377
20,436
12,827
13,184
12,585
12,708
7,683
7,687
7,792
7,728
1,242
1,220
1,569
1,316
24,500
26,466
24,918
24,207
150
648
751
863
1,627
1,554
1,513
1,456
9,542
9,581
9,884
9,440
2,969
2,965
2,948
2,925
21,823
21,843
21,812
21,938
168,732
169,804
172,430
174,734
237,980
238,825
241,818
244,627
78,521
80,763
80,326
81,871
29,301
29,678
29,908
30,207
18,490
18,627
18,772
18,909
10,811
11,051
11,136
11,298
444
356
320
231
Outside
New York City
1972
Dec.
6
13
20
27
Nov.
7
14
21
28
36,454
39,140
38,505
37,310
531
2,208
650
767
3,477
3,240
3,171
3,009
11,744
11,720
12,404
12,384
3.289
3.290
3,286
3,286
23,412
23,342
23,300
23,398
199,675
199,523
199,385
199,969
268,402
267,600
268,012
268,340
78,033
77,802
77,261
79,107
44,444
43,386
43,267
43,212
30,1
29,255
29,293
29,392
14,333
14,131
13,974
13,820
492
437
713
792
Dec,
5*
12*
19*
26*
39,279
37,517
38,904
36,859
370
635
1,177
274
2,999
2,845
2,754
2,738
12,521
12,474
12,717
3,294
3,279
3,258
3,240
23,498
23,474
23,441
23,494
200,759
201,958
203,532
205,337
269,909
271,948
273,077
275,027
78,869
90,350
80,742
83,374
42,919
43,571
42,989
43,954
29,367
29,860
29,414
30,278
13,552
13,711
13,575
13,676
704
753
863
443
1973
1
12,188
Includes securities purchased under agreements to resell.
Inclydes 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.
2
8
Includes minority interest in consolidated subsidiaries.
Exclusive of loans and Federal funds transactions with domestic commercial banks.
10
All demand deposits except U.S. Govt, and domestic commercial
banks, less cash items in process of collection.
11
Certificates of deposit issued in denominations of $100,000 or more.
9
JANUARY 1974 • BUSINESS LOANS OF BANKS
A 29
COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Net change during—
Outstanding
Dec.
26
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other fabricated metal p r o d u c t s . . .
Other durable goods
Nondurable goods manufacturing:
Food, liquor, and tobacco
Textiles, apparel, and leather
Petroleum refining
Chemicals and rubber
Other nondurable goods
Mining, including crude petroleum
and natural gas
Trade: Commodity dealers
Other wholesale
Retail
Transportation
Communication
Other public utilities
Construction
Services
All other domestic loans
Bankers' acceptances
Foreign commercial and industrial
loans
Total classified loans
Total commercial and industrial loans
of large commercial banks
1,809
6,671
2,520]
2,333'
3,703
4,157]
3,219
1,391
2,516]
2,145
3,804
1,842
5,415I
6,073
5,964
2,026
5,877
5,553
11,056
8,271
1,274
Dec.
19
1,886
Dec.
Dec.
12
5
1,908
6,353
2,444
2,334
3,763
1,997
6,244]
2,360]
2,324
3,718
4,015
3,326
1,114
2,416
2,182
3,977]
3,330]
1,089
2,425
2,176]
3,816
3,775
1,8101 1,826
5,337]
5,318'
6,312
6,340]
5,879
5,951
1,927
1,992
5,675
5,786
5,697]
5,582
10,944 10,748
8,042
8,146
1,153
1,270
3,801
1,794
5,341
6,522
5,857
1,902
5,695
5,588
10,815
7,977
1,223
6,548
2,513
2,3721
3,763
4,103
3,295
1,101
2,437
2,179
4,073
4,058
91,6921 9 1 , 1 6 9
Nov.
28
Dec.
1,957
6,231
2 ""
2
3,735
2,468
2~
i
5,321
6
3,991
4,015
90,282] 90,146
•
*109,821 *>109,119 *107,959 *107,4J1 1 0 7 , 4 1 1
Nov.
1973
1973
1973
1973
Industry
Oct.
IV
III
II
2nd
half
1st
half
-148
440
156
7
-32
-21
119
3
18
-120
-78
-423
-69
-10
-211
-247
136
90
15
-363
18
479
272
56
290
-102
645
32
267
323
-229
615
362
71
-73
20
1,453
64
503
872
269
-137
294
48
-25
211
-119
-84
-91
-15
-140
-184
-26
-155
-25
340
-440
184
-198
-65
393
235
19
48
156
-194
275
-7
63
157
733
-205
203
-150
91
-23
730
211
809
360
-6
99
94
-394
161
138
352
-26
351
408
62
-79
318
-27
64
-21
-119
328
-69
190
28
-21
-148
213
84
146
-126
-97
-84
-156
24
-134
158
-233
630
151
-184
14
-78
596
-251
565
302
199
77
-42
43
165
66
-13
734
212
362
380
-322
-603
183
457
283
79
670
624
455
782
76
-156
588
194
-19
80
-91
1,330
-39
927
682
-123
331
-540
567
1,092
294
258
961
928
997
1,754
-154
17
2,128
-54
60
553 - 1 , 4 9 5
23
1,186
-384
3,244
-18
4,447
-361
4,430
554
12,041
2,410
712 - 1 , 5 3 4
1,588
3,370
4,998
4,958
13,760
See NOTE to table below.
"TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Net change during—
Outstanding
1973
1973
1973
Industry
Dec.
26
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment.
Other fabricated metal
products
Other durable goods
Nondurable goods manufacturing:
Food, liquor, and tobacco.
Textiles,
apparel,
and
leather
Petroleum refining
Chemicals and rubber
Other nondurable goods. .
Mining, including crude petroleum and natural gas.
Trade: Commodity dealers..
Other wholesale
Retail
Transportation
Communication
Other public utilities
Construction
Services
All other domestic loans
Foreign commercial and industrial loans
Total loans
1,1061
2,868
Oct.
31
Sept.
26
July
June
May
Apr.
29
25
27
30
25
IV
1,294
2,638
1,293
2,6641
1,193
1,328
2,641
1,189
1,314
2,560
1,315
2,555
-205
1,226
1,240
2,729
1,251
1,260
1,311
2,734
1,233
2,680
1,261
885
1,758
902
1,741
891
1,782]
863
1,777
8461
1,730
1,720]
869
1,690]
833]
1,592
842
1,614
1,491
1,466
1,465
1,472
1,405
1,410]
1,393
1,372
1,3551
1,0361
839
1,509
1,058
1,030
883
1,535
1,076]
1,026
1,021
920]
1,553
1,092
925
1,494]
1,069
2,960|
127
1,191
2,2041
4,307
2,950]
135
1,171
2,990]
861
828
3,253]
1,904
5,029
2,603
3,114|
1,935
4,899
2,921
115
L,149I
2,1361
4,287
835
2,671
2,616
2,958
120]
1,224
2,179
4,214]
819
2,853
1,9521
4,752
2,552|
2,334]
2,306|
2,308
933
1,561
1,071
2,226!
4,199
116]
1,178
2,145
4,272
857
2,829
1,992
4,701
2,585
2,186|
2,0001
4,646
2,458
2,292]
4 0 , 7 2 7 *40,150 *39,820 f39,806 *39,158
NOTE.—About 160 weekly reporting banks are included in this series;
these banks classify, by industry, commercial and industrial loans amounting to about 90 per cent of such loans held by all weekly reporting banks
and about 70 per cent of those held by all commercial banks.
For description of series see article "Revised Series on Commercial and
Industrial Loans by Industry," Feb. 1967 BULLETIN, p. 209.
2nd
half
Aug.
1,280
1,001
P
Nov.
28
861
1,168 1,1801
188
-7
328
19
15
221
19
1,003
947]
1,486
1,050|
969]
876
1,481
1,063|
942|
885
1,441
1,063
978
858
1,459
1,108
-25
13
8
3,022
178
2,846
123
2,895
136)
4,255
814]
2,548
2,009
4,568
2,389
4,305
785
2,409
1,896
4,562|
2,908
139
1,051
1,979
4,161
760]
2,328
1,852
4,402
-30]
11
13
59
35
4
424
2,201
2,180
2,497
2,585]
2,647
f39,091 p 38,283
*37,577
1,118
2,066
1,066j
2,006
1,068
1,947
4,202
738
2,343
1,800
4,417
2,061
2,410|
37,281
84|
170
-19
-21
-88
328
18
144
-7
112
139l
-33
72
420]
96]
139
384]
148
-399
921
,523
-222
227
91
281
65]
16
68
116]
98
77
34
2
-37
169
144
326
206
32
57
80
-26
187
29
161
231
54
64]
259
151
313
274]
114
4
125
198
2
76
844
8
467
402
79
57
44
72
29
67
159
-31
-27
11
183
71
39
175
187
223
330|
181
1,893
201
-251
3,426
2,444
Commercial and industrial "term" loans are all outstanding loans with
an original maturity of more than 1 year and all outstanding loans granted
under a formal agreement—revolving credit or standby—on which the
original maturity of the commitment was in excess of 1 year.
A 30
DEMAND DEPOSIT OWNERSHIP • JANUARY 1974
GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1
(In billions of dollars)
Type of holdei
Class of bank, and quarter or month
Total
deposits,
IPC
Financial
business
Nonfinancial
business
Consumer
Foreign
All
other
1970—Sept
Dec
17.0
17.3
88.0
92.7
51.4
53.6
1.4
1.3
10.0
10.3
167.9
175.1
1971
Sept
Dec
18.3
18.1
17.9
18.5
86.3
89.6
91.5
98.4
54.4
56.2
57.5
58.6
1.4
1.3
1.2
1.3
10.5
10.5
9.7
10.7
170.9
175.8
177.9
187.5
1972—June
Sept
Dec
17.9
18.0
18.9
97.6
101.5
109.9
60.5
63.1
65.4
1.4
1.4
1.5
11.0
11.4
12.3
188.4
195.4
208.0
1973—Mar
June
Sept
18.6
18.6
18.2
102.8
106.6
108.4
65.1
67.3
69.2
1.7
2.0
2.1
11.8
11.8
11.9
200.0
206.3
210.4
1971—Dec
14.4
58.6
24.6
1.2
5.9
104.8
1972—Nov
Dec
14.5
14.7
60.5
64.4
26.7
27.1
1.3
1.4
6.2
6.6
109.2
114.3
1973—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
15.0
14.3
14.4
14.3
13.8
14.2
14.8
14.3
14.5
15.0
14.8
63.1
60.3
59.0
59.4
59.1
60.8
61.1
59.5
60.6
61.7
62.9
27.8
26.3
26.5
28.6
26.9
27.1
27.3
27.3
27.2
27.3
27.5
1.4
1.6
1.6
1.8
1.9
1.9
1.9
1.9
1.9
2.0
2.1
6.8
6.5
6.4
6.4
6.4
6.3
6.6
6.1
6.5
6.6
6.7
114.1
109.0
107.9
110.4
108.0
110.2
111.7
109.1
110.8
112.5
113.9
All commercial banks:
Mar
Weekly reporting banks:
1
Including cash items in process of collection.
NOTE.—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
BULLETIN, p. 466.
DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS
(In millions of dollars)
Class of
bank
All c o m m e r c i a l . . . .
Insured
National member
State m e m b e r . . . .
All member
Dec. 31,
1971
680
677
387
95
482
Dec. 31,
1972
559
554
311
71
381
June 30,
1973
538
533
304
71
375
Oct. 17,
1973
505
281
70
350
1
Beginning Nov. 9,1972, designation of banks as reserve city banks for
reserve-requirement purposes has been based on size of bank (net demand
deposits of more than $400 million), as described in the BULLETIN for
July 1972, p. 626. Categories shown here as "Other large" and "All other
member" parallel the previous "Reserve City" (other than in New York
City and the City of Chicago) and "Country" categories, respectively
(hence the series are continuous over time).
Class of
bank
All member—Cont.
Other large banks 1
All other member 1
All nonmember
Insured
Noninsured
Dec. 31,
1971
112
371
197
195
2
Dec. 31,
1972
69
313
177
172
5
June 30,
1973
63
312
163
158
5
Oct. 17,
1973
59
291
155
NOTE.—These hypothecated deposits are excluded from "Time deposits"
and "Loans" at commercial banks, as shown in the tables on pp. A-18,
A-19, and A-24-A-28 (consumer instalment loans), and in the table at the
bottom of p. A-17. These changes resulted from a change in Federal
Reserve regulations. See June 1966 BULLETIN, p. 808.
These deposits have not been deducted from "Time deposits" and
"Loans" for commercial banks as shown on pp. A-20 and A-21 and on
pp. A-22 and A-23 (IPC only for time deposits).
JANUARY 1974 • LOAN SALES BY BANKS; OPEN MARKET PAPER
A 31
LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS
(Amounts outstanding; in millions of dollars)
To own subsidiaries, foreign branches,
holding companies, and other affiliates
Date
To all others except banks
By type of loan
By type of loan
Total
Total
Commercial
and
industrial
All other
Commercial
and
industrial
All other
5
12
19
26
4,672
4,453
4,748
4,637
2,816
2,713
2,841
2,877
1,856
1,740
1,907
1,760
1,743
1,783
1,777
1,764
326
355
356
353
1,417
1,428
1,421
1,411
Oct.
3
10
17
24
31
4,723
4,606
4,538
4,518
4,645
2,893
2,784
2,782
2,825
2,857
1,830
1,822
1,756
1,693
1,788
1,760
1,806
1,788
1,774
1,768
356
351
351
338
333
1,404
1,455
1,437
1,436
1,435
Nov.
7
14
21
28
4,317
4,315
4,336
4,342
2,591
2,540
2,656
2,655
1,726
1,775
1,680
1,687
1,772
1,779
1,783
••1,809
343
333
331
354
1,429
1,446
1,452
'1,455
5
12
19
26
4,407
4,393
4,297
4,300
2,669
2,620
2,580
2,603
1,738
1,773
1,717
1,697
1,808
1,790
1,790
1,792
346
337
332
331
1,462
1,453
1,458
1,461
1973—Sept.
Dec.
r
NOTE.—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)
Dollar acceptances
Commercial and finance
company paper
Based on—
Held b y Placed through
dealers
End of period
Placed
directly
Accepting banks
F.R. Banks
Total
Total
Others
Bank
related
Bank
Other 1 related
Other2
3,078
1,940
1,478
7,397
10,556
12,184
13,972
17,705
18,460
19,230
3,392
3,603
4,317
4,428
5,451
7,058
Total
Foreign
Imports
into
United
States
Exports
from
United
States
All
other
Own
bills
Bills
bought
Own
acct.
1,1
1,223
1,198
1,906
1,544
1,567
2,694
3,480
1,094
983
1,447
1,344
1,318
1,960
2,689
129
215
459
200
249
735
791
187
193
164
58
64
57
261
144
191
156
109
146
250
254
1,837
2,022
2,090
2,717
3,674
4,057
3,894
792
997
1,086
1,423
1,889
2,601
2,834
974
829
989
952
1,153
1,561
1,546
1,626
1,778
2,241
2,053
2,408
2,895
3,509
196 5
196 6
196 7
196 8
196 9
197 0
197 1
9,300
13,645
17,085
21,173
32,600
33,071
32,126
1,216
409
495
1,903
3,089
4,901
7,201
10,601
12,262
10,923
1972—Nov...
Dec...
35,775
34,721
876
930
12,345
11,242
1,709 20,845
1,707 20,842
6,864
6,1
2,529
2,706
1,995
2,006
535
700
63
106
199
179
4,073
3,907
2,621
2,531
1,844
1,909
2,400
2,458
1973—Jan....
Feb.. .
Mar...
Apr...
May. .
June..
July...
Aug...
Sept...
Oct....
Nov...
35,727
35,196
34,052
34,404
35,672
35,786
35,463
37,149
37,641
41,602
42,945
911
956
993
1,044
1,148
1,173
1,207
1,350
1,353
1,319
1,317
11,641
9,968
8,366
8,290
8,288
8,316
7,954
7,676
8,845
11,727
12,824
1,795
2,160
2,463
2,767
2,922
3,110
3,307
3,758
3,878
3,549
3,655
6,564
6,734
6,859
6,713
2,384
2,328
2,269
2,068
2,197
2,185
2,254
1,968
2,099
2,042
2,566
1,825
1,765
1,777
1,641
1,763
1,746
1,803
1,598
1,629
1,731
2,129
560
563
492
427
433
439
452
370
470
311
437
141
233
165
136
83
66
132
84
145
107
71
198
239
282
344
384
395
496
522
548
589
604
3,841
3,934
4,143
4,165
4,225
4,591
4,810
5,159
5,379
5,499
5,252
2,337
2,311
2,091
1,996
2,009
2,053
2,222
2,268
2,296
2,345
2,320
1,948
2,113
2,399
2,359
2,509
2,755
2,954
2,945
3,289
3,222
3,340
2,279
2,310
2,368
2,359
2,371
2,428
2,517
2,520
2,585
2,670
2,833
21,380
22,112
22,230
22,303
23,314
23,187
22,995
24,365
23,565
25,007
25,149
6,r~
7,237
7,693
7,734
8,170
8,237
8,493
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.
NOTE.—Back data available from Financial Statistics Division, Federal
Reserve Bank of New York.
A 32
INTEREST RATES • JANUARY 1974
PRIME RATE CHARGED BY BANKS
(Per cent per annum)
7.
1969 —Jan.
Mar. 17.
June 9.
—Mar. 25.
Sept. 21.
Nov. 12.
23.
Dec. 22.
1971 —Jan.
6.
15.
18.
Feb. 16.
Mar. 11.
19.
Apr. 23.
May 11.
July
6.
7.
Oct. 20.
Nov.
1.
4.
8.
22,
29,
Dec.
6
27
31
7
1972—Jan.
m
m
5-5i/8-5i4.
3
434-5-51445/
8-4 4-54i/2-434«_5
43/8-41/2434-
3.
17.
24.
31.
m
8V4
Feb. 28.
7
6V4
6V£
6Va
Apr.
6
5V4
5V4-5K
5V4
May
3.
5.
17.
1.
30.
5 - - 5 I/8-514
5-
5^-6
6
5V4
5V4»-5%
July
Aug. 11
14
21
25
51/4-53/85V4-5V2*
5Ya*
Oct.
16.
Nov.
71/2-
July
2
3.
9.
17.
73/ 4 .-8
1973—Jan.
18.
23.
30.
Aug.
534- -5%
534 >-6
534-6-
6.
7.
13.
21.
6--614
66--614
61/4614--6%
2.
14.
26.
27.
Mar. 19.
26.
Apr. 18,
19.
61/2-634 .
634-
May
634.-7
7-
734_8.
8-81481/4--81/2
81/4-81/281/281/2-8 34.
834-9.
9.
9-914.
914--91/2
91/2-
29
934-
Sept. 14
18
27,
Oct. 22
24
61/2-
4,
7,
24,
25,
73/4-
22.
28.
4.
Feb.
71/2--73/4
8
534.
6.
20.
Dec. 26.
27.
51/2
51/4-53/851/2"
NOTE.—Beginning Nov. 1971, several banks adopted a floating prime
rate keyed to money market variables. . denotes the predominate prime
rate quoted by commercial banks to large businesses.
5
8,
19,
25,
5i/i"-534
51/2-53/4534534--57/S
2.
4.
11.
51/451/4--53/8
514--53/8-
29
2
1973—June
534
5-514"
514 "-5%
514--53/85%
514--51/2
514--53/851/2
514--53/8
17,
31
5V2m-5%
5Vi•
53/8-5i/2"
5
5--5I/8
3.
10,
Effective date
51/6-5 Vi"
51/2"
51/2--55/8
l/ ._ 5/ _
4.
5.
25!
434-^7/8-5
434--5
55--51/4
June 12.
26.
5Vi
1972—Sept.
4JA-43Aa
4V4m
Mar. 13.
23.
27.
Rate
Effective date
Rate
Effective date
Rate
Effective date
91/2-934.
9 34 . - 1 0
10.
934_10.
91/2-934-10.
9 I/ 2 -934 . - 1 0
7--714
7-71/4-
Effective Apr. 16, 1973, with the adoption of a two tier or "dual prime
rate," this table shows only the "large-business prime rate." which is the
range of rates charged by commercial banks on short-term loans to large
businesses with the highest credit standing.
RATES ON BUSINESS LOANS OF BANKS
Size of loan (in thousands of dollars)
1--9
All sizes
10-99
100-499
1,000 and over
500-999
Center
Aug.
1973
May
1973
Aug.
1973
May
1973
Aug.
1973
May
1973
Aug.
1973
May
1973
Aug.
1973
May
1973
Aug.
1973
May
1973
Short-term
35 centers
New York City
7 Other Northeast
8 North Central
7 Southeast
8 Southwest
4 West Coast
9.24
9.08
9.49
9.24
9.25
9.16
9.25
7.35
7.04
7.71
7.44
7.37
7.33
7.25
8.95
8.93
9.30
8.21
8.85
9.10
9.67
8.05
8.05
8.36
7.70
8.03
7.98
8.31
9.25
9.32
9.51
9.02
9.07
9.18
9.48
7.85
7.76
8.08
7.70
7.80
7.74
7.98
9.50
9.37
9.95
9.44
9.23
9.34
9.46
7.61
7.38
7.89
7.58
7.53
7.48
7.71
9.31
9.20
9.72
9.28
9.02
9.18
9.33
7.35
7.14
7.77
7.34
7.11
7.28
7.28
9.14
9.03
9.22
9.21
9.48
9.03
9.17
7.19
6.97
7.52
7.40
7.16
7.08
7.06
7.45
7.28
7.55
7.57
7.03
8.11
7.36
9.32
9.34
10.30
9.42
7.48
10.11
9.10
7.25
7.18
7.33
7.24
7.13
7.54
7.23
9.19
9.25
9.59
9.48
9.14
9.64
8.95
7.17
7.06
7.45
7.39
7.93
7.55
8.12
8.22
8.50
7.66
7.66
9.48
9.63
8.68
10.00
11.25
9.71
9.25
7.74
7.70
7.95
7.57
9.39
7.68
7.57
9.94
10.03
10.24
9.63
9.37
10.40
9.80
Revolving credit
35 centers
New York City
7 Other Northeast
8 North Central
7 Southeast
8 Southwest
4 West Coast
9.22
9.25
9.72
9.44
8.90
9.72
9.00
7.14
7.07
7.45
7.40
7.19
7.79
7.17
9.48
8.97
9.90
9.55
9.57
8.78
9.36
7.89
7.82
8.43
8.15
7.53
7.75
7.97
9.46
9.11
9.98
9.34
9.41
9.34
9.51
7.82
7.36
7.63
7.85
7.73
7.83
7.95
9.34
9.18
10.35
9.17
9.39
9.54
9.28
" ' 7 . ' 79*
7.12
Long-term
35 centers
New York C i t y . . .
7 Other Northeast.
8 North Central...
7 Southeast
8 Southwest
4 West Coast
9.82
9.96
9.87
9.70
8.44
10.12
9.71
7.66
7.30
8.17
7.73
8.39
7.79
7.69
9.43
8.75
9.68
8.60
9.16
10.19
9.97
8.14
7.20
8.55
8.04
7.18
8.39
8.73
NOTE.—Beginning Feb. 1971 the Quarterly Survey of Interest Rates on
Business Loans was revised. For description of revised series see pp. 4687 7 o f t h e J u n e 1971 BULLETIN.
9.60
9.69
9.79
9.54
8.97
9.61
9.58
7.77
7.45
7.68
8.04
6.92
8.20
7.95
9.45
9.27
9.56
9.99
6.12
9.76
9.57
7.60
7.25
8.28
7.65
8.58
7.82
7.71
JANUARY 1974 • INTEREST RATES
A 33
MONEY MARKET RATES
(Per cent per annum)
U.S. Government securities 4
Prime
commercial
paper 1
Finance
CO.
Prime
bankers'
acceptances,
90 days 1
Federal
funds
rate 3
3-month bills 5
6-month bills 5
4- to 6months
paper
placed
directly,
3- to 6months 2
5.10
5.90
7.83
4.89
5.69
7.16
4.75
5.75
7.61
4.22
5.66
8.22
4.321
5.339
6.677
4.29
5.34
6.67
4.630
5.470
6.853
4.61
5.47
6.86
4.71
5.46
6.79
4.84
5.62
7.06
5.07
5.59
6.85
4.66
8.20
7.72
5.11
4.69
8.15
7.23
4.91
4.52
7.40
7.31
4.85
4.47
8.08
7.17
4.66
4.44
8.74
6.458
4.348
4.071
7.041
6.39
4.33
4.07
7.03
6.562
4.511
4.466
7.178
6.51
4.52
4.49
7.20
6.49
4.67
4.77
7.01
6.90
4.75
4.86
7.30
7.37
5.77
5.85
6.92
1972—Dec.
5.40
5.45
5.24
5.16
5.33
5.061
5.07
5.287
5.30
5.28
5.46
6.07
1973—Jan..
Feb .
Mar.,
Apr..
May.
June.
July.,
Aug..
Sept.
Oct..
Nov.,
Dec..
5.76
6.17
6.76
7.13
7.26
8.00
9.26
10.26
10.31
9.14
9.11
9.28
5.78
6.22
6.85
7.14
7.27
7.99
9.18
10.21
10.23
8.92
8.94
9.08
5.56
5.97
6.45
6.76
6.85
7.45
8.09
8.90
8.90
7.84
7.94
8.16
5.60
6.14
6.82
6.97
7.15
7.98
9.19
10.18
10.19
9.07
8.73
8.94
5.94
6.58
7.09
7.12
7.84
8.49
10.40
10.50
10.78
10.01
10.03
9.95
5.307
5.558
6.054
6.289
6.348
7.188
8.015
8.672
8.478
7.155
7.866
7.364
5.41
5.60
6.09
6.26
6.36
7.19
8.01
8.67
8.29
7.22
7.83
7.45
5.527
5.749
6.430
6.525
6.615
7.234
8.081
8.700
8.537
7.259
7.823
7.444
5.62
5.83
6.51
6.52
6.62
7.23
8.12
8.65
8.45
7.32
7.96
7.56
5.58
5.93
6.53
6.51
6.63
7.05
7.97
8.32
8.07
7.17
7.40
7.01
5.78
6.07
6.81
6.79
6.83
7.27
8.37
8.82
8.44
7.42
7.66
7.38
6.29
6.61
6.85
6.74
6.78
6.76
7.49
7.75
7.16
6.81
6.96
6.80
10.48
10.50
10.50
10.43
9.85
10.45
10.38
10.48
10.45
9.65
9.00
9.09
9.00
9.00
8.60
10.25
10.25
10.35
10.43
9.75
10.79
10.79
10.74
10.80
10.84
8.668
8.778
9.016
8.786
7.331
8.62
8.80
8.94
8.38
7.13
8.577
8.735
8.921
8.832
7.661
8.58
8.75
8.97
8.52
7.63
8.22
8.19
8.45
8.10
7.57
8.53
8.51
8.78
8.59
7.90
7.35
7.27
7.45
7.10
6.85
9.58
9.47
9.25
8.66
9.38
9.13
9.03
8.56
8.10
8.00
7.80
7.66
9.50
9.28
9.00
8.81
10.72
9.87
10.07
9.98
7.149
7.323
7.188
6.959
7.42
7.14
7.16
7.07
7.584
7.259
7.242
6.951
7.59
7.32
7.24
7.09
7.52
7.26
7.15
6.85
7.66
7.46
7.40
7.26
6.89
6.77
6.80
6.80
8.55
8.88
9.18
9.28
8.28
8.69
9.08
9.09
7.50
7.63
8.10
8.16
8.50
8.75
8.75
8.75
9.90
9.71
10.03
10.23
7.196
8.098
8.636
7.704
7.38
8.12
8.11
7.72
7.263
7.987
8.381
7.805
7.43
8.06
8.30
7.85
6.99
7.42
7.64
7.37
7.32
7.85
8.01
7.50
6.83
7.03
7
.16
r
6.88
9.25
9.43
9.35
9.15
9.19
9.10
9.20
9.10
9.00
9.00
8.05
8.25
8.18
8.20
8.00
8.75
9.10
9.15
8.75
8.75
10.09
10.17
10.04
10.18
9.52
7.695
7.358
7.386
7.366
7.346
7.52
7.47
7.51
7.35
7.50
7.679
7.766
7.530
7.164
7.315
7.77
7.94
7.52
7.32
7.46
7.29
7.39
7.01
6.75
6.84
7.36
7.53
7.37
7.22
7.41
r
Period
90-119
days
1967
1968
1969
1970
1971
1972
1973
r
Rate
on new
issue
Market
yield
Rate
on new
issue
Market
yield
9-to 12-month issues
1-year
bill (mar- Other 6
ket yield) 5
3- to 5year
issues 7
Week ending—
1973—Sept.
1
8
22
29
Oct.
6 .
13
20
27
Nov.
3
10
17
24
Dec.
!
8, .
15
22
29
,
.
1
Averages of the most representative daily offering rate quoted by
dealers.
2
Averages of the most representative daily offering rate published by
finance companies, for varying maturities in the 90-179 day range.
3 Seven-day averages for week ending Wednesday. Beginning with
statement week ending July 25, 1973, weekly averages are based on the
daily average of the range of rates on a given day weighted by the volume
of transactions at these rates. For earlier statement weeks, the averages
were based on the daily effective rate—the rate considered most repre-
6.78
6.89
6.75
6.74
6.83
sentative of the day's transactions, usually the one at which most transactions
occurred.
4
Except for new bill issues, yields are averages computed from daily
closing
bid
prices.
5
Bills quoted on bank-discount-rate basis.
67 Certificates and selected note and bond issues.
Selected note and bond issues.
NOTE.—Figures for Treasury bills are the revised series described on p.
A - 3 5 o f t h e O c t . 1 9 7 2 BULLETIN.
A 34
INTEREST RATES • JANUARY 1974
BOND AND STOCK YIELDS
(Per cent per annum)
Government bonds
Corporate bonds
Aaa utility
State and local
Period
United
States
(longterm)
Stocks
By selected
rating
Dividend/
price ratio
By
group
Earnings/
price ratio
Total i
Total 1
Aaa
Baa
New
issue
Recently
offered
Aaa
Baa
Industrial
Railroad
Public
utility
Preferred
Common
Common
Seasoned issues
1963
1964
4.00
4.15
3.28
3.28
3.06
3.09
3.58
3.54
4.21
4.34
1965
1966
1967
1968
1969
4.21
4.66
4.85
5.25
6.10
3.34
3.90
3.99
4.48
5.73
3.16
3.67
3.74
4.20
5.45
3.57
4.21
4.30
4.88
6.07
4.50
5.43
5.82
6.50
7.71
1970
1971
1972
6.59
5.74
5.63
6.42
5.62
5.30
6.12
5.22
5.04
6.75
5.89
5.60
8.68
7.62
7.31
4.50
4.57
4.26
4.40
4.86
4.83
4.42
4.52
4.65
4.67
4.41
4.53
4.30
4.32
3.17
3.01
5.68
5.54
4.51
5.38
5.79
6.47
7.64
4.64
5.34
5.82
6.51
7.36
4.49
5.13
5.51
6.18
7.03
4.87
5.67
6.23
6.94
7.81
4.61
5.30
5.74
6.41
7.22
4.72
5.37
5.89
6.77
7.46
4.60
5.36
5.81
6.49
7.49
4.33
4.97
5.34
5.78
6.41
3.00
3.40
3.20
3.07
3.24
5.87
6.72
5.71
5.64
6.08
8.71
7.66
7.34
8.51
7.94
7.63
8.04
7.39
7.21
9.11
8.56
8.16
8.26
7.57
7.35
8.77
8.38
7.99
8.68
8.13
7.74
7.22
6.75
7.27
3.83
3.14
2.84
'6.46
'5.41
5.50
7.08
7.93
7.22
7.91
7.48
6.92
2.70
'5.44
7.51
7.61
7.64
7.64
7.63
7.69
7.81
8.06
8.09
8.04
6.85
6.91
7.03
7.11
7.13
7.25
7.35
7.43
7.38
7.18
7.40
7.76
2.69
2.80
2.83
2.90
3.01
3.06
3.04
3.16
3.13
3.05
3.36
3.70
1972—Dec
5.63
5.13
4.91
5.39
7.15
7.21
7.47
1973—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
5.94
6.14
6.20
6.11
6.22
6.32
6.53
6.81
6.42
6.26
6.31
6.35
5.13
5.17
5.30
5.17
5.13
5.25
5.44
5.51
5.13
5.03
5.21
5.14
4.90
4.95
5.07
4.95
4.90
5.05
5.21
5.26
4.90
4.76
5.03
4.90
5.39
5.44
5.58
5.42
5.41
5.51
5.71
5.80
5.41
5.31
5.46
5.43
7.38
7.40
7.49
7.46
7.51
7.64
8.01
8.36
7.88
7.90
7.90
8.00
7.37
7.42
7.54
7.47
7.50
7.64
7.97
8.22
7.99
7.94
7.94
8.03
7.49
7.57
7.62
7.62
7.62
7.69
7.80
8.04
8.06
7.96
8.02
8.05
7.15
7.22
7.29
7.26
7.29
7.37
7.45
7.68
7.63
7.60
7.67
7.68
7.90
7.97
8.03
8.09
8.06
8.13
8.24
8.53
8.63
8.41
8.42
8.48
7.27
7.34
7.43
7.43
7.41
7.49
7.59
7.91
7.89
7.76
7.81
7.84
7.87
7.92
7.94
7.98
8.01
8.07
8.17
8.32
8.37
8.24
8.28
8.28
3..
10..
17..
24..
6.27
6.33
6.35
6.29
5.15
5.24
5.29
5.20
4.95
5.05
5.10
5.05
5.40
5.50
5.55
5.45
7.76
8.00
7.98
7.86
7.97
8.03
7.99
7.86
7.99
8.01
8.03
8.02
7.65
7.67
7.69
7.68
8.43
8.43
8.42
8.42
7.79
7.80
7.82
7.81
8.24
8.27
8.29
8.29
8.10
8.12
8.12
7.24
7.31
7.35
7.44
3.10
3.17
3.31
3.41
1..
8..
15..
22..
29..
6.27
6.31
6.30
6.34
6.47
5.16
5.20
5.13
5. 11
5.11
5.00
5.00
4.90
4.85
4.85
5.40
5.45
5.45
5.40
5.40
7.85
8.06
7.97
7.98
7.87
7.98
7.98
8.05
8.10
8.01
8.02
8.04
8.06
8.08
7.64
7.65
7.67
7.68
7.73
8.42
8.43
8.48
8.50
8.52
7.81
7.81
7.83
7.85
7.87
8.30
8.25
8.26
8.31
8.31
8.09
8.13
8.17
8.18
8.21
7.51
7.61
7.70
7.82
7.90
3.55
3.77
3.72
3.67
3.64
20
30
41
30
40
14
500
8.11
8.17
'6.10
'6.93
''7.06
Week ending—
1973—Nov.
Dec.
8.11
i
Number of
issues 2
12
20
5
5
1 Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number
of corporate bonds in some groups has varied somewhat. As of Dec.
23, 1967, there is no longer an Aaa-rated railroad bond series.
2 Number of issues varies over time; figures shown reflect most recent
count.
NOTE.—Annual yields are averages of monthly or quarterly data.
Bonds: Monthly and weekly yields are computed as follows: (1) U.S.
Govt.: Averages of daily figures for bonds maturing or callable in 10 years
or more; from Treasury Dept. (2) State and local govt.: General obligations
500
only, based on Thurs. figures; from Moody's Investor Service. (3) Corporate: Rates for "New issue" and "Recently offered" Aaa utility bonds
are weekly averages compiled by the Board of Governors of the Federal
Reserve System. Rates for seasoned issues are averages of daily figures
from Moody's Investors Service.
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 2 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:
1
Through Aug. 1973 the index is based upon an initial value of 10.90—
the average price of a share of stock listed on the American Stock Exchange
was $10.90 on June 30, 1965. As of Sept. 1973, a new market-value index
with a starting value of 100.00 replaced the previous series. An index for
past periods is being calculated on the new market-value basis and will be
published as it becomes available.
NOTE.—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 p. A-34 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, 20year bond; Wed. closing prices. Common stocks, derived from component common stock prices. Average daily volume of trading, normally
conducted 5 days per week for 5l/i hours per day, or 2 7 l / i 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. 3122i/ 2 ; 1970—Jan. 2-May 1, 25.
Terms on Mortgages:
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.
NOTE.—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 revised beginning Jan. 1973; hence data are
not strictly comparable with earlier figures. See also the table on HomeMortgage Yields, p. A-53.
JANUARY 1974 • SECURITY MARKETS
A 35
SECURITY PRICES
Common stock prices
Bond prices
(per cent of par)
New York Stock Exchange
Period
Standard and Poor's index
(1941-43= 10)
New York Stoek Exchange index
(Dec. 31, 1965 = 50)
U.S.
Govt,
(longterm)
State
and
local
Corporate
AAA
Total
Industrial
Railroad
Public
utility
1963
1964
86.31
84.46
111.3
111.5
96.8
95.1
69.87
81.37
73.39
86.19
37.58
45.46
64.99
69.91
1965
1966
1967
1968
1969
83.76
78.63
76.55
72.33
64.49
110.6
102.6
100.5
93.5
79.0
93.9
86.1
81.8
76.4
68.5
88.17
85.26
91.93
98.70
97.84
93.48
91.09
99.18
107.49
107.13
46.78
46.34
46.72
48.84
45.95
76.08
68.21
68.10
66.42
62.64
44.16
50.77
55.37
54.67
43.79
51.97
58.00
57.45
48.23
53.51
50.58
46.96
44.77
45.43
44.19
42.80
1970
1971
1972
60.52
67.73
68.71
72.3
80.0
84.4
61.6
65.0
65.9
83.22
98.29
109.20
91.29
108.35
121.79
32.13
41.94
44.11
54.48
59.33
56.90
45.72
54.22
60.29
48.03
57.92
65.73
32.14
44.35
50.17
37.24
39.53
38.48
Industrial
Total
Transportation
Utility
Finance
American
Stock
Exchange
total
index 1
Volume of
trading in
stocks
(thousands of
shares)
NYSE A M E X
8.52
9.81
4,573
4,888
1,269
1,570
44.43
49.82
65.85
70.49
12.05
14.67
19.67
27.72
28.73
6,174
7,538
10,143
12,971
11,403
2,120
2,752
4,508
6,353
5,001
54.64
70.38
78.35
22.59
25.22
27.00
10,532
17,429
16,487
3,376
4,234
4,447
26.50
1972—Dec
68.68
87.1
66.0
117.50
131.08
45.23
61.73
64.26
69.96
48.44
42.28
83.45
18,146
4,775
1973—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
65.89
64.09
63.59
64.39
63.43
62.61
60.87
58.71
61.81
63.13
62.71
62.37
86.9
86.1
84.1
85.7
86.1
85.8
83.2
82.2
86.2
86.9
85.6
86.1
66.0
65.5
65.2
64.9
64.7
64.4
63.8
61.0
61.3
62.1
62.1
62.9
118.42 132.55
114.16 128.50
112.42 126.05
110.27 123.56
107.22 119.95
104.75 117.20
105.83 118.65
103.80 116.75
105.61 118.52
109.84 123.42
102.03 114.64
94.78 106.16
42.87
40.80
39.29
35.88
36.14
34.35
35.22
33.76
35.49
38.24
39.74
41.48
60.01
57.52
55.94
55.34
55.43
54.37
53.31
50.14
52.31
53.22
48.30
45.73
64.38
61.52
60.15
58.67
56.74
55.14
56.12
55.33
56.71
59.26
54.59
50.39
70.55
67.67
66.20
64.41
62.22
60.52
61.53
61.09
62.25
65.29
60.15
55.12
45.14
42.34
40.92
40.57
36.66
33.72
34.22
33.48
35.82
39.03
36.31
34.69
41.72
39.95
39.13
38.97
39.01
37.95
37.68
35.40
36.79
37.47
34.73
33.47
81.62 25.35 18.752
74.47
25.34 16.753
72.32
24.59 15,564
69.42
24.02 13,900
65.33
23.12 15,329
63.52 2 2 . 4 4 12,796
68.95
22.89 14,655
68.26
23.03 14,761
72.23 101.88 17,320
74.98 107.97 18,387
67.85
99.91 19,044
62.49
88.39 19,227
4,046
3,690
2,966
2,981
3,043
2,316
2,522
1,796
2,055
3,388
3,693
3,553
63.01
62.74
62.75
62.46
61.35
85.8
85.6
86.7
86.3
85.9
62.2
63.1
62.9
62.8
62.8
39.60
39.85
40.46
41. 14
44.14
45.74
44.64
45.88
45.78
46.58
51.53
50.10
50.38
49.96
50.94
56.61
55.05
55.17
54.51
55.53
34.66
33.66
34.12
34.28
36.51
33.40
32.60
33.32
33.69
34.23
63.98
61.76
62.45
62.05
63.53
3,281
3,456
3,250
3,225
3,715
Week ending—
1973—Dec.
1
8
15
22
29
96.64
94.12
94.65
94.08
95.98
108.50
105.60
106.01
105.31
107.36
93.46 18,764
90.63 20,525
89.32 19,003
85.78 17,849
87.19 18,548
For notes see opposite page.
TERMS ON CONVENTIONAL FIRST MORTGAGES
New homes
Period
Contract
rate
(per
cent)
Fees &
charges
(per
cent) i
Maturity
(years)
Loan/
price
ratio
(per
cent)
Existing homes
PurLoan
chase
amount
price
(thous. of (thous. of
dollars)
dollars)
Contract
rate
(per
cent)
Fees &
charges
(per
cent) i
Maturity
(years)
Loan /
price
ratio
(per
cent)
PurLoan
chase
amount
price
(thous.
of
(thous. of
dollars)
dollars)
1965
1966
1967.
1968
1969
5.74
6.14
6.33
6.83
7.66
.49
.71
.81
.89
.91
25.0
24.7
25.2
25.5
25.5
73.9
73.0
73.6
73.9
72.8
25.1
26.6
28.0
30.7
34.1
18.3
19.2
20.4
22.4
24.5
5.87
6.30
6.40
6.90
7.68
.55
.72
.76
.83
.88
21.8
21.7
22.5
22.7
22.7
72.7
72.0
72.7
73.0
71.5
21.6
22.2
24.1
25.6
28.3
15.6
15.9
17.4
18.5
19.9
1970,
1971 .
1972.
8.27
7.60
7.45
1.03
.87
.88
25.1
26.2
27.2
71.7
74.3
76.8
35.5
36.3
37.3
25.2
26.5
28.1
8.20
7.54
7.38
.92
.77
.81
22.8
24.2
25.7
71.1
73.9
76.0
30.0
31.7
33.4
21.0
23.1
25.0
1972-- D e c
7.51
.92
27.5
78.0
37.9
29.0
7.45
.86
26.4
76.8
34.0
25.7
1973-—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.r
Dec
7.52
7.52
7.51
7.53
7.55
7.62
7.69
7.77
7.98
8.12
8.22
8.28
1.03
1.15
1.09
1.11
1.05
1.08
1.11
1.08
1.19
1.20
1.08
1.13
25.7
26.8
26.6
26.6
25.9
26.3
26.3
26.7
26.6
26.1
26.0
26.4
76.6
78.6
78.4
78.2
77.7
78.0
78.1
76.7
77.3
76.9
75.5
75.7
35.8
35.9
36.7
36.9
35.6
35.8
37.0
38.6
37.2
38.5
38.9
38.9
27.0
27.6
28.3
28.2
27.2
27.5
28.3
28.9
28.2
29.0
28.8
29.0
7.53
7.55
7.54
7.55
7.62
7.64
7.70
7.87
8.10
8.35
8.42
8.45
.94
1.03
.95
.96
.93
.92
.91
.92
.97
.92
.94
.92
23.2
23.6
23.3
23.9
23.5
23.4
24.1
23.4
23.1
22.5
22.2
22.3
75.2
77.5
76.9
77.3
77.5
75.9
75.5
75.6
74.1
72.7
71.2
72.9
30.5
29.2
29.3
30.1
30.0
31.7
33.3
32.0
32.8
31.8
32.3
30.8
22.6
22.0
22.0
22.8
22.3
23.5
24.6
23.6
23.5
22.6
22.6
22.1
For notes see opposite page.
A 36
STOCK MARKET CREDIT • JANUARY 1974
STOCK MARKET CUSTOMER FINANCING
(In millions of dollars)
Margin credit at brokers and banks
1
Unregulated 3
Regulated 2
Margin stock
Total
Convertible
bonds
Subscription
issues
Brokers Banks
Nonmargin
stock
credit at
banks
Brokers Banks Brokers Banks Brokers Banks
8,081
Free credit balances
at brokers 4
By type
By source
End of period
1972—Oct..
Nov.
Dec.
9,024
9,068
9,045
8,166
8,180
943
902
865
7,800
7,890
7,900
872
831
798
250
249
254
53
52
50
31
27
26
1973—Jan..
Feb..
Mar.
Apr.,
May
June 1
July
Aug.
Sept.
Oct..
8,840
8,640
8,347
8,165
7,650
7,301
7,347
7,129
6,981
7,142
7,975
7,773
7,468
7,293
6,784
6,416
6,243
6,056
5,949
5,912
865
867
879
872
866
885
1,104
1,073
1,052
1,230
7,700
7,480
7,197
7,040
6,540
6,180
6,010
5,830
5.730
5,690
796
800
813
804
802
817
1,020
993
973
1,150
249
248
244
232
224
215
216
210
204
203
48
50
48
49
47
53
67
63
63
62
26
25
24
21
20
21
17
16
15
19
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 BULLETIN). Credit extended by brokers is end-of-month data
for member firms of the New York Stock Exchange. 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,
18
19
17
21
17
18
19
18
15
17
16
16
18
Margin
accts.
1,875
1,871
1,896
389
390
414
1,940
1,954
1,917
1,969
2,010
1,973
2,072
2,065
2,027
1,998
413
431
442
389
413
396
379
348
379
419
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 Federal Reserve System's list of Over the Counter
margin stocks. At banks, loans to purchase or carry nonmargin stocks are
unregulated; at brokers, such stocks have no loan value.
4
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
(millions
of
dollars)!
1972—Oct...
Nov..
Dec..
1973—Jan..
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept. r
Oct. .
Equity class (per cent)
End of period
80 or
more
70-79
60-69
50-59
40-49
Under
40
7,800
7,890
7,900
5.5
6.0
6.5
8.1
9.4
8.6
13.6
16.6
17.6
30.8
35.1
31.9
25.0
20.5
20.3
17.0
12.4
15.0
7,700
7,500
7,200
7,040
6,540
6,180
6,010
5,830
5,730
5,690
5.8
5.3
5.7
4.8
4.9
4.9
5.8
5.0
5.0
7.2
8.2
7.8
7.5
7.3
7.2
7.1
8.8
8.4
13.9
10.0
16.8
14.7
15.9
13.4
12.7
13.2
17.7
16.4
18.9
19.9
27.8
23.9
23.1
19.8
18.7
17.5
22.7
19.6
23.9
22.6
21.2
22.5
22.7
22.4
21.9
22.1
25.3
24.2
23.5
22.1
20.0
25.6
25.1
32.4
34.9
35.3
19.7
26.4
16.8
18.2
1 See note 1 to table above.
NOTE.—Each customer's equity in his collateral (market value of collateral less net debit balance) is expressed as a percentage of current collateral values.
Net
credit
status
Equity class of accounts
in debi t status
Total
balance
(millions
60 per cent Less than
or more 60 per cent of dollars)
1972—Oct
33.3
33.6
34.4
53.4
54.5
52.9
13.3
11.8
12.7
5,950
6,140
6,100
1973—Jan
Feb
35.1
35.8
36.3
35.3
35.8
35.8
35.9
35.9
37.4
38.5
51.7
49.8
47.9
46.9
45.0
43.5
46.7
45.6
53.1
46.7
13.1
14.4
15.7
18.0
19.1
20.7
17.4
18.5
9.4
14.8
5,850
5,770
5,790
5,660
5,670
5,750
5,740
5,650
5,740
5,860
July
Sept
NOTE.—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
collateral in the customer's margin account or deposits of cash (usually
sales proceeds) occur.
JANUARY 1974 • SAVINGS INSTITUTIONS
A 37
MUTUAL SAVINGS BANKS
(In millions of dollars)
Securities
Loans
End of period
Mortgage
Other
U.S.
Govt.
Corporate
and
other 1
State
and
local
govt.
Cash
Other
assets
Total
assets—
Total
liabilities
and
general
reserve
accts.
Deposits 2
Mortgage loan3
commitments
classified by maturity
(in months)
Other General
liabili- reserve
acties
counts
3 or
less
6-9
3-6
Over
9
Total
2,697
2,010
1965
1966
44,433
47,193
862
1,078
5,485
4,764
320
251
5,170
5,719
1,017
953
944
1,024
58,232
60,982
52,443
55,006
1,124
1,114
4,665
4,863
196 7
196 8
196 9
197 0
197 1
19724
50,311
53,286
55,781
57,775
62,069
67,563
1,203
1,407
1,824
2,255
2,808
2,979
4,319
3,834
3,296
3,151
3,334
3,510
219
194
200
197
385
873
8,183
10,180
10,824
12,876
17,674
21,906
993
996
912
1,270
1,389
1,644
1,138
1,256
1,307
1,471
1,711
2,117
66,365
71,152
74,144
78,995
89,369
100,593
60,121
64,507
67,026
71,580
81,440
91,613
1,260
1,372
1.588
1,690
1,810
2,024
4,984
5,273
5,530
5,726
6,118
6,956
742
811
584
619
1,047
1,593
485
322
627
713
799
1,166
946
688
302
463 1,310
609 1,624
1972—Nov.. .
Dec
66,891
67,563
3,507
2,979
3,434
3,510
871 21,664
873 21,906
1,323
1,644
2,014
2,117
99,704
100,593
90,228
91,613
2,607
2,024
6,870
6,956
1,624
1,593
753
713
631
609
1,658 4,666
1,624 4,539
1973—Jan....
Feb....
Mar.. .
Apr
May...
June...
July...
Aug
Sept.. .
Oct
Nov....
68,021
68,352
68,920
69,426
69,988
70,637
71,219
71,713
72,034
72,367
72,760
3,624
4,030
3,970
3,831
4,099
3,959
3,819
3,986
4,200
4,181
4,424
3,489
3,419
3,458
3,388
3,376
3,346
3,190
3,037
2,945
3,007
2,948
22,190
22,389
22,509
22,598
22,615
22,562
22,683
22,277
21,799
21,276
21,150
1,319
1,331
1,576
1,582
1,629
1,775
1,555
1,551
1,491
1,501
1,519
2,055
2,070
2,058
2,089
2,116
2,273
2,202
2,227
2,345
2,285
2,264
101,632
102,577
103,518
103,994
104,899
105,677
105,761
105,789
105,771
105,557
105,991
92,398
92,949
94,095
94,217
94,744
95,706
95,355
94,882
95,183
94,944
95,259
2,221
2,540
2,285
2.589
2,904
2,650
3,044
3,496
3,134
3,139
3,201
7,014
7,088
7,139
7,189
7,251
7,321
7,362
7,411
7,453
7,474
7,530
1,569
1,729
1,816
1,904
1,792
1,711
1,626
1,302
1,411
1,318
1,272
915
862
886
888
913
1,020
906
840
762
771
685
688
732
826
725
712
573
636
718
589
510
479
1,541
1,480
1,355
1,395
1,406
1,378
1,367
1,315
1,197
1,096
1,079
935
986
1,028
1,080
1,076
1,125
1,093
999
957
939
925
1 Also includes securities of foreign governments and international
organizations and nonguaranteed issues of U.S. Govt, agencies.
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 for Payment of Personal Loans, p. A-30.
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.
c>82
M)34 452
2,523
3,011
2,467
1,931
3,447
4,539
4,712
4,803
4,882
4,912
4,824
4,683
4,535
4,174
3,959
3,695
3,515
4 Balance sheet data beginning Jan. 1972 are reported on a gross-ofvaluation-reserves basis. The data differ somewhat from balance sheet
data previously reported by National Assn. of Mutual Savings Banks
which were net of valuation reserves. For most items, however, the differences are relatively small.
NOTE.—NAMSB data; figures are estimates for all savings banks in
the United States and differ somewhat from those shown elsewhere in
the BULLETIN; 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
60,013
64,609
67,516
69,973
4,681
4,883
5,187
5,571
7,678
9,117
10,059
11,306
61,141
65,015
68,731
70,859
73,098
79,198
86,140
7,536
8,982
10,922
13,707
15,420
20,607
26,845
64,661
67,575
70,044
72,027
74,375
75,496
76,948
4,888
5,188
5,575
5,912
6,320
6,904
7,295
9,911
10,060
11,305
13,825
16.064
17.065
18,003
414 110,338
416 111,665
408 113.180
443
12,985
85,634
86,593
87.139
86.140
24,704
25,072
26,041
26,845
75,588
75,692
75,904
76,948
7,242
7,220
7,261
7,295
17,771
17,855
17,927
18,003
114,526
115,386
115,972
115.181
'15,897
116,153
'18,061
117,842
19,200
119,714
88,371
89,247
89,881
89,710
90,314
90,484
91,144
91,342
91,480
91,707
26,155
26,139
26,091
25,471
25,583
25,669
26,917
26,500
27,720
28,007
77,481
77,510
77,587
77,258
77,400
77,914
78,243
78,657
79,040
79,516
7,366
7,434
7,449
7,522
7,545
7,548
7,577
7,632
7,677
7,765
18,288
18,420
18,533
18,673
18,841
19,181
19,511
19,768
3,530
3,114
3,145
3,194
3,030
2,900
2,754
2,859
67,599
69,816
76,070
82,127
58,473
61,061
65,193
68,897
4,824
4,587
4,456
4,514
4,574
4,455
4,562
3,131
2,993
3,206
3,221
3,306
3,363
3,367
2,909
2,950
3,098
3,179
3,188
68,677
73,997
79,653
84,566
88,518
99,805
112,985
11.401
11,473
11,619
11,372
4,625
4,694
4,832
4,562
3.362
3.363
3,379
3,367
11,191
11,138
11,154
11,455
11,434
11,359
11,427
11,416
11,404
11.402
4,389
4,371
4,417
4,566
4,538
4,468
4,480
4,462
4,424
4,423
3,358
3,319
3,300
3,388
3,384
3,373
3,427
3,433
3,439
3,438
5,119
4,823
4,683
4,456
167,022
177,361
188,636
197,208
207,254
239,730
10,864
10,530
10,760
10,914
11,068
11,000
11,372
1972—Sept. r .
Oct. r . ,
Nov.r.
Dec.r.
234,633
236,229
238,338
239,730
1973—Jan...,
Feb.. .
Mar...
Apr...
May..
June..
July...
Aug...
Sept...
Oct...
241,022
242,069
243,078
242,562
243.589
244,531
247,082
247,655
250,203
251.590
1
Issues of foreign governments and their subdivisions and bonds of
the International Bank for Reconstruction and Development.
NOTE.—Institute of Life Insurance estimates for all life insurance
companies in the United States.
9,126
8,755
10,877
13,230
Stocks
11,679
10,837
10,573
10,509
222,102
Policy
loans
Bonds
158,884
167,022
177,832
188,636
Book value:
196 6
196 7
196 8
196 9
197 0
197 1
197 2
Real
estate
Total
United
States
Statement value
196 5
196 6
196 7
196 8
Mortgages
State and Foreign
local
Total
3,182
3,443
3,444
3,448
3,437
3,501
3,512
3,518
3.520
3.521
3,541
3,541
18,080
18,166
Figures are annual statement asset values, with bonds carried on an
amortized basis and stocks at year-end market value. Adjustments for
interest due and accrued and for differences between market and book
values are not made on each item separately but are included, in total in
"Other assets."
A 38
SAVINGS INSTITUTIONS • JANUARY 1974
SAVINGS AND LOAN ASSOCIATIONS
fin millions of dollars)
Assets
End of period
Investment
securities 1
Mortgages
Liabilities
Other 2
Cash
Total
assets—
Total
liabilities
Savings
capital
Net
worth 3
Borrowed
money 4
Loans
in
process
Mortgage
loan commitments
outstanding
at end of
period 5
Other
7,788
8,010
8,606
9,326
10,842
143,534
152,890
162,149
176,183
206,303
124,493
131,618
135,538
146,404
174,472
9,916
10,691
11,620
12,401
13,657
4,775
5,705
9,728
10,911
9,048
2,257
2,449
2,455
3,078
5,072
2,093
2,427
2,808
3,389
4,054
3,042
3,631
2,824
4,452
7,378
24,750
24,491
12,689
12,693
240,705
243,571
203,889
207,305
15,992
15,326
8,503
9,847
6,067
6,225
6,254
4,868
12,274
11,578
6 23,460
24,220
24,019
23,943
24,072
23,362
22,769
21,139
20,161
20,756
21,362
615,660
16,214
17,104
17,605
17,990
18,038
18,416
18,826
19,131
19,421
19,578
247,252
250,694
254,382
257,798
261,562
264,201
266,675
267,971
268,705
270,602
272,259
210,589
212,493
216,195
217,026
218,906
222,183
221,958
220,800
222,645
223,594
224,855
15,557
15,925
15,825
16,133
16,505
16,315
16,640
16,986
16,872
17,131
17,411
9,171
9,415
9,958
11,336
11,756
12,766
14,295
15,703
16,324
16,505
16,400
6,076
6,095
6,326
6,548
6,727
6,770
6,702
6,464
6,078
5,548
5,013
5,859
6,766
6,078
6,755
7,668
6,167
7,080
8,018
6,786
7,824
8,580
12,469
13,538
14,508
15.009
15,139
14,776
13,778
12,314
10,861
9,970
9,761
121,805
130,802
140,232
150,331
174,385
9,180
11,116
10,873
13,020
21,076
203,266
206,387
6 208,132
210,260
213,259
216,250
219,500
222,801
225,490
228,006
229,413
230,425
231,319
3,442
2,962
2,438
3,506
1
Investment securities included 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, securities, time deposits at banks, and miscellaneous
securities, except stock of the Federal Home Loan Bank Board. 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 notes 1, 5, and 6.
3 Includes net undistributed income, which is accrued by most, but not
all, associations.
4 Consists of advances from FHLBB and other borrowing.
5 Data 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.
6 Beginning Jan. 1973, participation certificates guaranteed by the
Federal Home Loan Mortgage Corporation, loans and notes insured by
the Farmers Home Administration and certain other Governmentinsured mortgage-type investments, previously included in mortgage
loans, are included in other assets. The effect of this change was to reduce
the mortgage total by about $0.6 billion.
Also, GNMA-guaranteed, mortgage-backed securities of the passthrough type, previously included in cash and investment securities are
included in other assets. These amounted to about $2.4 billion at the end
of 1972.
NOTE.—FHLBB 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 millions of dollars)
Federal home loan banks
Assets
Liabilities and capital
Cash
and
deposits
Advances
to
members
Investments
4,386
5,259
9,289
10,614
7,936
2,598
2,375
1,862
3,864
2,520
127
126
124
105
142
4,060
4,701
8,422
10,183
7,139
1,432
1,383
1,041
2,332
1,789
7,245
7,979
2,850
2,225
107
129
6,971
6,971
7,831
7,944
8,420
9,429
10,155
11,145
12,365
13,511
14,298
14,799
14,867
2,264
2,421
1,938
2,087
2,702
2,516
2,126
2,016
2,908
3,498
3,649
91
106
108
111
95
6,971
7,220
7,220
8,415
9,615
10,215
11,213
12,562
14,062
15,362
15,362
108
103
111
102
106
77
Bonds
and
notes
Member
deposits
Banks
for
cooperatives
Mortgage
loans
(A)
Debentures
and
notes
(L)
Loans
to
cooperatives
(A)
Debentures
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
1,380
1,548
1,741
1,756
19,619
19,791
1,306
1,323
1,291
1,143
1,261
1,453
1,183
1,091
1,178
1,270
1,545
1,821
1,891
1,943
1,981
1,991
2,008
2,035
2,064
2,089
2,107
2,112
19,980
Capital
stock
NOTE.—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)
20,181
20,571
20,791
21,087
21,413
21,772
22,319
22,826
23,348
23,912
Federal
intermediate
credit banks
Federal
land
banks
Debentures
(L)
Loans
and
discounts
(A)
1,506
1,577
1,732
2,030
2,076
1,253
1,334
1,473
1,755
1,801
3,411
3,654
4,275
4,974
5,669
3,214
3,570
4,116
4,799
5,503
5,609
19,041
19,238
2,313
2,298
1,905
1,944
6,048
6,094
5,872
5,804
8,972
9,107
19,252
19,402
19,985
20,056
20,225
20,364
20,843
21,186
21,537
22,243
22,404
2,876
2,936
2,896
2,859
2,765
2,725
1,950
2,188
2,188
2,465
2,370
2,316
2,365
2,310
2,560
2,728
2,704
6,087
6,179
6,414
6,555
6,777
6,958
6,981
7,899
'7,789
8,016
7,961
5,891
5,969
6,076
6,314
6,460
6,645
6,745
6,727
6,833
6,901
6,890
9,251
9,387
9,591
9,767
9,953
10,li7
10,256
10,441
10,256
10,592
10,781
2,811
2,865
'2,811
2,738
2,711
(L)
Mortgage
loans
(A)
6,126
6,714
7,186
7,917
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 on opposite page. Loans are gross of valuation reserves
and represent cost for F N M A and unpaid principal for other agencies.
JANUARY 1974 • FEDERALLY SPONSORED CREDIT AGENCIES
OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, NOVEMBER 30, 1973
Agency, and date of issue
and maturity
Coupon
rate
Amount
(millions
of dollars)
8.40
300
500
250
300
700
300
700
176
400
Federal home loan banks
Bonds:
1/26/70 • 1 / 2 5 / 7 4 . . .
9 / 2 1 / 7 3 - - 11 / 2 5 / 7 4 . . . .
6 / 2 6 / 7 0 -- 2 / 2 5 / 7 4 . . .
8 / 2 7 / 7 1 - - ;2 / 2 5 / 7 4 . . . .
8 / 2 7 / 7 3 -- 2' / 2 5 / 7 4
6 / 2 5 / 7 1 -- 5 / 2 5 / 7 4 . . . .
2 / 2 6 / 7 3 -- 5 / 2 8 / 7 4 . . . .
8 / 2 5 / 6 9 -- !8 / 2 5 / 7 4 . . .
8 / 2 5 / 7 2 - - F8 / 2 6 / 7 4 . . . .
8 / 2 7 / 7 3 - - *8 / 2 6 / 7 4
11/25/69 - 11/25/74.
5/25/73 - - 11/25/74. . .
1/26/71 - - 2 / 2 5 / 7 5 . . . .
1 1 / 2 7 / 7 2 -- 2 / 2 5 / 7 5 . . .
9 / 2 1 / 7 3 -- 2 / 2 5 / 7 5
4 / 1 2 / 7 3 - - I5 / 2 5 / 7 5 . . . .
8 / 2 5 / 7 0 - ,5 / 2 6 / 7 5 . . .
7/27/70 • 8/25/75. . .
7 / 2 5 / 7 3 -- 8 / 2 5 / 7 5 . . . .
1 0 / 2 5 / 7 3I -- 8 / 2 5 / 7 5 . . .
12/18/70- 11/25/75..
5 / 2 5 / 7 3 - • 11 1 / 2 5 / 7 5 . . .
8 / 2 7 / 7 1 - - '2 / 2 5 / 7 6 . . . .
8/27/73 - - 2/25/76
6 / 2 2 / 7 3 - - F5 / 2 5 / 7 6
11/27/73 - - 5/25/76. . .
7 / 2 5 / 7 3 - - J8 / 2 5 / 7 6 . . . .
1 0 / 2 5 / 7 3 -- 2 / 2 5 / 7 7 . . .
6/25/71 - 5 / 2 5 / 7 7 . . . .
4 / 1 2 / 7 3 - - F8 / 2 5 / 7 7 . . . .
2 / 2 6 / 7 3 - 11 1 / 2 5 / 7 7 . . .
1 1 / 2 7 / 7 3! -- 1 1 / 2 5 / 7 7 . .
9 / 2 1 / 7 3 -- I5 / 2 5 / 7 8
3/25/70 - 2/25/80. . .
10/15/70- 10/15/80..
10/27/71 - 11/27/81.
4/12/73 - • 5/25/83. . . .
10/25/73 - 11/26/93. .
93/8
8.40
7.10
9.75
6.35
6.45
7.65
53/8
95/8
8.00
7.05
6.10
5%
8.20
7.15
8.05
7.95
77/8
7.15
6.50
7.05
7H
834
7,20
7.45
7.80
7.20
6.95
7 .31 5
64
7.45
7.60
7.75
7.80
6.60
7.30
73/8
Federal Home Loan
Mortgage Corporation
Bonds:
2/10/72 - 8/26/74
5/29/73 - 8/25/76
5/11/72 - 2/25/77
11/19/70 - 1 1 / 2 7 / 9 5 . . . .
7/15/71 - 8/26/96
5/11/72 - 5/26/97
5.30
7.05
6.15
8.60
7.75
7.15
Federal National Mortgage
Association—
Secondary market
operations
Discount notes
Capital debentures:
4/1/70 - 4/1/75
9/30/71 - 10/1/96
10/2/72 - 10/1/97
800
221
,000
250
400
500
700
265
300
500
400
350
600
300
300
600
300
500
500
200
300
300
300
500
350
200
200
200
400
200
400
350
140
150
150
1,855
8.00
4.38
7.40
200
248
250
Mortgage-backed bonds:
6/1/70 - 6/2/75
3 / 1 4 / 7 3 - 1/15/81
3 / 1 4 / 7 3 - 1/15/81
6/21/73 - 7/1/82
6/21/73 - 7/1/82
3/1/73-8/31/84
3/1/73 - 10/31/85
3/1/73 - 3/1/86
9 / 2 9 / 7 0 - 10/1/90
8.38
3.58
5.48
5.85
5.92
5.50
5.49
5.74
8.63
250
53
6
72
35
10
21
81
200
Agency, and date of issue
and maturity
Coupon
rate
Amount
(millions
of dollars)
Federal National Mortgage
Association—Cont.
Debentures:
12/10/70 - 12/10/73. .
8/10/71 - 1 2 / 1 0 / 7 3 . . . .
12/1/71 - 3/11/74
4/10/70 - 3/11/74
8/5/70 - 6/10/74
11/10/71 - 6/10/74
9/10/69 - 9/10/74.
2/10/71 - 9 / 1 0 / 7 4
5/10/71 - 12/10/74
9/10/71 - 1 2 / 1 0 / 7 4 . . . .
11/10/70 - 3/10/75. . .
10/12/71 - 3 / 1 0 / 7 5 . . .
4/12/71 - 6 / 1 0 / 7 5
10/13/70 - 9 / 1 0 / 7 5 . . .
3/12/73 - 9/10/75
3/10/72 - 12/10/75.. .
9/10/73 - 1 2 / 1 0 / 7 5 . . . .
3/11/71 - 3 / 1 0 / 7 6
6/12/73 - 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 / 1 0 / 7 6
7/12/71 - 1 2 / 1 0 / 7 6 . . . .
12/11/72- 12/10/76...
2/13/62 - 2/10/77
9/11/72 - 3/10/77
12/10/70 - 6/10/77. . .
5/10/71 - 6 / 1 0 / 7 7
9/10/71 - 9 / 1 2 / 7 7
9/10/73 - 9 / 1 2 / 7 7
7/10/73 - 12/12/77. . . .
10/1/73 - 1 2 / 1 2 / 7 7 . . . .
6/12/73 - 6/12/78
10/12/71 - 1 2 / 1 1 / 7 8 . .
9/10/73 - 6 / 1 1 / 7 9
6/12/72 - 9/10/79
12/10/71 - 1 2 / 1 0 / 7 9 . .
2/10/72 - 3/10/80
2/16/73 - 7/31/80
2/16/73 - 7/31/80
10/1/73 - 9/10/80
1/16/73 - 1 0 / 3 0 / 8 0 . . . .
12/11/72 - 1 2 / 1 0 / 8 0 . . .
6 / 2 9 / 7 2 - 1/29/81
3/12/73 - 3/10/81
4/18/73 - 4 / 1 0 / 8 1
3 / 2 1 / 7 3 - 5/1/81
3/12/73 - 5/1/81
1/21/71 - 6 / 1 0 / 8 1 . . . .
9/10/71 - 9 / 1 0 / 8 1
6/28/72 - 5/1/82
2 / 1 0 / 7 1 - 6/J 0 / 8 2
9/11/72 - 9/10/82
3/11/71 - 6 / 1 0 / 8 3
6/12/73 - 6/10/83
11/10/71 - 9 / 1 2 / 8 3 . . . .
4/12/71 - 6 / 1 1 / 8 4
12/10/71 - 1 2 / 1 0 / 8 4 . .
3/10/72 - 3/10/92
6/12/72 - 6/10/92
1 2 / 1 1 / 9 7 - 12/10/97. . .
Agency, and date of issue
and maturity
Banks for cooperatives
Debentures:
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
6.80
5.70
8.25
5.65
7.13
6.70
5.85
6.13
5.85
7.45
6.25
41/2
6.30
6.38
6.50
6.88
7.85
7.25
7.55
7.15
6.75
7.85
6.40
6.55
6.88
5.19
3.18
7.50
4.96
6.60
6.15
7.05
6.59
4.50
5.77
7.25
7.25
5.84
6.65
6.80
6.75
7.30
6.75
6.25
6.90
7.00
7.05
7.10
500
500
400
350
400
350
250
300
250
450
300
600
500
350
650
500
300
500
400
250
450
300
500
300
500
198
500
250
150
300
400
500
500
600
300
300
300
350
250
9
400
5
300
156
350
26
18
2
250
250
58
250
200
200
300
250
200
250
200
200
200
6/4/73 - 12/3/73..
7/2/73 - 1 / 2 / 7 4 . . .
8/1/73 - 2/4/74. . .
10/1/73 - 3 / 4 / 7 4 . .
10/1/73 - 4 / 1 / 7 4 . .
11/1/73 - 5 / 1 / 7 4 . .
10/1/73 - 4 / 4 / 7 7 . .
6.85
7.55
8.70
9.90
9.85
7.95
7.70
Federal intermediate
credit banks
Debentures:
3/1/73 - 12/3/73.
4/2/73 - 1/2/74. .
7/1/71 - 1 / 2 / 7 4 . .
5/1/73 - 2 / 4 / 7 4 . .
6/4/73 - 3 / 4 / 7 4 . .
7/2/73 - 4 / 1 / 7 4 . .
8/1/73 - 5/1/74. .
9/4/73 - 6/3/74. .
10/1/73 - 7 / 1 / 7 4 .
1/4/71 - 7 / 1 / 7 4 .
11/1/73 - 8 / 1 / 7 4 .
5/1/72 - 1/2/75..
1/3/72 - 7/1/75. .
3/1/73 - 1/5/76. .
7/2/73 - 1/3/77. .
6.15
7.00
6.85
6.90
7.00
71/2
8.65
934
934
5.95
7.95
6.05
5.70
6.65
7.10
Federal land banks
Bonds:
2/20/63 - 2 / 2 0 / 7 3 - 7 8 .
7/20/72 - 1/21/74
2/20/62 - 2/20/74
10/20/70 - 4/22/74. . .
9/15/72-4/22/74
10/21/71 - 7 / 2 7 / 7 4 . . . .
4/20/71 - 10/21/74.
2/20/70 - 1/20/75.
4/23/73 - 1/20/75.
4/20/65 - 4/21/75. . . .
7/20/73 - 4 / 2 1 / 7 5
2/15/72 - 7/21/75
7/20/71 - 1 0 / 2 0 / 7 5 . . . .
10/23/73 - 10/20/75. . .
4/20/72 - 1/20/76
2/21/66 - 2/24/76.
1/22/73 - 4 / 2 0 / 7 6
7/20/66 - 7/20/76
4/23/73 - 10/20/76.. ..
7/20/73 - 7/20/77
10/27/71 - 1 0 / 2 0 / 7 7 . .
5/2/66 - 4/20/78
7/20/72 - 7/20/78
10/23/73 - 10/19/78. . .
2/20/67 - 1/22/79
9/15/72 - 4 / 2 3 / 7 9
10/23/72 - 1 0 / 2 3 / 7 9 . . .
1/22/73 - 1/21/80
7/20/73 - 7/21/80
2/23/71 - 4 / 2 0 / 8 1
4/20/72-4/20/82
4/23/73 - 1 0 / 2 0 / 8 2 . . . ,
10/23/73 - 10/20/83. ..
NOTE.—These securities are not guaranteed by the U.S. Govt.; see also note to table at bottom of opposite page.
Coupon
rate
5.55
41/2
7.30
5.85
5.85'
5.30
8M
7.15
4H
7.65
5.70
7.20
7.40
6%
5.00
6%
5^8
7.15
71/2
6.35
5K
6.40
7.35
5.00
6.85
6.80
6.70
71/2
6.70
6.90
7.30
7.30
A 39
A 40
FEDERAL FINANCE • JANUARY 1974
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
U.S. budget
Means of financing
Receipt-expenditure account
Borrowings from the public -
Period
Net
expenditures
Budget
receipts
Fiscal year:
197 0
197 1
197 2
197 3
Half year:
1971—July-Dec....
1972—Jan.-June...
July-Dec
1973—Jan.-June...
193,743 194,456
188,392 210,318
208,649
r
232,225
93,180
115,549
110,608
106,061
r
126,164
Month:
1972—No v
Dec
'•16,746
18,972
1973—Ja n
Feb
Mar
Apr
May
June
July
Aug..
Sept
Oct
Nov
21,130
18,067
15,987
25,860
16,584
28,504
18,121
21,291
25,007
17,637
20,208
Budget
outlays i
Net
lending
Budget
surplus
or
deficit
(-)
2,131 196,588 - 2 , 8 4 5
1,107 211,425 - 2 3 , 0 3 3
231,876 - 2 3 , 2 2 7
r
14,301
246,526
948
Other
means
Less: InvestPlus: ments by Govt,
Equals:
Agency
accounts
Less:
Total
securiSpecial borrownotes 3
ties
ing
Special Other
issues
Public
debt
securities
17,198
27,211
29,131
30,881
r
21,234
19,721
23,631
20,227
20,806
22,306
20,157
20,892
22,627
22,139
20,736
23,092
22,099
4,488
-750
4,300
5,051
-2,501
770
-2,160
4,770
-4,820
3,768
3,554 - 1 , 5 4 3
-3,573
275
7,612
803
-4,486
862
-847
2,842
4,271
-406
-5,455
1,037
-1,891
1,561
Treasury
operating
balance
of
financing,
net 4
Other
676
800
1,607
-207
5,397
19,448
19,442
19,275
2,151
710
1,362
2,459
-581
-982
-979
3,586
1,108
6,255
- 1 , 6 1 3 "-4,128
2,803
4,010
'"6,239
5,790
523
1,089
21,561
-2,114
17,386
1 ,r~
973
389
956
1,503
80 - 2 , 1 2 2
1,028
8,377
1,525 -5,430
1,302
-659
1,104
42
-343
5,292
4,197
305
2,795
18
-900
-9
780
27
584
-721
-56
-43
1,968
68 3,414
9
1,258
301
3,137
40
-756
29
-306
273 - 3 , 5 1 0
168
119
206
-49
234
-174
325
568
-173
1,519
3,863
3,005
-2,159
-1,970
-2,369
-713
-563
564
1,395
2,202
302
408
1,152
1,220
-5,924
4,344
-5,398
-4,105
5,207
-2,588
-1,739
9,386
-347
6,616
-1,269
6,813
216 12,029
111,554 -18,374 26,001 - 1 , 1 1 7
120,319 - 4 , 8 5 0
3,130
-150
118,586 -12,525 22,037
876
127,940 - 1 , 7 7 6
8,844
-660
r
Less: Cash and
monetary assets
r
374
-93
-861
654
r
-22
3,141
r
-1,010
r
28
57
'•-420
-595
99
1,383
-1,507
-83
2,883
1,164
988
-1,141 - 1 , 5 2 2
414
-485
-544
-743
151 - 2 , 5 4 4
346
718
-43
1,431
- 4 8 -1,368
-212
Selected balances
Treasury operating balance
End
of
period
F.R.
Banks
Tax
and
loan
accounts
Other
depositaries 5
Federal securities
Total
Public
debt
securities
Agency
securities
Less:
Investments of
Govt, accounts
Special
issues
Other
Less:
Special
notes 3
Equals:
Total
held
by
public
Memo:
Debt of
Govt.sponsored
corps.—
Now
private 6
Fiscal year:
197 0
197 1
197 2
197 3
1,005
1,274
2,344
4,038
6,929
7,372
7,934
8,433
111
109
5 139
106
8,045
8,755
10,117
12,576
370,919
398,130
427,260
458,142
12,510
12,163
10,894
11,109
76,124
82,740
89,539
101,738
21,599
22,400
24,023
24,093
825
825
825
825
284,880
304,328
323,770
343,045
35,789
36,886
41.044
51,325
Calendar year:
197 1
197 2
2,020
1,856
9,173
8,907
113
310
11,306
11,073
424,131
449,298
11,044
11,770
85,544
95,924
22,922
23,164
825
825
325,884
341,155
39,860
42,640
Month:
1972—Nov....
Dec
1,182
1,856
6,786
8,907
310
310
8.278
11,073
444,247
449,298
11,863
11,770
94,821
95,924
23,506
23,164
825
825
336,958
341,155
43,217
43,459
1973—Ja n
Feb
Mar....
Apr
May....
June....
July....
Aug.. ..
Sept
Oct
Nov....
2,749
2,073
2,882
4,162
3,242
4,038
2,867
847
1,626
1,839
1,945
8,317
9,401
9,744
9,683
4,679
8,433
4,203
2,217
6,582
3,781
2,666
310
310
309
311
311
106
108
8
71
71
70
11,376
11,784
12,935
14,156
8,232
12,576
7,178
3,072
8.279
5,691
4,681
450,068
454,838
458,606
457,063
457,338
458,142
459,003
461,845
461,439
462,476
464,037
11,787
11,779
11,806
11,084
11,041
il,109
95.024
95,804
96,413
96,356
98,324
101,738
102,996
106,133
105,378
105,071
101,561
23,332
23,451
23,632
23,583
23,817
24,093
23,968
24,536
24,362
24,341
27,482
825
825
825
825
825
825
825
825
825
823
825
342,674
346,537
349,542
347,383
345,414
343,045
342.332
341,769
342.333
343,727
345,930
43,993
45,400
45,566
47,905
49,731
51,325
52,780
54,409
56,691
59,330
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 decrease the outstanding amounts of Federal securities held by the public
mainly by reductions in agency securities. The Federal National Mortgage
Association ( F N M A ) was converted to private owership in Sept. 1968 and
the Federal intermediate credit banks (FICB) and banks for cooperatives 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.
11,118
11,419
11.459
11,488
11,760
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 depositaries" (deposits in certain commercial depositaries that have been converted 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, F N M A (beginning Sept. 1968), and FICB and banks
for cooperatives (both beginning Dec. 1968).
NOTE.—Half years may not add to fiscal year totals due to revisions in
series that are not yet available on a monthly basis.
A 41
JANUARY 1974 • FEDERAL FINANCE
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
Budget receipts
Period
Total
Withheld
Nonwithheld
Refunds
13,240
14,522
14,143
21,866
Social insurance taxes
and contributions
Corporation
income taxes
Individual income taxes
Gross Rerefunds
ceipts
Net
total
Employment
taxes and
contributions 1
Payroll
taxes
Selfempl.
Fiscal year:
197 0
197 1
197 2
197 3
193,743
188,392
208,649
232,225
77,416
76,490
83,200
98,093
26,236
24,262
25,679
27,019
Half year:
1971—July-Dec.
1972—Jan.-June
July-Dec.
1973—Jan.-June
93,180
115,469
106,061
126,165
38,449
44,751
46,058
52,034
155
574 43,465 13,262 1,448 19,643
5,589
20,090 13,569 51,272 21,664 1,312 24,445 1,877
165
688 51,154 15,315 1,459 22,493
5,784
21,235 21,179 52,091 23,730 1,434 30,013 2,206
Month:
1972—No v
Dec
r
16,746 r 8,509
18,972 7,915
257
353
8,254
8,404
8,748
8,648
8,813
9,168
8,487
9,085
7,940
8,752
9,81'
4,671
768
1,494
9,124
1,444
3,735
681
451
3,903
550
261
21,130
18,067
15,987
25,860
16,584
2§,537
18,121
21,291
25,007
17,637
20,209
1973—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
90,412
86,230
94,737
103,246
r
27
,104
,833
,185
,433
597
354
257
135
71
66
35,037
30,320
34,926
39,045
2,208
3,535
2,760
2,893
12,897
8,067
3,409
11,587
3,825
12,306
8,814
9,279
11,707
9,230
10,006
158
193
342
258
296
188
202
209
230
462
287
1,539
865
5,208
5,915
1,219
8,983
1,552
904
5,477
1,515
939
Net
total
37,190 1,942 3,465 2,700 45,298
39,751 1,948 3,673 3,206 48,578
44,088 2,032 4,357 3,437 53,914
52,505 2,371 6,051 3,614 64,542
3,833
5,900
4,771
4,297
6,662
4,548
4,(
7,087
4,812
4,119
5,578
1,51
4,736
2,437
3,616
637
92
294 4,044
140 2,601
8,697
853
8,206 5,772
Excise Custaxes toms
Other
Unnet
empl.
insur. ceipts :
174
139
684
167
63
186
444
1,316
253 2,156
145
95
382
1,357
103
177
217
24
825
22,989
30,925
26,867
37,675
1,673
1,764
1,77?
1,841
2,430 3,644
2,591 3,735
3,287 5,436
3,188 4,917
3,424
3,858
3,633
3,921
8,961 1,838 2,395 1,718
6,516 1,449 3,041 1,915
8,244 1,551 2,333 2,056
8,016 1,637 2,584 1,865
1,286
284
234
487
364
4,486 1,437
7,029 1 ,186
5,340 1,244
6,359 1,318
9,380 1,446
5,081 1,386
5,336 1,538
8,778 1,434
5,409 1,436
4,712 1,459
6,724 1,563
289
255
278
262
280
273
276
303
238
291
301
396
568
489
330
466
335
398
494
373
454
462
287 4,969
277 2,975
340
278
320
302
308
293
346
333
317
351
321
15,705
16,614
15,477
16,260
Estate Misc.
and
regift ceipts 3
1,452
r
298
276
244
289
360
348
264
360
409
308
597
437
501
Budget outlays
Period
Total
Fiscal year:
197 1
197 2
1973'19745
211,425
231,876
246,526
268,665
National
defense
77,661
78,336
76,027
81,074
Half year:
1971—July-Dec.. 111,557 35,755
1972—Jan.-June. 120,319 42,583
July-Dec.. 118,586 35,350
1973—Jan.-June r 127,940 40,677
Month:
1972—No v
Dec
1973—Ja n
Feb
Mar
Apr
May
June r . . . .
July
Aug
Sept
Oct
Nov
r
Intl.
affairs
r
Space
research
Agriculture
Natural
resources
Com.
mun.
develop,
and
housing
3,095
3,786
3,182
3,811
3,381
3,422
3,311
5,096
7,061
6,051
2,716 11,310
3,759 11,197
556 12,520
3,357
4,216
4,162
3,135
5,572
3,663
11,580
4,931
1,752
2,034
1,640
1,542
1,777
1,645
1,676
1,635
5,999
1,062
4,616
1,435
1,952
1,807
329
227
6,030
5,167
6,200
6,320
2,181
2,035
2,637
1,525
21,234
19,721
'6,536
6,135
350
221
272
284
329
-146
r
354
-40
23,630
20,227
20,806
22,306
20,157
20,814
22,607
22,139
20,736
23,092
22,099
6,633
6,265
6,963
6,417
6,401
8,015
4,878
6,772
6,095
6,607
6,900
280
323
237
136
486
308
327
205
282
276
82
271
241
301
265
255
301
278
262
246
248
246
994
431
-77
368
-155
1,053
230
310
324
298
118
942
573
422
416
424
-126
2,011
440
-35
503
782
1
Old-age, disability, and hospital insurance (including premiums for
uninsured effective July 1, 1973, as provided for in Public Law 92-603),
and Railroad Retirement accounts.
2
Supplementary medical insurance premiums (including premiums
for disabled effective July 1, 1973, as provided for in Public Law 92-603),
and Federal employee retirement contributions.
3 Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts.
4
Consists of Government contributions for employee retirement and
of interest received by trust funds.
Commerce
and
transp.
r
r
981
829
384
414
1,546
567
1,072
793
907
1,434
2,104
1,090
957
1,260
912
483
368
270
243
-148
309
911
779
712
561
36
EducaHealth
tion
and
and
welmanfare
power
8,226
10,198
10,821
10,110
r
70,607
81,536
91,230
103,709
4,355 r38,131
5,843 43,405
5,133 43,212
5,688 48,018
851
960
904
786
788
1,066
1,336
777
954
661
955
805
Veterans
Interest
9,776
10,747
12,004
11,732
19,608
20,584
22,785
24,672
General
govt.
3,970
4,889
5,619
6,025
General
revenue
sharing
-7,376
-7,858
6,636 - 8 , 3 7 8
6,035 - 9 , 1 3 1
5,003 10,050 2,392
5,744 -10,534 '2,497
5,740 10,604 2,870 6 2 , 6 H
4,019
6,264 12,181 2,749
7,851
7,710
1,279
989
8,130
7,907
7,565
8,058
8,124
8,234
7,792
7,935
8,302
8,040
8,373
1,157
1,046
1,064
1,114
1,017
866
1,099
1,054
970
1,058
1,194
r
\ ,926
1,809
1,777
2,002
2,097
2,120
2,165
2,004
2,184
2,159
2,392
2,135
2,401
r
Intragovt.
transactions 4
-3,822
-4,036
-4,039
-4,339
'352
481
415 6 2 , 6 1 7 - 2 , 4 7 4
586
374
462
409
466
452
563
466
643
479
438
2,514
9
1,493
3
1,495
-3
16
1,494
29
-297
-397
-329
-324
-377
-2,616
-850
-670
-849
-850
-717
5 Estimates presented in the Jan. 1974 Budget Document. Breakdowns do
not add to totals because special allowances for contingencies, and Federal
pay increase (excluding Department of Defense), totaling $1,750 million
for fiscal 1974, are not included.
6 Outlays of $6,786 million in fiscal 1973 contain retroactive payments
of $2,600 million for fiscal 1972.
NOTE—Half years may not add to fiscal year totals due to revisions in
series that are not yet available on a monthly basis.
A 42
U.S. GOVERNMENT SECURITIES • JANUARY 1974
GROSS PUBLIC DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issues
End of period
Total
gross
public
debt i
Marketable
Nonmarketable
Total
Total
Certificates
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.
320.9
329.3
344.7
358.0
368.2
270.3
273.0
284.0
296.0
295.2
214.6
218.0
226.5
236.8
235.9
60.2
64.7
69.9
75.0
80.6
1970—Dec.
1971—Dec.
389.2
424.1
309.1
336.7
247.7
262.0
1972—Dec.
449.3
351.4
1973—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct.
Nov.
Dec.
450.1
454.8
458.6
457.1
457.3
458.1
459.0
461.8
461.4
462.5
464.0
469.9
353.2
357.1
360.4
358.9
357.1
354.6
354.2
353.8
354.1
355.5
360.5
360.7
Notes
Bonds
2
Convertible
bonds
Total 3
6.0
10.1
33.6
119.5
50.2
48.3
61.4
76.5
85.4
104.2
99.2
95.2
85.3
69.9
2.8
2.7
2.6
2.5
2.4
52.9
52.3
54.9
56.7
56.9
87.9
97.5
101.2
114.0
58.6
50.6
2.4
2.3
269.5
103.9
121.5
44.1
271.1
269.9
269.8
267.8
265.9
263.0
262.7
262.4
262.4
264.0
270.2
270.2
104.9
105.0
105.0
103.2
103.0
100.1
99.9
101.8
99.8
101.6
107.7
107.8
121.5
44.7
44.6
44.6
44.5
45.1
45.1
45.0
42.0
41.9
41.8
37.8
37.8
30.0
5.9
120.2
120.2
120.2
117.8
117.8
117.8
118.7
120.7
120.7
124.6
124.6
1
Includes non-interest-bearing debt (of which $618 million on Dec.
31, 1973, 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, and Rural Electrification Administration bonds; before 1954,
Armed Forces leave bonds; before 1956, tax and savings notes; anr*
before Oct. 1965, Series A investment bonds.
Foreign
issues 4
Special
issues 5
Savings
bonds
& notes
49.8
6.1
7.0
24.6
2.4
1.5
3.1
4.3
3.8
50.3
50.8
51.7
52.3
52.2
46.3
52.0
57.2
59.1
71.0
59.1
72.3
5.7
16.8
52.5
54.9
78.1
85.7
2.3
79.5
20.6
58.1
95.9
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
79.7
84.9
88.3
88.7
88.9
89.4
89.2
89.1
89.5
89.2
88.0
20.5
25.4
28.3
28.5
28.3
28.5
28.2
27.9
28.2
27.8
26.1
26.0
58.4
58.7
59.0
59.3
59.7
59.9
60.2
60.3
60.3
60.5
95.0
95.8
96.4
96.4
98.3
101.7
103.0
106.1
105.4
105.1
101.6
107.1
8.9
56.5
60.8
60.8
4
Nonmarketable certificates of indebtedness, notes, and bonds in the
Treasury foreign series and foreign currency series issues.
5
Held only by U.S. Govt, agencies and trust funds and the Federal
home loan banks.
NOTE.—Based on Daily Statement of U.S. Treasury. See also second
paragraph in NOTE to table below.
OWNERSHIP OF PUBLIC PEBT
(Par value, in billions of dollars)
Held by private investors
Held b y Total
gross
public
debt
U.S.
Govt,
agencies
and
trust
funds
F.R.
Banks
1939—Dec
1946—Dec
41.9
259.1
6.1
27.4
2.5
23.4
1965—Dec
1966—Dec
1967—Dec
1968—Dec
320.9
329.3
344.7
358.0
59.7
65.9
73.1
76.6
1969—Dec
1970—Dec
1971—Dec
368.2
389.2
424.1
1972—Dec
1973—Jan
Feb
Mar
Apr
May
Jur}e
July
Aug
Sept
Oct
Nov
End of
period
Commercial
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
33.4
208.3
12.7
74.5
2.7
11.8
5.7
24.9
2.0
15.3
40.8
44.3
49.1
52.9
220.5
219.2
222.4
228.5
60.7
57.4
63.8
66.0
5.3
4.6
4.1
3.6
10.3
9.5
8.6
8.0
89.0
97.1
106.0
57.2
62.1
70.2
222.0
229.9
247.9
56.8
62.7
65.3
2.9
2.8
2.7
449.3
U6.9
69.9
262.5
67.0
450.1
454.8
458.6
457.1
457.3
458.1
459.0
461.8
461.4
462.5
464.0
116.2
117.1
117.9
117.9
120.1
123.4
125.0
128.7
127.8
127.4
127.1
72.0
72.6
74.3
75.5
74.1
75.0
77.1
76.1
76.2
78.5
77.1
261.8
265.1
266.4
263.7
263.1
259.7
256.9
257.1
257.4
256.5
66.0
62.4
61.6
60.1
57.9
57.9
55.5
54.1
55.0
55.4
Total
1
Consists of investments of foreign and international accounts in
the United States.
2
Consists of savings and loan assns., nonprofit institutions, corporate pension trust funds, and dealers and brokers. Also included
are certain Govt, deposit accounts and Govt.-sponsored agencies.
NOTE.—Reported data for F.R. Banks and U.S. Govt, agencies and
trust funds; Treasury estimates for other groups.
Indiv iduals
Foreign
and
international 1
Other
misc.
investors 2
Savings
bonds
Other
securities
.4
6.3
1.9
44.2
7.5
20.0
.2
2.1
.3
9.3
15.8
14.9
12.2
14.2
22.9
24.3
24.1
24.4
49.7
50.3
51.2
51.9
22.4
24.3
22.8
23.9
16.7
14.5
15.8
14.3
16.7
19.4
19.9
22.4
7.1
7.0
6.6
11.7
9.4
12.4
25.9
25.2
25.0
51.8
52.1
54.4
29.6
29.8
19.6
11.2
20.6
46.9
25.0
20.4
15.0
2.6
6.0
11.7
28.3
57.7
17.0
55.3
17.0
2.6
2.6
2.5
2.5
2.4
2.4
2.2
2.1
2.0
2.0
6.1
5.8
5.9
5.7
5.7
5.7
5.8
5.7
5.7
5.6
12.3
12.7
13.0
12.5
13.3
12.0
12.8
14.0
12.5
13.5
29.5
29.0
28.9
28.7
28.1
28.3
27.9
27.2
28.5
28.0
58.0
58.3
58.6
58.9
59.2
59.5
59.7
59.8
59.8
60.0
16.8
16.6
16.6
16.5
16.4
16.4
16.5
16.8
16.9
16.9
54.2
61.1
63.1
61.7
61.1
60.2
59.7
59.2
58.5
57.5
16.5
16.7
16.3
17.2
18.9
17.4
16.7
18.2
18.5
17.5
The debt and ownership concepts were altered beginning with the
Mar. 1969 BULLETIN. The new concepts ( 1 ) exclude guaranteed securities 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.
JANUARY 1974 • U.S. GOVERNMENT SECURITIES
A 43
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
35,500
21,636
26,552
29,363
31,684
82,318
93,648
88,564
80,535
83,817
22,554
29,321
29,143
31,102
25,136
8,556
9,530
15,301
15,269
15,679
10,863
10,397
6,079
6,201
6,169
708
605
674
466
3,570
2,297
775
935
1,412
1,591
6,075
7,614
6,418
7,005
7,789
3,877
4,676
5,487
5,448
4,405
1,748
2,319
4,317
4,888
5,008
2,387
2,456
1,530
1,620
1,620
36,338
36,032
37,750
44,571
44,709
25,965
31,033
29,745
36,647
35,471
10,373
4,999
8,005
7,924
9,239
19,089
25,299
24,497
22,821
23,109
6,046
7,702
6,109
9,376
7,543
229
584
1,414
1,530
1,584
440
601
136
192
184
168,479
173,376
180,243
164,716
169,121
84,080
81,729
91,063
84,491
89,563
61,250
65,867
73,451
64,464
68,708
22,830
15,862
17,612
20,027
20,854
57,154
60,735
57,649
50,709
52,919
12,631
16,943
17,547
16,278
13,188
6,579
6,627
9,570
8,851
9,087
8,036
7,340
4,413
4,389
4,365
50,917
51,363
52,440
42,782
44,135
19,208
14,920
18,077
14,130
15,048
10,314
8,287
10,289
5,518
6,336
8,894
6,633
7,788
8,612
8,712
26,609
28,823
27,765
22,943
24,027
4,474
6,847
5,654
4,640
3,909
367
555
864
805
900
260
217
80
265
252
Mutual savings banks:
1970—Dec. 31
1971—Dec. 31
1972—Dec. 31
1973—Oct. 31
Nov. 30
2,745
2,742
2,609
2,021
1,968
525
416
590
493
526
171
235
309
194
231
354
181
281
299
295
1,168
1,221
1,152
805
777
339
499
469
289
220
329
281
274
292
308
385
326
124
142
138
Insurance companies:
1970—Dec. 31
1971—Dec. 31
1972—Dec. 31
1973—Oct. 31
Nov. 30
6,066
5,679
5,220
4,878
4,803
893
720
799
689
681
456
325
448
223
238
437
395
351
466
443
1,723
1,499
1,190
1,075
1,058
849
993
976
1,278
1,232
1,369
1,366
1,593
1,309
1,306
1,231
1,102
661
527
526
Nonfinancial corporations:
1970—Dec. 31
1971—Dec. 31
1972—Dec. 31
1973—Oct. 31
Nov. 30
3,057
6,021
4,948
4,911
5,637
1,547
4,191
3,604
3,480
3,623
1,194
3,280
1,198
1,594
1,850
353
911
2,406
1,886
1,773
1,260
1,492
1,198
1,228
1,622
242
301
121
105
292
2
16
25
68
72
6
20
Savings and loan
1970—Dec.
1971—Dec.
1972—Dec.
1973—Oct.
Nov.
3,263
3,002
2,873
2,315
2,240
583
629
820
552
583
220
343
498
116
143
363
286
322
436
440
1,899
1,449
1,140
963
1,045
281
587
605
513
325
243
162
226
211
212
258
175
11,204
9,823
10,904
9,779
9,838
5,184
4,592
6,159
5,723
5,890
3,803
3,832
5,203
4,563
4,743
1,381
760
956
1,160
1,147
2,458
2,268
2.033
1,774
1,771
774
783
816
896
790
1,191
918
1,298
1,036
1,036
1,598
1,263
598
350
350
91,227
94,746
101,249
98,030
100,500
56,140
56,261
61,014
59,424
63,212
45,092
49,565
55,506
52,256
55,167
11,048
6,696
5,508
7,168
8,044
22,037
23,983
23.171
21|921
22,619
5,672
6,933
8,906
8,557
6,420
3,078
3,329
5,290
5,130
5,253
4,298
4,237
2,868
2,999
2,995
Type of holder and date
Total
Total
Bills
247,713
262,038
269,509
264,047
270,234
123,423
119,141
130,422
130,940
139,433
87,923
97,505
103,870
101,577
107,749
U.S. Govt, agencies and trust funds:
1970—Dec. 31
1971—Dec. 31
1972—Dec. 31
1973—Oct. 31
Nov. 30
17,092
18,444
19,360
20,840
23,984
3,005
1,380
1,609
1,878
5,161
Federal Reserve Banks:
1970—Dec. 31
1971—Dec. 31
1972—Dec. 31
1973—Oct. 31
Nov. 30
62,142
70,218
69,906
78,491
77,129
Ail holders:
1970—Dec.
1971—Dec.
1972—Dec.
1973—Oct.
Nov.
31
31
31
31
30
Held by private investors:
1970—Dec. 31
1971—Dec. 31
1972—Dec. 31
1973—Oct. 31
Nov. 30
Commercial banks:
1970—Dec. 31
1971—Dec. 31
1972—Dec. 31
1973—Oct. 31
Nov. 30
associations:
31
31
31
31
30
State and local governments:
1970—Dec. 31
1971—Dec. 31
1972—Dec. 31
1973—Oct. 31
Nov. 30
All others:
1970—Dec.
1971—Dec.
1972—Dec.
1973—Oct.
Nov.
31
31
31
31
30
NOTE.—Direct public issues only. Based on Treasury Survey of
Ownership.
Data complete for U.S. Govt, agencies and trust funds and F.R. Banks,
but data for other groups include only holdings of those institutions
that report. The following figures show, for each category, the number
and proportion reporting: (1) 5,610 commercial banks, 479 mutual savings
Other
1
29
28
81
77
76
banks, and 736 insurance companies combined, each about 90 per cent;
(2) 464 nonfinancial corporations and 485 savings and loan assns., each
about 50 per cent; and (3) 505 State and local govts., about 40 per cent.
"All others," a residual, includes holdings of all those not reporting
in the Treasury Survey, including investor groups not listed separately.
A 44
U.S. GOVERNMENT SECURITIES • JANUARY 1974
DAILY-AVERAGE DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By maturity
By type of customer
Period
Total
Within
1 year
1-5
years
5-10
years
U.S. Govt, U.S. Govt,
securities securities
dealers
brokers
Over
10 years
Commercial
banks
All
other i
U.S. Govt.
agency
securities
1972—Nov
Dec
3,397
3,184
2,397
2,640
709
361
168
118
123
65
835
757
498
352
1,228
1,215
837
860
731
472
1973—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
3,158
4,155
3,077
3,185
3,187
2,969
2,993
3,366
3,884
3,384
4,024
2,445
2,975
2,311
2,535
2,390
2,335
2,330
2,403
3,021
2,798
3,002
443
721
508
440
322
289
367
706
644
374
485
148
370
201
165
323
228
226
172
158
163
447
122
89
57
46
153
118
72
85
61
48
89
793
888
713
709
661
593
581
566
583
568
655
470
808
585
636
543
622
632
874
1,182
954
1,188
1,113
1,360
987
1,075
1,057
975
982
1,044
1,142
1,073
1,174
781
1,099
792
766
927
778
798
881
977
789
1,007
463
645
664
714
687
732
700
771
1,048
810
810
Week ending—
1973—Nov.
7
14
21
28
4,008
4,078
4,402
3,179
2,716
3,024
3,339
2,425
610
478
510
374
559
513
446
316
123
63
107
64
590
675
729
567
1,206
1,226
1,315
911
1,180
1,166
1,295
887
1,032
1,012
1,063
814
506
751
1,105
569
Dec.
5
12
19
26
4,007
4,528
4,321
3,029
3,305
3,724
3,528
2,460
353
388
374
285
278
378
327
240
69
39
94
44
631
776
772
527
1,094
1,502
1,108
686
1,230
1,215
1,252
911
1,050
1,036
1,191
906
989
852
1,223
716
1
Since Jan. 1972 has included transactions of dealers and brokers in
securities other than U.S. Govt.
NOTE.—The transactions data combine market purchases and sales of
U.S. Govt, securities dealers reporting to the F.R. Bank of New York.
They do not include allotments of, and exchanges for, new U.S. Govt
securities, redemptions of called or matured securities, or purchases or
sales of securities under repurchase agreement, reverse repurchase (resale),
or similar contracts. Averages of daily figures based on the number of
trading days in the period.
DAILY-AVERAGE DEALER POSITIONS
DAILY-AVERAGE DEALER FINANCING
(Par value, in millions of dollars)
(In millions of dollars)
U.S. Government securities, by maturity
Period
Within
All
1
maturiyear
ties
1-5
years
5-10
years
Over
10
years
U.S.
Govt,
agency
securities
66
37
834
556
97
39
-11
-9
175
232
131
12
38
67
139
281
202
180
274
356
744
511
273
799
904
1,185
1972—Nov
Dec
4,522
4,973
4,113
4,903
335
73
1973—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
4,744
3,394
2,702
2,795
2,626
2,976
1,901
1,788
3,201
3,073
3,618
4,959
3,365
3,130
3,105
2,596
2,818
2,062
1,977
2,958
2,858
3,034
-53
-9
-274
-159
-324
-165
-250
-94
316
93
95
Week ending—
1973—Oct.
3
10
17
24
31
2,645
3,247
2,805
3,084
3,469
2,422
3,069
2,629
2,864
3,183
178
114
77
90
49
-23
2
33
59
169
67
62
65
72
69
848
912
912
838
989
4,300
3,851
3,211
3,022
3,295
3,237
2,836
2,583
327
60
-50
76
521
391
291
246
157
161
135
117
1,163
1,197
1,125
1,188
Nov.
7
14. , .
21
28 ,
8
-41
-259
—1
-143
-143
179
91
-43
-107
-111
56
350
NOTE.—The figures include all securities sold by dealers under repurchase 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.
Commerc ial banks
All
sources
Period
Corporations 1
All
other
New
York
City
Elsewhere
4,198
4,848
1,538
1,695
617
808
709
944
1,334
1,399
Sept
Oct
Nov
4,520
3,415
2,799
3,032
2,667
3,769
2,826
2,318
4,244
3,721
4,469
1,346
1,063
903
935
674
1,242
725
829
1,620
1,253
1,809
794
455
292
513
452
690
544
327
877
918
900
932
490
281
311
252
431
510
386
441
328
570
1,449
1,408
1,323
1,273
1,291
1,406
1,047
777
1,306
1,223
1,190
Week ending—
1973—Oct.
3...
10...
17...
24...
31...
4,088
3,732
3,696
3,489
3,970
1,313
1,125
1,381
1,258
1,353
969
992
1,006
842
847
258
291
272
283
492
1,549
1,324
1,037
1,106
1,278
4,919
4,841
4,149
4,103
2,213
1,951
1,554
1,595
1,067
862
864
835
559
624
489
572
1,081
1,403
1,242
1,101
1972—Nov
Mar
May
June
July
Nov:
-
7...
14...
21...
28...
i All business corporations, except commercial banks and insurance
companies.
NOTE.—Averages of daily figures based on the number of calendar days
in the period. Both bank and nonbank dealers are included. See also
NOTE to the table on the left.
JANUARY 1974 • U.S. GOVERNMENT SECURITIES
A 45
U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, DECEMBER 31f 1973
(In millions of dollars)
Issue and coupon rate
Amount
Issue and coupon rate
Treasury bills
Jan.
3, 1974.
Jan. 10, 1974.
Jan. 15, 1974.
Jan. 17, 1974.
Jan. 24, 1974.
Jan. 31, 1974.
Feb. 7, 1974.
Feb. 12, 1974.
Feb. 14, 1974.
Feb. 21, 1974.
Feb. 28, 1974.
Mar. 7, 1974.
Mar. 12, 1974.
Mar. 14, 1974.
Mar. 21, 1974.
Mar. 28, 1974.
Apr. 4, 1974.
Apr. 9, 1974.
Apr. 11, 1974.
Apr. 18, 1974.
Apr. 19, 1974.
Apr. 25, 1974.
May 2, 1974.
May 7, 1974.
May 9, 1974.
May 16, 1974.
May 23, 1974.
4.302
4,304
1,804
4.303
4,301
4,312
4,303
1,801
4,309
4,254
4.303
4,320
1,790
4.304
4.305
4,327
1,801
1,802
1,803
1,802
3,009
1,802
1,801
1,800
1,801
1,801
1,800
Amount
Treasury bills—Cont.
May 30, 1974
June 4 , 1 9 7 4
June 6, 1974
June 13, 1974
June 20, 1974
June 21, 1974-t
June 27, 1974
July
2,1974
July 30, 1974
Aug. 27, 1974
Sept. 24, 1974
Oct. 22, 1974
Nov. 19, 1974
Dec- 17, 1974
Treasury notes
Feb. 15, 1974
Apr. 1, 1974
May 15, 1974
Aug. 15, 1974
Sept. 30, 1974
Oct.
1, 1974
Nov. 15, 1974
Dec. 31, 1974
Feb. 15, 1975
Feb. 15, 1975
Apr. 1, 1975
1.798
1,801
1,801
1,801
1.799
2,000
1,802
1,802
1.804
1.805
1,802
1,802
1,801
1,803
7y 4
VA
7 Va
5 5/s
6
1V2
Sy 4
5%
5V4
5%
1 Vi
2,960
34
4,334
10,284
2,060
42
5,442
2,102
4,015
1,222
Issue and coupon rate
Treasury notes—Cont.
May 15, 1975
5%
May 15, 1975
6
Aug. 15, 1975
5%
Sept. 30, 1975
8%
Oct.
1, 1975
V/ 2
Nov. 15, 1975
7
Dec. 31, 1975
7
Feb. 15, 1976
6V4
Feb. 15, 1976
5%
Apr. 1, 1976
1 Vi
May 15, 1976
5%
May 15, 1976
6%
Aug. 15, 1976
7Vi
Aug. 15, 1976
6V2
Oct.
1, 1976
VJi
Nov. 15, 1976
6V4
Feb. 15, 1977
8
Apr. 1,1977
VA
Aug. 15, 1977
71/4
Oct.
1, 1977
UA
Feb. 15, 1978
6V4
Apr. 1, 1978
11/2
Oct.
1, 1978
11/2
Nov. 15, 1978
6
Aug. 15, 1979
6V4
Nov. 15, 1979
65/8
Nov. 15, 1979
7
May 15, 1980
6%
Amount
Issue and coupon rate
Treasury bonds
Feb. 15, 1974
4V&
May 15, 1974
41/4
Nov. 15, 1974
37/s
May 15, 1975-85. .4%
June 15, 1978-83.. 3 V4
Feb. 15, 1980
4
Nov. 15, 1980
3 y2
Aug. 15, 1981
7
Feb. 15, 1982
6H
Aug. 15, 1984
6y 8
May 15, 1985
3%
Nov. 15, 1986
6i/s
Aug. 15, 1 9 8 7 - 9 2 . . 414
Feb. 15, 1 9 8 8 - 9 3 . . 4
11
May 15, 1989-94. . 4 V8
4,325
Feb. 15, 1990
3%
5,163
Feb. 15, 1993
6y 4
5
Aug. 15, 1993
71/2
4,918
Feb. 15, 1995
3
17
May 15, 1 9 9 3 - 9 8 . . 7
8,389
Nov. 15, 1998
3Vi
15
1,776
6,760
7,679
2,043
30
3,115
1,731
3,739
4,945
27
2,802
2,697
4,194
3,883
8,207
4,559
1,604
2,244
7,265
Convertible bonds
Investment Series B
Apr. 1, 1 9 7 5 - 8 0 . . 2%
2,466
2,848
1,214
1,202
1,483
2,575
1,897
807
2,702
2,353
954
1,216
3,695
230
1,470
4,018
627
1,364
851
692
3,132
2,273
NOTE.—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)
Issues for new capital
All issues (new capital and refunding)
Type of issue
Type of issuer
Period
Total
General
obligations
Revenue
HAA1
U.S.
Govt,
loans
State
Special
district
and
Other 2
stat.
auth.
10,847
11,329
11,405
14,766
16,596
11,881
18,164
24,962
23,652
6,417
7,177
6,804
8,985
9,269
7,725
11,850
15,220
13,305
3,585
3,517
3,955
5,013
6,517
3,556
6,082
8,681
9,332
637
464
325
477
528
402
131
1,000
959
208
170
312
334
282
197
103
62
57
1,628
2,401
2,590
2,842
2,774
3,359
4,174
5,999
4,991
3,812
3,784
4,110
4,810
5,946
3,596
5,595
8,714
9,496
1972—Oct.. .
Nov..
Dec...
2,200
1,862
1,797
1,662
1,147
872
533
711
653
268
5
5
4
487
425
147
689
572
754
1973—Jan...
Feb...
Mar...
Apr.'.
May r .
June r .
July r .
Aug.'.
Sept...
1,974
'1,500
2,451
1,817
'1,920
2,138
2,003
1,528
1,675
1,149
768
1,227
866
'819
1,016
1,455
951
698
822
731
916
'941
1,093
856
542
575
682
602
47
613
159
291
189
516
452
236
454
561
914
'730
'931
1,076
349
477
'794
196 4
196 5
196 6
196 7
196 8
196 9
197 0
197 1
1972
303
261
'293
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.
Use of proceeds
Total
amount
delivered 3
Total
Education
Roads
and
bridges
Utilities 4
Housing^
Veter- Other
ans'
puraid
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
10,246
24,495
22,073
9,165
3,392
3,619
3,738
4,473
4,820
3,252
5,062
5,278
4,981
688
900
1,476
1,254
1,526
1,432
1,532
2,642
1,689
2,437
1,965
1,880
2,404
2,833
1,734
3,525
5,214
4,638
727
626
533
645
787
543
466
2,068
1,910
120 2,838
50 3,311
3,667
5,867
6,523
4,884
7,526
9,293
6,741
1,025
866
895
2,147
1,762
1,507
444
312
351
162
215
21
409
365
204
52
56
332
1,082
814
599
919
'892
924
'926
'698
874
1,138
600
645
'1,806
'1,399
2,194
'1,751
'1,756
2,130
1,982
1,475
'1,608
369
365
373
'306
299
538
392
263
306
215
'66
153
12
232
10?
231
29
64
418
406
497
448
'422
639
360
331
571
117
10
347
88
222
334
3
290
390
'689
'551
823
'897
'580
517
996
563
277
5 Includes urban redevelopment loans.
NOTE.—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 46
SECURITY ISSUES • JANUARY 1974
TOTAL NEW ISSUES
(In millions of dollars)
Gross proceeds, all issues 1
Noncorporate
Corporate
Period
Total
U.S.
Govt. 2
U.S.
Govt.
agency3
State
and local
(U.S.) 4
Bonds
Other 5
Stock
Total
Total
Publicly
offered
Privately
placed
Preferred
Common
196 4
196 5
196 6
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
196 7
196 8
196 9
197 0
197 1
68,514
65,562
52,496
88,666
105,233
19,431
18,025
4,765
14,831
17,325
8,180
7,666
8,617
16,181
16,283
14,288
16,374
11,460
17,762
24,370
1,817
1,531
961
949
2,165
24,798
21,966
26,744
38,945
45,090
21,954
17,383
18,347
30,315
32,123
14,990
10,732
12,734
25,384
24,775
6,964
6,651
5,613
4,931
7,354
885
637
682
1,390
3,670
1,959
3,946
7,714
7,240
9,291
1972—Nov.
Dec..
10,987
8,210
3,590
2,553
2,134
200
1,816
1,760
70
302
3,377
3,396
2,343
2,625
1,361
1,024
1,601
982
154
272
880
498
1973—Jan..
Feb..
Mar.
Apr..
May.
June.
July
Aug.
Sept.
Oct..
Nov.
6,523
7,325
9,029
6,567
11,225
7,943
7,643
8,019
8,091
8,901
12,311
1,199
1,603
606
564
3,353
559
490
3,097
2,432
485
4,521
993
2,261
1,889
1,445
2,304
1,688
1,870
2,046
1,992
1,414
1,630
2,232
2,165
116
53
359
178
17
53
48
22
15
195
45
2,327
1,962
3,933
2,497
2,543
3,578
2,631
1,806
1,915
3,377
3,380
1,276
957
2,116
1,739
1,721
2,757
1,870
1,382
1,366
2,314
2,106
989
641
1,315
938
1,049
1,358
857
792
684
1,807
1,669
287
316
802
801
672
1,398
1,013
590
682
507
437
137
172
833
200
187
216
226
94
119
355
630
913
832
984
558
635
606
536
330
430
707
644
1,826
1,640
3,442
1,706
2,471
1,600
2,100
2,612
2,200
Gross proceeds, major groups of corporate issuers
Period
Manufacturing
Commercial and
miscellaneous
Transportation
Bonds
Stocks
196 4
196 5
196 6
2,819
4,712
5,861
1,208
228
704
902
1,153
1,166
220
251
257
944
953
1,856
196 7
196 8
196 9
197 0
197 1
9,894
5,668
4,448
9,192
9,426
1,164
1,311
1,904
1,320
2,152
1,950
1,759
1,888
1,963
2,272
117
3,022
2,540
2,390
1,859
1,665
1,899
2,213
1,9 98
1972—Nov.
Dec.
346
486
79
103
429
343
271
149
1973—Jan..
Feb..
Mar.
Apr.
May,
June
July 7
Aug.
Sept.
Oct..
Nov.
113
178
772
772
387
703
364
230
270
462
343
63
35
125
22
12
25
169
49
78
72
105
68
Bonds
89
Stocks
116
118
111
177
237
30
133
139
149
149
54
51
327
139
143
89
112
129
96
147
91
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.
Bonds
Stocks
Public utility
Bonds
Stocks
Communication
Bonds
Real estate
and financial
Bonds
Stocks
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
466
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
61
214
322
491
472
370
657
34
17
528
1,057
202
107
120
96
317
91
236
183
250
83
140
98
226
529
319
1,076
150
361
1,099
651
419
334
337
584
371
277
1,351
369
410
497
269
90
252
608
489
30
58
548
258
355
303
244
320
228
633
296
395
290
1,462
743
351
337
223
182
244
731
605
509
461
1,397
228
231
181
151
136
106
192
123
,579
247
47
420
1
15
2
3
117
668
19
29
60
5
16
46
499
5 Foreign governments and their instrumentalities, International Bank
for Reconstruction and Development, and domestic nonprofit organizations.
NOTE.—Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.
JANUARY 1974 • SECURITY ISSUES
A 47
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
Derivation of change, all issuers 1
Bonds and notes
All securities
Period
Common and preferred stocks
New issues
Retirements
Net change
New issues
Retirements
Net change
New issues
Retirements
Net change
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
-900
4,272
6,801
13,452
IV.
9,776
10,944
2,212
2,932
7,564
8,012
6,118
6,998
1,603
2,207
4,515
4,790
3,659
3,946
609
725
3,049
3,220
1973—1..
II.
ILL
8,219
9,418
6,638
2,806
2,470
2,150
5,412
6,947
4,488
4,198
5,769
4,521
1,781
1,664
1,579
2,417
4,106
2,941
4,020
3,648
2,118
1,025
806
571
2,995
2,842
1,547
196 7
196 8
196 9
197 0
197 1
1972—III
Type of issues
Bonds
& notes
196 8
196 9
197 0
197 1
Commercial
and other 2
Manufacturing
Period
Stocks
Transportation 3
Communication
Public
utility
Real estate
and financial i
Bonds
& notes
Stocks
Bonds
& notes
Stocks
Bonds
& notes
Stocks
Bonds
& notes
Stocks
Bonds
& notes
Stocks
4,418
3,747
6,641
6,585
-1,842
69
870
2,534
2,242
1,075
853
827
821
1,558
1,778
2,290
987
946
1,104
900
-149
186
36
800
3,669
4,464
6,861
6,486
892
1,353
2,917
4,206
1,579
1,834
4,806
3,925
120
241
94
1,600
1,069
1,687
2,564
5,005
-741
866
1,107
2,017
479
116
530
290
459
575
673
479
138
179
28
47
1,410
1,056
1,061
1,735
573
944
305
89
1,456
1,920
453
580
135
632
165
63
450
-174
119
108
377
327
247
127
327
414
-43
7
-44
844
1,136
1,217
1,170
1,276
557
520
842
752
185
562
77
965
1,049
284
1,244
673
260
1972—III
IV.
1973—1..
II.
ILL
-2
1 Excludes investment companies.
Extractive and commercial and miscellaneous companies.
3 Railroad and other transportation companies.
2
NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on opposite page, new issues
exclude foreign sales and include sales of securities held by affiliated companies, 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 internal funds or with proceeds of issues for that purpose,
OPEN-END INVESTMENT COMPANIES
(In millions of dollars)
Sales and redemption
of own shares
Sales and redemption
of own shares
Assets (market value
at end of period)
Year
Assets (market value
at end of period)
Month
Sales 1
Redemptions
Net
sales
Total
2
Cash
position 3
Other
1960
2,097
842
1,255
17,026
973
16,053
1961
1962
1963
2,951
2,699
2,460
1,160
1,123
1,504
1,791
1,576
952
22,789
21,271
25,214
980
1,315
1,341
21,809
19,956
23,873
1964
1965
1966
3,404
4,359
4,671
1,875
1,962
2,005
1,528
2,395
2,665
29,116
35,220
34,829
1,329
1.803
2,971
27,787
33,417
31,858
1967
1968
1969
4,670
6,820
6,717
2,745
3,841
3,661
1,927
2,979
3,056
44,701
52,677
48,291
2,566
3,187
3,846
42,135
49,490
44,445
1970
1971
4,624
5,145
2,987
4,751
1,637
774
47,618
56,694
3,649
3,163
43,969
53,531
1
Includes contractual and regular single-purchase sales, voluntary and
contractual accumulation plan sales, and reinvestment of investment income
dividends; excludes reinvestment of realized capital gains dividends.
2
Market value at end of period less current liabilities.
2
Cash
position
Net
sales
Total
645
619
-258
-170
59,854
59,831
3,549
3,035
56,305
56,796
666
530
531
452
446
349
357
432
395
559
542
-131
-203
-12
-120
-161
-46
-7
-193
-65
-254
-40
56,946
54,083
53,377
50,837
48,588
48,127
50,933
49,553
52,322
51,952
45,814
3,015
3,375
3,774
3,837
4,154
4,164
4,594
4,567
4,641
4,168
4,126
53,931
50,708
49,603
46,464
44,434
43,963
46,339
44,986
47,681
47,784
41,688
Sales 1
Redemptions
1972—Nov...
Dec...
387
449
1973—Jan. . .
Feb...
Mar...
Apr...
May..
June..
July. .
Aug..
Sept...
Oct.. .
Nov...
535
327
519
300
285
303
364
239
330
305
502
3
Other
3 Cash and deposits, receivables, all U.S. Govt, securities, and other
short-term debt securities, less current liabilities.
NOTE.—Investment Company Institute data based on reports of members, 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 48
BUSINESS FINANCE • JANUARY 1974
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
Corporate
capital
consumption
allow-1
ances
1966
1967
84.2
79.8
34.3
33.2
49.9
46.6
20.8
21.4
29.1
25.3
1968
1969
1970
1971,
1972
87.6
84.9
74.0
85.1
98.0
39.9
40.1
34.8
37.4
42.7
47.8
44.8
39.3
47.6
55.4
23.6
24.3
24.7
25.1
26.0
24.2
20.5
14.6
22.5
29.3
Year
Corporate
capital
Undis- consumptributed
tion
profits
allowances 1
Quarter
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
39.5
43.0
1971—III....
IV....
87.0
86.9
38.0
36.4
49.0
50.6
25.2
24.9
23.7
25.7
61.0
62.1
46.8
51.9
56.0
60.4
65.9
1972—1,
.,
II
III....
IV....
92.8
94.8
98.4
106.1
40.6
41.4
42.9
45.9
52.2
53.4
55.6
60.3
25.7
25.9
26.2
26.4
26.5
27.5
29.4
33.9
63.4
66.2
66.0
68.0
1973—1
II
III....
119.6
128.9
129.0
52.7
57.4
57.6
66.9
71.6
71.5
26.9
27.3
28.1
40.0
44.2
43.4
69.3
70.5
71.7
1
Includes depreciation, capital outlays charged to current accounts, and
accidental damages.
NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally
adjusted annual rates.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
(In billions of dollars)
Current assets
Net
working
capital
End of period
1968....
1969
182.3
185.7
1970—IV
187.8
1971—1..
II.
III
IV
192.0
196.5
200.9
204.9
1972—1..
II.
III
IV
1973—1..
II.
Ill
Total
426.5
473.6
490.4
Cash
48.2
47.9
49.7
Current liabilities
Notes and accts.
receivable
U.S.
Govt,
securities
11.5
10.6
U.S.
Govt, i
Other
5.1
4.8
168.8
192.2
4.2
7.6
48.5
51.1
52.4
55.3
7.8
7.7
7.8
10.4
4.2
3.9
3.9
3.5
209.6
215.2
219.3
224.3
494.1
498.2
507.2
516.7
526.0
534.3
545.5
561.1
55.3
55.7
57.3
60.3
9.9
8.7
7.6
9.7
231.4
237.8
241.8
577.1
594.7
611.4
61.0
62.2
62.0
10.4
9.4
9.2
3.4
2.8
2.9
3.4
3.2
2.9
3.0
234.0
243.7
252.2
1
Receivables from, and payables to, the U.S. Govt, exclude amounts
offset against each other on corporations' books.
Other
166.0
186.4
200.6
201.3
203.3
206.5
207.5
211.4
216.3
222.5
228.9
Notes and accts.
payable
Inventories
26.9
31.6
U.S.
Govt. 1
Other
Accrued
Federal
income
taxes
6.4
7.3
162.4
196.9
14.3
12.6
200.5
11.8
83.7
195.7
195.8
197.4
202.8
13.7
12.4
13.8
14.5
86.6
88.3
90.1
89.7
202.5
204.0
207.6
216.9
15.7
13.4
15.0
16.7
93.3
96.8
98.9
99.2
218.1
227.6
235.7
18.6
16.5
18.1
104.9
108.3
111.4
Total
244.2
287.9
196.0
32.4
302.6
198.5
199.2
201.6
203.1
33.8
33.1
34.9
36.8
302.1
301.7
306.3
311.8
207.2
210.7
215.2
218.2
38.9
40.1
39.8
40.7
316.4
319.1
326.2
336.8
5.3
5.0
4.9
4.9
4.9
4.7
4.0
225.9
233.5
241.5
42.5
43.0
43.5
345.7
356.9
369.6
4.1
4.5
4.4
6.6
6.1
Other
61.0
76.0
NOTE : Based on Securities and Exchange Commission estimates.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions of dollars)
Manufacturing
Period
Total
Transportation
Public utilities
Mining
Durable
Nondurable
Communications
Electric andGas
other
Other
2.51
3.03
8.94
10.65
12.86
14.48
16.25
2.67
2.49
2.44
2.52
2.84
8.30
10.10
10.77
11.89
13.03
16.05
16.59
18.05
20.07
21.24
.71
.69
2.62
2.84
4.42
5.26
80.75
83.18
.44
2.72
2.95
2.84
3.39
4.55
4.98
4.97
5.57
86.79
87.12
87.67
91.94
2.87
3.27
3.19
4.94
5.40
5.24
9.37
96.19
97.76
100.90
104.94
7.98
108.16
75.56
79.71
81.21
88.44
100.08
15.96
15.80
14.15
15.64
19.39
15.72
16.15
15.84
15.72
18.61
1.86
1.89
2.16
2.45
2.76
1.86
1.78
1.67
1.80
1.94
2.46
2.41
1.68
1.23
1.38
1.46
1.60
1971—III.
IV..
20.14
22.79
3.40
4.12
3.91
4.32
.55
.59
.42
.45
.39
.56
.37
.37
3.35
3.60
1972—1..
II .
III.
IV.
19.38
22.01
21.86
25.20
3.29
3.71
3.86
4.77
3.32
3.92
3.87
4.61
.58
.61
.59
.63
.48
.48
.38
.47
.50
.73
.61
.63
.32
.39
.35
.40
3.19
3.61
3.67
4.01
1973—1..
II..
III.
IV2
21.50
24.73
25.04
28.81
3.92
4.65
4.84
5.97
3.88
4.51
4.78
5.45
.63
.71
.69
.73
.46
.46
.48
.54
.52
.72
.57
3.45
3.91
4.04
4.85
.50
.60
.32
.43
.44
.41
1974—12.,
24.19
4.87
4.56
.54
.51
.38
4.14
.52
1
Includes trade, service, construction, finance, and insurance.
2 Anticipated by business.
Total
(SA.
A.R.)
Air
196 9
197 0
197 1
1972
19732....
.70
Other i
Railroad
1.88
.62
.72
.73
.68
.77
.89
NOTE.—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.
JANUARY 1974 • REAL ESTATE CREDIT
A 49
MORTGAGE DEBT OUTSTANDING
(In billions cf dollars)
All properties
Farm
Nonfarm
Other
holders 2
End of
period
All
holders
Financial
institutions 1
U.S.
agencies
Individuals
and
others
• to 4-family houses 4
All
holders
Financial
institutions 1
Other
holders 3
All
holders
Multifamily and
commercial properties 5
Mortgage
type 6
Total
Finan.
institutions 1
Other
holders
Total
Finan.
institutions 1
Other
holders
FHAVAunderwritten
Conventional
196 4
300.1
241.0
11.4
47.7
18.9
7.0
11.9
281.2
197.6
170.3
27.3
83.6
63.7
19.9
77.2
204.0
196 5
196 6
196 7
196 8
1969
325.8
347.4
370.2
397.5
425.3
264.6
280.8
298.8
319.9
339.1
12.4
15.8
18.4
21.7
26.8
48.7
50.9
53.0
55.8
59.4
21.2
23.3
25.5
27.5
29.5
7.8
8.4
9.1
9.7
9.9
13.4
14.9
16.3
17.8
19.6
304.6
324.1
344.8
370.0
395.9
212.9
223.6
236.1
251.2
266.8
184.3
192.1
201.8
213.1
223.7
28.7
31.5
34.2
38.1
43.2
91.6
100.5
108.7
118.7
129.0
72.5
80.2
87.9
97.1
105.5
19.1
20.3
20.9
21.6
23.5
81.2
84.1
88.2
93.4
100.2
223.4
240.0
256.6
276.6
295.7
1970
197 1
197 2
451.7
499.9
565.4
355.9
394.4
450.6
33.0
39.4
45.8
62.8
66.2
69.0
31.2
32.9
35.4
10.1
9.9
10.5
21.1
23.0
24.9
420.5
467.0
530.0
280.2
307.8
346.1
231.3
254.2
288.7
48.9
53.7
57.4
140.3
159.2
183.9
114.5
130.3
151.3
25.8
28.9
32.6
109.2
120.7
131.1
311.3
346.3
398.9
1971—III.
IV.
485.6
499.9
383.5
394.4
37.4
39.4
64.6
66.2
32.4
32.9
9.8
9.9
22.6
23.0
453.2
467.0
299.7
307.8
248.0
254.2
51.7
53.7
153.5
159.2
125.8
130.3
27.7
28.9
117.5
120.7
335.7
346.3
1972—1...
II. .
III.
IV.
511.7
529.1
547.3
565.4
404.2
418.9
434.6
450.6
41.2
42.7
44.3
45.8
66.4
67.5
68.3
69.0
33.5
34.4
35.0
35.4
9.9
10.2
10.3
10.5
23.6
24.2
24.7
24.9
478.2
494.8
512.3
530.0
314.1
324.6
335.8
346.1
259.6
268.8
279.2
288.7
54.5
55.8
56.6
57.4
164.1
170.2
176.5
183.9
134.6
140.0
151.3
29.4
30.3
31.3
32.6
123.7
126.6
129.0
131.1
354.5
368.2
383.3
398.9
1973—1'"..
II..
III?
580.1
600.4
619.8
463.3
480.5
494.9
47.3
49.0
53.0
69.5
71.0
71.9
36.5
37.7
38.7
10.7
25.8
26.7
27.3
543.6
562.7
581.2
353.9
365.7
376.6
296.3
306.9
315.0
57.6
58.8
61.6
189.7
197.0
204.5
156.4
162.5
168.5
33.4
34.5
36.0
132.5
411.1
11.0
11.4
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 Federal National Mortgage Assoc. and,
beginning fourth quarter 1968, new Government National Mortgage
Assoc. as well as Federal Housing Admin., Veterans Admin., Public Housing Admin., Farmers Home Admin. They also include U.S. sponsored
agencies—new F N M A , Federal land banks, G N M A (Pools), and the
Federal Home Loan Mortgage Corp. Other U.S. agencies (amounts
small or separate 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.
145.1
4
For multifamily and total residential properties, see tables below.
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.
NOTE.—Based on data from Federal Deposit Insurance Corp., Federal
Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculture and Commerce, F N M A , FHA, PHA, VA, G N M A , FHLMC, and
Comptroller of the Currency.
Figures for first three quarters of each year are F.R. estimates.
MORTGAGE DEBT OUTSTANDING
ON RESIDENTIAL PROPERTIES
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAMILY PROPERTIES
(In billions of dollars)
(In billions of dollars)
Multifamily i
Financial
institutions
Other
holders
Total
Financial
institutions
Other
holders
195.4
35.7
33.6
25.1
8.5
End of
period
Total
1964
Governmentunderwritten
All residential
231.1
End of period
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
9.7
10.8
1970
1971
1972
338.2
374.7
422.5
277.1
306.1
347.9
61.1
68.5
74.6
58.0
66.8
76.4
45.8
52.0
59.1
12.2
14.9
17.3
1971—III
IV
364.0
374.7
298.4
306.1
65.6
68.5
64.3
66.8
50.4
52.0
13.9
14.9
1972—1
II
Ill
IV.
382.9
395.8
409.3
422.5
312.9
324.1
336.1
347.9
70.0
71.7
73.2
74.6
68.8
71.3
73.5
76.4
53.3
55.3
56.9
59.1
15.4
16.0
16.6
17.3
..
1973—1
II, . . .
III*...
432.8
447.9
461.6
357.4
370.4
380.0
75.5
77.5
81.6
79.0
82.2
85.0
61.1
63.5
65.0
17.9
18.7
20.0
i Structures of five or more units.
NOTE.—Based on data from same source as for "Mortgage Debt Outstanding" table above.
Total
Total
FHAinsured
VAguaranteed 1
Conventional
1964
197.6
69.2
38.3
30.9
128.3
1965
1966
1967
1968
1969
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
1970
1971
1972
280.2
307.8
346.1
97.3
105.2
113.0
59.9
65.7
68.2
37.3
39.5
44.7
182.9
202.6
233.1
1971—III
299.7
307.8
102.9
105.2
64.4
65.7
38.5
39.5
196.8
202.6
1972—1
314.1
324.6
335.8
346.1
107.5
109.6
111.5
113.0
66.8
67.6
68.4
68.2
40.7
42.0
43.1
44.7
206.6
215.0
224.3
233.1
353.9
365.7
376.6
113.7
67.9
45.8
240.2
IV
1973—1
II
Ill*
1
Includes outstanding amount of VA vendee accounts held by private
investors under repurchase agreement.
NOTE.—For total debt outstanding, figures are FHLBB and F.R.
estimates. For conventional, figures are derived.
Based on data from FHLBB, Federal Housing Admin., and Veterans
Admin.
A 50
REAL ESTATE CREDIT • JANUARY 1974
MORTGAGE LOANS HELD BY BANKS
(In millions of dollars)
Commercial bank holdings i
Mutual savings bank holdings
Residential
End of period
Other
nonfarm
Total
Total
FHAinsured
VAguaranteed
Conventional
Residential
Farm
Other
nonfarm
Total
Total
FHAinsured
VAguaranteed
Conventional
196 5
196 6
196 7
196 8
196 9
49,675
54,380
59,019
65,696
70,705
32,387
34,876
37,642
41,433
44,573
7,702
7,544
7,709
7,926
7,960
2,688
2,599
2,696
2,708
2,663
21,997
24,733
27,237
30,800
33,950
14,377
16,366
17,931
20,505
22,113
2,911
3,138
3,446
3,758
4,019
44,617
47,337
50,490
53,456
56,138
40,096 13,791 11,408 14,897
42,242 14,500 11,471 16,272
44,641 15,074 11,795 17,772
46,748 15,569 12,033 19,146
48,682 15,862 12,166 20,654
197 0
197 1
197 2
73,275
82,515
99,314
45,640
52,004
62,782
7,919
8,310
8,495
2,589
3,980
3,203
35,131 23,284
40,714 26,306
51,084 31,751
4,351
4,205
4,781
57,948
61,978
67,556
49,937
53,027
57,140
1971—IV.
82,515
52,004
8,310
2,980
40,714 26,306
4,205
61,978
53,027
1972—1..
II.
Ill
IV.
85,614
90,114
95,048
99,314
53,937
56,782
59,976
62,782
8,360
8,477
8,515
8,495
2,999
3,141
3,118
3,203
42,578 27,353
45,163 28,785
48,343 30,415
51,084 31,751
4,324
4,547
4,657
4,781
62,978
64,404
65,901
67,556
53,733 16,184 12,144
54,758 16,256 12,325
55,889 16,130 12,463
57,140 16,013 12,622
1973—I r .
II.
Ill
103,548
109,114
114,414
65,236
68,650
71,852
8,482
3,211
33,342
56,957 35,224
37,070
4,970
5,240
5,492
68,920
70,634
72,006
58,169
59,397
60,282
1
Includes loans held by nondeposit trust companies but not bank
trust depts.
Farm
4,469
5,041
5,732
6,592
7,342
52
53
117
117
114
16,087
16,141
16,013
12,008 21,842 7,893
12,074 24,812 8,901
12,622 28,505 10,354
119
50
62
16,141
12,074 24,812
8,901
50
25,405 9,195
26,178 9,586
27,296 9,951
28,505 10,354
50
60
61
62
26,328
11,178
11,666
68
59
58
NOTE.—Second and fourth quarters, FDIC series for all commercial
and mutual savings banks in the United States and possessions. First and
third quarters, estimates based on special F.R. interpolations.
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Total
Total
Farm
FHAinsured
VAguaranteed
Other i
Total
Total
FHAinsured
Farm
VAguaranteed
Other
1945
976
6,637
5,860
1,394
4,466
766
196 4
196 5
196 6
196 7
196 8
196 9
10,433
11,137
10,217
8,470
7,925
7,531
9,386
9,988
9,223
7,633
7,153
6,991
1,812
1,738
1,300
757
733
594
674
553
467
444
346
220
6,900
7,697
7,456
6,432
6,074
6,177
1,047
1,149
994
837
772
540
55,152
60,013
64,609
67,516
69,973
72,027
50,848
55,190
59,369
61,947
64,172
66,254
11,484
12,068
12,351
12,161
11,961
11,715
6,403
6,286
6,201
6,122
5,954
5,701
32,961
36,836
40,817
43,664
46,257
48,838
4,304
4,823
5,240
5,569
5,801
5,773
197 0
197 1
1972 r
7,181
7,573
8,696
6,867
7,070
7,996
386
322
331
101
182
6,393
6,647
7,483
314
503
700
74,375
75,496
76,948
68,726
69,895
71,270
11,419
10,767
9,962
5,394
5,004
4,660
51,913
54,124
56,648
5,649
5,601
5,678
1972—Oct.T
Nov'
Dec.
708
786
1,890
663
730
1,784
14
25
23
14
10
17
635
695
1,744
45
56
106
75,692
75,904
76,948
70,065
70,266
71,270
10,079
10,017
9,962
4,712
4,681
4,660
55,274
55,568
56,648
5,627
5,638
5.678
1973—Jan..
Feb.
Mar.
Apr.,
May
June
July.
Aug.
Sept.
Oct..
711
603
670
702
774
649
542
573
624
694
1,009
849
947
862
899
16
27
37
20
22
24
26
11
23
13
20
24
24
22
21
27
19
20
17
18
613
491
512
582
651
958
804
916
822
62
61
97
78
80
92
84
87
82
73
77,481
77,510
77,587
77,258
77,400
77,914
78,243
78,657
79,040
79,516
71,856
71,892
71,953
71,611
71,721
72,187
72,474
72,839
73,182
73,619
9,901
9,806
9,735
9,708
9,627
9,544
9,464
9,388
9,330
9,270
4,630
4,613
4,594
4,572
4,549
4,524
4,496
4,471
4,447
4,428
57,325
57,473
57,624
57,331
57,545
58,119
58,514
58,980
59,405
59,921
5,625
5,618
5,634
5,647
5.679
5,727
5,769
5,818
5,858
5,897
1
1,101
933
1,034
944
972
Includes mortgage loans secured by land on which oil drilling or extracting operations are in process.
JANUARY 1974 • REAL ESTATE CREDIT
A 51
COMMITMENTS OF LIFE INSURANCE COMPANIES FOR INCOME PROPERTY MORTGAGES
Number
of loans
Total
amount
committed
(millions of
(dollars)
Averages
Loan
amount
(thousands
of dollars)
Contract
interest
rate
(per cent)
Maturity
(yrs./mos.)
Loanto-value
ratio
(per cent)
Capitalization rate
(per cent)
Debt
coverage
ratio
2,569
1,788
912
1,664
2,132
3,244.3
2,920.7
2,341.1
3,982.5
4,986.5
1,263
1,633
2,567
2,393
2,339
7.66
8.69
9.93
9.07
8.57
22/11
21/8
22/8
22/10
23/3
73.6
73.3
74.7
74.9
75.2
9.0
9.6
10.8
10.0
9.6
1.30
1.29
1.32
1.29
1.29
136
133
288.2
290.0
2,119
2,181
9.01
8.96
23/5
23
75.6
74.4
9.9
9.9
1.27
1.30
107
122
220
200
246
268
170
178
152
159
180
130
198.6
423.5
530.4
381.1
399.6
683.2
421.2
515.7
354.1
343.5
371.7
363.9
1,856
3,471
2,411
1,906
1,624
2,549
2,478
2,897
2,329
2,161
2,065
2,799
8.78
8.62
8.50
8.44
8.48
8.55
8.56
8.54
8.58
8.65
8.63
8.64
22/1
22/6
24/2
24/6
23/4
23/0
23/0
23/0
23/4
23/0
23/2
22/8
73.3
73.3
76.3
76.3
76.0
75.4
74.5
74.9
75.7
75.8
74.7
74.4
10.0
9.7
9.5
9.5
9.5
9.5
9.5
9.5
9.5
9.6
9.6
9.8
1.31
1.31
1.29
1.29
1.26
1.29
1.31
1.27
1.28
1.29
1.28
1.37
NOTE.—American Life Insurance Association data for new commitments of $100,000 and over each on mortgages for multifamily and nonresidential 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)
Advances outstanding
(end of period)
Loans outstanding (end of period)
Loans made
Period
Total l
24,192
16,924
20,122
21,983
21,847
New
home
construction
Home
purchase
6,013
3,653
4,243
4,916
4,757
10,830
7,828
9,604
11,215
11,254
21,383 4,150
39,472 6,835
51,408 8,553
Total 2
FHAVAConinguarvensured 3 anteed 3 tional
110,306 5,145
114,427 5,269
121,805 5,791
130,802 6,658
140,347 7,917
6,398
6,157
6,351
7,012
7,658
98,763
103,001
109,663
117,132
124,772
10,237 150,331 10,178
18,811 174,385 13,798
26,615 206,387 29,391
8,494 131,659
10,848 149,739
176,996
13,544 174,232
13,764 176,964
4,393
4,591
714
667
2,307 203,266 15,490
2,167 206,387 15,639
3,702
3,710
4,990
4,989
5,477
5,738
5,059
4,971
3,177
2,788
2,372
590
614
887
886
931
903
851
801
572
532
446
1,970
2,019
2,685
2,762
3,141
3,469
3,079
3,059
1,838
1,548
1,367
208,132
210,260
213,259
216,250
219,500
222,801
225,490
228,006
229,413
230,425
231,319
29,581
29,751
30,045
30,182
30,296
30,381
30,270
30,268
30,632
30,328
30,286
178,551
180,509
183,214
186,068
189,204
192,420
195,220
197,738
198,781
200,097
201,033
1 Includes loans for repairs, additions and alterations, refinancing, etc.,
not shown separately.
2 Includes shares pledged against mortgage loans; beginning 1966, also
includes junior liens and real estate sold on contract; beginning 1967,
also includes downward structural adjustment for change in universe;
and beginning 1973, excludes participation certificates guaranteed by the
FHLMC and certain other related items.
3 Beginning 1973, data for these groups available only on a combined
basis.
Advances
Repayments
Total
Shortterm 1
Longterm 2
196 5
196 6
196 7
196 8
1969
5,007
3,804
1,527
2,734
5,531
4,335
2,866
4,076
1,861
1,500
5,997
6.935
4,386
5,259
9,289
3,074
5,006
3,985
4,867
8,434
2,923
1,929
401
392
855
197 0
197 1
197 2
3,256
2,714
4,790
1,929
5,392
4,749
10,615
7.936
7,979
2,961
3,081
3,002
7,534
4,934
5,018
1972—Nov.
Dec.
445
984
246
251
7,245
7,979
2,520
2,961
4,725
5,018
1973—Jan..
Feb.,
Mar.
Apr..
May,
June,
July.
Aug.
Sept.
Oct.'
Nov.
332
415
764
1,187
916
1,093
1,373
1,380
999
728
295
480
302
288
178
189
104
153
235
212
226
228
7,830
7,944
8,421
9,429
10,156
11,145
12,365
13,510
14,298
14,799
14,866
2,805
2,774
2,975
3,450
3,428
4,016
4,583
4,737
4,834
4,805
5,025
5,170
5,446
5,979
6,728
7,129
7,782
8,773
9,464
9,994
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.
NOTE.—FHLBB data.
A 52
REAL ESTATE CREDIT • JANUARY 1974
FEDERAL NATIONAL MORTGAGE
ASSOCIATION ACTIVITY
FEDERAL NATIONAL MORTGAGE ASSOCIATION
AUCTIONS
(In millions of dollars)
Mortgage
holdings
Mortgage
transactions
(during
period)
End of
period
Total
Date of auction
FHAinsured
VAguaranteed
Purchases
Sales
Made
during
period
Out
standing
196 8
196 9
197 0
197 1
1972
7,167
10,945
15,492
17,791
19,791
5,122
7,676
11,063
12,681
14,624
2,046
3,269
4,429
5,110
5,112
1,944
4,120
5,079
3,574
3,699
20
336
211
2,696
6,630
8,047
9,828
8,797
1,287
3,539
5,203
6,497
8,124
1972-Nov...
Dec.. .
19,619
19,791
14,558 5,016
14,624 5,112
322
306
6
12
447
1,237
7,452
8,124
1973-Ja n
Feb.. .
Mar...
Apr.. ,
May. ,
June..
July...
Aug...
Sept...
Oct. r ,
Nov...
19,982 14,746
20,181 14,872
20,571 15,201
20,791 15,390
21,087 15,581
21,413 15,768
21,772 15,877
22,319 16,085
22,831 16,293
23,348 16,510
23,912 16,734
5,170
5,222
5,259
5,269
5,335
5,411
5,574
5,761
5,937
6,101
6,294
Government-underwritten Conventional home loans
home loans
Mortgage
commitments
348
334
522
355
472
516
516
699
633
659
656
458
478
933
1,211
1,180
1,191
1,102
1,019
724
264
200
Offered
1972—Dec. 26
Total
FHAinsured
VAguaranteed
Purchases
Average
yield
(shortterm
commitments)
In
per cent
In
per cent
In millions of
dollars
108.7
66.3
7.69
261.2
185.9
7.92
128.9
88.2
8.23
May 14
28....
258.3
212.4
187.7
140.0
7.96
8.00
117.6
113.3
84.4
73.9
8.31
8.39
June
11...
25...
184.5
199.3
142.2
118.7
8.04
8.09
110.1
95.0
74.1
69.4
8.44
8.51
July
9....
23....
539.3
351.4
244.8
181.4
8.38
8.54
108.4
119.0
72.5
61.7
8.67
8.79
Aug.
6
458.5
20. . . 525.0
201.9
223.8
8.71
8.95
154.3
171.3
77.4
77.2
8.98
9.27
Sept.
4...
17...
551.0
138.1
288.9
107.9
9.27
9.37
118.6
48.6
61.5
46.8
9.53
9.68
Oct.
1. . .
15. . .
29. . .
32.5
24.8
28.2
24.1
16.6
21.6
9.11
8.97
8.94
9.1
18.6
17.4
7.1
16.2
9.4
9.43
9.10
9.01
Nov. 12. . .
26. . .
29.3
24.9
23.1
20.9
8.87
8.81
24.1
31.0
16.7
22.1
8.94
8.90
Dec.
38.6
36.2
8.78
51.4
32.2
8.82
17....
NOTE.—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 F N M A commitment fees and F N M A stock purchase and holding requirements. Since
Oct. 18, 1971, the maturity on new short-term commitments has been
4 months. Mortgage amounts offered by bidders are total bids received.
(In millions of dollars)
End of
period
,
Average
Mortgage
yield
amounts
(shortterm
commitAcments) Offered
cepted
1973—Apr. 3 0 . . . .
8,034
7,972
8,139
8,742
9,312
9,778
9,859
9,809
9,602
8,918
8,690
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION ACTIVITY
Mortgage
transactions
(during
period)
Accepted
In millions of
dollars
NOTE.—FNMA data. Total holdings include conventional loans. Data
prior to Sept. 1968 relate to secondary market portfolio of former F N M A .
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 commitments in addition to 1- to
4-family loan commitments accepted in FNMA's free market auction
system, and through the F N M A - G N M A Tandem Plan (Program 18).
Mortgage
holdings
Mortgage
amounts
Mortgage
commitments
GNMA MORTGAGE-BACKED SECURITY PROGRAM
(In millions of dollars)
Sales
Made
during
period
Out
standing
Pass-through securities
Bonds
sold
Period
Applications
received
Securities
issued
1,126.2
4,373.6
3,854.5
452.4
2,701.9
2,661.7
196 7
196 8
196 9
1970
197 1
1972
3,348
4,220
4,820
5,184
5,294
5,113
1972-Nov..
Dec..
5,152
5,113
1972—Nov.
Dec.
226.4
440.9
138.2
299.8
1973-Jan..
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
5,117
4,984
4,663
4,439
3,980
3,908
4,156
4,455
4,429
4,338
4,172
1973—Jan..
Feb.,
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct.'
Nov.
515.7
167.2
339.4
467.8
563.3
243.1
215.7
174.0
533.8
825.7
923.3
323.3
216.8
139.9
182.1
338.8
315.3
384.7
191.3
380.0
240.8
210.4
2,756
3,569
4,220
4,634
4,777
592
651
600
550
517
860
1,089
827
621
393
1
1,045
867
615
897
1,171
1,266
1,131
738
1,494
NOTE.—GNMA data. Total holdings include a small amount of conventional loans. Data prior to Sept. 1968 relate to Special Assistance and
Management and Liquidating portfolios of former F N M A and include
mortgages subject to participation pool of Government Mortgage Liquidation Trust, but exclude conventional mortgage loans acquired by former
FNMA.
197 0
197 1
197 2
1,315.0
300.0
NOTE.—GNMA data. Under the Mortgage-Backed Security Program,
G N M A 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 F H A or Farmers Home Admin, or guaranteed by
VA and issued by an approved mortgagee. To date, bond-type securities
have been issued only by F N M A and FHLMC.
JANUARY 1974 • REAL ESTATE CREDIT
HOME-MORTGAGE YIELDS
GOVERNMENT-UNDERWRITTEN RESIDENTIAL
LOANS MADE
(In per cent)
(In millions of dollars)
Secondary
market
Primary market
(conventional loans)
FHA-insured
Period
FHLBB series
(effective rate)
A 53
Yield
on FHAinsured
newhome
loans
HUD
series
New
homes
Existing
homes
New
homes
1968
1969
1970
1971
1972
6.97
7.81
8.44
7.74
7.60
7.03
7.82
8.35
7.67
7.52
7.12
7.99
8.52
7.75
7.64
7.21
8.29
9.03
7.70
7.52
1972—Dec
7.66
7.59
7.70
7.56
1973—Jan
Feb
Mar
Apr
May
June
July
Aug.
Sept
Oct. r
Nov.r
Dec
7.68
7.70
7.68
7.71
7.71
7.79
7.87
7.94
8.17
8.31
8.39
8.46
7.68
7.72
7.69
7.70
7.77
7.79
7.84
8.01
8.26
8.50
8.58
8.60
7.70
7.75
7.80
7.90
7.95
8.05
8.40
8.85
8.95
8.80
8.75
7.55
7.56
7.63
7.73
7.79
7.89
8.19
Mortgages
Total
1970.
1971
1972
NOTE.—Annual data are averages of monthly figures. The
Housing and Urban Development (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. Any gaps in data are due to periods of
adjustment to changes in maximum permissible contract interest rates. The H U D (FHA) 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 first-mortgage terms, p.
A-35) and an assumed prepayment at end of 10 years.
Mortgages
Period
1965
1966.
1967.
1968
1969
9.18
8.97
8.86
VA-guaranteed
ExNew
homes isting
homes
8,689
7,320
7,150
8,275
9,129
1,705
1,729
1,369
1,572
1,551
Projects 1
Property
improvements 2
Total 3
New
homes
Existing
homes
5,760
4,366
4,516
4,924
5,570
591
583
642
1,123
1,316
634
641
623
656
693
2,652
2,600
3,405
3,774
4,072
876
980
1,143
1,430
1,493
1,776
1,618
2,259
2,343
2,579
11,982 2,667 5,447
14,689 3,900 6,475
12,320 3,459 4,608
3,251
3,641
3,448
617
674
805
3,440
5,961
8,293
1,311
1,694
2,539
2,129
4,267
5,754
1972--Nov..
Dec..
985
964
261
190
331
245
296
444
97
85
790
715
246
220
544
495
1973--Jan...
Feb..
Mar..
Apr. .
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
834
710
969
620
589
650
559
537
485
549
602
254
162
195
151
158
153
143
100
90
113
100
324
235
268
223
228
229
250
195
177
246
257
197
262
440
172
122
207
100
167
134
119
169
59
52
65
74
81
61
66
75
84
72
76
681
592
596
621
634
646
666
569
565
652
218
187
185
187
198
182
204
193
184
121
463
405
411
434
436
464
462
376
381
431
1
Monthly figures do not reflect mortgage amendments included in annual
totals.
2
Not ordinarily secured by mortgages.
3
Includes refinancing loans, mobile home loans and also a small amount of
alteration and repair loans, not shown separately; only such loans in amounts
of more than $1,000 need be secured.
NOTE.—FHA and VA data. FHA-insured loans represent gross amount
of insurance written; VA-guaranteed loans, 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
foreclosure
Total
30 days
60 days
90 days
or more
1965
1966
1967
1968
1969
3.29
3.40
3.47
3.17
3.22
2.40
2.54
2.66
2.43
2.43
.55
.54
.54
.51
.52
.34
.32
.27
.23
.27
.40
.36
.32
.26
.27
1970
1971
1972
3.64
3.93
4.65
2.67
2.82
3.42
.61
.65
.78
.36
.46
.45
.33
.46
.48
1971—11
Ill
IV
3.27
3.59
3.93
2.36
2.54
2.82
.53
.62
.65
.38
.43
.46
.38
.41
.46
3.16
3.27
3.82
/4.66
\4.65
2.21
2.38
2.74
3.41
3.42
.58
.53
.65
.79
.78
.37
.36
.43
.46
.45
.50
.48
.52
.50
.48
3.63
3.84
4.36
2.52
2.81
3.10
.68
.64
.78
.43
.39
.48
1972—1
II
Ill
l
T\/ 1
IV
.. .
1973—j
II
Ill
1
End of period
First line is old series; second line is new series.
NOTE.—Mortgage Bankers Association of America data from
reports on 1- to 4-family FHA-insured, VA-guaranteed, and conventional mortgages held by more than 400 respondents, including
mortgage bankers (chiefly), commercial banks, savings banks, and
savings and loan associations.
Mortgage
transactions
(during period)
Mortgage
holdings
Mortgage
commitments
Purchases
Sales
Made
during
period
147
286
325
778
,298
64
408
,606
1,439
1,491
1,503
192
253
286
102
128
143
9
10
87
189
89
93
371
293
198
1,517
1,535
1,589
1,646
1,695
1,716
1,714
1.728
1.729
1,742
244
142
128
138
211
313
444
579
694
785
76
76
119
126
147
154
140
161
126
113
99
150
68
51
17
21
142
166
141
193
187
159
139
208
143
63
226
300
295
343
344
316
278
291
288
218
Total
FHAVA
Conventional
197 0
197 1
197 2
325
968
1,789
325
821
1,503
1972—Oct.
Nov.
Dec.
1,631
1,743
1,789
1973—Jan.,
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct.
1,761
1,677
1,718
1,784
1,906
2,029
2,158
2,307
2,423
2,527
Outstanding
182
198
NOTE.—FHLMC 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 G N M A . Commitment data
cover the conventional and Govt.-underwritten loan programs.
A 54
CONSUMER CREDIT • JANUARY 1974
TOTAL CREDIT
(In millions of dollars)
Instalment
End of period
Total
Total
Automobile
paper
Other
consumer
goods
paper
Noninstalment
Home
improvement
loans 1
Personal
loans
Total
1,245
1,009
2,814
6,112
10,617
2,824
3,203
6,768
9,924
13,173
800
746
1,821
3,002
4,507
1,471
1,612
3,367
4,795
5,329
Singlepayment
loans
Charge
accounts
1940
1945
1950
1955
1960
8,338
5,665
21,471
38,830
56,141
5,514
2,462
14,703
28,906
42,968
2,071
455
6,074
13,460
17,658
1,827
816
4,799
7,641
11,545
1,693
3,148
196 5
196 6
196 7
196 8
196 9
89,883
96,239
100,783
110,770
121,146
70,893
76,245
79,428
87,745
97,105
28,437
30,010
29,796
32,948
35,527
18,483
20,732
22,389
24,626
28,313
3,736
3,841
4.008
4,239
4,613
20,237
23,235
25,932
28,652
18,990
19,994
21,355
23,025
24,041
7,671
7,972
8,558
9,532
9,747
6,430
6,686
7,070
7,193
7,373
197 0
197 1
197 2
127,163
138,394
157,564
102,064
111,295
127,332
35,184
38,664
44,129
31,465
34,353
40,080
5,070
5,413
6,201
30,345
32,865
36,922
25,099
27,099
30,232
9,675
10,585
12,256
7,968
8,350
9,002
1972—Nov.
Dec.
152.968
157,564
124,325
127,332
43,674
44,129
38,064
40,080
6,174
6,201
36,413
36,922
28,643
30,232
11,917
12,256
8,010
9,002
1973—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
157,227
157,582
159,320
161,491
164,277
167,083
169,148
171,978
173,035
174,840
176.969
127,368
127,959
129,375
131,022
133,531
136,018
138,212
140,810
142,093
143,610
145,400
44,353
44,817
45,610
46,478
47,518
48,549
49,352
50,232
50,557
51,092
51,371
39,952
39,795
39,951
40,441
41,096
41,853
42,575
43,505
44,019
44,632
45,592
6,193
6,239
6,328
6,408
6,541
6,688
6,845
7.009
7,120
7,235
7,321
36,870
37,108
37,486
37,695
38,376
38,928
39,440
40,064
40,397
40,651
41,116
29,859
29,623
29,945
30,469
30,746
31,065
30,936
31,168
30,942
31,230
31,569
12,204
12,409
12,540
12,686
12,817
12,990
12,968
13,111
13,088
13,145
13,161
8,357
7,646
7,702
8,036
8,319
8,555
8,479
8,605
8,335
8,590
8,785
1
Holdings of financial institutions; holdings of retail outlets are included in "Other consumer goods paper."
371
182
1,016
21,662
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
NOTE.—Consumer credit estimates cover loans to individuals for house-
a n d BULLETINS f o r D e c . 1968 a n d O c t . 1 9 7 2 .
INSTALMENT CREDIT
(In millions of dollars)
Financial institutions
Retail outlets
End of period
Total
Commercial
banks
Finance
compa-
Credit
unions
Miscellaneous
lenders 1
Total
Automobile
dealers 2
1940
1945
1950
1955
1960
5,514
2,462
14,703
28,906
42,968
3,918
1,776
11,805
24,398
36,673
1,452
745
5.798
10,601
16,672
2,278
910
5,315
11,838
15,435
171
102
590
1,678
3,923
17
19
102
281
643
1,596
686
2,898
4,508
6,295
167
28
287
487
359
196 5
196 6
196 7
196 8
1969
70,893
76,245
79,428
87,745
97,105
61,102
65,430
67,944
75,727
83,989
28,962
31,319
33,152
37,936
42,421
23,851
24,796
24,576
26,074
27,846
7,324
8,255
9,003
10,300
12,028
965
1,060
1,213
1,417
1,694
9,791
10,815
11,484
12,018
13,116
315
277
287
281
250
197 0
197 1
1972
102,064
111,295
127,332
88,164
97,144
111,382
45,398
51,240
59,783
27,678
28,883
32,088
12,986
14,770
16,913
2,102
2,251
2,598
13,900
14,151
15,950
218
226
261
1972—Nov.
Dec.
124,325
127,332
109,673
111,382
58,878
59,783
31,427
32,088
16,742
16,913
2,626
2,598
14,652
15,950
259
261
1973—Jan..
Feb..
Mar.
Apr.
May,
June.
July.
Aug.
Sept.
Oct..
Nov.
127,368
127,959
129,375
131,022
133,531
136,018
138,212
140,810
142,093
143,610
145,400
111,690
112,630
114,190
115,727
118,165
120,450
122,479
124,823
126,040
127,307
128,553
60,148
60,582
61,388
62,459
63,707
64,999
66,065
67,381
67,918
68,627
69,161
32,177
32,431
32,750
33,078
33,859
34,367
35,020
35,634
35,993
36,365
36,887
16,847
16,973
17,239
17,455
17,832
18,269
18,517
18,961
19,207
19,339
19,517
2,518
2,644
2,813
2,735
2,767
2,815
2,877
2,847
2,922
2,976
2,988
15,678
15,329
15,185
15,295
15,366
15,568
15,733
15,987
16,053
16,303
16,847
263
266
272
278
284
289
293
296
297
300
302
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 NOTE to table above.
A 55
JANUARY 1974 • CONSUMER CREDIT
MAJOR HOLDERS OF INSTALMENT CREDIT
(In millions of dollars)
Finance companies 1
Commercial banks
End of
period
Automobile
paper
Other consumer
goods paper
Total
Personal
loans
Automobile
paper
Other consumer
goods paper
Home
improvement
loans
Personal
loans
Purchased
Direct
276
143
1,294
2,062
2,820
232
114
1,456
2,042
2,759
165
110
834
1,338
2,200
440
312
1,037
1,916
3,577
2,278
910
5,315
11,838
15,435
1,253
202
3,157
7,108
7,703
159
40
692
1,448
2,553
193
62
80
42
173
673
606
1,386
3,240
5,006
4,166
4,681
5,469
1,307
2,639
5,387
6,082
2,571
2,647
2,731
2,858
2,996
6,357
7,011
7,748
8,958
9,780
23,851
24,796
24,576
26,074
27,846
9,218
9,342
8,627
9,003
9,412
4,343
4,925
5,069
5,424
5,775
232
214
192
166
174
10,058
10,315
10,688
11,481
12,485
1,452
745
5,798
Mobile
homes
Home
improvement
loans
Credit
cards
Other
Mobile
homes
Other
1940
1945
1950
1955
1960
16,672
339
66
1,177
3,243
5,316
196 5
196 6
196 7
196 8
1969
28,962
31,319
33,152
37,936
42,421
10,209
11,024
10,972
12,324
13,133
5,659
5,956
6,232
7,102
7,791
197 0
197 1
197 2
45,398
51,240
59,783
12,918
13,837
16,320
7,888
9,277
10,776
4,423
5,786
3,792
4,419
5,288
7,113
4,501
5,122
3,071
3,236
3,544
10,616
11,547
12,947
27,678
28,883
32,088
9,044
9,577
10,174
2,464
2,561
2,916
3,237
3,052
3,589
199
247
497
12,734
13,446
14,912
1972—Nov.
Dec..
58,878
59,783
16,180
16,320
10,674
10,776
5,690
5,786
4,868
5,288
5,063
5,122
3,557
3,544
12,846
12,947
31,427
32,088
10,026
10,174
2,899
2,916
3,476
3,589
452
497
14,574
14,912
1973—Jan..
Feb..,
Mar..
Apr..
May.
June.
July..
Aug..
Sept.
Oct..
Nov..
60,148
60,582
61,388
62,459
63,707
64,999
66,065
67,381
67,918
68,627
69,161
16,464
16,680
16,951
17,327
17,716
18,138
18,439
18,771
18,886
19,123
19,198
10,889
10,977
11,216
11,436
11,680
11,866
12,023
12,190
12,160
12,262
12,306
5,839
5,932
6,035
6,163
6,321
6,473
6,629
6,825
6,956
7,106
7,208
5,311
5,283
5,243
5,290
5,360
5,502
5,603
5,792
5,909
5,991
6,171
5,135
5,158
5,289
5,401
5,538
5,688
5,815
5,923
5,978
3,527
3,515
3,538
3,581
3,635
3,700
3,774
3,863
3,903
3,950
3,979
12,983
13,037
13,116
13,261
13,457
13,632
13,782
14,017
14,126
14,183
14,264
32,177
32,431
32,750
33,078
33,859
34,367
35,020
35,634
35,993
36,365
36,887
10,177
10,267
10,419
10,617
10,872
11,121
11,365
11,583
11,721
11,859
11,949
2,928
2,909
2,943
2,991
3,025
3,081
3,132
3,187
3,235
3,269
3,310
3,644
3,752
3,796
3,831
3,985
4,002
4,103
4,194
4,265
4,316
4,371
528
562
581
611
656
694
733
771
809
847
14,900
14,941
15,011
15,028
15,321
15,469
15,687
15,899
15,963
16,074
16,371
10,601
6,012
6,035
1
Finance companies consist of those institutions formerly classified as
sales finance, consumer finance, and other finance companies.
886
See also NOTE to table at top of preceding page.
INSTALMENT CREDIT HELD BY OTHER
FINANCIAL LENDERS
NONINSTALMENT CREDIT
(In millions of dollars)
(In millions of dollars)
End of period
Total
Automobile
paper
Other
conHome
sumer improvegoods
ment
paper
loans
Personal
loans
1940
1945,
1950,
1955,
1960,
188
121
692
1,959
4,566
36
16
159
560
1,460
7
4
40
130
297
13
10
102
313
775
132
91
391
956
2,034
1965.
1966.
1967.
1968.
1969.
8,289
9,315
10,216
11,717
13,722
3,036
3,411
3,678
4,238
4,941
498
588
654
771
951
933
980
1,085
1,215
1,443
3,822
4,336
4,799
5,493
6,387
1970.
1971 ,
1972,
15,088
17,021
19,511
5,116
5,747
6,598
1,177
1,472
1,690
1,800
1,930
2,160
6,995
7,872
9,063
1972-—Nov
Dec
19,368
19,511
6,535
6,598
1,675
1,690
2,165
2,160
8,993
9,063
1973-—Jan
Feb
Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov
19,365
19,617
20,052
20,190
20,599
21,084
21,394
21,808
22,129
22,315
22,505
6,560
6,627
6,752
6,820
6,966
7,135
7,232
7,392
7,493
7,548
7,616
1,680
1,698
1,732
1,748
1,785
1,828
1,853
1,893
1,920
1,935
1,952
2,138
2,162
2,209
2,216
2,250
2,294
2,338
2,375
2,408
2,438
2,456
8,987
9,130
9,359
9,406
9,598
9,827
9,971
10,148
10,308
10,394
10,481
NOTE.—Other financial lenders consist of credit unions and miscellaneous lenders. Miscellaneous lenders include savings and loan associations and mutual savings banks.
Singlepayment
loans
End of period
Charge accounts
Total
Commercial
banks
Other
financial
institutions
164
72
245
367
623
1940
1945
1950
1955
1960
2,824
3,203
6,768
9,924
13,173
636
674
1,576
2,635
3,884
196 5
196 6
196 7
196 8
196 9
18,990
19,994
21,355
23,025
24,041
6,690
6,946
7,478
8,374
8,553
197 0
197 1
1972
25,099
27,099
30,232
8,469
9,316
10,857
1972—Nov.... 28,643
Dec.... 30,232
1973—Jan.... 29,859
Feb.... 29,623
29,945
Mar
A p r — 30,469
May... 30,746
June... 31,065
July. .. 30,936
A u g — 31,168
Sept.... 30,942
31,230
Oct
31,569
Nov
Retail
outlets
Credit
cards 1
Service
credit
3,291
4,579
4,893
76
216
436
553
845
1,580
2,127
3,337
5,724
5,812
6,041
5,966
5,936
706
874
1,029
1,227
1,437
4,889
5,336
5,727
6,300
6,921
1,206
1,269
1,399
6,163
6,397
7,055
1,805
1,953
1,947
7,456
8,164
8,974
10,527
10,857
1,390
1,399
6,081
7,055
1,929
1,947
8,716
8,974
10,825
10,989
11,074
11,237
11,359
11,520
11,491
11,655
11,608
11,654
11,669
1,379
1,420
1,466
1,449
1,458
1,470
1,477
1,456
1,480
1.491
1.492
6,402
5,735
5,825
6,129
6,387
6,544
6,424
6,475
6,229
6,554
6,761
1,955
1,911
1,877
1,907
1,932
2,011
2,055
2,130
2,106
2,036
2,024
9,298
9,568
9,703
9,747
9,610
9,520
9,489
9,452
9,519
9,495
9,623
981
1,026
1,080
1,158
1,194
1,471
1,612
i 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 NOTE to table at top of preceding page.
A 56
CONSUMER CREDIT • JANUARY 1974
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Total
Automobile paper
Period
S.A.i
N.S.A.
S.A.i
N.S.A.
Other consumer
goods paper
S.A.i
N.S.A.
Home improvement
loans
S.A.i
N.S.A.
Personal loans
S.A.i
N.S.A.
Extensions
1965
1966
1967
1968
1969
1970
1971
1972
78,661
82,832
87,171
99,984
109,146
112,158
124,281
142,951
27,208
27,192
26,320
31,083
32,553
29,794
34,873
40,194
22,857
26,329
29,504
33,507
38,332
43,873
47,821
55,599
2,270
2,223
2,369
2,534
2,831
2,963
3,244
4,006
26,326
27,088
28,978
32,860
35,430
35,528
38,343
43,152
1972—Nov.
Dec
12,846
12,627
12,806
13,643
3,620
3,763
3,505
3.195
5,118
4,876
5,202
6,171
327
351
321
280
3,781
3,637
3,778
3,997
1973—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
13,304
13,434
13,852
13,465
13,932
13,646
14,542
14,294
13,691
14,149
14,275
11,923
11,214
13,681
13,661
14,792
14,608
14,812
15,099
12,624
14,454
14,098
4,006
3,972
4,001
3,822
3,989
3,762
3,930
3,968
3,939
3,912
3,819
3,393
3,407
4,164
4,101
4,409
4,313
4,177
4,252
3,476
4.196
3,693
5,282
5,245
5,349
5,563
5.504
5.505
5,943
5,961
5,537
5,911
5,978
4,949
4,252
5,169
5,378
5,698
5,678
5,753
6,065
5,217
5,894
5,980
329
364
406
365
374
400
433
408
410
415
402
259
300
377
372
431
450
472
471
420
439
389
3,687
3,853
4,096
3,715
4,065
3,979
4,236
3,957
3,805
3,911
4,076
3,322
3,255
3,971
3,810
4,254
4,167
4,410
4,311
3,511
3,925
4,036
Repayments
1965
1966
1967
1968
1969
1970
1971
1972
70,463
77,480
83,988
91,667
99,786
107,199
115,050
126,914
23,706
25,619
26,534
27,931
29,974
30,137
31,393
34,729
20,707
24,080
27,847
31,270
34,645
40,721
44,933
49,872
2,112
2,118
2,202
2,303
2,457
2,506
2,901
3,218
23,938
25,663
27,405
30,163
32,710
33,835
35,823
39,095
1972—No v
Dec
11,128
10,964
10,986
10,636
3,023
2,977
2,993
2,740
4,444
4,341
4,354
4,155
271
263
271
253
3,390
3,383
3,368
3,488
1973—Jan
Feb
Mar
Apr
May
11,355
11,437
11,808
12,061
11,941
12,034
12,544
12,399
12,332
12,449
12,549
11,887
10,623
12,265
12,014
12,283
12,121
12,618
12,501
11,341
12,937
12,308
3,097
3,145
3,225
3,218
3,261
3,253
3,334
3,293
3,406
3,427
3,471
3,169
2,943
3.371
3,233
3,369
3,282
3,374
3.372
3,151
3,661
3,414
4,649
4,627
4,755
4,963
4,917
4,955
5,141
5,168
5,072
5,149
5,154
5,077
4,409
5,013
4,888
5,043
4,921
5,031
5,135
4,703
5,281
5,020
267
275
286
294
290
300
308
298
322
308
301
267
254
288
292
298
303
315
307
309
324
303
3,342
3,390
3,542
3,586
3,473
3,526
3,761
3,640
3,532
3,565
3,623
3,374
3,017
3,593
3,601
3,573
3,615
3,898
3,687
3,178
3,671
3,571
July
Aug
Sept
Oct
Nov
Net change in credit outstanding 2
1965
1966
1967
1968
1969
1970
1971
1972
8,198
5,352
3,183
8,317
9,360
4,959
9,231
16,037
3,502
1,573
-214
3,152
2,579
-343
3,480
5,465
2,150
2,249
1,657
2,237
3,687
3,152
2,888
5,727
158
105
167
231
374
457
343
788
2,388
1,425
1,573
2,697
2,720
1,693
2,520
4,057
1972—No v
Dec
1,718
1,663
1,820
3,007
597
786
512
455
674
535
848
2,016
56
88
50
27
391
254
410
509
1973—Jan
Feb
Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov
1,949
1.997
2,044
1,404
1,991
1,612
1.998
1,895
1,359
1,700
1,726
36
591
1,416
1,647
2,509
2,487
2,194
2,598
1,283
1,517
1,790
909
827
776
604
728
509
596
675
533
485
348
224
464
793
868
1,040
1,031
803
880
325
535
279
633
618
594
600
587
550
802
793
465
762
824
-128
-157
156
490
655
757
722
930
514
613
960
62
89
120
71
84
100
125
110
88
107
101
-8
46
89
. 80
133
147
157
164
111
115
86
345
463
554
129
592
453
475
317
273
346
453
-52
238
378
209
681
552
512
624
333
254
465
1
2
Includes adjustments for differences in trading days.
Net changes in credit outstanding are equal to extensions less repayments.
NOTE.—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 transactions 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 ( N e w ) of Supplement to Banking and Monetary
Statistics, 1965, and BULLETINS for Dec. 1968 and Oct. 1972.
JANUARY 1974 • CONSUMER CREDIT
A 57
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Total
Commercial banks
Other financial
lenders
Finance companies
Retail outlets
Period
S.A.
1
N.S.A.
S.A.
1
N.S.A.
S.A.
1
N.S.A.
S.A.
1
N.S.A.
S.A. 1
N.S.A.
Extensions
1965
1966
1967
1968
1969
1970
1971
1972
78,661
82,832
87,171
99,984
109,146
112,158
124,281
142,951
29,528
30,073
31,382
37,395
40,955
42,960
51,237
59,339
25,265
25,897
26,461
30,261
32,753
31,952
32,935
38,464
9,438
10,368
11,238
13,206
15,198
15,720
17,966
20,607
14,430
16,494
18,090
19,122
20,240
21,526
22,143
24,541
1972—No v
Dec
12,846
12,627
12,806
13,643
5,413
5,313
5,059
5,096
3,434
3,355
3,581
3,766
1,792
1.791
1,704
1,642
2,207
2,168
2,462
3,139
1973—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
13,304
13,434
13,852
13,465
13,932
13,646
14,542
14,294
13,691
14,149
14,275
11,923
11,214
13,681
13,661
14,792
14,608
14,812
15,099
12,624
14,454
14,098
5,762
5,664
5,853
5,644
5,859
5,684
5,976
6,195
5,809
6,060
6,222
5,246
4,826
5,890
5,973
6,356
6,219
6,232
6,518
5,376
6,169
5,697
3,517
3,557
3,654
3,555
3,820
3,584
3,824
3,685
3,602
3,623
3,564
3,033
2,972
3,598
3,576
4,027
3,817
3,931
3,877
3,189
3,765
3,722
1,706
1,964
2,131
1.792
1,868
1,978
2,110
1,943
2,019
1,951
2,029
1,509
1,711
2,083
1,832
2,060
2,211
2,233
2,194
1,912
1,968
1,929
2,319
2,249
2,214
2,474
2,385
2,400
2,632
2,471
2,261
2,515
2,460
2,135
1,705
2,110
2,280
2,349
2,361
2,416
2,510
2,147
2,552
2,750
Repayments
70,463
77,480
83,988
91,667
99,786
107,199
115,050
126,914
1965
1966
1967
1968
1969
1970
1971
1972
25,663
27,716
29,549
32,611
36,470
40,398
45,395
50,796
23,056
24,952
26,681
28,763
30,981
31,705
31,730
35,259
8,311
9,342
10,337
11,705
13,193
14,354
16,033
18,117
13,433
15,470
17,421
18,588
19,142
20,742
21,892
22,742
1972—No v
Dec
11,128
10,964
10,986
10,636
4,531
4,485
4,447
4,191
3,061
2,952
3,124
3,105
1,578
1,561
1,505
1,499
1,958
1,966
1,910
1,841
1973—Jan
Feb
Mar
Apr
May
4
June
July
Aug
Sept
Oct
Nov
11,355
11,437
11,808
12,061
11,941
12,034
12,544
12,399
12,332
12,449
12,549
11,887
10,623
12,265
12,014
12,283
12,121
12,618
12,501
11,341
12,937
12,308
4,734
4,684
4,870
4,919
4,976
4,890
5,112
5,146
5,167
5,212
5,345
4,881
4,392
5,084
4,902
5,108
4,927
5,166
5,202
4,839
5,460
5,163
3,033
3,030
3,141
3,251
3,100
3,241
3,312
3,241
3,144
3,287
3,143
2,944
2,718
3,279
3,248
3,246
3,309
3,278
3,263
2,830
3,393
3,200
1,532
1,625
1,665
1.693
1,612
1.694
1,771
1,738
1,757
1,703
1,814
1,655
1,459
1,648
1,694
1,651
1,726
1,923
1,780
1,591
1,782
1,739
2,056
2,098
2,132
2,198
2,253
2,209
2,349
2,274
2,264
2,247
2,247
2,407
2,054
2,254
2,170
2,278
2,159
2,251
2,256
2,081
2,302
2,206
Net change in credit outstanding
1965
1966
1967
1968
1969
1970
1971
1972
8,198
5,352
3,183
8,317
9,360
4,959
9,231
16,037
3,865
2,357
1,833
4,784
4,485
2,977
5,842
8,543
1972—No v
Dec
1,718
1,663
1,820
3,007
882
828
1973—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
1,949
1.997
2,044
1,404
1,991
1,612
1.998
1,895
1,359
1,700
1,726
36
591
1,416
1,647
2,509
2,487
2,194
2,598
1,283
1,517
1,790
1,028 ,
980
983
725
883
794
864
1,049
642
848
877
1
2,209
945
-220
1,498
1,772
-168
1,205
3,205
1,127
1,026
901
1,501
2,005
1,366
1,933
2,490
997
1,024
669
534
1,098
784
251
1,799
612
905
373
403
457
661
214
230
199
143
249
202
552
1,298
365
434
806
1,071
1,248
1,292
1,066
1,316
537
709
534
484
527
513
304
720
343
512
444
458
336
421
89
254
319
328
781
508
653
614
359
372
522
174
339
466
99
256
284
339
205
262
248
215
-146
252
435
138
409
485
310
414
321
186
190
263
151
82
276
132
191
283
197
-3
268
213
-272
-349
-144
110
71
202
165
254
66
250
544
Includes adjustments for differences in trading days.
2 Net changes in credit outstanding are equal to extensions less repayments, except in certain months when data for extensions and repayments have been adjusted to eliminate duplication resulting from large
transfers of paper. In those months the differences between extensions
and repayments for some particular holders do not equal the changes in
2
their outstanding credit. Such transfers do not affect total instalment
credit extended, repaid, or outstanding.
NOTE.—Other financial lenders include credit unions and miscellaneous lenders. See also NOTE to preceding table and footnote 1 at bottom of p.
A-54.
A 58
INDUSTRIAL PRODUCTION: S.A. • JANUARY 1974
MARKET GROUPINGS
(1967 = 100)
Grouping
1967
proportion
1972
average
1972
1973
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
123.7
May
June
July
Aug.
Sept. r Oct. r
100.0 115.2
120.2
121.1
122.2
124.1
124.8
125.6
126.7
126.5
126.
62.21
48.95
28.53
20.42
13.26
37.79
113.8
120.7
122.0
118.6 119.3 119.6 120.0
129.8 130.2 130.8 130.9
102.9 104.1 104.1 104.7
128.4 129.5 129.4 129.3
1 2 4 . 5 1 2 6 . 7 1 2 7 . 0 127.7
122.9
123.7
120.8
131.8
105.7
130.5
124.2
121.3
131.9
106.6
132.0
122.1
122.4
132.3
108.5
131.0
128.3
129.0
130.9
123.7
121.4
131.2
107.6
132.1
130.9
124.3
117.4
118.6 1 1 9 . 1
116.3 116.8
127.4 127.7
100.7 101.5
127.6 127.7
122.8 1 2 4 . 4
Durable consumer goods
Automotive products
Autos
Auto parts and allied g o o d s . . .
7.86
2.84
1.87
.97
125.7
127.7
112.7
156.5
131.0 135.0
138.3 142.9
126.6 133.9
160.6 160.0
136.0 137.8 140.4
138.6 141.7 144.1
130.2 131.5 130.8
155.0 161.4 169.9
140.5
141.7
128.1
167.5
141.5 141
142.6 142.6
129.8 132.6
167.0 161.9
142.
134.0
141.7 121.
134.0 103.9
156.7 154.2
138.2
129.8
118.4
151.
Home goods
Appliances, TV, and radios
Appliances and A/C
TV and home audio
Carpeting and furniture
Misc. home goods
5.02
1.41
.92
.49
1.08
2.53
124.5
124.6
144.5
87.5
132.6
121.0
126.9
121.7
141.9
83.9
137.6
125.2
130.5 134.5
133.3 140.7
151.1 153.2
99.9
139.0 142.1
125.3 127.5
Total index
Products, total
Final products
Consumer goods
Equipment
Intermediate products
Materials
111.9
123.6
95.5
121.1
123.4
121.5
121.7
132.8
107.3
132.5
131.3
Consumer goods
135.8
137.8
153.
138.3
143.0
156.9
139.8
149.7
157.6
140.9
148.0
157.8
141.3
147.2
154.1
142.9
147.
156.0
141.1
146.3
153.3
142.9
149.4
159.
145.0
130.9
145.7
132.7
146.7
131.4
147.
134.0
148.9
134.7
155.4
134.7
154.2
132.9
153.3
134.8
Nondurable consumer goods
Clothing
Consumer staples
Consumer foods and tobacco..
20.67
4.32
16.34
8.37
122.8
109.7
117.5
126.0
114.8
128.9
119.9
125.0 127.4 127.3 127.1 127.2 128.0
112.2 115.1 115.2 115.4 114.5 114.2
128.4 130.7 130.5 130.3 130.6 131.7
119.1 121.1 121.5 120.9 121.0 120.9
128.1 129.1
116.0 116.5
131.4 132.5
119.6 121.3
130.2
117.0
133.6
121.9
130.1
118.0
133.2
Nonfood staples
Consumer chemical products
Consumer paper products...
Consumer fuel and lighting.,
Residential utilities
7.98
2.64
1.91
3.43
2.25
135.3
144.6
114.8
139.5
147.8
138.3
145.1
119.3
143.7
152.5
138.1
143.9
119.3
144.1
153.6
140.9
148.8
119.1
147.1
156.5
140.0
149.9
119.4
144.0
154.4
140.1
151.1
118.7
143.8
153.5
143
154.9
121.7
145.6
152.1
143.7
153.5
121.7
148.2
155.4
144.1
153.0
122.5
149.2
157.8
145.8
155.6
124.1
150.4
160.0
144.8
153.4
124.4
149.7
160.9
12.74
6.77
1.45
3.85
1.47
106.1
102.5
104.8
92.7
125.6
113.4 114.4
110.4 111.5
108.7
12.3
102.6 102.5
132.9 134.1
116.9
113.0
113.0
104.7
134.6
118.2
114.5
115.1
106.1
135.5
118.6 119.6 121.3
115.6 117.4 119.1
116.0 118.1 118.8
107.5 109.4 112.0
137.1 137.6 138.2
122.5
119.8
119.1
113.1
138.3
123.0 124.6 125.8
120.5 122.5 124.1
119.6 123.0 123.7
113.9 115.1 117.3
138.5 141.0 142.3
5.97
3.30
2.00
.67
110.3
118.4
96.8
110.5
116.6
125.5
101.9
116.3
117.6
126.5
101.7
120.0
121.4
128.
110.0
118.3
122.4
129.9
111.8
117.6
121.9
130.6
110.2
114.6
122.2
131.3
107.5
120.9
123.7
131.6
109.8
126.5
125.4
134.1
109.7
129.3
125.
135.9
109.0
126.4
127.0
137.0
108.4
132.8
127.7
138.2
109.6
129.4
7.68
5.15
77.9
80.1
79.6
81.5
80.1
81.8
79.8
81.0
80.6
82.0
80.1
81.5
80.0
81.0
79.7
80.
80.1
80.0
81.1
81.
79.7
79.0
79.8
79.1
120.8 130.0
121.3 125.9
128.7
126.9
129.6
127.4
130.3
128.9
130.7
128.3
132.2
127.0
132.2
129.2
135.9
128.9
134.5
132.7
135.3
129.6
134.9
20.91
4.75
5.41
10.75
113.5
113.8
99.3
120.6
123.5
123.6
112.0
129.2
124.1
123.9
111.6
130.6
126.6
125.4
113.0
134.2
127.6
125.9
114.6
134.9
127.9
129.0
113.8
134.7
128.6
125.7
118.0
135.3
129.2
128.
118.2
134.9
131.7
126.9
124.5
137.6
131.8 132.3
128.6 129.9
122.3 122.
138.0 138.7
13.99
8.58
5.41
2.89
122.5 124.6 126.4 126.3 127.7
129.2 132.9 136.0 136.0 136.5
111.9 111.8 111.4 110.9 113.9
120.9 122.6 119.5 120.6 122.7
122
140.7
151.5
119.0
144.4
152.3
122.2
Equipment
Business equipment
Industrial equipment
Building and mining equip.
Manufacturing equipment
Power equipment
Commercial, transit, farm eq.. . . ,
Commercial equipment
Transit equipment
Farm equipment
Defense and space equipment
Military products
Intermediate products
Construction products
5.93
7.34
128.1
Misc. intermediate products
Materials
Durable goods materials
Consumer durable parts
Equipment parts
Durable materials nec
Nondurable goods materials
Textile, paper, and chem. mat
Nondurable materials n.e.c
Fuel and power, industrial
Supplementary groups
Home goods and clothing
Containers
9 . 3 4 117.7
1.82 129.7
121.4
120.5
109.7
127.7
121.1
134.1
122.0
135.0
125.5
137.1
126.3
138.8
127.1 128.5 128.9 129.4
136.3 138.8 139.4 140.2
112.7 112.2 112.3 112.3
122.6 122.1 122.9 125.3
130.4 130.6
142.2 142.4
112.1 111.7
126.9 126.3
130.3
141.9
112.0
128.3
130.7
135.1
130.0
140.5
131.3
139.
446.9 446.2 449.7 451.8 452.9
446.2
343.9 343.7 346.6 347.8 347.7 341.9
239.5 238.9 241.1 241.3 241.0 235.4
104.5 104.8 105.6 106.6 106.6 106.6
102.7 102.3 103.1 104.3 104.
104.6
449.8
346.3
239.0
107.3
103.5
127.6
145.2
128.1
139.1
128.6
138.0
129.7
141.4
Gross value of products
in market structure
(In billions of 1963 dollars)
Products, total
Final products
Consumer g o o d s . . .
Equipment
Intermediate products.
F o r NOTE s e e p . A - 6 1 .
435.7 437.3 442.8 445.7
334.7 336.3 340.5 342.7
234.4 235.9 237.6 238.2
100.2 100.6 103.0 104.6
100.8 101.3 102.2 103.0
Nov
JANUARY 1974 • INDUSTRIAL PRODUCTION: S.A.
INDUSTRY
A 59
GROUPINGS
(1967 = 100)
Grouping
Manufacturing
Durable
Nondurable
Mining and utilities
Mining
Utilities
1967
proportion
1972
average
88.55
52.33
36.22
11.45
6.37
5.08
1973
1972
Nov.
Dec.
114.0
108.4
122.1
124.1
108.8
143.4
119.5
115.3
125.6
126.7
109.7
148.2
120.4
116.3
126.2
126.1
108.2
148.5
Aug.
Sept. r Oct. r
125.6 126.5
123.0 123.8
129.3 130.5
1 2 8 . 2 130.4
109.5 111.0!
151.5 154.8
126.1
130.9
130.7
111.5
154.8
126.3
123.3
130.7
131.3
111.8
155.8
128.7 130.6
124.5 1 2 8 . 1
119.9 120.9
133.4 133.5
129.5
125.6
118.5
133.8
129.5 131.7
127.8 130.8
122.7 123.6
131.5 132.6
Apr.
May
June
123.8
124.9
120.6
121.8
128.4 129.3
1 2 6 . 6 127.0
1 0 9 . 0 109.1
148.7 149.5
125.8 127.3 128.1
123.5 125.8 1 2 6 . 1
1 2 0 . 0 117.5 119.7 119.8
126.2 128.4 128.9 130.3
Feb.
Mar.
121.4,
117.5
127.0
127.3
108.5
151.0
122.7 123.4
118.7 119.9
128.4 1 2 8 . 6
1 2 8 . 0 127.3
1 1 0 . 2 109.5
150.5 149.6
125.4
124.7
July
122.6
126.3
123.6
130.3
131.1
111.3
156.2
Durable manufactures
Primary and fabricated metals
Primary metals
Iron and steel, subtotal
Fabricated metal products
12.55
113.9
113.1
4.23 107.1
114.8
5.94
122.6
122.9
119.2
122.2
124.0
125.4
120.0
122.3
124.3
123.1
Machinery and allied goods
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and p a r t s . . . .
Aerospace and misc. trans, eq
Instruments
Ordnance, private and G o v t . . . .
32.44 103.5
17.39 107.5
9.17 105.7
8 . 2 2 109.6
9.29 99.0
4.56 123.1
4.73 75.8
2.07 120.2
3.69 8 6 . 0
110.1
115.7
115.3
116.1
105.0
132.3
78.7
125.1
87.3
111.2
116.8
114.4
119.6
106.6
135.9
78.3
126.6
87.8
112.5 113.7
118.4 119.1
116.3 117.3
1 2 0 . 8 121.2
107.6 110.0
139.3 141.5
79.7
77.1
130.1 131.9
87.0 87.6
6.61
120.0 124.5
122.4 1 2 6 . 8
118.6 123.1
118.6
125.7
123.7 126.
122.7 125.
124.3 1 2 6 .
Lumber, clay, and glass
Lumber and products
Clay, glass, and stone products.
4.44
1.65
2.79
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures....
2.90 122.7 126.6 127.7 130.3
1.38 113.5 118.5 120.3 119.1
1.52 131.1 134.0 134.5 140.5
127.3
128.5
126.6
118.8 119.3
126.9 127.6
1 2 6 . 1 127.1
127.8 1 2 8 . 0
112.2 112.1
143.3 144.1
81.3
82.2
82.2
138.9 140.2 140.8
86.7
85.4 86.7
117.3
124.7
121.5 124.0
123.8 125.4
1 1 0 . 0 111.0
140.1 140.9
115.1
121.4
119.0
123.9
110.3
141.0
115.7
80.8
81.1
122.6
133.8 134.7
87.1
86.4
129.1 129.9 130.3 129.2
129.5 129.1 127.5 1 2 6 . 6
128.9 130.4 132.0 130.5
117.7 118.9
128.5 130.0
128.9 130.0
128.2 129.8
105.7 107.3
131.0 133.9
81.7
81.3
140.9 141.5
83.8 83.7
129.8 129.2
125.4 128.4
132.3 129.6
118.6
128.5
128.4
128.8
108.9
136.5
82.3
141.0
83.9
128.8 129.7
128.9 127.4
1 2 8 . 8 131.2
132.8 133.4 133.1 136.0 135.4 135.9 137.5 138.2 136.1
122.3 1 2 2 . 8 123.8 126.5 126.5 127.5 129.5 130.4 128.8
142.4 143.0 141.6 144.5 143.6 143.5 144.9 145.3 142.9
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
6.90 108.1 113.0 113.2 113.4 114.4
2.69 117.4 125.7 124.2 125.3 1 2 6 . 1
3.33 105.7 110.1 111.1 112.3 1 1 2 . 6
88.9 85.9 87.4 81.3 85.1
114.6 114.0
127.1 1 2 6 . 1
112.4 111.7
85.0 8 6 . 8
113.3 115.0 114.5 115.4 117.5 1 1 6 . 2
127.2 129.2 128.9 129.0 130.2 129.3
110.0 111.0 112.1 113.6 115.4 114.3
79.2 81.0 86.4 83.1
83.0 8 6 . 6
7.92 116.1 120.0 120.3 120.0 121.5 122.4 120.8 122.0 122.8 123.8 124.5
3.18 128.2 131.3 133.6 131.8 134.1 137.1 133.6 135.1 134.6 135.3 137.0
4.74 107.9 112.6 111.3 112.1 113.0 112.4 112.2 113.2 114.8 1 1 6 . 0 116.2
11.92 137.8 142.0 143.8 145.5 146.3 146.3 147.9 150.2 149.8 151.8 151.0
7.86 139.6 143.2 144.7 146.4 147.2 146.8 147.8 150.2 150.4 152.0 151.4
1 . 8 0 1 2 0 . 6 124.4 125.5 127.3 124.1 123.5 126.9 128.5 129.7 129.3 1 2 8 . 2
2 . 2 6 145.5 151.5 154.7 157.1 160.4 163.4 165.1 1 6 6 . 8 163.9 1 6 8 . 8 167.9
117.6 119.0 118.5
118.6 119.4 119.7
.67 103.7 112.5 102.5
9.48
8.81
119.6 122.0 121.5 120.7 121.5 119.5 121.3 122.0
120.5 122.9 1 2 1 . 8 121.3 122.4 120.3 122.4 122.9
107.9 110.3 118.1 112.9 111.2 1 0 8 . 1 105.3 1 1 0 .
121.3
134.8 135.3
113.6 112.1
122.1
150.9
153.0
126.0
163.6
151.1
153.2
129.2
161.4
122.2 121.9
123.2 122.5
109.1 113.7
Mining
Metal, stone, and earth minerals...
Metal mining
Stone and earth minerals
1.26 107.3 112.6 113.7 116.4 117.6 117.0 116.8
.51 120.9 124.7 128.1 130.3 131.9 127.8 128.5
104.4 104.0 106.9 107.8 109.4 1 0 8 . 8
.75 98.
Coal, oil, and gas
Coal
Oil and gas extraction
5.11 109.2 109.0 106.8 106.5
.69 104.2 1 0 2 . 6 98.6 99.1
4.42 110.0 110.0 1 0 8 . 2 107.7
116.2 111.8 116.9 120.6 120.4
127.0 1 2 1 . 6 128.4 131.4 136.6
1 0 8 . 8 105.2 109.1 113.1 109.5
108.4 107.6 107.1 107.3 108.9
103.9 105.7 99.9 100.9 1 0 8 . 0
109.1 107.9 108.3 108.4 109.1
120.9
138.3
109.2
109.5 109.2 109.5 108.9
109.0 104.0 109.8 103.0
109.5 110.0 109.7 109.8
Utilities
Electric
Gas
F o r NOTE s e e p . A - 6 1 .
3.91
1.17
149.4 155.2
123.4
159.1
158.3 157.4
156.8
159.7
164.0 163.8
165.1
165.3
Nov.
A 60
INDUSTRIAL PRODUCTION: N.S.A. • JANUARY 1974
MARKET GROUPINGS
(1967 = 100)
Grouping
Total index
Products, total
Final products
Consumer goods
Equipment
Intermediate products
Materials
1967
proportion
1972
average
1973
1972
Nov.
Dec.
100.0 115.2 120.4 117.3
62.21
48.95
28.53
20.42
13.26
37.9
113.8
111.9
123.6
95.5
121.1
117.4
Jan.
Feb.
Mar.
Apr.
May
June
118.9 123.6 124.6 124.5 125.6 128.9
118.5 114.2 116.6
116.1 112.0 115.3
126.8 120.2 125.3
101.1 100.5 101.4
127.5 122.1 121.2
123.5 122.5 122.8
July
Aug.
122.4 126.7
Sept. r Oct. r
Nov.
131.0 130.6 127.6
120.6
119.1
129.2
104.9
126.1
128.6
121.8
120.0
130.8
105.0
128.5
129.2
121.2
118.9
129.2
104.6
129.6
129.9
122.4
120.0
130.3
105.5
131.4
130.9
127.3
125.1
136.4
109.2
135.2
131.4
121.6
118.9
128.6
105.2
131.8
123.7
130.6
128.6
141.8
110.3
137.6
131.8
129.2
127.2
139.4
110.2
136.1
132.9
125.2
123.1
133.1
109.2
132.8
131.7
140.6
149.1
144.6
157.7
143.5
151.5
143.9
166.0
141.3
147.6
135.8
170.2
142.7
147.4
138.2
165.0
147.5
154.4
148.5
165.8
129.2 126.9 146.2
124.3 100.5 136.6
108.5 69.1 121.9
154.5 160.8 164.9
150.6
146.1
140.3
157.2
144.3
140.5
135.4
150.5
125.1
122.2
134.1
105.7
135.5
129.2
Consumer goods
Automotive products
Autos
Auto parts and allied goods
7.86
2.84
1.87
.97
125.7 134.8
127.7 141.9
112.7 132.9
156.5 159.0
125.1
123.9
109.8
150.9
133.3
138.5
134.8
145.7
Home goods
Appliances, TV, and home audio.
Appliances and A/C
TV and home audio
Carpeting and furniture
Misc. home goods
5.02
1.41
.92
.49
1.08
2.53
124.5
124.6
144.5
87.5
132.6
121.0
130.8
129.1
143.5
102.2
140.8
127.6
125.8
122.0
134.6
98.4
140.0
121.9
130.3 135.8 138.9 137.7 140.1 143.6
139.7 142.6 149.0 148.2 148.5 146.8
153.7 157.0 166.2 165.6 166.1 162.7
132.0 141.8 151.7 153.1 146.6
130.1 135.0 161.6 171.9 154.7
150.5 134.1 168.7 176.6 155.3
141.0 150.2 149.1 146.1 146.3 151.1
120.4 125.9 129.0 128.2 132.7 138.6
i34.4
132.1
Nondurable consumer goods
20.67
Clothing
4.32
Consumer staples
16.34
Consumer foods and tobacco.... 8.37
122.8
109.7
126.2
117.5
123.7 118.4
112.5 103.0
126.7 122.5
119.3 111.6
122.2
105.9
126.5
113.8
124.9
116.6
127.1
117.0
126.0
120.0
127.6
118.4
124.6
119.3
126.0
117.8
125.6
115.3
128.3
120.7
132.2 128.4
122.4 104.3
134.8 134.8
123.8 120.2
136.8
121.7
140.8
128.0
140.1
124.3
144.3
133.2
135.1 128.7
121.1
138.8 132.3
130.1 124.7
7.98
2.64
1.91
3.43
2.25
135.3
144.6
114.8
139.5
147.8
134.4
145.0
118.5
135.1
139.4
134.0
133.8
113.2
145.8
154.5
139.9
139.9
112.4
155.3
168.5
137.8
14Q.2
116.2
148.0
160.1
137.2
147.3
115.5
141.6
151.8
134.7
146.9
117.8
134.6
140.4
136.2
154.0
117.0
133.2
135.5
146.3
164.2
125.1
144.4
148.7
150.1
157.6
123.1
159.5
177.3
154.3
157.5
133.2
163.6
178.9
156.0
166.4
132.1
161.4
177.5
147.9 140.2
164.9 154.1
126.5 122.7
146.8 139.2
154.9 144.3
12.74
6.77
1.45
3.85
1.47
106.1
102.5
104.8
92.7
125.6
113.7
111.2
113.0
102.3
132.9
112.0
110.6
114.3
101.7
130.2
114.4
111.6
112.0
103.4
132.7
119.6
i 16.4
118.6
108.9
133.9
119.8
116.8
117.2
109.6
135.3
119.7
116.8
115.7
109.3
137.3
121.1
117.9
115.6
111.4
137.1
126.4
122.6
120.2
116.2
141.8
120.3
117.4
115.9
108.8
141.3
121.9
121.0
119.3
115.7
136.7
128.6
126.1
128.3
118.6
143.7
128.3
126.0
126.7
118.5
145.1
126.4
123.9
126.2
117.0
139.5
116.5 113.6 117.6 123.3 123.2
125.2 122.3 123.0 127.8 126.9
104.6 99.2 108.1 114.8 114.9
109.0 113.2 118.9 126.2 129.7
122.9
129.1
110.8
128.2
124.7
131.6
112.0
128.6
130.7 123.5 122.9 131.5
140.1 139.3 140.4 144.7
113.8 102.6 96.8 108.0
134.9 108.2 113.9 136.3
130.8
140.8
U5.6
126.5
129.3
139.4
114.0
125.3
79.5
80.8
79.6
80.3
80.1
79.1
80.6
78.6
131.6 136.0 139.8 140.1
131.9 135.0 135.9 132.9
137.6
129.0
Nonfood staples
Consumer chemical products..
Consumer paper products
Consumer fuel and lighting...
Residential utilities
156.5 159.1 156.2 156.9
139.3 143.0 141.2 137.6
Equipment
Business equipment
Industrial equipment
Building and mining equip
Manufacturing equipment
Power equipment.
Commercial, transit, farm eq
Commercial equipment
Transit equipment.
Farm equipment
Defense and space equipment
Military products
5.97 110.3
3.30 118.4
2.00 96.8
.67 110.5
7.68
5.15
77.9
80.1
80.2
81.7
81.5
82.4
79.8
81.2
80.5
81.9
80.4
81.8
80.7
81.3
80.0
80.5
78.8
78.4
79.9
79.0
Intermediate products
Construction products
Misc. intermediate products
5.93 120.8 128.3 121.9 120.5 128.0 131.9 135.0 136.4 140.7
7.34 121.3 126.9 122.5 121.7 124.5 125.7 125.2 127.4 130.7
Materials
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
20.91 113.5
4.75 113.8
5.41 99.3
10.75 120.6
121.0 121.8
122.1 126.8
108.7 111.0
126.7 125.1
121.6
126.8
110.8
124.7
128.8
129.3
114.7
135.7
130.7
129.4
117.5
137.9
131.2
130.0
117.4
138.7
132.2
128.8
118.7
140.6
132.8 124.4
130.5 120.4
120.7 116.3
139.9 130.3
128.9
122.9
119.4
136.3
133.4
128.7
123.3
140.6
133.7
130.1
122.3
141.0
13.99 122.5
8.58 129.2
5.41 111.9
2.89 120.9
127.1
135.6
113.7
123.6
124.5
133.7
110.0
132.6
129.2
139.6
112.8
124.5
128.2
139.0
111.2
123.2
129.4
140.9
111.1
122.3
130.7
142.2
112.6
122.7
130.8
142.2
112.7
123.9
130.1
141.3
112.4
126.6
130.4
141.8
112.4
127.3
132.9 131.2
144.5 143.6
114.4 111.6
127.1 128.4
123.9
131.8
111.4
120.3
123.4
132.1
109.7
119.9
133.0
129.6
123.9
139.0
Supplementary groups
Home goods and clothing
Containers
F o r NOTE s e e p . A - 6 1 .
9.34 117.7 122.3 115.3 119.0 126.9 130.2 129.2 128.6 133.8 119.2 132.5 139.1 138.2 132.0
1.82 129.7 133.3 125.0 129.4 140.5 142.6 139.4 140.9 145.8 131.2 144.6 142.9 149.8 141.1
JANUARY 1974 • INDUSTRIAL PRODUCTION: N.S.A.
A 61
INDUSTRY GROUPINGS
(1967=
1967
Grouping
Manufacturing, total
Durable
Nondurable
Mining and utilities
Mining
Utilities
proportion
1972
100)
1972
1973
age
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept. r Oct. r
Nov.
88.55 114.0 120.0
52.33 108.4 115.3
36.22 122.1 126.7
11.45 124.1 123.8
6.37 108.8 110.6
5.08 143.4 140.5
116.3 117.6 123.2 124.6 124.7 125.8 128.9
113.3 114.9 121.0 122.5 122.4 123.2 125.8
120.6 121.5 126.3 127.7 128.0 129.5 133.3
125.2 128.6 127.5 125.0 122.7 123.6 128.2
109.2 107.0 109.2 107.6 108.5 110.7 110.9
145.4 155.7 150.6 146.8 140.5 139.9 149.9
121.1 125.3 130.2 130.3 127.9
117.9 119.3 125.9 126.6 124.8
125.6 133.9 136.4 135.8 132.2
133.0 137.2 137.1 130.8 126.3
108.3 112.3 112.5 112.2 110.8
164.1 168.4 168.0 154.3 145.7
12.55
6.61
4.23
5.94
120.5
118.9
114.2
122.3
130.5
127.7
121.1
133.7
121.6 125.5
116.4 121.6
112.7 117.1
127.5 129.8
131.3
129.5
125.6
133.3
Machinery and allied goods
32.44
Machinery
17.39
Nonelectrical machinery
9.17
Electrical machinery
8.22
Transportation equipment
9.29
Motor vehicles and parts
4.56
Aerospace and misc. trans, eq. . .
4.73
Instruments
2.07
Ordnance, private and Govt
3.69
103.5 110.6 109.0 111.8 116.0 117.1 116.7 117.9 121.7
107.5 115.0 114.6 116.9 121.8 123.3 123.5 124.9 129.4
105.7 113.1 112.5 114.0 121.2 122.2 122.3 124.0 129.6
109.6 117.1 117.0 120.2 122.4 124.5 124.8 125.9 129.2
99.0 108.0 103.2 108.7 113.5 114.0 112.8 113.4 116.3
123.1 138.3 129.2 142.6 148.6 147.3 144.9 145.6 151.2
75.8
76.0
79.6
78.9
78.1
82.0
82.4
81.8
82.7
120.2 126.5 125.3 126.3 128.1 131.5 130.5 137.5 143.1
86.0
87.4
88.2
87.5
87.9
87.8
86.4
85.6
87.1
114.1 113.0
122.2 125.8
122.9 126.3
121.4 125.2
104.0 9 4 . 0
129.0 108.5
79.8
80.1
140.8 143.9
82.8
86.0
121.2 122.2 120.3
133.0 132.1 129.9
132.2 129.3 127.9
134.0 135.2 132.1
108.3 113.7 112.2
135.2 145.8 142.6
82.4
82.7
83.0
147.4 145.4 143.4
83.4
83.3
82.4
Lumber, clay, and glass
Lumber and products
Clay, glass, and stone products
4.44
1.65
2.79
120.0 124.5
122.4 124.8
118.6 124.3
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures
2.90
1.38
1.52
122.7
113.5
131.1
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
6.90
2.69
3.33
.88
Paper and printing
Paper and products
Printing and publishing
Durable manufactures
Primary and fabricated metals
Primary metals
Iron and steel, subtotal
Fabricated metal products
113.9
113.1
107.1
114.8
120.3
117.1
110.9
123.9
115.4
111.9
117.5
120.4
118.5
112.3
122.6
115.3
115.6
115.1
130.0
131.3
125.8
128.5
132.1
133.8
128.3
130.1
131.7
133.9
128.5
129.3
131.2
131.7
125.8
130.7
131.6 130.9
128.1 127.4
118.4 119.9
135.5 134.8
123.2 127.2
128.4 130.5
120.1 125.3
130.9
131.3
130.7
132.8
128.6
135.3
135.1
132.3
136.8
128.9
123.3
132.3
134.9 134.5
132.8 1 3 4 . 4
136.2 134.6
136.1
133.1
137.8
130.7
130.5
130.9
131.3 127.6
122.1 121.5
139.6 133.2
126.1 134.3 133.9
121.6 128.7 127.3
130.2 139.4 139.9
132.4
124.2
139.9
132.5 137.2
123.0 125.7
141.2 147.6
127.6
114.5
139.5
138.9
128.7
148.2
142.9
131.7
153.1
140.5
130.1
150.0
140.4
132.3
147.8
108.1
117.4
105.7
88.9
112.0
125.1
108.2
86.5
103.9
117.0
98.7
83.3
106.4
117.8
103.9
80.6
118.2
129.6
116.3
89.9
116.9
128.7
115.6
85.8
113.8
129.1
110.0
81.3
120.4
135.0
117.4
87.1
102.0 120.0
112.1 133.6
102.6 118.1
85.5
68.7
121.7
133.2
121.7
86.7
119.5
131.9
118.0
87.0
115.2
128.7
7.92
3.18
4.74
116.1
128.2
107.9
122.3
133.7
114.7
113.8
123.6
107.3
113.2 118.7 120.4
130.2 137.5 138.9
101.7 106.0 107.9
121.4
137.6
110.6
122.8
138.5
112.2
125.7
138.4
117.2
121.8 128.4
127.6 136.7
117.9 122.8
127.1
133.0
123.1
127.9
142.3
118.2
124.0
137.7
114.8
11.92
7.86
1.80
2.26
137.8
139.6
120.6
145.5
143.0 140.3 141.1
143.2 139.5 140.5
124.3 125.2 123.9
157.0 155.0 156.8
150.6 153.8
152.2 155.5
127.0 132.8
164.0 164.6
147.1 151.3 154.8
150.3 152.6 157.0
132.8 133.2 130.4
147.4 161.2 166.5
155.2
156.3
130.9
170.9
152.1
152.4
128.9
169.3
9.48
8.81
.67
117.6
118.6
103.7
120.5 113.8
121.0 115.9
86.0
113.4
120.0
120.7
110.1
123.1
123.7
115.6
119.2 .126.6
121.1 127.2
9 3 . 9 118.5
131.7
132.9
115.9
129.9
130.5
122.5
126.4
127.3
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.26
.51
.75
107.3
120.9
98.1
110.8 108.7 103.4 105.7
115.0 115.0 114.0 120.6
107.9 104.4 9 6 . 2 95.5
109.0 116.4 125.7 125.3
118.7 127.2 143.4 144.0
102.4 109.0 113.6 112.6
119.0 125.5
133.9 139.7
108.9 115.8
126.2 125.3 120.3
143.4 138.7 127.4
114.4 116.2 115.5
Coal, oil, and gas
Coal
Oil and gas extraction
5.11
.69
4.42
109.2 110.5 109.3 107.9
104.2 104.9 9 8 . 0 98.0
110.0 111.4 111. 1 109.5
110.1 107.2
104.2 104.3
111.0 107.6
3.91
1.17
149.4 145.3
123.4
158.5
Nondurable manufactures
Chemicals, petroleum, and rubber
Chemicals and products
Petroleum products
Rubber and plastics products
Foods and tobacco
Foods
Tobacco products
115.4
126.1
113.7
88.7
144.8 145.6 147.6
143.8 145.0 148.8
120.9 119.5 121.3
167.3 168.3 164.4
114.9 117.4
115.4 117.7
107.7 113.5
118.1
118.1
118.3
117.1
117.8
108.0
82! 9
Mining
106.5
101.7
107.2
107.0
102.9
107.7
107.3
103.2
108.0
105.6
89.3
108.1
109.0
110.8
108.7
109.1
112.7
108.5
109.0
110.1
108.8
108.5
106.4
108.9
145.4
144.6
157.5
175.9
181.5
181.0
163.0
151.8
Utilities
Electric
151.6
165.1
153.8
i
NOTE.—Pages A-58 and A-59 include revisions stemming from changes
in seasonal adjustment factors, and pages A-60 and A-61 include revisions in some series that are not seasonally adjusted, beginning in
March 1972 in both instances. Data for the complete year of 1972 are
available in a pamphlet Industrial Production Indexes 1972 from Pub-
lications Services, Division of Administrative Services, Board of Governors
of the Federal Reserve System, Washington, D.C. 20551.
Published groupings include series and subtotals not shown separately. Figures for individual series and subtotals are published in the
monthly Business Indexes release.
A 62
BUSINESS ACTIVITY; CONSTRUCTION • JANUARY 1974
SELECTED BUSINESS INDEXES
(1967= 100, except as noted)
Manufacturing 2
Industrial production
Industry
Market
Period
Products
Total
Final
Inter- Matemediate rials
Consumer Equipgoods ment
Total
Total
Manufacturing
Capacity
utilization
in mfg.
(1967
output
= 100)
Construction
contracts
Nonagricultural
employment—
Total i
Employment
Prices
Total
retail
sales 3
Payrolls
4
Consumer
Wholesale
commodity
1954.
51.9
51.8
50.8
53.3
47.9
55.1
52.0
51.5
84.1
74.4
89.6
55.1
54
80.5
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
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
86.1
89.4
82.4
82.1
84.4
86.1
88.6
88.0
84.5
87.3
87.8
89.3
68.8
68.0
73.3
76.0
80.1
70
70
75
79
83
88.7
89.6
90.6
91.7
92.9
94.9
94.5
94.8
94.5
94.7
1965.
1966.
1967.
1968.
1969,
1970
1971,
1972
89.2
97.9
100.0
105.7
110.7
106.6
106.8
115.2
88.1
96.8
100.0
105.8
109.7
106.0
106.4
113.8
86.8
96.1
100.0
105.8
109.0
104.5
104.7
111.9
93.0
98.6
100.0
106.6
110.3
115.7
123.6
93.0
99.2
100.0
105.7
112.0
111.7
112.6
121.1
91.0
99.8
100.0
105.7
112.4
107.7
107.4
117.4
89.1
98.3
111.1
78.7
93.0
100.0
104.7
106.1
96.3
89.4
95.5
105.7
110.5
105.2
105.2
114.0
89.0
91.9
87.9
87.7
86.5
78.3
75.0
'78.6
93.2
94.8
100.0
113.2
123.7
123.1
145.4
165.3
92.3
97.1
100.0
103.1
106.7
107.2
107.3
110.5
93.9
99.9
100.0
101.4
103.2
98.0
93 9
96.7
88.1
97.8
100.0
108.3
116.6
114.1
116.3
130.2
91
97
100
109
114
120
122
142
94.5
97.2
100.0
104.2
109.8
116.3
121.2
125.3
96.6
99.8
100.0
102.5
106.5
110.4
113.9
119.8
1972-—Nov
Dec
120.2
121.1
118.6
119.1
116.3
116.8
127.4
127.7
100.7
101.5
127.6
127.7
122.8
124.4
119.5
120.4
3 fit ^ 177.0
1> S
Ol.J 163.0
112.1
112.4
99.1
99.6
139.0
139.3
148
151
126.9
127.3
120.7
122.9
118.6 129.8 102.9 128.4
119.3 130.2 104.1 129.5
119.6 130.8 104.1 129.4
120.0 130.9 104.7 129.3
120.8 131.8 105.7 130.5
121.3 131.9 106.6 132.0
122.1 132.8 107.3 132.5
121.4 131.2 107.6 132.1
r
122.4 '132.3 '108.5 131.0
122.8 '132.8 '108.8 '130.5
r
123.2 133.2 '109.3 '131.2
122.0 130.7 109.9 131.0
124.5
126.7
127.0
127.7
128.3
129.0
130.9
130.9
131.3
'131.5
'131.3
131.0
121.4
122.7
123.4
123.8
124.9
125.6
126.5
126.1
r
126.3
'126.3
126.9
127.1
112.7
113.5
113.8
114.0
114.4
114.7
114.6
115.0
115.3
'116.0
'116.4
116.4
99.9
100.7
101.0
101.5
101.7
'102.1
101.8
102.1
102.1
102.9
'103.2
103.4
139.8
142.9
142.6
144.8
144.9
145.3
146.3
146.7
149.8
'151.7
'155.7
154.1
156
158
160
157
159
157
163
162
163
165
'164
162
127.7
128.6
129.8
130.7
131.5
132.4
132.7
135.1
135.5
136.6
137.6
124.5
126.9
129.7
130.7
133.4
136.7
134.9
142.7
140.2
139.5
141.8
145.3
1973-—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.f
122.2 120.7
123.4 121.5
123.7 121.7
124.1 122.0
124.8 122.9
125.6 123.7
126.7 124.2
126.5 123.7
126.8 124.3
127.0 '124.4
'127.3 r 124.9
126.6 123.9
61.2
100.0
1
Employees only: excludes personnel in the Armed Forces.
23 Production workers only.
F.R. index based on Census Bureau figures.
4
Prices are not seasonally adjusted. Latest figure is final.
5 Figure is for 4th quarter 1972NOTE.—All series: Data are seasonally adjusted unless otherwise noted.
Capacity utilization: Based on data from Federal Reserve, McGrawHill Economics Department, and Dept. of Commerce.
]
82.8
I
j
'83.3
1
j
83.3
I
j
82.6
181.0
191.0
193.0
177.0
173.0
183.0
175.0
206.0
182.0
191.0
194.0
Construction contracts; McGraw-Hill Informations Systems Company
F. W. Dodge Division, 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)
1972
Type of ownership and
type of construction
1
1971
1973
1972
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
8,225
7,248
6,464
6,795
6,839
8,644
8,814
9,428
9,910
2,071 2,359
6,743 7,069
2,995
6,916
80,188
91,183
By type of ownership:
Public
Private i
23,927
56,261
24,084 1,668 1,785 1,650 1,918
67,098 6,557 5,462 4,814 4,877
By type of construction:
Residential building 1
Nonresidential building
Nonbuilding
34,754 45,123 4,298 3,663 3,120 3,195 3,277
25,574 27,082 2,384 2,184 2,215 2,420 2,229
19,282 18,982 1,544 1,402 1,132 1,180 1,333
Total construction
Private housing units authorized.
(In thousands, S.A., A.R.)
1,925
2,399
2,318
2,226
2,399
1
Because of improved procedures for collecting data for 1 -family homes,
some totals are not strictly comparable with those prior to 1968. To improve comparability, earlier levels may be raised by approximately 3 per
cent for total and private construction, in each case, and by 8 per cent for
residential building.
NOTE.—Dollar value of construction constracts as reported by the
2,233
1,717 2,046
5,122 6,599
2,209
Aug.
Sept.
Oct.
9,228 10,303
8,151
8,983
2,581
6,647
2,328
5,822
2,968
7,335
4,643 4,512 4,754 4,612 4,224 4,233 3,638 3,673
2,707 2,634 2,629 2,976 2,991 3,241 2,719 2,758
1,294 1,668 2,045 2,322 2,013 2,828 1,794 2,552
2,129
1,939
1,838
2,030
1,780
1,750
r
l ,596 1,316
McGraw-Hill Informations Systems Company, F.W. Dodge Division.
Totals of monthly data exceed annual totals because adjustments—
negative—are made in accumulated monthly data after original figures
have been published.
Private housing units authorized are Census Bureau series for 14,000
reporting areas with local building permit systems; 1971 data are for
13,000 reporting areas.
A 63
JANUARY 1974 • CONSTRUCTION
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private
Public
Nonresidential
Period
Total
Total
Buildings
Residential
Total
Commercial
Other
build-
Other
Industrial
Total
Military
Highway
1,266
Conservation
&
Other 2
development
1962 3 . . . .
1963 4 . . . .
1964
59,965
64,563
67,413
42,096
45,206
47,030
25,150
27,874
28,010
16,946
17,332
19,020
2,842
2,906
3,565
5,144
4,995
5,396
3,631
3,745
3,994
5,329
5,686
6,065
17,869
19,357
20,383
1,179
910
6,365
7,084
7,133
1,523
1,694
1,750
8,715
9,400
10,590
1965
1966
1967
1968
1969
73,412
76,002
77,503
86,626
93,368
51,350
51,995
51,967
59,021
65,404
27,934
25,715
25,568
30,565
33,200
23,416
26,280
26,399
28,456
32,204
5,118
6,679
6,131
6,783
6,739
6,879
6,982
7,761
9,401
4,735
5,037
4,993
4.382
4,971
6,824
7,685
8,293
10,292
11,049
22,062
24,007
25,536
27,605
27,964
830
727
695
808
879
7,550
8,405
8,591
9,321
9,250
2,019
2,194
2,124
1,973
1,783
11,663
12,681
14,126
15,503
4,822
197 0
197 1
197 2
94,167
109,238
123,836
66,071
79,367
93,640
31,864
43,268
54,186
34,207
36,099
39,454
6,538
5,423
4,676
9,754
11,619
13,462
5,125
5,437
5,898
12,790
13,620
13,418
28,096
29,871
30,196
718
901
1,080
9,981
10,658
10,448
1,908
2,095
2,172
4,832
4,820
4,996
1972—Oct..
Nov.
Dec..
128,513
126,831
131,550
96,201
97,506
98,450
56,361
57,167
57,545
39,840
40,339
40,905
4,345
4,617
4,765
13,720
13,607
13,865
6,197
6,235
6,220
15,578
15,880
16,055
32,312
29,325
33,100
1,076
1,200
1,188
10,642
10,585
11,045
2,205
2,042
2,065
18,389
15,498
18,802
1973—Jan. r
Feb. 1
Mar.
Apr. 1
May 1
June1
July
Aug.
Sept.
Oct. r
Nov.
135,748
136,416
137,467
133,794
134,139
133,775
136,863
136,867
136,863
134,856
134,019
102,046
104,128
103.838
101,234
101,790
102,803
105,368
105,815
103,689
102,665
101,764
59,357
61,487
60,747
58,047
57,453
58,178
59,439
59,829
58,966
56,268
54,570
42,689
42,641
43,091
43,187
44,337
44,625
45,929
45,986
44,723
46,397
47,194
5,292
5,180
5,479
5,287
5,338
5,928
6,340
6,687
6,324
6,573
6,826
15,001
14,873
15,071
15,474
16,118
15,704
16,110
15,800
15,111
15,561
15,555
6,002
6,145
6,179
6,282
6,252
6.383
6,492
6,122
5,742
5,883
5,907
16,394
16,443
16,362
16,144
16,629
16,610
16,987
17,377
17,546
18,380
18,906
33,702
32,288
33,629
32,560
32,349
30,972
31,495
31,052
33,174
32,191
32,255
1,221
1,422
1,303
1,158
1,277
1,162
1,341
1,048
962
1,032
1,027
6,021
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.
2,446
1,989
2,825
2,062
2,569
2,235
1,977
2,196
4
Beginning 1963, reflects inclusion of new series under "Public" (for
State and local govt, activity only).
NOTE.—Census Bureau data; monthly series at seasonally adjusted
annual rates.
NEW HOUSING UNITS
(In thousands)
Units started
Private (S.A., A.R.)
Private and public
(N.S.A.)
Period
Type of structure
Region
Mobile
home
shipments
(N.S.A.)
Governmentunderwritten
(N.S.A.)
Total
North- North
Central
east
South
West
family
2- to 4family
5- or
morefamily
Total
Private Public
Total
FHA
VA
196 3
1964
1,603
1,529
261
254
328
340
591
578
430
357
1,012
970
108
450
1,635
1,561
1,603
1,529
292
264
221
205
71
59
151
191
196 5
196 6
196 7
196 8
196 9
1,473
1,165
1,292
1,508
1,467
270
206
215
227
206
362
288
337
369
349
575
472
520
618
588
266
198
220
294
324
964
778
844
900
814
87
61
72
81
85
422
325
376
527
571
1,510
1,196
1,322
1,546
1,500
1,473
1,165
1,292
1,508
1,467
246
195
232
283
284
197
158
180
227
233
49
37
53
56
51
216
217
240
318
413
1970
197 1
1972
1,434
2,052
2,357
218
264
330
294
434
443
612
869
1,057
310
482
527
813
1,151
1,309
85
120
141
536
781
906
1,469
2,084
2,379
1,434
2,052
2,357
482
621
475
421
528
371
61
93
104
401
497
576
1972—Nov.
Dec..
2,395
2,369
353
486
400
330
1,106
1,080
536
473
1,324
1,207
134
128
937
1,034
187
153
186
29
48
21
42
50
38
1973—Jan..
Feb..
Mar.
Apr.,
May.
June.
July.
Aug.
Sept.
Oct. r
Nov.
2,497
2,456
2,260
2,123
2,413
2,128
2,191
2,094
1,804
1,636
1,698
348
366
297
292
267
370
225
287
283
250
249
599
571
415
387
595
474
487
481
410
384
315
1,086
1,087
1,142
890
999
837
1,063
841
748
671
772
464
432
406
554
552
447
416
485
363
331
362
1,450
1,372
1,245
1,202
1,271
1.124
1,247
1.125
982
951
945
163
123
123
131
162
129
151
111
98
71
83
884
961
892
790
980
875
793
858
724
614
670
147
140
201
205
234
203
203
200
149
149
133
147
138
200
205
234
203
203
197
148
146
131
19
21
27
27
29
25
20
23
15
12
14
19
18
18
17
12
14
10
41
43
57
62
57
57
50
54
45
46
NOTE.—Starts are Census Bureau series (including farm starts) except
for G6vt.-underwritten, which are from Federal Housing Admin, and
Veterans Admin, and represent units started, including rehabilitation
589
151
units under FHA, based on field office reports of first compliance inspections. Data may not add to totals because of rounding.
Mobile home shipments are as reported by Mobile Homes Manufacturers Assn.
A 64
EMPLOYMENT • JANUARY 1974
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons, except as noted)
Civilian labor force (S.A.)
Total noninstitutional
population
(N.S.A.)
Total
labor
force
(S.A.)
Unemployed
Unemployment2
rate
(per cent;
S.A.)
3,844
3,817
3,606
3,462
3,387
3,472
2,975
2,817
2,832
4,088
4,993
4,840
3.8
3.6
3.5
4.9
5.9
5.6
Employed1
Total
77,347
78,737
80,734
82,715
84,113
86,542
Total
In nonagricultural
industries
In
agriculture
74,372
75,920
77,902
78,627
79,120
81,702
70,527
72,103
74,296
75,165
75,732
78,230
52,527
53,291
53,602
54,280
55,666
56,785
80,793
82,272
84,240
85,903
86,929
88,991
146,923
57,486
89,707
87,267
82,780
79,130
3,650
4,487
5.1
147,129
147,313
147,541
147,729
147,940
148,147
148,361
148,565
148,782
149,001
149,208
149,436
59,008
58,238
57,856
57,906
58,050
55,417
55,133
56,129
57,484
56,955
57,040
57,453
89,325
89,961
90,629
90,700
90,739
91,247
91,121
90,958
91,694
92,053
92,235
92,303
86,921
87,569
88,268
88,350
88,405
88,932
88,810
88,651
89,403
89,764
89,952
90,021
82,555
83,127
83,889
83,917
84,024
84,674
84,614
84,434
85,127
85,695
85,688
85,586
79,054
79,703
80,409
80,606
80,749
81,271
81,098
80,991
81,757
82,224
82,052
81,858
3,501
3,424
3,480
3,311
3,275
3,403
3,516
3,443
3,370
3,471
3,636
3,728
4,366
4,442
4,379
4,433
4,381
4,258
4,196
4,217
4,276
4,069
4,264
4,435
5.0
5.1
5.0
5.0
5.0
4.8
4.7
4.8
4.8
4.5
4.7
4.9
1967
196 8
196 9
197 0
197 1
197 2
133,319
135,562
137,841
140,182
142,596
145,775
1972—Dec.
1973—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct.
Nov.
Dec.
Not in
labor force
(N.S.A.)
1 Includes self-employed, unpaid family, and domestic service workers.
2 Per cent of civilian labor force.
NOTE.—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. Description of changes in series beginning 1967 is
available from Bureau of Labor Statistics.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
(In thousands of persons)
Period
196 7
196 8
196 9
197 0
197 1
197 2
Total
Manufacturing
65,857
67,915
70,284
70,593
70,645
72,764
19,447
19,781
20,167
19,349
18,529
18,933
Mining
Contract
construction
Transportation & public utilities
613
606
619
623
602
607
3,208
3,285
3,435
3,381
3,411
3,521
4,261
4,310
4,429
4,493
4,442
4,495
Trade
Finance
Service
Government
13,606
14,084
14,639
14,914
15,142
15,683
3,225
3,382
3,564
3,688
3,796
3,927
10,099
10,623
11,229
11,612
11,669
12,309
11,398
11,845
12,202
12,535
12,858
-13,290
SEASONALLY ADJUSTED
74,002
19,402
607
3,459
4,558
15,946
3,991
12,537
13,502
74,252
74,715
74,914
75,105
75,321
75,526
75,493
75,747
75,961
76,363
76,642
76,677
19,463
19,586
19,643
19,727
19,782
19,856
19,804
19,861
19,882
20,016
20,087
20,113
610
612
610
608
608
629
631
634
633
639
643
646
3,498
3,594
3,604
3,571
3,620
3,654
3,680
3,676
3,700
3,694
3,707
3,753
4,574
4,580
4,580
4,591
4,593
4.597
4.598
4,617
4,629
4; 671
4,651
4,633
16,013
16,114
16,163
16,217
16,256
16,262
16,294
16,352
16,388
16,465
16,529
16,456
3,995
4,014
4,024
4,031
4,044
4,049
4,048
4,064
4,078
4,088
4,093
4,099
12,621
12,716
12,746
12,776
12,820
12,828
12,906
12,995
13,044
13,122
13,127
13,478
13,533
13,574
13,614
13,642
13,659
13,610
13,637
13,656
13,746
13,810
13,850
1972—De c
74,778
19,423
603
3,373
4.558
16,669
3,971
12,474
13,707
1973—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
73,343
73,724
74,255
74,861
75,404
76,308
75,384
75,686
76,238
76,914
77,284
77,449
19,279
19,420
19,521
19,586
19,667
20,002
19,729
20,018
20,132
20,168
20,194
20,136
598
598
598
603
608
642
644
648
641
640
642
642
3,155
3,184
3,294
3,442
3,616
3,837
3,934
3,981
3,944
3,923
3,818
3,659
4,510
4,507
4,539
4.559
4,593
4,661
4,653
4,659
4,671
4,680
4,656
4,633
15,865
15,776
15,880
16,088
3,959
3,978
4,000
4,019
4,040
4,089
4,113
4,121
4,082
4.076
4.077
4,079
12,406
12,530
12,627
12,771
12,865
12,999
12,982
13,009
12,982
13,057
13,096
13,061
13,571
13,731
13,796
13,793
13,815
13,743
13,067
12,971
13,419
13,855
14,012
14,066
1972—De c
1973—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.23
Dec.?
12,682
NOT SEASONALLY ADJUSTED
NOV.P
Dec.P
NOTE—Bureau of Labor Statistics; data include all full- and parttime employees who worked during, or received pay for, the pay period that includes the 12th of the month. Proprietors, self-employed
16,200
16,335
16,262
16,279
16,367
16,515
16,789
17,173
persons, domestic servants, unpaid family workers, and members of
Armed Forces are excluded.
Beginning with 1970, series has been adjusted to Mar. 1971 benchmark.
JANUARY 1974 • EMPLOYMENT AND EARNINGS
A 65
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Seasonally adjusted 1
Industry group
1972
Durable goods
Ordnance and accessories
Lumber and wood products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and related products
Paper and allied products
Printing, publishing, and allied industries
Chemicals and allied products
Petroleum refining and related industries
Rubber and misc. plastic products
Leather and leather products
1
Not seasonally adjusted 1
1973
1972
1973
NOV.
Dec.?
Dec.
Oct.
NOV.P
Dec.*5
14,720
14,767
14,799
14,282
14,866
14,879
14,826
8,674
97
546
434
562
1,093
8,708
93
546
434
563
1,095
8,717
94
549
430
567
1,099
8,290
103
529
426
533
1,021
8,725
97
553
441
570
1,073
8,760
95
546
441
567
1,079
8,743
96
540
435
561
1,086
1,082
1,314
1,306
1,305
289
338
1,131
1,411
1,412
1,331
314
343
1,134
1,443
1,417
1,324
318
341
1,127
1,445
1,422
1,320
317
347
1,092
1,315
1,318
1,326
290
337
1,142
1,403
1,424
1,347
315
363
1,147
1,433
1,436
1,341
320
356
1,138
1,446
1,435
1,341
319
346
5,990
1,175
59
894
1,172
547
6,046
1,171
59
902
1,161
563
6,059
1,179
62
903
1,155
563
6,082
1,191
62
908
1,152
563
5,992
1,162
63
898
1,170
551
6,141
1,239
69
902
1,175
563
6,119
1,203
68
908
1,168
567
6,083
1,178
65
913
1,150
567
660
590
119
517
257
662
610
120
543
255
664
608
120
550
255
671
608
121
550
256
666
588
117
520
257
665
608
121
547
253
668
607
120
555
256
677
606
119
553
256
Dec.
Oct.
14,256
8,266
102
538
421
538
1,033
Data adjusted to 1971 benchmark.
NOTE.—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 hours worked 1
(per week; S.A.)
Industry group
1972
Dec.
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries...
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and related products
Paper and allied products
Printing, publishing, and allied industries.
Chemicals and allied products
Petroleum refining and related industries .
Rubber and misc. plastic products
Leather and leather products
1
Data adjusted to 1971 benchmark.
1973
Oct.
Average weekly earnings 1
(dollars per week; N.S.A.)
1972
Nov. 23
Dec.?
Dec.
1973
Oct.
162.74 168.50
Nov.?
Average hourly earnings 1
(dollars per hour; N.S.A.)
1972
1973
Dec.?
Dec.
Oct.
NOV.P
Dec.*5
40.7
40.6
40.7
40.7
170.14 173. 86
3.95
4.14
4.16
4.22
41.5
42.5
39.8
40.0
41.6
42.4
41.3
42.4
40.3
39.4
41.9
42.7
41.4
42.1
40.5
39.5
42.2
43.4
4 1 . 4 177.24 181.75 183.43 188..58
42.7 179.32 185.27 188.21 193.,52
41.8 134.52 149.37 146.65 154,.24
39.5 128.52 133.27 133.27 135..41
42.6 166.83 180.62 181.47 182,.33
43.3 203.94 216.91 223.94 230,.45
4.21
4.18
3.38
3.15
4.02
4.81
4.39
4.38
3.67
3.34
4.27
5.14
4.42
4.46
3.63
3.34
4.29
5.22
4.49
4.49
3.69
3.36
4.29
5.31
41.6
42.6
40.5
42.4
40.6
39.1
41.5
42.6
40.0
41.5
40.8
38.6
41.7
42.4
40.3
41.0
40.9
39.0
4 1 , 4 173.87 179.71 181.41 182.,68
4 2 , 6 192.70 196.78 197.63 205.,28
4 0 , 0 155.77 157.18 159.56 161..59
4 0 , 7 219.44 214.34 213.11 223.,86
40,9 157.03 160.74 163.55 165.,60
38,9 125.69 128.43 131.20 131.,32
4.13
4.44
3.79
5.01
3.83
3.19
4.32
4.63
3.91
5.14
3.93
3.31
4.34
4.65
3.93
5.16
3.96
3.33
4.36
4.73
3.98
5.33
4.00
3.35
39.6
40.4
37.9
41.2
35.7
42.9
39.7
40.6
39.2
40.5
35.8
42.6
39.8
40.9
40.9
40.5
35.8
42.7
39.7
41.0
38.5
40.7
36.1
42.8
152. 00
163. 14
154. 05
125. 77
103. 61
186. 19
3.58
3.72
3.49
2.83
2.69
4.06
3.76
3.89
3.73
3.03
2.85
4.27
3.78
3.91
3.83
3.05
2.86
4.29
3.80
3.95
3.91
3.06
2.87
4.31
37.7
41.9
42.2
41.3
36.5
37.9
41.9
42.2
40.8
38.0
38.0
42.0
43.1
41.2
37.9
37,8 175.34 180.03 181.74 183. 46
41.9 182.73 190.23 191.88 193. 70
4 2 . 6 210.76 224.08 228.53 223. 34
4 0 . 4 154.75 157.87 101.07 158. 32
37.5 101.93 107.16 109.06 109. 63
4.59
4.33
5.03
3.72
2.74
4.75
4.54
5.26
3.86
2.85
4.77
4.56
5.29
3.90
2.87
4.79
4.59
5.28
3.89
2.87
142.84
151.40
135.41
118.01
96.03
175.80
149.27
157.93
151.44
123.02
102.03
182.76
151.20
160.31
157.41
124.75
103.25
184.04
NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.
A 66
PRICES • JANUARY 1974
CONSUMER PRICES
(1967 = 100)
Housing
Period
All
items
Food
Total
Fuel
oil
and
coal
Gas
and
electricity
86.3
92.7
40.5
48.0
89.2
94.6
81.4
79.6
98.6
99.4
Homeownership
Rent
Health and recreation
1929
1933
1941
1945
1960
196 5
51.3
38.8
44.1
53.9
88.7
94.5
48.3
30.6
38.4
50.7
88.0
94.4
53.7
59.1
90.2
94.9
196 6
196 7
196 8
196 9
97.2
100.0
104.2
109.8
99.1
100.0
103.6
108.9
97.2
100.0
104.2
110.8
98.2
96.3
100.0 100.0
102.4 105.7
105.7 116.0
97.0
100.0
103.1
105.6
197 0
lc7l
1972
116.3
121.3
125.3
114.9
118.4
123.5
118.9
124.3
129.2
110.1
115.2
119.2
128.5
133.7
140.1
1972—No v
Dec
126.9
127.3
125.4
126.0
130.8
131.2
120.5
121.0
1973—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
127.7
128.6
129.8
130.7
131.5
132.4
132.7
135.1
135.5
136.6
137.6
128.6
131.1
134.5
136.5
137.9
139.8
140.9
149.4
148.3
148.4
150.0
131.4
132.0
132.3
132.8
133.3
133.9
134.2
135.2
136.6
138.1
139.4
121.5
122.1
122.6
123.0
123.5
123.9
124.3
125.0
125.4
125.9
126.3
76.0
54.1
57.2
58.8
91.7
96.9
Fur- Apparel Transnishand
portaings
upkeep
tion
and
operation
Total
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
93.8
95.3
48.5
36.9
44.8
61.5
89.6
93.7
44.2
47.8
89.6
95.9
85.1
93.4
37.0
42.1
79.1
89.5
41.2
55.1
90.1
95.2
47.7
62.4
87.3
95.9
49.2
56.9
87.8
94.2
99.6
100.0
100.9
102.8
97.0
100.0
104.4
109.0
96.1
100.0
105.4
111.5
97.2
100.0
103.2
107.2
96.1
100.0
105.0
110.3
93.4
100.0
106.1
113.4
97.1
100.0
104.2
109.3
97.5
100.0
104.7
108.7
97.2
100.0
104.6
109.1
110.1
117.5
118.5
107.3
114.7
120.5
113.4
118.1
121.0
116.1
119.8
122.3
112.7
118.6
119.9
116.2
122.2
126.1
120.6
128.4
132.5
113.2
116.8
119.8
113.4
119.3
122.8
116.0
120.9
125.5
142.0
142.6
119.3
119.4
122.2
122.5
122.1
122.3
125.0
125.0
121.4
121.3
127.4
127.5
134.1
134.4
121.0
121.5
124.1
124.0
126.4
126.5
142.6
142.9
143.2
143.6
144.2
145.0
145.2
147.0
149.2
151.5
152.6
120.7
127.2
127.8
128.3
129.3
131.6
131.7
132.8
133.6
141.1
155.6
124.1
124.5
125.0
125.5
125.7
125.4
125.5
125.8
126.5
127.4
129.8
122.2
122.6
123.0
123.6
123.9
124.7
125.0
125.3
126.1
126.7
127.5
123.0
123.6
124.8
125.8
126.7
126.8
125.8
126.5
128.3
129.6
130.5
121.0
121.1
121.5
122.6
123.5
124.6
124.8
124.5
123.9
125.0
125.8
127.8
128.1
128.6
129.2
129.6
130.0
130.3
130.5
131.1
132.1
132.6
134.9
135.3
135.8
136.2
136.6
137.0
137.3
137.6
138.3
140.6
140.9
121.8
122.4
123.1
123.8
124.4
124.9
125.3
125.7
126.3
127.3
128.1
124.1
124.3
124.5
125.2
125.6
125.9
126.2
126.1
126.8
127.2
127.5
126.7
127.1
127.6
128.2
128.5
129.0
129.5
129.4
129.9
130.3
130.8
NOTE.—Bureau of Labor Statistics index for city wage-earners and
clerical workers.
WHOLESALE PRICES: SUMMARY
(1967 = 100, except as noted)
Industrial commodities
ProAll
Farm cessed
com- prod- foods
modi- ucts
and
ties
feeds Total
Dec. 1968=100.
95.3
94.8
94.8
94.7
95.2
RubHides, Fuel, Chemicals,
ber,
etc.
etc.
etc.
etc.
LumMetber, Paper, als,
etc.
etc.
etc.
MaNon- •Transchinery Furni- me- porta- Mistallic tion cellature,
and
min- equip- neous
equip- etc.
erals ment 1
ment
99.5
97.7
98.6
98.5
99.2
90.8
91.7
92.7
90.0
90.3
96.1
97.2
96.7
96.3
93.7
95.3
91.0
91.6
93.5
95.4
92.0
91.9
92.0
92.2
92.8
95.5
97.8
100.0
98.9
100.9
101.8
100.7
99.1
97.9
98.3
98.1
95.2
96.3
95.6
95.4
92.4
91.9
91.2
91.3
93.8
99.0 95.9
96.2
95.9
9 9 . 4 9 7 . 8 100.2 9 8 . 8
100.0 100.0 loo.o 100.0
9 9 . 8 103.4 113.3 101.1
9 9 . 9 105.3- 125.3 104.0
94.9
94.5
94.8
94.5
94.7
97.2
96.3
98.0
96.0
94.6
96.6
99.8
100.0
102.5
106.5
98.7
105.9
100.0
102.5
109.1
94.3
96.4 99.8
95.5
101.2 98.5 100.1 103.4
100.0 100.0 100.0 100.0
102.2 102.5 103.7 103.2
107.3 106.0 106.0 108.9
110.4
113.9
119.1
111.0
112.0
114.3
120.8
110.0
112.9
125.0
114.0
117.9
107.2
108.6
113.6
110.1 105.9 102.2 108.6 113.7
114.0 114.2 104.2 109.2 127.0
131.3 118.6 104.2 109.3 144.3
108.2
110.1
113.4
122.9
137.5
129.4
119.4
115.6
142.2
115.1
124.5 144.2
126.9 150.9
129.7 160.9
130.7 160.6
133.5 170.4
136.7 182.3
134.9 173.3
142.7 213.3
140.2 200.4
139.5 188.4
141.8 184.0
145.3 187.2
89.5
91.0
91.9
92.5
92.3
Textiles,
etc.
103.1
99.2
96.3
96.8
95.5
104.8
109.8
149.8
132.4 120.0 116.6 143.9 122.2 105.1
137.0 121.3 117.4 144.9 126.0 105.6
141.4 122.7 119.0 143.5 126.7 106.7
139.8 124.4 120.8 145.0 131.8 107.7
145.0 125.8 122.3 142.2 135.5 109.3
151.8 126.9 123.7 140.9 142.8 110.4
146.5 126.9 124.2 141.4 142.8 110.8
166.2 127.4 125.2 143.0 142.9 111.0
156.3 128.1 126.8 143.8 144.8 111.5
153.1 129.6 128.5 143.8 150.5 112.7
151.9 133.5 130.0 143.0 179.2 113.5
155.7 137.1 131.4 141.9 201.3 115.6
110.0
110.1
110.3
110.6
111.5
112.6
112.9
113.1
112.8
114.0
114.8
116.5
151.0 115.8
161.0 116.5
173.2 118.3
182.0 119.8
186.9 120.7
183.1 122.0
177.8 122.3
178.8 123.3
181.9 124.4
180.3 125.8
184.7 127.6
186.1 128.7
121.9
97.2
97.6
97.6
97.1
97.3
93.0
93.3
93.7
94.5
95.2
96.4
98.8
100.0
102.6
108.5
97.5
93.9
96.9
98.0 98.4
96.8
100.0 100.0 100.0
103.2 102.8 103.7
106.5 104.9 107.7
95.9
97.7
100.0
102.2
100.8 105.2
116.7
119.0
123.5
111.4
115.5
117.9
113.3
122.4
126.1
104.5 109.9
110.3 112.8
113.8 114.6
124.4
118.6
112.4
127.4
114.2 115.1
125.6 118.9
126.9 119.4
129.2 120.0
130.5 120.8
131.7 121.5
132.5 121.9
132.8 122.0
133.7 122.3
134.4 122.6
135.9 123.1
138.5 123.8
141.8 124.6
112.6
113.1
113.5
114.1
115.1
115.2
115.2
115.9
116.0
116.6
117.2
117.5
128.2
128.4
129.0
130.0
130.5
131.1
130.0
130.0
129.9
130.9
131.5
132.6
114.1
114.2
114.5
114.9
115.1
115.0
115.0
115.1
114.5
115.9
116.1
117.3
99.0
98.4
97.7
97.0
97.4
107.5
109.9
111.4
115.8
117.1
117.9
118.6
119.5
120.2
120.9
121.0
121.1
121.0
121.3
121.6
JANUARY 1974 • PRICES
WHOLESALE PRICES: DETAIL
(1967= 100)
1972
1973
1972
Group
Group
Dec.
Oct.
Nov.
Dec.
134.6
137.6
152.6
103.6
120.9
123.6
143.9
141.6
135.3
162.1
229.0
185.5
189.2
266.5
168.2
177.7
211.1
154.7
168.2
194.3
152.6
171.6
248.7
171.0
144.5
259.3
177.2
190.6
210.5
149.1
120.1
136.3
123.0
124.7
122.1
119.7
122.9
99.2
108.8
119.2
115.8
163.6
150.5
170.2
139.6
135.0
139.8
123.0
308.8
223.0
180.5
167.6
129.3
184.5
156.2
165.0
139.9
136.3
143.8
123.8
247.8
164.7
159.1
164.8
129.4
183.3
160.1
164.9
142.3
137.8
142.0
124.4
264.8
232.5
208.6
168.7
130.7
201.0
124.8
108.8
110.3
116.0
109.9
119.9
155.5
130.2
127.7
121.5
115.2
127.0
161.2
128.9
128.6
121.9
119.1
132.0
165.2
128.7
129.7
122.2
126.4
131.9
255.2
162.2
128.7
128.4
256.3
160.7
131.0
130.5
Pulp, paper, and allied
Farm products:
Fresh and dried produce.
Grains
Livestock
Live poultry
Plant and animal fibers..
Fluid milk
Eggs
Hay and seeds
Other farm products
220.8
180.0
154.4
234.0
177.2
181.2
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 f o o d s . . . .
Manufactured animal feeds
Metals and metal
Hides, skins, leather, and products:
Hides and skins
Leather
Footwear
Other leather products.
239.8
160.4
131.9
130.1
227.3
156.1
132.5
130.3
Fuils and related products, and power:
Coal
Coke
Gas fuels
Electric power
Crude petroleum
Petroleum products, refined.
Chemicals and allied
Rubber and plastic
205.5
159.9
119.2
122.9
114.7
112.0
224.1
167.3
133.4
132.1
133.3
156.6
239.0
167.3
133.1
133.5
139.3
210.9
240.7
170.0
137.6
135.9
146.2
252.0
101.0
118.2
106.3
103.7
128.2
92.5
89.3
114.0
105.3
126.0
116.8
104.7
273.0
95.9
92.4
105.4
117.1
104.9
241.8
104.9
93.1
121.2
122.1
105.9
128.6
123.6
105.1
286.0
106.1
93.0
124.6
114.6
101.2
109.7
122.0
120.2
111.4
115.1
126.4
121.2
113.9
116.3
126.8
123.5
125.8
116.3
128.2
93.3
94.7
94.4
94.8
98.6
101.1
101.4
102.2
97.9
97.7
99.5
99.9
128.1
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.
i Dec. 1968 = 100.
126.1
145.7
252.9
122.3
118.0
123.8
117.7
129.5
130.2
117.4
131.1
121.4
120.8
119.2
123.3
124.8
138.6
135.3
140.7
134.8
127.7
127.8
120.8
129.6
132.2
122.9
126.3
121.3
127.5
132.5
127.5
123.4
128.4
124.6
110.6
121.0
132.9
113.0
125.2
118.5
123.4
99.2
107.9
92.3
127.0
125.2
133.6
103.3
109.1
91.5
131.3
122.5
128.5
127.5
118.2
131.9
133.6
118.9
132.1
131.2
114.8
136.4
127.3
124.6
136.3
136.8
122.4
143.5
127.3
118.4
131.1
120.0
136.2
115.1
117.5
112.9
107.0
119.2
122.7
115.5
108.6
127.8
products:
Iron and steel
Steelmill products
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products
Miscellaneous metal products
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
167.9
130.7
132.3
130.5
214.5
149.4
134.6
158.2
211.1
149.5
169.9
159.0
214.8
150.4
166.0
159.1
durables:
Household furniture
Commercial furniture
Floor coverings
Household appliances
Home electronic equipment
Other household durable goods.
Nonmetallic mineral
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
115.4
111.5
133.6
117.5
107.1
115.8
107.2
Machinery and equipment:
Textile products and apparel:
Cotton products
Wool products
Manmade fiber textile products.
Apparel
Textile housefurnishings
Miscellaneous textile p r o d u c t s . . .
products:
Pulp, paper and products, excluding
building paper and board
Woodpulp
Wastepaper
Paper
Paperboard
Converted paper and paperboard..
Building paper and board
products:
Flat glass
Concrete ingredients
Concrete products
Structural clay products excluding
refractories
Refractories
Asphalt roofing
Gypsum products
Glass containers
Other nonmetallic minerals
Transportation
equipment:l
Motor vehicles and equipment.
Railroad equipment
Miscellaneous
products:
Toys, sporting goods, small arms,
ammunition
Tobacco products
Notions
Photographic equipment and supplies
Other miscellaneous products
117.2
NOTE.—Bureau of Labor Statistics indexes.
A 67
A 68
NATIONAL PRODUCT AND INCOME • JANUARY 1974
GROSS NATIONAL PRODUCT
(In billions of dollars)
1929
1933
1941
1950
1968
1970
1969
1972
1971
III
Gross national product.
Final purchases
103.1
101.4
IV
II
III
55.6 124.5 284.8 864.2 930.3 977.1 1,055. 1,155.2 1 , 1 6 6 . 5 1 , 1 9 9 . 2 1,342.5.1,272.0 1 , 3 0 4 . 5
57.2 120.1 278.0, 857.11 922.5
972.61',049.4 1,149.1 1,157.81,191.0
1,287.81,267.5 1,299.8
Personal consumption expenditures.
Durable goods
Nondurable goods
Services
77.2
9.2
37.7
30.3
45.8
3.5
22.3
20.1
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment.
Residential structures
Nonfarm
Change in business inventories
Nonfarm
16.2
14.5
10.6
5.0
5.6
4.0
3.8
1.7
1.8
1.4
3.0
2.4
.9
1.5
.6
.5
-1.6
-1.4
17.9
13.4
9.5
2.9
6.6
3.9
3.7
4.5
4.0
Net exports of goods and services.
Exports
Imports
1.1
7.0
5.9
.4
2.4
2.0
1.3
5.9
4.6
Government purchases of goods and services.
Federal
National defense
Other
State and local
8.5
1.3
8.0
2.0
7.2
6.0
24.8
16.9
13.8
3.1
7.9
Gross national product in constant (1958)
dollars
1973
1972
8 0 . 6 191.0 536.2 579.5! 617.6 667.2
9 . 6 30.5 84.0i 90.8
91.3 103.6
42.9
230.8 245.9; 263.8 278.7
28. 62.4; 221.3 242.71 262.6 284.
5 4 . 1 126.0 139.0!
47.3 118.9 131.1 \
27.9
88.8
98.5
9.2! 30.3 34.2
18.7] 58.5 64.3
19.4 30.1 32.6
18.6! 29.5 32.0
6.8|
7.1
7.8
6.0'
6.9
7.7
1.8|
13.8
12.0:
2.5
50.6
48.1
726.5
117.4
299.9
309.2
734.1
120.2
302.3
311.6
752.6 779.4' 795.6
122.9 132.2 132.8
310.7 322.2 330.3
319.0 325.0 332.6
816.0
132.8
341.6
341.6
136.3 153.2 178.3
131.7 147.1 172.3
104.4 118.2
36.
37.9 41.7
64.4 66.5 76.5
31.2 42.7 54.0
30.7 4 2 . 2 53.5
4.5
6.1
6.0
4.3
4.5
5.6
181.5
172.9
118.3
41.3
77.0
54.5
53.9
8.7;
8.4!
189.4 194, 5 198.
181.2 189. 9: 193.
124.3 130. 9i 134.
43.0
45. 3 47.
81.2
85. 5! 86.
56.9
59. 0! 59.
56.4
58. 4! 59.
8.2
4. 6
4.
7.9
4. 4
4.
202.0
197.3
138.0
49.5
88.6
59.2
58.6
4.7
3.2
100.6
1.9
55.5!
53.6
.8 - 4 . 6
66.3 73.5
65.5 78.1
-3.8
74.0,
77.7S
3 7 . 9 199.6 210.0 219.5 234.3 255.0
98.8
98.8
96.2
98.1 104.4
18.4
14.1! 78.3 78.4 74.6 71.6 74.4
4 . 3 20.5 20.4 21.6 26.5 30.1
19.5 100.8 111.2! 123.3 136.2 150.5
203.6 141.5 263.7 355.3 706.6 725.6] 722.5 745.4 790.7
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. For back data and explanation of series,
I
3.6
62.
59.3
-3.5
79.7
83.2
.0;
89.7
89.7j
2.8
97.2
94.4
7.6
104.5
97.0
254.7
102.3
71.9
30.4
152.4;
260.7 268.6 275.3
102.7 105.5\ 107.3
72.4
74.3! 7 4 . 2
30.3
31.2 33
158.0 163.0 168.0
279.0
106.8
74.2
32.7
172.2
796.7i
812.3 829.3 834.3
841.3
see the Survey of Current Business, (generally the July issue) and the Aug.
1966 Supplement to the Survey.
NATIONAL INCOME
(In billions of dollars)
1929
1933
1941
1950
1968
1969
1970
Item
1972
1971
1973
1972
III
IV
I
II
III
86.8
40.3
Compensation of employees
51.1
29.5
64.8
154.6 514.6 566.0 603.9 644.1
Wages and salaries
Private
Military
Government civilian
50.4
45.5
.3
4.6
29.0
23.9
.3
4.9
62.1
51.9
1.9
8.3
146.8 464.9 509.7 542.0 573.8 627.3 632.5 648.7 666.7 682.3 699.3
124.4 369.2 405.6 426.9 449.7 493.3 497.5 510.9 525.1 538.7 553.2
5.0
17.9 19.0
19.6
19.4
20.3 2 0 . 0
20.1 20.9
20.5
20.4
17.4 77.8 85.1
95.5 104.7 113.8 115.1 117.7 120.7 123.1 125.7
.7
.5
2.7
7.8
49.7
56.3
61.9
70.3
79.7
80.5
82.5
90.8
92.6
94.7
.1
.6
.1
.4
2.0
.7
4.0
3.8
24.3
25.4
27.8
28.4
29.7
32.2
33.7
36.6
39.0
40.7
39.3
41.3
40.2
42.3
47.4
43.3
48.3
44.2
49.4
45.3
15.1
9.0
6.2
5.9
3.3
2.6
17.5
11.1
6.4
37.5
24.0
13.5
64.2
49.5
14.7
67.2
50.5
16.7
66.9
50.0
16.9
68.7
51.9
16.8
74.2
54.0
20.2
74.1
54.3
19.8
77.1
55.3
21.8
80.6
56.3
24.3
81.5
57.1
24.4
85.0
57.9
27.1
5.4
2.0
3.5
9.4
21.2
22.6
23.9
24.5
24.1
24.9
24.9
24.7
24.6
25.3
10.5
-1.2
15.2
37.7
84.3
79.8
69.2
80.1
91.1
91.5
98.8 104.3 107.9
112.0
10.0
1.4
8.6
5.8
2.8
1.0
.5
.4
2.0
-1.6
17. 7
7.6
10.1
4.4
5.7
42.6
17.8
24.9
8.8
16.0
87.6
39.9
47.8
23.6
24.2
84.9
40.1
44.8
24.3
20.5
74.0
34.8
39.3
24.7
14.6
85.1
37.4
47.6
25.1
22.5
98.0
42.7
55.4
26.0
29.3
98.4 106.1 119.6
42.9
45.9 52.7
55.6
60.3
66.9
2 6 . 2 26 >4 26.9
29.4
33.9 4 0 . 0
.5
-2.1
-2.5
-5.0
-3.3
-5.1
-4.8
-4.9
-6.9
-6.9
4.7
4.1
3.2
2.0
26.9
30.5
36.5
42.0
45.2
45.7
Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
Proprietors' income
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
104.2 241.1 711.1 766.0 800.5
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table above.
859.4 941.8 949.2 978.6 1,015.0 1,038.2 1,067.4
707.1 713.1
731.2 757.4 774.9
128.9
57.4
71.6
27.3
44.2
794.0
129.0
57.6
71.5
28.1
43.4
-7.3 -15.4 -21.1 -17.0
46.6
47.9
49.4
51.1
JANUARY 1974 • NATIONAL PRODUCT AND INCOME
A 69
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING
(In billions of dollars)
1929
Item
1933
1941
1972
1950
1969
1970
III
103.1
Gross national product.
Less:
Plus:
Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments.
Statistical discrepancy
Subsidies less current surplus of government enterprises
Equals: National income.
Less:
Plus:
Corporate profits and inventory valuation adjustment
Contributions for social insurance. . .
Excess of wage accruals over disbursements
Government transfer payments
Net interest paid by government and
consumers
Dividends
Business transfer payments
Equals: Personal income
Less:
Personal tax and nontax payments...
7.0
8.2
18.3
74.5
81.6
7.0
.6
.7
7.1
.7
.6
11.3
.5
.4
23.3
1.5
78.6
3.4
-2.7
85.9
3.8
.1
.2
.7
-.1
.8
-6
III
93.81 102.4
102.3
105.
106.9 109.0 110.5
110.5
4.7
1.6
112.
4.7
115.6 117.2 118.5
4.
4.9
5.0
1.1
3.2
3.7
949.2
978.6 1 , 0 1 5 . 0 1,038.2 1,067.4
87.3
1.0
1.7
1.2
10.5
.2
-1.2
.3
15.2
2.8
37.7
6.9
84.3
47.
..j
.0
1.5
2.6
14.3
56.
61..9j
75.1
2.5
5
.6
1.6
2.0
.7
2.2
4.4
.5
7.2
26.
23.6
3.4
28.71
85.9
47.0
2.6
1.5
69.2
57.7
8
2
80.1
64.6
0.2
2.2
1.7
4 0 . 3 104.2 241.1 711.1 766.0 800.5 859.4 941.8
91.5
74.5
91.1
73.7
98.8
75.
.9
.4
.6
112.0
93.0
104.3 107,
89.3 90,
-.5
-.2
.0
.0
.0
98.3
96.4
107.3
108.8
113.7
32.7
26.0
4.6
32.9
26.2
4.7
33.7
26.4
4.7
34.7
26.9
4.
9 6 . 0 227.6 688.9 750. 9 808.3 863.5 939.2
943.7
976.1
996.6 1,019,
142.
147.4
145.
3.3
8.8
.8
20.7
97.9
31.0
24.7
4.0
24. 3
3. 8;
116.
83.3
45.5
Less:
79.1
77.2
1.5
46.5
45.8
.5
81.7 193.9 551.2 596.
8 0 . 6 191.0 536.2 579
.9
2.4
14.3| 15
Disposable personal income in constant (1958)
dollars
II
93.5 102.41 109.5
4.3
4.6
4.0
-6.4 -3.4 -1.5
86.8
Equals: Disposable personal income
Equals: Personal saving.
IV
5 5 . 6 124.5 284.8 864.2 930.3 977.1 1,055.51,155.2 1,166.5 1 , 1 9 9 . 2 1 , 2 4 2 . 5 1,272.01,304.5
7.9
92.7 206.9 591.0 634.
Personal outlays
Personal consumption expenditures
Consumer interest payments
Personal transfer payments to foreigners
1973
1972
1971
.6
88.9
31.0
25.1
4.3
116.6 117.5 142.2
691.7 746.0 797. oj
800.9
828.7
747.2
635.5 685.
617.6 667.2 726.5
16
17.7 19.7,
755.
734.1
20.0
774.3
752.6
20.7
801.5 818.
779.4 795,
21.2 2 2 ,
1.0
,0
1.0
1.1
.9
49.7|
45.8
54.4
50.0
150.6 112.2 190.3 249.6 499.0; 513.6! 534.8 554.9 577.9
579.3
595.1
.2
.2
.5
-.9
11.0
13.1
.81
39.8
.9
38.2
56.2
38.0
28.1
5.0
1,047.1
149.
851.5 869.
60.2
.3
4.2
36.
27.
4.
156.0
891.1
840.1
816.0
23.0
1.1
51.0
51.1
603.9 604.8 609.5
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of opposite
page.
PERSONAL INCOME
(In billions of dollars)
1973
1972
Item
1971
1972
Nov.
Total personal income
Dec.
Jan.
863.5 939.2 977.6 983.6 989.1
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
1i
Nov.
997.4 1,003.3 1,011.6 1,018.7 1,026.6 1,035.6 1,047.3 1,058.5 1067.5 1076.
Wage and salary disbursements
573.3 627.8 648.4 654.0 661.7 667.2 671.1 677.6 682.0 688.2 6 9 3 . 2 698.9 706.0 711.2 716.
Commodity-producing industries. . 206.3 226.0 235.0 236.8 239.2 242.2 243.5 245.9 248.3 251.7 253.4 254.8 257.8 259.5 261 j
Manufacturing only
160.5 175.9 183.8 185.6 187.1 189.6 190.6 192.9 194.7 197.0 197.9 198.7 200.8 202.5 203.
Distributive industries
138.3 151.5 155.6 157.2 158.7 159.3 160.6 162.2 163.2 164.5 165.3 167.1 168.7 169.6 171.
Service industries
104.7 116.1 119.8 121.3 122.9 124.1 124.9 126.4 126.8 127.7 129.4 130.8 132.5 132.9 133.
123.9 134.2 138.1 138.7 140.9 141.6 142.2 143.1 143.7 144.4 145.1 146.2 147.0 149.2 150.
Government
Other labor income
36.6
40.7
42.3
42.7
43.0
43.3
43.6
43.9
44.2
44.5
44.8
45.3
45.8
46.2
46.
Proprietors' income
Business and professional
Farm
68.7
51.9
16.8
74.2
54.0
20.2
77.5
55.1
22.4
77.9
55.6
22.3
80.1
56.1
24.0
80.6
56.3
24.3
81.0
56.4
24.6
81.0
56.8
24.2
81.5
57.1
24.4
81.9
57.3
24.6
83.7
57.8
25.9
85.1
58.0
27.1
86.4
58.1
28.3
87.4
58.5
28.9
88.
58.
29.
25.
Rental income
24.5
24.1
24.7
24.9
24.8
24.8
24.6
24.3
24.6
24.9
25.0
25.3
25.5
25.6
Dividends
25.1
26.0
26.3
26.5
26.8
26.9
27.0
27.3
27.3
27.4
27.6
28.2
28.3
28.5
28.
Personal interest income
73.0
78.0
80.4
81.1
81.9
82.6
83.4
84.5
85.7
86.5
87.8
89.0
90.3
91.5
92.
Transfer payments
93.2
103.0
113.7
112.6 112.5
113.8
114.5
115.3
115.9
116.0
116.9
119.0
120.2
41.9
42.0
42.4
42.5
42.8
43.4
43.6
43.9
Less: Personal contributions for social
insurance
Nonagricultural income
Agricultural income
30.9
34.7
839.8
23.7
911.5
27.7
35.7
35.9
41.7
947.7 953.6 957.4 965.3 970.9 979.5
32.4 32.0
32.1
3 0 . 0 31.8
29.9
NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of opposite
page.
121.1 121.'
44.0
44.:
986.4 994.2 1,001.8 1,012.1 1,021.8 1030.0 1037.!
32.2 32.4
35.2
3 7 . 5 38.:
33.8
36.7
A 70
FLOW OF FUNDS • JANUARY 1974
SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS
(Seasonally adjusted annual rates; in billions of dollars)
1971
Transaction category, or sector
1966
1967
1968
1969
1970
1971
1972
1973
1972
HI
H2
HI
H2
HI
Funds raised, by type and sector
1 Total funds raised by nonfinancial sectors
2 Excluding equities
3
4
5
U.S. Government
Public debt securities
Budget agency issues
6
7
8
All other nonfinancial sectors
Corporate equities
Debt instruments
67.7
66.9
82.2
80.0
94.6
95.9
3.6
2.3
1.3
13.0
8.9
4.1
13.4 - 3 . 6
10.3 - 1 . 3
3.1 - 2 . 4
64.1
.8
63.3
69.2
2.2
67.0
81.2
-1.4
82.6
91.4
88.0
97.5 146.7 166.1 134.7 158.7 145.2 187.3 201.0
92.6 135.0 156.1 123.8 146.1 134.7 177.8 192.1
1
2
12.8
12.9
-.1
17.1
15.8
1.3
3
4
5
95.0
3.4
91.6
84.7 121.2 148.8 112.0 130.4 132.8 165.1 183.9
4.9 11.7 10.0 10.9 12.6
10.4
9.5
8.8
79.8 109.5 138.8 101.1 117.8 122.3 155.6 175.1
6
7
8
25.5
26.0
-.5
17.3
13.9
3.4
22.7
24.2
-1.6
28.4
27.8
.5
12.4
10.5
1.9
22.2
17.2
4.9
9
10
11
12
13
14
15
16
17
18
19
20
21
Debt capital instruments
State and local government securities
Corporate and foreign bonds
Mortgages
Home mortgages
Other residential
Commercial
Farm
Other private credit
Bank loans n.e.c
Consumer credit
Open-market paper
Other
38.9
5.6
11.0
22.3
11.7
3.1
5.7
1.8
24.4
10.7
6.4
1.0
6.2
45.7
7.8
15.9
22.0
11.5
3.6
4.7
2.3
21.3
9.5
4.5
2.1
5.1
50.6
9.5
14.0
27.1
15.1
3.4
6.4
2.2
32.0
13.1
10.0
1.6
7.2
50.6
9.9
13.0
27.7
15.7
4.7
5.3
1.9
41.0
15.3
10.4
3.3
12.0
57.7
11.3
20.6
25.7
12.8
5.8
5.3
1.8
22.1
6.4
6.0
3.8
5.9
87.3 97.6 92.3
12.0 11.9
7.4
14.4 12.0 10.0
60.9 73.7 74.9
35.6
43.7
41.4
9.1
11.5
14.1
13.5
16.0
15.1
2.7
2.5
4.3
35.0 58.0 82.8
14.5 29.3 54.0
15.8 22.5 24.7
- . 3 -2.8 -3.4
5.0
9.0
7.6
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
By borrowing sector
Debt instruments
Foreign
State and local governments
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
64.1
63.3
1.6
6.3
22.6
32.8
3.1
5.4
24.3
69.2
67.0
4.0
7.9
19.0
36.0
3.6
5.0
27.4
81.2
82.6
2.9
9.8
29.6
40.2
2.8
5.6
31.8
95.0
91.6
2.9
10.7
32.2
45.9
3.2
7.4
35.4
84.7 121.2 148.8 112.0 130.4 132.8 165.1 183.9
79.8 109.5 138.8 101.1 117.8 122.3 155.6 175.1
3.0
5.7
5.3
3.8
6.1
3.4
4.3
11.2
11.4 17.0 12.3 17.9 16.1
11.9
12.7
7.5
22.9 38.3 63.2 30.0 46.6 56.2 70.5 71.9
42.5 48.5 59.5 47.9 49.0 50.9 68.2 84.5
3.2
4.1
4.9
4.0
4.2
4.4
5.3
7.3
5.3
8.7
10.4
9.3
8.1
9.5
11.6
13.4
33.9
44.2
35.7
34.6
36.8
37.0
51.2
63.8
22
23
24
25
26
27
28
29
30
.8
-.3
1.1
2.2
.1
2.2
-1.4
.2
-1.5
3.4
.5
2.9
4.9
1
4.8
11.7
11.7
10.0
-.4
10.4
10.9
.4
10.5
12.6
-.3
12.9
10.4
-.2
10.7
9.5
-.6
10.1
8.8
-.4
9.2
31
32
33
1.3
33.9
25.4
-.4
4.0
38.2
29.6
1.2
3.1
38.7
30.3
-1.1
3.3
48.8
38.3
.4
3.0
47.3
38.8
2.8
5.7
60.2
47.4
3.2
3.4
69.9
54.6
.5
5.7
58.4
45.1
-.2
5.8
61.9
49.7
6.6
3.2
61.6
47.7
-3.0
3.7
78.3
61.3
4.0
10.8
93.7
73.0
3.6
34
35
36
37
68.1
4.0
81.1
11.8
95.7
14.5
91.0
-4.0
148.1 183.3 197.4
15.4 18.1
13.5
38
39
31
32
33
Corporate equities
Foreign
Corporate business
Totals including equities
34
Foreign
35
Nonfinancial business
36
Corporate
37 Memo: U.S. Govt, cash balance
Totals net of changes in U.S. Govt, cash balances
38 Total funds raised
By U.S. Government
39
83.2
16.6
19.7
46.8
26.0
8.8
10.0
2.0
26.3
9.3
11.2
-.9
6.6
*
92.4
11.9
13.2
67.3
39.7
10.3
14.8
2.6
46.4
21.8
19.2
-1.6
7.0
79.5
17.9
22.3
39.3
20.6
8.5
8.5
1.7
21.7
5.1
8.9
-1.0
8.7
86.9
15.4
17.2
54.3
31.5
9.1
11.5
2.3
30.9
13.5
13.6
-.8
4.6
94.7 143.5 165.6 134.9 152.1
10.0 22.3 16.8 22.9 21.7
Private domestic net investment and borrowing in credit markets
Total, households and business
1
Total capital outlays i
2
Capital consumption 2
3
Net physical investment
4
5
6
7
8
9
10
11
12
13
14
Net funds raised
Excess net investment 3
Total business
Total capital outlays
Capital consumption
Net physical investment
Net debt funds raised
Corporate equity issues
Excess net investment 3
Corporate business
Total capital outlays
Capital consumption
Net physical investment
190.6 188.1 207.6 226.7 224.2 252.5 291.1 246.3 258.7 279.9 302.3 323.8
118.5 128.4 140.4 154.3 166.0 179.0 193.4 175.8 182.2 190.3 196.6 205.5
72.2 59.7 67.2 72.4 58.2 73.5 97.7 70.5 76.6 89.7 105.7 118.3
56.5
15.7
57.3
2.4
96.4
54.2
42.3
93.4
58.5
35.0
32.8
1.1
8.4
68.3
-1.1
81.0 70.2 98.5 133.1 88.4 108.5 117.7 148.8 165.6
-8.6 -12.0 -25.0 -35.4 -17.9 -32.0 -28.0 -43.1 -47.4
4
5
97.9 108.9 108.0 116.6 133.3 115.8 117.3 127.4 139.3 145.6
63.2 69.5 74.6 80.3 87.6 78.8 81.7 86.2 88.9 92.7
34.7 39.4 33.5 36.3 45.8 37.0 35.5 41.2 50.4 53.0
6
7
8
36.0 40.2
2.2 - 1 . 5
-3.2 -4.0
45.9 42.5 48.5 59.5 47.9 49.0 50.9 68.2 84.5
4.8 11.7 10.4 10.5 12.9 10.7 10.1
2.9
9.2
- 9 . 4 -13.8 -23.9 -24.1 -21.4 -26.4 -20.4 -27.9 -40.7
76.5
38.2
38.3
71.4
41.5
29.9
75.0
45.1
29.9
83.7
49.8
33.9
24.3
1.1
12.9
27.4
2.2
.3
31.8
-1.5
-.4
35.4
2.9
-4.4
18
19
20
Net debt funds raised
Corporate equity issues3
Excess net investment
Households
Total capital outlays
Capital consumption
Net physical investment
21
22
Net funds raised
Excess net investment
15
16
17
3
84.0
53.6
30.4
86.7 100.7
57.7 62.8
29.1 37.8
86.5
56.7
29.8
12
13
14
33.9 35.7 44.2 34.6 36.8 37.0 51.2 63.8
4.8 11.7 10.4 10.5 12.9 10.7 10.1
9.2
- 8 . 4 -18.3 -16.8 -15.3 -21.4 -13.5 -19.8 -30.9
15
16
17
94.2
64.3
29.9
94.6 109.7 117.8 116.2 135.9 157.8 130.4 141.4 152.6 163.0 178.2
69.9 77.2 84.8 91.4 98.7 105.9 97.0 100.4 104.1 107.7 112.9
24.7 32.5 33.0 24.7 37.2 51.9 33.5 41.0 48.5 55.3 65.3
18
19
20
22.6
7.3
19.0
5.7
21
22
29.6
2.9
32.2
.8
22.9
1.8
38.3 63.2
-1.1 -11.3
30.0
3.5
87.0
58.7
28.3
9
10
11
96.0 105.4 108.6
61.8 63.8 66.5
34.1 41.5 42.1
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.
NOTE.—Full statements for sectors and transaction types are available
on a quarterly basis and annually for flows and for amounts outstanding.
Requests for these statements should be addressed to the Flow of Funds
Section, Division of Research and Statistics, Board of Governors of the
Federal Reserve System, Washington, D.C., 20551.
1
2
3
46.6
-5.6
56.2 70.5
-7.6 -15.2
71.9
-6.6
Funds raised by type and sector. Credit flows included here are the
net amounts raised by households, nonfinancial business, governments,
and foreigners. All funds raised by financial sectors are excluded. U.S.
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 institutions. Such issues are in U.S. Government securities on p. A-71, 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.
JANUARY 1974 • FLOW OF FUNDS
A 71
DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
(Seasonally adjusted annual rates; in billions of dollars)
1971
Transaction category, or sector
1 Total funds advanced in credit markets to
nonfinancial sectors
By public agencies and foreign
2 Total net advances
U.S. Government securities
3
4
Residential mortgages
5
FHLB advances to S&L's
6
Other loans and securities
By agency—
7
U.S. Government
Sponsored credit agencies
8
9
Monetary authorities
10
Foreign
11 Agency borrowing not included in line 1
Private domestic funds advanced
12 Total net advances
U.S. Government securities
13
14
State and local obligations
15
Corporate and foreign bonds
16
Residential mortgages
17
Other mortgages and loans
18
Less: FHLB advances
19
20
21
22
23
24
25
26
27
28
29
30
31
Private
financial
intermediation
Credit market funds advanced by private financial
institutions
Commercial banking
Savings institutions
Insurance and pension funds
Other finance
Sources offunds
Private domestic deposits
Other sources
Foreign funds
Treasury balances
Insurance and pension reserves
Other, net
Private domestic nonfinancial
32 Direct lending in credit markets
33
U.S. Government securities
34
State and local obligations
35
Corporate and foreign bonds
36
Commercial paper
Other
37
38
39
40
41
42
Deposits and currency
43
44
45
Money
Demand deposits
Currency
46
47
48
49
investors
Large negotiable CD'S
Other at commercial banks
At savings institutions
Total of credit market instr., deposits, and currency.
Public support rate (in per cent)
Private financial intermediation (in per cent)
Total foreign funds
1966
1967
1968
1969
1970
1971
1972
HI
1972
H2
HI
1973
H2
HI
66.9
80.0
95.9
88.0
92.6 135.0 156.1 123.8 146.1 134.7 177.8 192.1
1
11.9
3.4
2.8
.9
4.8
11.3
6.8
2.1
-2.5
4.9
12.2
3.4
2.8
.9
5.1
15.8
.9
4.6
4.0
6.3
28.0
15.7
5.7
1.3
5.2
41.3
33.4
5.7
-2.7
4.9
16.9
7.3
5.2
4.9
5.1
3.5
-1.6
4.8
4.6
-.1
4.8
2.0
-.6
4.9
3.2
3.7
.3
3.5
2.9
9.0
4.2
-.3
8.8
2.8
9.9
5.0
10.3
8.2
3.2
2.8
8.8
26.4
4.3
59.8 68.1
5.7
5.4
5.6
7.8
10.3 16.0
12.0 13.0
27.4 23.1
.9 - 2 . 5
87.2
13.3
9.5
13.8
15.5
35.9
.9
80.9
4.6
9.9
12.5
15.7
42.2
4.0
72.8
5.4
11.3
20.0
12.8
24.6
1.3
45.4
17.5
7.9
15.5
4.5
63.5
35.9
15.0
12.9
-.3
75.3
38.7
15.6
14.0
7.0
45.4
22.5
3.2
63.5
50.0
-.4
19.8
3.7
-.5
13.6
3.0
4.3
38.6
32.9
4.2
-5.5
7.1
44.0
34.0
7.1
.2
2.7
19.7
12.7
6.2
-2.4
3.2
14.1
2.0
4.3
2.5
5.4
42.6
21.4
5.0
7.8
8.5
2
3
4
5
6
2.3
6.0
.2
8.4
6.2
4.3
-1.4
8.4
27.3
.9
2.2
7.0
9.3
25.5
7.7
1.5
7.5
4.5
6.2
7.4
3.1
4.5
-4.1
10.6
5.0
.5
18.7
12.0
11.5
17.6
7
8
9
10
11
86.1 109.9 122.4 168.6 167.1
-9.2
2.1
7.1 25.3
13.4
17.9 15.4 12.0 11.9
7.4
22.1
16.8 14.2 12.1
9.7
24.8 33.4 38.4 50.8 50.4
25.0 42.3 48.3 71.0 94.0
-5.5
.2 - 2 . 4
7.8
2.5
12
13
14
15
16
17
18
54.9
18.2
14.5
12.3
9.9
74.9 111.4 150.2 112.2 110.6 130.5 170.1 188.0
35.1 50.6 69.7 53.2 48.0 57.2 82.4 100.8
16.9 41.5 48.7 45.4 37.5 48.4 48.9 49.9
17.3 14.1
16.0 12.5 15.7
14.1 17.8 23.1
5.7
5.3 15.8
1.2
9.4
10.6 21.0 14.2
19
20
21
22
23
75.3
45.9
8.5
54.9
2.6
19.1
74.9 111.4 150.2 112.2 110.6 130.5 170.1 188.0
63.2 90.8 97.8 107.7 73.9 97.9 97.9 103.0
-.4
9 . 2 20.2
2.6 15.9
16.4 24.0 36.9
24
25
26
13.9
2.3
.2
12.0
-.6
21.0
2.6
-.2
11.4
7.2
33.3
9.3
17.6
8.2
2.6
2.1
2.3
2.3
4.2
-1.4
-2.5
4.6
1.9
1.7
20.3
8.0
-.2
4.7
5.8
2.1
45.0
16.8
8.7
7.4
10.2
2.0
24.4
20.3
-.2
13.3
7.3
52.1
39.3
4.3
18.3
16.7
5.4
48.3
33.9 - 2 . 3
3.5 - 1 3 . 7
3.4
17.5
8.0
12.9
66.6
56.1
15.0
24.2
16.9
94.2 102.2 110.6
81.2 85.7 92.6
7.7
8.7
3.4
32.9 31.0 44.0
40.6 46.0 45.3
4.1
2.1
2.0
12.8
10.6
2.1
14.5
12.1
2.4
7.7
4.8
2.8
10.5
7.1
3.5
13.0
9.6
3.4
16.5
12.1
4.4
17.9
15.1
2.8
42.0
56.3
68.7
50.5
64.2
90.0 117.7
87.1
17.9
75.9
2.1
14.1
93.2
4.3
12.7
86.4
2.9
18.0 30.2 30.6 10.8 31.2 30.1
67.9 102.8 113.7 103.3 130.3 100.7
9.1
1.8 23.2 13.5 20.1 26.3
12.1
-8.5
2.9
10.4 13.1
13.5
4.5
*
*
98.0 145.4
-3.5
16.3
16.6 11.9
13.2
19.5
29.1 44.6
33.7 59.5
*
-2.7
11.3
-3.2
2.2
9.6
2.7
-2.4 -4.2
-8.3 -13.0
-1.1
-. 1
10.1
8.2
-4.4
-.6
1.3
1.4
32.2
5.1
.7
11.3
15.1
1.9
-7.2
-.8
7.7
2.2
20.8
.8
5.3
11.5
3.2
16.2
5.5
-3.6
8.4
5.9
48.2
4.7
5.1
14.1
24.3
48.1
5.0
-1.4
16.5
28.0
27
28
29
30
31
15.4 - 2 3 . 5
4.1 - 2 2 . 4
2.1 - 2 . 7
8.6
4.9
3.7 - 7 . 3
.6
.3
15.2
-3.5
2.6
7.7
6.0
2.3
8.3
-3.3
.9
4.5
6.7
-.4
22.5
11.5
3.4
5.2
.8
1.7
16.0
11.3
1.3
1.6
-.4
2.2
32
33
34
35
36
37
77.9 103.3 101.3 109.0 38
69.8 88.8 82.6 99.0 39
12.0
2.1
15.3 27.3 40
21.9 38.9 23.2 33.9 41
35.9 47.8 44.1 37.9 42
8.1
4.1
3.9
14.5
9.1
5.5
18.7
15.3
3.4
10.0
3.9
6.0
93.0 111.7 123.8 125.1
7.9 22.2
14.6
106.6 100.9 112.5
11.6 15.3 16.4
43
44
45
46
47
48
49
Corporate equities not included above
1 Total net issues
2
Mutual fund shares
Other equities
3
4
5 Other net purchases
4.6
3.7
.9
6.0
-1.4
5.3
3.0
2.3
9.1
-3.8
5.1
5.8
-.7
10.8
-5.8
Notes
Line
1. Line 2 of p. A-70.
2. Sum of lines 3-6 or 7-10.
6. Includes farm and commercial mortgages.
11. Credit market funds raised by Federally sponsored credit agencies.
Included below in lines 13 and 33. Includes all GNMA-guaranteed
security issues backed by mortgage pools.
12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32.
Also sum of lines 27, 32, 39, and 44.
17. Includes farm and commercial mortgages.
25. Lines 39 + 44.
26. Excludes equity issues and investment company shares. Includes
line 18.
28. Foreign deposits at commercial banks, bank borrowings from foreign
branches, and liabilities of foreign banking agencies to foreign affiliates.
9.5
4.8
4.7
12.2
-2.7
9.5
2.6
6.9
11.4
-1.9
14.7
1.2
13.5
19.2
-4.6
12.0 13.0
-.6
.3
12.6 12.7
15.6 23.4
-3.6 -10.4
16.3
2.1
14.2
15.0
1.3
12.4
-.8
13.3
17.6
-5.1
11.5
-.4
12.0
13.6
-2.1
9.6
-1.7
11.3
12.4
-2.8
2
3
4
5
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.
39+44. See line 25.
45. Mainly an offset to line 9.
46. Lines 32 plus 38 or line 12 less line 27 plus line 45.
47. Line 2/line 1.
48. Line 19/line 12.
49. Lines 10 plus 28.
Corporate equities
Line 1 and 3. Includes issues by financial institutions.
A 72
U.S. BALANCE OF PAYMENTS • JANUARY 1974
1. U.S. BALANCE OF PAYMENTS
(In millions of dollars)
Line
1970
Credits-f, debits —
1973
1972
1972 r
1971
l
IVr
III
r
III P
II
Summary—Seasonally adjusted
1
?.
Exports
3
-244
714
2,176 - 2 , 6 9 8 - 6 , 9 1 2 - 1 , 5 7 3 - 1 , 7 4 5
-960
41,964 42,768 48,769
18,153
13,213
15,320 16,778
12,362
-39,788 -45,466 -55,681 -13,935 -14,958 -16,280 -17,022 -17,439
-3,374
-2,013
-2,918
-2,288
-3,558
-2,853
-846
-679
-864
-730
-825
-608
-730
-703
-576
-526
6,260
7,920
3,506
-5,166
7,972
9,456
3,443
-4,927
7,863
10,433
3,492
-6,062
1,950
2,600
876
-1,526
2,232
2,991
875
-1,634
2,309
3,152
1,006
-1,849
2,111
3,223
1,088
-2,200
2,311
3,449
1,187
-2,325
10
581
739
851
209
237
234
240
225
11
3,630
807
-4,610
-939
-870
150
674
2,148
-1,481
-1,553
-1,570
-373
-429
-397
-389
-422
2,150
-745
-6,180
-1,312
-1,299
-247
285
1,726
-1,734
-2,045
-2,174
-581
-452
-345
-652
-509
416
-2,790
-8,353
-1,893
-1,751
-592
-367
1,217
-1,829
244
-2,117
225
-1,714
137
-542
7
-627
26
-671
111
-583
174
-554
4
224
15
781
-16
-771 -2,025
160
273
-40
51
1,768
1,745
-442
-103
43
106
484
-317
-946
534
-126
496
-257
-18
187
1,685
-228
720
-204
1,159
243
-5
4
5
6
7
8
9
12
13
Other U.S. investments abroad
Foreign investments in the United States
Remittances, pensions, and other transfers
Balance on goods, services, and remittances
14
15
Balance on current account
16
U.S. Government capital flows excluding nonscheduled
17
18
Nonscheduled repayments of U.S. Government assets
U.S. Government nonliquid liabilities to other than foreign
official reserve agencies
Long-term private capital flows, net
U.S. direct investments abroad
Foreign direct investments in the United States
19
20
21
22
23
24
25
U.S. securities other than Treasury issues
Other, reported by U.S. banks
Other, reported by U.S. nonbanking concerns
-433
238
169
-467
-1,429 -4,401
-152
-393
-4,410 -4,943 -3,404 -1,148
1,030
160
178
-115
-942
-614
209
-966
2,190
553
2,269
4,335
178
-862 -1,120
-426
492
526
241
216
-9,550
-9,843
-2,652
-1,556
-944
-609
2,539
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
-482 -2,347
-1,023 -1,802
-361
-530
902
-15
-1,637
-1,495
-315
173
-430
-267
-122
-41
-982
-859
-250
127
-1,822
-1,809
-48
35
-1,404
-1,362
-18
-24
234
199
-233
268
31
32
Allocations of Special Drawing Rights (SDR's)
867
717
-1,205 -10,784
710
177
177
-3,112 -1,626 -1,490
-3,891
-3,031
26
33
-3,851 -21,965 -13,882
34
35
36
37
38
39
40
41
3,542
-5,988 -7,788
252 - 1 , 0 9 7 - 1 , 2 3 4
-742
-99
-566
-492
351
-531
-6,240 -6,691
4,776
-6,508 -6,908
3,862
104
181
682
87
810
-465
Reported by U.S. nonbanking concerns
To f oreign commercial banks
To international and regional organizations
42
43
44
Financed by changes in:
Liquid liabilities to foreign official agencies
Other readily marketable liabilities to foreign official agen-
45
Nonliquid liabilities to foreign official reserve agencies reported by U.S. Govt
46
47
48
49
50
51
52
53
Gold
SDR's
Convertible currencies . •• • • • • • • • • • • • • • • • • • • • • • •
Gold tranche position in IMF
Memoranda:
Transfers under military grant programs (excluded from
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 of table.
-4,531
7
- 4 1 0i
-274
-136
417
295:
-32
154
-3,851
2,367
-131
-77
-54
2,498
1,995
181
322
-6,651
r
- 3 , 8 4 2:
-1,966;
-1,351
- 6 1 5i
-1,876;
-1,896i
12:
8i
425
-1,355
-1,588
1,418
1,923
818
905
-87
1,105
710i
31
364
690
-290
-342
52
980
866
-52
166
- 9 , 8 3 9 - 2 9 , 7 5 3 - 1 0 , 3 4 0 ' - 4 , 5 2 4• - 1 , 4 8 4 - 1 0 , 4 9 9 »
335
2,108
9,12CI
-778
-1,654
7,637
-810
27,615
9,720 '
4,467
1,645
-551
399
34
117
1,2021
259
11
- 4 3i
167
-452
17
-13
535
341
189
78
-167
2,477
787
-851
2,152
389
2,348
866
-249
381
1,350i
32
547
-703
35
153
- 5 5;
3
-177
134
- 1 5;
-111
2,586
3,153
4,200
2,948
3,192
4,521
434
498
548
1,189
(6)
(6)
-177
82
-16
949
(6)
(6)
220>
9
233
-13
716
(6)
(6)
8
833
(6)
(6)
521
(*)
(6)
JANUARY 1974 • U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE
A 73
1. U.S. BALANCE OF PAYMENTS-Continued
(In millions of dollars)
Credits + , debits —
1970
1972
1972 r
1971
1973
r
IV
l
-4,708
-4,701
-4,028
-1,661
-6,657
-10,499
-1,588
335
1,418
2,108
III
II
Illf
Balances excluding allocations of SDR's—Seasonally adjusted
Net liquidity balance
Official reserve transactions balance
-4,718
-10,706
-22,682
-30,470
-14,592
-11,050
Balances not seasonally adjusted
Balance on goods and services
Balance on goods, services, and remittances
Balance on current account
Balance on current account and long-term capital
Balances including allocations of SDR's:
Net liquidity
Official reserve transactions
4
Balances excluding allocations of SDR's:
Net liquidity
Official reserve transactions
3,630
2,150
416
-3,031
807
-745
-2,790
-9,550
-4,610
-6,180
-8,353
-9,843
-2,409
-2,796
-3,333
-4,052
168
-263
-698
343
819
448
74
-862
787
390
-295
-784
251
-185
-649
712
-3,851
-9,839
-21,965
-29,753
-13,882
-10,340
-5,299
-5,590
-3,197
-1,503
-6,282
-9,995
-1,981
772
537
933
-4,718
-10,706
-22,682
-30,470
-14,592
-11,050
-5,299
-5,590
-3,197
-1,503
-6,282
-9,995
-1,981
772
537
933
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
Includes changes in long-term liabilities reported by banks in the
United States and in investments by foreign official agencies in debt
securities of U.S. Federally-sponsored agencies and U.S. corporations.
6
Not available.
NOTE.—Data are from U.S. Department of Commerce, Bureau of Economic Analysis. Details may not add to totals because of rounding.
2. MERCHANDISE EXPORTS AND IMPORTS
(Seasonally adjusted; in millions of dollars)
Exports i
Imports
2
Trade balance
1970
1971
1972
1973
1970
3,406
3,546
3,375
3,410
3,661
3,727
3,704
3,591
3,553
3,688
3,499
3,569
3,601
3,695
3,790
3,631
3,746
3,672
3,573
3,667
4,487
2,669
3,196
3,881
4,074
3,824
3,869
3,820
3,882
3,971
4,074
4,197
4,176
4,316
4,473
4,558
4,977
5,065
5,380
5,487
5,603
5,778
5,869
6,004
6,448
6,432
6,819
3,222
3,279
3,219
3,262
3,367
3,265
3,254
3,346
3,423
3,498
3,428
3,401
3,599
3,564
3,628
3,774
3,908
4,037
3,832
3,913
4,179
3,469
3,456
4,169
4,415
4,473
4,515
4,417
4,486
4,468
4,565
4,726
4,612
4,738
148
5,002
5,281
5,541
5,432
5,291
5.761
5,794
5.762
10,327
10,798
10,848
10,756
11,086
II
III....
IV....
11,049
11,727
9,746
11,767
11,673
12,447
13,347
15,421
16,868
18,321
9,720
9,864
10,023
10,327
10,792
11,719
11,924
11,094
13,403
13,370
13,903
14,888
16,254
16,846
17,358
Year3...
42,659
43,549
49,208
39,952
45,563
55,555
Month:
Jan
Feb...
Mar...
Apr...
May..
June..
July...
Aug...
Sept...
Oct.. .
Nov...
Dec...
Quarter:
I
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
3
6,021
5,575
5,905
6,733
1971
1972
1973
184
267
156
148
324
462
450
245
130
190
71
168
2
130
160
-143
-161
-365
-259
-247
308
-800
-260
-288
-341
-649
-647
-596
-604
-497
-491
-530
-436
-421
-675
-444
-304
-476
-53
196
-158
-16
106
-17
873
527
86
607
933
816
425
294
-670
-197
-1,348
-1,637
-1,697
-1,456
-1,540
-833
22
963
2,707
-2,014
-6,347
Sum of unadjusted figures.
NOTE.—Bureau of the Census data. Details may not add to totals because of rounding.
U.S. GOLD TRANSACTIONS • JANUARY 1974
A 74
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
until May 8, 1972, and at $38 per fine troy ounce thereafter)
1972
1965
1964
1963
Area and country
1966
1967
1968
1969
1970
1971
IV
Western Europe:
-82
-518
Other
1
-6
-35
-49
16
-47
200
11
-29
-13
-88 -1,299
-659
-980
-669
969
-204
-796
200
150
50
-39
-3
7
-25
-1
-28
-23
-9
-6
11
-40
-29
-80
-5
56
17
-41
9
-65
-54
-131
-5
-10
-4
-56
-11
-21
-42
-1
40
-4
-35
-10
-2
11
-9
2-91
-30
39
-3
42
-213
-38
-3
-81
-6
957
4-631
-845
-3
10
-156
-22
-544
Grand total
967
-787
-867
-547
-13
-6
-392
Total foreign countries •
Intl Monetary Fund^
20
-36
All other .
-25
-175
32
12
Total
- 2 5*
-25
-11
25
3
-7
-392
-119
*
-1
-14
-14
-22
-24
-86
-44
-366
-22
3-166
3-68
-16
6-225
.
*
-95
-34
9
-50
-81
-75
- 3 6 -1,322
- 3 6 -1,547
-608 -1,031 -1,118
177
III
2
-50
51
-50
25
29
-25
-13
54
10
II
-110
-473
329
-11
.
-129
-50
-835
Asia:
Jap'an
Lebanon
Malaysia
. . .
Philippines
Saudi Arabia
-52
-209
— 19
325
500
41
-76
-30
-879
-30
72
Total
-2
-85
-58
600
-2
80
Canada
Latin American republics:
Argentina
Brazil
Colombia
Venezuela
Other
'
-2
-60
-399
I
4
-25
-601
-2
-80
-35
-180
-50
150
-130
Total
-100
-83
-884
200
-60
-32
-81
618
Italy
Bank for Intl. Settlements .
Other
-55
-40
-405
-225
1973
1972
22
-3
- 4 3 1 - 1 . 0 0 9 — 1.121
'
1
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 IMF include the U.S. payment of $385 million increase in
its gold subscription to the IMF and gold sold by the IMF 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 IMF quota payments. Such U.S. sales to countries
and resales to the United States by the IMF total $548 million each.
5 Includes IMF gold sales to and purchases from the United States,
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 withdrawal ($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 IMF in U.S. Treasury
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 subscriptio*
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 represent 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 amount.
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 IMF (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 purchase additional amounts equal to its quota.
5 Includes $259 million gold subscription to the IMF in June 1965 foi
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.
NOTE.—The initial U.S. quota in the IMF 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 revalued to $7,274 million in
May 1972 and $8,083 million in Oct. 1973 as a result of changes 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.
JANUARY 1974 • U.S. RESERVE ASSETS; POSITION IN THE IMF
A 75
4. U.S. RESERVE ASSETS
(In millions of dollars)
Gold stock i
Total 2
Treasury
Convertible
foreign
currencies
19,359
18,753
17,220
16,843
16,672
17,804
16,947
16,057
15,596
15,471
17,767
16,889
15,978
15,513
15,388
116
99
212
432
1,555
1,690
1,064
1,035
769
15,450
14,882
14,830
15,710
716,964
6 13,806
13,235
12,065
10,892
11,859
613,733
13,159
11,982
10,367
10,367
781
1,321
2,345
3,528
72,781
6 863
326
420
1,290
2,324
1970...
14,487
1971 . . . 812,167
19729. .
13,151
1973... .
14,378
11,072
10,206
10,487
11,652
10,732
10,132
10,410
11,567
629
8 276
241
8
1,935
585
465
552
End of
year
Total
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
Reserve
position
in
IMF 3
Gold stock
End of
month
SDR's 4
851
1,100
1,958
2,166
Total 2
Treasury
Convertible
foreign
currencies 5
Total
Reserve
position
in
IMF 3
SDR's 4
1972
Dec...
13,151
10,487
10,410
241
465
1,958
1973
Jan...
Feb...
Mar. .
Apr...
May..
June. .
July..
Aug...
Sept...
Oct.. .
Nov...
Dec...
13,054
12.926
12,931
12,904
12,916
12,914
12,918
12,923
12.927
1014,367
14,373
14,378
10,487
10,487
10,487
10,487
10,487
10,487
10,487
10,487
10,487
1011,652
11,652
11,652
10,410
10,410
10,410
10,410
10,410
10,410
10,410
10,410
10,410
1011,567
11,567
11,567
140
8
8
8
16
8
8
8
8
8
8
8
469
473
478
460
464
470
474
479
483
10541
547
552
1,958
1,958
1,958
1,949
1,949
1,949
1,949
1,949
1,949
102,166
2,166
2,166
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.
10
Total reserve assets include an increase of $1,436 million resulting
from change in par value of the U.S. dollar on Oct. 18, 1973; consisting
of $1,165 million total gold stock, $1,157 million Treasury gold stock, $54
million reserve position in IMF, and $217 million special drawing rights.
1 Includes (a) gold sold to the United States by the I M F with the right
of repurchase, and (b) gold deposited by the IMF 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 equivalent to its reserve position in the IMF automatically if needed. Under appropriate 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
became effective on Feb. 23, 1966. In figures published by the IMF from
June 1965 through Jan. 1966, this gold subscription was included in the
U.S. gold stock and excluded from the reserve position.
NOTE.—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)
IMF holdings
of dollars
(end of period)
Transactions affecting IMF holdings of dollars
(during period)
Transactions by
other countries
with IMF
U.S. transactions with IMF
Period
Payments
of
subscriptions in
dollars
Net
gold
sales
by IMF i
1946—1957.
1958—1963.
1964—1966.
1967—1969.
2,063
1,031
776
600
150
1970.
1971 .
1972.
1973.
1,155
6712
7 541
7 754
22
Transactions in
foreign
currencies 2
1,640
-84
150
1,362
200
IMF net
income
Total
change
Amount
Per cent
of
U.S.
quota
827
2,740
6
268
775
2,315
1,744
-1,998
775
3,090
4,834
2,836
28
75
94
55
741
40
1,929
1,350
694
721
4,765
6,115
6,810
7,531
71
91
94
93
6,810
94
6,806
6,801
6,796
6,814
6,810
6,804
6,800
6,795
6.791
7,541
7,536
7,531
94
93
93
94
94
94
93
93
93
93
93
93
Purchases
of
dollars 3
Repurchases
in
dollars
-45
60
45
59
-2,670
-1,666
-723
-2,263
25
-854
-24
dollars
-28
-47
-33
1972—Dec..
- 6
1973—Jan...
Feb..
Mar..
Apr..
May.
June.
July .
Aug..
Sept..
Oct...
Nov..
Dec..
-4
-5
-5
18
-4
-4
-5
-5
18
-4
- 6
- 6
-4
-5
-4
-4
-5
-5
-4
-5
-4
750
-5
-5
For notes see opposite page.
7 754
A 76
INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1974
6. U.S. LIQUID AND OTHER LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS, AND LIQUID
LIABILITIES TO ALL OTHER FOREIGNERS
(In millions of dollars)
Liabilities to foreign countries
Official institutions2
End
of
period
1962
Total
Liquid
liabilities to
IMF
arising
from
gold
transactions i
Liquid liabilities to
other foreigners
Liquid
Total
Shortterm
liabilities reported
by
banks
in
U.S.
Liquid
Nonmarliabiliketable
Nonmar- nonconties
Other
Market- ketable vertible readily to comable
conmarket- mercial
U.S.
banks
U.S.
vertible Treas.
able
Treas.
U.S.
liabili- abroad 6
bonds
bonds
Treas.
ties
5
and
and
bonds
notes 4
notes 3
and
notes
200
Total
Shortterm
liabilities reported
by
banks
in
U.S.
Liquid
liabilities to
nonmonetary
Marketintl.
able
and reU.S.
gional
Treas. organi- 8
bonds zations
and
notes3»7
9,
24,268
800
12.914
11,963
751
5,346
3,013
2,565
448
2,195
1963
9,
J26,433
\26,394
800
800
14,459
14,425
12,467
12,467
1,217
1,183
703
703
63
63
9
9
5,817
5,817
3,397
3,387
3,046
3,046
351
341
1,960
1,965
1964
9,
129,313
\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
1965.
29,569
834
15,826
13,066
1,105
1,201
334
120
7,419
4,059
3,587
472
1,431
1966
9,
(31,145
\31,020
1,011
1,011
14,841
14,896
12,484
12,539
860
860
256
256
328
328
913
913
10,116
9,936
4.271
4.272
3.743
3.744
528
528
906
905
1967
9,
J35.819
\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
J38,687
\38,473
1,030
1,030
17,407
17,340
11,318
11,318
529
462
701
701
2,518
2,518
2,341
2,341
14,472
14,472
5,053
4,909
4,444
4,444
609
465
725
722
1,019 ioi5,975
1,019
15,998
11,054
11,077
346
346
10 555 102,515
555
2,515
1,505
1,505
23,638
23,645
4,464
4,589
3.939
4,064
525
525
659
663
1968 9
1969
9,
io/45,755
\45,914
1970—]Dec. 9.
J47,009
\46,960
566
566
23,786
23,775
19,333
19,333
306
295
429
429
3,023
3,023
695
695
17,137
17,169
4,676
4,604
4,029
4,039
647
565
844
846
1971—]Dec. u
J67,681
\67,808
544
544
51,209
50,651
39,679
39,018
1,955
1,955
6,060
6,093
3,371
3,441
144
144
10,262
10,949
4,138
4,141
3,691
3,694
447
447
1,528
1,523
1972—1Nov..
Dec.. .
82,373
82,883
61,127
61,520
40,045
39,994
4,834
5,236
12,098
12,108
3,651
3,639
499
543
14,776
14,785
4,745
4,952
4,322
4,527
423
425
1,725
1,626
1973—JJan...
Feb...
Mar..
Apr.. .
May..
June..
July..
Aug..
Sept..
Oct. P.p
Nov.
82,048
87,854
1290,884
1390,580
92,085
92,185
93,212
92,569
92.072
93,171
92.558
60,796
68,475
38,534
45,413
46,924
45,949
46,112
45,705
46,129
45,714
45,172
45,211
43,756
5,798
6,377
6,917
6,934
6,934
6,934
6,934
6,906
6,914
6,929
6,207
12,110
12,110
3,780
3.627
3,617
3,631
3.628
3,805
3,705
3,555
3,355
3,233
3,233
574
948
1,745
1,989
1,996
2,004
2,006
2,019
2,015
2,009
1,851
14,767
12,791
12,955
13,052
14,274
14,500
15,420
15,204
15,199
16,131
17,496
4,892
4,968
4,960
5,149
5,147
5,323
5,257
5,322
5,479
5,519
5,689
4,467
4,596
4,584
4,750
4,763
4.940
4,883
4,987
5,132
5,145
5,279
425
372
376
399
384
383
374
335
347
374
410
1,593
1,620
1,638
1,631
1,749
1,669
1,516
1,530
1,619
1,820
2,007
1271,331
70,748
70.915
70,693
71,019
70,513
69,775
69,701
67,366
1212,128
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. Treasury obligations at
cost value and funds awaiting investment obtained from proceeds of sales
of 2gold by the IMF to the United States to acquire income-earning assets.
Includes BIS and European Fund.
3
Derived by applying reported transactions to benchmark data;
breakdown
of transactions by type of holder estimated 1959-63.
4
Excludes notes issued to foreign official nonreserve agencies.
5 Includes long-term liabilities reported by banks in the United States
and debt securities of U.S. Federally-sponsored agencies and U.S. corporations.
6 Includes short-term liabilities payable in dollars to commercial banks
abroad and short-term liabilities payable in foreign currencies to commercial banks abroad and to "other foreigners."
7 Includes marketable U.S. Treasury bonds and notes held by commercial banks abroad.
8 Principally the International Bank for Reconstruction and Development 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
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.
10
Includes $101 million increase in dollar value of foreign currency
12,245
12,245
12,245
12,245
12,319
12,319
12,319
12,319
liabilities resulting from revaluation of the German mark in Oct. 1969 as
follows: liquid, $17 million, and other, $84 million.
11 Data on the second line differ from those on first line because certain 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.
12
Includes $15 million increase in dollar value of foreign currency
liabilities
revalued to reflect market exchange rates.
13
Includes $147 million increase in dollar value of foreign currency
liabilities to official institutions of foreign countries revalued to reflect
market exchange rates as follows: short-term liabilities, $15 million; nonmarketable convertible U.S. Treasury bonds and notes, $113 million; and
nonmarketable nonconvertible U.S. Treasury bonds and notes, $19 million.
NOTE.—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 debt securities of U.S. Federally-sponsored
agencies and U.S. corporations, 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 international and regional organizations.
JANUARY 1974 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 77
7. U.S. LIQUID AND OTHER LIABILITIES TO OFFICIAL INSTITUTIONS
OF FOREIGN COUNTRIES, BY AREA
(Amounts outstanding; in millions of dollars)
End of period
1967
1968 3
1969
1970
3
3
1971 5
Total
foreign
countries
Western
Europe 1
Canada
18,194
/17,407
\17,340
J 4 15,975
1 15,998
/23,786
123,775
/51,209
150,651
10,321
8,070
8,062
4
7,074
7,074
13,620
13,615
30,010
30,134
1,310
1,867
1,866
1,624
1,624
2,951
2,951
3,980
3,980
1,582
1,865
1,865
1,888
1,911
1,681
1,681
1,414
1,429
4,428
5,043
4,997
4,552
4,552
4,713
4,708
14,519
13,823
250
259
248
546
546
407
407
415
415
303
303
302
291
291
414
413
871
870
61,127
61,520
34,608
34,197
4,289
4,279
1,444
1,731
17,372
17,573
694
777
2,720
2,963
60,796
68,475
6 71,331
7 70,748
70,915
70,693
71,019
70,513
69,775
69,701
67,366
34,146
40,773
6 45,229
7 45,608
46,646
46,967
47,140
47,260
47,099
47,515
46,002
4,201
4,290
4,221
4,157
4,104
4,111
4,043
3,836
3,759
3,851
3,820
1,728
1,895
1,749
1,915
1,903
1,998
2,072
2,014
1,860
1,937
2,212
17,033
17,907
16,564
15,415
14,425
13,727
13,686
13,631
13,289
12,601
11,475
673
809
823
839
940
992
928
738
769
735
771
3,015
2,801
2,745
2,814
2,897
2,898
3,150
3,034
2,999
3,062
3,086
1972—Nov
Dec
1973—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.*
NOV.p
1
Includes Bank for International Settlements and European Fund.
Includes countries in Oceania and Eastern Europe, and Western European dependencies in Latin America.
3 See note 9 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
t o official institutions of foreign countries have been increased in value by
$110 million to reflect market exchange rates as of Dec. 31, 1971.
2
Latin
American
republics
Asia
Africa
Other
countries 2
6
Includes $15 million increase in dollar value of foreign currency
liabilities revalued to reflect market exchange rates.
7
Includes $147 million increase in dollar value of foreign currency
liabilities revalued to reflect market exchange rates.
NOTE.—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. Treasury
securities with an original maturity of more than 1 year, except for nonmarketable notes issued to foreign official nonreserve agencies; and investments by foreign official reserve agencies in debt securities of U.S.
Federally-sponsored agencies and U.S. corporations.
8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
To nonmonetary international
and regional organizations 6
To all foreigners
Payable in dollars
Deposits
Total 1
Total
Demand
U.S.
Treasury
bills and
certifiTime 2
cates 3
Other
shortterm
liab. 4
Payable
in
foreign
currencies
40,199
/41,719
\41,761
(55,404
\55,428
39,770
41,351
41,393
55,018
55,036
20,460
15,785
15,795
10,399
6,459
6,959
5,924
5,961
5,209
4,217
5,015
14,123
14,123
33,025
33,025
7,336
5,519
5,514
6,385
11,335
429
368
368
386
392
60,654
60,719
60,112
60,222
7,011
8,288
5,379
5,629
32,774
31,850
14,948
14,455
59,148
64,218
65,889
65,180
66,729
66,714
67,919
67,389
67,056
68,254
68,490
58,622
63,705
65,341
64,596
66,157
66,070
67,312
66,779
66,395
67,678
67,883
7,452
7,786
7,606
8,118
8,364
9,113
8,988
8,435
8,754
9,108
9,860
5,533
5,595
5,612
5,654
5,714
5,829
5,876
6,139
6,130
6,770
6,857
30,134
36,522
37,947
36,440
35,965
34,931
34,556
34,257
33,702
32,869
31,977
15,504
13,801
14,175
14,383
16,114
16,197
17,892
17,948
17,809
18,930
19,189
For notes see the following page.
IMF
gold
investments
Dep osits
Total
Demand
Time 2
U.S.
Treasury
bills and
certificates
Other
shortterm
liab. 4
613
820
820
1,372
1,367
62
69
69
73
73
83
159
159
192
192
244
211
211
210
210
223
381
381
896
892
543
496
1,512
1,412
95
86
242
202
380
326
794
799
526
513
548
584
572
644
607
611
660
577
607
1,380
1,418
1,426
1,429
1,579
1,569
1,486
1,485
1,552
1,767
1,959
118
133
114
119
141
155
206
178
80
70
73
172
144
134
112
119
134
114
116
100
93
95
279
287
260
221
148
169
116
61
62
173
373
811
854
918
976
1,172
1,110
1,049
1,129
1,311
1,430
1,419
800
400
400
400
400
A 78
INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1974
8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE—Continued
(Amounts outstanding; in millions of dollars)
To official institutions 10
To residents of foreign countries
Payable in dollars
Total
Deposits
Demand
Time 2
U.S.
Treasury
bills and
certificates 3
Payable in dollars
Payable
in
foreign
currencies
Other
shortterm
liab.4
Total
Deposits
Demand
Time 2
U.S.
Treasury
bills and
certifi-3
cates
Other
shortterm
liab.4
3,844
13,367
13,367
32,311
32,311
2,159
38,786
/40,499
\40,541
f53,632
\53,661
20,397
15,716
15,726
10,326
6,386
6,876
5,765
5,802
5,017
4,025
3,971
13,511
13,511
32,415
32,415
7,113
5,138
5,133
5,489
10,443
429
368
368
386
392
11,077
19,333
19,333
39,679
39,018
1,930
1,652
1,652
1,327
2,942
2,554
2,554
2,504
2,039
59,143
59,306
6,915
8,203
5,137
5,427
32,394
31,523
14,154
13,657
543
496
40,045
39,994
1,271
1,589
2,643
2,876
32,315
31,453
3,645
3,905
57,768
62,800
64,463
63,751
65,149
65,145
66,432
65,905
65,503
66,487
66,531
7,333
7,653
7,492
7,999
8,223
8,958
8,781
8,257
8,674
9,038
9,788
5,361
5,450
5,478
5,542
5,596
5,695
5.761
6,023
6,030
6,677
6.762
29,855
36,235
37,687
36,219
35,817
34,762
34,440
34,196
33,640
32,696
31,604
14,693
12,948
13,257
13,407
14,942
15,087
16,843
16,819
16,498
17,500
17,770
526
513
548
584
572
644
607
611
660
577
607
38,534
45,413
46,924
45,949
46,112
45,705
46,129
45,714
45,172
45,211
43,756
1,405
1,756
1,543
1,714
1,719
1,940
1,934
1,575
1,631
1,810
2,020
2,875
2,841
2,832
2,916
2,945
3,117
3,185
3,348
3,226
3,846
3,780
29,779
36,147
37,620
36,137
35,736
34,684
34,360
34,118
33,554
32,613
31,529
4,303
4,497
4,757
4,996
5,525
5,777
6,461
6,545
6,634
6,815
6,300
To banks 1 1
1,620
1,612
1,612
3,086
3,177
To other foreigners
Payable in dollars
End of period
Total
Deposits
Total
Demand
Time
2
U.S.
Treasury
bills and
certificates
Other
shortterm
liab.4
Deposits
Total
Demand
Time
2
U.S.
Treasury
bills and
certificates
Other
shortterm
liab.4
To banks
and other
foreigners:
Payable in
foreign
currencies
27,709
J21,166
\21,208
/13,953
\14,643
23,419
16,917
16,949
10,034
10,721
16,756
12,376
12,385
7,047
3,399
1,999
1,326
1,354
850
320
20
14
14
8
8
4,644
3,202
3,197
2,130
6,995
4,064
4,029
4,039
3,691
3,694
1,711
1,688
1,68-8
1,660
1,660
1,935
1,886
1,895
1,663
1,666
107
131
131
96
96
312
325
325
274
271
226
220
220
228
228
1972—Nov
Dec
19,097
19,312
14,404
14,460
3,938
4,659
481
525
5
5
9,981
9,270
4,322
4,527
1,706
1,954
2,014
2,026
75
65
528
481
372
325
1973—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.p
Nov.f
19,234
17,387
17,539
17,803
19,037
19,440
20,303
20,191
20,331
21,276
22,775
14,413
12,449
12,579
12,654
13,889
14,042
15,003
14,720
14,666
15,681
17,016
4,155
4,084
4,144
4,335
4,645
5,053
4,957
4,806
5,071
5,251
5,761
415
483
518
514
535
404
432
491
603
651
693
7
5
5
7
8
8
8
10
8
7
8
9,835
7,877
7,912
7,799
8,701
8,577
9,605
9,413
8,983
9,772
10,554
4,467
4,596
4,584
4,751
4,764
4,941
4,883
4,987
5,132
5,145
5,279
1,773
1,813
1,805
1,951
1,859
1,965
1,890
1,876
1,972
1,977
2,007
2,070
2,127
2,128
2,113
2,116
2,174
2,144
2,183
2,201
2,179
2,289
69
83
63
75
73
70
72
68
77
76
67
555
573
588
611
716
732
776
861
881
912
915
355
341
376
398
385
457
418
483
533
449
480
1969
1
Data exclude "holdings of dollars" of the IMF.
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 reacquired by the IMF.
6 Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank.
Includes difference between cost value and face value of securities in
IMF gold investment account.
1 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" are included in "Banks"; and (c) a number of
reporting banks are included in the series for the first time.
9
Includes $15 million increase in foreign currency liabilities to official
institutions of foreign countries revalued to reflect market exchange rates.
iOForeign central banks and foreign central govts, and their agencies,
and Bank for International Settlements and European Fund.
11
Excludes central banks, which are included in "Official institutions."
NOTE.—"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 IMF constitute 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 Development Bank and the International Development Association.
JANUARY 1974 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 79
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
1972
1973
Mar.
Feb.
Europe:
Austria
Belgium-Luxembourg
Denmark
Finland
France
Germany
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe i
U.S.S.R
Other Eastern Europe
Total
Canada
Latin America:
Argentina
Bahamas 2
Brazil
Chile
Colombia
Cuba
Mexico
Panama
Peru
Uruguay
Venezuela
Other Latin American republics
Netherlands Antilles and Surinam
Other Latin America
Total
Asia:
China, People's Rep. of (China Mainland
China, Republic of (Taiwan)
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Other
Total
Africa:
Egypt
Morocco
South Africa
Zaire
Other
Total
Other countries:
Australia
All other
Total
Total foreign countries
International and regional:
International 3
Latin American4 regional
Other regional
Total...
Grand total
For notes see the following page.
272
1,092
284
163
4,441
5,346
238
1,338
1,468
978
416
256
1,184
2,857
97
5,011
117
1,483
267
1, 165
281
Apr.
May
June
July
292
1,245
406
301
1,373
502
244
5,327
297
1,376
489
194
5,406
12,003
219
1,072
2,369
1,049
500
334
1,905
3,268
75
6,317
305
1.456
477
165
5,452
12,837
240
870
2,029
Aug.
302
1, 378
Sept.
Oct.f
292
1,377
409
145
5,296
13,236
215
1,140
204
1,410
470
135
4,143
14,180
81
65
1,253
400
142
5,000
12,990
223
968
2,532
1,018
518
256
1,483
2,901
105
4,657
58
1,619
14
71
71
66
74
18
81
114
3,427
40
96
27,134
32,227
36,488
36,924
38,949
39,383
40,621
40,212
39,970
41,425
3,467
3,306
3,293
3,600
3,796
3,327
3,392
3,786
3,721
3,812
631
539
605
137
689
263
648
136
694
750
796
920
134
800
563
732
210
6
727
462
770
140
402
889
594
700
127
167
7
1,044
204
178
114
941
791
65
461
779
456
745
137
207
7
1,029
231
152
115
1,130
742
70
532
6,224
6,283
364
158
4,483
10,494
224
1,041
1,762
995
498
222
1,403
2,845
94
4,546
78
1,502
21
831
167
225
140
1,077
4,741
69
1,772
8
219
1,171
2,427
1,046
511
325
1,787
3,272
71
5,899
73
2,164
9
216
72
243
5,197
5,478
49
453
187
897
337
114
89
137
12,344
227
513
170
869
17,995
218
7
6
800
201
37
783
319
134
96
146
14,733
210
24
12
788
171
172
132
948
804
76
168
167
143
1,044
818
2,360
11
200
10
925
186
180
180
,054
783
477
282
1,951
3,310
102
6.457
66
2,965
200
7
919
194
190
128
1,066
648
5,796
6,323
6,532
43
831
330
125
90
144
10,415
214
520
166
940
44
832
368
145
117
142
9,056
231
575
177
873
41
846
341
38
790
289
141
176
159
15,665
13,818
12,560
17
13
125
33
9
125
8
120
816
22
28
768
739
939
891
917
3,027
51
2,861
2,489
54
57
66
1,082
744
78
408
104
23
728
21
12,161
730
502
768
137
219
7
843
192
170
150
967
778
64
269
39
675
318
98
115
118
703
140
197
7
853
5,463
19,131
1,682
2,959
228
5,558
177
15,843
192
438
171
1,071
2,543
1,035
502
250
671
143
184
44
108
1,020
200
167
138
,051
827
84
237
860
86
687
168
5,167
12,701
175
67
68
437
153
5,246
12,912
236
1,506
1,945
1,055
472
237
1,871
3,226
115
5,943
57
3,015
17
90
126
168
7
975
217
177
126
1,078
791
61
43
11,401
10,771
11,588
11,640
29
29
15
169
10
100
798
45
786
155
17
904
992
1,025
1,118
2,882
2,961
57
60
2,985
71
37
779
363
105
169
279
198
479
163
,139
11,940
8,126
40
61
802
219
545
146
958
161
226
16
349
99
254
173
7,680
213
482
143
1,165
544
175
883
155
8,458
1,024
459
259
1,835
3,309
72
5,593
58
3,099
280
1,095
2,534
999
467
284
1,787
3,316
83
6,416
810
356
103
140
146
8,003
217
541
140
1,139
110
2,022
,061
41
34
803
27
683
132
19
765
747
1,037
862
962
919
3,202
3,124
57
3,106
3,169
59
21
61
11
62
34
10
103
26
3,077
2,918
2,903
2,939
3,022
3,056
3,263
3,181
3,168
3,228
59,306
62,800
64,463
63,751
65,149
65,145
66,432
65,905
65,503
66,487
952
307
154
958
318
141
980
320
983
337
109
1,132
345
126
102
1,149
329
89
1,097
309
81
,123
289
72
1,183
298
70
1,402
299
1,412
1,418
1,426
1,429
1,579
1,569
1,486
1,485
1,552
1,767
60,719
64,218
65,889
65,180
66,729
66,714
67,919
67,389
67,056
68,254
66
A 80
INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1974
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
1971
1972
1973
1971
Area and country
Apr.
Dec.
Apr.
Dec.
Apr.
Other Western Europe:
Cyprus
Iceland
Ireland, Rep. of
7
10
29
2
11
16
2
9
15
3
9
17
9
12
22
Other Latin American republics:
Bolivia
Costa Rica
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Jamaica
Nicaragua
Paraguay
Trinidad & Tobago
59
43
90
72
80
97
19
44
19
47
15
14
55
62
123
57
78
117
18
42
19
50
17
10
53
70
91
62
83
123
23
50
32
66
17
15
87
92
114
121
76
132
27
58
41
61
22
20
65
75
104
109
86
127
25
64
32
79
26
17
Other Latin America:
Bermuda
British West Indies
(2)
38
(2)
32
(2)
23
(2)
36
127
100
Other Asia:
Afghanistan
Bahrain
Burma
Cambodia
Iran
Iraq
Jordan
15
35
3
2
67
7
3
19
21
10
5
59
10
2
17
18
5
2
88
9
2
25
24
2
3
93
10
4
19
(7)
(
3>
114
<2
1 Includes Bank for International Settlements and European Fund.
2 Bermuda included with Bahamas through Dec. 1972.
3 Data exclude "holdings of dollars" of the International Monetary
Fund but include IMF gold investment until Feb. 1972, when investment
was terminated.
1972
1973
Area and country
Apr.
Dec.
Apr.
Dec
Apr.
Other Asia—Cont.:
Kuwait
36
Laos
2
Lebanon
60
Malaysia
28
Pakistan
28
Ryukyu Islands (incl. Okinawa) 6 39
Saudi Arabia
41
Singapore
43
Sri Lanka (Ceylon)
4
Syria
3
Vietnam
161
20
3
46
23
33
29
79
35
4
4
159
16
3
60
25
58
53
80
45
6
6
185
39
2
55
54
59
36
3
55
59
93
*344"
77
5
4
135
236
53
6
39
98
Other Africa:
Algeria
Ethiopia (incl. Eritrea)
Ghana
Kenya
Liberia
Libya
Nigeria
Southern Rhodesia
Sudan
Tanzania
Tunisia
Uganda
Zambia
13
12
6
13
21
91
25
2
1
10
6
5
14
23
11
8
9
23
274
46
2
1
6
9
3
13
31
29
11
14
25
296
56
2
5
6
7
10
7
32
57
10
23
30
393
85
2
3
11
10
7
28
51
75
28
19
31
7
(7)
()
All other:
New Zealand
22
23
27
30
34
1
3
16
11
19
7
()
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").
<
> Included in Japan after Apr. 1972.
7
Not available.
10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED
BY BANKS IN THE UNITED STATES
(Amounts outstanding; in millions of dollars)
Total
To
intl.
and
regional
To foreign countries
Total
Official
institutions
Banks 1
Other
foreigners
Germany
United
Kingdom
Other
Europe
Total
Latin
America
Japan
Other
Asia
655
385
3
582
137
87
2,490
1,703
902
889
789
446
1,601
914
457
1,505
695
144
56
165
257
40
53
56
110
164
46
42
52
7
26
30
239
152
111
fl,000
\1,018
1,051
600
562
580
450
439
439
94
93
93
269
259
259
88
87
87
165
165
165
68
63
63
37
32
32
134
136
136
32
32
32
1,044
1,276
1,406
1,399
1,379
1,467
1,527
1,532
1,502
1,473
1,476
617
613
697
686
688
769
770
777
758
735
758
427
663
709
713
691
697
757
755
744
738
719
74
304
328
329
313
311
311
322
318
312
315
257
258
269
274
274
274
305
305
302
305
287
96
100
112
111
104
113
141
127
123
122
117
165
164
164
164
164
164
164
165
165
165
165
61
59
66
68
68
68
68
68
68
68
67
30
233
234
239
231
233
265
265
263
265
246
127
118
133
128
115
125
145
143
145
140
138
30
71
96
98
96
94
93
95
84
81
80
i Excludes central banks, which are included with "Official institutions."
Country or area
2
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.
JANUARY 1974 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 81
11. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. TREASURY BONDS AND NOTES
(End of period; in millions of dollars)
1972
Nov.
Europe:
Belgium-Luxembourg
Sweden
United Kingdom
Other Western Europe
Eastern Europe
Total
Canada
Mar.
Apr.
6
85
45
326
79
5
6
85
45
327
79
5
6
110
45
327
79
5
6
135
44
276
79
5
6
135
43
278
79
5
6
135
44
300
79
5
545
547
572
544
546
May
June
July
Aug.
Sept.
Oct.f
Nov.f
6
135
43
281
85
5
6
135
43
280
85
5
6
135
42
275
85
5
6
135
37
236
85
5
7
165
37
247
85
5
7
165
37
290
85
5
569
555
554
547
504
546
588
700
561
561
560
560
560
560
560
560
567
7
165
38
400
85
5
558
1
6
1
6
1
6
1
6
1
6
1
6
1
6
1
6
4
3
8
3
9
3
9
3
11
3
7
7
7
7
7
7
7
7
7
11
12
12
14
4,003
10
4,380
10
4,867
10
5,421
10
5,961
10
5,978
10
5,978
10
5,977
10
5,977
9
5,949
9
5,950
11
5,950
11
5,143
11
4,013
4,391
4,877
5,431
5,971
5,988
5,988
5,988
5,987
5,959
5,961
5,961
5,154
133
133
183
183
183
183
183
183
183
183
158
158
158
•
25
25
25
25
25
25
25
25
25
25
25
25
5,257
5,661
6,223
6,749
7,293
7,333
7,318
7,317
7,308
7,241
7,261
7,303
6,617
186
28
186
28
186
28
176
26
186
26
176
27
142
27
72
27
1
28
1
45
21
45
6
47
1
47
Africa
All other
International and regional:
International
Latin American regional
Total
Grand total
Feb.
558
Total
Total foreign countries
Jan.
559
Other Latin America
Total
Dec.
559
Latin America:
Asia:
Japan
Other Asia
1973
214
214
214
202
212
202
169
100
29
46
66
53
48
5,471
5,874
6,436
6,951
7,505
7,535
7,487
7,417
7,337
7,287
7,327
7,356
6,665
NOTE.—Data represent estimated official and private holdings of marketable U.S. Treasury 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
196 9
1970
197 1
4
3,181
3,563
5 9,657
1,431
2,480
7,829
1972—Dec.
15,872
1973—Jan..
Feb.
Mar.
Apr.
May
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
16,016
15,863
615,870
616,015
16,012
16,189
16,089
16,015
15,813
15.691
15.692
15,669
Belgium
Canada i
China,
Rep. of
(Taiwan)
1,129
2,289
2,640
20
20
20
14,333
2,840
20
20
14,474
14,474
14,464
14,459
14,456
14,633
14,533
14,383
14,183
14,233
14,233
14,210
2,840
2,840
2,840
2,840
2,840
2,840
2,840
2,690
2,490
2,540
2,540
2,540
1
Includes bonds issued in 1964 to the Government of Canada in connection with transactions under the Columbia River treaty. Amounts outstanding 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
Notes issued to the Government of Italy in connection with military purchases in the United States.
3
In addition, nonmarketable U.S. Treasury notes amounting to $125
million equivalent were held by a group of German commercial banks from
20
10
5
2
Germany
Payable in foreign currencies
Italy 2 Korea Thailand
100
100
100
Total
4
Germany 3
4
Italy
Switzerland
125
541
541
1,215
5,000
135
25
22
11,315
22
100
1,539
306
1,233
11,471
11,471
11,471
11,471
11,471
11,670
11,670
11,670
11,670
11,670
11,670
11,670
22
22
22
22
22
22
22
22
22
22
22
100
100
100
100
100
100
1,542
1,389
61,407
61,556
1,556
1,556
1,556
1,631
1,631
1,458
1,459
1,459
306
153
153
172
172
172
172
172
172
1,236
1,236
1,254
1,384
1,384
1,384
1,384
1,458
1,458
1,458
1,459
1,459
1,750
1,083
5 1,827
1,084
542
612
June 1968 through Nov. 1972. 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.
6 Includes $15 million increase in Mar. and $145 million increase in
Apr. in dollar value, of foreign currency oblisations revalued to reflect
market exchange rates.
A 82
INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1974
13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY
(End of period. Amounts outstanding; in millions of dollars)
Area and country
1971
1972
Dec.
Europe:
Austria
Belgium-Luxembourg
Denmark
Finland
France
Germany
Greece
Italy.
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe
U.S.S.R
Other Eastern Europe
Total
Canada
Latin America:
Argentina
Bahamas 2
Brazil
Chile
Colombia
Cuba
Mexico
Panama
Peru
Uruguay
Venezuela
Other Latin American republics
Netherlands Antilles and Surinam
Other Latin America
Total
Asia:
China, People's Rep. of (China Mainland)
China, Republic of (Taiwan)
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Other
Total
Africa:
Egypt
Morocco
South Africa
Zaire
Other
Total
Other countries:
Australia
All other
Total
Total foreign countries
International and regional
Grand total
1
Dec.
1973
1
Aug.
Sept.
10
96
56
134
434
349
28
278
101
79
18
272
224
208
7
1,061
12
20
56
84
18
107
67
125
368
281
20
278
155
70
14
251
184
206
6
1,346
10
21
42
83
14
190
52
114
413
313
16
242
144
67
18
183
166
234
6
1,304
10
26
46
97
11
57
49
135
263
235
30
160
105
67
12
70
118
145
3
559
19
12
28
37
330
321
29
255
108
69
19
207
156
125
6
849
22
20
41
49
120
59
118
330
321
29
255
108
69
19
207
164
125
6
967
22
20
41
49
2,114
2,911
3,037
3,396
3,599
3,684
3,526
3,654
1,627
1,897
1,914
2,305
2,400
2,034
2,168
2,186
305
262
435
139
380
13
934
125
176
41
268
374
26
379
476
649
52
418
13
1,202
244
145
40
383
388
14
36
379
476
649
52
418
13
1,202
244
145
40
383
388
14
36
396
505
759
45
401
13
1,343
183
143
36
401
382
24
85
408
409
851
40
398
13
1,343
190
147
31
440
383
35
74
408
399
891
43
412
14
1,399
218
169
34
454
380
38
66
431
495
965
36
420
13
1,376
223
180
34
454
373
48
71
3,494
4,437
4,437
4,715
4,762
4,925
41
129
4,280
348
138
172
252
194
93
14
87
105
4,158
296
149
191
300
194
93
14
87
105
4,158
296
149
191
300
2
238
122
14
127
126
5,665
331
150
197
296
5
216
132
19
97
116
5,536
338
139
194
324
5,560
5,589
5,589
7,269
10
4
156
21
96
21
4
143
13
124
21
4
143
13
124
288
304
158
28
291
40
18
1
109
70
21
120
59
118
9
87
63
134
451
345
32
288
129
66
30
238
246
186
5
918
20
29
61
60
9
73
69
140
447
356
19
327
115
67
17
360
267
190
6
984
13
21
50
69
Oct.f
NOV.P
15
150
50
97
461
371
26
282
132
74
23
183
155
242
8
1,236
8
34
49
87
14
145
53
89
525
392
23
362
172
82
22
189
177
202
16
1,162
19
26
51
72
3,654
3,682
3,793
1,909
2,210
1,977
442
454
915
50
422
13
1,338
262
176
35
441
394
38
89
455
617
879
40
423
13
1,329
252
178
39
430
409
31
91
469
696
837
80
423
15
1,388
273
208
45
436
431
23
137
485
581
826
125
413
13
1,355
255
212
47
469
469
17
120
5,119
5,069
5,185
5,462
5,387
3
200
204
21
94
111
5,756
347
144
173
354
7
198
218
18
91
133
5,753
348
134
188
352
6
183
116
17
77
133
5,791
336
129
185
350
7
141
128
19
81
145
5,801
348
121
179
361
22
128
121
14
89
145
5,745
372
105
206
349
36
117
124
16
96
152
6,032
368
118
225
377
7,116
7,407
7,441
7,321
7,330
7,295
7,660
22
5
151
13
137
25
4
166
13
136
34
4
163
42
145
44
5
150
43
149
41
5
151
49
173
43
11
157
48
146
38
4
150
51
163
35
12
147
61
155
304
327
343
388
391
419
405
406
410
291
40
249
50
232
47
260
46
271
40
230
41
218
36
223
36
251
36
1
94
69
141
389
399
19
326
109
65
19
387
234
245
9
999
12
29
56
73
186
330
330
299
280
305
310
271
254
259
287
13,269
15,468
15,611
18.311
18.501
18.744
18,956
18,921
18,737
19,314
19,516
19,316
19,517
3
3
3
2
2
13,272
15,471
15,614
18.312
18.502
Data in the two columns shown for this date differ because of changes
in reporting coverage. Figures in the first column are comparable in
coverage with those shown for the preceding date; figures in the second
column are comparable with those shown for the following date.
2
Includes Bermuda through Dec. 1972.
NOTE.—Short-term claims are principally the following items payable
on demand or with a contractual maturity of not more than 1 year: loans
12
July
1
18.745
2
1
1
18,957
18,922
18,737
made to, and acceptances made for, foreigners; drafts drawn against
foreigners, where collection is being made by banks and bankers for
their own account or for account of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and
their customers in the United States. Excludes foreign currencies held
by U.S. monetary authorities.
JANUARY 1974 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 83
14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in foreign currencies
Payable in dollars
Loans to—
End of period
Official
institutions
Banks 1
Others
Collections
outstanding
Total
Total
Total
Acceptances
made
for acct.
of foreigners
Other
Total
Foreign
govt, seDeposits curities,
with for- coml.
eigners and finance
paper
Other
ri3,170
[13,272
9,165
10,192
12,328
12,377
3,278
3,051
4,503
3,969
262
119
223
231
1,943
1,720
2,613
2,080
1,073
1,212
1,667
1,658
2,015
2,389
2,475
2,475
3,202
3,985
4,243
4,254
670
766
1,107
1,679
516
610
842
895
352
352
549
548
89
92
119
173
74
166
174
174
1972—Nov..
Dec. 3.
14,419
15,471
15,614
13,649
14,625
14,768
5,306
5,674
5,682
157
163
163
2,700
2,975
2,975
2,448
2,535
2,543
3,130
3,269
3,298
3,129
3,204
3,204
2,085
2,478
2,584
770
846
846
412
441
441
219
223
223
139
182
182
1973—Jan. . ,
Feb...
Mar..
Apr.. .
May. .
June..
July. .
Aug..
Sept..
Oct.f.5
Nov.*
15,172
17,973
18,324
18,312
18,502
18,745
18,957
18,922
18,737
19,316
19,517
14,347
16,902
17,374
17,494
17,649
17,907
18,095
18,036
17,961
18,455
18,741
5,437
6,460
6,534
6,842
6,931
7,285
7,015
6,964
6,827
7,007
7,078
142
162
141
146
163
205
162
176
155
216
250
2,814
3,674
3,683
3,931
3,812
4,037
3,916
4,021
3,920
3,989
4,093
2,480
2,624
2,711
2,765
2,956
3,043
2,936
2,767
2,752
2,802
2,736
3,280
3,608
3,751
3,834
3,844
3,901
3,891
3,967
4,088
4,099
4,287
3,103
3,283
3,464
3,464
3,602
3,963
3,899
3,694
3,700
3,774
3,788
2,527
3,551
3,624
3,354
3,271
2,758
3,290
3,411
3,345
3,575
3,588
825
1,071
951
819
854
838
862
886
777
861
775
443
596
524
460
499
552
561
488
459
510
496
253
313
262
207
237
140
151
151
143
187
131
128
162
165
152
118
147
151
247
175
163
148
9,680
1969
10,802
1970
1971 2
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.
3 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.
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—
Other
longterm
claims
Payable
in
foreign
currencies
United
Kingdom
Other
Europe
Latin
Canada America
Japan
Other
Asia
All
other
countries
Total
Official
institutions
Banksi
Other
foreigners
3,250
3,075
3,667
2,806
2,698
3,345
502
504
575
209
236
315
2,096
1,958
2,455
426
352
300
18
25
22
67
71
130
411
411
593
408
312
228
1,329
1,325
1,458
88
115
246
568
548
583
378
292
429
1972—Nov.. . . 4,702
(4,954
D e c . 2 . . . \5,014
4,378
4,539
4,539
819
833
835
432
430
430
3,127
3,276
3,274
291
375
436
33
40
40
143
145
145
658
704
701
360
406
406
1,880
1,996
2,006
305
319
348
863
881
901
493
503
509
5,017
5,126
5,270
5,413
5,514
5,605
5,626
5,521
5,385
5,565
5,766
4,536
4,625
4,763
4,917
5,010
5,096
5,116
5,009
4,859
5,009
5,221
835
836
883
903
932
978
957
1,002
1,010
1,041
1,127
442
477
496
544
545
550
554
514
507
537
554
3,258
3,311
3,384
3,469
3,532
3,568
3,605
3,492
3,342
3,432
3,540
440
449
460
448
456
464
456
466
457
476
463
41
52
47
49
48
45
54
46
70
80
82
144
135
121
122
131
131
128
137
131
130
138
724
763
851
904
923
980
1,029
1,007
975
1,011
1,058
403
434
453
477
511
523
517
404
418
491
484
1,967
1,987
1,978
2,000
2,000
2,003
1,983
1,964
1,921
1,958
2,071
353
342
336
337
331
311
310
304
252
258
251
918
930
987
1,031
1,059
1,096
1,123
1,158
1,187
1,203
1,246
508
535
544
544
558
561
535
548
501
514
516
1969
1970
1971
1973—Jan
Feb
Mar.. . .
Apr
May
June
July
Aug
Sept
Oct.?...
Nov.f. .
1 Excludes central banks, which are included with "Official institutions."
2 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,
A 84
INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1974
16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
Marketable U.S. Treas. bonds and notes
U.S. corporate
securities 2
1
Foreign bonds
Foreign stocks
Net purchases or sales
Period
Intl.
and
regional
Total
1970
197 1
197 2
1973—Jan.-Nov.f
56
1,672
3,316
791
1972—No v
Dec
-25
130
57
-165
395
404
562
515
554
31
-48
-71
-79
-51
40
29
-691
1973—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.p
Nov.*
- 1 2
10
-9
-33
-69
-71
17
20
-13
-5
Foreign
Purchases
Sales
Net pur- Purchases or chases
sales
Sales
Net purPurchases or
chases
sales
Net purchases or
sales
Sales
Official
Other
82
1,542
3,258
957
-41
1,661
3,281
970
123
-119
-23
-13
11,426
14,573
19,073
17,222
9,844
13,158
15,015
12,461
1,582
1,415
4,058
4,761
1,490
1,687
1,901
1,319
2,441
2,621
2,961
2,233
-951
-935
-1,060
-913
1,033
1,385
2,532
1,570
998
1,439
2,123
1,410
35
-57
409
160
395
404
377
403
18
1
1,927
2,014
1,295
1,375
632
639
136
243
171
465
-222
-35
192
233
110
178
82
55
562
579
540
16
•
-52
3
23
-15
-1
-9
-39
12
27
36
1,852
1,761
2,220
1,564
1,141
1,097
1,320
1,343
1,173
1,804
1,946
1,116
1,045
1,111
1,040
1,101
899
r
898
r
864
963
1,735
1,689
736
716
1,109
523
40
198
r
422
r
479
210
70
257
191
145
144
117
139
125
94
96
67
97
103
323
144
125
292
150
103
194
157
101
336
305
-132
161
194
211
121
137
123
107
117
115
129
156
158
145
114
112
125
111
107
125
105
131
178
3
49
97
9
12
12
*
562
527
544
40
-15
*
-9
-68
20
42
-686
-28
8
15
-722
1 Excludes nonmarketable U.S. Treasury bonds and notes issued to
official institutions of foreign countries; see Table 12.
2
Includes State and local govt, securities, and securities of U.S. Govt,
agencies and corporations. Also includes issues of new debt securities
1
19
-175
-11
22
-100
-61
-34
-238
-202
- 8
10
- 2
-22
sold abroad by U.S. corporations organized to finance direct investments
abroad.
NOTE.—Statistics include transactions of international and regional
organizations.
17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY
(In millions of dollars)
Period
Purchases
Sales
1970
1971
1972
1973—Jan.-Nov.f
8,927
11,626
14,361
11,879
8,301
10,894
12,173
9,081
626
731
3,188
2,797
58
87
372
409
195
131
-51
-8
128
219
297
306
1972—Nov
Dec
1,560
1,464
1,070
1,114
490
350
85
48
44
-3
1973—Jan
Feb
1,401
1,282
1,144
866
777
766
880
972
947
1,366
1,480
924
835
793
728
898
632
564
631
734
1,271
1,071
477
446
350
139
-121
134
316
341
212
94
409
32
25
35
21
-2
2
67
53
63
6
106
29
5
8
9
-43
-23
-19
1
6
-7
27
Apr
May
June
July
Aug
Sept
Oct.*
Nov.*....
1
Net purchases or France
sales (—)
Includes international and regional organizations.
Germany
Netherlands
Switzerland
United
Kingdom
Other
Europe
Total
Europe
110
168
642
748
-33
-49
561
386
24
71
137
281
482
627
1,958
2,123
-9
-93
-78
107
47
37
-32
3
85
108
256
543
21
52
83
21
55
42
61
59
150
132
53
19
449
297
13
-1
25
8
-8
42
12
4
46
67
47
-8
-14
7
25
60
18
5
54
143
150
148
53
-22
52
80
57
52
-34
69
108
82
21
-16
-39
15
28
40
15
66
66
21
42
29
46
3
21
28
34
14
24
20
380
371
288
105
-117
74
210
245
167
60
342
25
37
25
34
-7
8
19
10
-20
-11
5
-10
-16
-2
11
11
27
17
-9
85
44
21
5
11
55
71
81
21
41
108
8
5
11
4
9
-2
5
-6
-3
4
-14
Latin
Canada America
*
-26
-18
Asia Other,
JANUARY 1974 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 85
18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY
(In millions of dollars)
Period
Total
France
Germany
Nether- Switzer- United
lands
land Kingdom
Other
Europe
Total
Europe
197 1
197 2
956
684
1,871
35
15
336
48
35
77
74
134
197
135
118
327
357
91
39
315
464
612
1,293
1973—Jan.-No v.J'
197 0
37
1,964
192
-43
-23
270
241
443
1,080
1972—No v
Dec
142
289
2
56
30
30
27
-1
46
49
42
60
147
210
1973—Jan
Feb
Mar
Apr
May
June
July r
Aug. r
Sept
Oct.p
Nov.f. ..
260
270
759
385
161
64
106
138
12
6
45
33
29
30
-7
65
76
-3
13
-5
49
46
-3
-96
120
-9
-15
72
14
-14
76
73
60
158
94
22
161
149
174
98
215
14
- 2
2
-22
- 2
-25
-151
46
28
- 2
NOTE.—Statistics include State and local govt, securities, and securities
of U.S. Govt, agencies and corporations. Also includes issues of new
- 1 0
- 2
-52
109
26
87
124
7
10
12
1
7
Latin
Canada America
Asia
Africa
128
37
82
25
19
22
323
49
28
771
1
- 6
1
10
25
1
29
38
31
110
623
199
2*
60
1
-1
4
4
-1
-1
324
39
148
-12
-21
3
4
4
16
7
7
3
28
- 2
6
1
36*
Other Intl. and
countries regional
-26
10
1
2
11
1
4
-118
-48
-209
-21
-42
68
-63
59
150
24
-39
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)
Period
Total
Intl.
and
regional
Total
foreign
countries
Europe
Canada
Latin
America
Asia
Africa
Other
countries
1970
1971
1972
-915
-992
-651
-254
-310
-90
-662
-682
-561
50
31
492
-586
-275
-651
-11
-46
-69
-129
-366
-296
-6
-57
-66
20
32
29
1973—Jan.Novp..
-753
88
-842
-97
-555
-92
-134
1
35
1972—Nov....
Dec
47
-167
11
9
36
-176
39
7
-4
-158
8
-26
-8
-2
2
1
1973—Jan
Feb.. . .
Mar
Apr....
May.. .
June...
July....
Aug.. . .
Sept....
Oct.*\..
-129
49
116
-166
1
34
-100
-69
-25
-240
-225
9
-2
23
16
11
7
3
5
4
4
9
-138
51
93
-182
-10
27
-103
-75
-28
-243
-234
7
-3
24
22
-22
10
-14
-21
-28
-25
-47
-67
41
34
-193
-13
6
-100
-44
8
-148
-78
-70
-16
8
-6
6
13
-9
29
27
-5
6
-13
9
-8
-1
-64
-104
*
*
*
NOV-P. .
*
-4
-8
-8
-6
*
*
*
*
-1
1
Sept
*
1
*
«
1
14
9
3
3
2
1
*
*
*
*
End of
period
1973—Mar
Credit
balances
(due to
foreigners)
Debit
balances
(due from
foreigners)
291
349
203
281
511
419
333
311
314
300
320
314
325
312
286
372
379
339
336
405
310
316
290
364
243
255
NOTE.—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 by
foreigners.
Notes to Tables 21a and 21b on following pages:
1
Total assets and total liabilities payable in U.S. dollars amounted to
$16,795 million and $17,037 million, respectively, on Sept. 30, 1973.
NOTE.—Components may not add to totals due to rounding.
For a given month, total assets may not equal total liabilities because
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
dollar values.
A 86
INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1974
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
Total, all currencies
Payable in U.S. dollars
IN UNITED KINGDOM
Total, all currencies
Payable in U.S. dollars
IN THE BAHAMAS
Total, all currencies
For notes see p. A-85.
Claims on foreigners
Parent
bank
Other
Total
Other
branches
of parent
bank
Other
banks
OffiNoncial
bank
instifortutions eigners
Other
1970—Dec . .
1971—Dec.. .
47,363
61,334
9,740
4,798
7,248
2,311
2,491 36,221
2,486 54,752
6,887 16,997
11,211 24,550
695 11,643
1,167 17,823
1,403
1,785
1972—Sept
Oct
Nov
Dec
74,906
74,796
76,241
80,034
4,952
4,967
4,456
4,735
2,243
2,239
1,824
2,124
2,709
2,728
2,632
2,611
67,607
67,599
69,425
73,031
11,335
11,343
11,350
11,717
33,395
33,098
34,203
36,738
1,539
1,549
1,577
1,665
21,338
21,610
22,295
22,910
2,346
2,230
2,360
2,268
1973—Jan.r
Feb.',
Mar
Apr
May
June r
July
Aug
Sept
81,199
87,901
91,646
90,987
92,994
98,802
103,793
105,131
110,673
4,926
4,325
4,296
3,917
4,218
4,956
5,404
5,157
4,853
2,327
1,565
1,988
1,672
1,926
2,333
2,505
2,289
1,917
2,600
2,760
2,308
2,244
2,292
2,622
2,899
2,868
2,936
74,006
81,067
84,370
84,091
85,577
90,252
94,584
95,946
101,022
11,945
12,272
12,458
12,787
13,490
13,528
15,316
15,667
17,194
36,797
42,203
44,268
42,976
42,746
46,319
47,555
47,411
49,312
1,621
1,747
1,965
2,081
2,004
1,900
2,035
2,102
2,242
23,643
24,846
25,679
26,247
27,337
28,504
29,678
30,766
32,274
2,267
2,509
2,980
2,979
3,199
3,595
3,806
4,029
4,797
1970—Dec ..
1971—Dec
34,619
40,182
9,452
4,541
7,233
2,305
2,219 24,642
2,236 35,064
4,213 13,265
6,659 18,006
362
864
6,802
9,536
525
577
1972—Sept
Oct
Nov
Dec
48,704
48,986
49,631
54,058
4,685
4,669
4,173
4,473
2,222
2,216
1,803
2,102
2,463
2,453
2,371
2,371
43,141
43,556
44,664
48,768
7,048
7,391
7,439
8,083
23,840
23,555
24,123
26,907
1,105
1,084
1,083
1,128
11,148
11,526
12,019
12,651
879
761
793
817
1973—Jan.'"
Feb. '
Mar
Apr
May
June r
July
Aug
Sept
54,196
57,567
58,745
57,515
58,019
61,880
64,146
65,434
68,114
4,592
3,985
3,988
3,589
3,930
4,602
4,799
4,521
4,415
2,303
1,534
1,957
1,645
1,899
2,285
2,469
2,231
1,866
2.289
2,451
2,031
1,944
2,031
2,317
2,330
2.290
2,549
48,828
52,692
53,752
52,871
52,871
55,921
57,867
59,458
62,015
8,093
8,550
8,438
8,426
8,548
8,493
9,229
10,033
10,718
26,764
29,829
30,568
29,498
28,677
31,294
31,903
31,387
32,458
1,063
1,097
1,124
1,108
1,140
1,129
1,220
1,278
1,281
12,908
13,215
13,622
13,839
14,506
15,005
15,615
16,760
17,558
777
891
1,005
1,055
1,218
1,357
1,480
1,455
1,685
1970—Dec
1971—Dec
28,451
34,552
6,729
2,694
5,214
1,230
1,515 21,121
1,464 30,996
3,475 11,095
5,690 16,211
316
476
6,235
8,619
601
862
1972—Sept
Oct
Nov
Dec
42,053
41,649
41,600
43,684
2,350
2,409
1,939
2,234
1,253
1,386
907
1,138
1,097
1,023
1,032
1,096
38,606
38,201
38,643
40,430
5,651
5,751
5,490
5,659
22,559
22,157
22,671
23,983
650 9,745
630 9,662
584 9,898
609 10,179
1,097
1,040
1,018
1,020
1973—Jan
Feb
Mar
Apr
May
June r
July,
Aug
Sept
44,347
48,533
49,696
49,181
49,080
51,460
54,265
53,153
56,127
2,585
1,945
2,052
1,662
1,744
1,876
2,500
1,878
1,473
1,466
848
1,130
794
910
1,012
1,492
937
604
1,118
1,097
922
868
834
864
1,008
942
870
40,796
45,487
46,520
46,332
46,001
48,075
50,189
49,692
52,771
5,637
5,887
5,783
5,437
5,725
5,279
6,274
6,849
8,022
24,333
28,473
29,148
29,255
28,394
30,390
30,826
29,696
30,967
574
585
663
651
614
607
649
685
660
10,252
10,542
10,926
10,989
11,268
11,800
12,440
12,462
13,123
966
1,102
1,124
1,188
1,336
1,509
1,576
1,583
1,882
1970—Dec
1971—Dec
22,574
24,428
6,596
2,585
15,655
21,493
2,223
4,135
9,420
12,762
4,012
4,596
323
350
1972—Sept
Oct
Nov
Dec
28,204
27,978
27,865
30,381
2,264
2,307
1,846
2,146
25,463
25,244
25,579
27,787
4,004
4,169
4,049
4,326
16,609
16,249
16,399
17,976
4,851
4,827
5,132
5,485
476
427
439
447
1973—Jan
Feb
Mar
Apr
May
June r
July '
Aug
Sept
30,652
32,746
32,658
31,833
30,906
32,900
33,486
32,935
34,401
2,468
1,814
1,953
1.539
1,654
1,784
2,193
1.540
1,348
27,778
30,423
30,183
29,778
28,666
30,421
30,569
30,694
32,210
4,184
4,568
4,324
4,034
3,943
3,900
4,042
4,887
5,399
18,069
20,219
20,033
20,119
18,848
20,447
20,209
19,224
19,873
5,526
5,637
5,827
5,625
5,874
6,075
6,319
6,584
6,939
405
508
522
515
587
694
724
701
842
1970—Dec
1971—Dec
4,815
8,493
1,173
1,282
455
505
717
778
3,583
7,119
2,119
3,798
1,464
3,320
59
92
1972—Sept
Oct
Nov
Dec
11,914
12,017
12,330
13,091
1,612
1,739
1,586
1,496
221
251
221
225
1,391
1,489
1,365
1,272
10,150
10,120
10,577
11,419
5,929
5,836
6,209
6,965
4,221
4,284
4,368
4,454
152
157
167
175
1973—Jan.'
Feb
Mar
Apr
May
June
July
Aug
Sept
13,064
13,559
13,764
13,653
14,730
16,184
17,086
18,501
118,665
1,387
1,461
1,211
1,407
1,498
1,917
1,929
2,206
2,217
182
83
90
293
272
410
350
567
469
1,206
1,378
1,121
1,113
1,227
1,507
1,579
1,639
1,748
11,495
11,860
12,283
11,988
12,888
14,002
14,862
15,426
15,995
6,753
7,189
7,520
6,726
7,242
8,206
8,802
9,001
9,420
4,742
4,671
4,764
5,262
5,647
5,796
6,060
6,424
6,575
181
238
271
258
343
265
295
419
454
JANUARY 1974 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 87
21b. LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS
(In millions of dollars)
To foreigners
To U.S.
Total
Parent
bank
Other
Total
1,859 42,812
2,445 56,124
Other
branches
of parent
bank
Other
banks
OffiNoncial
bank
instifortutions eigners
Other
Month-end
6,426 24,829
10,773 31,081
4,180
5,513
7,377
8,756
1,967
2,098
1970—Dec.
1971—Dec.
69,340
69,198
70,513
73,842
11,123
11,204
11,146
11,344
39,328
38,470
39,324
42,531
8,208
8,236
8,401
8,486
10,680
11,287
11,642
11,483
2,263
2,342
2,493
2,634
1972—Sept.
75,272
80,848
84,066
83,345
84,655
90,177
94,940
95,868
100,742
11,746
11,868
12,219
12,638
13,284
13,315
15,040
16,002
17,017
42,259
46,370
48,520
47,874
48,536
53,428
55,705
56,152
58,734
9,236
9.387
9,454
9,538
9,331
9,593
9,676
8,585
8,769
12,032
13,223
13,873
13,294
13,505
13,840
14,519
15,128
16,221
2,513
3,086
3,443
3,547
3,792
4,045
4,362
4,552
5,116
1973—Jan.rr
Feb.
4,079 19,816
6,653 22,069
3,737
4,433
4,877
4,928
1,243
1,276
1970—Dec.
1971—Dec.
7,401
7,706
7,741
8,178
27,133
26,770
27,241
30,253
6,490
6,567
6,734
6,913
6,031
6,262
6,365
6,467
1,204
1,232
1,305
1,459
1972—Sept.
Oct.
8.400
8,750
8,735
8,657
8,810
8,774
9,626
10,612
11,036
29,233
32,023
33,131
31,970
32,275
35,503
36,271
36,616
37,874
7,680
7,808
7,771
7,743
7,361
7,354
7,092
6,242
6,366
6,800
7,200
7,489
7,234
7,190
7,185
7,493
7,572
8,429
1,297
1,568
1,691
1,750
1,786
1,845
1,961
2,157
2,376
1973—Jan.rr
Feb.
2.320 16,533
3.401 19,137
3,119
4,464
4,548
5,126
592
763
1970—Dec.
1971—Dec.
39,517
39,225
39,149
41,232
3,139
3,060
2,928
2,961
23,739
23,001
22,769
24,776
6,272
6,309
6,340
6,453
6,367
6,854
7,112
7,042
1,039
959
969
997
1972—Sept.
41,933
45,628
46,750
46,075
45.792
48,189
50,973
49,562
52,238
3,277
3,157
3,164
3,397
3,614
3.321
3,883
3,731
4,118
23,959
27,038
28,119
27,796
27,168
29,372
31,029
30,502
32,210
7,285
7,517
7.388
7,509
7,324
7,585
7,817
6,753
6,952
7,412
7,915
8,078
7,373
7,685
7,910
8,245
8,575
8,957
913
1,062
1,088
1,136
1,260
1,313
1,418
1,512
1,764
1973—Jan.
Feb.
1,110 21,495
1,389 23,059
1,548 13,684
2,164 14,038
2,859
3,676
3,404
3,181
302
374
1970—Dec.
1971—Dec.
86
80
92
72
1,184
1,165
1,178
1,203
26,788
26.759
26,778
29,121
1,926
1,942
1,959
2,008
15,959
15,597
15,383
17,478
5,117
5,216
5,280
5,349
3,787
4,004
4,155
4,287
531
473
510
536
1972—Sept.
72
226
195
119
138
102
148
148
137
1,264
1,436
1,481
1,616
1,671
1,629
1,513
1,698
1,729
29,091
31,714
31,655
30,782
29,730
31,313
31,645
30,549
32,342
2,234
2,188
2,128
2,318
2,225
2,234
2,316
2,213
2,245
16,205
18,360
18,334
17,672
16,982
18,424
18,723
18,671
19,949
6,162
6,394
6,251
6,245
5,897
5,990
5,868
5,005
5,126
4,490
4,771
4,942
4,546
4,626
4,665
4,739
4,660
5,022
500
591
598
533
608
575
595
682
809
1973—Jan.
542
750
4,183
7,557
488
1,649
2,872
4,784
823
1,124
90
188
1970—Dec.
1971—Dec.
1,137
1,053
934
1,220
10,620
10.793
11,230
11,703
1,935
1,928
1,982
1,964
7,192
7,415
7,862
8,395
1,493
1,450
1,386
1,344
156
171
166
168
1,137
1,186
1,303
1,126
1,404
1,480
1,374
1,458
1,535
11.760
12,144
12.195
12,138
12,981
14,370
15,381
16.196
16,561
1,875
2,223
1,855
1,977
2,238
2,579
3,002
3,499
3,640
8,502
8,394
8,803
8,505
9,259
10,410
10,762
11,064
10,923
1,383
1,527
1,537
1,656
1,483
1,381
1,616
1,633
1,999
167
230
267
389
345
334
331
395
569
2,575
3,114
716
669
3,303
3,255
3,233
3,559
728
716
802
1,000
2,575
2,539
2,432
2,559
3,414
3,967
4,137
4,095
4,548
4,580
4,491
4,710
4,815
836
1,132
1,218
1,044
1,122
1,010
1,213
1,085
1,178
2,578
2,835
2,919
3,051
3,426
3,570
3,279
3,625
3,636
2.334
2,674
657
51
1,677 32,509
2,163 38,083
2,833
2,789
2,753
3,104
605
582
651
848
2,227
2,207
2,102
2,256
47,055
47,305
48,082
2,995
3,466
3,613
3,562
4,005
4,036
3,893
4,158
4,233
693
954
1,038
2,302
2,511
2,575
2,676
3,050
3,167
2,847
3,215
3,211
52,113
55,780
57.127
55,604
55,636
58,816
60,482
61,041
63,705
1,339
1,660
116
111
1,222 26,520
1,550 32.128
1,497
1,465
1,481
1,456
137
136
132
113
1,360
1,329
1,349
1,343
1,501
1,844
1,858
1,970
2,028
1,958
1,875
2,080
2,125
107
264
235
165
170
123
164
171
161
1,394
1,580
1,624
1,805
1,857
1,835
1,711
1,909
1,964
1,208
1,412
98
23
1.269
1,245
1.270
1,276
1.335
1,661
1,676
1,735
1,809
1,731
1,661
1,846
1,866
886
955
868
1,046
943
1,022
For notes see p. A-85.
51,81
Location and currency form
IN ALL FOREIGN COUNTRIES
. . . Total, all currencies
July
.Payable in U.S. dollars
Dec.
July
Sept.
IN UNITED KINGDOM
. . . Total, all currencies
July
Aug.
.Payable in U.S. dollars
July
IN THE BAHAMAS
.Total, all currencies
A 88
INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1974
22. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES
AND FOREIGN BRANCH HOLDINGS OF SPECIAL U.S.
GOVERNMENT SECURITIES
(Amounts outstanding; in millions of dollars)
Liabilities 1
Wednesday
Liab.
plus
sec. 2
Wednesday
4,920
6,202
7,104
6,039
27
26
25
31 (1/1/69)
1969
Mar.
June
Sept.
Dec.
Wednesday
1972
1968
Mar.
June
Sept.
Dec.
Liabilities 1
9,621
13,269
14,349
12,805
26
25
24
31
1973
Apr. 2 6 . . .
May 3 1 . . .
June 2 8 . . .
1,374
1,465
1,443
July 2 6 . . .
Aug. 3 0 . . .
Sept. 2 7 . . .
1,345
1,270
2,023
Oct. 2 5 . . .
Nov. 2 9 . . .
Dec. 2 7 . . .
1,415
1,745
1,406
July
Mar.
June
Sept.
Dec.
25
24
30
30
11,885
12,172
9,663
7,676
Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 2 8 . . .
1,413
790
1,127
Apr. 25. . .
1,123
May
2...
9...
16...
23...
30...
1,238
1,073
1,721
1,492
1,351
6...
13...
20...
27...
940
1,266
1,242
1,521
3.
25.
1,766
1,664
2,146
2,086
Aug.
1.
8.
15.
22.
29.
2,226
2,276
1,900
2,440
2,793
Sept.
5.
12.
19.
26.
1,512
1,942
1,801
1,731
Oct.
3.
10.
17.
24.
31'
1,695
1,790
1,814
1,642
1,768
Nov.
7.
14 r
21 r
1,779
1,870
2,496
2,486
1973
1970
Liabilities 1
11.
18.
1971
Mar.
June
Sept.
Dec.
31
30
29
29
2,858
1,492
2,475
909
4,358
4,500
3,578
28 '
1972
June
Jan. 26
Feb. 23
Mar. 29
1,419
1,068
1,532
Dec.
1,946
1,973
2,438
1,759
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 Eurodollar 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.
3. DEPOSITS, U.S. TREAS. SECURITIES,
AND GOLD HELD AT F.R. BANKS FOR
FOREIGN OFFICIAL ACCOUNT
24. 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. Treas.
securities 1
Earmarked
gold
1970
1971 .
148
294
16,226
43,195
12,926
13,815
1972-- D e c . . .
325
50,934
15,530
1973-—Jan
Feb. . .
Mar...
Apr...
May..
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec....
310
455
327
328
289
334
280
259
250
426
420
251
50,118
56,914
359,389
358,255
58,015
57,545
57,054
55,855
55,407
54,766
52,998
52,070
15,526
15,522
15,519
15,513
15,511
15,486
15,464
15,455
15,437
417,122
17,104
17,068
1
Marketable U.S. Treasury bills, certificates of indebtedness, notes, and bonds and nonmarketable U.S.
Treasury securities payable in dollars and in foreign
currencies.
2 Increase reflects principally change in par value of the
U.S. dollar in May 1972.
3 Includes $15 million increase in Mar. and $160 million
increase in Apr. in dollar value of foreign currency obligations revalued to reflect market exchange rates.
4
Increase reflects change in par value of the U.S.
dollar in Oct. 1973.
NOTE.—Excludes deposits and U.S. Treas. securities
held for international and regional organizations. Earmarked gold is gold held for foreign and international
accounts and is not included in the gold stock of the
FRASER
United States.
Digitized for
End of
period
Total
Deposits
Shortterm
investments 1
Deposits
Shortterm
investments 1
United
Kingdom
Canada
1968
1Q£Q 2
1,638
f1,319
\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
443
npr 2. . .
i1yQ7|
/ 1 —ucc.*
J 1,648
\1,507
1,092
1,078
203
127
234
234
120
68
577
580
587
443
1972—Oct
Nov
Dec.2,
2,033
2,058
/1,965
(2,250
1,472
1,493
1,446
1,789
171
167
169
55
332
343
307
338
57
55
42
68
681
635
702
869
551
587
485
535
2,458
2,989
3,068
3,037
3,186
3,199
3,257
3,345
3,200
2,860
1,929
2,218
2,276
2,268
2,412
2,538
2,479
2,570
2,490
2,194
92
170
156
118
130
74
136
82
78
66
344
378
412
416
433
453
475
484
471
448
93
224
225
234
211
134
167
209
161
152
921
1,012
1,100
1,042
1,008
1,062
1,068
1,061
1,080
969
704
1,088
957
878
1,005
874
952
931
879
865
..
1 9 7 3 — J a n . . ..
Feb.r....
Mar. r . . .
Apr. r . . . .
Mayr.. ..
Juner.. ..
Julyr....
Aug. r
Sept. r
Oct-
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.
NOTE.—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 25 and 26.
JANUARY 1974 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 89
25. 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
1973
Sept.
Europe:
Austria
Belgium-Luxembourg
Denmark
Finland
France
Germany, Fed, Rep. of
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe
Eastern Europe
Total
Canada
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
Panama
Peru
Uruguay
Venezuela
Other L.A. republics
Bahamas 2
Neth. Antilles and Surinam,
Other Latin America
Total
Asia:
China, People's Republic
of (China Mainland).
China, Rep. of (Taiwan)
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Other Asia
Total
Africa:
Egypt
South Africa
Zaire
Other Africa
Total
Other countries:
Australia
All other
Total
International and r e g i o n a l . . . .
Grand total
Dec.
1
1972
June*3
Mar.
1973
Dec. 1
Sept.
Mar.
j
June?'
2
82
5
3
145
130
14
108
79
5
3
63
14
119
2
943
5
2
9
2
75
9
4
163
145
24
118
102
9
4
79
12
122
3
949
7
2
3
2
83
7
4
167
156
15
121
109
14
4
81
12
106
4
1,009
7
2
3
3
75
8
4
161
146
19
107
100
14
5
82
22
127
3
857
16
2
6
2
81
19
4
165
165
24
103
110
13
4
72
23
85
3
702
17
3
21
15
63
19
16
188
200
30
174
71
19
20
130
45
57
8
992
11
11
47
20
62
28
23
220
176
39
194
78
17
21
137
56
79
47
1,044
12
14
42
16
19
157
57
82
47
1,155
12
12
42
14
106
26
21
290
242
36
204
96
17
19
159
45
85
23
1,385
14
9
40
1,733
1,830
1,905
1,758
1,617
2,117
2,309
2,489
2,831
2,890
183
209
211
267
246
996
899
930
1,308
1,256
16
24
17
6
19
35
29
35
30
42
18
8
1
27
8
5
6
18
24
47
17
13
7
34
17
4
5
23
46
288
10
8
38
18
6
3
23
47
382
11
19
52
163
33
39
1
154
20
36
7
74
96
519
11
23
59
175
33
41
1
180
19
40
4
89
12
23
78
168
34
40
1
183
67
36
4
92
94
547
13
35
74
170
31
40
1
195
72
33
5
106
95
534
12
44
62
176
29
36
1
205
72
34
5
99
101
740
11
91
1,289
1,390
1,410
1,661
*
21
5
5
2
17
30
293
9
6
17
35
319
10
7
7
1
27
18
4
7
21
45
366
10
4
453
514
589
532
638
1,226
28
26
12
7
6
11
223
16
5
5
112
32
28
12
7
12
12
149
20
15
5
117
32
26
12
7
16
13
160
20
15
5
152
32
33
12
7
16
16
194
19
25
5
156
31
35
12
7
15
9
234
18
19
6
140
1
51
22
36
32
18
452
57
63
14
451
410
458
513
525
17
2
37
25
7
1
59
32
8
1
61
37
6
12
66
57
92
103
8
*
*
91
520
19
73
29
25
230
194
35
202
83
i
|
i
17
93
20
21
318
270
40
199
97
19
25
140
49
89
15
1,360
18
9
91
171
67
24
33
33
31
456
63
49
15
201
65
32
34
33
31
467
63
48
22
203
j
61
31
31
38
34
509
47
47
25
188
10
76
34
28
35
27
500
40
47
24
203
918
972
999
1,012
1,024
20
6
12
67
7
45
7
64
7
53
5
75
16
52
8
79
25
55
16
78
23
52
15
84
121
105
122
140
155
173
*
|
174
46
11
47
13
46
13
54
11
72
11
92
18
94
20
84
21
82
22
77
23
57
60
59
64
82
104
100
*
2,933
*
*
3,115
3,324
,*
3,256
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
coverage with those shown for the preceding date; figures in the second
column are comparable with those shown for the following date.
2 Includes Bermuda.
Claims on foreigners
110
114
105
*
5
1
1
1
1
3,213
5,495
5,723
6,068
6,839
7,106
NOTE.—Reported by exporters, importfrs, 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 90
INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1974
26. 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
1969—June.,
Sept..
Dec. 1
Payable
in
dollars
Claims
Payable
in
foreign
currencies
Payable in foreign
currencies
Payable
in
dollars
Total
Deposits with
banks abroad
in reporter's
name
Other
1,613
1,797
1,786
2,124
1,263
1,450
1,399
1,654
350
346
387
471
4,023
3,874
3,710
4,159
3,316
3,222
3,124
3,532
429
386
221
244
278
267
365
383
1970—June.,
Sept..
Dec..,
2,387
2,512
2,677
1,843
1,956
2,281
543
557
496
4,457
4,361
4,160
3,868
3,756
3,579
234
301
234
355
305
348
1971—Mar..
June..
Sept..
Dec. 1
2,437
2,375
2,564
2,704
2,763
1,975
1,937
2,109
2,229
2,301
462
438
454
475
463
4,515
4,708
4,894
5,185
5,004
3,909
4,057
4,186
4,535
4,467
232
303
383
318
290
374
348
326
333
247
1972—Mar..
June.
Sept..
Dec. 1
2,844
2,925
2,933
/ 3,115
1 3,324
2,407
2,452
2,435
2,630
2,825
437
472
498
484
499
5,177
5,331
5,495
5,723
6,068
4,557
4,685
4,833
5,074
5,394
318
376
432
411
393
302
270
230
238
281
1973—Mar..
June?
3,256
3,213
2,743
2,652
513
561
6,839
7,106
5,945
6,249
458
502
436
355
/
\
/
\
1
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.
27. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS
(Amounts outstanding; in millions of dollars)
Claims
End of period
Country or area
Total
liabilities
Total
United
Kingdom
Other
Europe
Canada
Brazil
Mexico
Other
Latin
America
Japan
Other
Asia
Africa
All
other
1969—June..
Sept..
Dec. 1
1,325
1,418
1,725
2,304
1,952
1,965
2,215
2,363
167
152
152
168
368
369
433
442
447
465
496
562
195
179
172
177
76
70
73
77
216
213
388
420
142
143
141
142
229
246
249
271
72
71
69
75
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. 1
3,177
3,172
2,939
3,159
3,138
2,983
2,982
3,019
3,118
3,118
154
151
135
128
128
688
687
672
705
705
670
677
765
761
767
182
180
178
174
174
63
63
60
60
60
615
625
597
652
653
161
138
133
141
136
302
312
319
327
325
77
75
85
86
86
72
74
75
85
84
1972—Mar..
June.
Sept..
Dec. 1
3,093
3,300
3,448
3,540
3,858
3,191
3,255
3,235
3,369
3,472
129
713
713
695
715
755
787
797
805
833
870
175
128
162
179
177
184
187
60
61
63
60
63
665
671
661
659
698
137
161
132
156
134
359
377
389
406
394
81
86
89
87
80
85
93
96
109
111
1973—Mar..
June?
3,988
3,963
3,604
3,662
144
157
808
819
884
894
165
146
62
64
783
797
124
138
409
412
102
105
125
131
108
1
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
188
shown for the preceding date; figures on the second line are comparable
with those shown for the following date.
JANUARY 1974 • EXCHANGE RATES
A 91
FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Australia
(dollar)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Denmark
(krone)
Finland
(markka)
France
(franc)
Germany
(Deutsche
mark)
1969.
1970.
1971
1972.
111.10
111.36
113.61
119.23
3.8654
3.8659
4.0009
4.3228
1.9942
2.0139
2.0598
2.2716
92.855
95.802
99.021
100.937
13.299
13.334
13.508
14.384
23.774
23.742
23.758
24.022
19.302
18.087
18.148
19.825
25.491
27.424
28.768
31.364
1972-
120.74
4.3172
2.2670
100.326
14.601
24.000
19.657
31.262
1973-
127.16
135.46
141.29
141.50
141.50
141.58
141.78
141.48
146.83
148.22
148.22
148.33
4.3203
4.8582
4.8759
4.8330
4.9082
5.2408
5.8124
5.5917
5.5695
5.5871
5.2670
5.1150
2.2665
2.3981
2.5378
2.4895
2.5356
2.6643
2.8151
2.7035
2.7089
2.7328
2.5882
2.4726
100.071
100.440
100.333
99.928
99.916
100.160
100.049
99.605
99.181
99.891
100.092
100.058
14.536
15.386
16.275
16.099
16.241
17.130
18.041
17.521
17.480
17.692
16.744
16.089
23.986
24.728
25.628
25.872
25.277
26.731
27.202
27.314
27.042
27.202
26.894
26.104
19.671
20.987
22.191
21.959
22.341
23.472
24.655
23.527
23.466
23.718
22.687
21.757
31.288
33.273
35.548
35.252
35.841
38.786
42.821
41.219
41.246
41.428
38.764
37.629
India
(rupee)
Ireland
(pound)
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
Netherlands
(guilder)
New
Zealand
(dollar)
1969,
1970.
1971
1972
13.230
13.233
13.338
13.246
239.01
239.59
244.42
250.08
.15940
.15945
.16174
.17132
.27903
.27921
.28779
.32995
32.623
32.396
32.989
35.610
8.0056
8.0056
8.0056
8.0000
27.592
27.651
28.650
31.153
111.21
111.48
113.71
119.35
1972-
12.467
234.48
.17146
.33196
35.531
8.0000
30.962
119.53
1973-
12.494
12.910
13.260
13.255
13.340
13.753
13.605
13.220
12.987
12.938
12.767
12.328
235.62
242.75
247.24
248.37
253.05
257.62
253.75
247.57
241.83
242.92
238.70
231.74
.17079
.17421
.17604
.16971
.17100
. 16792
.17200
.17423
.17691
.17656
.16904
.16458
.33136
.36041
.38190
.37666
.37786
.37808
.37801
.37704
.37668
.37547
.35941
.35692
35.523
37.679
39.922
40.307
40.333
40.865
43.121
43.859
43.361
43.641
41.838
41.405
8.0000
8.0000
8.0000
8.0000
8.0000
8.0000
8.0000
8.0000
8.0000
8.0000
8.0000
8.0000
31.084
33.119
34.334
33.890
34.488
36.582
38.700
37.596
38.542
40.011
37.267
35.615
119.52
126.87
132.21
132.99
132.34
132.40
135.02
135.33
145.07
148.64
147.74
144.34
Norway
(krone)
Portugal
(escudo)
South
Africa
(rand)
Spain
(peseta)
Sri Lanka 1
(rupee)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
196 9
197 0
197 1
197 2
13.997
13.992
14.205
15.180
3.5013
3.4978
3.5456
3.7023
138.90
139.24
140.29
129.43
1.4266
1.4280
1.4383
1.5559
16.741
16.774
16.800
16.057
19.342
19.282
19.592
21.022
23.186
23.199
24.325
26.193
239.01
239.59
244.42
250.08
1972—Dec.
15.187
3.7248
127.57
1.5753
14.936
21.080
26.526
234.48
1973—Jan..
Feb.,
Mar.
Apr.,
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
15.128
16.038
16.954
16.428
17.196
18.192
18.932
18.145
18.048
18.285
17.872
17.651
3.7280
3.8562
4.1005
3.9563
4.0050
4.2175
4.4624
4.3243
4.2784
4.3014
4.1155
3.9500
127.55
134.91
141.43
141.70
141.65
148.07
148.63
148.52
148.50
148.54
148.45
148.66
1.5755
1.6355
1.7183
4.7217
1.7224
1.7229
1.7385
1.7553
1.7610
1.7576
1.7479
1.7571
14.904
15.407
15.774
15.777
15.883
16.538
16.431
15.948
15.768
15.481
15.503
15.044
21.092
21.935
22.582
22.161
22.567
23.746
24.732
24.070
23.769
23.942
23.019
22.026
26.820
29.326
31.084
30.821
31.494
32.757
35.428
33.656
33.146
33.019
31.604
31.252
235.62
242.75
247.24
248.37
253.05
257.62
253.75
247.57
241 .83
242.92
238.70
231.74
Period
Feb
July
Oct
Dec
Period
Feb
Sept
Dec
Period
1
Ceylon renamed Sri Lanka under new constitution, 1972.
NOTE.—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 92
CENTRAL BANK RATES • JANUARY 1974
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Changes during the last 12 months
Rate as of
Dec. 31, 1972
Country
1973
Per
cent
Month
effective
Argentina.
Austria....
Belgium.. .
Brazil
Canada...
18.0
5.5
5.0
18.0
4.75
Feb.
Nov.
Dec.
Feb.
Oct.
1972
1972
1972
1972
1971
Chile
China, Rep. of (Taiwan).
Colombia
Costa Rica
Denmark
7.0
9.25
14.0
5.0
7.0
Jan.
May
May
June
Oct.
1972
1971
1970
1966
1972
Ecuador....
Egypt
El Salvador.
Ethiopia
Finland....
8.0
5.0
4.0
6.50
7.75
Jan.
May
Aug.
Aug.
Jan.
1970
1962
1964
1970
1972
France
Germany, Fed. Rep. of.,
Ghana
Greece
Honduras
7.5
4.5
8.0
6.5
4.0
Nov.
Nov.
July
Sept.
Feb.
1972
1972
1971
1969
1966
Iceland...
India
Indonesia.
Iran.
Ireland. . .
5.25
6.0
6.0
7.0
8.0
Jan.
Jan.
May
Oct.
Dec.
1966
1971
1969
1969
1972
Italy
Jamaica.
Japan...
Korea...
Mexico..
4.0
6.0
4.25
13.0
4.5
Apr.
June
June
Jan.
June
1972
1972
1972
1972
1942
3.50
4.0
6.0
4.50
4.5
Nov.
Nov.
Mar.
June
Sept.
1951
1972
1972
1968
1969
May
Nov.
June
Dec.
Aug.
1972
1959
1969
1972
1972
Oct.
Jan.
Nov.
Sept.
Oct.
1971
1970
1971
1969
1959
Sept.
Sept.
Dec.
Oct.
Sept.
1966
1970
1972
1970
1970
Morocco
Netherlands...
New Zealand.
Nigeria
Norway
Pakistan
Peru
Philippine Republic.
Portugal
South Africa
Spain
Sri Lanka 1
Sweden
Switzerland
Thailand
Tunisia
Turkey
United Kingdom.
Venezuela
Vietnam
6.0
9.5
10.0
4.0
6.0
5.0
6.5
5.0
3.75
5.0
5.0
9.0
9.0
5.0
18.0
Jan.
Feb.
Mar.
May
June
5.50
5.25
5.75
July
Aug.
6.0
6.0
6.5
6.25
Sept.
Oct.
Nov.
Dec.
7.75
6.75
10.75
10.5
8.0
9.00
9.25
6.0
5.0
8.50
9.5
6.0
7.0
6.0
6.5
7.0
11.0
7.0
7.0
5.0
5.5
5.0
9.00
7.0
8.00
8.0
5.5
5.00
6.0
4.50
8.75
8.0
8.5
i Ceylon renamed Sri Lanka under new constitution, 1972.
NOTE.—Rates shown are mainly those at which the central bank either
discounts or makes advances against eligible commercial 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, depending 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.
Honduras—Rate shown is for advances only.
Indonesia—Various rates depending on type of paper, collateral, commodity involved, etc.;
Japan—Penalty rates (exceeding the basic rate shown) for borrowings
from the central bank in excess of an individual bank's quota;
Apr.
8.75
7.75
7.50
11.50
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 production, 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 distribution of rice and corn and 7.75 per cent for credits to enterprises engaged in export activities. Preferential rates are also granted on credits to
rural banks; and
f United Kingdom—On Oct. 9, 1972, the Bank of England announced:
"With effect from Friday October 13th the Bank's minimum lending rate
will until further notice be the average rate of discount for Treasury bills
established at the most recent tender plus one half percent rounded to the
nearest one quarter percent above. Although the rate will therefore be
automatically determined by this formula it will for convenience be made
known each Friday afternoon concurrently with and in the same manner
as the results of the Treasury bill tender. The regular weekly bank rate
announcement will be discontinued from now on." Therefore, the minimum lending rate as of last Friday of the month will be carried in place o f
Bank rate.
Venezuela—2 per cent for rediscounts of certain agriculture paper, 4l/2
per cent for advances against government bonds, and 5 l A 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 quantitative ceilings.
JANUARY 1974 • OPEN MARKET RATES; ARBITRAGE
A 93
OPEN MARKET RATES
(Per cent per annum)
Month
Prime
Treasury
bank
bills,
bills,
3 months
3 months 3
Treasury
bills,
3 months i
Day-today
money 2
1972
1973
3.55
5.43
3.65
5.27
6.06
10.45
1972—De c
3.66
3.71
8.08
1973—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct . . .
Nov
Dec
1 Based on
Based on
3 Data for
months.
4
Data for
deposits.
2
3.79
3.91
4.28
4.73
5.08
5.40
5.67
6.47
6.41
6.56
6.48
6.39
3.72
3.93
4.21
4.53
4.67
5.00
5.28
5.87
6.31
6.54
6.56
6.58
8.76
9.34
9.76
8.64
8.35
8.14
9.06
12.78
12.12
11.37
13.38
13.74
Day-today
money
Clearing
banks'
deposit
rates 4
5.02
9.40
4.83
8.27
3.84
7.96
7.76
6.23
5.57
7.32
6.55
7.30
7.50
7.25
7.11
6.55
6.25
8.99
9.50
9.50
9.50
9.46
7.23
7.71
7.49
7.46
7.71
7.46
7.89
8.87
9.73
7.66
8.31
7.52
7.20
8.29
6.66
5.89
9.70
9.13
10.53
8.80
9.57
8.49
8.14
8.16
7.87
7.45
7.12
8.35
10.98
11.37
10.75
11.76
12.41
Germany,
Fed. Rep. of
France
United Kingdom
Canada
average yield of weekly tenders during month.
weekly averages of daily closing rates.
1968 through Sept. 1971 are for bankers' acceptances, 3
1968 through Sept. 1971 are for bankers' allowance on
Day-today
moneys
Netherlands
Switzerland
Treasury
bills,
60-90
days 6
Day-today
money 7
Treasury
bills,
3 months
3.04
4.30
2.15
1.97
4.81
4.25
6.69
3.12
3.20
4.75
4.75
5.75
5.75
5.75
5.75
7.00
7,00
5.58
2.18
11.37
14.84
7.40
10.90
15.78
10.63
9.76
10.57
11.30
3.16
2.33
1.53
1.22
2.89
3.59
5.58
5.92
5.67
5.25
5.29
2.78
1.55
.61
.77
3.88
4.28
5.65
7.24
7.97
7.93
7.88
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.25
Day-today
money
Private
discount
rate
5 Rate shown is on private securities.
Rate in effect at end of month.
Monthly averages based on daily quotations.
8
Bill rates in table are buying rates for prime paper.
NOTE.—For description and back data, see "International Finance,"
Section 15 of Supplement to Banking and Monetary Statistics, 1962.
6
7
ARBITRAGE ON TREASURY BILLS
(Per cent per annum)
United States and United Kingdom
United States and Canada
Treasury bill rates
Treasury bill rates
Date
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)
Can ada
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)
1973
July
6
13
20
27
6.76
6.85
8.26
10.74
7.87
7.59
8.05
8.15
-1.11
-.74
.21
2.59
-2.36
-2.22
-2.13
-3.55
-3.47
-2.96
-1.92
-.96
5.62
5.62
5.71
5.74
5.47
5.47
5.55
5.59
7.87
7.59
8.05
8.15
-2.40
-2.12
-2.50
-2.56
1.70
1.68
2.27
2.48
-.70
-.44
-.23
-.08
Aug.
3
10
17
24
31
10.63
10.76
10.78
10.83
10.82
8.18
8.76
8.47
8.45
8.53
2.45
2.00
2.31
2.38
2.29
-2.97
-4.60
-4.55
-4.88
-4.45
-.52
-2.60
-2.24
-2.50
-2.16
5.82
5.99
6.05
6.12
8.38
5.66
5.82
5.82
5.95
6.00
8.18
8.76
8.47
8.45
8.53
-2.52
-2.94
-2.65
-2.50
-2.53
2.64
2.88
2.69
2.64
2.58
.12
-.06
.04
.14
.05
Sept.
7
14
21
28
10.84
10.80
10.83
10.79
8.77
8.75
8.00
6.94
2.07
2.05
2.83
3.85
-4.55
-5.49
-4.84
-4.52
-2.48
-3.44
-2.01
-.67
6.22
6.42
6.48
6.50
6.04
6.25
6.26
6.29
8.77
8.75
8.00
6.94
-2.73
-2.50
-1.74
-0.65
2.26
2.06
1.89
1.37
-.47
-.44
.15
.72
Oct.
5
12
19
26
10.74
10.67
10.56
10.54
7.36
7.08
6.98
6.99
3.38
3.59
3.58
3.55
-3.73
-3.56
-3.68
-4.08
-.35
.03
-.10
-.53
6.68
6.51
6.53
6.51
6.26
6.29
6.30
6.30
7.36
7.08
6.98
6.99
-1.11
-.79
-.68
-.69
1.41
.46
.08
-.70
.30
-.33
-.60
-1.39
Nov.
2
9
16
23
30
10.46
10.57
12.24
12.31
12.28
7.39
8.01
7.51
7.74
7.32
3.07
2.56
4.73
4.57
4.76
-3.79
-3.54
-5.11
-5.92
-5.50
-.72
-.98
-.38
-1.35
-.54
6.53
6.52
6.47
6.47
6.43
6.30
6.33
6.25
6.23
6.22
7.39
8.01
7.51
7.74
7.32
-1.09
-1.68
-1.26
-1.51
-1.10
-.28
-.06
.18
.22
.30
-1.37
-1.74
-1.08
-1.29
-.80
Dec.
7
14
21
28
12.32
12.29
12.29
12.25
7.55
7.49
7.21
7.36
4.77
4.80
5.08
4.89
-5.47
-7.62
-6.76
-6.65
-0.70
-2.82
-1.68
-1.76
6.43
6.38
8.38
6.36
6.23
6.17
6.17
6.15
7.55
7.49
7.21
7.36
-1.32
-1.32
-1.04
-1.21
0.48
0.04
-0.10
-0.24
-0.84
-1.28
-1.14
-1.45
NOTE.—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 are 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 York
by market sources.
For description of series and for back figures, see Oct. 1964 BULLETIN,
pp. 1241-60. For description of adjustments to U.K. and Canadian
Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260,
O c t . 1 9 6 4 BULLETIN.
A 94
GOLD RESERVES • JANUARY 1974
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars; valued at $35 per fine ounce through Apr. 1972, at $38 from May 1972-Sept. 1973, and at $42.22 thereafter)
Estimated
total
world i
Intl.
Monetary
Fund
United
States
Estimated
rest of
world
Algeria
Argentina
243,230
43,185
41,600
40,905
41,015
41,275
41,160
31,869
2,652
2,682
2,288
2,310
4,339
4,732
13,806
13,235
12,065
10,892
11,859
11,072
10,206
27,285
27,300
26,855
27,725
26,845
25,865
26,220
6
6
155
205
205
191
192
66
84
84
109
135
140
90
223
224
231
257
263
239
259
700
701
701
714
715
714
729
44,890
5,778
5,830
10,487
10,487
28,575
208
208
152
152
282
281
5,830
5,830
5,830
5.830
5,826
5.831
5,826
5,826
5,826
6,474
6,476
10,487
10,487
10,487 28,565
10,487
10,487
10,487
28,545
10,487
10,487
10,487 p2S,565
11,652
11,652
208
208
208
208
208
208
208
208
208
231
231
152
152
152
152
152
152
281
281
Finland
France
44,880
44,865
"P44, 8 8 0 '
End of
period
China,
Rep. of
(Taiwan)
Colombia
Denmark
Egypt
Australia
Austria
Belgium
Brazil
Burma
Canada
1,558
1,525
1,480
1,524
1,520
1,470
1,544
63
45
45
45
45
45
46
84
84
84
84
84
63
22
1,151
1 ,046
1,015
863
872
791
792
792
792
1,642
1,638
50
50
16
12
834
834
793
793
793
793
793
793
793
793
793
881
50
50
50
50
50
50
50
50
50
12
12
12
12
881
1,621
1,603
1,603
1,603
1,603
1,603
1,603
1,603
1,603
1,781
1,781
834
834
834
834
834
834
834
834
834
927
927
Germany,
Fed.
Rep. of
Greece
India
Iran
282
281
281
281
281
281
282
312
312
12
12
12
11
Iraq
Ireland
Israel
1965
1966
1967
1968
1969.
1970
1971.
55
62
81
81
82
82
80
35
26
31
31
26
17
14
97
108
107
114
89
64
64
139
93
93
93
93
85
85
84
45
45
45
45
29
49
4,706
5,238
5,234
3,877
3,547
3,532
3,523
4,410
4,292
4,228
4,539
4,079
3,980
4,077
78
120
130
140
130
117
98
281
243
243
243
243
243
243
146
130
144
158
158
131
131
110
106
115
193
193
144
144
21
23
25
79
39
16
16
56
46
46
46
46
43
43
1972-—Nov
Dec
87
87
16
16
69
69
92
92
53
53
3,826
3,826
4,436
4,459
132
133
264
264
142
142
156
156
17
17
44
43
1973-—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
NOV.P
87
87
87
87
87
87
87
87
87
97
16
16
16
16
16
16
16
16
16
18
18
69
69
69
69
69
69
69
69
69
77
77
92
92
92
92
92
92
92
92
92
53
53
53
53
53
53
53
53
53
59
3,834
3,834
3,834
3,834
3,834
3,841
3,835
3,835
3,835
4,261
4,261
4,468
4,468
4,468
4,468
4,469
4,462
4,469
4,469
4,469
4,966
4,966
133
133
133
133
133
133
133
133
133
148
148
264
264
264
264
264
264
264
142
142
142
142
142
142
142
142
142
158
158
156
156
156
156
156
156
156
156
156
173
173
17
17
17
17
17
17
17
17
16
19
18
41
41
41
41
41
41
41
41
41
Pakistan
Peru
Italy
Lebanon
Japan
Libya
Malaysia
Mexi-
Moroc-
Netherlands
158
109
21
21
21
165
169
176
184
21
21
21
21
1,756
1,730
1,711
1 ,697
1,720
1 ,787
1,909
2,404
2,414
2,400
2,923
2,956
2,887
2,884
328
329
338
356
413
532
679
52
67
136
122
86
86
87
182
193
193
288
288
288
322
85
85
85
85
2
1
31
66
63
48
58
3,130
3,130
801
801
94
94
350
350
93
93
63
63
188
23
23
3,134
3,134
3,134
3,134
3,134
3,134
3,134
3,134
3,134
3,483
3,483
801
801
801
801
802
802
802
802
802
891
891
94
94
94
94
350
350
350
350
350
350
350
350
350
388
390
93
93
93
93
93
93
93
93
93
103
103
63
63
63
63
63
63
63
63
63
70
188
188
188
23
23
23
23
23
23
23
23
23
29
For notes see end of table.
68
68
68
166
188
188
188
186
184
182
Norway
31
-
24
25
23
33
53
53
53
54
54
54
55
25
40
40
2,059
2,059
36
37
60
60
41
41
2,059
2,059
2,059
2,059
2,059
2,063
2,063
2,065
2,065
2,294
2,294
37
37
37
37
37
37
37
37
37
41
41
60
60
60
60
60
60
60
60
60
67
67
41
41
41
41
41
41
41
41
41
18
18
67
65
20
20
JANUARY 1974 • GOLD RESERVES AND PRODUCTION
A 95
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars; valued at $35 per fine ounce through Apr. 1972, at $38 from May 1972-Sept. 1973, and at $42.22 thereafter)
End of
period
155
146
140
133
165
162
148
401
401
401
403
403
384
391
19
21
22
50
51
52
51
-558
-424
-624
-349
-480
-282
310
800
800
169
133
425
425
56
56
255
218
810
810
810
810
810
810
810
797
797
133
133
133
133
133
133
133
133
133
148
425
425
425
425
425
425
425
425
425
472
472
56
56
56
56
56
56
56
56
56
61
61
218
214
214
214
199
205
204
205
213
227
237
116
102
97
97
117
126
130
2,265
1,940
1,291
1,474
1,471
1,349
775
3,158
3,158
89
89
122
136
3,162
3,162
3,162
3,162
3,162
3,162
3,162
3,162
3,162
3,512
3,513
89
89
89
89
89
89
89
89
89
99
99
136
136
136
136
136
136
136
136
136
151
Spain
576
643
699
856
876
902
921
73
69
69
119
119
119
108
425
637
583
1,243
1,115
666
410
810
785
785
785
784
498
498
202
203
203
225
226
200
200
3,042
2,842
3,089
2,624
2,642
2,732
2,909
1972--Nov
Dec
1,021
1,021
117
117
662
681
541
541
217
217
1973--Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
1,022
1,022
1,022
1,022
1,022
1,022
1,022
1,035
1,036
1,154
117
117
117
117
117
117
117
117
116
129
129
706
711
714
720
721
724
734
740
738
820
809
542
542
542
542
542
542
542
542
542
602
602
220
220
220
220
220
220
220
220
220
244
244
Sweden Switzerland
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 countries, 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 IMF made by
Bank
for
Intl.
Settle-4
ments
96
92
92
92
92
92
82
South
Africa
NOV.P
Yugoslavia
United
Kingdom
Saudi
Arabia
1965.
1966.
1967,
1968.
1969.
1970.
1971.
Venezuela
Turkey
Portugal
Thailand
Uruguay
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
the4 increased quotas became effective in Feb. 1966.
Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets minus gold deposit liabilities.
NOTE.—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, at $38 through Septv 1973, and at $42.22 thereafter)
Africa
World
production i
1,445.0
1,410.0
1,420.0
1,420.0
1,450.0
North and South America
Asia
Nica- Colom- India
bia
ragua
Japan
Philippines
9.8
9.0
8.4
7.7
7.1
6.6
7.1
4.2
3.4
4.0
3.4
3.7
4.1
4.0
19.4
23.7
21.5
23.7
24.8
27.0
32.2
15.8
17.2
18.5
20.0
21.1
22.2
23.0
.5
.7
.5
.3
.4
2.7
'.3
South
Africa
Ghana
Zaire
United
States
Canada
Mexico
1,080.8
1,068.7
1,088.0
1,090.7
1,128.0
1.098.7
1.109.8
24.0
26.7
25.4
24.8
24.6
24.4
27.5
5.6
5.4
5.9
6.0
6.2
6.0
5.3
63.1
53.4
53.9
60.1
63.5
52.3
54.3
114.6
103.7
94.1
89.1
84.3
79.1
77.2
7.5
5.8
6.2
6.3
6.9
5.3
5.6
94.2
91.5
84.3
6.3
6.0
6.3
.4
.5
88.2
86.5
88.5
86.6
86.0
87.6
88.3
r
90.2
88.2
6.2
6.1
6.3
6.2
6.8
6.4
5.6
5.7
5.7
7.0
i Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, and North Korea.
5.2
5.2
4.9
3.7
4.0
3.7
3.0
.8
.5
.5
.6
.6
.6
.3
.3
.4
.2
Other
A 96
STOCK MARKET CREDIT • JANUARY 1974
SECURITY CREDIT REPORTED BY LENDERS SUBJECT TO MARGIN REGULATIONS, JUNE 30, 1973
(In millions of dollars)
Regulation T
Type of credit
NYSE
members
Margin credit:
Subject to margin requirements:
Margin stock 4
Convertible bonds
Subscription issues
"Plan lenders" 5
Total
Not subject to margin requirements:
Nonmargin stock®
Total
At banks reporting less than $250 000 n.e.c.7..
Total
Other
brokers and
dealers 2
Regulation U i
Total
Commercial
banks
Regulation G
Other
banks 3
6,119
212
20
76
4
6,195
216
21
876
52
15
9
1
885
53
15
160
1
(.6,351)
(81)
(6,432)
(943)
(10)
(953)
52
(213)
(81)
(6,432)
1,971
(2,914)
212
3,126
3
(6,351)
(13)
1,973
(2,926)
213
3,139
(213)
81
6,351
6,432
14
1
2
Excludes loans to brokers and dealers.
Includes data for firms that are members of the American Stock Exchange but not of the New York Stock Exchange that report directly to
the Board of Governors of the Federal Reserve System and for other
broker-dealers reporting voluntarily to the National Association of
Securities Dealers.
3 Includes U.S. agencies of foreign banks and mutual savings banks.
4
Includes bank loans for which part of the collateral was not restricted.
Such loans may contain some credit to purchase or carry convertible bonds.
213
(In millions of dollars)
(In millions of dollars)
Banks
Others
Total
June 30
Category
1971
1968
1969
1970
1971
1972
1973
6,334
5,233
4,117
5,050
8,061
6,432
2,046
2,035
2,552
2,926
NOTE.—See footnotes to table above.
1,973
(9,571)
213
9,784
NOTE.—Details may not add to totals due to rounding.
SECURITY CREDIT AT BANKS BY TYPE1
Brokers
7,240
270
36
52
(7,598)
5 Credit extended to finance purchases through qualified stock option
and employee stock purchase plans.
6
Loans to purchase or carry over-the-counter (OTC) stock not on the
Federal Reserve Board's OTC margin stock list and secured by restricted
collateral in whole or in part.
7
Security credit extended under Regulation U by banks reporting less
than $250,000 of such loans, not included in detail above.
MARGIN CREDIT BY SOURCE
Outstanding on
June 30
Total
Total
245
266
254
213
6,408
7,351
10,867
9,571
Loans to purchase or carry margin stock,
secured by—
a. Stocks (except as described in (c) below). .
b. Convertible bonds
c. Stocks acquired with subscription rights...
d. Restricted collateral, in part
Total
Loans to purchase or carry nonmargin stock,
secured by
a. Bank stock, entirely or in part 2
b. Other restricted collateral, entirely
c. Other restricted collateral, in part
Total
All other loans to purchase or carry securities 3 .
Total
678
58
16
55
807
1,016
212
1,228
1,263
3,298
1
2
1972
840
51
15
49
955
885
53
15
61
1,014
958
528
158
1,644
1,274
3,873
1,262
542
169
1,973
Includes all banks reporting total security credit of $250,000, or more.
Series available beginning June 1972.
3 Series discontinued June 1973.
NOTE.—Details may not add to totals due to rounding.
1973
2,987
JANUARY 1974 • STOCK MARKET CREDIT
A 97
DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS 1AT BROKERS CARRYING MARGIN
ACCOUNTS, JUNE 30, 1966-73
(In millions of dollars)
1967
1966
DEBIT
Total.
1970
1971
1972
601
686
879
1,003
746
633
591
515
823
805
1,588
1,361
3,843
1,247
2,268
668
804
888
1,413
1,030
1,089
257
291
507
524
224
318
344
5,846
6,232
: 9,287
6,150
101
105
2,690
241
8,356
5,002
162
85
2,682
424
5,615
3,836
198
48
1,162
372
7,142
4,743
208
41
1,842
308
10,438
7,689
243
36
1,866
604
90
109
102
133
81
120
144
358
1,240
477
1,618
682
1,801
743
2,471
665
2,651
647
3,615
642
5,225
55
519
49
1,024
67
1,112
83
1,429
74
1,313
83
1,313
80
1,380
10,304
12,880
19,640
18,258
12,841
16,172
20,963
3,969
3,690
4,144
4,394
3,872
4,995
9,145
2,518
859
552
2,215
903
494
2,460
966
601
2,780
825
517
2,083
892
303
2.924
989
337
5,463
2,393
411
117
272
594
746
878
664
851
674
1,544
4,127
1,357
2,485
704
894
931
1,548
1,071
1,161
BALANCES
Money borrowed—Total 3
From banks and trust companies:
In New York City
Elsewhere in the United States
From U.S. agencies of foreign banks
From other lenders (not including members of national securities exchanges)
Securities—
Loaned
Bought, delivery pending (failed to receive)
Net credit balances due to member firms of national securities exchanges
Credit balances due to other customers exclusive of exchange members
or allied exchange members in reporting firms—Total
In free credit balances in cash accounts
In free credit balances in stock and convertible bond margin accounts...
In credit balances in short accounts
In other net credit balances
Credit balances and money borrowed which are subordinated to general
creditors under approved agreements
Net credit balances in the individual investment and trading accounts of
exchange members or allied exchange members in reporting firms.
Credit balances in firm investment 4 and trading accounts
Net balance in capital accounts and profit and loss accounts and
general partners' or voting stockholders' drawing accounts
All other credit balances
Total.
MEMO:
Money borrowed according to collateral:
Secured by customers' collateral:
Entirely by obligations of U.S. Govt, or its agencies
Entirely by bonds other than convertible bonds and U.S. Govt.
securities
By nonexempt securities or mixed collateral
Secured by collateral of the firm or of exchange members or allied
exchange members in reporting firms:
Entirely by obligations of U.S. Govt, or its agencies
Entirely by bonds other than convertible bonds and U.S. Govt.
securities
By nonexempt securities or mixed collateral
Unsecured borrowing other than subordinated to general creditors..
Total.
Amount to be repaid for securities sold under repurchase agreements. .
Number of firms
1 Member firms of either NYSE or AMEX. Prior to 1968, annual totals
do not include data for firms which were members of AMEX but not
NYSE.
2 Because of a change in reporting format in 1968, the items "debit
balances due from all other customers exclusive of general partners or
voting stockholders" and "credit balances due to other customers exclusive of general partners or voting stockholders" for prior years are not
comparable with those for 1968. The difference results essentially from a
change in the procedure of netting credit balances against debit balances
for customers with more than one account at a brokerage firm. The subitem of debit balances "in stock margin accounts" is conceptually equivalent to credit extended to margin customers by brokers, as reported
1969
BALANCES
Cash on hand and in banks
Securities—
Borrowed
Sold, delivery pending (failed to deliver)
Net debit balances due from member firms of national securities exchanges
Debit balances due from all other customers, exclusive of exchange
members or allied exchange members in reporting firms—Total..
In stock margin accounts
In convertible bond margin accounts
In subscription accounts
In cash accounts
In other accounts
Net debit balances in individual investment and trading accounts of exchange members or allied exchange members in reporting firms..
Debit balances in—
Firm investment accounts
Firm trading and underwriting accounts
Commodity margins on deposit with banks, and commodity guaranty
funds on deposit
All other debit balances
CREDIT
1968
1,660
231
309
446
396
203
288
423
2,479
3,363
5,499
2,932
619
1,072
1,100
5,398
2,563
718
931
1,186
3,642
1,761
512
633
736
3.925
2,045
401
585
895
3,640
1,870
312
603
855
154
190
248
381
454
504
634
59
270
81
556
112
616
134
752
121
595
87
769
74
1,020
1,125
504
1,353
704
1,748
1,052
1,987
973
1,639
717
2,023
1,103
2,530
1,266
10,304
12,880
19,471
18,258
12,841
16,172
21,963
63
127
30
2,817
56
2,868
53
,971
50
2,215
199
4,922
18
60
100
2,919
103
2,184
136
336
302
805
1,514
1,884
147
645
3
127
926
102
972
16
109
903
30
283
709
19
296
874
21
598
1,414
67
3,969
3,690
4,144
4,394
3,872
4,995
9,145
326
326
450
365
550
371
1,223
363
1,197
313
,926
310
122
328
1
monthly in the table on Stock Market Customer Financing, page A-36,
but the data differ somewhat because of sampling error in the monthly
series, statistical discrepancies in reporting, and differences in the date
of reporting.
3
Excluding subordinated borrowing.
4
Excluding subordinated indebtedness included in the item "Credit
balances and money borrowed, etc.," above.
NOTE.—End-of-month figures. For a discussion of customer debit
balances and other figures in this table, see, respectively, "Margin Account
Credit," June 1968 BULLETIN, and "Statistics on Margin Accounts,"
Sept. 1936 BULLETIN.
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
A R T H U R F . B U R N S , Chairman
GEORGE W . MITCHELL,
J. DEWEY DAANE
JEFFREY M .
A N D R E W F . BRIMMER
BUCHER
OFFICE OF MANAGING DIRECTOR FOR
OPERATIONS AND SUPERVISION
D A V I D C . M E L N I C O F F , Managing
Director
D A N I E L M . D O Y L E , Deputy
Managing
Director
G O R D O N B . G R I M W O O D , Assistant
and Program
Contingency
WILLIAM W .
Director
Planning
Director
for
of
Equal
JOHN J. HART, Special Assistant
to the Board
Assistant
to
the
Assistant
to
the
Director
Structure
LEGAL DIVISION
DIVISION OF FEDERAL RESERVE BANK
OPERATIONS
Director
RONALD G . BURKE,
E . MAURICE MCWHIRTER,
Associate
W A L T E R A . A L T H A U S E N , Assistant
H A R R Y A . G U I N T E R , Assistant
J A M E S R . K U D L I N S K I , Assistant
P. D . RING, Assistant
THOMAS O ' C O N N E L L ,
General
JOHN NICOLL, Assistant
General
R O B E R T S . P L O T K I N , Assistant
Director
Director
Director
Director
Counsel
Counsel
General
Counsel
B A L D W I N B . T U T T L E , Assistant
Director
General
Counsel
A N D R E W F . O E H M A N N , Special
to the General
JOHN E .
SHEEHAN
ROBERT C .
HOLLAND
J . C H A R L E S P A R T E E , Managing
Director
S T E P H E N H . A X I L R O D , Adviser
to the
Board
S A M U E L B . C H A S E , J R . , Adviser
to the
Board
A R T H U R L . B R O I D A , Assistant
to the
Board
M U R R A Y A L T M A N N , Special
Assistant
to the
Board
J O H N S . R I P P E Y , Special
Board
Employment
B R E N T O N C . L E A V I T T , Program
for Banking
* R O B E R T S O L O M O N , Adviser
to the
Board
R O B E R T L . C A R D O N , Assistant
to the
Board
JOSEPH R . C O Y N E , Assistant
to the
Board
Board
L A Y T O N , Director
Chairman
OFFICE OF MANAGING DIRECTOR FOR
RESEARCH AND ECONOMIC POLICY
OFFICE OF BOARD MEMBERS
F R A N K O ' B R I E N , J R . , Special
Vice
Counsel
GRIFFITH L . GARWOOD,
Adviser
Assistant
DIVISION OF RESEARCH AND STATISTICS
J. CHARLES PARTEE,
Director
L Y L E E . G R A M L E Y , Deputy
Director
JAMES L . P I E R C E , Associate
Director
PETER M . K E I R ,
Adviser
STANLEY J. SIGEL,
Adviser
MURRAY S. WERNICK,
Adviser
KENNETH B . WILLIAMS,
Adviser
JAMES B . E C K E R T , Associate
Adviser
E D W A R D C . E T T I N , Associate
Adviser
R O B E R T J . L A W R E N C E , Associate
Adviser
E L E A N O R J . S T O C K W E L L , Associate
Adviser
JOSEPH S . Z E I S E L , Associate
Adviser
JAMES L . K I C H L I N E , Assistant
Adviser
S T E P H E N P . T A Y L O R , Assistant
Adviser
T H O M A S D . T H O M S O N , Assistant
Adviser
L O U I S W E I N E R , Assistant
Adviser
H E L M U T F . W E N D E L , Assistant
Adviser
L E V O N H . G A R A B E D I A N , Assistant
Director
DIVISION OF INTERNATIONAL FINANCE
OFFICE OF THE SECRETARY
DIVISION OF DATA PROCESSING
CHARLES L . HAMPTON, Associate
Director
GLENN L . CUMMINS, Assistant
Director
HENRY W . MEETZE, Assistant
Director
WARREN N . MINAMI, Assistant
Director
RICHARD S. WATT, Assistant
Director
CHESTER B . FELDBERG,
RALPH C . BRYANT,
Secretary
THEODORE E. ALLISON, Assistant
NORMAND R . V . BERNARD,
Secretary
Assistant
Secretary
ELIZABETH L . CARMICHAEL,
Assistant
Secretary
DIVISION OF PERSONNEL
KEITH D . ENGSTROM,
Director
CHARLES W . WOOD, Assistant
Director
DIVISION OF SUPERVISION
AND REGULATION
FREDERIC SOLOMON,
OFFICE OF THE CONTROLLER
JOHN KAKALEC,
Controller
JOHN M . DENKLER, Assistant
Controller
DIVISION OF ADMINISTRATIVE SERVICES
WALTER W . KREIMANN,
Director
DONALD E . ANDERSON, Assistant
Director
JOHN D . SMITH, Assistant
Director
Director
JOHN E . REYNOLDS, Associate
Director
ROBERT F . GEMMILL,
Adviser
REED J . IRVINE,
Adviser
SAMUEL I . K A T Z ,
Adviser
BERNARD NORWOOD,
Adviser
SAMUEL PIZER,
Adviser
GEORGE B. HENRY, Associate
Adviser
HELEN B. JUNZ, Associate
Adviser
tNoRMAN S. FIELEKE, Assistant
Adviser
Director
BRENTON C. LEAVITT, Deputy
Director
FREDERICK R . DAHL, Assistant
Director
JACK M . EGERTSON, Assistant
Director
JANET O . HART, Assistant
Director
JOHN N. LYON, Assistant
Director
JOHN T . MCCLINTOCK, Assistant
Director
THOMAS A. SIDMAN, Assistant
Director
WILLIAM W . WILES, Assistant
Director
tOn loan from the Federal Reserve Bank of Boston.
*On leave of absence.
CO
CO
A 100
FEDERAL OPEN MARKET COMMITTEE
A R T H U R F . B U R N S , Chairman
J O H N J . BALLES
ALFRED HAYES,
J. DEWEY DAANE
Vice
GEORGE W .
A N D R E W F . BRIMMER
DARRYL R . FRANCIS
FRANK E .
JEFFREY M . BUCHER
ROBERT C . H O L L A N D
JOHN E .
ROBERT P .
ARTHUR L . BROIDA,
NORMAND R . V . B E R N A R D ,
*ROBERT S O L O M O N ,
Secretary
Assistant
Secretary
THOMAS J. O'CONNELL, General
Counsel
EDWARD G. GUY, Deputy General Counsel
JOHN NICOLL, Assistant General Counsel
J . CHARLES PARTEE, Senior
S T E P H E N H . AXILROD,
(Domestic
MITCHELL
MORRIS
SHEEHAN
MAYO
Secretary
MURRAY ALTMANN, Assistant
Chairman
Economist
Economist
Finance)
(International
Economist
Finance)
LEON ALL C . ANDERSEN, Associate
Economist
RALPH C . BRYANT, Associate
Economist
ROBERT W . EISENMENGER, Associate
Economist
GEORGE GARVY, Associate
Economist
LYLE E . GRAMLEY, Associate
Economist
JOHN E . REYNOLDS, Associate
Economist
KARL A . SCHELD, Associate
Economist
KENT O . SIMS, Associate
Economist
ALAN R. HOLMES, Manager, System Open Market Account
CHARLES A. COOMBS, Special Manager, System Open Market Account
PETER D. STERN LIGHT, Deputy Manager, System Open Market Account
DAVID E. BODNER, Deputy Special Manager, System Open Market Account
FEDERAL ADVISORY COUNCIL
JAMES F . E N G L I S H , J R . , FIRST FEDERAL
A L L E N P . S T U L T S , SEVENTH FEDERAL
RESERVE DISTRICT
RESERVE DISTRICT
GABRIEL H A U G E , SECOND FEDERAL
D O N A L D E . LASATER, EIGHTH FEDERAL
RESERVE DISTRICT
RESERVE DISTRICT
JAMES F . B O D I N E , THIRD FEDERAL
GEORGE H . D I X O N , NINTH FEDERAL
RESERVE DISTRICT
RESERVE DISTRICT
CLAIR E . F U L T Z , FOURTH FEDERAL
E U G E N E H . A D A M S , TENTH FEDERAL
RESERVE DISTRICT
RESERVE DISTRICT
THOMAS I . STORRS, FIFTH FEDERAL
LEWIS H . B O N D , ELEVENTH FEDERAL
RESERVE DISTRICT
RESERVE DISTRICT
LAWRENCE A . M E R R I G A N , SIXTH FEDERAL
HAROLD A . ROGERS, TWELFTH FEDERAL
RESERVE DISTRICT
RESERVE DISTRICT
HERBERT V . P R O C H N O W ,
WILLIAM J . KORSVIK, Assistant
* O n l e a v e of a b s e n c e .
Secretary
Secretary
A 101
FEDERAL RESERVE BANKS AND BRANCHES
Federal Reserve Bank,
branch, or facility
Zip code
Chairman
Deputy Chairman
President
First Vice President
Boston
02106
James S. Duesenberry
Louis W. Cabot
Frank E. Morris
James A. Mcintosh
New York
10045
Roswell L. Gilpatric
Frank R. Milliken
Norman F. Beach
Alfred Hayes
Richard A. Debs
Buffalo
....14240
A. A. Maclnnes, Jr.
Philadelphia
19101
John R. Coleman
Edward J. Dwyer
David P. Eastburn
Mark H. Willes
Cleveland
44101
Horace A. Shepard
Robert E. Kirby
Graham E. Marx
Douglas Grymes
Willis J. Winn
Walter H. MacDonald
Robert W. Lawson, Jr.
E. Craig Wall
James G. Harlow
Charles W. DeBell
Robert P. Black
H. G. Pattillo
Clifford M. Kirtland, Jr.
William C. Bauer
Gert H. W. Schmidt
Edward J. Boling
Edwin J. Caplan
Monroe Kimbrel
Kyle K. Fossum
William H. Franklin
Peter B. Clark
W.M. Defoe
Robert P. Mayo
Ernest T. Baughman
Frederic M. Peirce
Sam Cooper
Roland R. Remmel
William H. Stroube
Darryl R. Francis
Eugene A. Leonard
Bruce B. Dayton
James P. McFarland
William A. Cordingley
Bruce K. MacLaury
M. H. Strothman, Jr.
Robert W. Wagstaff
Robert T. Person
Maurice B. Mitchell
Joseph H. Williams
Durward B. Varner
George H. Clay
John T. Boy sen
John Lawrence
Charles T. Beaird
Gage Holland
T.J. Barlow
Marshall Boykin, III
Philip E. Coldwell
' T. W. Plant
O. Meredith Wilson
Joseph F. Alibrandi
Joseph R. Vaughan
John R. Howard
Sam H. Bennion
C. Henry Bacon, Jr.
John J. Balles
JohnB. Williams
Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
45201
15230
23261
21203
28201
Fred O. Kiel
Robert D. Duggan
Jimmie R. Monhollon
J. Gordon Dickerson, Jr.
Culpeper Communications
Center
22701
Atlanta
30303
Birmingham
Jacksonville
Nashville
New Orleans
35202
32203
37203
70161
Miami Office
33152
Chicago
60690
Detroit
48231
St. Louis
63166
Little Rock
Louisville
Memphis
72203
40201
38101
Minneapolis
55480
Helena
59601
Kansas City
64198
Denver
Oklahoma City
Omaha
Dallas
80217
73125
68102
75222
El Paso
Houston
San Antonio
79999
77001
78295
San Francisco
94120
Los Angeles
Portland
Salt Lake City
Seattle
90051
97208
84110
98124
Vice President
in charge of branch
Hiram J. Honea^
Edward C. Rainey
Jeffrey J. Wells
George C. Guynn
W. M. Davis
William C. Conrad
John F. Breen
Donald L. Henry
L. Terry Britt
Howard L. Knous
George C. Rankin
William G. Evans
Robert D. Hamilton
Frederic W. Reed
James L. Cauthen
Carl H. Moore
Gerald R. Kelly
William M. Brown
A. Grant Holman
Paul W. Cavan
A 102
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REGULATIONS OF THE BOARD OF GOVERNORS OF
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LENDING FUNCTIONS OF THE FEDERAL RESERVE
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A 103
FEDERAL RESERVE BOARD PUBLICATIONS
FEDERAL FISCAL POLICY IN THE 1960's. 9/68.
STAFF ECONOMIC STUDIES
Studies and papers on economic and financial
that are of general interest in the field of
research.
subjects
economic
Summaries only printed in the BULLETIN
(Limited supply of mimeographed
copies of full
text available upon request for single copies)
EXAMINATION OF THE MONEY STOCK CONTROL
APPROACH OF BURGER, KALISH, AND BABB, by
Fred J. Levin. March 1973. 18 pp.
OBTAINING THE YIELD ON A STANDARD BOND FROM
A SAMPLE OF BONDS WITH HETEROGENEOUS
CHARACTERISTICS, by James L. Kichline, P. Michael Laub, and Guy V. G. Stevens. May 1973.
30 pp.
THE DETERMINANTS OF A DIRECT INVESTMENT
OUTFLOW WITH EMPHASIS ON THE SUPPLY OF
FUNDS, by Frederic Brill Ruckdeschel. June 1973.
171 pp.
MORTGAGE COMMITMENTS ON INCOME PROPERTIES: A NEW SERIES FOR 15 LIFE INSURANCE
COMPANIES, 1951-70, by Robert Moore Fisher and
Barbara Negri Opper. Aug. 1973. 83 pp.
Printed in full in the BULLETIN
(Staff Economic Studies shown in list below.
Except for Staff Papers, Staff Economic Studies, and
some leading articles, most of the articles reprinted do
not exceed 12 pages.)
REPRINTS
ADJUSTMENT FOR SEASONAL VARIATION. 6/41.
SEASONAL FACTORS AFFECTING BANK RESERVES.
2/58.
LIQUIDITY AND PUBLIC POLICY, Staff P a p e r by Stephen H. Axilrod. 10/61.
SEASONALLY ADJUSTED SERIES FOR BANK CREDIT.
7/62.
INTEREST RATES AND MONETARY POLICY, Staff
P a p e r by Stephen H. Axilrod. 9/62.
MEASURES OF MEMBER BANK RESERVES.
7/63.
REVISION OF BANK DEBITS AND DEPOSIT TURNOVER SERIES. 3/65.
RESEARCH ON BANKING STRUCTURE AND PERFORMANCE, Staff E c o n o m i c S t u d y by Tynan
Smith. 4/66.
A REVISED INDEX OF MANUFACTURING CAPACITY,
Staff E c o n o m i c S t u d y by Frank de Leeuw with
Frank E. Hopkins and Michael D. Sherman. 11/66.
REVISED SERIES ON COMMERCIAL AND INDUSTRIAL LOANS BY INDUSTRY. 2/67.
THE PUBLIC INFORMATION ACT—ITS EFFECT ON
MEMBER BANKS. 7/67.
INTEREST COST EFFECTS OF COMMERCIAL BANK
UNDERWRITING OF MUNICIPAL REVENUE
BONDS. 8/67.
U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN
1960-67. 4/68.
BUSINESS FINANCING BY BUSINESS FINANCE COMPANIES. 10/68.
HOUSING PRODUCTION AND FINANCE. 3/69.
THE CHANNELS OF MONETARY POLICY, Staff Economic Study by Frank de Leeuw and Edward
Gramlich. 6/69.
REVISION OF WEEKLY SERIES FOR COMMERCIAL
BANKS. 8/69.
EURO-DOLLARS: A CHANGING MARKET. 10/69.
RECENT CHANGES IN STRUCTURE OF COMMERCIAL BANKING. 3/70.
SDR's IN FEDERAL RESERVE OPERATIONS AND
STATISTICS. 5/70.
MEASURES OF SECURITY CREDIT. 12/70.
MONETARY AGGREGATES AND MONEY MARKET
CONDITIONS IN OPEN MARKET POLICY. 2/71.
BANK FINANCING OF MOBILE HOMES. 3/71.
INTEREST RATES, CREDIT FLOWS, AND MONETARY
AGGREGATES SINCE 1964. 6/71.
TWO KEY ISSUES OF MONETARY POLICY. 6/71.
SURVEY OF DEMAND DEPOSIT OWNERSHIP. 6/71.
BANK RATES ON BUSINESS LOANS—REVISED
SERIES. 6/71.
INDUSTRIAL PRODUCTION—REVISED AND NEW
MEASURES. 7/71.
REVISED MEASURES OF MANUFACTURING CAPACITY UTILIZATION. 10/71.
REVISION OF BANK CREDIT SERIES. 12/71.
PLANNED AND ACTUAL LONG-TERM BORROWING
BY STATE & LOCAL GOVERNMENTS. 12/71.
ASSETS AND LIABILITIES OF FOREIGN BRANCHES
OF U.S. BANKS. 2/72.
WAYS TO MODERATE FLUCTUATIONS IN THE CONSTRUCTION OF HOUSING. 3/72.
CONSTRUCTION LOANS AT COMMERCIAL BANKS.
6/72.
SOME ESSENTIALS OF INTERNATIONAL MONETARY
REFORM. 6/72.
CHARACTERISTICS OF FEDERAL RESERVE BANK
DIRECTORS. 6/72.
BANK DEBITS, DEPOSITS, AND DEPOSIT TURNOVER—REVISED SERIES. 7/72.
RECENT REGULATORY CHANGES IN RESERVE REQUIREMENTS AND CHECK COLLECTION. 7/72.
YIELDS ON NEWLY ISSUED CORPORATE BONDS.
9/72.
RECENT ACTIVITIES OF FOREIGN BRANCHES OF
U.S. BANKS. 10/72.
REVISION OF CONSUMER CREDIT STATISTICS.
10/72.
SURVEY OF FINANCE COMPANIES, 1970. 11/72.
ONE-BANK HOLDING COMPANIES BEFORE THE 1970
AMENDMENTS. 12/72.
EVOLUTION OF THE PAYMENTS MECHANISM. 12/72.
REVISION OF THE MONEY STOCK MEASURES AND
MEMBER BANK RESERVES AND DEPOSITS. 2/73.
DEVELOPMENTS IN U.S. BALANCE OF PAYMENTS.
4/73.
A 104
STATE AND LOCAL BORROWING ANTICIPATIONS
AND REALIZATIONS. 4/73.
YIELDS ON RECENTLY OFFERED CORPORATE
BONDS. 5/73.
FEDERAL FISCAL POLICY, 1965-72. 6/73.
SOME PROBLEMS OF CENTRAL BANKING. 6/73.
OPEN MARKET OPERATIONS IN 1972. 6/73.
CHANGES IN BANK LENDING PRACTICES, 1972.7/73.
BANKING AND MONETARY STATISTICS, 1972. Selected series of banking and monetary statistics for
1972 only. 3/73 and 7/73.
CAPACITY UTILIZATION IN MAJOR MATERIALS INDUSTRIES. 8/73.
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. 9/73.
CREDIT-CARD AND CHECK-CREDIT PLANS AT COMMERCIAL BANKS. 9/73.
FEDERAL RESERVE BULLETIN • JANUARY 1974
RATES ON CONSUMER INSTALMENT LOANS. 9/73.
BALANCE OF PAYMENTS ADJUSTMENT SINCE 1971.
10/73.
CHANGES IN TIME AND SAVINGS DEPOSITS, APRILJULY 1973. 10/73.
NEW SERIES FOR LARGE MANUFACTURING CORPORATIONS. 10/73.
FINANCIAL D E V E L O P M E N T S IN T H E T H I R D
Q U A R T E R O F 1 9 7 3 . 11/73.
MONEY SUPPLY IN THE CONDUCT OF MONETARY
POLICY. 11/73.
U.S. ENERGY SUPPLIES AND USES. 12/73.
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS, INTERIM REPORT. 12/73.
BALANCE OF PAYMENTS PROGRAM: REVISED
GUIDELINES FOR BANKS AND NONBANK FINANCIAL INSTITUTIONS. 1/74.
INDEX TO STATISTICAL TABLES
(For list of tables published peric
Acceptances, bankers', 11, 31, 33
Agricultural loans of commercial banks, 22, 24
Arbitrage, 93
Assets and liabilities (See also Foreigners):
Banks, by classes, 18, 22, 23, 24, 37
Federal Reserve Banks, 12
Nonfinancial corporations, current, 48
Automobiles:
Consumer instalment credit, 54, 55, 56
Production index, 58, 59
Bank credit proxy, 17
Bankers' balances, 23, 26
{See also Foreigners, claims on, and liabilities to)
Banks for cooperatives, 38
Bonds {See also U.S. Govt, securities):
New issues, 45, 46, 47
Yields and prices, 34, 35
Branch banks:
Assets, foreign branches of U.S. banks, 86
Liabilities, U.S. banks to foreign branches, 28, 87, 88
Brokerage balances, 85
Business expenditures on new plant and equipment, 48
Business indexes, 62
Business loans {See Commercial and industrial loans)
Capacity utilization, 62
Capital accounts:
Banks, by classes, 18, 23, 28
Federal Reserve Banks, 12, 13
Central banks, 92, 94
Certificates of deposit, 28
Coins, circulation, 15
Commercial and industrial loans:
Commercial banks, 17, 22, 31
Weekly reporting banks, 24, 29
Commercial banks:
Assets and liabilities, 17, 18, 22, 23, 24
Consumer loans held, by type, 55
Deposits at, for payment of personal loans, 30
Loans sold outright, 31
Number, by classes, 18
Real estate mortgages held, by type, 50
Commercial paper, 31, 33
Condition statements {See Assets and liabilities)
Construction, 62, 63
Consumer credit:
Instalment credit, 54, 55, 56, 57
Noninstalment credit, by holder, 55
Consumer price indexes, 62, 66
Consumption expenditures, 68, 69
Corporations:
Profits, taxes, and dividends, 48
Security issues, 46, 47
Security yields and prices, 34, 35
Cost of living {See Consumer price indexes)
Currency and coin, 5, 9, 23
Currency in circulation, 5, 15, 16
Customer credit, stock market, 36, 96
Debits to deposit accounts, 14
Debt {See specific types of debt or securities)
Demand deposits:
Adjusted, commercial banks, 14, 17, 23
Banks, by classes, 18, 23, 27
Ownership by individuals, partnerships, and
corporations, 30
y, but not monthly, see page A-3)
Demand deposits—Continued
Subject to reserve requirements, 17
Turnover, 14
Deposits {See also specific types of deposits):
Accumulated at commercial banks for payment of
personal loans, 30
Banks, by classes, 18, 23, 27, 37
Federal Reserve Banks, 12, 13, 88
Postal savings, 23
Subject to reserve requirements, 17
Discount rates {See Interest rates)
Discounts and advances by Reserve Banks {See Loans)
Dividends, corporate, 48
Dollar assets, foreign, 75, 81
Earnings and hours, manufacturing industries, 65
Employment, 62, 64, 65
Farm mortgage loans, 49, 50
Federal agency obligations, 11, 12, 13, 14
Federal finance:
Receipts and outlays, 40, 41
Treasury operating balance, 40
Federal funds, 7, 22, 24, 28, 33
Federal home loan banks, 38, 39, 51
Federal Home Loan Mortgage Corporation, 53
Federal Housing Administration, 49, 50, 51, 52, 53
Federal intermediate credit banks, 38, 39
Federal land banks, 38, 39
Federal National Mortgage Assn., 38, 39, 52
Federal Reserve Banks:
Condition statement, 12
U.S. Govt, securities held, 4, 12, 14, 42, 43
Federal Reserve credit, 4, 6, 12, 14
Federal Reserve notes, 12, 13, 15
Federally sponsored credit agencies, 38, 39
Finance companies:
Loans, 24, 54, 55, 57
Paper, 31, 33
Financial institutions, loans to, 22, 24
Float, 4
Flow of funds, 70
Foreign:
Currency operations, 11, 12, 13, 75, 81
Deposits in U.S. banks, 5, 12, 13, 23, 27, 88
Exchange rates, 91
Trade, 73
Foreigners:
Claims on, 82, 83, 88, 89, 90
Liabilities to, 28, 76, 77, 79, 80, 81, 88, 89, 90
Gold:
Certificates, 12, 13, 15
Earmarked, 88
Net purchases by United States, 74
Production, 95
Reserves of central banks and govts., 94
Stock, 4, 75
Government National Mortgage Assn., 52
Gross national product, 68, 69
Hours and earnings, manufacturing industries, 65
Housing permits, 62
Housing starts, 63
Income, national and personal, 68, 69
Industrial production index, 58-61, 62
A 106
Instalment loans, 54, 55, 56, 57
Insurance companies, 37, 42, 43, 50, 51
Insured commercial banks, 20, 22, 30
Interbank deposits, 18, 23
Interest rates:
Business loans by banks, 32
Federal Reserve Banks, 8
Foreign countries, 92, 93
Money market rates, 33
Mortgage yields, 51, 52, 53
Prime rate, commercial banks, 32
Time and savings deposits, maximum rates, 10
Yields, Bond and stock, 34
International capital transactions of U.S., 76-90
International institutions, 74, 75, 92, 94
Inventories, 68
Investment companies, issues and assets, 47
Investments (See also specific types of investments):
Banks, by classes, 18, 22, 25, 26, 37
Commercial banks, 17
Federal Reserve Banks, 12, 14
Life insurance companies, 37
Savings and loan assns., 38
Labor force, 64
Life insurance companies (See Insurance companies)
Loans (See also specific types of loans):
Banks, by classes, 18, 22, 24, 37
Commercial banks, 17, 18, 22, 24, 29, 31, 32
Federal Reserve Banks, 4, 6, 8, 12, 13, 14
Insurance companies, 37, 50, 51
Insured or guaranteed by U.S., 49, 50, 51, 52, 53
Savings and loan assns., 38, 51
Manufacturers:
Capacity utilization, 62
Production index, 59, 62
Margin requirements, 10
Member banks:
Assets and liabilities, by classes, 18, 22
Borrowings at Federal Reserve Banks, 6, 12
Number, by classes, 18
Reserve position, basic, 7
Reserve requirements, 9
Reserves and related items, 4, 6, 17
Mining, production index, 59, 61
Mobile home shipments, 63
Money market rates (See Interest rates)
Money stock and related data, 16
Mortgages (See Real estate loans and Residential mortgage
loans)
Mutual funds (See Investment companies)
Mutual savings banks, 27, 37, 42, 43, 50
National banks, 20, 30
National defense expenditures, 41, 68
National income, 68, 69
Nonmember banks, 20, 22, 23, 30
Open market transactions, 11
Payrolls, manufacturing index, 62
Personal income, 69
Postal savings, 23
Prices:
Consumer and wholesale commodity, 62, 66
Security, 35
Prime rate, commercial banks, 32
Production, 58-61, 62
Profits, corporate, 48
FEDERAL RESERVE BULLETIN • JANUARY 1974
Real estate loans:
Banks, by classes, 22, 25, 37, 50
Delinquency rates on home mortgages, 53
Mortgage yields, 35, 51, 52, 53
Type of holder and property mortgaged, 49-53
Reserve position, basic, member banks, 7
Reserve requirements, member banks, 9
Reserves:
Central banks and govts., 94
Commercial banks, 23, 26, 28
Federal Reserve Banks, 12, 13
Member banks, 5, 6, 17, 23
U.S. reserve assets, 75
Residential mortgage loans, 35, 49, 50, 51, 52, 53
Retail credit, 54
Retail sales, 62
Saving:
Flow of funds series, 70
National income series, 68
Savings and loan assns., 38, 43, 51
Savings deposits (See Time deposits)
Savings institutions, principal assets, 37, 38
Securities (See also U.S. Govt, securities):
Federally sponsored agencies, 38, 39
International transactions, 84, 85
New issues, 45, 46, 47
Yields and prices, 34, 35
Silver coin, 15
Special Drawing Rights, 4, 12, 13, 72, 75
State and local govts.:
Deposits, 23, 27
Holdings of U.S. Govt, securities, 42, 43
New security issues, 45, 46
Ownership of securities of, 22, 26, 37
Yields and prices of securities, 34, 35
State member banks, 20, 30
Stock market credit, 36, 96
Stocks (See also Securities):
New issues, 46, 47
Yields and prices, 34, 35
Tax receipts, Federal, 41
Time deposits, 10, 17, 18, 23, 27
Treasury cash, Treasury currency, 4, 5, 15
Treasury deposits, 5, 12, 13, 40
Treasury operating balance, 40
Unemployment, 64
U.S. balance of payments, 72
U.S. Govt, balances:
Commercial bank holdings, 23, 27
Member bank holdings, 17
Treasury deposits at Reserve Banks, 5, 12, 13, 40
U.S. Govt, securities:
Bank holdings, 18, 22, 25, 37, 42, 43
Dealer transactions, positions, and financing, 44
Federal Reserve Bank holdings, 4, 12, 13, 14, 42, 43
Foreign and international holdings, 12, 81, 84, 88
International transactions, 81, 84
New issues, gross proceeds, 46
Open market transactions, 11
Outstanding, by type of security, 42, 43, 45
Ownership, 42, 43
Yields and prices, 34, 35
United States notes, 15
Utilities, production index, 59, 61
Veterans Administration, 49, 50, 51, 52, 53
Weekly reporting banks, 24
Yields (See Interest rates)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS A N D THEIR BRANCH TERRITORIES
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Chicago j
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^
^
Oklahoma. Citjf
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THE FEDERAL RESERVE SYSTEM
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Legend
Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities
• Federal Reserve Branch Cities
• Federal Reserve Bank Facilities
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