Full text of Federal Reserve Bulletin : July 1975
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JULY 1975 FEDERAL RESERVE BULLETIN A copy of the Federal Reserve B u l l e t i n is sent to each member bank without charge; mem ber banks desiring additional copies may secure them at a special $10.00 annual rate. The regular subscription price in the United States and its possessions, and in Bolivia, Canada, Chile, Colom bia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatem ala, Haiti, Republic of Honduras, M exico, Nicaragua, Panam a, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $20.00 per annum or $2.00 per copy; elsew here, $24.00 per annum or $2.50 per copy. G roup subscriptions in the United States for 10 or more copies to one address, $1.75 per copy per m onth, or $18.00 for 12 months. The B u l l e t i n may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, W ashington, D .C. 20551, and remittance should be made payable to the order of the Board of G overnors of the Federal Reserve System in a form collectible at par in U .S. currency. (Stamps and coupons are not accepted.) FEDERAL RESERVE BULLETIN NUM BER 7 □ V O L U M E 61 □ JU L Y 1975 C O N TEN T S 1 Financial and Business Statistics 393 Recent Trends in Federal Budget Policy A 405 Quarterly Survey of Bank Policies with Respect to Credit Use A 1 Contents A 2 U.S. Statistics A 58 International Statistics 407 Membership of the Board of Governors of the Federal Reserve System 409 Statements to Congress A 78 Board of Governors and Staff A 80 Open Market Committee and Staff; Federal Advisory Council 433 Record of Policy Actions of the Federal Open Market Committee A 81 Federal Reserve Banks and Branches 440 Law Department A 82 Federal Reserve Board Publications 459 Announcements A 84 Index to Statistical Tables 461 Industrial Production A 86 Map of Federal Reserve System Inside Back Cover: Guide to Tabular Presentation Statistical Releases: Reference PUBLICATIONS COMMITTEE J. Charles Partee Ralph C. Bryant Lyle E. Gramley Joseph R. Coyne John D. Hawke, Jr. John M. Denkler Frederic Solomon James L. Kichline, Staff Director The Federal Reserve B u l l e t i n is issued monthly under the direction of the staff publications com m ittee. This com m ittee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack R. R ow e. Editorial support is furnished by the Econom ic Editing Unit headed by Elizabeth B. Sette. Recent Trends in Federal Budget Policy This article was prepared in the Government Finance Section of the Division of Research and Statistics. Prospects for a more effective Federal fiscal policy were enhanced with the enactment of the Congressional Budget and Impoundment Con trol Act of 1974. This legislation requires the Congress to establish over-all Federal budget targets— for receipts, expenditures, and the re sulting surplus or deficit— that appear to be consistent with the broad requirements of na tional economic policy. Previously, congres sional budget machinery has tended to encour age a fragmented focus on specific Federal ex penditure and tax programs, with insufficient emphasis on the economic consequences of the budget as a whole. Thus, the conscious deter mination of an appropriate, general Federal fis cal policy has seldom been an integral part of the congressional budget process. Official implementation of the new budget machinery is not scheduled until the fiscal year 1977. However, in order to gain needed experi ence for next year, the Congress is approaching the budget for the current fiscal year as if the new law were already in effect. New congres sional budget committees have been established, and they are currently engaged in the task of specifying appropriate fiscal goals. This new approach to fiscal policy faces ob vious challenges. It is being initiated against the backdrop of the most serious economic reces sion since before World War II. In addition, the need to curb inflationary pressures persists, and at the same time, considerable differences of opinion remain regarding the extent to which fiscal measures should be used to promote en ergy policy. Finally, rapid growth in Federal expenditures stemming from the sweeping so cial legislation of the 1960’s is intensifying problems of both short- and long-term budgetary control. This article sketches the nature and dimen sions of these longer-run fiscal trends, describes the recent enactment of tax reductions, and discusses in some detail the new budget control procedures that offer considerable promise for improved fiscal policy. T R E N D S IN F E D E R A L S P E N D IN G Within the last 10 years Federal outlays have expanded at an unusually fast pace— from $118 billion in fiscal 1965 to about $325 billion in the fiscal year just ended. This represents an increase of 175 per cent, or an average annual growth rate of about 11 per cent. In contrast, Federal revenues have increased by only 140 per cent during the period, with the growth of receipts varying considerably from year to year. The recession of this year, in particular, has dampened growth of receipts while accelerating that of expenditures. While these budget totals provide a useful general impression of the thrust of budget ac tivity, they conceal a number of rather diverse influences on the Federal budget. In the latter half of the 1960’s, for example, growth in Federal outlays was dominated by the war in Vietnam and by the inauguration of new social welfare programs. Expenditure growth in the first half of the 1970’s, on the other hand, while reflecting the continued evolution of the social programs initiated earlier, has also been strongly reinforced by the effects of accelerated inflation. Most recently, the recession has induced a sub stantial volume of compensatory outlays. Chart 1 shows the growing importance of social outlays in the Federal budget over the 394 Federal R eserve B ulletin □ July 1975 past 10 years and the resulting changes in im portance of other key budget items. The proportion of outlays allocated to national de fense has declined steadily, from 42 per cent in fiscal 1965 to 27 per cent in fiscal 1975. Even though defense expenditures in fiscal 1965 had not yet reflected much of the build-up associated with the war in Vietnam, the data indicate that the proportion of expenditures for national de fense today is substantially lower than in the period just prior to our Vietnam involvement. In the area of social outlays, the most signifi cant gains for the period have occurred in ex penditures for income security. This functional category includes social security and unem ployment insurance programs, public assist ance, and supplements to low-income families for food and housing. As a proportion of total outlays, this category has increased from 22 per cent in fiscal 1965 to 33 per cent in fiscal 1975. Other significant increases have occurred in the areas of health and education. Table 1 provides additional perspective on the shift in relative spending priorities over the period and relates Federal spending to the level of aggregate economic activity. As shown, the ratio of Federal outlays to gross national product has increased somewhat in 1975. However, this increase is accounted for largely by the surge in spending induced by the downturn in eco nomic activity. The final line of Table 1 adjusts for this factor and presents the ratio of expendi tures to GNP under conditions of sustained, high employment. These data would indicate that the share of Federal expenditures has tended to be stable during the first half of the 1970’s. The increased relative importance of Federal spending for social programs, while reflecting the evolution of national priorities, introduces problems of control in the management of Fed eral fiscal policy. Spending for most of these programs is open-ended in character since it is funded under a so-called “ entitlement author ity.” When the Congress creates such pro grams, it specifies levels of benefit payments and defines the population eligible to receive them. As a result an automatic entitlement, or right, to benefits is created whenever eligibility re quirements are met. Public assistance, food stamps, and certain unemployment compensa- CHART1 Functional classification of budget outlays Per cent 100 Other Revenue-sharing Veterans Interest Health Education Income security Commerce & transportation National defense 1966 1968 1970 1972 1974 Fiscal data from The Budget of the United States Government, Fiscal Year 1976 (Feb. 1975). 1976 Recent Trends in Federal Budget Policy 395 TABLE 1 Federal outlays as per cent of GNP 1970 1971 1972 1973 1974 1975 1976'' 7 .6 8 .9 9 .5 9 .5 9 .8 11.3 11.1 ..................... 8 .3 7 .6 7 .0 6.1 5 .8 5 .9 5 .9 N et interest ................................. 1.5 1.5 1.4 14 1.6 Item security, health, veterans) N ational defense Other ............................................. T o ta l o u t la y s ............................. M emo Full em ploym ent expenditures/fullem ploym ent G N P 1 1.6 1.6 2 .9 3.1 3.1 2 .7 2 0 .6 2 0 .9 2 1 .0 20 .1 19.9 2 1 .9 2 1 .9 2 0 .0 19.6 19.7 2 0 .4 19.7 2 0 .0 20 .5 3 .2 3.1 3,3 pA s estim ated in the B u dget o f the U nited S tates G overnm ent, F iscal Y e a r 1976 (Feb. 1975). 1National incom e accounts basis. tion and veterans programs are examples of transfer payments funded by this type of au thority. With the substantial growth in these types of programs, the share of total Federal spending that is mandatory or automatic in the short run has become increasingly important. In this sense these programs, and a number of others, are sometimes described as “ uncontrollable.” Over the past 5 years the share of Federal outlays that fall in this uncontrollable category has in creased from about 65 per cent to nearly 75 per cent. The payment of interest on the public debt is another spending category that responds au tomatically to external events without the need for explicit congressional action and that is included in the uncontrollable category. Also payments under long-term contracts for defense and public works, once obligated, may be un controllable for extended periods. In terms of the various functional budget categories, more than 90 per cent of the outlays for income security, health, and veterans benefits are deter mined by established legislation. And, of course, 100 per cent of the interest payment on the public debt falls in this category. In contrast, only about 40 per cent of defense-related outlays can be classified as “ uncontrollable” in that they do not require new congressional appro priations each year. Of course, it is misleading to assert that any budget outlay is wholly uncontrollable, since the Congress may change any item in the budget by legislative action. However, because income security programs have generally been estab lished to meet long-run needs and are often financed by specifically earmarked taxes, any major changes in the scope of these programs would entail prolonged legislative consid eration. It is true, of course, that the Congress would also be subjected to substantial pressures if it attempted to make substantial cuts in the controllable sector of the budget. Outlays in the sectors of the Federal budget that do require annual appropriations have, of course, been greatly inflated over the past dec ade by the general advance in prices. Although benefit payments in Federal social programs are typically legislated in nominal dollars, they too have been strongly affected by inflation, since Congress generally responds to the pinch of higher prices by liberalizing benefit payments. Moreover, in recent years, the Congress has turned increasingly to indexation as a means of keeping benefit payments more current with rising prices. Federal retirement pay, social se curity, and several other types of income main tenance programs are now all tied to the move ment of the consumer price index. One of the important implications of this trend toward indexation of expenditures is that it tends to blunt the restrictive effects of the so-called “ built-in stabilizers” in the Federal budget. Government spending on unemploy ment benefits and other income maintenance programs is generally expected to shrink during 396 Federal R eserve B ulletin □ July 1975 periods of expanding economic activity and rising employment, and thus helps to temper inflationary pressures. With indexation, how ever, spending in these areas tends to be main tained during periods of inflation, which creates a problem when inflation is being stimulated by a general overheating of the economy. Most recently, however, with inflation and underuti lization of resources occurring simultaneously, indexation in the various income transfer pro grams has tended to cushion the fall of purchas ing power, and thus to moderate declining eco nomic activity. In any event, the recent combination of re cession and inflation has strongly accentuated the growth in Federal outlays. As a result, in the fiscal year just ended, outlays expanded by nearly one-fifth, accounting in the process for approximately two-fifths of the over-all growth in Federal spending since the beginning of the 1970’s. A slowing in the growth of budget outlays is now projected for the current fiscal year, due both to an expected, further abatement of inflation and to a projected moderation in outlays for unemployment insurance as eco nomic activity improves. In addition, the Pres ident’s program calls for explicit curbs on spending growth. Since, however, the bulk of Federal outlays are now mandatory under exist ing laws, the possibilities for sizable short-range cutbacks are quite limited. IM P A C T O F IN F L A T IO N O N F E D E R A L R E C E IP T S In addition to their impact on outlays, recent trends in economic activity have also exerted pervasive effects on the course of Federal re ceipts. Most importantly, inflation has tended to increase tax receipts by more than the gain in private incomes. The experience of 1973-74 illustrates the influence of inflation on receipts. In those years effective tax rates on incomes of individuals rose significantly (Table 2). This rise reflects two factors. First, personal exemptions as well as the legislated minimum and maximum standard deductions are stated in fixed-dollar terms; when nominal incomes are pushed higher in the course TABLE 2 Effective income tax rates for individuals Calendar year 1970 1971 1972 1973 1974 ............................................... ............................... ............................................... ............................... ............................................... ............................... ............................................... ............................... ............................................... ............................... Individuals1 11.9 11.3 11.2 11.8 12.7 1Calculated on a cash-flow basis as the ratio o f (tax receipts net of refunds) to (personal incom e less transfer paym ents). The 1970 rate has been adjusted to rem ove the effect o f the surtax, since its inclusion w ould overstate the impact o f the 1971 A ct. A lso in 1972, an $ 8 .0 billion adjustment w as made for overw ithholding, since its inclusion w ould understate the impact o f the 1971 A ct in 1972. of inflation, these fixed-dollar allowances con stitute an increasingly smaller share of the total ; thus an increasingly greater share of income becomes subject to tax. Second, when inflation causes nominal incomes to grow, the progres sive character of the income tax structure forces taxpayers into higher marginal tax brackets; as a result, tax liabilities rise faster than taxable incomes. This second influence affects taxpayers across a wide range of income levels, but the first factor exerts its greatest percentage impact on individ uals in lower tax brackets. Low-income families are most affected because tax allowances stated in fixed-dollar terms bulk larger as a share of their total incomes. In addition, individuals with higher income levels are more likely to itemize their deductions, the dollar value of which tends to rise somewhat in response to inflation. In the case of corporations, the impact of inflation on effective tax rates is of a different character. Because corporate accounting proce dures often do not allow adequately for rising replacement costs, higher recorded corporate profits frequently exaggerate available internal funds during periods of inflation. Despite mounting corporate cash needs in such periods, tax liabilities remain at high levels. A corporate cash squeeze due to high tax liabilities can occur in two ways. First, since deductions for depreciation are recorded on a historical cost basis, the real cost of capital consumption is underestimated. Second, when prices are rising steeply, many corporations show substantial “ paper profits” on inventories that are valued without adequate regard for Recent Trends in Federal Budget Policy replacement costs. Real corporate profits have thus tended to be overstated because of depre ciation methods and the treatment of inventory profits. It should be noted however, that infla tion introduces an additional, partially offsetting influence. During periods of rising prices, con ventional accounting practices fail to reflect the gains that accrue to debtors as a result of the decline in the real value of outstanding, fixeddollar debt obligations. To the extent that the corporate sector is in a net debtor position, this fact may be significant. The inventory effect has been important in recent years because many firms use the “ firstin, first-out” (FIFO) accounting method for measuring the cost of goods sold. Under the FIFO approach, goods sold are valued at the prices paid for the inventory acquired earliest. During periods of rapid inflation, therefore, goods sold are assigned a value well below their replacement costs, leading to an overstatement of profits relative to the funds that are available to pay taxes on these profits. Table 3 indicates the increased importance of inventory profits in the 1973-74 period. Because of this distortion, many firms have recently elected to switch to a “ last-in, first-out” (LIFO) method of inven tory valuation. Under this procedure, goods sold are valued at the price paid for the most recent additions to inventory. Inflation has thus increased effective tax rates considerably for both individuals and corpora tions, particularly during 1973 and 1974. Much of the $20 billion shift toward a smaller defi cit— from $23 billion to $3 billion— that devel oped in the unified Federal budget between TABLE 3 Inventory profits and taxes Calendar year 1970 1971 1972 1973 1974 Inventory profits/ total corporate profits1 6 .5 5 .8 7.1 14.3 2 5 .0 Estimated tax due on inventory profits (in billions o f dollars) 1.9 1.9 2 .6 6 .2 12.3 C a lc u la te d as the ratio o f inventory valuation adjustment to total corporate profits before taxes. 397 CHART 2 Surplus/deficit budget concepts Billions of dollars The full-em ploym ent budget is based on the series published by the Federal R eserve Bank o f St. L ouis. B eginning in 1973, adjustments were made to the St. L ouis series to include the impact o f inflation on inventory profits. The projections o f the actual and full-em ploym ent budgets for fiscal year 1976 are based on the First Concurrent R esolution on the B udget pre sented by Congress in M ay 1975. fiscal 1972 and fiscal 1974 was attributable to this influence. The significance of inflation for effective tax receipts is also suggested by the so-called “ full-employment” budget, shown in Chart 2. This analytical measure attempts to focus on the stance of discretionary Federal fiscal policy by abstracting from the automatic effects on budget totals of fluctuations in general economic activ ity. In other words, the full-employment budget seeks to show what the position of the budget would have been— given the same discretionary fiscal policies— if the economy had followed a steady growth path close to full employment. As indicated in the chart, the full-employment budget strongly suggests a shift toward a more restrictive fiscal policy between 1972 and 1974. Full-employment budget totals, however, have to be interpreted with particular care during periods of inflation. A sizable part of the marked 1974 shift to surplus in the full-employment budget, for example, clearly did not result from discretionary fiscal actions designed to achieve greater restraint. The observed move toward surplus simply reflected an uptrend in effective tax rates caused by the inflation of nominal incomes. 398 Federal R eserve B ulletin □ July 1975 Increases in revenues resulting from inflation have traditionally been viewed as desirable, automatic fiscal stabilizers. Unfortunately, re cent economic conditions do not fit neatly into this traditional framework of fiscal analysis. In 1974 rapid inflation occurred during a period of economic stagnation, and the source of the inflation was not excess demand. In these cir cumstances the tendency for the automatic sta bilizers to increase effective tax rates and to dampen spending was counterproductive in that it reinforced the weakening of the economy. RECENT BUDGET DEVELOPM ENTS Since 1974 the full-employment budget has shifted substantially toward deficit, as Chart 2 shows. For all of fiscal 1975 the actual budget deficit moved up sharply to about $45 billion, and for the current fiscal year it is now forecast to rise further, possibly to $70 billion. The latter figure would represent the largest absolute dollar deficit in U.S. history. As a share of GNP, it has been exceeded only by the deficits incurred during the full mobilization period of World War II. To a considerable extent the record proportions of this prospective deficit simply reflect the impact of deep reces sion on the automatic budget stabilizers. As employment and incomes have fallen, outlays for unemployment compensation and other en titlement programs have risen, while tax receipts have weakened. In addition, however, the marked recent shift toward fiscal stimulus reflects new fiscal policy initiatives. In the Federal budget presented in February, the administration requested (1) tem porary tax reductions to help stimulate economic recovery, (2) cutbacks in certain types of Fed eral spending to help curb inflation over the longer run, and (3) a system of excise taxes and import fees on petroleum and natural gas to help promote self-sufficiency in energy. Among these proposals, those designed to stim ulate the economy received prompt congres sional attention, but legislative action on the energy program has been deferred. Moreover, the Congress has shown little inclination to support the administration’s proposed reduc tions in spending. In his budget message for the fiscal year 1976 the President requested temporary tax reductions of $16 billion, with three-fourths of the amount going to individuals and one-fourth to busi nesses— roughly the shares of total Federal in come tax receipts already accounted for by each of these sectors. The recommended tax reduc tions consisted of a rebate of up to 12 per cent on 1974 personal tax liabilities and a temporary increase in the investment tax credit to 12 per cent. These provisions were modified and supple mented by the Congress in the Tax Reduction Act of 1975, which was passed in April of this year. This Act provided for approximately $20 billion in net tax relief with about $17 billion going to individuals. A part of this legislation took the form of an $8.1 billion tax rebate on 1974 personal taxes. Other provisions applied to taxes for the calendar year 1975. To ameliorate the effects of inflation on taxpayers in the low- and middle-income tax brackets, the Act increased both the standard deduction and the low-income al lowance. A $30 tax credit for each exemption was also introduced, and a refundable tax credit of 10 per cent, with a maximum of $400, was provided to alleviate the burden of growing social insurance taxes on low-income families. Finally, to stimulate the housing industry, a 5 per cent tax credit, with a maxium of $2,000, was provided on the purchase of a new home. To stimulate business investment, the invest ment tax credit was increased to 10 per cent, and smaller businesses were assisted by a re duction in tax rates on corporate profits of less than $50,000. Some of this tax relief to business was offset by the repeal of most depletion al lowances on petroleum and natural gas and by increased limitations on the use of foreign tax credits. Current discussion regarding future tax policy revolves chiefly around the question of whether cuts in tax liabilities provided in the Tax Re duction Act should be extended into 1976. Other fiscal policy debate centers on the level of ag gregate spending thought to be appropriate for promoting an extended noninflationary recov Recent Trends in Federal Budget Policy ery. The manner in which these issues are ultimately settled will be influenced strongly by the extent to which the new machinery estab lished by the Congressional Budget and Im poundment Control Act is successfully imple mented. P R E V IO U S E X P E N D IT U R E C O N T R O L A C T IO N S The need for improved congressional control over the Federal budget has long been recog nized. Impetus for reform of the budget-making process, however, came from the executive, rather than the legislative, branch when, during the early years of the 1970’s, the President made a growing practice of impounding funds appro priated by the Congress. Presidential impoundment of appropriated funds was not a creation of the 1970’s. Legisla tive authority for this practice was provided at least in a limited way by the Anti-Deficiency Act of 1950. That Act permitted the President to establish budgetary reserves in order to pro vide for contingencies and to allow savings in congressionally appropriated funds. Impound ments of this type were for the purpose of enhancing managerial efficiency, since it was recognized that funds appropriated under some programs might exceed the actual level of ex penditures needed to complete them. However, the Act does not permit impoundment for the purpose of program curtailment or cancellation. During the 1960’s most executive impound ments involved withholding of funds from high way trust funds or for defense-related projects. During the early years of the current decade, the character of presidential impoundments un derwent a quantitative and qualitative change. In this period impoundments were justified by the administration not only for purposes of managerial efficiency but also as a means of implementing an anti-inflation policy. It was argued that impoundment for this purpose was sanctioned by the Employment Act of 1946 as well as by the Economic Stabilization Act of 1971. The expanded use of impoundments during the 1970’s, and a growing congressional con 399 cern that the administration was becoming overly selective in its impoundment choices, provoked a congressional response in the form of anti-impoundment legislation. It soon became evident, however, that if such legislation were to be effective, it would have to be accompanied by new procedures that would reorganize the congressional budget process itself. An impor tant related development that promoted this rec ognition was the rapid growth in uncontrollable budget outlays discussed earlier. Prior to enactment of the new budget law, the ability of the Congress to view the budget as a whole was severely limited. Since no single committee was charged with responsibility for reviewing the entire budget, spending totals in any given year were largely the result of un coordinated actions by a number of separate committees and subcommittees. This fragmen tation of budget decisions made it virtually impossible for the Congress to establish a con sistent set of spending priorities. Hence it was most difficult to achieve an over-all budget pos ture consistent with economic policy needs. H IG H L IG H T S O F T H E N E W L E G IS L A T IO N The Congressional Budget and Impoundment Control Act significantly improves the budgetmaking process. It establishes standing budget committees in each House of Congress em powered to study and to recommend changes in the budget submitted by the President. In effect, these committees are charged with the task of formulating a congressional budget ap propriate to the requirements of economic sta bilization. To help implement this new respon sibility, the Act creates the Congressional Budget Office, paralleling the Office of Man agement and Budget in the Executive Office of the President. In order both to lengthen the time period over which the President’s January budget proposal can be considered by the Congress and to assure that actions on appropriations are completed before the start of the fiscal year, the Act also changes the start of the fiscal year from July 1 to October 1. The Act is scheduled for full 400 Federal R eserve B ulletin □ July 1975 Congressional Budget Timetable On o r b efore N o v . 10 A ctio n to be co m p leted Presidential subm ission o f “ current services budget” that includes expectations for next fiscal year— given current econ om ic fore casts and an assum ption o f no further le g islative action on spending programs. 15th day after Congress convenes President subm its his budget proposal for the next fiscal year. Mar. 15 C ongressional com m ittees and joint c o m m ittees report to the budget com m ittees on the President’s budget and the econ om ic outlook. Apr. 1 C ongressional Budget Office subm its report to budget com m ittees recom m ending requisite budget totals. Apr. 15 Budget com m ittees report to their respec tive H ouses the first concurrent resolu tion on the budget establishing key budget totals. M ay 15 C om m ittees report bills and resolutions au thorizing new budget authority, and C ongress passes the first concurrent budget resolution. 7th day after Labor Day C ongress com pletes action on all bills and resolutions from legislative and appropri ations com m ittees providing new budget and spending authority. Sept. 15 C ongress com pletes action on a second co n current resolution o f the budget. Sept. 25 C ongress com pletes action on a reconcil iation bill or resolution im plem enting the second concurrent resolution on the budget. O ct. 1 Fiscal year begins. implementation when the Congress considers its budget for fiscal 1977. As shown in the accompanying timetable, the Act establishes a tight schedule for congres sional budget actions within a new fiscal year. A brief review of the major steps involved in meeting this demanding timetable will help to explain its essentials. Basically, the process falls into four stages. In the first stage, the Congress considers the President’s “ current services budget,” which is submitted in November, 3 months before the regular administration budget. The current services budget is a projection of receipts and outlays for the coming fiscal year, assuming continuation of Federal benefits, services, pur chases, and taxes as provided under existing law. This forecast is based on economic as sumptions provided by the latest projections of the Council of Economic Advisers. The “ no program change” assumption of the current services budget provides a convenient base for use by the Congress in evaluating the Pres ident’s February budget proposal, since the February budget is both a forecast of ongoing programs and a statement incorporating pro posed new spending and tax initiatives. The second stage in the new budget process involves the formulation of an initial congres sional budget— or as it is termed in the Act, the first concurrent resolution on the budget. This resolution is a preliminary working budget that is intended to serve as a set of guidelines for the appropriations committees. The initial budget resolution, as adopted, sets target figures for total outlays, tax revenues, appropriations, changes in outstanding debt, and the budget surplus or deficit. The formulation of the first concurrent resolution is a key stage in the new budget-making process. At this point the Con gress will, for the first time, explicitly consider the Federal budget as a whole and relate its budgetary decisions to the goals of full employ ment and price stability. This focus on the over-all thrust of fiscal policy is a radical change from past budgetary practice. After passage of this initial budget resolution, the budget process enters its third stage. In this stage, the Congress acts on appropriations measures through its usual procedures: moving from subcommittees to the full committee, to action by the House and Senate, and to a final conference resolution. Final passage of these appropriation measures is held up, however, until all appropriations bills have been reported and a summary has been prepared. Once this is done, final approval of the appropriations bills must be provided in quick succession, since all appropriations actions must be cleared by the Congress no later than the seventh day after Labor Day. The fourth and final stage of the new budget process begins in mid-September. Having com pleted action on all appropriations measures, the Congress must then review the budget as a whole. At this point, and in view of possible changes in economic conditions, the targets of the initial budget resolution prepared in May are Recent Trends in Federal Budget Policy reviewed and are either revised or reaffirmed. If the separate appropriations actions exceed the targets of the initial budget resolution (or fail to reach them), the Congress may then decide to alter targets for appropriations, revenues, or the debt ceiling. The budget process for the fiscal year is concluded with enactment of a reconciliation bill. This bill adjusts separate committee actions on outlays and receipts to the over-all budget targets affirmed by the Congress. Once the final concurrent budget resolution is enacted, all new budget authority must be within the limits established by that resolution. Thus, the final stage of the new budget process is especially important. At this stage the Congress is expected to exercise the greatest amount of self-discipline and, if necessary, to challenge the traditional and established pre rogatives of regular committees. Im p o u n d m e n t s A special section of the Act establishes new procedures for monitoring presidential with holdings of appropriated funds. Impoundments are to be classified by the executive as either a deferral of spending to a later period or a recommended cancellation of budget authority, defined as a rescission. To override a presiden tial deferral, a simple majority vote in either the House or the Senate is required. In the case of a rescission, however, the new law requires passage of an enabling bill within 45 days of the presidential request. Without such a bill, the President is required to disburse the funds pre viously appropriated. Regardless of whether a given action is a deferral or a rescission, the President is required to report the action to the Congress. Ultimately, suit may be brought in the courts by the Comp troller General if the President fails to comply with an override of an impoundment decision. While the provisions of the new law clearly represent a significant effort to regulate the im poundment process, some potential problem areas remain. As mentioned earlier, a large number of impoundments are routinely initiated under the Anti-Deficiency Act of 1950. The Congress probably does not intend to restrict 401 the President’s authority in this area. The new law makes no distinction, however, between routine and nonroutine impoundments. Since the executive branch is now required to report all impoundments, the Congress may find that the task of monitoring funds that have been withheld and of ascertaining the validity of each separate action is more difficult under the new law. Moreover, while the Act distinguishes be tween a deferral and a rescission of spending, the distinction between the two actions may not be so clear in practice as its definition would imply. Budget authority for most programs has a fixed expiration date. If spending for such a program is deferred, it is possible that the funds cannot be fully or efficiently obligated in the time remaining. Furthermore, during a period of price inflation, deferral of a spending program may effectively curtail the scope of the program when funds are ultimately released. Since a rescission requires an approval by both Houses of Congress, whereas a deferral is valid in the absence of a veto from either House, it would seem that, as a matter of strategy, the executive branch would make rel atively greater use of the deferral provision if it is intent on controlling spending by means of the impoundment mechanism. P r o sp e c t s fo r t h e N e w P r o c e d u r e s At this juncture it is difficult to evaluate the likely impact of the new congressional budget procedures, since the enabling statute will not be fully implemented until the Congress con siders its budget for the fiscal year 1977. As noted earlier, however, the Congress is partially implementing the new approach in formulating its budget for fiscal 1976. The Congressional Budget Office has been established and is al ready engaged in reviewing many aspects of Federal fiscal policy. Moreover, the budget committees in both Houses of Congress have formulated their first concurrent resolution on the budget for the current fiscal year. As passed by Congress, this resolution provides for a uni fied budget deficit of nearly $69 billion, ap 402 Federal R eserve B ulletin □ July 1975 proximately $9 billion in excess of the Pres ident’s recommended deficit but significantly less than many forecasters had anticipated. To some extent, the deviation from the Pres ident’s estimates reflects alternative assumptions regarding the likely strength of the economic recovery. But the congressional program also differs in important respects as to recom mendations for spending, including the ceilings that the administration has proposed on some programs. Congressional implementation of the new Budget Act to date represents an impressive beginning. A more significant test of the new machinery will, of course, come in the fall when the Congress is forced to reconcile its various spending and tax decisions with the targets that it has affirmed in the concurrent resolution. If the Congress continues to implement success fully the provisions of the Act, this new ap proach promises to produce a more flexible fiscal policy— one that is capable of responding more effectively to the often difficult require ments of economic stabilization. □ Recent Trends in Federal Budget Policy 403 A PPE N D IX T A B L E S APPENDIX TABLE 1 Unified budget totals Fiscal year data, in billions o f dollars Budget item 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975* 1976" R eceipts .............. O utlays ................ Surplus, or deficit ( —) 116.8 118.4 130.9 134.7 149.6 158.3 153.7 178.8 187.8 184.5 193.7 196.6 188.4 2 1 1 .4 2 0 8 .6 2 3 1 .9 2 3 2 .2 2 4 6 .5 2 6 4 .9 2 6 8 .4 2 8 1 .0 3 2 3 .6 2 9 9 .0 3 5 8 .9 - 1 .6 - 3 .8 - 8 .7 - 2 5 .2 3 .2 - 2 .8 -2 3 .0 - 2 3 .2 -1 4 .3 - 3 .5 - 4 2 .6 -5 9 .9 eEstimates from M id-S eason R eview o f the 1976 B udget, released May 30 , 1975. S o u r c e .— Office o f M anagement and Budget. APPENDIX TABLE 2 Major revenue actions since 19691 Date recom m ended Date enacted Tax Reform Act o f 1969 Jan. 1969 D ec. 1969 E xcise, Estate and Gift Tax Adjustment A ct of 1970 May 1970 D ec. 1970 Treasury’s Asset Depreciation Range Guidelines Revenue Act of 1971 Jan. 1971 June 1 9 7 12 A ug. 1971 D ec. 1971 Feb. 1975 Mar. 1975 Measure Tax Reduction Act o f 1975 Nature o f change Increased the personal exem ption from $60 0 to $625 in 1970; to $650 in 1971, to $7 0 0 in 1972; and to $ 7 5 0 in 1973 and thereafter. The standard deduction w as increased from 10 to 15 per cent over a 3-year period, beginning in 1971. Introduced a maxim um marginal rate o f 50 per cent on earned incom e; the m axim um rate on unearned incom e remained at 70 per cent. Extended the surtax from Jan. 1, 1970, to June 3 0 , 1970, at a 5 per cent rate. Postponed scheduled reductions in the ex cise tax rates on autom obiles and tele phone services until Jan. 1, 1971. Generally repealed the investment tax credit for property constructed, reconstructed, or acquired after Apr. 18, 1969. Extended the excise tax rates on autom obiles and telephone services, previously scheduled for repeal, at their respective 7 and 10 per cent levels until Jan. 1972. Sped up collections of estate and gift taxes. Gave firms the option of raising or low ering the “ guideline liv e s” of depreciable assets by up to 20 per cent. The reserve ratio test was abandoned. Accelerated by 1 year scheduled increases in personal e x em ptions and the standard deduction. Repealed 7 per cent autom obile ex cise tax retroactive to A ug. 15, 1971, and the ex cise tax on small trucks and transit buses retroactive to Sept. 22 , 1971. Reinstated the 7 per cent investm ent tax credit. Defined and granted the D om estic International Sales Cor porations the option o f indefinite deferral o f the Federal tax due on “ export related operations.” Provided for a 10 per cent rebate on 1974 taxes up to a maximum of $2 0 0 for individuals. Provided tax cuts retroac tively to Jan. 1975 for both individuals and corporations. Individual cuts were in the form o f increased standard d e ductions, a $ 30 exem ption credit, a 5 per cent housing credit, an earned incom e credit for certain low -in com e fam ilies, and an increase to 10 per cent in the investm ent tax credit for corporations and public utilities. In addition to the increased investment credit for corporations, a higher surtax exem ption and normal tax rate decrease provided som e relief that was partially offset by the phaseout o f percentage depletion on 011 and natural gas and increased lim itations on the use of foreign tax credits in connection with incom e derived from foreign oil and gas operations. 1E xcludes changes in social security tax rates shown in Appendix Table 3. 2This administrative action w as, in large part, incorporated in legislation w hen the R evenue A ct o f 1971 w as enacted. 404 Federal R eserve Bulletin □ July 1975 A PPE N D IX T A B L E 3 Major changes in benefit schedules of, and tax rates for, social security trust funds January 1970 to January 1976 Increased tax rates E ffective Increased benefits Apr. 1970 15 per cent O A SD I benefit increase and other liberalization .................................................................... Jan. 1971 June 1971 24 .4 Voluntary supplem entary m edicare insurance premium s increased to $ 5 .3 0 per month .......... July 1970 B illions of dollars1 Com bined tax rate increased to 10.40 per cent 10 per cent O A SD I benefit increase .3 3 .3 *3.6 Supplementary medicare premiums increased to $ 5 .6 0 per month .......................................................... .1 Jan. 1972 Amount o f earnings subject to tax increased to $ 9 ,0 0 0 ............................................................................. 3 .0 July 1972 Supplementary medicare insurance premiums increased to $ 5 .8 0 m onthly ................................... July 1971 Oct. 1972 20 per cent O A SD I benefit increase ................... Jan. 1973 Substantial liberalization o f social security ben efits, esp ecially for w idow s and w idow ers Jan. 1973 July 1973 2 .3 M aximum earnings subject to tax increased to $ 1 0 ,8 0 0 and com bined rate increased to 11.70 per cent ............................................................................ M edicare benefits increased, including liberali zation o f benefits .......................................................... A ug. 1973 Jan. 1974 .1 8.5 11.1 2.0 Supplementary medicare insurance premiums increased to $ 6 .3 0 monthly . . . ............................. .1 M axim um earnings subject to tax increased to $ 1 3 ,2 0 0 ............................................................................ 4 .0 Apr. 1974 7 per cent O A SD I benefit increase 3 .7 June 1974 4 per cent O A SD I benefit increase 2.1 July 1974 Supplementary medicare insurance premium s increased to $ 6 .7 0 monthly ................................... Jan. 19754 M axim um earnings subject to tax increased to $ 1 4 ,1 0 0 ............................................................................ July 1975 Jan. 1976 1First full year o f operation. 2This amount show s the increase in O A SD I benefits pay ments beginning Apr. 1 at an annual rate. In addition, in late Apr. a lum p-sum retroactive paym ent w as disbursed in the amount o f $ 0 .7 billion. 1.5 5 .0 8 per cent scheduled O A SD I benefit increase Oct. 1975 .3 Supplementary m edicare insurance premiums scheduled to increase to $ 7 .0 0 monthly _____ .2 M axim um earnings subject to tax scheduled to increase to $ 15,000 .......................................... 1.5 3This amount show s the increase in O A SD I benefits begin ning June 1 at an annual rate. In addition, in late June a lum p-sum retroactive paym ent w as disbursed in the amount of $1.1 billion. 4Autom atic cost-of-livin g benefit and tax rate increases were effective Jan. 1, 1975. 405 Quarterly Survey of Bank Policies with Respect to Credit Use In order to determine how banks have adapted their lending policies in light of a statement issued by the Federal Advisory Council in midSeptember 1974, the Board of Governors of the Federal Reserve System has conducted two sur veys of bank lending policies— one covering December 1974 and one covering March 1975. The results of the first survey were published in the B u l l e t i n for March 1975, and results of the second are included here. In light of experience with the initial survey and because of changes in economic and financial conditions since late 1974, some modifications were made in the questionnaire for March. In the fall of 1974, when the Federal Advi sory Council published its statement, monetary TABLE 1 Bank responses to credit allocation questions, March 1975 compared with same month in preceding years Number o f banks; Figures in parentheses indicate percentage distribution of total banks reporting Item Total number o f banks Significantly larger E ssentially unchanged Significantly smaller N one received U rgency o f credit allocation as compared with m id-Sept. 1974 ......................... 117 (1 0 0 .0 ) 3 (2 .6 ) 47 (4 0 .2 ) 67 (5 7 .3 ) Purpose and nature of loans: To m eet b a sic c re d it needs fo r norm al o p era tio n s— A pplications received ................. Proportion approved ..................... 117 117 (1 0 0 .0 ) (1 0 0 .0 ) 3 5 (2 .6 ) (4 .3 ) 63 107 (5 3 .8 ) (9 1 .4 ) 51 5 (4 3 .6 ) ( 4 .3 ) To finance c a p ita l investm en t— A pplications received ................... Proportion ap p ro v ed ....................... 117 117 (1 0 0 .0 ) (1 0 0 .0 ) 2 2 (1 .7 ) (1 .7 ) 44 98 (3 7 .6 ) (8 3 .8 ) 71 17 (6 0 .7 ) (1 4 .5 ) To b usinesses suffering tem p o ra ry illiq u id ity— A pplications received ................... Proportion ap p ro v ed ....................... 117 117 (1 0 0 .0 ) (1 0 0 .0 ) 30 10 (2 5 .6 ) ( 8 .5 ) 65 98 (5 5 .6 ) (8 3 .8 ) 17 4 (1 4 .5 ) ( 3 .4 ) To finance constru ction loans fo r resid en tia l p u rp o se s— A pplications received ................... Proportion ap p ro v ed ....................... 117 117 (1 0 0 .0 ) (1 0 0 .0 ) 0 2 (0 .0 ) (1 .7 ) 24 69 (2 0 .5 ) (5 9 .0 ) 93 46 (7 9 .5 ) (3 9 .3 ) F or p erm a n en t m o rtgage financing fo r resid en tia l p ro p e rty — A pplications received ................... Proportion a p p ro v ed ....................... 117 117 (1 0 0 .0 ) (1 0 0 .0 ) 8 9 (6 .8 ) (7 .7 ) 38 76 (3 2 .5 ) (6 5 .0 ) 71 32 (6 0 .7 ) (2 7 .3 ) F or b a sic consum er cre d it requ irem ents— A pplications received ................... Proportion a p p ro v ed ............... 117 117 (1 0 0 .0 ) (1 0 0 .0 ) (3 .4 ) (1 .7 ) 36 82 (30.8) (7 0 .1 ) 77 33 (6 5 .8 ) (2 8 .2 ) For p u rely financial a c tiv itie s— A pplications received ................... Proportion ap p ro v ed ....................... 117 117 (1 0 0 .0 ) (1 0 0 .0 ) (2 .6 ) (1 .7 ) 21 (1 7 .9 ) (1 2 .8 ) 59 35 (5 0 .4 ) (2 9 .9 ) 34 2 F or sp ecu la tive p u rp o se s— A pplications received ................... Proportion ap p roved ....................... 117 117 (1 0 0 .0 ) (1 0 0 .0 ) 0 0 (0 .0 ) (0 .0 ) 22 (1 8 .8 ) (1 1 .1 ) 71 42 (6 0 .7 ) (3 5 .9 ) 24 4 2 3 15 13 5 N one approved (4 .3 ) 5 (4 .3 ) 65 (5 5 .6 ) 62 (5 3 .0 ) (2 9 .1 ) (2 0 .5 ) 406 Federal R eserve B ulletin □ July 1975 policy was restrictive, and credit availability at banks was still quite restrictive in December of that year. Since then, however, the situation has eased considerably. In the initial survey twothirds of the respondent banks indicated that the urgency of credit allocation problems in De cember was essentially unchanged from the sit uation in mid-September, but at the time of the March survey three-fifths of the banks reported that credit allocation had become a significantly less urgent problem. Bank responses to a series of qualitative questions on the trend in numbers of loan appli cations and the proportion of such requests approved in March, as compared with the nor mal March loan experience, are summarized in Table 1. The results suggest a weakening of loan demand in all the categories covered in the survey, particularly in loans to businesses for basic credit needs and for capital investment. Whereas 13 per cent of the banks had reported a significantly smaller-than-normal number of applications for loans to meet basic credit needs of businesses in December 1974, about 44 per cent of the banks reported a decline in this category in March. Three-fifths of the banks indicated that demand for loans to finance pro ductive capital investment was significantly smaller in March, in contrast to 24 per cent in December 1974. Temporary liquidity problems appeared to be less pressing in March, however, since only one-quarter of the banks reported a substantially larger-than-usual demand for such loans, as compared with 51 per cent in De cember. About 90 per cent of the banks ap proved at least as many, or significantly more than usual, business loan applications for these purposes. Applications for loans to finance homebuilding and consumer needs were again significantly lower than normal for March at a majority of the banks. In order to focus more clearly on the problems of the housing sector, the second survey included separate questions on con struction loans and on permanent mortgage fi nancing. In both areas loan demand was weak, but banks were apparently somewhat more willing to approve mortgage loans than con struction loans— a situation that undoubtedly reflects the banks’ assessment of the risk of financing firms in the housing industry. TABLE 2 Loans outstanding: Changes in selected categories (January 15, 1975-April 16, 1975) Amounts in m illions of dollars Change in— Loan category Amount Commercial and industrial loans adjusted1 ................................................. - 2 , 6 1 5 .6 Real estate loans secured primarily by residential properties plus residen tial construction loans included in com m ercial and industrial loans Per cent -2 .6 0 8 6 .0 .28 Loans to nonbank financial institutions - 1 ,3 2 4 .1 -1 8 6 .9 Finance com panies ................................. Other ............................................................ - 1 , 1 3 7 .2 -4 .6 1 - 2 .0 9 - 5 .7 6 Loans to individuals ................................... - 9 3 .8 -.3 4 Net change in claim s on foreigners . .. -9 5 2 .5 -5 .8 4 M em o : Loans to foreigners2 ............................. Due to foreigners3 ................................. -6 3 5 .9 3 1 6 .6 -5 .5 6 1.14 E x c lu d in g residential construction loans and loans to foreign businesses (data partly estim ated). 2 Loans to foreign businesses plus loans to foreign com m er cial banks, foreign governm ents, and foreign official institu tions. 3Demand and time deposits due to foreign banks, foreign governm ents, foreign official institutions, and foreign individ uals, partnerships, and corporations (data partly estim ated), plus gross liabilities to their ow n foreign branches. Loans for purely financial or for speculative purposes are normally an insignificant portion of the loan portfolio, and between 20 and 30 per cent of the banks had no such loan applica tions in March. As in the previous survey, almost 90 per cent of the banks surveyed ap proved a significantly smaller-than-usual proportion of such loans or none at all. Changes in amounts outstanding of selected loan categories from mid-January to mid-March are given in Table 2 .1 Loans outstanding de clined over the 3-month period in all categories except real estate loans, which remained vir tually unchanged. Loans to foreigners continued to contract, while funds obtained from abroad rose somewhat, resulting in an increase in fund inflows to the United States. □ 1 The time period covered was intended to be con sistent with the intended quarterly timing of this and the previous survey. It should be noted that the changes in outstandings reflect loan repayments and takedowns of loan com mitm ents that may have been made prior to the survey period, as w ell as new loans for which applications were received or processed during the pe riod covered by the questionnaire. 407 Membership of the Board of Governors of the Federal Reserve System, 1913-75 APPOINTIVE MEMBERS1 N am e Federal R eserve district D ate of initial oath of office Charles S. Hamlin ............ Boston ............... Aug. 10, Paul M. Warburg ..............New York ... Frederic A. Delano .......... Chicago .......... W. P. G. Harding ............ Atlanta ............ Adolph C. Miller ..............San Francisco Henry A. Moehlenpah do. do. do. do. New York Oct. 26, Chicago ......... Nov. 10, New York . June 8, 1918 1919 1920 Cleveland ., Sept. 29, Minneapolis .. .. May 12, Chicago ......... Mar. 14, Cleveland ..... May 1, May 14, St. Louis 1920 1921 1923 1923 1923 Edward H . Cunningham . Chicago ......... Minneapolis .. .. Oct. Eugene Meyer ...................New York ........ Sept. Wayland W. Magee .........Kansas City ___ May Eugene R. Black ..............Atlanta ............... May M. S. Szymczak ..............Chicago ............. June J. J. Thomas 1914 d o .. 4, 16, 18, 19, 14, 1927 1930 1931 1933 1933 .....................Kansas City .................. do. Marriner S. Eccles .......... San Francisco ..N o v . 15, 1934 Joseph A. Broderick .......New York ........ Feb. 3, John K. McKee ............... Cleveland ..................... do. 1936 Ronald Ransom ................. Atlanta Edward L. Norton ............ Atlanta ........ Oliver S. Powell ..............Minneapolis For n o tes se e p. 4 0 8 . do. Feb. 10, June 25, 1936 1936 Mar. 30, 1938 Mar. 14, 1942 Apr. 4, 1946 Feb. 14, 1947 Apr. 15, 1948 Sept. 1, 1950 do. Other dates and information relating to m em bership2 Reappointed in 1916 and 1926. Served until Feb. 3, 1936, when his succes sor took office. Term expired Aug. 9, 1918. Resigned July 21, 1918. Term expired Aug. 9, 1922. Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936, when his successor took office. Resigned Mar. 15, 1920. Term expired Aug. 9, 1920. Reappointed in 1928. Resigned Sept. 14, 1930. Term expired Mar. 4, 1921. Resigned May 12, 1923. Died Mar. 22, 1923. Resigned Sept. 15, 1927. Reappointed in 1931. Served until Feb. 3, 1936, when his successor took office. Died Nov. 28, 1930. Resigned Aug. 31, 1930. Resigned May 10, 1933. Term expired Jan. 24, 1933. Resigned Aug. 15, 1934. Reappointed in 1936 and 1948. Re signed May 31, 1961. Served until Feb. 10, 1936, when his successor took office. Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. Resigned Sept. 30, 1937. Served until Apr. 4, 1946, when his successor took office. Reappointed in 1942. D ied D ec. 2, 1947. Resigned July 9, 1936. Reappointed in 1940. Resigned Apr. 15, 1941. Served until Sept. 1, 1950, when his successor took office. Served until Aug. 13, 1954, when his successor took office. Resigned Nov. 30, 1958. Died Dec. 4, 1949. Resigned Mar. 31, 1951. Resigned Jan. 31, 1952. Resigned June 30, 1952. 408 Federal R eserve B ulletin □ July 1975 Name Federal R eserve district D ate of initial oath of office Wm. McC. Martin, Jr. ...N e w York .......Apr. Feb. J. L. Robertson ................. Kansas City 2, 1951 18, 1952 do . 13, 12, 17, 25, 1954 1954 1955 1959 Aug. 31, George W. Mitchell .........Chicago ............. Aug 1961 J. Dewey Daane ............... Richmond ___ Nov. 29, 1963 Sherman J. Maisel .......... San Francisco Andrew F. Brimmer .........Philadelphia .. William W. Sherrill .........Dallas ............. Apr. 30, Mar. 9, May 1, 1965 1966 1967 Arthur F. Burns ............... New York Jan. Jan. June June Mar. Oct. July 1970 1972 1972 1973 1974 1974 1975 Aug. Aug. Mar. Mar. C. Canby Balderston .......Philadelphia Chas. N. Shepardson .......Dallas .......... G. H. King, Jr.................... Atlanta ........ Jeffrey M. Bucher ............ San Francisco Henry C. Wallich ............ Boston Philip E. Coldwell .......... Dallas Philip C. Jackson, Jr......... Atlanta CHAIRMEN3 Charles S. Hamlin ...Aug. W. P. G. Harding ...Aug. Daniel R. Crissinger May Roy A. Young ........ Oct. Eugene Meyer ..........Sept. Eugene R. Black __ May Marriner S. Eccles ..Nov. Thomas B. McCabe..Apr. Wm. McC. Martin, Jr. Apr. Arthur F. Burns .......Feb. 10, 10, 1, 4, 16, 19, 15, 15, 2, 1, 1914-Aug. 1916-Aug. 1923-Sept. 1927-Aug. 1930-May 1933-Aug. 1934-Jan. 1948-Mar. 1951-Jan. 1970- 9,1916. 9,1922. 15,1927. 31,1930. 10,1933. 15,1934. 31,1948. 31,1951. 31,1970. 31, 4, 5, 11, 8, 29, 14, Other dates and information relating to m embership2 Reappointed for term beginning Feb. 1, 1956. Term expired Jan. 31, 1970. Reappointed in 1958. Resigned Feb. 28, 1965. Reappointed for term beginning Feb. 1, 1964. Resigned Apr. 30, 1973. Died Oct. 21, 1954. Served through Feb. 28, 1966. Retired Apr. 30, 1967. Reappointed in 1960. Resigned Sept. 18, 1963. Reappointed for term beginning Feb. 1, 1962. Served until Mar. 8, 1974, when his successor took office. Served through May 31, 1972. Resigned Aug. 31, 1974. Reappointed for term beginning Feb. 1, 1968. Resigned Nov. 15, 1971. Term began Feb. 1, 1970. Resigned June 1, 1975. VICE CHAIRMEN 3 Frederic A. Delano.. .Aug. Paul M. Warburg •Aug. Albert Strauss ........ Oct. Edmund Platt .......... July J. J. Thomas .......... •Aug. Ronald Ransom . •Aug. C. Canby Balderston Mar. J. L. Robertson .Mar. George W. Mitchell. .May 10, 10, 26, 23, 21, 6, 11, 1, 1, 1914-Aug. 1916-Aug. 1918-Mar. 1920-Sept. 1934-Feb. 1936-Dec. 1955-Feb. 1966-Apr. 1973- 9, 9, 15, 14, 10, 2, 28, 30, 1916 1918 1920 1930 1936 1947 1966 1973 EX -O FFIC IO M E M B E R S 1 SECRETARIES OF THE TREASURY W. G. McAdoo Dec. 23, 1913-Dec. 15, 1918 Carter Glass ............. Dec. 16, 1918-Feb. 1, 1920 David F. Houston .. .Feb. 2, 1920-Mar. 3, 1921 Andrew W. Mellon . .Mar. 4, 1921-Feb. 12, 1932 Ogden L. Mills . Feb. 12, 1932-Mar. 4, 1933 William H. Woodin Mar. 4, 1933-Dec. 31, 1933 Henry Morgenthau, Jr.Jan. 1, 1936 1, 1934-Feb. 1Under the provisions of the original Federal Reserve Act the Federal Reserve Board was com posed of seven m em bers, in cluding five appointive m em bers, the Secretary o f the Treasury, w ho was ex-officio chairman o f the Board, and the Comptroller o f the Currency. The original term of office was 10 years, and the five original appointive members had terms o f 2, 4 , 6 , 8, and 10 years, respectively. In 1922 the number of appointive members was increased to six , and in 1933 the term of office was increased to 12 years. The Banking Act o f 1935, approved A ug. 2 3 , 1935, changed the name of the Federal R eserve Board to the Board o f Governors of the Federal Reserve System and provided that the Board should be com posed of seven appointive COMPTROLLERS OF THE CURRENCY John Skelton Williams Feb. 2,1914-M ar. 2, Daniel R. Crissinger Mar. 17, 1921-Apr. 30, Henry M. Dawes __ May 1, 1923-Dec. 17, Joseph W. McIntosh Dec. 20, 1924-Nov. 20, J. W. Pole .................Nov. 21, 1928-Sept. 20, J. F. T. O’Connor ..May 11, 1933-Feb. 1, 1921 1923 1924 1928 1932 1936 members; that the Secretary o f the Treasury and the Comptroller of the Currency should continue to serve as members until Feb. 1, 1936; that the appointive m embers in office on the date of that Act should continue to serve until Feb. 1, 1936, or until their successors were appointed and had qualified; and that thereafter the terms of members should be 14 years and that the designation of Chairman and V ice Chairman of the Board should be for a term of 4 years. 2Date after words “ R esign ed ” and “ R etired” denotes final day of service. 3 Chairman and V ice Chairman were designated Governor and V ice Governor before A ug. 2 3 , 1935. 409 Statements to Congress Statement by George W. Mitchell, Vice Chair man, Board of Governors of the Federal Re serve System before the Subcommittee on Com merce, Consumer and Monetary Affairs of the Committee on Government Operations, U.S. House of Representatives, June 25, 1975. I am pleased to appear before you today to present the Board’s views as to the use of Federal Reserve credit facilities in providing emergency assistance to financially troubled cities. I want to state at the outset that we interpret the System’s present powers to engage in such lending operations, except as member banks are involved, to be quite narrowly cir cumscribed by law. The recent financing difficulties of New York City provide a case in point. These difficulties cumulated rapidly during this past winter and spring and reflected the growing reluctance of private investors to purchase the City’s short term note issues. Since the City already had a very large amount of short-term debt outstand ing and was incurring a substantial current operating deficit as well, any inability to issue new debt raised immediate problems in finding the cash to pay off maturing obligations and to meet the City’s current bills. In searching for alternative means of resolving the developing financial crisis, there were at times suggestions that the Federal Reserve might be a possible source of credit in its role as an ultimate source of liquidity to the economy. However, no ap plication for credit was received from the City, either at the Federal Reserve Bank of New York or at the offices of the Board of Governors. If a formal request had been received by the Federal Reserve for the emergency credit ac commodation of New York City under the cir cumstances that had prevailed, however, I am obliged to state that, in my judgment, the Fed eral Reserve would have had to turn it down. The City had not fully exhausted possibilities for State assistance, and its basic need for credit did not appear to be of a temporary character since no near-term means of repayment— while continuing to provide the City’s basic ser vices— appeared to be at hand. Direct extensions of emergency credit to in stitutions that are not members of the Federal Reserve System can be provided under either paragraph 3 or paragraph 13 of Section 13 of the Federal Reserve Act. Paragraph 13 provides that any Federal Reserve Bank, subject to such regulations as the Board may prescribe, may lend to any individual, partnership, or corpora tion on promissory notes secured by direct obli gations of the U.S. Government or an agency thereof. Loans under this paragraph are limited to 90-day maturities. Unless an entity in need of assistance possesses large amounts of direct Government obligations, the ability of a Reserve Bank to provide credit assistance under this paragraph is very limited. Paragraph 3 of the Act empowers the Board of Governors, in “ unusual and exigent circum stances” and by an affirmative vote of at least five members of the Board, to authorize the Federal Reserve Banks to make certain types of direct loans to individuals, partnerships, or corporations. Paper discounted by Federal Re serve Banks under this paragraph must be of the “ kinds and maturities made eligible for discount for member banks under other provi sions” of the Federal Reserve Act. This means, among other things, that the paper may not have a maturity of more than 90 days at the time of discount. The paragraph further provides that the paper shall be “ endorsed or otherwise se cured to the satisfaction of the Federal Reserve Bank,” which the Board has construed to mean that a Reserve Bank should ascertain that the 410 Federal R eserve B ulletin □ July 1975 security offered is adequate to protect the Re serve Bank against the risk of loss. In light of these restrictions in the law and the background as to the intent of the law, the Board has concluded that in considering the extension of emergency credit to particular bor rowers the following conditions must be met: 1. Unusual and exigent circumstances exist; 2. Potential borrowers have exhausted other sources of funds; 3. Borrower is solvent and has adequate col lateral; 4. Borrower’s need is for short-term accom modation and its basic financial position will permit early repayment; and 5. Failure to obtain Reserve Bank credit would have a significant detrimental economic and financial impact on the surrounding area, the region, or the Nation. These criteria highlight the essentially lowrisk and temporary character of System emer gency lending, as well as the general economic purpose behind it. Such lending is intended primarily to provide liquidity. Though short term needs of this type can develop among either large governmental units or business en terprises, in most cases the need can be accom modated without relying directly on the Federal Reserve simply by turning to commercial banks— who will rely on their own or Federal Reserve resources— to extend the needed credit. When this is not possible, as seemed to be the case with New York City, it is likely that the difficulties encountered in the private credit markets reflect more fundamental credit-risk problems and that temporary credit accommo dation will not be sufficient to correct the situa tion. In addition to the emergency lending powers contained in Section 13 of the Federal Reserve Act, Section 14(b) authorizes the individual Federal Reserve Banks to purchase and sell obligations t)f State and local governmental bodies. The Act requires that these govern mental obligations mature in no more than 6 months from the date of purchase and that they be issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues. The 14(b) authority had its origin in the original 1913 version of the Federal Reserve Act. The House of Representatives report on the Act indicated that the provision was de signed to open an outlet through which idle funds of Federal Reserve Banks could be profi tably channeled and to provide a means to enable Federal Reserve Banks to make their discount rate effective in the market at those times when member bank borrowing was slack. There is nothing in the Act or its legislative history to indicate that this authority was in tended to be used as a channel for financial assistance to public bodies. Moreover, such authority has not been used since 1933 because enactment of Section 10(b) permitted the Fed eral Reserve to advance credit to member banks on the strength of their own promissory notes, as well as through the discount of eligible paper. Given this background, the Board does not believe that Section 14(b) contemplates the pur chase of municipal obligations as a means of aiding financially distressed communities. In view of these existing constraints on Sys tem emergency lending, it may be asked whether it would be desirable to legislate broader powers that would permit Federal Re serve accommodation of financially distressed communities. While the Board has not consid ered any specific proposals toward this end, I would strongly caution against any proposals that would provide direct access to central bank credit by hard-pressed governmental units. My reasons for reaching this judgment are as fol lows : First, the critical issue for particular munici palities is how governmental functions and sources of revenues are dispersed between it and the State government. Prospective sources of funds must be commensurate with the projected costs and expenditure programs in order to bal ance out over the longer run. Access to a source of temporary credit will not help to achieve such a balance, and it may tend to defer or to prevent the remedial actions that are necessary, difficult as they may be. Second, central bank involvement in provid ing temporary credit accommodation to State and local governmental bodies will necessarily require that standards be set determining which localities will be eligible or ineligible for credit Statements to Congress 411 accommodation. This would involve the System in making credit judgments on the finances of numbers of State and municipal governments, thus subjecting the Federal Reserve to intense political pressure to make exceptions for this city or that because of special circumstances. Moreover, the need to exercise administrative discipline over borrowers in order to assure timely repayment would tend to draw the Sys tem into political issues of local budgetary pol icy. A central bank, in our judgment, should leave this issue to other agencies of the govern ment. Third, increased access to central bank credit by municipalities suffering some degree of fi nancial distress could lead to similar urgent demands for credit by other kinds of borrowers. If central bank credit is extended to our cities, for example, why not for a host of other pur poses, such as the immense investment that will be required to achieve energy independence? A proliferation of demands for credit from the central bank would drastically change the char acter of the assets of the Federal Reserve System from prime paper of highest quality to an as sortment of soft loans and, in the process, severely damage the Government’s access to financing. It could undermine our ability to control the volume of bank reserves and hence the supply of money. In the extreme, the result could be a debasement of the Nation’s money and ruinous domestic inflation. For these reasons, if your committee should conclude that the financial pressures on key municipalities require the provision of special Federal financing assistance in the period ahead, the Board would strongly urge that this be done through a separate facility rather than through the Federal Reserve. Federal monies or credits would still be expended in any such venture, but it would not involve the use of high-powered central bank funds. Such a separation would thus leave the Federal Reserve free to pursue its other responsibilities for monetary and bank regulatory policies, which are difficult enough in themselves. I would urge caution, however, even in pro posing the establishment of a special Federal financing facility to assist with the financing needs of our State and local governmental bodies. Such a facility must have sufficient oversight powers to permit it to play an effective role in correcting the fundamental financial problems of client communities, if the Federal assistance is to be productive. This would be bound to create a Federal presence in local issues of taxation and spending, a varied and shifting political and social terrain indeed. In the spirit of our traditional system of sepa ration of powers, it may well be better to leave local problems to local solutions. The special program of financial assistance that was devel oped for New York City at the State level through the formation of a new agency— the Municipal Assistance Corporation— is an illus tration of State-local resourcefulness. The cor poration is authorized to provide up to $3 billion in credit to the City and, as it does so, valuable time will be gained in which the City can take the steps needed to restore its credit standing with the private investment community. I hope that the City’s actions will soon make it possible to carry on needed refinancing and other debt operations in the normal manner. □ Statement by Henry C. Wallich, Member, Board of Governors of the Federal Reserve System, before the Committee on Ways and Means, U.S. House of Representatives, June 25, 1975. formation. I do so purely in my personal capac ity. There is widespread concern that the United States is approaching a period of capital short age. More capital for investment will be needed in the future than has been needed in the past. Savings to finance this investment, on the other hand, have been diminishing. It is a great pleasure to address this distinguished committee on the subject of taxes and capital 412 Federal R eserve B ulletin □ July 1975 Fortunately, the demand for capital is likely to increase by only a small margin. Business investment, which in the past had averaged approximately 10.5 per cent of gross national product, probably will have to average 11.5 per cent in order to provide needed jobs, protect the environment, assure the health and safety of the labor force, and meet energy needs. Meanwhile the capital requirements of home owners and of various types of urban con struction may diminish thanks to declining pop ulation growth, and less investment in inventory may be needed as inventory control methods improve. The supply side of capital, on the other hand, presents more serious difficulties. The continued ability of the individual saver to supply capital equal to a historic 4 to 5 per cent share of GNP, to be sure, does not call for serious questioning. The ability of corporate business, however, to contribute to the flow of savings has been hurt by the diminishing share of corporate profits in the GNP and by the deteriorating quality of these profits. Taking demand for and supply of capital for the private sector as a whole, a deficit very probably is ahead. To this private capital deficit there may well have to be added a deficit in the accounts of State and local authorities. The Federal Government therefore will play a decisive role in balancing the demand for and the supply of capital. If the Federal budget produces a sufficient surplus, this will offset private plus State and local deficits. An over-all capital shortage will have been forestalled. If the surplus is too small or if, as has happened before, the Federal budget is in deficit, we shall confront a shortage. The corporate sector suffers, in addition to its weakened earnings, from serious financing constraints that may impede financing of invest ment even if adequate savings are available. Corporate liquidity has been drained. The capi tal structure of corporations has deteriorated, with debt rising relative to equity, and short term debt rising relative to long-term debt. Both conditions could be remedied by a variety of measures that would improve corporate cash flows and enable corporations to improve their capital structure. Among them are such familiar proposals as an enlarged investment tax credit, depreciation facilities more realistically recog nizing inflation, an outright cut in the corporate tax rate, and, at the individual taxpayer level, adjustment of capital gains taxes for inflation and a reduction in the capital gains rate for longer holding periods. All these techniques have advantages. They mostly share the disad vantage, however, of reducing the Treasury’s revenue and of shifting the distribution of in come in the direction of greater inequality, or at least of partly reversing a move toward greater equality that may have occurred. A loss of Treasury revenue, besides, means more Treasury borrowing and to that extent does not help resolve the capital shortage. If we want to avoid a loss of revenue and a shift in the income distribution, it would still be possible to improve the capital structure of corporations and facilitate financing. This could be done by removing or reducing the bias in favor of debt against equity that is a familiar feature of the corporate tax system. Two methods are available: 1. To eliminate the deductibility of interest payments by nonfinancial corporations and so to tax net operating income (income after de preciation but before interest) instead of, as now, net income (income after depreciation and interest). The tax rate then could be lowered substantially without losing revenue. 2. To make dividends deductible, the same as interest, and therefore to tax only retained income, at a rate substantially higher than the present rate. Of these two approaches, I regard the first— taxation of net operating income— as preferable, because the second is essentially a tax on un distributed profits, which would require a num ber of complex provisions to keep it from be coming detrimental to capital accumulation and growth. For the implementation of the tax on net operating income, two methods are available in order to avoid the severe impact on corpora tions with above-average debt that would result from sudden nondeductibility of interest, even at a moderate rate. These are: 1. To phase in the change over a number of years— a growing fraction of interest paid be coming nondeductible over time and a growing Statements to Congress fraction of dividends being taxed at the reduced rate. 2. Application of the tax change only to debt and equity issued after enactment. Method 1 (phasing in gradually) exerts only limited pressure toward more equity financing in the early years and for that reason seems less desirable, even though it has administrative ad vantages. Method 2 would immediately end the existing bias in favor of debt financing. It poses administrative difficulties because in effect there would be two tax rates, one on old debt and equity and another on new. Regulations would have to be written with a view toward closing the obvious loopholes that such a situation presents. Financial intermediaries, whose principal business consists in receiving and paying inter est, could be covered by either alternative only by means of complex arrangements and it seems preferable to give them entirely separate treat ment. This would seem appropriate also in view of the lack of uniformity of the present taxation of financial intermediaries. The foregoing tax changes would improve the structure of corporate capitalization and thereby ease corporate financing. They would not, by and of themselves, increase the supply of sav ing. The number of devices that have been suggested to increase saving is large, and most of them have been so thoroughly discussed that Statement by Jeffrey M. Bucher, Member, Board of Governors of the Federal Reserve System, before the Subcommittee on Consumer Affairs of the Committee on Banking, Currency and Housing, U.S. House of Representatives, July 8 , 1975. Mr. Chairman and members of the committee, it is indeed a pleasure to have the opportunity of appearing before this Subcommittee on Con sumer Affairs to present the Board’s views on the Consumer Leasing Act of 1975, H.R. 4657. The Board is particularly pleased to see legisla tive action beginning in this area because the 413 there is no need here to pass them in review. As noted already, they share for the most part the defect of making the distribution of income more unequal. Among those that would have the desirable effect of pushing the economy in the direction of greater equality is the type of plan that tries to convert employees into stock holders. Here again, a wide variety of models have been presented. In my judgment, such plans are desirable if they meet the following criteria, in addition to giving the individual em ployee a share in the flow of corporate profits: 1. An increasing flow of equity funds for the firm; 2. A tax arrangement that allows firms to treat contributions made on behalf of its labor force as part of tax-deductible wages, even though these contributions were made in the form of stocks; 3. Diversification of holdings for the benefit of the stock-owning employees, to reduce the risks of particular stock investments; 4. Protection against excessive concentration of voting power in the hands of any particular group; and 5. Ability of the stock-owning employee to sell his stock, subject to some minimum holding period. I believe that plans of this kind deserve ex amination as part of the effort to increase the supply of capital. □ need for consumer leasing disclosures has been of some concern to us over the last 2 years. In its Annual Report to Congress on Truth in Lending for 1973, the Board pointed out several disclosure problems in the area of consumer leasing and suggested that the Congress might wish to examine this rapidly expanding field. The additional step of recommending legislative provisions was taken by the Board in its Truth in Lending Report for 1974, and I was gratified to note that many of the provisions of the Board’s proposal have been incorporated into H.R. 4657. I would like to state at the outset that the 414 Federal R eserve Bulletin □ July 1975 Board believes that consumer leasing is an ap propriate method of utilizing and, in some cases, of purchasing consumer durables. Con sumer leasing has experienced rapid growth within the last decade. This growing popularity suggests that the public is increasingly coming to view leasing as a viable alternative to credit purchases for some products. Available statistics on the growth of con sumer leasing indicate that the so-called “ bigticket durables” — such as automobiles, color television sets, and homefurnishings— are the most common goods leased by consumers. Au tomobiles presently constitute the most popular leased goods, and this aspect of consumer leas ing will no doubt absorb much of the subcom mittee’s attention during its deliberations on this legislation. Automobile leasing has experienced rapid growth over the past decade. According to sta tistics from the National Automobile Dealers Association, in 1965 more than 1.5 million automobiles, some 14 per cent of the total number produced, were leased, and one-fifth of this total was leased to individuals. By 1970 the percentage of automobile production that was leased had grown to 24 per cent (2.6 million), more than a quarter of which repre sented leases to individuals. As of 1974, 2.8 million, about 26 per cent of the total number of cars made, were leased, and 36 per cent of this total was leased to individuals. Thus, over almost a decade, the percentage of total auto mobile production leased to individuals has tri pled in size—from less than 3 per cent in 1965 to 9.2 per cent in 1974. Projections from auto makers in Detroit, moreover, estimate that 80 per cent of the growth in leasing through 1980 will be seen in leases to individuals. The Board’s concern with consumer leasing is that presently, except for provisions made in a few State statutes, there is no requirement that a standardized aggregate cost disclosure be given the consumer when he leases goods under a long-term contract. The major purpose of the Truth in Lending Act has been to facilitate meaningful consumer shopping of the credit market by providing standardized disclosures of credit costs. Without comparable disclosures on consumer leasing, it is difficult, if not impossi ble, for consumers to shop in the expanding leasing market. Our hope is that the passage of this type of legislation will help consumers not only to compare leasing alternatives but also to compare lease transactions with conventional credit sales. The need for comparability in disclosure be tween lease and credit transactions is particu larly important because many consumer leasing arrangements now prevalent in the market are essentially the equivalent of credit sales. The terminology of the trade, for example, refers to certain lease agreements as “ financing leases.” The fact that many of these leases are essentially equivalent to credit sales is not coin cidental. For example, both the Comptroller of the Currency as to national banks and the Board in its rules governing bank holding company activities require that leases entered into by these institutions be the functional equivalent of a credit transaction and have thus limited the asset risk that banks and bank-related lessors may take in engaging in leasing operations. These rules, designed to protect the safety and soundness of banks in which the public deposits its funds, have the effect of placing the risk of any unforeseen deterioration or depreciation of the product leased on the lessee. Thus, legisla tion to protect the consumer by requiring proper disclosure of the consumer lessee’s risks be comes all the more important. Otherwise, the lessee may unknowingly undertake nearly all the burdens of ownership without the benefit of title or adequate cost disclosures. It is presently not possible as a practical matter to require adequate cost disclosures on leases under the Truth in Lending Act. The Truth in Lending Act brings certain leases within its disclosure requirements through the definition of a credit sale contained in Section 103(g). However, these requirements apply only with respect to those leases that contain provi sions permitting the lessee to become the owner of the goods leased “ for no other or a nominal consideration.” The Board might conceivably expand this provision by adopting a broad defi nition of what constitutes nominal consid eration. However, this would still not accom plish the purpose of assuring that adequate cost disclosures are given in all consumer leases, Statements to Congress such as those in which there is no option to purchase. In addition, we believe that the num ber of leases with nominal purchase options is quite small. The focal point of the Board’s concern is thus those long-term leases of personal property to be used for personal, family, or household pur poses, which typically have a maturity ap proaching that of a credit-sale agreement, and potentially bind the lessee to the payment of an aggregate sum substantially equivalent to the value of the goods leased. This does not include the short-term convenience leasing such as “ rent-a-car” arrangements. We feel that standardized disclosures, com parable to those set forth under the Truth in Lending Act, should be required for lease ad vertisements as well as for consumer lease transactions. However, we do not believe that rate disclosures, analogous to the annual per centage rate under the Truth in Lending Act, are practical. The development of lease rate disclosures is impractical, we feel, because of the difficulty of determining what common costs should be isolated in the computation of such rates. I would now like to comment on two sections of H.R. 4657 that we regard as highly impor tant. The first is Section 183, which sets a limitation on a consumer lessee’s liability. This provision of the bill addresses the liability that the lease may impose on a consumer lessee at the end of the lease term. It is not uncommon for consumer leases to provide that upon the expiration of the lease the product will have a stipulated depreciated value and will either be purchased by the lessee or sold to an inde pendent party. Under the terms of such an agreement, if the product is sold and brings less than the depreciated value stipulated in the con tract, the lessee is liable for the difference; if it brings more, the lessee is entitled to the surplus. For example, a typical 2-year auto lease on a $5,400 car might call for 24 $100 instalment payments and set an end-term depreciated value of $3,000 on the car. Under such an agreement, the lessee may have no understanding of how much the lease may cost unless he can accu rately predict the second-hand market value of 415 the product. For example, in this case, the depreciated value of the car might be $2,500, which under the lease contract would leave the lessee liable for an additional $500 “ balloon” payment. Thus, if the contract sets an unrealistically high depreciated value on the leased goods, the contingent liability of the lessee will increase accordingly, and the lessor can offer deceptively low monthly rental payments to an unwary public. Under Section 183 the lessee’s contingent liability would be limited to twice the average monthly rental payment, except for additional charges imposed for lessee default or for dam age to the leased goods in excess of normal wear and tear. The section is thus designed to protect the consumer lessee in two ways. First, it is designed to notify the consumer of his maxi mum contract liability under the lease. Sec ondly, by incorporating a monthly payment factor into the computation of the maximum end-term liability figure, the section seeks to assure that the lessor will price the rental instal ments of the goods leased sufficiently high to cover expected depreciation and thus avoid leaving the consumer lessee with an unduly large balloon payment at the end of the lease term. Let me reiterate at this point what the Board stated in its 1974 Annual Report: We are not committed to a 2-month formula. Another for mula, such as 3 months or 15 per cent of rental payments over the life of the lease, may work as well or better. The Board would hope that whatever formula may be chosen will reflect industry experience in accurately setting depre ciated values. However, we believe that some limitation tied to instalment payments is highly desirable. Such a limitation reflects the fact that typically the lessor is better able to predict residual values than is the lessee. In addition, this limiting factor reduces the possibility of a large contingent liability on the part of the lessee and gives the lessee a “ bottom line” price tag that may facilitate comparative shopping. The second provision on which I would like to comment is Section 105 of H.R. 4657. This section places an effective date for this legisla tion as the first day of the second full calendar month after the date of enactment. As we have 41 6 Federal R eserve Bulletin □ July 1975 mentioned before, we believe the time that the Congress grants to an agency to implement a given statute has a direct bearing on the quality and effectiveness of the agency’s regulations. We believe the 2-month period accorded under H.R. 4657 is far too short to develop well-con sidered implementing regulations that are fair to the lessee and lessor alike. Time for consul tation with both business and consumer groups is needed. Time is also needed to comply with the Administrative Procedure Act, which re quires publication of proposed rules for com ment. Responding comments must be carefully analyzed. Finally, if the regulations are to be properly complied with, industry must have some time to study them and to change business procedures. Therefore, the Board would re spectfully urge that a minimum of 12 months be provided before this Act is to become effec tive. In closing, I would like to commend this committee for the action taken in this area. This new and expanding alternative to credit pur chases, we feel, merits careful attention, and we are confident that the Congress will provide a statutory basis to assure that the consuming public will have the necessary information to make intelligent shopping decisions in lease transactions. The Board, of course, stands ready to assist in the implementation of such legisla tion, and I would be pleased to respond to any of your questions. □ Statement by Philip E. Coldwell, Member, Board of Governors of the Federal Reserve System, before the Committee on Banking, Housing and Urban Affairs, U.S. Senate, July 16, 1975. stockholders; however, they are required by the bank supervisory agencies to file similarly de tailed income and balance sheet data subject to disclosure. In recent years, the bank supervisory agencies have acted on several occasions to expand the amount of individual bank financial data col lected and released to the public. We believe that still more disclosure is needed at the present time, and our reporting requirements will be revised accordingly. Banking practices have undergone rapid modification in recent years as banks have accommodated to changes in the “ state of the art” and to the economic environ ment, and further substantial changes are un doubtedly in store over the years to come. Accordingly, I can assure you that the question of disclosure will remain under continuing re view by the Board of Governors of the Federal Reserve System and we stand ready to make further adaptations in reporting as conditions warrant. While fully recognizing the need for disclo sure, we also have been aware that, as with all worthy objectives of public policy, provision for meeting the informational needs of the investor involves certain costs. In extreme cases, those costs could far outweigh possible benefits to the investor that the additional information would provide. For banks and other depositary institu tions with liabilities withdrawable on demand I am pleased to appear before you today to present the views of the Board of Governors on the important question of disclosure of data for investor analysis of banks and bank holding companies. We approach this subject with full appreciation of the need, as expressed in our securities laws, for providing the investor with sufficient public information to reach informed opinions on the current and prospective financial conditions of individual institutions. The Board recognizes the primary role of the Securities and Exchange Commission (SEC) in matters of disclosure for investor purposes. Since 1964 when the Board was given respon sibility for certain disclosure provisions of the Securities Exchange Act of 1934 as they apply to State member banks, our requirements have followed substantially the counterpart regula tions imposed by the SEC on other corporations. With respect to other banks, very similar dis closures have been imposed by the reporting requirements of the other Federal bank supervi sory agencies. A great many banks are not subject to the disclosure requirements of the 1934 Act because they have less than 500 Statements to Congress or on short notice, disclosure requirements need to guard against triggering unwarranted rumors that could impel large outflows of funds. Thus, the Board has approached the disclosure prob lem mindful of its statutory responsibilities as a bank regulator and supervisor to maintain an environment in which the banking system can adequately serve the public interest. In providing for investor informational needs, the Board believes that the public interest will be served most effectively if essential disclosure is achieved as fully as possible through regular reporting requirements imposed by Federal bank supervisory agencies and the SEC. Only with comprehensive, standardized, periodic reporting can the necessary time series of financial infor mation be provided that will enable the investor to discern significant trends in individual bank performance and make an adequate assessment of future prospects. Moreover, with such a factual base, substantial changes or differences in the performance of individual banks can be examined in the broad context of contemporary developments at comparable banks. More im portantly, a requirement of meaningful regular reporting should help to minimize the need for ad hoc disclosure at the time of proposed fi nancings. Such disclosure carries a risk that individual banks issuing securities will be re quired to release types of information not avail able for other banks that might be misleading or misinterpreted by the market. The Board also believes that the major focus, in constructing a disclosure framework for banks and bank holding companies, should be on earnings performance as reflected in the income statement. Fundamentally, what the in vestor in any enterprise is purchasing is man agement ability and market opportunities. Over time these are effectively reflected, in distilled form, by earnings performance. In recent years the undue attention that often has been focused, by investors as well as management, on size or “ footings” rather than on operating results sometimes has led to misinterpretation of the true picture of financial strengths or weaknesses of banks and bank holding companies. To effectively serve its informational func tion, the income statement should portray not only what the bank or company has done but also should reveal enough of the institution’s 417 sensitive vital signs so that the investor can make an informed estimate of the prospective income flows. The present income statement required to be filed by all Federally supervised banks provides extensive detail directed toward meeting these needs. Included in such state ments are refined breakdowns of income and expenses, loan loss and recovery experience, provision of reserves against future losses on loans and securities, and segregations of income earned in certain specialized activities such as foreign branch and trading account operations. But even more income-statement detail now seems desirable in order to enable the investor to make an adequate assessment of future earn ings possibilities and to forecast an institution’s ability to adjust to the more fluid market envi ronment that has been emerging. In particular, we are contemplating additional reporting to provide for: 1. A more comprehensive measure of the cost to the banks of interest-sensitive funds, 2. A breakdown of loan charge-offs and re coveries, and 3. A measure of the effect on bank income of loans that are past due or have otherwise been subject to reduction or deferral of interest or principal because of problems associated with the borrower. Detailed information regarding the composi tion of assets and liabilities of banks and bank holding companies is also an important ingre dient for adequate investor analysis. Such data are needed to aid in the interpretation of the income statement, to determine trends and cur rent status of the bank’s operations, and to appraise the bank’s liquidity, capital adequacy, and general financial condition. The present supervisory “ Call Report,” which includes over 100 separate asset and liability items, already provides the bulk of the information needed for these purposes. Nevertheless, some additional balance sheet reporting may now be advisable to reflect recent changes in banking activity and in the environ ment in which banks operate. We have been discussing possible major additions to regular reporting subject to disclosure by at least the larger banking organizations. These might in clude: 418 Federal R eserve B ulletin □ July 1975 1. A maturity breakdown for major cate gories of investments, 2. A classification of loans according to whether the rate charged is fixed or floating, 3. A breakdown of the outstanding amount of time deposits in denominations of $100,000 or more, and 4. Information on the amount of outstanding loan commitments and the amount of outstand ing credit under those commitments. More frequent reporting of income and bal ance sheet information also seems desirable for adequate investment analysis in a rapidly changing economic environment. Accordingly, we are considering a requirement that reporting of income, now required annually, be set on a quarterly basis for large banks and semian nually for smaller banks. In addition, the spring and fall Call Reports, which currently are less detailed than those for June 30 and December 31, may be expanded to include the greater detail. As the committee is aware, the bank supervi sory agencies, at the request of the SEC, have been participating in intensive interagency con sultations over the past 3 months for the purpose of seeking a common understanding regarding questions of appropriate financial disclosure for banks and bank holding companies. I think the group has made important progress toward that goal. Substantial agreement has been reached regarding the areas in which additional disclo sure is needed and most of the specific types of information that would best meet investor needs. All the agencies involved have shown a keen awareness of the need to obtain increased disclosures in ways that will minimize the risk of misinterpretation or unjustified disturbance to confidence. The interagency coordinating group has been grappling with highly complex issues, and some further discussions will be necessary. We are pressing forward as rapidly as possible, and there is every reason to expect, on the basis of progress to date, that we will soon be in a position to publish both the new disclosure guidelines and the revised bank reporting re quirements . Many suggestions for increased bank and bank holding company disclosures are being offered in the course of these congressional hearings. I would caution that, in evaluating these suggestions, it is vital to take into account a variety of considerations that bear on the extent to which disclosure serves the public interest. Certainly the investing public must have access to all material information needed for intelligent investment decision-making. But unreasonable or excessively detailed demands for information or requirements for disclosure of information that might be misleading could be counterproductive. Such demands could fail to serve the interests of the investor, who is the intended beneficiary. More importantly, they might injure a bank’s depositors and borrowers, and thus the general welfare of the community that it serves. Finally, they could create an unjustifiable and costly burden on the reporting institution. It is most important that the type and form of disclosure imposed on banks be carefully weighed so as to avoid undermining the will ingness of banks to assume risk or to avoid eroding the confidence of depositors— a critical determinant of banks’ ability to attract the funds needed to finance lending activities. The evalu ation and assumption of risk are basic attributes of commercial banking. Only if a bank is willing to assume reasonable risks will it be able to help its local community to grow and prosper. This can be done prudently if the institution main tains adequate diversification, so losses are rel atively predictable, and if the bank’s charges are commensurate with its costs, including the risk of losses that may be incurred on its port folio of loans and investments. We must keep in mind that some loan losses are to be expected when a bank is fully serving the needs of its customers. To overemphasize disclosure of such losses could jeopardize the depositor confidence so necessary to the health and progress of a financial institution. Release of information that the public has little or no experience in evaluating may suggest possible trouble at a bank or bank holding company and thus bring on sizable deposit outflows, espe cially of impersonal money market funds. We, therefore, have had to seek a fine balance be tween the attainment of the level of disclosure needed for intelligent investor decision-making and the avoidance of the kinds of information that might damage the public interest in main Statements to Congress 419 taining stability and responsiveness in our banking institutions. Also of major significance, particularly at this* juncture, is the potential impact that ill-conceived disclosure requirements might have on the willingness and ability of banks to acquire additional capital through public issuance of securities. Owing to rapid asset growth in recent years, capital positions at a number of banks have approached minimum acceptable levels. These banks need additional capital if they are to participate fully in meeting the loan demands that will be generated by vigorous economic recovery. But they may not be willing or able to raise the capital that is required, unless the channels for long-term market financing are kept free of artificial impediments. In summary, we at the Board are well aware of the need for full and meaningful disclosure of the information on the affairs of individual banks required for sophisticated and intelligent investment analysis. We intend to call for such disclosures, insofar as State member banks are concerned, and we are confident that the other agencies— all of which have benefited by the deliberations of the coordinating group— will do the same. However, we are also most mindful of the other public policy objectives that must be served. The continued stability of our financial system, the need to encourage reasonable risk taking by our banking community, and the need to raise the additional capital required to support a vigorous expansion in bank lending in support of economic recovery are among the most im portant of these other considerations. □ Statement by Robert C. Holland, Member, Board of Governors of the Federal Reserve System, before the Subcommittee on Financial Institutions Supervision, Regulation and Insur ance of the Committee on Banking, Currency and Housing, U.S. House of Representatives, July 16, 1975. sirable degree of instability within the banking system and of steps that might be taken to reduce such proclivities. A number of our col leagues in Government have been engaged in similar efforts as well. Many bank managements have also been thinking through the implications of recent financial events for their own institu tions. This degree of attention and concern regarding the health of our banking system attests to the critical role banking institutions fill in our financial system and economy, and it underlines the need to insure that no signifi cant weaknesses impair their continued well being. Among those financial events of recent years that have given cause for concern, the failure of the Franklin National Bank looms large. The circumstances leading to the demise of that institution have already been publicly reported, and therefore my statements on this matter will focus primarily on the role played by the Federal Reserve in cooperation with the other bank regulatory agencies. During the period from mid-May to October of last year, the Federal Reserve Bank of New York provided emergency credit assistance to Franklin National Bank in amounts rising to a peak total of $1,767 million. The actual I am pleased to appear before this subcommit tee, on behalf of the Board of Governors of the Federal Reserve System, to discuss the broad range of important banking regulatory and supervisory matters concerning which your dis tinguished chairman has requested the Board’s views. The financial experiences of the last 2 years have raised many significant issues with regard to the regulation and supervision of the Nation’s banking institutions. The need for a careful review of those factors that might adversely affect the stability of the banking industry has been recognized by this subcommittee and other committees of the Congress, by the Board, and by the other banking regulatory agencies. As I reported to this subcommittee in my testimony of December 12, 1974, at the Board we have undertaken a careful analysis of the key problem areas that might tend to contribute to an unde 420 Federal R eserve B ulletin □ July 1975 amounts loaned to Franklin varied from day to day, depending upon its liquidity needs. The Franklin National Bank was a member bank of the Federal Reserve System; as such, it merited the privilege of accommodation at our discount window under the usual rules so long as it remained solvent, and we were advised by its primary bank supervisor that such was the case. The sheer size of the loans to Franklin, how ever, was extraordinary. The primary purpose of these loans to Frank lin was to prevent the immediate or imminent closing of that institution because of its liquidity problems. We believed that the closing of a $5 billion bank such as Franklin could have precipitated other bank failures with resulting large losses for many individuals and business men and for the Federal Deposit Insurance Cor poration. This situation arose during a difficult period for financial institutions and financial markets; such a failure at that time could, in our judgment, have had serious adverse conse quences for the stability of our Nation’s banking system and for domestic and international fi nancial markets in general. With these considerations in mind, Federal Reserve credit, fully secured by Franklin Na tional Bank collateral, was extended to Franklin to help offset the massive net withdrawals of funds that developed as that bank’s difficulties became generally known. Between May 8 and October 8, 1974, when the bank was declared insolvent, it suffered an outflow of funds amounting to $2.8 billion— over half its total “ footings.” By strenuous efforts, the bank suc ceeded in reducing its loans, investments, and cash by $1.1 billion during this interval. The eventual $1.7 billion in Federal Reserve credit assistance was necessary to offset the balance of the outflow. During this 5-month period, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Board of Governors, to gether with the Federal Reserve Bank of New York, were in frequent communication with each other in a joint effort to arrive at a perma nent solution to Franklin’s difficulties. As you know, the Comptroller has the statutory respon sibility of determining whether or not a national bank is insolvent. Upon such a determination of insolvency, the FDIC must be appointed as receiver. The FDIC then proceeds with the winding-tip of the bank’s affairs, seeking to achieve an orderly transfer of the insolvent institution’s assets and liabilities and as little loss as possible to the deposit insurance fund it administers. In the Franklin case, the Comptroller began consultations in May and June with major banks that might have been capable of, and interested in, acquiring Franklin by merger. In September he obtained the additional advice of a financial consultant in an effort to determine definitely whether the bank could continue as a viable, independent institution. In July, foreseeing the possibility that Frank lin might have to be declared insolvent, the Comptroller requested the FDIC to contact other banking organizations that were potential pur chasers of Franklin’s assets and to develop a plan to assist such a purchasing bank in a transfer of assets and liabilities. The FDIC ac cordingly began negotiations with interested banks to draft an acquisition proposal upon which banks could bid competitively in the event Franklin had to be declared insolvent. Briefly, this plan, as it was developed, called for the FDIC as receiver of Franklin to transfer all of Franklin’s deposits and certain other lia bilities to an assuming bank; that bank would be allowed to select assets of Franklin up to an amount which, when added to the purchase price bid, would equal the liabilities it assumed. The assuming bank would be required to keep most of Franklin’s offices open for at least 30 days. On its part, the FDIC would: (1) indem nify the assuming bank against losses from unassumed liabilities; (2) advance supporting capital to the bank in the form of a subordinated note; and (3) in return for the New York Reserve Bank surrendering its lien on the assets of Franklin that were transferred to the assuming bank, assume Franklin’s obligations to the New York Reserve Bank, which would be repaid to the extent possible out of the remaining assets, but would in any event be fully repaid within 3 years whether or not sufficient collections had been made at that time. This last provision assured that no loss would be incurred by the Federal Reserve System as a result of either its emergency lending to Franklin or the purchase by the New York Reserve Bank of Franklin’s Statements to Congress foreign exchange contracts. This latter purchase had been undertaken by the Federal Reserve on September 24, 1974, in order to forestall possi ble defaults on these contracts that could have further seriously weakened confidence in foreign exchange markets, which at that time had al ready been shaken by defaults by a well-known German bank and by a succession of public disclosures of foreign exchange losses by Franklin and other banks throughout the world. During the summer, one after another possi bility that would have permitted Franklin Na tional to continue as an independent institution was investigated. By October 8, 1974, every reasonable prospect of that kind had been ex plored and found inadequate. The Federal Re serve’s loan had served its purpose of enabling Franklin to meet its day-to-day liquidity needs up to that point, but the total was approaching the limit of available collateral. The FDIC’s plan for the transfer of Franklin assets and liabilities was ready. In those circumstances, the Comptroller declared the bank insolvent.1 The FDIC as receiver thereupon proceeded to im plement its plan. The outcome of its negotia tions with possible purchasing institutions was that European-American Bank and Trust Com pany purchased assets and assumed certain lia bilities of Franklin National. An orderly transition has followed, although it will be some time before all aspects of this transition will be finally completed. While in the end Franklin can be said to have failed, the provision for the uninterrupted continuation of its banking services through a successor institu tion minimized adverse repercussions. Cooperation among the Federal bank regula tory agencies, combined with consultation with the Treasury and the New York State Banking Department, was instrumental in producing the results I have outlined. Each agency had a distinctive role to play, and each role generated its own concerns. We at the Federal Reserve were especially interested in the adverse market attitudes and questions about banking soundness that were being generated as the Franklin case 1For a more detailed explanation of this action, see the affidavit dated October 8, 1974, filed by the Com p troller of the Currency in the U .S . District Court of the Eastern District of N ew York concerning the matter of the liquidation of Franklin National Bank. 421 dragged on. We were concerned as to Franklin’s vulnerability to any new shock that might come along. And we had a painful awareness of how Franklin’s debt to the Federal Reserve kept climbing closer to the probable maximum loan value of the acceptable collateral that the bank could provide. For those reasons we at the Federal Reserve urged that remedial measures move forward as promptly as they could. The Comptroller and the FDIC, respectively, with their own statutory obligations to consider, had to effectively exhaust alternative solutions short of receivership and to document liabilities and minimize losses insofar as time and circum stances permitted. It should not be surprising that on occasions during those months the agencies found that their preferred priorities for actions differed. When such instances became significant, however, hard work and good will overcame them. Fortunately, no new external shocks developed, and by the time Franklin was determined to be insolvent a detailed and wellintegrated plan for its succession unfolded ef fectively. As nearly as can be judged at this stage, not a cent of depositors’ or taxpayers’ money is expected to be lost in the process. Although the Franklin National case was concluded successfully, experience made it clear that increased attention needed to be paid to stronger preventive and follow-up measures to reduce the possibility of similar situations arising. Accordingly, the Federal Reserve Sys tem strengthened its program covering banks under its jurisdiction to place increased empha sis on the identification, surveillance, and timely resolution of current and potential problem bank cases. This action had first priority among the broad sweep of studies addressing key problem areas in banking supervision and regulation that I described in my testimony before this sub committee last December 12, and about which I will be reporting to you later in my testimony today. Briefly, each Reserve Bank was asked, among other actions, to make special efforts to identify member banks in its district that were or might be facing difficulties with regard to the quality of their assets or the balancing of fi nancing needs with the prospective availability of funds. Second, with respect to State member banks, a greater than usual concentration of 422 Federal R eserve Bulletin □ July 1975 Federal Reserve examiner time and attention was to be devoted to identified problem banks during the remainder of 1974 and also through 1975. In each such problem bank case, an appropriate and specific program for remedying its difficulties was to be established, including if need be direct discussions with the bank’s directors to confirm the commitment of top management to that task. Third, any member banks experiencing unusual liquidity difficulties because of a run-off of money market funds or because of public concern about the condition of the banks were to be informed of the basis on which accommodation at the discount win dow would be made available. The Federal Reserve has thus taken requisite administrative steps to insure that greater em phasis is placed on identifying, monitoring, and following up problem bank situations. It is hu manly impossible— and even undesirable— for supervisors to prevent all bank problems; but it is practical to aspire, as we do, to recognizing problems early and moving promptly to try to remedy them. There remains, however, a gap in the range of feasible remedial actions that could be undertaken if preventive measures should somehow not succeed in forestalling a bank failure. In that eventuality, the most de sirable ultimate action in most cases is for the bank to be taken over by another bank. Bank mergers, where permitted by State branching laws, can sometimes serve this purpose effec tively. The alternative of bank holding company acquisition of a failing bank, however, even where permitted by State laws, is substantially inhibited by two Federal statutory constraints. One enforces certain time delays in the approval and consummation of all bank holding company acquisitions. The second effectively prevents any holding company acquisition of banks across State lines. In our view, either or both of those limitations can interfere with actions needed to protect the public interest in some cases. Accordingly, the Board has recommended to the Congress sub stantive statutory changes, now embodied in H.R. 4008. The first recommendation involves procedural amendments to the Bank Holding Company Act designed to permit the immediate or expeditious consummation of a transaction under that Act in certain problem bank and bank holding com pany situations. The second recommendation would amend the Act to grant the Board au thority to approve an acquisition of a bank across State lines by a bank holding company, when the Board determines that a large bank, or a bank holding company controlling a large bank, is in severe financial difficulty, and the public interest would best be served if the bank involved were acquired by an out-of-State hold ing company. I will discuss each of these rec ommendations in turn, referring to the current law, the main reason therefor, the key argu ments for changing the law at this time, and the Board’s reasons for recommending the spe cific amendments proposed in H.R. 4008. Certain time schedules for the provision of notice and hearing2 were enacted as part of the original Bank Holding Company Act of 1956, as a compromise between giving bank charter ing authorities an absolute right to deny a hold ing company application to acquire a bank and giving such authorities only an informal con sulting role vis-a-vis the Board’s final decision in the case. The Board in Section 1(1) of H.R. 4008 has recommended, first, that the regular 30-day no tice period be shortened to 10 days if the Board advises the supervisory authority that an emer gency exists requiring expeditious action. Sec ondly, Section 1(1) as proposed would give the Board the authority to waive notice and hearing requirements entirely if the Board finds that it must act immediately on an application to pre vent the probable failure of a bank or bank holding -company involved in the proposed transaction.3 Both of these suggested amend 2Under existing law , the Board, before approving an application for the acquisition of voting shares or assets of a bank under Section 3 of the Bank Holding Company A ct, must: (1) give notice to the Comptroller of the Currency if the applicant or bank involved is a national or district bank or to the appropriate State supervisory authority if the applicant or bank involved is a State bank; (2) allow 30 days within which the view s and recommendations of the Comptroller of the Currency or the State supervisory authority, as the case may be, may be submitted; and (3) if the supervisory authority so notified files a written disapproval of the application within the 30-day period, provide a hearing on the application and base its decision on the record of that hearing. 3The Board’s staff has noted that there apparently was an inadvertent om ission in the printing of H .R . Statements to Congress ments parallel provisions subsequently enacted in the Bank Merger Act—provisions that have worked well in the nearly 50 instances in which they have been used over the past 10 years. In the Board’s judgment, the present require ment for 30-day notice to the relevant bank supervisor is both burdensome and unnecessary in the context of a problem bank or bank holding company situation where the public interest re quires immediate or expeditious action. From a practical standpoint, the primary supervisory authority in such a situation would be actively involved in the process of screening potential acquirers and would also be desirous of having an acquisition quickly consummated. Similarly, the protracted hearing requirements in the case of recommended disapprovals by the supervi sory authority are ill-suited to a failing bank or bank holding company situation where the pub lic interest demands that decisions be made quickly on the basis of available evidence. There is an additional statutory delay to be dealt with. Under existing law, the Board must immediately notify the Attorney General of any approval of a proposed bank acquisition, merger, or consolidation transaction under Sec tion 3 of the Bank Holding Company Act, and such transaction may not be consummated be fore the 30th calendar day after the date of approval by the Board. This requirement was added to the Bank Holding Company Act in 1966 in order to conform with the standard consummation pro cedures being established in the Bank Merger Act. The purpose of the provision was to elimi nate conflicts between the Board’s decisions under the Bank Holding Company Act and the Attorney General’s enforcement of the antitrust laws, which might otherwise require the un winding of a transaction after that transaction had been approved under the Bank Holding Company Act. 4008 and H .R . 5331, as the bills provide that notice and hearing requirements may be dispensed with if the Board finds that it must act imm ediately “ to prevent the probable failure of a bank holding com pany” in volved in the transaction. This provision should read “ to prevent the probable failure of a bank or bank holding com pany” involved in the transaction. Thus, it is recommended that page 3, line 17, of H .R . 5331, and page 3, line 11, of H .R . 4008 be amended by inserting “ bank or” before “ bank holding com pany” in each such line. 423 However, the Bank Merger Act provides for an exception to this delay in problem cases, while the Bank Holding Company Act does not. The Board is recommending that, in cases in volving problem banks or bank holding compa nies, the consummation procedures of the Bank Holding Company Act be fully conformed to those in the Bank Merger Act. Accordingly, it is proposed that, when the Board has advised a supervisory authority of an emergency requir ing expeditious action, consummation be per mitted five calendar days after the date of ap proval. In cases where the Board has found that it must act immediately to prevent the probable failure of a bank or bank holding company, it is recommended that immediate consummation be permitted. In the Board’s judgment, there appears to be no public policy reason for not having parallel consummation procedures for bank mergers and bank holding company ac quisitions in problem bank situations, since the same reasons exist for not waiting 30 days for the Attorney General’s competitive judgment in both cases. As a practical matter, the Federal banking agencies in such situations have regu larly followed the practice of informally con sulting with the Attorney General in advance in any case large enough to raise substantial competitive questions. By effectively eliminating bank holding com panies from bidding in emergency bank situa tions, the existing statutory delay provisions in the Bank Holding Company Act have unneces sarily limited the number of potential acquirers of a problem bank. This can increase the anti competitive risks in such acquisitions by often limiting the pool of potential acquirers to banks already in direct competition with the problem bank, for example, in the case of Franklin National Bank, other New York City banks. The holding company can be a procompetitive form of bank expansion, and its use should not be effectively foreclosed in infrequent problem bank situations because of delay requirements not similarly imposed in bank mergers. Waiver of the usual delay provisions undoubtedly would be warranted in only a small number of cases, and in those cases the waiver should produce net public benefits. Another— and more sensitive— constraint on bank holding company acquisitions is geo 424 Federal R eserve Bulletin □ July 1975 graphical in nature. Under the Bank Holding Company Act, the Board may not approve any further acquisition of a bank by a bank holding company across State lines.4 This provision was made part of the original Bank Holding Com pany Act of 1956 in order to halt the further expansion of several large multi-State bank holding companies then in existence. It was based in large part on the concern of the Con gress, that, unless this trend were halted, wide spread and frequent acquisitions by major bank holding companies could eventually lead to an undue concentration of banking resources in the United States. In particular, it was thought that, absent this provision, holding companies would be used to avoid the multi-State branching pro visions of the McFadden Act, and thus it was also intended to preserve the rights of the States in this area.5 The Board is of the opinion that Section 3(d) could, in the case of a large problem bank or a problem bank holding company controlling a large bank, operate in contravention of both national and local interests. The limitation to in-State bidders may, in the case of a large problem bank, severely limit the number of potential acquirers and result in an increased concentration of banking resources within a State— contrary to the intent of the Congress in 4The precise words of Section 3(d) provide that the Board may not approve any application under Section 3 of the Bank H olding Company Act: . . which will permit any bank holding company or any subsidiary thereof to acquire, directly or indirectly, any voting shares o f, interest in, or all or substantially all of the assets of an additional bank located outside of the State in which the operations of such bank holding com pany’s banking subsidiaries were principally conducted on July 1, 1966, or the date on which such company became a bank holding company whichever is later.” 5Under the terms of this provision, a bank holding company can only acquire a bank outside of its principal State if the State in which such bank is located takes action to specifically permit such acquisition. If a State took such action, the Board would still have to decide the application under the statutory standards of the Bank H olding Company Act. At the time of this A ct’s passage in 1956, no State granted such permission. Except for Iowa, which has enacted a law giving a single grandfa thered multi-State bank holding company permission to acquire additional banks in that State, and M aine, which recently enacted a law that would allow acquisition of a M aine bank by an out-of-State bank holding company if a Maine bank holding company is given reciprocal rights in that holding com pany’s State, the situation remains essentially unchanged with no other States granting such perm ission. passing the Bank Holding Company Act. In most of our States the number of locally owned banks that are big and strong enough to absorb a large problem bank are very few. The only smaller banks strong enough to undertake such a venture may be those affiliated with powerful commercial or financial interests domiciled ei ther in this country or abroad. The problem created by the constraints im posed by Section 3(d) has been sharpened as banks, particularly large banks, have moved increasingly from asset to liability management. This shift in emphasis has led many larger institutions to search far afield for money market funds. While this has often been of considerable benefit to the customers and communities they have served— particularly in those areas where widespread branching is not permitted and local deposit generation is thereby limited— liability management has increased banks’ exposure to the risks created by any substantial net outflow of such nonlocal and often volatile funds. When adverse news triggers enough outflows of funds to significantly weaken a bank, it may become necessary in the public interest to fold it into a larger and stronger institution. As you know, this occurred in New York and Califor nia, where big in-State banks were available to acquire the problem banks involved. Had insti tutions of the size of Franklin National or of the United States National Bank of San Diego failed in many other States, however, no banks in those States would have been large enough to acquire them. In such circumstances, the need to be able to arrange acquisitions across State boundaries would become very real. The Board therefore recommends several amendments to the Bank Holding Company Act designed to permit out-of-State acquisitions in certain emergency and failing bank situations involving a large bank or bank holding company controlling a large bank. Under Section 1(3) of H.R. 4008 as proposed, the Board would have the authority to make exceptions to the multiState prohibitions of Section 3(d) whenever the Board finds that an emergency requiring expe ditious action exists with respect to a bank or bank holding company, or that it must act im mediately in order to prevent the probable fail ure of a bank or bank holding company. The proposed authority would be limited, however, Statements to Congress to cases involving a bank having assets in excess of $500 million or a bank holding company controlling a bank having assets in excess of $500 million. There are three basic reasons for limiting this authority to the case of a large bank or bank holding company controlling a large bank: first, the failure of such an institution can have damaging effects in both national and international markets and on the national econ omy; secondly, there may be few, if any, prospective acquirers of such an institution within any State; and thirdly, the most likely in-State acquirers are likely to be institutions of comparable or greater size, which might often pose problems under the antitrust laws and threaten an increased concentration of banking resources within the State. The Board chose a $500 million asset cutoff figure because it would cover major money center and regional banks— whose failure might have an adverse effect on regional, national, or even international financial markets— but yet would not be so extensive an exception as to create a potentially significant loophole to the multi-State prohibitions of the Act. Also, in cases involving smaller problem banks, local acquisitions, where appropriate, can be more readily arranged by the FDIC and State authori ties than can transfers of the liabilities and assets of large institutions. The choice of any cutoff figure involves various public policy considerations by the Congress. The Board stands ready to supply the subcommittee with additional data on this issue if that would be helpful. On the basis of data prepared by the Board’s staff, a $500 million cutoff would cover not only the large money center and regional banks but also, in most cases, the largest bank in any State.6 From our analysis of cases in which emergency or failing bank procedures have been used under the Bank Merger Act, it appears only three banks ac quired under immediate or expeditious action procedures have had assets in excess of $500 million (Security National Bank of Long Island, Franklin National Bank of New York, and 6From the Board’s figures, it appears this asset cutoff would include some 210 commercial banks across the country, including the largest bank in 39 States and the District of Columbia, and the two largest banks in 35 States and the District of Columbia. 425 United States National Bank of San Diego). Thus, the Board anticipates that this provision would be applicable in only a handful of cases where there may be significant effects upon the national and international economy. Under Section 1(3) of H.R. 4008, the Board could use this authority to approve a multi-State acquisition only when it finds, in weighing the statutory competitive and other factors, that the public interest would best be served if the bank or banks involved were acquired by an out-ofState bank holding company. The Board thus anticipates that this authority would rarely be used and only in cases presenting very special circumstances, such as those involving Franklin National Bank. In our view, these relatively rare situations would not contravene the central pur pose of the multi-State prohibition of the Bank Holding Company Act, which was directed at preventing large concentrations of financial re sources through frequent multi-State acquisi tions of banking institutions. The Board is sensitive to the fact that the prohibition on multi-State branching was de signed to prevent the evolution of a few large banking institutions. While there would be only a very limited number of instances in which the Board would consider making exceptions to Section 3(d), the amending language could be narrowed even more than was originally sug gested. A strict limit could be placed on the number of acquisitions any single bank holding company would be allowed to make under such an exception. This limit should be more than one, in order not to encourage potential bidders to wait until an ideal acquisition opportunity was presented, but it could be less than five, in order to forestall excessive expansions of financial power. In our view, this kind of limit would serve to preclude any possibility of undue con centration of economic resources being created through exceptions to Section 3(d).7 7As a corollary to its recommended amendment of Section 3(d), the Board has felt it necessary to also recommend an amendment in Section 2 of H.R. 4008 overriding certain provisions of State law in situations involving a problem bank or bank holding company where expeditious or immediate action is required. Section 7 of the Bank Holding Company Act reserves to the States their rights to exercise such powers and jurisdiction that they now or in the future may have with respect to banks, bank holding companies, and subsidiaries thereof. In problem bank or bank holding 426 Federal Reserve Bulletin □ July 1975 The distinguished chairman of this subcom mittee has also introduced H.R. 5331, a bill that embodies the Board’s recommended procedural amendments to the Bank Holding Company Act, but which omits the recommended amend ments to the multi-State prohibitions of the Bank Holding Company Act. I hope I have said enough here this morning to make clear why the Board believes that the public interest would best be served if the Congress enacted both the procedural and multi-State amendments sug gested. We defer to the Congress on the ques tion of whether these amendments might better move through the legislative process separately or linked together. We do believe that they can eliminate what might otherwise at some time prove to be a fatal constraint upon the regula tors’ ability to preserve a problem bank’s serv ices rather than to close it. Having discussed the reasons why the Board believes that the proposals contained in H.R. 4008 would be particularly helpful to the Board company situations, the normal circumstances that may have led a State to enact a statute prohibiting the formation of bank holding companies within its borders or otherwise restricting the entry of out-of-State bank holding companies do not apply and therefore such provisions should not be controlling when the Board has approved such application under the immediate or expeditious action provisions recommended in H.R. 4008. In such cases, the national interest argues that Federal law be supreme. In practical terms, even though a State may favor an acquisition by an out-of-State holding company approved by the Board under its immediate or expeditious action provisions as an alter native to failure, it would probably be impossible either for a State legislature to enact in time any necessary amendments to its laws, or for a State court to interpret the terms of an unclear statute. The delays involved in trying to pursue either of the above courses of action could be crucial. Section 2 of H.R. 4008 would solve these problems by providing that in any case where the Board has approved an application under the immediate or expeditious action provisions of H.R. 4008, the holding company may acquire and operate the bank involved as a subsidiary notwithstanding Section 7 or any provision of State law that would otherwise prevent the acquisition or restrict the operations of that holding company. Section 2, however, leaves intact State restrictions on multibank holding companies, so that an out-of-State bank holding company that acquired a bank with the Board’s approval under the immediate or expeditious action provisions could not gain a competitive advantage over an in-State holding company by acquiring a second bank under those provisions. The McFadden Act re strictions on multi-State branching would not be affected by Section 2 of H.R. 4008 as such restrictions are a matter of Federal law. in dealing with problem bank or bank holding company situations, I would like to proceed to comment on the other studies that the Board has been conducting to develop better means for preventing such situations from occurring and resolving them as effectively as possible if they should arise. You may recall that in my testimony before this subcommittee on De cember 12, 1974, I described the general scope of our efforts and the problem areas on which we were focusing our attention: the attenuation of bank capital produced by the rapid expansion of bank assets; bank liquidity problems, partic ularly heavy reliance on liability management, the consequent creation of highly interest-andconfidence-sensitive instruments, and the mak ing of excessive loan commitments; a deterio ration in the quality of bank assets; increased foreign exchange risks; and increased risk of losses in bond trading departments of banks. (A final problem area that I touched upon at that time related to the need for more expeditious resolution of problem bank cases, but I have already commented on that subject in my pre vious discussion of the proposals contained in H.R. 4008.) The Board expects very shortly to place be fore the Congress several proposals for legisla tive action that are designed to equip us, and the other bank regulatory agencies, to accom plish better our goal of more effective preven tion of potentially unsafe or unsound practices. These proposals are now in the final stages of discussion among the Board, the FDIC, and the Comptroller of the Currency. I would like to outline the major ones briefly for this subcom mittee to give you a clearer sense of the thrust of our efforts. The first of the proposals we expect to be bringing before you is directed primarily at strengthening the penalties in statutes imposing constraints on transactions among the banking subsidiaries of bank holding companies, their parent firms, and other affiliates. It seeks, through amendment of the Federal Reserve Act, to subject member banks and their directors, officers, and employees, or agents to penalties for violations of, among other provisions, Sec tions 22 (relating to transactions between mem ber banks and their directors and loans to exec utive officers) and Section 23A (involving loans Statements to Congress and investments in affiliates). Another provision of this proposal would amend the Bank Holding Company Act to permit the Board to seek the imposition of civil penalties on companies or individuals that violate the Act. This provision would, we believe, increase significantly the deterrents to unlawful or unsafe transactions within bank holding companies. A second proposal addresses the problem of possible misuse of bank assets by insiders. Under this proposal, Section 22 of the Federal Reserve Act would be amended to aggregate loans by a member bank to an officer, director, or significant stockholder and to any corpora tions that such person controls for purposes of applying legal lending limits. This proposal would limit the amount that could be loaned to all interests controlled by one individual to the same amount as could be loaned to that person alone. A third proposal would strengthen the B oard’s authority to institute executive removal actions designed to prevent the continuation of unsafe and unsound banking practices. Amend ments would be made to Section 8 of the Fi nancial Institutions Supervisory Act to eliminate the current requirement that acts of personal dishonesty be involved before officers or direc tors of a banking institution can be removed by a bank regulatory authority. This change would permit such individuals to be removed for gross mismanagement in the form of practices that threaten substantial financial harm to the bank. A fourth proposal would give the Board au thority to order divestiture of subsidiaries of bank holding companies when continued own ership of a bank holding company constitutes a serious risk to the financial safety, soundness, or stability of the bank holding com pany’s sub sidiary bank or banks. While such action by the Board would undoubtedly be taken only in the most serious situations, we believe the ability to require such divestitures is an important one for the Board to have. Its existence alone should serve as a strong deterrent to dangerously unsafe actions by bank holding company manage ments. We believe that these proposals, and others that may be forthcoming as a result of discus sions with our colleagues in the other Federal bank regulatory agencies, will be of substantial 427 assistance to us in implementing a program of preventive measures that should prove ex tremely helpful in reducing the possibilities of future unsound banking practices. The studies that the Board has been pursuing not only have produced the legislative proposals that I have described but have also led us to undertake a series of administrative and regula tory actions, all designed to assist us in pre venting troublesome situations from materi alizing in the key problem areas we have iden tified. The Board has thus taken steps within the scope of its current authority to detect po tential banking problems at an early stage in their development. One of the first of these actions I have already mentioned— the step taken last fall to improve surveillance of troublesome bank cases. A second step to promote early detection of such cases was taken earlier this year when an interagency early warning system was instituted by the Board in cooperation with the Federal and State banking supervisory agencies. This system has enabled all the relevant bank regula tors to be promptly aware of any adverse find ings uncovered in supervisory examinations of bank holding companies or the bank subsidiaries thereof. In this same area of problem bank and bank holding company situations, the Board has for mally adopted guidelines delineating a gradu ated range of alternative procedures to be im plemented in correcting problem bank holding company cases. This step has served to set out clearly and systematically the corrective actions that the Board and the Reserve Banks had al ready begun to employ in remedying difficult cases. In the area of foreign exchange operations at banks, we have recognized that floating ex change rates have increased the risk of potential losses (or gains) on a given size net open posi tion in foreign currencies. In addition, the danger of losses occurring as a result of poor judgment at the management level or as a result of unauthorized trading under inadequate inter nal controls probably increased with the growth in the worldwide volume of foreign exchange market transactions— in which a growing num ber of U.S. banks participated. To assess better the level of foreign exchange 428 Federal Reserve Bulletin □ July 1975 risks now faced by U.S. banks, a review has been conducted by the Board, in consultation with the Comptroller, of the operations of a sample of banks engaged in such activities. As a result of this survey, we have concluded that additional legislative authority is not required to improve the supervision of banks’ foreign exchange operations. Steps have been taken to encourage banks, where necessary, to utilize more adequate internal audit and control proce dures. Furthermore, because of the special vul nerability of foreign exchange activities, the Federal Reserve is working closely with the Comptroller to improve the surveillance of these bank operations, through examinations and re porting systems. Perhaps the most encouraging information I can relay to you in this field, however, is the stream of reports we are receiv ing that bank managements of their own volition have sharply tightened their prudential controls over their foreign exchange departments. Studies are continuing on methods of im proving the entire range of bank examination practices and procedures, including the use of sophisticated reporting and management infor mation systems to supplement the bank exami nation process. Work is going forward on means of detecting and limiting excessive loan com mitments and other off-balance-sheet promises to lend that may expose banks to undue liquidity pressures. Still other work is focused on methods to detect and discipline poor quality bank loans more effectively. Ways are also being sought to better limit the level of risk exposure in banks’ bond trading activities. As I mentioned previously, the Board has been much concerned with problems associated with the attenuation of bank capital and pres sures placed on bank liquidity. Additional work is therefore under way at the Board to develop better standards of what constitutes “ adequate” liquidity, both for our own better guidance and that of member banks. The Board has also recently restructured reserve requirements on time deposits to encourage more prudent liquid ity management at banks. Earlier this month the Board released for comment guidelines that we propose to apply in evaluating requests for approval of new sub ordinated debt issues by State member banks. These guidelines were issued in connection with proposed regulatory changes to permit greater flexibility by banks in the issuance of notes and debentures to bolster their capital structure. We anticipate that application of these pro posed criteria should tend to promote the prac tice by State member banks of issuing new debt on an adequate cushion of equity capital. The guidelines should also help to prevent banks from unduly concentrating their maturing debt in any one year. In addition, these guidelines are intended to prevent the inclusion of terms in such debt issues that could be regarded as being in conflict with the public interest. If we are successful in accomplishing those objectives with regard to issues of new subordi nated debt by banks, we believe that the prob lems connected with the attenuation of bank capital that has been experienced over the past decade should be noticeably ameliorated. I would also like to report briefly on the progress of the Board’s efforts to improve bank holding company supervisory and regulatory policy over the longer run. I am pleased to say that considerable headway has been made in designing and moving to initial implementation of a more systematic analytical program to monitor bank holding companies’ operations more closely. Reporting schedules have been developed to feed timely information covering the full range of bank holding companies’ ac tivities, including intracompany transactions, into a partially computer-based analytical sys tem that is being designed to focus immediate attention on potential problem situations as they evolve. The information capability the Board will possess once this work has been completed should improve our capacity to detect and cor rect bank holding companies’ problems at an early stage of their development. The Federal Reserve is also endeavoring to look more broadly at the bank holding company movement as it has unfolded from 1970 to 1975. We are trying to determine to what extent, if any, bank holding companies and their expan sion into nonbanking areas may have contrib uted to financial strengths and financial difficul ties. We expect that this effort will shed some useful light on a subject that has at times stimu lated sharp divergences of views. I should also note that the Board has reviewed the recent and prospective growth of foreign- Statements to Congress owned banking operations in this country and their proper place in our structure of banking supervision. While I do not propose to cover all the details of that complex subject today, I would point out the Board’s conclusion that all banks, branches, and agencies that are lo cated in the United States but owned by foreign banking institutions would be most effectively and equitably regulated if they were brought under the provisions of the Bank Holding Com pany Act. The proposed legislation we have forwarded to the Congress in this area (H.R. 5617) contains provisions to this effect. In looking back on this recent work the Board has done to strengthen our supervision and reg ulation of the Nation’s banking institutions, the need for a large number of changes— some legislative, some regulatory, many administra tive— has become evident. Some of these needed changes have been minor, others have seemed sufficiently complex or significant to warrant taking the time of this subcommittee to report. At this juncture in the history of our Nation’s banks, the severe pressures to which those institutions were recently subjected have been significantly reduced. We are now at a point where it is possible, as it was not then, to consider and to undertake a range of prudent reforms to further strengthen our banking insti tutions and thereby to help insure the continued well-being of this country’s vital banking sys tem. All the faults we have found were not in the banking system, however; we have found some shortcomings in ourselves as well. Focusing as we have on the key banking problem areas has also helped us to understand more clearly in what ways inadequacies in the structure of bank regulation itself may have contributed to the development of some of these problems. When I testified before your subcommittee last December, I mentioned then that the con cluding project in the Federal Reserve studies would be possible reforms of the Federal bank supervisory agencies. In the light of the work just described that has been pursued in other areas, we have turned our attention within the Board to the structure of the Federal banking agencies. We are also consulting with other agencies on this subject. As you might imagine, there have been a 429 good many alternatives to be analyzed and many considerations to be explored. It might be in formative to your subcommittee if I were to summarize the more plausible and thought-pro voking alternatives we have considered, and outline what seem to be the key advantages and disadvantages of each. One cautionary note is in order, however, before I proceed. In this delicate subject area, there are few points on which facts can prove that one view is right and another wrong. Most of the major questions are matters of judgment, usually involving speculation as to what might happen were things to be done differently. Sometimes these are judgments on which reasonable men can and do differ. I cannot eliminate that ambiguity; I can only report to you the judgments of the majority of the Board as plainly as I can. At one end of the spectrum of alternatives that we considered was consolidation of all Federal supervisory and regulatory functions. A number of advantages would undoubtedly accrue from an effective consolidated Federal bank supervisory agency. The principal benefits we perceive are the following: 1. Such an agency would bring about uni formity in Federal regulation, supervision, and examination of banks. In addition it would result in uniformity on decisions concerning merger and branching applications. 2. Presumably such a consolidation would eliminate some duplication of efforts and lead to a more efficient use of supervisory and ex amination personnel. It would also remove any problems arising out of consultations between the agencies and resulting delays in decision making. 3. We also believe there could be advantages from the development of consistent data that would permit fuller analysis of the banking industry as a whole and permit more prompt identification of developments that might affect the stability of the banking system. 4. Finally, the consolidation of three Federal agencies into one would preclude the possibility of banks changing their organizational status in order to obtain more favorable treatment from a different Federal supervisor. Objections to consolidation take several forms, such as: 1. A single Federal supervisory agency would 430 Federal Reserve Bulletin □ July 1975 be very powerful and might have a tendency to stultify the ability of commercial banks to adapt to changing circumstances or be incon siderate of the equities of the parties affected by its rules. At the least, it would result in the elimination of most of the checks and balances inherent in our present bank regulatory struc ture, which do limit the power of individual supervisors. 2. One agency would not offer as great a possibility for experimentation and innovation in bank regulations and supervisory procedures as now exists when three agencies divide the Federal responsibilities. 3. Changing from the present arrangement to a single Federal agency could produce some serious transitional problems, such as the possi bility of losing some of the valuable experienced examination and supervisory personnel now in the individual agencies. Serious personnel problems could develop in meshing the three present Washington and field-based forces. Particular problems are also presented in considering in which agency consolidation should take place. For example, a majority of the Board of Governors would have some con cern about consolidation in a new agency or one outside of the Federal Reserve System. The experiences of recent years have made members of the Board of Governors particularly con scious of the importance of involvement in bank supervision and regulation in the consideration of monetary policy. We believe that the condi tion of the banking system and information about individual banks is an important input for monetary policy formulation that would be lost or substantially reduced if the Federal Reserve had no role in the regulation or examination functions. On the other hand some in the System have reservations about the consolidation of these functions in the Board of Governors. They are concerned that adding the responsibility for all bank supervision and regulation to the existing Board responsibilities might detract from the time and attention given to the Board’s primary responsibility, monetary policy. At the other extreme, we considered retaining the present regulatory and supervisory system. By and large the advantages and disadvan tages of this alternative are the converse of those listed for consolidation. In summary, the present regulatory system permits more innovation and experimentation in new bank activities and supervisory procedures. Any adverse effects may be confined to one segment of banking during the experimentation period. If, however, the innovation is successful, the changes can then be adopted by the other agencies. M ore over, the agencies can voluntarily communicate and cooperate to the limits of their power and good will in an endeavor to formulate uniform policies and procedures and keep them consist ent and up to date. The disadvantages of the present system can be read in the number of occasions when vol untary cooperation among the agencies did not produce optimal results. Episodically over the years, voluntary cooperation has not been a sufficiently powerful incentive to consistently produce vigorous, timely Federal supervisory action that was in harmony with other supervi sory policies and uniform across the Federal agencies. Moreover, the diffusion of authority among the agencies is great enough so that it is often hard to pick the agency or the officials to hold accountable for such shortfalls. In such an environment, supervisory innovations—par ticularly those that pinch the subject banks— can be inhibited if the banks that are adversely affected have another supervisory jurisdiction open to them. A third alternative is to divide responsibility for Federal bank supervision and regulation be tween two agencies. One possibility that has been advanced is that all Federal bank regulations should be placed in one agency and all Federal bank examination and enforcement procedures in a separate agency. Many of the advantages of complete consolidation— such as uniformity, elimination of duplication, more efficient use of personnel, and elimination of the possibility of banks shopping among Federal supervisors— could be accomplished by this change. At the same time, such a division would maintain some significant element of checks and balances in the field of bank regulation. However, many of the disadvantages of con solidation would also be present, such as the danger of a single regulatory body becoming wedded to the past and reluctant to adapt to Statements to Congress changing times. The possibility of curtailed ex perimentation in regulatory procedures and a possible erosion of some regulatory checks and balances would also be present. In addition there is a serious risk that the separation of regulation from examination and enforcement would weaken the effectiveness of bank examinations and reduce cross-fertilization between func tions. Such a division could detract from the stature of the field forces and hinder field exam ination efforts to resolve problems. Moreover, whereas some coordination and jurisdictional problems might be eliminated with this type of structure, it is certainly possible that other problems, perhaps more serious, would be created. A fourth alternative I might mention is to provide for representation of the Board of Gov ernors in an expanded Office of the Comptroller. It is possible that improved coordination of key supervisory and regulatory programs could be obtained if the Comptroller’s Office were converted to a board with one member being a Governor of the Federal Reserve. Direct Board representation in the activities of the Comp troller offers some advantage, since all national banks under the supervision of the Comptroller are also member banks of the Federal Reserve System. Moreover, under present practices the Comptroller’s examiners are responsible for en forcing numerous Federal Reserve regulations applicable to national banks. Conversion of the Comptroller’s Office from a one-man to a Board operation would also provide the benefit of group decision-making and provide a balancing of viewpoints in the supervision of national banks. However, the creation of a board for the Comptroller’s Office could well have the disad vantage of producing a less expeditious and less efficient operation— a result that can often flow from administration by a committee. A fifth possible alternative is increased and more structured coordination of examination functions. Our review of the other projects undertaken by the Board’s Committee on Bank Regulatory and Supervisory Policy has shown that one of the most important areas calling for attention is the problem of revising and updating exami nation and enforcement procedures. I under 431 stand that the Comptroller’s studies have reached similar conclusions. There is a need for more realism, consistency, and uniformity in examination standards and procedures. We believe that there needs to be an increased emphasis given to more timely reports and information systems that would supplement the practice of on-site examinations. Recent experience also demonstrates that some weakness exists in enforcement proce dures. There needs to be more effective and consistent follow-up of examiners’, and other supervisory, recommendations to banks, in order to assure that the banks take those actions necessary to correct the identified problems in reasonable time. The resolution of these problems might be helped if each of the three Federal banking agencies were to delegate some specific deci sion-making authority in the field of examina tion procedures to a representative on a new interagency group, which might be designated the Federal Bank Examination Council. The Council might be composed of Board members or senior officials responsible for bank exami nation from each of the three banking regulatory agencies. That group would not supplant the present Interagency Coordinating Committee, which ought to continue to provide a forum for consultation on regulatory and policy questions affecting not only banks but nonbank thrift in stitutions as well. The distinctive features of a new Examination Council would be that its members would be assigned responsibility for particular areas of bank examination proce dures, given decision-making power in those areas, and held accountable by their agencies for the development of suitable standards and practices in such areas. A council of this nature could foster greater uniformity and consistency in the modernization of numerous bank examination and enforcement activities without most of the disadvantages feared from complete consolidation. In addition, it would permit undertaking a limited and cir cumscribed consolidation effort promptly, on an experimental basis, with flexibility to allow for revisions that prove desirable. To be sure, such a Bank Examination Council would have its disadvantages also. Because of its relatively narrow scope, a number of impor 432 Federal Reserve Bulletin □ July 1975 tant issues in bank supervision would be beyond its ability to solve. Since it would derive its authority by delegation, there is the chance that its members would be diffident in their actions out of concern for possible termination of their delegated authority. There is also the possibility that its members might show less initiative in tackling problems than would an individual agency acting on its own. As the Board of Governors has reviewed all these alternatives, and the situations to which they are addressed, a majority of the Board has come to the following tentative conclusions on this subject. First, some change in the present structuring of Federal bank supervision is desirable, al though not essential. Federal bank supervision has done many things right, and it is not so flawed as to necessarily thwart key objectives of public policy in this field. On the other hand, the present diffusion of authority and respon sibility among three Federal agencies is condu cive to some confusion, uncoordinated initia tives, occasional delays and misunderstandings, and sometimes a subtle competition to relax or forego appropriate constraints on banking insti tutions. What is called for is measured action that ameliorates these weaknesses without sap ping the strengths of the present agency struc ture. Second, the Federal Reserve, as the Nation’s central bank, needs to be involved in the process of bank regulation and supervision. Now, more than ever before, the Fed’s key roles as mone tary policy-maker and as lender of last resort reach into territory conditioned by prevailing bank supervisory and regulatory policies. Each of those sets of public policies increasingly affects the effectiveness of the other. Their close coordination is much to be desired. Third, an appropriate step forward in the Federal bank supervisory structure at this time would be the establishment by the agencies of a Federal Bank Examination Council along the lines described above. It is, as I have said, an experimental and evolutionary idea, rather than a radical and irreversible one— and the Board believes the former rather than the latter is what is called for today. The Board is prepared to delegate selected decision-making authority in the field of bank examination procedures to our representative on such a Council forthwith, and I hope our sister Federal banking agencies will be similarly in clined. We are further prepared to ask that Council to study several broader supervisory issues on a priority basis, with a view to devel oping recommendations to the parent agencies for uniform, up-dated policy positions. Assuming that a Bank Examination Council is established, experience will soon show how productive it can be in actual practice and how far the scope of its activities might usefully be extended. The Council’s success will require a sincere effort on the part of all three agencies to arrive at meaningful changes and to minimize disagreement on less essential items. Its per formance will depend most of all on the com petence and good will of the individuals desig nated to serve on it. But that ca v ea t attaches likewise to virtually every other design of the structure of the Federal banking agencies. The Board appreciates the continuing interest of this committee in the entire subject of bank ing regulation and supervision, and we look forward to your deliberations and recom mendations. We will be glad to continue to report to you on our activities and will make recommendations for further legislation as we see such needs develop. □ 433 Record of Policy Actions of the Federal Open Market Committee MEETING HELD ON MAY 20, 1975 1. Domestic Policy Directive The inform ation reviewed at this m eeting suggested that real output of goods and services— which had fallen sharply in the fourth quarter of 1974 and the first quarter of 1975— was declining m uch less rapidly in the current quarter and that the rise in prices was m oderating further. Staff projections, like those of 5 weeks earlier, suggested that real econom ic activity would turn up later in the year and that the rise in prices would continue to slow. The pace of decline in industrial production, which had been less rapid in M arch than in the preceding 4 m onths, m oderated further in April. N onfarm payroll em ploym ent changed little and total em ploym ent rose, but the unem ploym ent rate increased fur ther, from 8.7 to 8.9 per cent, as the labor force continued to grow at a considerable pace. According to the advance report, retail sales had risen in April, despite a further decline in the num ber of new cars sold. The index of average hourly earnings for private nonfarm pro duction workers was unchanged in April, after having risen sharply in M arch; over the first 4 m onths of the year the rate of advance in the index was considerably less rapid than that in the second half of 1974. Average wholesale prices of industrial com m odities changed little in April, as in M arch, while wholesale prices of farm and food products increased sharply, following 5 m onths of large decreases. In M arch the rise in the consum er price index had slowed further from the pace in the first 2 m onths of the year. Staff projections still suggested that in the current quarter the decline in real G NP would be small and that nom inal GNP would turn up, although expectations now were for only a slight rather than a substantial increase in residential construction. It was still anticipated that inventory liquidation would m oderate from the exceptional pace in the first quarter and that personal consum ption expenditures would expand but that business fixed investm ent 434 Federal Reserve Bulletin □ July 1975 would decline further. The projected upturn in real GNP in the second half reflected expectations that growth in consum ption expenditures would accelerate in response to expansive fiscal policy m easures, that the upturn in residential construction w ould gain m om entum , and that the pace of inventory liquidation would m oderate further. Since m id-April the average exchange value of the dollar against leading foreign currencies had receded som ew hat, but it was still slightly above the low in early M arch. The U .S. foreign trade balance— which had been in large deficit in the last three quarters of 1974— shifted into substantial surplus in the first quarter of this year, in considerable part because the volum e of im ports was reduced by the decline in business activity in this country. Net outflows of funds through banks expanded substantially in the first quarter, as outstanding loans to foreigners continued to increase while liabilities to foreigners declined. Total loans and investm ents at U .S . com m ercial banks continued to expand at a slow pace from the end of M arch to the end of April. O utstanding loans to businesses declined further, as business dem ands for credit rem ained weak both at banks and in the com m ercial paper m arket; outstanding loans to nonbank financial institutions, securities dealers, and consum ers also declined, while real estate loans increased by only a m odest am ount. As in February and M arch, banks increased their holdings of U .S. Governm ent securities considerably. G row th in both the narrowly defined and the more broadly defined m oney stock (M x and M 2)— which had been substantial in M arch— was m oderate in A pril, as disbursem ents of incom e tax refunds slowed to about the pace of a year earlier. The m easure of the m oney stock that includes deposits at nonbank thrift institu tions (M 3) grew more rapidly; although net inflows to thrift institu tions subsided from the extrem ely high rates in M arch, they rem ained substantial. In April, as in the preceding 2 m onths, banks reduced the outstanding volum e of large-denom ination C D ’s in response to the growth in other deposits and to the continued weakness in loan dem and, and the bank credit proxy grew at a relatively slow pace. On M ay 1 the Treasury announced that it would auction up to $5 billion of notes and bonds, of which $3.8 billion represented R ecord of Policy A ctions of F O M C refunding of publicly held notes that were to m ature on M ay 15. In auctions on M ay 6, 7, and 8, respectively, the Treasury sold $2.75 billion of 3 ^ -year notes at an average price to yield 7.7 per cent, $1.5 billion of 7-year notes at an average price to yield 8.0 per cent, and $750 m illion of 30-year bonds at an average price to yield 8.3 per cent. The Treasury also announced on M ay 1 that its over-all borrow ing needs for the current fiscal year would be $5 billion less than had been previously stated, owing to larger-than-expected receipts of taxes. System open m arket operations since the April 14-15 m eeting had been guided by the C om m ittee’s decision to seek bank reserve and m oney m arket conditions consistent with som ewhat more rapid growth in m onetary aggregates over the months ahead than had occurred on average in recent m onths, while taking account of the forthcom ing Treasury financing and of developm ents in dom es tic and international financial m arkets. The m onetary aggregates had been expected to grow at relatively rapid rates in the A pril-M ay period— because of the large volum e of tax rebates scheduled to begin in M ay, of the rise in nom inal GNP anticipated for the second quarter, and of the lagged effects on the dem and for m oney of earlier declines in short-term interest rates— and operations initially had been directed toward m aintaining about the prevailing bank reserve and m oney m arket conditions. H ow ever, data that becam e available subsequently suggested that in the A pril-M ay period the growth rate of M x would be near the lower limit of the range of tolerance that had been specified by the Com m ittee and growth in M 2 would be below its tolerance range. Accordingly, operations were directed toward achieving some easing in bank reserve and m oney m arket conditions, although the System proceeded cau tiously in order to avoid exaggerated m arket effects during a period of heavy Treasury financing. In the days preceding this m eeting the Federal funds rate was about 5 Vs per cent, com pared with a rate of about 5Vi per cent shortly before the April m eeting. Short-term m arket interest rates— which had risen a little between m id-M arch and m id-A pril— declined som ewhat in early M ay, re flecting the T reasury’s announcem ent of reduced borrow ing needs, the easing in m oney m arket conditions, and the continued weakness in business dem ands for short-term credit. On the day before this m eeting the m arket rate on 3-month Treasury bills was 5.11 per 435 436 Federal Reserve Bulletin □ July 1975 cent, com pared with 5.53 per cent at the time of the April m eeting. Effective May 16, Federal Reserve discount rates were reduced from 6*A to 6 per cent at 10 Reserve Banks; shortly thereafter, rates were reduced at the rem aining 2 Banks. Yields on longer-term securities rose in late April but turned down after the beginning of M ay; over the inter-m eeting period they changed little. The volum e of public offerings of corporate bonds in April, although sm aller than in M arch, was still large, and an increase was in prospect for M ay. Offerings of State and local governm ent issues in April and the calendar for M ay also were heavy. Yields on hom e m ortgages rose som ewhat during A pril, after having declined persistently since Septem ber of last year. At its previous m eeting, the C om m ittee had agreed that growth in the m onetary and credit aggregates on average over the period from M arch 1975 to M arch 1976 at rates within the following ranges presently appeared to be consistent with its broad econom ic objectives: M u 5 to IV2 per cent; M 2, 8 V2 to 10V2 per cent; M 3, 10 to 12 per cent; and the bank credit proxy, 6 V2 to 9 V2 per cent. It was understood that these ranges, as well as the particular list of aggregates for which such ranges were specified, were subject to review and m odification at subsequent m eetings. It also was understood that from month to month the rates of growth of the various aggregates m ight well fall outside ranges contem plated for annual periods as a result of short-run factors. At this m eeting the Com m ittee took note of a staff analysis indicating that the rate of growth of the m onetary aggregates would probably be increased tem porarily during M ay and June by the tax rebates, totaling about $8 billion, which the Treasury would pay out in those m onths. It seemed likely that a sizable portion of the rebates would be held for a time in dem and balances before being used to acquire assets, repay debt, or increase spending, and that some part would be placed directly in savings accounts. To allow for the expected tem porary bulge in m oney holdings, the C om m ittee agreed that relatively rapid growth in M x and M 2 over the M ay-June period— at annual rates within ranges of toler ance of 7 to 9Vi per cent and 9 to WV2 per cent, respec tively— would be acceptable. Such growth rates were thought likely to involve growth in reserves available to support private nonbank R ecord of P olicy A ctions of F O M C deposits (R P D ’s) at a rate within a range of IV2 to 4 per cent, and they were expected to be consistent with a weekly average Federal funds rate in a range of 4 V2 to 5 Vi per cent. In the course of the C om m ittee’s discussion a num ber of m em bers expressed the view that upward pressures on interest rates would be particularly undesirable at present, in light of the sensitive state of financial m arkets and of uncertainties with respect to the tim ing and strength of the econom ic recovery that now appeared to be in process of developing. There was no sentim ent for aggressive easing operations for the purpose of reducing m arket interest rates further. Some m em bers urged, how ever, that the System should be prepared to respond prom ptly should the m one tary aggregates be unexpectedly weak. The Com m ittee decided that open m arket operating decisions in the period until the next m eeting should be based to a greater extent than usual on the state of financial m arkets, with the objective of m aintaining m oney m arket conditions about like those now prevailing so long as the m onetary aggregates appeared to be growing at rates within acceptable ranges of tolerance. The follow ing dom estic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that real output of goods and services— after having fallen sharply for two quar ters— is declining much less rapidly in the current quarter. In April the pace of the decline in industrial production moderated consid erably further, and total employment rose. However, the unemploy ment rate increased again, from 8.7 to 8.9 per cent, as the civilian labor force increased considerably. Average wholesale prices of industrial commodities changed little in April, as in March; prices of farm and food products rose sharply, following several months of large decreases. The advance in average wage rates so far this year has been considerably less rapid than the increase during the second half of 1974. The foreign exchange value of the dollar has declined somewhat since mid-April, but it is still above the low of early March. U.S. imports fell sharply in the first quarter, and the foreign trade balance was in substantial surplus, in contrast to the deficits of preceding quarters. Net outflows of funds through banks were large in the first quarter, as loans to foreigners continued to increase while liabilities to foreigners declined. 437 438 Federal Reserve Bulletin □ July 1975 Both M x and M2 grew moderately in April, but M3 grew more rapidly as inflows of deposits to nonbank thrift institutions remained substantial. Business demands for short-term credit remained weak, both at banks and in the commercial paper market, while demands in the long-term market continued strong. Since mid-April short term market interest rates have declined somewhat. Most longerterm yields have changed little on balance, and mortgage rates have risen. Federal Reserve discount rates were reduced from 6 lA to 6 per cent in mid-May. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions con ducive to stimulating economic recovery, while resisting inflationary pressures and working toward equilibrium in the country’s balance of payments. To implement this policy, while taking account of developments in domestic and international financial markets, the Committee seeks to maintain about the prevailing money market conditions over the period immediately ahead, provided that monetary aggregates gen erally appear to be growing within currently acceptable short-run ranges of tolerance. Votes for this action: Messrs. Burns, Hayes, Baughman, Bucher, Coldwell, Eastburn, Holland, MacLaury, Mayo, Mitchell, and Wallich. Votes against this action: None. Absent and not voting: Mr. Sheehan. 2. Amendment to Authorization for Domestic Open Market Operations On April 30, 1975, Com m ittee m em bers voted to increase from $3 billion to $4 billion the limit on changes between Com m ittee m eetings in System Account holdings of U .S. G overnm ent and Federal agency securities specified in paragraph 1(a) of the authori zation for dom estic open market operations, effective im m ediately, for the period ending with the close of business on M ay 20, 1975. Votes for this action: Messrs. Burns, Hayes, Coldwell, Eastburn, Holland, MacLaury, Mayo, Mitchell, Wallich, and Francis. Votes against this action: None. Abstention: Mr. Sheehan. R ecord of Policy A ctions of F O M C Absent and not voting: Messrs. Bucher and Baughman. (Mr. Francis voted as alternate for Mr. Baughman.) This action was taken on recom m endation of the System Account M anager. The M anager advised that large-scale securities purchases had been necessary to carry out the C om m ittee’s objectives in the period since the previous m eeting because an extrem ely large volum e of reserves had been absorbed by a rise in the T reasury’s balances at Reserve Banks to record levels, and that a tem porary increase in the leew ay for System purchases appeared desirable in light of the prospective near-term needs to supply reserves. At this m eeting, the Com m ittee decided to m aintain the $4 billion limit for the period through the close of business on June 17, 1975. This action was taken on the recom m endation of the Deputy M anager for Dom estic O perations, who advised that an expected sharp decrease in Treasury balances at the Reserve Banks in the period ahead m ight necessitate an unusually large volum e of se curities sales by the System to absorb reserves. Votes for this action: Messrs. Burns, Hayes, Baughman, Bucher, Coldwell, Eastburn, Holland, MacLaury, Mayo, Mitchell, and Wallich. Votes against this action: None. Absent and not voting: Mr. Sheehan. Records of policy actions taken by the Federal Open Market Committee at each meeting, in the form in which they will appear in the Board’s A nnual R eport, are released about 45 days after the meeting and are subsequently published in the B u l l e t i n . 439 440 Law Department S ta tu te s , r e g u la tio n s , in te rp re ta tio n s , a n d d e c is io n s INTEREST ON DEPOSITS S e c t io n 217.4— P a y m e n t T im e D e p o s it s B The Board of Governors has amended its Regu lation Q to require member banks to notify owners of time deposits that, upon maturity, the deposits will become demand deposits. The amendment also requires member banks to notify owners of automatically renewable time deposits that the deposits will be renewed at maturity unless the owner gives the bank other instructions. In addi tion, the Board encouraged all member banks to mail information regarding maturity of time de posits to their customers approximately 30 days prior to the maturity date. AMENDMENTS TO REGULATION Q 1. Effective September 1, 1975, section 217.3(f) of Regulation Q is amended to read as follows: S e c t io n on T im e 217.3— I n t e r e s t and S a v in g s D e p o s it s (f) * * * On each certificate, passbook, or other document representing a time deposit, the bank shall have printed or stamped a conspicuous state ment indicating that no interest will be paid on the deposit after the maturity date or, in the case of a time deposit that is automatically renewable, a conspicuous statement indicating that the con tract will be renewed automatically upon maturity, and indicating the terms of such renewal. The Board of Governors has also amended its Regulation Q to permit member banks to pay a time deposit before maturity without penalty after the death of any person whose name appears (alone or with other persons) on the time deposit pass book or Certificate of Deposit and who, therefore, possesses a legal or equitable ownership interest in the account. 2. Effective June 5, 1975, section 217.4(d) of Regulation Q is amended as follows: efore M of a t u r it y (d) Penalty for early withdrawals. Where a time deposit, or any portion thereof, is paid before maturity, a member bank may pay interest on the amount withdrawn at a rate not to exceed that currently prescribed in § 217.7 for a savings de posit: P rovided , That the depositor shall forfeit three months of interest payable at such rate. If, however, the amount withdrawn has remained on deposit for three months or less, all interest shall be forfeited. Where necessary to comply with the requirements of this paragraph, any interest al ready paid to or for the account of the depositor shall be deducted from the amount requested to be withdrawn. However, upon the death of any person whose name appears on the time deposit passbook or certificate, a member bank may pay such time deposit before maturity without a re duction or forfeiture of interest as prescribed by this paragraph.63 * * * Ha * * * RULES REGARDING DELEGATION OF AUTHORITY The Board of Governors has amended its Rules Regarding Delegation of Authority to grant the Board’s Secretary the authority to extend the time period provided for public participation with re spect to proposed regulations of the Board. AMENDMENT TO RULES REGARDING DELEGATION OF AUTHORITY Effective June 11, 1975, section 265.2(a) is amended by adding a new subsection (13) to read as follows: L aw D epartm ent S e c t io n 265.2 — gated B o ard E m ployees S p e c if ic F u n c t io n s D 441 ele (13) Under the provisions of sections 262.2(a) and (b) of the Board’s Rules of Procedure, to R eser ve B a n k s . extend, when appropriate, the time period pro (a) The Secretary of the Board (or, in his ab vided for public participation with respect to pro sence, the Acting Secretary) is authorized: posed regulations of the Board of Governors. to and to F ederal BANK HO LDING COM PANY AND BANK M ER G ER ORDERS ISSUED BY THE BOARD OF G O VERNORS ORDERS UNDER SECTION 3 OF BANK HOLDING COMPANY ACT C ro ss T im b e r s B a n c s h a r e s , I n c . , G o r m a n , Texas O rder D enying Formation of Bank H olding Com pany Cross Timbers Bancshares, Inc., Gorman, Texas, 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 96 per cent or more of the voting shares of The First National Bank of Gorman, Gorman, Texas (“ 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 is a nonoperating corporation organ ized under the laws of Texas for the purpose of becoming a bank holding company through the acquisition of Bank. Bank, with deposits of $5.2 million, is the smallest of five banking organi zations in the Eastland banking market (approxi mated by the boundaries of Eastland county, lo cated 100 miles west of Fort Worth) and holds approximately 9.7 per cent of total deposits in the market.1 Inasmuch as this proposal represents merely a reorganization of existing ownership in terests, and since Applicant has no present banking subsidiaries, the acquisition of Bank by Applicant would not have any significantly adverse effect upon either existing or potential competition within the relevant market. Accordingly, the Board concludes that competitive considerations are consistent with approval of the application. The Board has indicated on previous occasions that it believes that a holding company should *A11 banking data are as of December 31, 1974. provide a source of financial and managerial strength to its subsidiary bank(s), and that the Board will closely examine the condition of the Applicant in each case with this consideration in mind. In connection with this proposal, Applicant would incur a sizable acquisition debt which Applicant proposes to service over a twelve-year period primarily through dividends from Bank. It is noted that in the recent past Bank has paid no dividends. In the Board’s view, the projected earnings of Applicant to service the acquisition debt over the debt-retirement period appear to be somewhat optimistic based on Bank’s previous earnings and, even if actually realized would not provide Applicant with the financial flexibility necessary to meet its annual debt service require ments while maintaining adequate capital at Bank. Furthermore, the financial requirements imposed upon Applicant as a result of the debt could prevent it from resolving any unforeseen problems that may arise at Bank and thereby impair Bank’s ability to continue to serve the community as a viable banking organization. On the basis of the circumstances concerning this application, the Board concludes that the banking considerations involved in this proposal present adverse factors bearing upon the financial condition and prospects of Applicant and Bank. Such adverse factors are not outweighed by any procompetitive effects or by benefits that would result in the convenience and needs of the com munity to be served. Accordingly, it is the Board’s judgment that approval of the application would not be in the public interest and that the application should be denied. On the basis of the facts of record, the applica tion is denied for the reasons summarized above. By order of the Board of Governors, effective June 25, 1975. Voting for this action: Chairman Burns and Gover nors Mitchell, Bucher, Holland, Wallich, and Coldwell. [seal] (Signed) T h e o d o r e E. A l l is o n , Secretary of the Board. 442 Federal Reserve Bulletin □ July 1975 I n t e r m o u n t a in B a n k s h a r e s , C h a r l e s t o n , W e st V ir g in ia O rder D eterm ining A pplicability and Effect of State Statute Intermountain Bankshares Company, Charles ton, West Virginia, applied for, and on August 1, 1974, received approval under § 3(a)(1) of the Bank H olding Company Act (12 U .S .C . 1842(a)(1)) of formation of a bank holding com pany through acquisition of all of the shares (less directors’ qualifying shares) of the successors by merger to Kanawha Banking & Trust Company National A ssociation ( “ Kanawha B ank” ), Charleston, and Community Bank and Trust, N.A. (“ Community Bank” ), Fairmont, both located in West Virginia. The banks into which Kanawha Bank and Community Bank are to be merged have no significance except as means to facilitate the acquisition of shares of Kanawha Bank and Com munity Bank. Accordingly, the proposed acquisi tion of shares of each of the successor organi zations is treated herein as the proposed acquisition of shares of Kanawha Bank and Community Bank, respectively. On August 27, 1974 the West Virginia Bankers Association and nine West Virginia banks that had objected to the application during its pendency before the Board, filed a petition for review of the Board’s Order of August 1, 1974 in the United States Court of Appeals for the Fourth Circuit. On February 24, 1975, during the pendency of that Court’s review, the Legislature of the State of West Virginia enacted an amendment to Section 12, Article 8, Chapter 31A of the Code of West Virginia purporting to prohibit multibank holding companies in that State. On March 3, 1975, the Governor of the State of West Virginia vetoed that legislation. On March 7, 1975 the Legislature of the State of West Virginia overrode the Governor’s veto. The new law, which becomes effective June 5, 1975, provides: shares of any one or more banks, or to control in any manner the election of a majority of the directors of any one or more banks, but the foregoing provisions of this provision shall not apply to shares held by a financial institution in a fiduciary capacity. It is further specifically provided that nothing herein contained shall in anywise affect the ownership or control of financial institutions other than banks and banking institutions as defined in subsection (b), section two, article one of this chapter. (c) Any violation of any provision of this section shall constitute a misdemeanor offense punishable by appli cable penalties as provided in section fifteen of article eight of this chapter. On April 16, 1975, the United States Court of Appeals for the Fourth Circuit issued an order remanding the case before it to the Board for a determination of the “ applicability and effect if any of the new statute on Intermountain Bank shares’ application.” The Court’s Order stayed the Board’s Order of August 1, 1974 pending recon sideration of the application by the Board.1 By letters of April 23, 1975, the Board solicited the views of Applicant, the protestants, and the Attorney General of West Virginia on the applica bility and effect of the amendment to the West Virginia Code. The Board has received written responses from Applicant and the protestants and those responses, as well as the record of the original application, have been considered by the Board. In Whitney N ational Bank of Jefferson Parish v. Bank of N ew O rleans & Trust C o., 379 U.S. 411,419 (1965), the United States Supreme Court indicated that the Board may not approve an ap plication by a bank holding company if consum mation of the proposal contemplated by such ap plication would be prohibited by a valid State law. The new West Virginia statute seems clearly to prohibit the formation of multibank holding com panies after June 5, 1975, and, if read literally, would seem to prohibit the continued ownership after that date of more than 25 per cent of the stock of two banks. Thus, whether or not the transactions proposed by Intermountain were con summated before June 5, 1975, the shares so (b) It shall be unlawful for any individual, partner acquired could not lawfully be held by Intermoun ship, society, association, firm, institution, trust, syndi tain after that date. Accordingly, consistent with cate, public or private corporation, or any other legal entity, or combination of entities acting in concert, to the rule set down in W hitney , the Board is of the directly or indirectly own, control or hold with power to vote, twenty-five per cent or more of the voting shares of each of two or more banks, or to control in any manner the election of a majority of the directors of two or more banks: P rovided, however, That it shall be unlawful for any financial institution, as defined in subsection (j), section two, article one of this chapter, or any other financial organization having similar pur poses as those specifically mentioned in said subsection (j) to directly or indirectly own, control or hold with power to vote, twenty-five per cent or more of the voting *The Board’s Order of August 1, 1974, in accordance with section 11 of the Bank Holding Company Act (12 U.S.C. § 49) prohibited consummation of the acquisition of shares by Applicant for 30 days following the issuance of that Order. On February 28, 1975, the Comptroller of the Currency issued the last of the approvals required from him with respect to these transactions, and, but for the Court’s stay, the acquisition could have been consummated after the lapse of 30 days from that date. Law D epartm ent view that it must, and hereby does, vacate its order of August 1, 1974 and deny Intermountain’s ap plication.2 By order of the Board of Governors, effective June 4, 1975. Voting for this action: Vice Chairman Mitchell and Governors Bucher, Holland, Wallich, and Coldwell. Absent and not voting: Chairman Burns. (Signed) T heodore E. A lliso n , [seal] S ecretary of the Board. 2The Board notes that § 2-2-10(bb) of the West Virginia Code provides that “a statute is presumed to be prospective in its operation unless expressly made retrospective.” It is arguable that by applying the new West Virginia statute as the Board has, it is giving “retrospective” effect to that law and that the Legislature did not expressly provide for retrospectivity. But for the Board’s view that the new law compels the disposition stated above, and its conclusion that this appli cation of the law is not improperly “retrospective,” the Board would have reaffirmed its Order of August 1, 1974. DETROITBANK C o r p o r a t io n , D e t r o it , M ic h ig a n O rder A pprovin g A cquisition of Bank DETROITBANK Corporation, Detroit, Michi gan, a bank holding company within the meaning of the Bank Holding Company Act, has applied for the Board’s approval under § 3(a)(3) of the Act (12 U .S.C . § 1842(a)(3)) to acquire 100 per cent of the voting shares of The Detroit BankTroy, Troy, Michigan (“ Bank” ), a proposed new 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, including those of First Citizens Bank, Troy, Michigan (“ Protestant” ), in light of the factors set forth in § 3(c) of the Act (12 U .S.C . § 1842(c)). Applicant, the fourth largest banking organi zation in Michigan, controls three banks with aggregate deposits of $2.3 billion, respresenting approximately 8.1 per cent of total deposits in commercial banks in the State.1 Since Bank is a proposed new bank, its acquisition by Applicant would neither immediately increase Applicant’s share of deposits, nor alter its rank, in the State. Bank will be located in the northwest portion of Troy, Michigan, a suburb of Detroit, and will *A11banking data are as of June 30, 1974 and reflect holding company formations and acquisitions approved through Jan uary 31, 1975. 443 be competing in the Detroit banking market.2 Applicant presently controls three banking subsid iaries in the relevant market and ranks as the third largest banking organization in the market through its control of approximately 14.7 per cent of the total commercial deposits in the market.3 There are 41 banking organizations with a total of 638 offices competing in the Detroit banking market. The two largest banking organizations in the mar ket (each of which is a multibank holding com pany) control approximately 33.2 and 15.3 per cent, respectively, of the market’s commercial bank deposits; the five largest in the market control approximately 77 per cent of the market’s total deposits. From the facts of record, it does not appear that consummation of this proposal would materially alter Applicant’s competitive position in the market. Although Applicant’s lead bank has offices lo cated in the vicinity of the city of Troy, Applicant is not represented in the city of Troy proper and its subsidiaries are precluded from establishing branches in Troy because of Michigan’s branching law. Inasmuch as Bank is a proposed new bank, consummation of Applicant’s proposal would not have adverse effects on existing competition in the relevant market. On the other hand, Applicant’s de novo entry into Troy would increase the number of banking organizations with branching potential in that city from two to three, and would provide an alternative source of full banking services for the residents of the area. Furthermore, on the basis of the facts of record, including the past and future population growth of Troy and the fact that Appli cant does not appear to be dominant in the market, the Board concludes that the proposal would not raise significant barriers to entry for other banking organizations not presently represented in the area. In its analysis of this application, the Board has also considered the objection received from a protesting party. Protestant, First Citizens Bank (deposits of $13.4 million), is located approxi mately two and one-quarter miles southwest of Bank and is a subsidiary of the fifth largest bank holding company in the State. Generally speaking, Protestant claims that consummation of the trans action would have adverse competitive effects in 2The Detroit banking market is approximated by Macomb, Oakland, and Wayne Counties. 3Two of Applicant’s subsidiary banks are recent de novo entrants into the Detroit banking market. In addition, Applicant has recently received Board approval to acquire First National Bank of Warren, Warren, Michigan (deposits of $45.2 mil lion). [See Board’s Order of April 11, 1975; 40 Federal Register 17345 (1975); 61 Federal Reserve Bulletin 313 (1975).] 444 Federal Reserve Bulletin □ July 1975 that it would likely (1) increase concentration, (2) preclude or limit entry that could lead to decon centration, and (3) adversely affect the competitive posture of smaller competitors. Turning to the first contention of Protestant, the Board notes that four of the other five largest banking organizations in the market have ex panded de novo in the market within the past two years and, due in part to such activity, it appears unlikely that any increase in market concentration would result from consummation of Applicant’s proposal. Furthermore, the small size of Troy relative to the entire market and the expansion and growth that can be expected by the two banks with branching privileges presently located in Troy should competitively limit Applicant’s future ex pansion and growth in Troy. With respect to Protestant’s second contention, it is noted that Troy’s current estimated population of 59,760 is expected to reach 131,000 by 1990 and, based upon the current population per bank ing office ratio, the city will require additional banking offices to serve this expanding population. Since there are only two banks (one of which is Protestant) in Troy capable of branching in that city, de novo entry by Applicant represents, in the Board’s view, a reasonable means to serve the growing needs of that city and to provide its residents with an additional banking alternative. Moreover, because of the expected growth of the area, it is unlikely that the subject proposal would either preclude or limit future entry or preempt a banking site. Turning to Protestant’s final contention, the projected growth within Troy for the next two decades should be more than sufficient to sustain the growth and profitability of both Protestant and Applicant. In addition, as mentioned above, Prot estant is a subsidiary of the fifth largest banking organization in the State and the sixth largest banking organization in the relevant market. In view of its holding company affiliation, it does not appear that Protestant would be placed at a serious competitive disadvantage vis a vis Bank, even though it will be confronted with increased competition and may have to adjust its services to the residents of Troy accordingly. It is the Board’s judgment, having considered the submission of Protestant and all other facts of record, that consummation of the proposed acquisition would not have significant adverse ef fects on existing competition, nor foreclose the development of future competition and that, on balance, competitive considerations are consistent with approval of the application. The financial and managerial resources and fu ture prospects of Applicant and its subsidiaries are regarded as satisfactory. Bank has no operating financial history; however, it will be opened with adequate capital and its prospects, as a subsidiary of Applicant, appear favorable. Accordingly, con siderations relating to the banking factors are con sistent with approval. Considerations relating to the convenience and needs of the community to be served lend weight toward approval of the application since Bank will be capable of offering a full complement of banking services to its cus tomers. It is the Board’s judgment that consum mation of the proposed acquisition 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 thir tieth calendar day following the effective date of this Order or (b) later than three months after that date, and (c) The Detroit Bank-Troy, Troy, Mich igan, shall be opened for business not later than six months after the effective date of this Order. Each of the periods described in (b) and (c) may be extended for good cause by the Board, or by the Federal Reserve Bank of Chicago pursuant to delegated authority. By order of the Board of Governors, effective June 13, 1975. Voting for this action: Vice Chairman Mitchell and Governors Bucher, Holland, and Coldwell. Absent and not voting: Chairman Burns and Governor Wallich. (Signed) T heodore E. A lliso n , [seal] Secretary of the Board. M a r s h a l l & I l s l e y C o r p o r a t io n , M i l w a u k e e , W is c o n s in O rder A pproving A cquisition of Bank Marshall & Ilsley Corporation, Milwaukee, Wisconsin, 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 (less directors’ qualifying shares) of the voting shares of M&I Bank of Mount Pleasant, Mount Pleasant, Wisconsin (“ Mount Pleasant Bank” ), a proposed new 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 L aw D epartm ent has expired, and the Board has considered the application and all comments received, including those submitted on behalf of Farmers and Mer chants Bank of Racine, Racine, Wisconsin (“ Protestant” ), in light of the factors set forth in § 3(c) of the Act (12 U .S.C. 1842(c)). Applicant, the second largest banking organi zation in Wisconsin, controls 17 banks with ag gregate deposits of approximately $992 million, representing 7.3. per cent of the total deposits in commercial banks in the State.1 Since Mount Pleasant Bank is a proposed new bank, its acqui sition by Applicant would not immediately in crease Applicant’s share of commercial bank de posits in Wisconsin. Mount Pleasant Bank is to be located in the town of Mount Pleasant, a rapidly developing area about 3V2 road miles north and west of Racine, and will be competing in the Racine banking market.2 Of the 15 commercial banks operating within this market, Applicant has one subsidiary, M&I American Bank and Trust Company, Racine, Wisconsin, which holds 14.6 per cent of the mar ket’s total deposits and thereby ranks as the second largest bank in the market. The largest bank in the market holds 30 per cent of the market’s total deposits. Since Mount Pleasant Bank is a proposed new bank, its acquisition by Applicant would not eliminate any existing or future competition, nor would concentration of banking resources be in creased in any relevant area. In addition, there is no evidence to indicate that Applicant’s proposal is an attempt to preempt a site before there is a need for a bank. Therefore, the competitive con siderations are consistent with approval of the application. The financial condition and managerial re sources of Applicant and its subsidiaries are con sidered generally satisfactory and the future pros pects for each appear favorable. Mount Pleasant Bank, as a proposed new bank, has no financial or operating history; however, its future prospects as a subsidiary of Applicant appear favorable. Thus, the considerations relating to the banking factors are consistent with approval. Mount Pleas ant Bank would serve as an additional source of full banking services to the residents of that com munity and environs. Considerations relating to 445 the convenience and needs of the community to be served lend some weight toward approval of the application. In connection with its review of the subject application, the Board has considered comments filed by Protestant, a bank located in downtown Racine. Protestant has renewed the objection pre viously submitted by it to the State Banking Com missioner during his consideration of the charter application for Bank. After a public hearing on the charter application on January 14, 1974 (at which Protestant did not participate), the Com missioner approved the application on February 28, 1974. Protestant’s position is essentially that there is no need for another bank in the Racine area and that approval of the application would impair Protestant’s growth and ability to serve its immediate area. As indicated above, Mount Pleasant, the pro posed site of Mount Pleasant Bank, is one of the more rapidly growing areas in the Racine banking market. Moreover, the population per banking office ratio in the market is 6,233 as compared to the average in the State of 4,807 per banking office. It appears, therefore, that the Racine area would be capable of supporting an additional banking alternative. With respect to Protestant’s second argument, the Board is unable to conclude from the record that the opening of Bank would have a serious effect on Protestant’s operations. While admittedly the opening of any new bank may have a temporary effect on banks in the market, it does not appear that Applicant occupies such a significant position in the Racine market that its establishment of a de novo bank would have a serious effect on surrounding banks war ranting denial of the application. Accordingly, having considered the comments of Protestant and on the basis of the record, it is the Board’s judg ment that the proposed acquisition 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 thir tieth calendar day following the effective date of this Order or (b) later than three months after that date, and (c) M&I Bank of Mount Pleasant, Mount Pleasant, Wisconsin, shall be opened for business 1 All banking data are as of December 31, 1974, and reflect not later than six months after the effective date of this Order. Each of the periods described in all holding company acquisitions and formations approved by the Board through May 31, 1975. (b) and (c) may be extended for good cause by the Board, or by the Federal Reserve Bank of 2The relevant geographic market is approximated by the Chicago pursuant to delegated authority. Racine RMA. 446 Federal Reserve Bulletin □ July 1975 By order of the Board of Governors, effective June 13, 1975. Voting for this action: Vice Chairman Mitchell and Governors Bucher, Holland, and Coldwell. Absent and not voting: Chairman Burns and Governor Wallich. (Signed) T heodore E. A lliso n , [seal] Secretary of the Board. U n it e d B a n k s o f C o l o r a d o , I n c ., D e n v e r , C olorado O rder Denying A cquisition of Bank United Banks of Colorado, Inc., Denver, Colo rado, 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 The First National Bank in Golden, Golden, Colorado (“ Bank” ). Notice of the application, affording opportunity for interested persons to submit comments and views, has been given in accordance with § 3(b) of the Act. The time for filing comments and views has expired, and the Board has considered the application and all comments received in light of the factors set forth in § 3(c) of the Act (12 U.S.C. 1842(c)). Applicant controls 19 banks with aggregate de posits of about $924.6 million, representing ap proximately 13.8 per cent of the total commercial bank deposits in Colorado, and is the second largest banking organization in the State.1 The acquisition of Bank (deposits of $48.3 million) would increase Applicant’s control of commercial bank deposits in Colorado by 0.7 per cent, and Applicant would become Colorado’s largest bank ing organization. Bank, which is located in Golden, approxi mately 15 miles from downtown Denver, com petes in the Denver banking market (approximated by Denver, Adams, Arapahoe and Jefferson Counties and the Broomfield area of Boulder County) and controls approximately 1.3 per cent of total market deposits. Applicant is also repre sented in the Denver market and ranks therein as the second largest banking organization with six subsidiaries in the market controlling approxi mately 17 per cent of the total market deposits. Consummation of the proposed transaction would have some adverse effects on the concentration of AA11 banking data are as of June 30, 1974, and reflect bank holding company formations and acquisitions approved by the Board through May 31, 1975. banking resources by increasing Applicant’s al ready significant position in the market and by increasing the percentage of deposits held by the five largest organizations in the market to about 69.0 per cent of the total. In addition to its effects on the concentration of banking resources, it appears that the proposal would also have adverse effects on existing and future competition within the Denver market. As noted above, Applicant is already represented in the relevant market with six subsidiary banks. The record indicates clearly that there is substantial competition between certain of Applicant’s sub sidiaries and Bank which would be eliminated by this proposal; Applicant’s subsidiaries derive sig nificant amounts of loans and deposits from the area served by Bank. Furthermore, the proposal would foreclose the development of future com petition by removing Bank (the fourth largest independent competitor in the market) as an inde pendent competitor within the Denver market. Accordingly, the Board is of the view that con summation of the proposal would have adverse effects on both existing and future competition. On the basis of the foregoing and other facts of record, the Board concludes that competitive considerations relating to this application weigh sufficiently against approval so that it should not be approved unless the anticompetitive effects are outweighed by other positive considerations re flected in the record such as the financial and managerial resources and future prospects of Ap plicant and Bank or the convenience and needs of the communities to be served. In regard to considerations relating to banking factors, the financial and managerial resources of Applicant, its subsidiaries, and Bank are generally satisfactory, and their prospects appear to be favorable. While such considerations are regarded as being consistent with approval of the applica tion, they do not, in the Board’s view, lend mean ingful weight for such approval. Similarly, con siderations relating to convenience and needs are deemed to be consistent with approval of the application; however, the improvements in Bank’s services that Applicant proposes to initiate would not noticeably benefit the convenience and needs of the communities to be served. Accordingly, the Board concludes that the above factors are not sufficient to outweigh the adverse competitive ef fects that the Board finds would result from con summation of the proposal. On the basis of all the facts in the record, and in light of the factors set forth in § 3(c) of the Law D epartm ent Act, it is the Board’s judgment that approval of the proposal would not be in the public interest. Accordingly, the application is denied for the reasons summarized above. By order of the Board of Governors, effective June 13, 1975. Voting for this action: Vice Chairman Mitchell and Governors Bucher, Holland, and Coldwell. Absent and not voting: Chairman Burns and Governor Wallich. (Signed) T heodore E. A lliso n , [seal] Secretary of the Board. ORDERS UNDER SECTION 4 OF BANK HOLDING COMPANY ACT C h e m ic a l N e w Y ork C o r p o r a t io n , N e w Y o r k , N e w Y ork O rder A pprovin g A cquisition of S B M T Sunamerica Corporation Chemical New York Corporation, New York, New York, a bank holding company within the meaning of the Bank Holding Company Act, has applied for the Board’s approval, under section 4(c)(8) of the Act and § 225.4(b)(2) of the Board’s Regulation Y, to acquire, through an exchange of shares, all of the voting shares of SBMT Suna merica Corporation, Cleveland, Ohio (“ Suna merica” ), a company that engages in the activities of a consumer finance company by making, ac quiring or servicing loans and other extensions of credit such as would be made by a finance com pany; operating industrial banks in the manner authorized by the State of Colorado; providing time on its computer to firms which avail them selves of Sunamerica’s computer during slack pe riods; acting as an insurance agent or broker in offices of Sunamerica and its subsidiaries with respect to insurance directly related to an extension of credit by such subsidiaries or otherwise sold as a matter of convenience to the purchaser, so long as the premium income from such conven ience sales does not constitute a significant portion of the aggregate insurance premium income of the holding company from insurance sold pursuant to § 225.4(a)(9)(ii) of Regulation Y; and acting as underwriter for credit life insurance and credit accident and health insurance which is directly related to extensions of credit by the bank holding system. Such activities have been determined by the Board to be closely related to banking (12 CFR 225.4(a)(1), (2), (8), (9) and (10)). 447 Notice of the application, affording opportunity for interested persons to submit comments and views on the public interest factors, has been duly published (40 Federal R egister 14378). The time for filing comments and views has expired, and the Board has considered all comments received in the light of the public interest factors set forth in section 4 (c)(8 ) of the Act (12 U .S .C . 1843(c)(8)). Applicant, a multibank holding company, is the fourth largest banking organization in New York State, and the fifth largest nationally. Applicant controls Chemical Bank, New York, New York (“ Bank” ), and six other commercial banks which, collectively, hold deposits of $13.1 billion, repre senting approximately 9.7 per cent of the total deposits in commercial banks in New York State.1 Applicant also controls nonbanking subsidiaries which engage in equipment financing, construction lending, permanent financing of income producing properties, mortgage banking and accounts re ceivable financing and factoring. Sunamerica, with total gross receivables of $68.3 million, is a holding company for three wholly-owned subsidiaries: The Sun Finance and Loan Company, Sun States Life Insurance Com pany and Great Lakes Insurance Company. The Sun Finance and Loan Company operates con sumer finance subsidiaries in eleven States, four industrial banks in Colorado, and two insurance agencies. The Sun Finance and Loan Company ranks as the 90th largest finance company (57th largest noncaptive finance company) in the United States. Sun States Life Insurance Company en gages in the reinsurance of credit related life insurance originating from direct loan and sales finance transactions by Sun Finance and Loan Company while Great Lakes Insurance Company engages in the reinsurance of credit related acci dent and health insurance originating from the same sources. With respect to Sunamerica’s lending activities, approximately 66 per cent of its outstanding re ceivables consist of personal loans and an addi tional 33 per cent consist of receivables arising from the purchase from dealers of installment notes from the sale of goods and services. The geographic market for personal loans is considered to be local. Although it is possible to engage in sales finance over an unlimited geographic area, Sunamerica has only a few sales finance clients banking data for Chemical New York Corporation are as of June 30, 1974; all financial data for Sunamerica Corporation are as of December 31, 1974. 448 Federal Reserve Bulletin □ July 1975 located outside the various local market areas of its personal loan offices. Sunamerica operates its 105 offices in local markets in California, Colo rado, Florida, Georgia, Kentucky, -Louisiana, North Carolina, Ohio, South Carolina, Tennessee and West Virginia. Applicant’s seven subsidiary banks extend personal loans solely within several major markets in New York State. In addition, Bank does engage in sales finance, but competes for such business principally in the New York City metropolitan area. Thus, since there is no mean ingful geographic overlap between the services offered by both Applicant and Sunamerica, con summation of the proposed transaction would not adversely affect existing competition in any rele vant market. With respect to the question of whether con summation of the proposal would eliminate any significant competition in the future, Applicant possesses the resources and expertise to penetrate the markets that are presently served by Suna merica through de novo entry or through the ac quisition of smaller finance companies. The loss of potential competition upon consummation of this proposal is not viewed as serious. The major markets in which Sunamerica operates contain numerous competitors and Sunamerica’s share of the individual markets is small. Sunamerica has less than 3 per cent of all personal loans in nearly all the relevant markets and no more than 2.2 per cent of the sales financings in any market. In no market does Sunamerica appear to have a domi nant position in either product line. The Board therefore concludes that consummation of the pro posal would have only a very slight adverse effect with respect to the elimination of potential com petition. Due to the nature of Sunamerica’s insurance activities, which are presently limited to exten sions of credit made by Sunamerica and its sub sidiaries and insurance sold to customers of Suna merica and its subsidiaries as a matter of conven ience, it does not appear that Applicant’s acquisi tion of these insurance activities would have any significant effect on existing or potential competi tion. The subject application contains a number of factors which, in the Board’s view, make the financial considerations involved in the proposal consistent with approval. Foremost among these is the fact that the proposal involves a stock-forstock acquisition and thus does not constitute a utilization of funds for expansion, which funds could be used elsewhere to strengthen Applicant’s organization. Another factor which has entered into the Board’s decision is that Sunamerica will maintain its funding separate and independent of Applicant. Likewise Applicant will not guarantee or issue any debt to be utilized in Sunamerica’s operation. Thus, it will not be necessary in the immediate future for Applicant to enter the debt market to support Sunamerica’s activities. Fur thermore, Applicant intends to defer indefinitely its original plans for de novo expansion of Suna merica. It appears, therefore, that consummation of the proposal would not require Applicant to divert any significant amount of its financial or managerial resources to assure the successful operation of Sunamerica. On the other hand, the acquisition of Sunamerica should ultimately result in benefits to the overall earnings of Applicant. In order for the Board to approve an acquisition under section 4(c)(8) of the Bank Holding Com pany Act it must determine that approval can reasonably be expected to produce benefits to the public such as greater convenience, increased competition, or gains in efficiency that outweigh possible adverse effects, such as undue concentra tion of resources, decreased or unfair competition, conflicts of interests or unsound banking practices. The normal public benefits which can be ex pected to accrue from the entry of bank holding companies into the finance company business would be expected to accrue in this case. In addition, the added managerial strength and im proved efficiencies resulting from the acquisition of Sunamerica by Applicant will allow Sunamerica to increase its receivables and expand its influence within its already established markets. Further more, Applicant is committed to lower interest rates to all borrowers without being more restric tive in its credit standards. As discussed hereinafter, Applicant will lower credit insurance premium rates in the States where policies are reinsured by a Sunamerica subsidiary. Applicant has proposed a rate reduction, without a reduction of policy benefits, of 5 per cent for credit accident and health insurance and a range of rate reductions of from 2 per cent to 15 per cent for credit life insurance. The Board has de termined that these benefits to the public outweigh the slightly adverse potential competitive effects of the proposal and that approval of the acquisition is warranted. On the basis of all the facts of record, including the Board’s view that Applicant’s commitments and assurance that the acqusition will neither result in any significant increased demand upon Appli cant’s financial or managerial resources nor cause any immediate alteration or expansion of Suna- L aw D epartm ent merica’s present operations, the Board has deter mined, in accordance with the provisions of § 4(c)(8), the consummation of this proposal can reasonably be expected to produce benefits to the public that outweigh possible adverse effects. Ac cordingly, the application is hereby approved. The Board’s approval determination is also subject to the conditions set forth in § 225.4(c) of Regulation Y and to the Board’s authority to require such modification or termination of the 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 Board’s regulations and orders issued thereunder, or to prevent evasion thereof. The transaction shall be made not later than three months after the effective date of this Order, unless such period is extended for good cause by the Board or by the Federal Reserve Bank of New York, pursuant to delegated authority. By order of the Board of Governors, effective June 27, 1975. Voting for this action: Chairman Burns and Gover nors Mitchell, Holland, Wallich, and Coldwell. Absent and not voting: Governor Bucher. (Signed) T heodore E. A lliso n , [seal] Secretary of the Board. THE BANK OF TOKYO, LTD., TOKYO, JAPAN O rder D enying A cquisition of Tokyo Bancorp International (Houston), Inc. The Bank of Tokyo, Ltd., (“ Applicant” ), Tokyo, Japan, a foreign bank holding company within the meaning of § 225.4(g)(l)(iii) of the Board’s Regulation Y, has applied for the Board’s consent, under section 4(c)(9) of the Bank Holding Company Act and § 225.4(g)(2)(iv) of the Board’s Regulation Y, to acquire all of the voting shares of Tokyo Bancorp International (Houston), Inc., (“ TBI” ), Houston, Texas. Applicant is a Japanese commercial bank with total assets of approximately $19.9 billion and operates branches or agencies in 19 countries.1 Applicant, which became a bank holding company as a result of the enactment of the Bank Holding Company Act of 1956, is a grandfathered multiState bank holding company with banking subsid 1All banking and financial data for Applicant are as of March 31, 1974. 449 iaries in New York and California.2 Applicant also has an agency each in New York, Los Angeles, San Francisco, as well as a branch each in Port land, Oregon, and Seattle, Washington.3 TBI would engage de novo in a wide variety of international and foreign banking activities usual in financing international commerce, includ ing providing letters of credit and acceptance fa cilities; the negotiation and collection of checks, drafts and other means of payment payable abroad; foreign exchange services; and working capital loans to domestic importers and exporters. As part of its business, TBI would also receive so-called due-to-customer accounts. From information sub mitted to the Board, it appears that TBI’s due-tocustomer accounts are similar to credit balances received by New York Investment Companies4 and would serve many of the same functions as de mand deposits in commercial banks and Edge Act Corporations.5 In general, TBI would compete with other fi nancial institutions in Houston, including the in ternational banking departments of the larger Texas banks and Edge Act Corporation subsidi aries of other banks. Applicant cannot acquire a majority interest in an Edge Act Corporation due to restrictions on foreign ownership in the provi sions of the Edge Act,6 and cannot open a banking branch or agency in Houston because of specific prohibitions in the Texas Constitution.7 Section 4(c)(9) of the Act provides that the prohibitions of Section 4 shall not apply to the investments or activities of foreign bank holding companies that conduct the greater part of their business outside of 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 2Bank of Tokyo Trust Co., New York, New York, with deposits of approximately $1.5 billion is the thirteenth largest commercial bank in the State of New York. Bank of Tokyo of California, San Francisco, California, with deposits of approximately $914 million is the eighth largest commercial bank in California. The preceding data are as of December 31, 1974. 3Applicant also has a 4.9 per cent share interest in ChicagoTokyo Bank, Chicago, Illinois, a State-chartered bank, for which prior consent of the Board was not required under § 3(a)(3) of the Act. Applicant also has a 5 per cent interest in Nomura Securities International, Inc., New York, New York, acquired pursuant to section 4(c)(6) of the Act. 4Companies organized under Article XII of the New York State Banking Law. 5Corporations organized under Section 25(a) of the Federal Reserve Act which are engaged in international or foreign banking or other international or foreign financial operations. 612 U.S.C. 619. 7Article 16, § 16 of the State of Texas Constitution. 450 Federal Reserve Bulletin □ July 1975 would not be substantially at variance with the purposes of the Act and would be in the public interest. In § 225.4(g)(2)(iv) of Regulation Y, the Board has determined that a foreign bank holding company may, with the Board’s consent, own or control voting shares of any company principally engaged in the United States in financing or facili tating transactions in international or foreign com merce. In the Board’s judgment, Congress intended that section 4(c)(9) of the Act be primarily used to prevent the nonbanking prohibitions of section 4 of the Act from unnecessarily interfering with the essentially foreign activities and shareholdings of foreign bank holding companies. The subject pro posal does not involve a question of the extraterri torial impact of the Act on the operations or investments of Applicant, but rather involves the question of whether Applicant may, with the Board’s consent, organize a domestic corporation to engage in international and foreign banking and financing activities under section 4(c)(9) of the Act. With respect to such investments in domestic corporations under section 4(c)(9) of the Act, the Board is particularly concerned that such invest ments be consistent with the purposes of the Act and not give foreign banking institutions competi tive advantages in the United States over domestic banking institutions.8 From the scope of banking and financing activi ties applied for in this application and the fact that TBI would accept credit balances which could serve many of the same functions as deposits in international financing, it appears to the Board that TBI would essentially function in Houston as an incorporated international banking agency of Ap plicant. While TBI in the Board’s judgment is not necessarily a “ bank” within the meaning of sec tion 2(c) of the Act, TBI would nevertheless serve as another organizational link in Applicant’s chain of interstate commercial banking operations. Section 3(d) of the Act generally prohibits bank holding companies from acquiring an interest in a banking organization outside of their State of 8See the Board’s Order of January 9, 1974 (1974 Bulletin 139) denying Lloyds Bank Limited’s proposed retention of its investments in Drake America Corporation and Drake America Corporation (P.R.); the Board’s Order of December 6, 1973 (1974 Bulletin 58) denying The Royal Trust Company’s application to permanently acquire Information Systems De sign, Inc.; the Board’s Order of September 28, 1972 (1972 Bulletin 940) denying Banco di Roma’s proposed retention of its investment in Europartners Securities Corporation; and the Board’s Order of February 7, 1972 (1972 Bulletin 312) denying Banque Nationale de Paris’ proposed retention of its investment in Indumat Equipment Corporation. principal banking operations unless affirmatively permitted by the laws of the receiving State. This provision was adopted as part of the original Bank Holding Company Act in order to halt the further multi-State expansion of certain holding compa nies then in existence. The only general exception to this prohibition and federal restrictions on multi-State branch banking9 is permission for United States banking organizations to conduct a limited multi-State international banking business through ownership of Edge or Agreement Cor porations,10 both of which are specifically regu lated as banking institutions by the Board under Federal law. While the Board believes that foreign banks such as Applicant should be permitted to own Edge Act Corporations and has so recom mended to Congress, the Board does not believe that it was within the intent of Congress in enacting 4(c)(9) of the Act for the Board to use its broad discretionary authority under that section to au thorize hybrid “ nonbank” vehicles designed to permit the conduct of an international banking business on a multi-State basis outside of the explicit legal framework set up by the Congress in Sections 25 and 25(a) of the Federal Reserve Act. Consequently, the Board finds that approval would not be consistent with the purposes of the Bank Holding Company Act. While approval of this application would result in the addition of another competitor in interna tional banking in Houston, it appears that the international banking needs of the Houston area are being adequately served at the present time. Moreover, approval could lead to a competitive imbalance between TBI and its primary Edge Act Corporation competitors in Houston, since the activities proposed in the application are in some respects greater than those permitted Edge Act Corporations. While it may be feasible to define conditions that would limit the activities of TBI to virtually the equivalent of those permitted Edge Act Corporations, no exact equivalent is possible, as TBI would have certain inherent operating ad vantages— for example, it would be free from reserve requirements. In this regard, the Board believes that the effects of creating such a com petitive imbalance between Edge Act Corporations 9See 12 U.S.C. 36 for national banks, the restrictions of which are applied to State member banks under 12 U.S.C. 331. 10An “Agreement Corporation” is an international or foreign banking corporation operating pursuant to an agreement entered into with the Board under Section 25 of the Federal Reserve Act. Law D epartm ent and foreign-owned vehicles such as TBI are not in the public interest. Applicant has pointed to the Board’s approval under section 4(c)(9) of the Act of Banque Nationale de Paris’ retention of French American Banking Corporation (“ FABC” ), a New York Investment Company,11 and Lloyds Bank Lim ited’s retention of Balfour Williamson, Inc.12 as, in its judgment, precedents for the subject pro posal. In the Board’s judgment, the case of FABC and currently operating New York Investment Companies is distinguishable from the subject proposal in many respects. In particular, New York Investment Companies are organized pursu ant to a specific provision of the New York State Banking Law, and their international and foreign banking and financing activities, including the receipt of credit balance accounts, are under the supervision of the New York State banking au thorities.13 TBI is not being organized under a specific statutory provision created by the Texas legislature to provide for the conduct of interna tional and foreign banking and financing activities, nor is it to be supervised by the Texas banking authorities. Rather, TBI is being organized as any other Texas nonbanking corporation under a gen eral corporate charter. Moreover, TBI would not be regulated and supervised on a comparable basis with competing Edge Act Corporations and the international banking departments of Texas banks. Lloyds’ retention of Balfour Williamson, Inc. is also distinguishable from the subject case be cause from the record of that application, it ap pears that Balfour Williamson was engaged in a much more limited international financing business and did not maintain general credit balance ac counts of the type proposed in this application. Based on the foregoing and other considerations reflected in the record, the Board is unable to determine that the subject application would not be substantially at variance with the purposes of the Act and would be in the public interest. The application is therefore denied. By order of the Board of Governors, effective May 30, 1975. Voting for this action: Chairman Burns and Gover nors Mitchell, Holland, and Coldwell. Voting against this action: Governor Wallich. Absent and not voting: Governors Sheehan and Bucher. (Signed) G riffith L. G arw ood, [seal] A ssistan t Secretary of the Board. 11Board Order of February 7, 1972 (1972 Bulletin 312). 12Board Order of January 9, 1974 (1974 Bulletin 139). 13See Article XII of the New York State Banking Law, Sec. 507, et seq. 451 D issenting Statem ent of G overnor W allich I dissent from the Board’s denial of the subject application. In my judgment, Applicant’s proposal would not be substantially at variance with the purposes of the Bank Holding Company Act, and would be in the public interest. The establishment of TBI in Houston would clearly be procompetitive, as it would bring the international banking and financial services and expertise of another large multinational bank to that rapidly growing area. This not only would promote an increased flow of international business into the Houston area, but also would, in this case, especially en courage and facilitate additional trade and invest ment between Japan and the United States. In general, I believe the United States and its trading partners would benefit if each country were to make every effort to improve the access of foreign banks to its local and international banking markets. In this regard, I share my colleagues’ hope that legislative action will be taken to permit foreign bank ownership of Edge Act Corporations. While I recognize my colleagues’ concerns, in the absence of such legislation, I would use the Board’s discretionary authority in section 4(c)(9) of the Act to overcome existing impediments to foreign bank entry that are illsuited for the present international environment. For the foregoing reasons, I conclude that the subject application should be approved. ORDERS UNDER SECTIONS 3 AND 4 OF BANK HOLDING COMPANY ACT F ar m er s S t a t e C o r p o r a t io n , M o u n t a i n L a k e , M in n e s o t a O rder A pproving Formation of Bank Holding Com pany and A cquisition of Farmers State Insur ance Agency Farmers State Corporation, Mountain Lake, Minnesota, 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 93.4 per cent of the voting shares of Farmers State Bank of Mountain Lake, Mountain Lake, Minnesota (“ Bank” ). Applicant has also applied for the Board’s ap proval pursuant to § 4(c)(8) of the Act (12 U .S.C. 1843(c)(8)) and § 225.4(b)(2) of the Board’s Reg- 452 Federal Reserve Bulletin □ July 1975 could have placed an undue strain on the financial condition of Bank. However, in view of the facts as now presented, the financial condition, mana gerial resources and future prospects of both Ap plicant and Bank are regarded as generally satis factory and consistent with approval herein. Ap plicant’s present proposal evidences a significantly reduced annual dividend rate to be paid by Bank for debt servicing purposes as well as an improved equity capital position for Bank. It appears that Applicant will have the financial flexibility to ser vice its acquisition debt without placing an undue strain on the financial condition of Bank, as well as to assist Bank if any unexpected problems should arise. Therefore, considerations relating to banking factors are consistent with approval of the application. Applicant proposes to raise the inter est rates on savings and time deposits, expand consumer installment and mortgage loans, and lengthen banking hours. While these improve ments in Bank’s services could likely be imple mented whether or not the application to become a bank holding company is approved, consid erations relating to the convenience and needs of the community to be served are consistent with approval of the application to acquire Bank. In connection with the application to become a bank holding company, Applicant also proposes to acquire the assets of Agency, which is presently owned by principals of Applicant, and thereby engage in the activities of a general insurance agency, pursuant to § 225.4(a)(9)(iii)(a) of Regu lation Y. Approval of this application would insure the residents of Mountain Lake a continued con venient source of insurance services, which result the Board regards as being in the public interest. Furthermore, there is no evidence in the record indicating that consummation of the proposal would result in any undue concentration of re sources, unfair competition, conflicts of interests, unsound banking practices, or other adverse ef fects on the public interest. Based on the foregoing and other considerations reflected in the record, the Board has determined, in accordance with the provisions of § 4(c)(8), that consummation of this proposal can reasonably be expected to produce benefits to the public that outweigh possible adverse effects and the applica tion to acquire Agency should be approved. Accordingly, the applications are approved for the reasons summarized above. The acquisition of Bank shall not be made before the thirtieth calen 1 The relevant banking market is approximated by the eastern dar day following the effective date of this Order. half of Cottonwood County and the western half of Watonwan The acquisition of Bank and Agency shall be made County. 2Banking data are as of June 30, 1974. not later than three months after the effective date ulation Y, to acquire the assets of Willis D. Schroeder Insurance Agency, d/b/a Farmers State Insurance Agency, Mountain Lake, Minnesota (“ Agency” ), and thereby to engage in the activi ties of a general insurance agency in Mountain Lake, Minnesota (population of less than 5,000 persons). The operation by a bank holding com pany of a general insurance agency in a community with a population not exceeding 5,000 persons is an activity that the Board has previously deter mined to be closely related to banking (12 CFR 225.4(a)(9)(iii)(a)). Notice of the applications, affording opportunity for interested persons to submit comments and views, has been given in accordance with §§ 3 and 4 of the Act (40 Federal R egister 19542). The time for filing comments and views has ex pired, and the Board has considered the applica tions and all comments and views received in light of the factors set forth in § 3(c) of the Act (12 U.S.C. 1842(c)), and the considerations specified in § 4(c)(8) of the Act. Applicant, a nonoperating corporation with no subsidiaries, was organized for the purpose of becoming a bank holding company through acqui sition of Bank and operating a general insurance agency. Bank ($8.1 million in deposits) is the fifth largest of eight banks operating in the relevant banking market1 and controls 10.8 per cent of the total deposits held by commercial banks in the market.2 Upon acquisition of Bank, Applicant would control less than 0.1 per cent of the total commercial bank deposits in the State. Inasmuch as the proposed transaction involves a transfer of control of Bank from individuals to a corporation controlled by the same individuals, and since Ap plicant has no existing banking subsidiary, con summation of the proposal would not eliminate any existing or potential competition, nor have any adverse effects on the other banks in the relevant market. Therefore, competitive considerations are consistent with approval of the application. By Order dated October 4, 1974, the Board denied similar applications by Applicant to be come a bank holding company through acquisition of Bank and to engage in general insurance agency activities (60 Federal Reserve B u lle tin 787). In that Order, the basis of the Board’s denial related primarily to the financial requirements of Appli cant’s proposal, which, the Board concluded, L aw D epartm ent of this Order, unless such period is extended for good cause by the Board or by the Federal Reserve Bank of Minneapolis pursuant to delegated au thority. The determination as to Applicant’s insur ance activities is subject to the conditions set forth in § 225.4(c) of Regulation Y and to the Board’s authority to require reports by, and make exami nations of, holding companies and their subsidi aries and to require such modification or termina tion of the activities of a bank holding company or any of its subsidiaries as the Board finds neces sary to assure compliance with the provisions and purposes of the Act and the Board’s regulations and orders issued thereunder, or to prevent evasion thereof. By order of the Board of Governors, effective June 18, 1975. Voting for this action: Governors Bucher, Holland, and Coldwell. Voting against this action: Vice Chair man Mitchell. Absent and not voting: Chairman Burns and Governor Wallich. (Signed) T heodore E. A lliso n , [seal] Secretary of the Board. D issenting Statem ent of Vice Chairman M itchell I would deny the applications of Farmers State Corporation to become a bank holding company through acquisition of Farmers State B^nk of Mountain Lake (“ Bank” ) and to acquire Farmers State Insurance Agency. In my view, the proposed acquisition debt to be assumed by Applicant in connection with the acquisition of Bank is high in relation to its equity. The high level of dividend pay-out from Bank necessary for Applicant to service such debt could inhibit growth in Bank’s capital at a rate compatible with its projected asset growth and could place an undue strain on the financial condition of Bank, as well as impede Bank’s ability to provide adequate banking ser vices to the community. In sum, I do not believe that Applicant’s finan cial resources have improved significantly since last October 1974 when the Board denied similar applications by Applicant. Therefore, I vote again to deny the applications. A m e r ic a n B a n c s h a r e s , I n c o r p o r a t e d , N o r t h M ia m i , F l o r id a O rder A pprovin g M erger of Bank H olding Com panies American Bancshares, Incorporated, North Miami, Florida (“ American” ), a bank holding 453 company within the meaning of the Bank Holding Company Act (“ Act” ), has applied for the Board’s approval under § 3(a)(5) of the Act (12 U.S.C. 1842(a)(5)) to acquire all of the voting shares of ComBanks Corporation, Winter Park, Florida (“ ComBanks” ), under the charter and title of American. The factors that are considered in acting on the application are set forth in § 3(c) of the Act (12 U .S.C . 1842(c)). American has also applied, pursuant to § 4(c)(8) of the Act (12 U.S.C. 1843(c)(8)) and § 225.4(b)(2) of the Board’s Regulation Y, for per mission to acquire, in conjunction with the above merger, ComBanks Mortgage Company, Winter Park, Florida (“ Mortgage” ), a company that en gages in making, acquiring or servicing for its own account or for the account of others, loans or other extensions of credit normally made in the opera tion of a mortgage company, such as construction, development, mortgage and other types of real estate loans. Applicant has also applied, pursuant to § 4(c)(8) of the Act (12 U .S.C . 1842(c)(8)) and § 225.4(b)(2) of the Board’s Regulation Y, for permission to acquire the assets of ComBanks Data Processing Center, Winter Park, Florida (“ Data” ), a division of ComBanks, and thereby perform data processing services for the operations of the holding company and its subsidiaries, and storing and processing other banking, financial and related economic data, such as performing payroll, accounts receivable or payable billing services, or other similar financial services. The activities of Mortgage and Data have been determined by the Board in §§ 225.4(a)(1) and (8) of Regulation Y, respectively, as being permissible activities for bank holding companies, subject to Board ap provals of individual proposals in accordance with the procedures of § 225.4(b) of Regulation Y. Notice of the applications, affording opportunity for interested persons to submit comments and views, has been given in accordance with §§ 3 and 4 of the Act (40 Federal R egister 17344). The time for filing comments and views has ex pired, 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)) and the public interest factors set forth in § 4(c)(8) of the Act (12 U.S.C . 1843(c)(8)). American, the fifteenth largest banking organi zation in Florida, controls 10 banks with aggregate deposits of approximately $308 million, repre senting 1.3 per cent of the total deposits in com- 454 Federal Reserve Bulletin □ July 1975 mercial banks in the State.1 ComBanks is the 23rd largest banking organization in the State and con trols seven banks with aggregate deposits of ap proximately $163 million, representing 0.7 per cent of the total deposits in commercial banks in the State. Upon consummation of the proposed merger, American would control 2 per cent of the total State deposits and would become the four teenth largest banking organization in Florida. American’s subsidiary banks are located in seven different banking markets as follows: four in the greater Miami market and one in each of the Gainesville, North Pinellas County, South Pinellas County, Tampa, North Broward County and Key Largo markets.2 ComBanks’ seven sub sidiary banks are all located in the Orlando bank ing market,3 where ComBanks controls 11.8 per cent of that market’s total deposits and, thereby, ranks as the second largest banking organization operating therein. Neither American nor Com Banks has any subsidiary banks located within the same market; and neither has any subsidiary banks located in adjacent markets. Thus, it appears that no meaningful competition presently exists be tween any of the banking subsidiaries of American and those of ComBanks, nor is any such competi tion likely to develop in view of the market sepa ration and Florida’s branching laws. Although consummation of the proposed merger would foreclose the possibility that either Ameri can or ComBanks would enter the banking markets of the other, the Board finds that there is little likelihood of significant potential competition de veloping between the two banking organizations in the absence of the subject proposal. ComBanks has shown no inclination to expand beyond the Orlando market and does not now appear to possess the managerial resources to do so. Fur thermore, it does not appear from the facts of record that American has the necessary resources *A11 banking data are as of December 31, 1974, and reflect all holding company formations and acquisitions approved by the Board through May 31, 1975. 2The greater Miami market is approximated by all of Dade County and the Hollywood area of Broward County; the Gainesville market is approximated by Alachua County; the North Pinellas County market is approximated by the northern half of Pinellas County; the South Pinellas County market is approximated by the southern half of Pinellas County; the Tampa market is approximated by Hillsborough County and the town of Land O’Lakes in Pasco County; the North Broward market is approximated by the northern two-thirds of Broward County, and the Key Largo market is approximated by the town of Key Largo, all in Florida. 3The Orlando banking market is approximated by all of Orange and Seminole Counties, excepting therefrom the com munities of Sanford and Oviedo, all in Florida. to expand into the Orlando market in the foreseea ble future. Accordingly, the Board concludes that consummation of the proposal would not have any significant adverse effects on existing or potential competition in any relevant area and that the competitive considerations are consistent with ap proval of the application to merge the two holding companies. The financial condition of American, ComBanks and their respective subsidiaries is considered to be generally satisfactory. Consummation of the proposed merger should result in greater investor appeal for the consolidated banking organization and thereby provide American with easier access to the equity capital markets. Furthermore, con summation of the proposal should enable Ameri can to strengthen ComBanks’ present managerial resources. The future prospects for the resulting organization and its subsidiaries appear favorable. Therefore, the banking factors lend weight toward approval of the application. Although American proposes no major changes in the services pres ently offered as a result of this transaction, the considerations relating to the convenience and needs of the residents of the communities to be served are consistent with approval of the applica tion. It is the Board’s judgment that consummation of this transaction would be in the public interest and that the application to merge the two holding companies should be approved. In conjunction with the proposed merger, American proposes to acquire Mortgage, a com pany that engages in the activities of originating, selling and servicing real estate mortgage loans in the Orlando market. As of December 31, 1974, Mortgage had a mortgage servicing portfolio of approximately $2.2 million and had originated total loans of slightly more than $4.2 million since its formation in January of 1974. American’s non banking subsidiary, American Bancshares Mort gage Company, Inc., North Miami, Florida (“ ABMC” ) engages in these same activities in Broward and Dade Counties, Florida. However, neither Mortgage nor ABMC derive any signifi cant business from the market areas in which the other operates. Therefore, the Board concludes that the proposed acquisition would not have ad verse effects on existing competition. Further more, it does not appear that consummation of the proposal would foreclose the development of significant potential competition within the Or lando market in view of the relatively minor size of Mortgage in relation to the market and the numerous other competitors and potential compet itors in the market. It is anticipated that affiliation 455 L aw D epartm ent with American will provide Mortgage with Amer ican’s managerial expertise in mortgage banking and enable it to attract capital at lower rates, which factors should facilitate Mortgage’s operations. These increased capabilities may be expected to result in benefits to the public in the form of improved services and lower rates. Also in conjunction with the proposed merger, American proposes to acquire the assets of Data (total 1974 billings of $775,000) and thereby per form certain data processing services for Ameri can, its subsidiaries and other business enterprises. American does not presently have any data pro cessing facilities. On this basis, and other facts of record, the Board concludes that consummation of the proposal would not have significant adverse effects on competition in any relevant area. In addition, it is expected that this acquisition will result in improved internal operating efficiency for American and its subsidiaries, as well as permit American to offer such data processing services to other businesses. Furthermore, there is no evi dence to indicate that the acquisition of Mortgage or Data by American would result in any undue concentration of resources, unfair competition, conflicts of interests, unsound banking practices, or other adverse effects on the public interest. Based on the foregoing and other considerations reflected in the record, the Board has determined that the considerations affecting the competitive factors under § 3(c) of the Act and the balance of the public interest factors the Board must con sider under § 4(c)(8) both favor approval of American’s proposal. Accordingly, the applications are approved for the reasons summarized above. The proposed merger shall not be made before the thirtieth calendar day following the effective date of this Order, shall be made not 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. The determination as to American’s data processing activities and the activities of Mortgage are subject to the conditions set forth in section 225.4(c) of Regulation Y and to the Board’s authority to require reports by, and make examinations of, holding companies and their subsidiaries and to require such modification or termination of the activities of a bank holding company or any of its subsidiaries as the Board finds necessary to assure compliance with the provisions and pur poses of the Act and the Board’s regulations and orders issued thereunder, or to prevent evasion thereof. By order of the Board of Governors, effective June 27, 1975. Voting for this action: Vice Chairman Mitchell and Governors Bucher, Wallich, and Coldwell. Absent and not voting: Chairman Burns and Governor Holland. (Signed) [s e a l ] T heodore E. A l l is o n , Secretary of the B o a rd . ORDERS NOT PRINTED IN THIS ISSUE ORDERS APPROVED BY THE BOARD OF GOVERNORS During June 1975, 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 Administration Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. ORDERS UNDER SECTION 3(a)(1) OF BANK HOLDING COMPANY ACT— APPLICATIONS FOR FORMATION OF BANK HOLDING COMPANY A pplican t Clyde Bancorporation, Inc., Clyde, Kansas Mille Lacs Bancshares, Inc., Onamia, Minnesota Bank(s) The Exchange National Bank of Clyde, Clyde, Kansas First State Bank of Onamia, Onamia, Minnesota B oard action (effective date) Federal R egister citation 6/11/75 40 F.R. 25640 6/17/75 6/16/75 40 F.R. 26590 6/24/75 456 Federal Reserve Bulletin □ July 1975 ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACT— APPLICATIONS FOR ACQUISITION OF BANK A pplican t Bank of Virginia Company, Richmond, Virginia Southern Bancorporation, Inc., Greenville, South Carolina Bank(s) Bank of Virginia— Shenandoah, Winchester, Virginia Bank of North Charleston, North Charleston, South Carolina B oard action (effective date) Federal R egister citation 6/20/75 40 F.R. 27532 6/30/75 6/27/75 40 F.R. 28875 7/9/75 ORDERS UNDER SECTION 4(c)(8) OF BANK HOLDING COMPANY ACTAPPLICATIONS TO ENGAGE IN NONBANKING ACTIVITIES A pplican t First Hawaiian, Inc., Honolulu, Hawaii First National Insurance Agency, Incorporated, Exeter, Nebraska Victoria Bankshares, Inc., Victoria, Texas Nonbanking company (or activity) Hawaii Thrift & Loan, Inc., Honolulu, Hawaii Continue to engage in certain insurance sales activities Central Computers, Inc., Victoria, Texas B oard action (effective date) Federal R egister citation 6/18/75 40 F.R. 27076 6/26/75 40 F.R. 27077 6/26/75 6/18/75 6/11/75 40 F.R. 26591 6/24/75 ORDERS UNDER BANK MERGER ACT— APPLICATIONS TO MERGE, CONSOLIDATE, OR ACQUIRE ASSETS A pplican t United Jersey Bank/Northwest, Dover, New Jersey United Jersey Bank, Hackensack, New Jersey Bank(s) Peoples Trust of New Jersey, Hacken sack, New Jersey The Second National Bank of Orange, Orange, New Jersey B oard action (effective date) Federal R egister citation 6/6/75 40 F.R. 25042 6/12/75 6/20/75 40 F.R. 27532 6/30/75 ORDERS APPROVED BY THE SECRETARY OF THE BOARD During June 1975, applications were approved by the Secretary of the Board 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 Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. L aw D epartm ent 457 ORDERS UNDER SECTION 3(a)(1) OF BANK HOLDING COMPANY ACT— APPLICATIONS FOR FORMATION OF BANK HOLDING COMPANY A pplican t Peoples Bancorporation, Hampton, Iowa Sooner Bancshares, Inc., Caddo, Oklahoma Bank(s) Peoples Savings Bank, Elma, Iowa Bryan County National Bank, Caddo, Oklahoma B oard action (effective date) Federal R egister citation 6/3/75 40 F.R. 24960 6/11/75 40 F.R. 28875 7/8/75 6/27/75 ORDER UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACT— APPLICATION FOR ACQUISITION OF BANK Federal B oard action A pplican t Mercantile Bancorporation Inc., St. Louis, Missouri Bank(s) Home Trust Company, Perryville, Missouri (effective date) R egister citation 6/27/75 40 F.R. 28676 7/8/75 ORDERS APPROVED BY FEDERAL RESERVE BANKS During June 1975, 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. ORDERS UNDER SECTION 3(a)(1) OF BANK HOLDING COMPANY ACT— APPLICATIONS FOR FORMATION OF BANK HOLDING COMPANY A pplican t Ames National Corporation, Ames, Iowa Klein Bancorporation, Inc., Chaska, Minnesota Bank(s) R eserve Bank Chicago First National Bank, Ames, Iowa Minneapolis The First Na tional Bank of Chaska, Chaska; State Bank of Cologne, Cologne; The Klein National Bank of Madison, Madison; First National Bank in Montevideo, Monte video; Victoria State Bank, Victoria; The First National Bank of Waconia, Waconia; and State Bank of Young America, Young America, all located in Minnesota Effective date Federal R egister citation 6/27/75 40 F.R. 28875 7/9/75 6/24/75 40 F.R. 28873 7/9/75 458 Federal Reserve Bulletin □ July 1975 ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACT— APPLICATIONS FOR ACQUISITION OF BANK A pplican t R eserve Bank Bank(s) Ameribanc, Inc., St. Joseph, Missouri Country Agencies & Invest ments, Inc., Odessa, Missouri Peoples Banking Corporation, Bay City, Michigan Exchange Bank of Richmond, Richmond, Missouri Bunceton State Bank, Bunceton, Missouri Frankenmuth Bank & Trust, Frankenmuth, Michigan Effective date Federal R egister citation Kansas City 6/5/75 40 F.R. 25639 6/17/75 Kansas City 6/5/75 40 F.R. 25640 6/17/75 Chicago 6/16/75 40 F.R. 27078 6/26/75 ORDERS UNDER SECTIONS 3 AND 4 OF BANK HOLDING COMPANY ACT— APPLICATIONS TO FORM BANK HOLDING COMPANY AND ENGAGE IN NONBANKING ACTIVITIES A pplican t Full Service Insurance Agency, Inc., Buxton, North Dakota Padgett Agency, Inc. Greenleaf, Kansas Bank(s) Nonbanking company (or activity) R eserve Bank First State Bank Retain its Minneapolis of Buxton, general in Buxton, North surance Dakota agency activities The Citizens Padgett In- Kansas City National Bank, surance Greenleaf, Agency, Greenleaf, Kansas Kansas Effective date Federal R egister citation 6/9/75 40 F.R. 26589 6/24/75 6/20/75 40 F.R. 27983 7/2/75 459 Announcements APPOINTMENT OF MR. JACKSON AS A MEMBER OF THE BOARD OF GOVERNORS President Ford on May 22, 1975, announced his intention to appoint Philip C. Jackson, Jr., as a member of the Board of Governors of the Federal Reserve System. Mr. Jackson’s appointment was subsequently confirmed by the Senate on June 25 and his oath of office was administered on July 14. The text of the White House announcement follows: The President has announced his intention to nominate Philip C. Jackson, of Birmingham, Alabama, to be a member of the Board of Governors of the Federal Reserve System. He will succeed John E. Sheehan who resigned effective June 1, 1975. He will fill the unex pired term of 14 years from February 1, 1968, to January 31, 1982. Mr. Jackson has been the Director and Vice President in charge of the mortgage loan department of the Jackson Company in Bir mingham, Alabama. He joined the firm in 1949. Born on October 27, 1928, in Birmingham, Alabama, Mr. Jackson received his B.S. degree from the University of Alabama in 1949. He did additional graduate work at Northwestern University in Chicago. Mr. Jackson is married to the former Barbara Ellis Ritch and they have three children. — Advertisements concerning extensions of credit to be repaid in more than four instalments, and for which no finance charge is stated, shall state that the cost of credit is included in the price of the goods and services involved. — Credit transactions primarily for agricultural purposes, where the amount financed exceeds $25,000, are exempt from the disclosure require ments of Regulation Z and the Truth in Lending Act. — Any unexpired right of rescission in residen tial real property transactions is limited to 3 years from the date of consummation of the transaction, or the sale of the property, whichever occurs earlier. In its order the Board stated that, due to confu sion evident in comments received upon its pro posal concerning the right of rescission, that sec tion had been rewritten to make it clear that the amendment does not extend the 3-day right of rescission— that is, the right to decide not to go through with the transaction— to 3 years, but only limits to 3 years these unexpired rights that pre viously had continued indefinitely. PUBLICATION OF ANNUAL REPORT The Sixty-First Annual Report of the Board of Governors of the Federal Reserve System, cover ing operations for the calendar year 1974, is available for distribution. Copies may be obtained upon request to Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. AMENDMENTS TO REGULATION Z CHANGES IN BOARD STAFF The Board of Governors on July 10, 1975, an nounced adoption of amendments to its Regulation Z— Truth in Lending— to implement changes in the Truth in Lending Act. The amendments to Regulation Z— to be effec tive August 8, 1975— are substantially the same as those published for comment last December 27. Among the amendments adopted are the follow ing: The Board of Governors has announced the ap pointment of Clyde H. Farnsworth, Jr., as Assist ant Director in the Division of Federal Reserve Bank Operations, effective August 1, 1975. Prior to joining the Board’s staff, Mr. Farnsworth, who has been with the Federal Reserve Bank of Rich mond since 1969, was Assistant Vice President and Economist at that Bank and also adjunct faculty member of the Virginia Commonwealth 460 Federal Reserve Bulletin □ July 1975 University, University of Richmond, and John Tyler Community College. He holds a B.A. and an M.S. from East Tennessee State University and a Ph.D. from the University of Missouri. The Board has also announced the resignations of Samuel B. Chase, Jr., Adviser to the Board, Office of the Managing Director for Research and Economic Policy, and James L. Pierce, Associate Director, Division of Research and Statistics. OPENING OF MIAMI BRANCH The Federal Reserve Bank of Atlanta has an nounced the opening of its Miami Branch, effec tive July 1. The new branch is the first established by the Federal Reserve since 1927 when branch offices were opened at San Antonio (July 5) and Charlotte (December 1). Directors of the new branch are: A ppointed by F ederal R eserve B ank Michael J. Franco, Chairman, City National Bank of Miami, Miami, Florida Harry Hood Bassett, Chairman of the Board, Southeast First National Bank of Miami, Miami, Florida Thomas F. Fleming, Jr., Chairman of the Board, First Bank & Trust Company of Boca Raton, N .A ., Boca Raton, Florida Jean McArthur Davis, President, McArthur Dairy Companies, Miami, Florida Appointed by B oard of G overnors Castle W. Jordan, President, Aegis Corpora tion, Coral Gables, Florida (Branch Chairman) David G. Robinson, President, Edison Com munity College, Fort Myers, Florida Alvaro Luis Carta, President, Gulf & Western Food Products, Vero Beach, Florida Counties served by the Miami Branch are: Broward, Charlotte, Collier, Dade, Glades, Hendry, Indian River, Lee, Martin, Monroe, Okeechobee, Palm Beach, and St. Lucie. ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM The following bank was admitted to membership in the Federal Reserve System during the period June 16, 1975, through July 15, 1975: M ontana Sidney ................ First United Bank of Sidney 461 Industrial Production R eleased for publication July 15 The index of industrial production increased by an estimated 0.4 per cent in June following eight consecutive months of decline. At 110.0 per cent of the 1967 average, however, the June index was 12.4 per cent below last September. Increased output of consumer goods and nondurable indus trial materials in June more than offset further declines in business equipment and durable indus trial materials. The level of the total index was revised upward for the previous 3 months. Auto assemblies rose 8 per cent in June to an annual rate of 7.2 million units. July car produc tion schedules indicate some further increase after allowance for the model changeover period. Out put of household appliances and nondurable con sumer goods continued to expand in June, but production of some durable consumer goods changed little. In addition to a further decrease in business equipment, construction products continued to fall off. Production of most durable goods materials, including steel and the equipment-supplying in dustries, declined further— indicating continued efforts to reduce inventories. On the other hand, output of nondurable materials, especially the tex tile, paper, and chemical materials group, in creased sharply as inventory liquidation apparently came to an end in those industries. INDUSTRIAL PRODUCTION S e a s o n a lly a d ju s te d , ra tio s ca le , - - / " _ </SP RiO D iU C T S , V i\ V-------- I 1 1 1 TO TAL I 1 1 1 1 1 1 1967=100 196970=100 - A n n u a l r a t e , m illio n s o f u n its F.R. indexes, seasonally adjusted. Latest figures: June. *Auto sales and stocks include imports. Seasonally adjusted 1967 = 100 1975 Industrial production 1967=100 M A T E R IA LS T O T )\L Per cent changes from— Month ago Year ago Per cent changes, annual rate 1975 1974 Q4 Apr. May v June p Total ......................................... 109.9 109.6 110.0 .4 -12.6 -13.1 -32.0 - 6.5 Products, total .................................. Final products ................................ Consumer goods ......................... Durable goods ........................ Nondurable goods .................. Business equipment .................... Intermediate products ..................... Construction products ................. 113.0 112.7 119.3 107.8 123.7 115.8 113.9 110.4 105.1 112.9 113.1 120.7 109.9 124.8 114.6 112.4 107.0 104.4 113.1 113.2 121.7 111.8 125.4 113.6 112.5 106.5 105.1 .2 .1 .8 1.7 .5 - .9 .1 - .5 - 8.9 - 7.6 - 6.6 -16.3 - 2.8 -12.7 -12.7 -17.8 -18.4 - 8.7 - 6.5 -10.8 -37.0 - 1.2 - 2.4 -15.9 -21.6 -21.5 -23.8 -23.2 -22.2 -54.2 -10.6 -32.3 -25.1 -28.8 -45.4 - 2.8 - 1.8 5.4 27.7 - 2.2 -16.1 - 8.0 -15.3 -11.1 Materials .......................................... ^Preliminary. eEstimated. .7 Qi Q2 A 1 Financial and Business Statistics C O N TEN T S GUIDE TO TABULAR PRESENTA TION ON INSIDE BACK COVER STATISTICAL RELEASES: REFER ENCE ON INSIDE BACK COVER A A A A A A 42 45 48 50 50 52 A A A A 53 53 54 56 U.S. STATISTICS: A A A A A A A A A A A A A A A A A A A A A A A A A 2 M e m b er bank re se rv e s , F ederal R e se rv e B an k c re d it , and rela ted item s 5 F ederal fun ds— M o n ey m arket banks 6 R e se rv e B an k in terest rates 7 R e se rv e requirem ents 8 M axim um in terest rates; m argin requirem ents 9 O pen m arket accoun t 10 F ederal R e se rv e B an ks 11 B an k d eb its 12 M o n ey stock 13 B an k reserves; bank cred it 14 C om m ercial banks, by classes 18 W eekly reportin g banks 23 B u sin ess loans o f banks 24 D em an d d e p o sit ow n ership 25 L oan sa les b y banks 25 O pen m arket p a p e r 26 In terest rates 29 S ecu rity m arkets 29 S tock m arket cred it 30 S avin gs institutions 32 F ed era l finance 34 U .S . G overn m en t secu rities 37 F ed era lly sp o n so red cred it agen cies 38 S ecu rity issues 41 B u sin ess finance R e a l esta te cred it C on su m er cred it In du strial p ro d u ctio n B u sin ess a ctivity C on stru ction L a b o r fo r c e , em p lo ym en t , and unem ploym ent C on su m er p ric e s W h o lesa le p ric e s N a tio n a l p ro d u c t an d incom e F/ow o f funds INTERNATIONAL STATISTICS: A A A A 58 59 59 60 A 61 A 74 A 75 A 75 U .S . b alan ce o f p a ym en ts F oreign trade U .S . reserve a ssets G o ld re serv es o f cen tral banks and g overn m en ts In tern ation al ca p ita l tran saction s o f the U nited S ta tes O pen m arket rates C en tral bank rates F oreign exchange rates TABLES PUBLISHED PERIODICALLY: A 76 S a le s , reven u e, p ro fits , a/td d ivid en d s o f large m anufacturing co rp o ra tio n s Banking and monetary statistics, 1974: A 77 A 84 INDEX TO STATISTICAL TABLES P rin cip a l a sse ts an d lia b ilities o f com m ercial banks an d n um ber , by c/ass 0/ bank A 2 BANK RESERVES AND RELATED ITEMS □ JU L Y 1975 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, securities1 Total Averages of daily figures 1939—Dec...................... 1941—Dec...................... 1945—Dec...................... 1950—Dec...................... 1970—Dec....................... 1971—Dec....................... 1972—Dec....................... 1973—Dec....................... 1974—June...................... July....................... Aue...................... Oct....................... Nov...................... Dec....................... 1975—Jan....................... Feb....................... Mar...................... Apr....................... May..................... June?.................... Week ending— 1975—Apr. 2................. 9................. 16................. 23................. 30................. May 7................. 14................. 21................. 28................. June 4................. 11................. 18^................ 25p................ End of month 1975—Apr....................... May...................... June?.................... Wednesday 1975—Apr. 2................. 9................. 16................. 23................. 30................. May 7................. 14................. 21................. 28................. June 4................. 11................. 18p................ 25^................ Bought out right2 Held under repur chase agree ment Loans Float 3 83 170 652 1,117 1,665 3,235 3,570 3,905 3,479 3,414 2,114 2,267 1,983 2,239 2,083 2,409 2,734 2,456 2,079 1,994 2,061 1,877 2,070 2,510 2,219 23,708 20,345 27,248 57,500 61,688 69,158 71,094 79,701 82,812 84,313 84,493 84,384 83,735 84,052 86,679 86,039 84,744 84,847 87,080 91,918 88,912 2,510 2,219 23,708 20,336 27,170 57,295 61,310 68,868 70,790 78,833 81,859 83,496 84,221 84,049 83,303 83,395 85,202 85,369 83,843 84,398 86,117 89,355 87,618 9 78 205 378 290 304 868 953 817 272 335 432 657 1,477 670 901 449 963 2,563 1,294 8 5 381 142 94 1,086 321 107 1,049 1,298 3,000 3,308 3,351 3,287 1,793 1,285 703 390 147 106 110 60 275 86,518 84,508 85,109 87,465 91,411 92,125 91,358 92,529 92,156 90,748 86,150 87,281 89,859 86,518 84,508 84,705 86,682 88,467 88,923 89,449 89,494 89,724 88,833 86,150 86,957 88,434 404 783 2,944 3.202 1,909 3,035 2,432 1,915 324 1,425 51 30 22 165 241 34 17 121 84 84 38 78 188 93,917 91,029 89,895 88.812 88,953 89,665 5,105 2,076 230 86,358 83,810 87,741 88,387 93,917 91,579 91,356 95,465 94,337 89,002 84,979 89,273 93,269 86,358 83,810 84,915 86,977 88,812 89,209 89,655 89,505 89,640 88,142 84,979 88,167 88,738 2,826 1,410 5,105 2,370 1,701 5,960 4,697 860 1,106 4,531 Totals Gold stock Treas ury cur rency out stand ing 2,204 1,032 982 1,138 1,079 1,106 1,343 1,258 1,349 2,984 3,171 3,129 3,391 3,419 3,142 3,237 3,039 3,098 2,612 2,404 24,744 21,606 29,060 64,100 66,708 74,255 76,851 85,642 89,254 91,554 91,367 91,617 90,971 91,302 93,967 93,002 91,168 90,819 93,214 97,845 95,147 17,518 22,759 20,047 22,879 17,954 10,367 11,105 10,132 10,410 11,567 11,567 11,567 11,567 11,567 11,567 11,567 11,630 11,647 11,626 11,620 11,620 11,620 11,620 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 429 500 2 956 3*239 4*322 4*629 5*396 6 841 7,’145 7,611 8,293 8,668 8,877 8,905 8,951 8,992 9,041 9,113 9,179 9,235 9,284 9,362 9,410 9,464 9,531 2,356 2,504 1,857 2,075 1,765 1,681 1,750 2,220 1,821 2,159 2,122 2,174 1,979 3,083 3,086 3,125 3,315 3,281 3,424 3,347 2,629 2,735 3,061 3,026 3,140 3,165 92,679 90,793 90,796 93,730 97,557 98,377 97,446 98,458 97,606 96,905 92,044 93,357 95,975 11,620 11,621 11,620 11,620 11,620 11,620 11,620 11,620 11,620 11,620 11,620 11,620 11,620 400 400 400 400 400 400 400 400 486 500 500 500 500 9,400 9,399 9,407 9,415 9,437 9,435 9,456 9,462 9,469 9,561 9,527 9,538 9,542 1,539 24 560 1.942 liSll 1,431 3,297 2,984 2,997 101,880 96,712 95,565 11,620 11,620 11,620 400 500 500 9,531 9,669 9,553 42 14 48 1.068 1,539 21 20 728 481 457 115 374 1,101 2,278 3,035 2,922 2,860 1,942 2,188 2,342 2,140 2,118 2,890 2,573 3,075 2,184 3,067 3,134 3,146 3,260 3,297 3,319 3,417 2,672 2,939 3,011 3,149 3,141 3,070 92,422 90,643 94,736 96,341 101,880 98,051 98,079 102,015 100,751 96,188 91,514 96,544 100,618 11,621 11,620 11,620 11,620 11,620 11,620 11,620 11,620 11,620 11,620 11,620 11,620 11,620 400 400 400 400 400 400 400 400 500 500 500 500 500 9,396 9,403 9,412 9,419 9,531 9,453 9,460 9,468 9,475 9,481 9,538 9,538 9,553 1Includes Federal agency issues held under repurchase agreements beginning Dec. 1, 1966, and Federal agency issues bought outright be ginning Sept. 29, 1971. 2Includes, beginning 1969, securities loaned—fully guaranteed by U.S. Govt, securities pledged with F.R. Banks, and excludes (if any), securities sold and scheduled to be bought back under matched sale-purchase transactions. 3Beginning with 1960 reflects a minor change in concept; see Feb. 1961 B u l l e t i n , p. 164. 4Beginning 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.” 5Includes industrial loans and acceptances until Aug. 21, 1959, when industrial loan program was discontinued. For holdings of acceptances Other F.R. assets4 Special Drawing Rights certificate account on Wed. and end-of-month dates, see table on F.R. Banks on p. A-10. See also note 3. 6 Includes certain deposits of domestic nonmember banks and foreignowned banking institutions held with member banks and redeposited in full with F.R. Banks in connection with voluntary participation by nonmember institutions in the Federal Reserve System’s program of credit restraint. As of Dec. 12, 1974, the amount of voluntary nonmember and foreign agency and branch deposits at F.R. Banks that are associated with margi nal reserves are no longer reported. However, deposits voluntarily held by agencies and branches of foreign banks operating in the United States as reserves and Euro-dollar liabilities are reported. Notes continued on opposite page. JU L Y 1975 □ BANK RESERVES AND RELATED ITEMS A 3 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS— C ontinued (In millions of dollars) Factors absorbing reserve funds Desposits, other than member bank reserves with F.R. Banks Cur rency in cir cula tion Treas ury cash hold ings 7,609 10,985 28,452 27,806 33,019 53,591 57,013 61,060 66,060 71,646 73,749 74,556 74,709 75,098 75,654 77,029 78,951 77,780 76,979 77,692 78,377 79,102 80,603 2,402 2,189 2,269 1,290 408 656 427 453 350 323 293 275 283 303 315 302 220 221 236 277 309 326 355 616 592 625 615 522 1,194 849 1.926 1,449 1,892 2,015 2,795 2,633 2,451 1,601 864 1,741 2,087 2,374 1,887 3,532 8,115 3,353 7:*9 1,531 1,247 920 250 146 145 290 272 406 491 296 326 456 294 370 357 336 317 363 307 262 272 78,030 78,355 78,672 78,384 78,137 78,405 79,095 79,203 79,439 79,904 80,476 80,775 80,685 307 309 318 306 302 307 323 324 333 373 380 363 370 2,826 1,919 976 3,523 7,902 8,960 8,419 7,947 7,474 5,815 1,833 1,464 4,224 78,443 79,782 81,073 301 373 348 78,322 78,764 78,749 78,380 78,443 78,989 79,382 79,400 79,972 80,251 80,935 80,879 80,972 312 329 308 308 301 330 329 338 321 390 383 370 370 Treas ury For eign Other3,6 Other F.R. ac counts4 Other F.R. lia bilities and capital4 248 292 493 739 1,029 Member bank reserves With F.R. Banks Cur rency and coin7 Period or date Total8 691 773 831 766 869 770 874 884 711 958 718 746 989 2,192 2,265 2,287 2,362 2,942 3,187 3,216 3,240 3,345 3,260 3,149 3,266 3,264 3,358 3,076 3,137 3,231 3,191 11,473 12,812 16,027 17,391 16,688 23,071 23,925 25,653 24,830 28,352 29,672 30,514 30,264 30,156 29,985 29,898 29,767 29,713 28,503 27,948 28,264 27,576 28,035 2,595 4,960 5,340 5,676 6,095 6,635 6,668 6,824 6,765 6,920 6,811 6,939 7,174 7,779 7,062 6,831 6,870 6,916 6,969 11,473 12,812 16,027 17,391 19,283 28,031 29,265 31,329 31,353 35,068 36,390 37,338 37,029 37,076 36,796 36,837 36,941 37.492 35,565 34,779 35,134 34.492 35,004 476 359 267 289 279 232 277 258 266 285 258 306 243 1,039 646 642 660 576 688 472 697 911 1,294 1,108 1,069 823 3,160 2,952 3,093 3,194 3,342 3,141 3,125 3,278 3,313 3,297 3,009 3,135 3,258 28,261 27,671 28,254 28,809 28,477 28,098 27,212 28,233 27,444 27,618 26,627 27,903 28,034 6,826 6,992 7,041 6,440 7,018 7,139 7,305 6,469 6,765 6,893 7.080 7.080 6,698 35,087 34,663 35,295 35,249 35,495 35,237 34,517 34,702 34,209 34,511 33,707 34,983 34,732 8,363 7,036 5,773 270 310 373 573 1,159 701 3,452 3,396 3,354 32,028 26,445 25,615 7,018 6,893 7,098 39,046 33,338 32,713 2,430 467 1,638 6,191 8,363 9,162 6,871 7,017 7,687 1,858 1,057 2,639 5,497 429 267 296 249 270 257 253 253 294 254 254 295 294 795 595 615 640 573 482 482 694 1,318 1,098 1,165 885 741 2,908 3,030 3,166 3,261 3,452 3,080 3,187 3,342 3,392 3,027 3,080 3,207 3,452 28,642 28,614 31,396 28,751 32,028 27,223 29,055 32,459 29,362 30,911 26,298 29,927 30,965 6,826 6,992 7,041 6,440 7,018 7,139 7,305 6,469 6,765 6,893 7.080 7.080 6,698 35,468 35,606 38,437 35,191 39,046 34,362 36,360 38,928 36,127 37,804 33,378 37,007 37,663 353 495 458 735 728 631 111 7Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed thereafter. Beginning Jan. 1963, figures are estimated except for weekly averages. Beginning Sept. 12, 1968, amount is based on close-of-business figures for reserve period 2 weeks previous to report date. 8Beginning 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 Averages of daily figures . 1939—Dec. .1941—Dec. .1945—Dec. .1950—Dec. .1960—Dec. .1969—Dec. .1970—Dec. .1971—Dec. . 1972—Dec. . 1973—Dec. . 1974—June .........July .........Aug. .........Sept. .........Oct. .........Nov. ........ Dec. 1975—Jan. ....... Feb. .........Mar. .........Apr. ........May ........June*7 Week ending— . 1975—Apr. 2 ................. 9 ................16 .................23 ................30 .May 7 ....... 14 ....... 21 ....... 28 .June 4 ....... 11 ........ ISP ....... 25** End of month . 1975—Apr. ........ May ........ June*7 Wednesday ......1975—Apr. 2 ....................... 9 ......................16 ......................23 ......................30 .May 7 ....... 14 ....... 21 ....... 28 .June 4 ........ 11 ....... 18» ....... 25p 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. Beginning 1974, Ql, $67 million, Q2, $58 million. Transition period ended after second quarter, 1974. For other notes see opposite page. AND RELATED ITEMS □ JU L Y 1975 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) All member banks Reserves Large banks2 Borrowings Re Excess1 quired Sea sonal 6,462 9,422 14,536 16,364 18,527 22,267 24,915 26,766 27,774 28,993 31,164 31,134 34,806 36,259 37,161 36,851 36,885 36,705 36,579 36,602 37,556 35,333 34,513 35,014 34,493 34,422 5,011 3,390 1,491 1,027 756 452 345 455 257 272 165 219 262 131 177 178 191 91 258 339 -64 232 266 120 -1 582 3 5 334 142 87 454 238 765 1,086 321 107 1,049 1,298 3,000 3,308 3,351 3,287 1,793 1,285 703 390 147 106 110 60 275 36,054 35,658 36,461 36,437 36,678 36,452 36,545 36,416 37,011 37,175 38,249 38,079 37,066 36,579 35,970 34,960 34,447 34,386 34,252 34,490 34,675 34,808 34,552 35,076 35,179 35,306 34,926 34,518 34,631 34,045 34,177 33,743 34,584 34,611 225 131 247 99 283 -159 217 429 577 137 -42 186 174 395 59 158 159 409 230 20 144 279 111 219 70 189 311 -1 71 164 334 -36 399 121 3,054 2,729 3,223 2,788 1,070 648 818 662 561 311 609 594 142 98 90 229 180 70 60 167 155 51 30 22 165 241 34 17 121 84 84 38 78 188 41 130 149 165 139 117 67 32 13 10 7 7 9 11 131 136 140 133 51 35 31 29 24 18 12 12 10 11 10 11 10 9 7 6 7 Sfov. 15, 1972, includes $450 million of . Banks are allowed to waive penalties >nwith bank adaptation to Regulation J . Beginning 1973, allowable deficiencies statement week of quarter): Ql, $279 12 million; Q4, $84 million. Beginning million. Transition period ended after or which figures are preliminary, figures total because adjusted data by class are gnation of banks as reserve city banks New York City City of Chicago Other Excess Borrow Excess Borrow ings ings 2,611 989 48 125 29 41 18 100 56 34 25 -20 -23 -26 45 -58 133 -49 -8 132 -119 31 53 32 -28 85 -37 26 31 -8 141 -173 59 137 -8 55 -130 29 71 133 -37 -15 117 122 -96 54 -30 62 25 -3 -11 177 -106 -33 53 18 -76 -29 -10 192 58 19 111 40 230 259 25 35 301 74 1,303 1,457 1,464 1,662 502 257 80 156 37 22 25 24 90 1,210 1,296 1,385 1,221 226 73 60 72 83 36 317 328 6 140 88 8 42 67 98 9 61 49 97 540 295 14 8 4 15 8 15 18 7 1 13 43 -8 19 6 20 -18 38 5 -16 17 20 -23 -21 75 2 21 -17 41 4 -36 23 52 61 -27 1 1 -13 33 -20 -22 29 4 15 -37 16 7 15 -14 16 1 21 -26 9 4 19 -32 52 52 5 8 23 13 85 27 4 8 55 28 51 70 23 17 36 14 18 16 10 10 14 3 15 40 139 17 26 54 69 39 44 25 37 11 rowlgs 1,188 1,303 418 232 100 67 50 90 6 42 -35 -42 28 26 -12 78 -77 36 90 39 -91 41 56 -4 -89 68 3 4 46 29 40 92 80 180 321 28 42 264 435 847 933 ,004 816 686 448 282 131 71 46 33 23 68 61 -67 44 -76 -16 -50 -39 89 223 -26 -89 45 -24 84 -5 -18 35 90 -20 10 -12 99 -51 36 -23 56 -5 -17 -34 -5 137 -55 -130 -103 983 764 715 860 394 268 287 257 260 168 115 136 109 86 69 69 70 60 41 43 45 43 23 18 21 66 34 16 21 21 23 25 29 52 for reserve-requirement purposes has been demand deposits of more than $400million) for July 1972, p. 626. Categories shown here parallel the previous “Reserve city” and “Coi; (hence the series are continuous over time). N o t e .— Monthly and weekly data are ave the month or week, respectively. Borrowings at F.R. Banks: Based on closir Effective Apr. 19, 1963, the Board’s Regul ing by F.R. Banks, was revised to assist sm the seasonal borrowing needs of their commi (net ther” tively LETIN ithin lend- JU L Y 1975 □ MONEY MARKET BANKS A 5 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Basic reserve position Reporting banks and week ending— Less— Excess re Bor serves 1 rowings at F.R. Banks Interbank Federal funds transactions Net- Related transactions with U.S. Govt, securities dealers Gross transactions Net Per cent inter Surplus of Pur bank or avg. chases Federal deficit required funds reserves trans. Net transactions Total Bor two-way Pur Loans row Net trans chases Sales to ings loans Sales actions2 of net of net dealers3 from buying selling dealers4 banks banks Total—46 banks 1975—May 7. 14. 21 . 28. June 4. 11 . 18. 25 . 11,983 14,339 14,144 13,223 14,066 17,347 17,112 15,612 -11,777 -14,305 -14,291 -13,292 -14,005 -17,355 -17,137 -15,652 73.1 88.7 88.7 85.4 89.0 112.8 106.9 99.7 18,600 20,190 19,856 18,233 19,745 22,227 22,029 21,050 6,616 5,851 5,712 5,010 5,679 4,881 4,917 5,438 4,919 4,295 4,726 4,530 5,166 4,477 4,457 4,356 13,680 15,896 15,131 13,703 14,579 17,751 17,572 16,694 1,697 1,556 987 480 513 404 460 1,082 2,408 2,327 3,022 3,361 3,198 4,597 3,938 2,730 603 622 767 685 649 533 389 725 1,806 1,705 2,255 2,676 2.548 4.005 3.549 2.005 2,765 4,758 3,962 4,003 4,665 6,343 5,977 5,953 -2,601 -4,743 -4,093 -3,990 -4,709 -6,399 -6,006 -6,013 39.2 71.0 60.9 63.2 72.7 103.0 91 .7 95.2 4,564 6,049 5,627 5,113 5,570 7,110 6,773 6,683 1,799 1,291 1,665 1,110 906 767 797 730 1,074 717 1,156 891 906 560 742 730 3,490 5,332 4,471 4,222 4,665 6,550 6,031 5,952 724 575 509 219 1,130 1,177 1,504 1.269 1,393 1,671 1,774 1.269 391 381 362 264 241 220 181 273 740 796 1,143 1,005 1,152 1,451 1,593 996 43 21 -14 -52 106 59 4 48 9,218 9,582 10,182 9,220 9,401 13 11,003 11,135 27 9,659 -9,175 -9,562 -10,198 -9,302 -9,295 -10,957 -11,131 -9,639 96.8 101.1 108.5 100.5 100.4 119.4 117.5 102.8 14,036 14,141 14,230 13,121 14,175 15,117 15,256 14,367 4,817 4,560 4,047 3,901 4,773 4,114 4,121 3,626 3,845 3,578 3,570 3,640 4,260 3,916 3,715 3,626 10,190 10,564 10,660 9,481 9,914 11,201 11,541 10,742 1,278 1,150 1,518 2,092 1,805 2,927 2,165 1,461 212 241 406 420 409 313 208 451 1,066 909 1,112 1,671 1,397 2,614 1,956 1,010 30 -4 -11 3,631 4,081 4,989 3,876 3,854 3,778 4,451 4,128 -3,601 -4,085 -5,000 -3,876 -3,830 -3,806 -4,445 -4,134 208.4 234.2 286.5 229.3 224.3 224.2 256.0 245.5 4,584 4,925 5,665 4,700 4,804 4,477 5,079 4,852 954 844 676 824 950 698 628 723 954 844 676 824 941 689 621 723 3,631 4,081 4,989 3,876 3,863 3,787 4,459 4,129 5,588 5,501 5,193 5,345 5,547 7,225 6,684 5,531 -5,575 -5,477 -5,199 -5,426 71.9 9,451 71 .0 9,217 67.9 8,564 71.9 8,421 72.4 9,371 95.6 10,641 86.4 10,176 71.6 9,516 3,864 2,734 3,371 3,076 3,823 3,416 3,492 2,903 2,891 2,734 2,894 2,815 3,319 3,227 3,094 2,903 6,560 6,482 5,671 5,605 6,052 7,413 7,082 6,613 207 35 -48 -30 123 4 23 84 1 100 38 61 13 49 124 8 in New York City 1975—May 7. 14. 21 . 28. June 4. 11 . 18. 25. 164 15 -33 22 206 54 38 outside New York City 1975—May 7.. 14.. 21 .. 28.. June 4.. 11 .. 18.. 25.. 973 982 477 261 513 198 406 1,082 5 in City of Chicago 1975—May 7. 14. 21 . 28. June 4. 11 . 18. 25. 267 332 377 370 332 509 423 364 267 332 377 370 332 509 423 364 33 others 1975—May 7.. 14.. 21 .. 28.. June 4.. 11 .. 18.. 25.. 1Based upon reserve balances, including all adjustments applicable to the reporting period. Prior to Sept. 25,1968, carryover reserve deficiencies, if any, were deducted. Excess reserves for later periods are net of all carry over reserves. 2Derived from averages for individual banks for entire week. Figure for each bank indicates extent to which the bank’s weekly average pur chases and sales are offsetting. 3Federal funds loaned, net funds supplied to each dealer by clearing 973 982 477 261 504 189 398 1,082 1,012 818 1,141 1,722 1,473 2,418 1,742 1,096 212 241 406 420 409 313 208 451 800 577 735 1,301 1,064 2,105 1,533 645 banks, repurchase agreements (purchases of securities from dealers subject to resale), or other lending arrangements. 4Federal funds borrowed, net funds acquired from each dealer by clearing banks, reverse repurchase agreements (sales of securities to dealers subject to repurchase), resale agreements, and borrowings secured by Govt, or other issues. N o t e .— Weekly averages of daily figures. For description of series and back data, see Aug. 1964 B u l l e t i n , pp. 944-74. A 6 F.R. BANK INTEREST RATES □ JU L Y 1975 CURRENT RATES (P er c e n t per a nnu m ) L o a n s to m em b er b a n k s— U n d e r S ec. 10(b) 2 L o a n s to all o th ers u nd er la st par. Sec. 1 3 4 U n d e r Secs. 13 and 1 3 a 1 F ed era l R eserv e B an k S p ecia l ra te 3 R eg u la r rate R a te o n 6/3 0 /7 5 E ffectiv e d a te P r e v io u s rate R a te o n 6 /3 0 /7 5 E ffectiv e d ate P r e v io u s r a te R a te o n 6 /3 0 /7 5 E ffec tiv e d a te 3 P r e v io u s ra te R a te o n 6 /3 0 /7 5 E ffec tiv e d a te P r e v io u s rate 6 6 6 6 6 6 6 6 6 6 6 6 5 /1 6 /7 5 5 /1 6 /7 5 5 /1 6 /7 5 5 /1 6 /7 5 5 /1 6 /7 5 '5 /1 6 /7 5 5 /1 6 /7 5 5 /1 6 /7 5 5 /2 3 /7 5 5 /1 6 /7 5 5 /1 6 /7 5 5 /1 6 /7 5 614 61/4 61/4 614 6 14 614 6 14 614 61/2 614 614 61/4 61/2 6 i/2 61/2 61/2 61/2 61/2 61/2 61/2 61/2 61/2 61/2 61/2 5 /1 6 /7 5 5 /1 6 /7 5 5 /1 6 /7 5 5 /1 6 /7 5 5 /1 6 /7 5 5 /1 6 /7 5 5 /1 6 /7 5 5 /1 6 /7 5 5 /2 3 /7 5 5 /1 6 /7 5 5 /1 6 /7 5 5 /1 6 /7 5 634 634 63/4 63/4 634 634 634 634 63/4 634 634 634 71/2 7 7 7 7 7 7 71/2 7 71/2 7 7 5 /1 6 /7 5 6 /2 4 /7 5 6 /9 /7 5 6 /9 /7 5 6 /9 /7 5 6 /3 /7 5 6 /9 /7 5 5 /1 6 /7 5 6 /9 /7 5 5 /1 6 /7 5 6 /9 /7 5 6 /2 4 /7 5 8 71/2 71/2 71/2 71/2 71/2 71/2 8 71/2 8 71/2 71/2 9 9 9 9 9 9 9 9 9 9 9 9 3 /1 0 /7 5 3 /1 0 /7 5 3 /1 0 /7 5 3 /1 0 /7 5 3 /1 0 /7 5 3 /1 0 /7 5 3 /1 4 /7 5 3 /1 4 /7 5 3 /1 0 /7 5 3 /1 0 /7 5 3 /1 4 /7 5 3 /1 0 /7 5 91/2 91/2 91/2 9 i/2 91/2 91/2 91/2 91/2 91/2 91/2 91/2 91/2 B o s t o n ......................... N e w Y o r k .................. P h ila d e lp h ia ............. C le v e la n d ................... R ic h m o n d ................. A tla n ta ........................ C h ic a g o ...................... St. L o u i s .................... M in n e a p o lis .............. K a n sa s C i t y .............. D a lla s ........................... S an F r a n c isc o .......... 1 D is c o u n ts o f elig ib le pa p er and a d v a n ces secu red b y su ch p a p er or by U .S . G o v t, o b lig a tio n s o r an y o th er o b lig a tio n s e lig ib le fo r F .R . B a n k pu rch ase. 2 A d v a n c es secu red to th e s a tisfa c tio n o f th e F .R . B a n k . A d v a n c es secu red b y m ortgages o n 1- to 4 -fa m ily resid en tia l p ro p erty are m a d e at th e S e c tio n 13 rate. 3 A p p lic a b le to sp e c ia l a d v a n c e s describ ed R e g u la tio n A . 4 A d v a n c es to in d iv id u a ls, p artn ersh ip s, or m em b e r b a n k s secu red b y d irect o b lig a tio n s g u a ra n teed as to p rin c ip a l an d in terest b y , a g en cy th ereo f. in S e c tio n 2 0 1 .2 (e )(2 ) o f c o r p o r a tio n s o th e r th a n o f, o r o b lig a tio n s fu lly th e U .S . G o v t, o r a n y SUMMARY OF EARLIER CHANGES (P er ce n t per a n n u m ) E ffec tiv e d ate In effect D e c . 31, 1955. 1956— A p r. 13. 20. Aug. 24. 31. 1957— A u g . 9. 2 3 ., N o v . 1 5 ., D ec. 2. 1958— Jan. 22. 24. M ar. 7 . 13. 21. A p r. 18. M ay 9. A u g . 15. S ep t. 1 2 . 23. O ct. 2 4 . N ov. 7. 6. 16. M ay 29. June 1 2 . S ep t. 1 1 . 18. 1 9 5 9 — M ar. 1960— June 3. 10. 1 4. A u g . 12. S ep t. 9 . 1963— July 17. 26. R ange (o r lev e l)— A ll F .R . B anks 21/z 21/2-3 23/4-3 2V4-3 3 3 -31/2 3^/2 3 3~3Vl 2 % -3 23/4-3 2 14 -3 2%-2% 2*4 13/4-214 1% 13/4-2 13^-2 2 2 - 21/2 21/2 21/2-3 3 3 -31/2 31/2 3 % -4 4 3 V i-4 3 * 4 -4 3*i 3 3 F .R . B ank of N .Y . 21/2 23/4 23/4 3 3 3 3*4 3 3 3 23/4 221/ 1/4 4 214 134 134 13/4 2 2 2 21/2 3 3 31/2 31/2 4 4 1964— N o v . 2 4 . 30. 31/2 31/2 31/2-4 4 4 4 - 41/2 41/2 41/2 41/2 7. 14. N ov. 20. 27. 4 1967— A p r. 1968- -M ar. 15. 22. A p r. 1 9 . 26. A u g. 16. 30. D ec. 18. 20. 1969— A p r. 4. 1970— N o v . 1 1 . 13. 16. D ec. 4. 1. 11. 1971— Jan. F eb . J uly 8. 15. 19. - 41/2 4 4 - 4 i/2 41/2 41/2-5 5 5 -51/2 51/2 5*4-51/2 514 514-51/2 51/2 51/2-6 6 534-6 534-6 53/4 51/2-53/4 51/2-53/4 5V2 51/4- 51/2 514 - 51/4 - 51/4 4 4 41/2 41/2 5 51/2 51/2 51/2 51/4 51/2 51/2 6 6 6 534 53/4 53/4 51/2 51/2 5*4 51/4 SV4 22. 29. 13. 19. 16. 23. 5 4 3 4 -5 5 5 5 5 5 5 434 434-5 E ffectiv e da te 1971— N o v . 1 1 ......................... 1 9 ......................... D e c . 1 3 ......................... 1 7 ......................... 2 4 ......................... 1973— Jan. 1 5 ......................... F e b . 2 6 ......................... M a r. 2 ......................... A p r. 2 3 ......................... 41/2 5 5 N ote .— R a te s und er S ecs. 13 and 13a (as d escrib ed in ta b le and n o te s a b o v e ). F o r d a ta b efore 1 9 56, see B a n k in g a n d M o n e ta r y S ta tis tic s , 1943, p p . 4 3 9 - 4 2 , and S u p p le m e n t to S e c tio n 1 2 , p. 31. F .R . B ank of N .Y . 4 31/2 i» R ange (o r lev e l)— A ll F .R . B anks 6. 13. 1965— D e c . 4 3 - 3 i/ 2 3% E ffec tiv e d a te 434 1 1 ......................... 1 8 ......................... 1 5 ......................... July 2 ......................... A u g . 1 4 ......................... 2 3 ......................... 1974— A p r. 2 5 ......................... 30 D ec. 9 ......................... 1 6 ......................... R ange (o r lev el)— A ll F .R . B anks 434 -5 434 41/2-434 41/ 2-434 41/2 41/2 41/2 5 51/2 51/2 534-6 6 6 - 61/2 61/2 6 6 61/2 61/2 5 -51/2 51/2-534 534 7 7 - 71/2 71/2 7 Vi -8 0 734-8 734 71 /4- 73/4 71/ 4-734 2 4 ......................... Feb. 5 ......................... 7 ......................... M ar. 1 0 ........................ 1 4 ......................... M a y 1 6 ......................... 2 3 ......................... 714 634-71/4 634 6 1 4 -6 3 4 614 6 - 6 1/4 6 In e ffe c t, J u n e 30, 1 9 7 5 . . . . 5 434 434 51/2 5 6 ......................... 1 0 ......................... 1975— Jan. F .R . Bank of N .Y . 6 51/2 534 7 71/2 71/2 8 3 734 734 73/4 71/4 714 634 634 614 61/4 6 6 6 JU L Y 1975 o RESERVE REQUIREM ENTS A 7 RESERVE REQUIREMENTS ON DEPOSITS OF MEMBER BANKS (Deposit intervals are in millions of dollars. Requirements are in per cent of deposits.) N e t dem and 2 E ffectiv e d a te 1 T im e 3 (all cla sse s o f b a n k s) R e se r v e c ity O th er O th er tim e S a v in g s 0-5 In effect Jan. 1, 1 9 6 3 ............. 1 966— July 14 ,2 1 Sept. 8 ,1 5 1967— M ar. 2 ............... M ar. 1 6 ............ 1 968— Jan. 1 1 , 1 8 . . . . 1969— A p r. 1 7 ............. 1 9 7 0 — O ct. 1 ................. O v er 5 0 -5 O ver 5 16i/2 0 -5 d 12 12 121/2 17 171/2 161/2 17 O ver 5 4 4 31/2 3 31/2 3 5 6 121/2 13 5 B e g in n in g N o v . 9 , 1972 N e t d e m a n d 2, 4 T im e 3 O th e r tim e E ffectiv e d a te 0 -2 2 -1 0 1 0 -1 0 0 1 0 0 -4 0 0 O ver 400 S a v in g s O ver 5 5, m a tu r in g in — 0 -5 3 0 -1 7 9 days 1972— N o v . 9 ............... N o v . 1 6 ............ 8 1973— July 1 9 ............... 10 12 10i/2 12i/2 6 I 6 I/2 13 131/2 1974— D e c . 1 2 ............. 171/2 7 3 18 1 9 7 5 — F eb . 1 3 ............. 71/2 10 12 13 I 6 I/2 In effect Ju n e 30, 1975 71/2 10 12 13 I 61/2 3 P resen t leg a l l im it s : N e t d e m a n d d e p o s its , reserve c ity b a n k s ............. N e t d e m a n d d e p o s its , o th e r b a n k s ........................ T im e d e p o s it s ..................................................................... 2 7 5 7 3 171/2 1 W h e n tw o d ates are sh o w n , th e first a p p lies to th e c h a n g e at reserve c ity b a n k s an d th e s e c o n d to th e c h a n g e at c o u n tr y b a n k s. F o r ch a n g es p rior to 1963 see B o a r d ’s A n nual R e p o rts. (a) D e m a n d d e p o sits su b ject to reserve req u irem en ts are g ro ss d e m an d d e p o sits m in u s c a sh ite m s in p r o c e ss o f c o lle c tio n and d em a n d b a la n c e s d u e fro m d o m e stic b a n k s. (b) R e q u ir e m e n t s c h e d u les are gra d u a ted , a n d ea ch d e p o sit interval a p p lie s to th at part o f th e d e p o sits o f e a c h b ank . (c) S in ce O ct. 16, 1969, m em b e r b a n k s h a v e b e e n req u ired un d er R e g u la tio n M t o m a in ta in reserv es a g a in st fo re ig n b ra n ch d ep o sits c o m p u te d o n th e b a sis o f n et b a la n c e s d u e fro m d o m e stic offices to their fo re ig n b r a n c h e s a n d a g a in st fo re ig n b ra n ch lo a n s to U .S . resid en ts. S in ce Ju n e 2 1 , 1973, lo a n s aggreg a tin g $ 1 0 0 ,0 0 0 o r less to a n y U .S . resid en t h a v e b een e x c lu d ed fro m c o m p u ta tio n s , as h a v e to ta l lo a n s o f a b a n k to U .S . resid en ts i f n o t e x c ee d in g $1 m illio n . R e g u la tio n D im p o s e s a sim ila r r eserve req u irem en t o n b o r r o w in g s fro m fo re ig n b a n k s b y d o m e stic o ffices o f a m em b e r b an k . T h e reserv e p ercen ta g e a p p lic a b le to ea ch o f th ese c la ssific a tio n s is 4 per ce n t. T h e req u irem en t w a s 10 per cen t o r ig in a lly , w as in creased to 2 0 per c e n t o n Jan. 7, 1971, w as r ed u ced to 8 p§r cent e ffective June 21, 1973, an d w as red u ced to the curren t 4 per c e n t effective M a y 22, 1975. In itia lly certa in b a se a m o u n ts w ere e x e m p te d in the c o m p u ta tio n o f th e req u irem en ts, bu t effectiv e M ar. l^f, 1974, th e la st o f th ese reserve- free b ases w ere e lim in a te d . F o r d e ta ils, see R e g u la tio n s P and M . 3 E ffective Jan. 5 , 1967, tim e d e p o sits su c h as C h ristm a s a n d v a ca tio n clu b a c c o u n ts b e c a m e su b ject to sa m e req u irem en ts as sa v in g s d e p o sits. F o r oth e r n o te s se e 2 (b ) and 2 (c) a b o v e. 4 E ffective N o v . 9 , 1972, a n e w criterio n w a s a d o p te d to d esig n a te re serve c ities, an d o n th e sa m e d a te req u irem en ts fo r reserves a g a in st net d em a n d d e p o sits o f m em b e r ba n k s w ere restructured to p ro v id e th a t ea ch 180 d a y s an d o v er 3 6 3 6 3 M in im u m M a x im u m 10 7 3 22 14 10 m em b er b a n k w ill m a in ta in reserves related to th e s iz e o f its n e t d em a n d d e p o sits. T h e n ew reserve c ity d e sig n a tio n s are as fo llo w s : A b a n k h a v in g n et d em a n d d e p o sits o f m o re th a n $ 4 0 0 m illio n is c o n sid er e d to h a v e th e chara cter o f b u sin ess o f a reserve c ity b a n k , and th e presen ce o f th e h e a d office o f su ch a ban k c o n stitu te s d e sig n a tio n o f th a t p la c e as a reserve c ity . C ities in w h ich there are F .R . B an k s o r b ranches are a lso r eserv e c ities. A n y ba n k s h a v in g n e t d em a n d d e p o sits o f $ 4 0 0 m illio n o r less are c o n sid er e d to h a v e th e c h a ra cter o f b u sin ess o f b a n k s o u ts id e o f reserve cities and are p erm itted to m a in ta in reserves a t r a tio s se t fo r b a n k s n o t in reserv e c ities. F o r d e ta ils, see R e g u la tio n D a n d a p p r o p r ia te s u p p lem en ts a n d a m en d m en ts. 5 A m a rg in a l reserve req u ire m e n t w a s in effect b e tw e e n J u n e 2 1 , 19 7 3 , an d D e c . 11, 1974, a g a in st in crea ses in th e a g g r e g a te o f th e f o llo w in g ty p e s o f o b lig a tio n s: (a) o u tsta n d in g tim e d e p o sits o f $ 1 0 0 ,0 0 0 o r m o r e , (b) o u tsta n d in g fu n d s o b ta in e d b y th e b a n k th r o u g h issu a n ce b y a b a n k ’s affiliate o f o b lig a tio n s su b ject to e x istin g reserv e req u ire m e n ts o n tim e d e p o s its , an d (c) b eg in n in g J uly 12, 19 7 3 , fu n d s fro m sa les o f fin a n ce b ills. T h e req u irem en t a p p lied to b a la n ces a b o v e a sp e c ifie d b a se , b u t w as n o t a p p lic a b le to ba n k s h a v in g o b lig a tio n s o f th e se ty p e s a g g reg a tin g less th a n $ 1 0 m illio n . F o r d e ta ils, in c lu d in g p e rcen ta g es an d m a tu r ity c la ssifi c a tio n s , se e “ A n n o u n c e m e n ts ” in B u lletins fo r M a y , J u ly , S e p t., an d D e c . 1973 and Sept. an d N o v . 1974. 6 T h e 16Vi per cen t req u irem en t a p p lied fo r o n e w eek , o n ly to fo rm e r reserve city b a n k s. F o r o th e r b a n k s, th e 13 p er cen t r eq u irem en t w a s c o n tin u ed in th is d e p o sit interval. 7 See c o lu m n s a b o v e fo r e a rliest effe c tiv e d a te o f th is rate. N o t e .— R eq u ired reserves m u st b e h eld in th e fo rm o f d e p o sits w ith F .R . B a n k s o r vault cash . A 8 MAXIMUM INTEREST RATES; MARGIN REQUIREMENTS □ JU L Y 1975 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates July 20, 1966—June 30, 1973 Rates beginning July 1, 1973 E ffec tiv e date July 20, 1966 Type and size o f deposit Sept. 26, 1966 E ffec tiv e d a te Apr. 19, 1968 Jan. 21, 1970 4% Savin gs d e p o s its................. O th er tim e d e p o s its :1 M u ltip le m a tu r ity :2 3 0 -8 9 d a y s ............. 90 days to 1 y e a r . 1-2 y e a r s ................ 2 years or m o r e . ., S in gle-m atu rity: L ess th an $1 0 0 ,0 0 0 : 30 days to 1 year. 1-2 y e a r s ................ 2 years or m o r e . . $ 1 0 0 ,0 0 0 o r m ore: 3 0 -5 9 d a y s ............. 6 0 -8 9 d a y s ............. 9 0 -1 7 9 d a y s ........... 180 d ays to 1 year 1 year or m o r e . . . 4 4 Vi 5 5Vi 5 5% 5 5Vi 5Vi 5Vi 5V4 5Vz 5Vi 5Y4 6 6Va (3) (3) (3) (3) (3) 6% 1 F o r e x c ep tio n s w ith resp ect to certa in fo re ig n tim e d e p o s its , see B u ll e tin for F eb . 1968, p . 167. 2 M u ltip le -m a tu r ity tim e d e p o s its in c lu d e d e p o sits th a t are a u to m a ti ca lly ren ew ab le at m atu rity w ith o u t a c tio n b y th e d e p o s ito r and d e p o sits th a t are p a y a b le after w ritten n o tic e o f w ith d ra w a l. 3 M a x im u m rates o n all sin g le -m a tu r ity tim e d e p o sits in d e n o m in a tio n s o f $ 1 0 0 ,0 0 0 or m ore h a v e b een su sp e n d e d . R a te s th a t w ere effectiv e Jan . 21, 1970, and the d ates w h en th e y w ere su sp en d ed are: 6 V4 per c e n t] 6 Vi per cen t f 3 0 - 5 9 days 6 0 - 8 9 days 9 0 -1 7 9 days 180 days to 1 year 1 year or m ore June 2 4 , 1970 6Ya per c e n t ] 7 per cen t [ 7 Vi per cen t) M a y 16, 1973 R a te s o n m u ltip le-m atu rity tim e d e p o sits in d e n o m in a tio n s o f $ 1 0 0 ,0 0 0 or m ore w ere su sp en d ed J uly 16, 1973, w h en th e d is tin c tio n betw een sin g le - and m u ltip le-m atu rity d e p o sits w a s e lim in a te d . 4 B etw een J u ly 1 and O ct. 31, 1973, there w as n o c e ilin g fo r certificates m atu rin g in 4 years or m o re w ith m in im u m d e n o m in a tio n s o f $ 1 ,0 0 0 . T h e a m o u n t o f su ch certifica tes th a t a b a n k c o u ld issu e w a s lim ite d to 5 per cen t o f its to ta l tim e and sa v in g s d e p o sits. S a les in e x c ess o f th at Type and size of deposit July 1, 1973 S a v in g s d e p o s its ........................... O th er tim e d e p o sits (m ultipleand s in g le -m a tu r ity ):1, 2 L ess th a n $ 1 0 0 ,0 0 0 : 3 0 -8 9 d a y s ............................. 9 0 d ays to 1 y e a r ............... 1 -2 Vi y e a r s ............................ 2 Vi years o r m o r e ............. M in im u m d e n o m in a tio n o f $ 1 ,0 0 0 : 4 - 6 y e a r s ........................... 6 years or m o r e ............. G o v er n m e n ta l u n its.......... $ 1 0 0 ,0 0 0 or m o r e .................. 5 Nov. 1, 1973 5 5Vi 6Vi svt 6 6 (4) (5) (3) 7% (5) 6Vi Nov. 27, 1974 (3) F o r cred it ex ten d ed u nd er R e g u la tio n s T (b ro k ers an d d ea lers), U (b an k s), and G (o th e r s th a n b ro k ers, dea lers, o r b a n k s) O n m a rg in s to c k s 1937— N o v . 1945— F eb . July 1946— Jan. 1947— F e b . 1949— M ar. 1951— Jan. 1953— F e b . 1955— Jan. A p r. 1958— Jan. A ug. O ct. 1960— July 1962— July 196 3 — N o v . 1968— M ar. June 1970— M ay 1971— D e c . 1972— N o v . E ffective Jan. O n co n v e r tib le b o n d s E n d in g da te 1 5 5 21 1 30 17 20 4 23 16 5 16 28 10 6 11 8 6 6 1945— F eb . J uly 1946— Jan. 1947— Jan. 1949— M ar. 1951— Jan. 1953— F eb . 1955— Jan. A p r. 1958— Jan. Aug. O ct. 1960— July 1962— July 1963— N o v . 1968— M ar. June 1970— M a y 1971— D e c . 1972— N o v . 24 1974— Jan. 3, 1 9 7 4 ............................ 4 ....................... 2 0 ....................... 3 1 ....................... 2 9 ....................... 1 6 ....................... 1 9 ....................... 3 ....................... 2 2 ....................... 1 5 ....................... 4 ....................... 1 5 ....................... 2 7 ....................... 9 ....................... 5 ....................... 1 0 ....................... 7 ....................... O n sh o rt sa les (T ) 40 50 75 50 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 N ote .— R e g u la tio n s G , T , a n d U , p rescribed in a cc o rd a n c e w ith th e S ecu rities E x ch a n g e A c t o f 1934, lim it th e a m o u n t o f cred it to p u rch a se an d carry m a rg in s to c k s th a t m a y be e x te n d ed o n secu rities as co lla ter a l b y prescrib in g a m a x im u m lo a n v a lu e, w h ic h is a sp e c ifie d p ercen tage o f th e m a rk et v a lu e o f th e co lla ter a l at th e tim e th e cred it is e x te n d ed ; m a rg in r eq u irem en ts are th e differen ce b e tw e e n the m ark et valu e (1 0 0 per ce n t) and the m a x im u m lo a n va lu e. T h e term m a rg in sto c k s is d efined in th e c o r re sp o n d in g reg u la tio n . R e g u la tio n G an d sp ecia l m a rg in req u irem en ts fo r b o n d s co n v e r tib le in to sto c k s w ere a d o p te d by th e B o a r d o f G o v er n o r s effectiv e M a r . 11, 1968. 4 7V 7 Vi (3) 5 5Vi 6 6Vi 7Ya 7Vi 7Va (3) N ote .— M a x im u m rates th a t m a y b e p a id by m em b e r b a n k s are e s ta b lish e d by the B o a rd o f G o v er n o r s u n d er p r o v isio n s o f R e g u la tio n Q ; h o w ev er, a m em b e r b a n k m a y n o t p a y a rate in e x c ess o f th e m a x im u m ra te p a y a b le b y S ta te b a n k s o r tru st c o m p a n ie s o n lik e d e p o sits un d er th e la w s o f th e S ta te in w h ich th e m em b er b a n k is lo ca te d . B eg in n in g F e b . 1, 1936, m a x im u m rates th a t m a y b e p a id by n o n m e m b e r in su red c o m m e r c ia l b a n k s, as e sta b lish e d b y th e F D IC , h a v e b een the sa m e as th o se in effect fo r m em b er b a n k s. F o r p r e v io u s c h a n g e s, see e a rlier issu e s o f the B u ll e t in . (P er ce n t o f m a rk et value) B egin n in g date 65% 6% a m o u n t w ere su b ject to th e 6 Vi per c e n t c e ilin g th a t a p p lie s to tim e d e p o s its m a tu rin g in 2 Vi years o r m o re. E ffective N o v . 1, 1 9 7 3 , a c e ilin g rate o f 7 Ya per c e n t w a s im p o s e d o n certificates m a tu rin g in 4 years o r m o re w ith m in im u m d e n o m in a tio n s o f $ 1 ,0 0 0 . T h ere is n o lim ita tio n o n th e a m o u n t o f th ese certifica tes th a t b a n k s m ay issu e. 5 Prior to N o v . 2 7 , 1974, n o d is tin c tio n w as m a d e b e tw e e n th e tim e d e p o sits o f g o v e r n m e n ta l u n its and o f o th e r h o ld e r s, in so fa r as R e g u la tio n Q ceilin g s o n rates p a y a b le w ere co n c e rn ed . E ffectiv e N o v . 2 7 , 1974, g o v e r n m e n ta l units w ere p e r m itte d to h o ld sa v in g s d e p o sits and c o u ld receiv e in terest rates o n tim e d e p o sits w ith d e n o m in a tio n s u n d er $ 1 0 0 ,0 0 0 irresp ectiv e o f m a tu rity , as h ig h as th e m a x im u m rate p erm itted o n su ch d e p o sits at an y F ed era lly insured d e p o sita r y in stitu tio n . MARGIN REQUIREMENTS P erio d 5 Dec. 23. 1974 JU L Y 1975 □ OPEN MARKET ACCOUNT A 9 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions o f dollars) Outright transactions in U.S. Govt, securities, by m aturity (excluding matched sale-purchase transactions) T reasu ry b ills 1 O th ers w ith in 1 y e a r 2 1 -5 years 5 - 1 0 years O v er 10 years P eriod G ro ss p u r ch a se s 197 197 197 197 197 1 1 ,0 7 4 8 ,8 9 6 8 ,5 2 2 1 5 ,5 1 7 1 1 ,6 6 0 0 1 2 3 4 197 4 — M a y June J u ly . A ug. Sept. O ct.. N ov. D e c .. 737 614 988 1 ,6 5 2 717 547 1 ,4 2 2 973 19 7 5 — J a n ... F e b .. M a r .. A p r .. M ay. 341 357 760 2 ,1 1 9 903 G ro ss R e d e m p sa les tio n s 5 ,2 1 4 3 ,6 4 2 6 ,4 6 7 4 ,8 8 0 5 ,8 3 0 2 ,1 6 0 1 ,0 6 4 2 ,5 4 5 3 ,4 0 5 4 ,5 5 0 850 565 273 426 945 460 156 318 354 1 2 .3 6 2 1 2 ,5 1 5 1 0 ,1 4 2 1 8 ,1 2 1 1 3 ,5 3 7 0 1 2 3 4 1 ,5 7 9 148 50 1974— M a y . June. J u ly . A u g .., S ep t. , O c t.. N o v .. D e c .. 944 790 1 ,1 1 3 1 ,6 5 2 893 547 1 ,7 6 5 1 ,2 5 4 1975— J a n .. F e b .. M ar. A p r .. M ay. 746 673 3 .3 6 2 3 ,1 8 9 953 2 ,1 6 0 2 ,0 1 9 2 ,8 6 2 4 ,5 9 2 4 ,6 8 2 100 954 211 850 565 1,110 273 426 945 460 156 318 354 2 ,5 6 3 26 34 53 - 2 ,6 6 3 31 78 9 204 786 1 ,0 6 3 238 6 600 900 1 ,7 8 8 506 407 G ro ss sa les - 1 ,6 2 3 126 92 123 1 ,7 5 7 -1 2 6 78 53 2 ,4 3 7 - 1 ,4 9 4 305 129 361 485 - 2 ,8 3 6 194 61 113 450 274 1 2 ,1 7 7 1 6 ,2 0 5 2 3 ,3 1 9 4 5 ,7 8 0 6 4 ,2 2 9 4 .5 8 6 4 ,5 8 0 2 .5 8 7 9 ,0 6 1 9 ,4 2 0 1 2 ,5 7 4 6,* 8 ,8 5 5 9 ,2 3 7 7 ,1 6 7 1 5 ,9 3 3 1 2 ,3 7 5 2 ,9 9 6 200 - 3 ,1 3 1 12,177 16,205 23,319 45,780 62,801 4,586 4,580 'ii,*287 9,782 12,516 6,404 7,962 10,367 6 ,6 3 4 16,763 12,216 3,044 - 1 ,8 4 5 685 - 2 ,0 9 4 8 95 1 ,6 7 5 G ro ss pur c h a se s 3 3 ,8 5 9 4 4 ,7 4 1 3 1 ,1 0 3 7 4 ,7 5 5 7 1 ,3 3 3 3 3 ,8 5 9 4 3 ,5 1 9 3 2 ,2 2 8 7 4 ,7 9 5 7 0 ,9 4 7 4 ,9 8 8 8 ,0 7 6 -3 1 2 8 ,6 1 0 1 ,9 8 4 9 ,1 9 2 6 ,1 2 4 4 ,2 6 9 2 ,0 9 6 3 ,5 5 1 4 ,6 1 8 6 ,9 9 0 1 1 ,4 7 0 8 ,6 4 8 6 ,6 6 7 4 ,9 6 5 2 ,0 9 6 3 .5 5 1 4 ,6 1 8 1 1 ,8 9 5 1 ,3 8 8 -9 1 1 - 2 ,3 8 1 3 ,0 2 8 -9 6 - 1 ,6 8 4 1 ,6 4 7 -4 9 8 9 ,2 6 0 1 1 ,2 6 7 5 ,0 1 1 1 2 ,7 7 4 1 9 ,4 8 9 8 ,7 4 8 1 0 ,3 0 5 6 ,9 2 8 8 .5 5 1 2 1 ,9 5 2 844 -2 5 8 332 6 ,4 2 8 - 2 ,2 2 4 1 B e fo r e N o v . 1973 B u l l e t in , in c lu d e d m a tc h e d s a le -p u r c h a s e tra n s a c tio n s, w h ic h are n o w s h o w n sep a ra tely . 2 I n c lu d e s sp e c ia l certificates acq u ired w h en th e T rea su ry b o rro w s d ir ec tly fro m th e F e d e r a l R ese r v e , as fo llo w s : Ju n e 1971, 9 5 5 ; S ep t. 1972, 3 8; A u g . 1973, 351 ; S ep t. 197 3 , 8 3 6 ; N o v . 1 9 74, 131; M ar. 1975, 1,5 6 0 . 6,121 100 37 -465 25 ’200 26 74 150 20 249 212 164 298 - 3 ,8 0 1 O utright G ro ss p u r ch a ses G ro ss sales 150 250 87 205 -1 3 0 53 B a n k ers a c c ep ta n c e s, net F e d e r a l a g e n c y o b lig a tio n s N et change in U .S . G o v t, secu ri ties -102 93 311 167 129 196 38 16 36 6 ,6 3 5 R e p u rc h a se a g reem en ts ( U .S . G o v t, secu rities) G ro ss E x c h . o r sa les m a tu r ity sh ifts G ro ss p u r ch a se s 1 ,9 4 0 65 G ro ss p u r ch a ses G ro ss E x c h . o r sa les m a tu r ity sh ifts 1 ,0 5 7 -200 M a tc h e d s a le-p u rch a se tra n sa c tio n s (U .S . G o v t, secu rities) R edem p tio n s 5 ,2 1 4 3 ,6 4 2 6 ,4 6 7 4 ,8 8 0 5 ,8 3 0 249 933 539 500 434 14 600 900 487 506 407 P e r io d 197 197 197 197 197 148 85 6 G ro ss p u r c h a se s 5 ,4 3 0 4 ,6 7 2 - 1 ,4 0 5 - 2 ,0 2 8 -6 9 7 - 2 ,8 6 7 22 786 1 ,0 6 3 107 G ro ss E x c h . or sa les m a tu rity sh ifts 848 1 ,3 3 8 789 579 797 48 27 2 04 1,110 G ro ss p u r ch a ses - 3 ,4 8 3 - 6 ,4 6 2 2 ,9 3 3 -1 4 0 - 1 ,3 1 4 112 100 954 211 G ro ss s a les E x c h ., G ro ss m atu rity sa les s h ifts , or red em p tio n s 99 1 ,0 3 6 125 1 ,3 9 6 450 T o ta l o u tr ig h t1 G ro ss p u r ch a se s G ro ss p u r ch a ses Sales o r re d e m p tio n s 48 5 1 ,1 9 7 865 3 ,0 8 7 201 309 761 238 207 R ep u r c h a se agree m en ts, n et 37 0 239 322 376 O u t r ig h t -6 22 -2 101 -88 -9 29 4 69 511 424 -372 -270 15 72 35 3 16 16 121 59 40 -100 369 142 331 360 210 N et ch a n g e 3 R epu r c h a se a gree m en ts 14 81 174 188 103 -409 24 6 -347 883 -5 6 7 2 -2 97 -12 -5 24 55 4 ,9 8 2 181 8,866 27 2 -145 9 ,2 2 7 -3 6 420 6 ,1 4 9 142 2 ,1 5 5 -70 - 1 , 1 1 5 -207 -2,011 187 -1 8 5 218 201 3 ,3 2 2 322 - 1 ,9 7 0 2 ,7 3 9 393 -1 3 6 39 -3 2 3 496 -3 7 5 387 309 -1 3 6 7 ,8 2 9 - 3 ,2 0 7 3 N e t ch a n g e in U .S . G o v t, secu rities, F ed era l a g en cy o b lig a tio n s, a n d b a n k er s’ a ccep ta n ces. N o te .— S a les, r e d e m p tio n s, an d n e g a tiv e figures red u ce S y ste m h o ld in g s; all o th e r figures in crea se su c h h o ld in g s. D e t a ils m a y n o t a d d to t o ta ls b e c a u se o f ro u n d in g . CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In m illio n s o f U .S . d o lla r eq u iv a len t) E n d o f p e r io d T o ta l 1 9 7 0 .................................................... 1 9 7 1 .................................................... 1 9 7 2 ..................................................... 1 9 7 3 ..................................................... 2 57 18 192 1974— A p r ........................................ M a y ...................................... J u n e ...................................... J u ly ....................................... A u g ....................................... S e p t....................................... O ct......................................... N o v . .................................... D e c ....................................... 6 63 90 8 220 242 190 40 2 1975— J a n ......................................... F e b ..................................... M a r ....................................... 2 2 19 4 Pounds sterlin g 154 3 * * * * * * * * * * ♦ * * * B e lg ia n fran cs * 3 * 5 5 5 1 * * 1 * * * * * C a n a d ia n d o lla r s * * * * * * * * * * * * * * * * French fran cs G erm a n m a rk s Ita lia n lire J a p a n e se yen 98 2 164 * 1 1 1 1 * 57 84 6 39 '61 8 38 1 1 1 1 1 1 1 1 1 1 1 1 17 1 1 1 M e x ic o p e so s N e th e r la n d s gu ild ers * 20 180 180 180 Sw iss fra n cs 4 8 6 3 A 10 FEDERAL RESERVE BANKS □ JU L Y 1975 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End o f m onth 1975 June 25 J u n e 18 1974 1975 Ju n e 11 June 4 M a y 28 J u n e 30 M a y 31 Ju n e 30 A sse ts G o ld certificate a c c o u n t ........................................... S p ecial D r a w in g R ig h ts certifica te a c c o u n t. C a s h ...................................................................... L oan s: M e m b e r b a n k b o r r o w in g s .................. O t h e r ............................................................... A ccep ta n ces: B o u g h t o u t r ig h t ........................................ H e ld u n d er rep u rch ase a g r e em e n ts. F ed era l a g en cy o b lig a t io n s : B o u g h t o u tr ig h t......................................... H eld un d er repurchase a g r e em e n ts. U .S . G o v t, secu rities: B o u g h t o u trig h t: B i l l s .................................... C ertificates— S p e c ia l.. O t h e r .. . N o t e s ................................. B o n d s ................................ T o ta l b o u g h t o u tr ig h t............................ H eld u n d er rep u rch ase a g reem en ts. 1 1 ,6 2 0 50 0 1 1 ,6 2 0 500 1 1 ,6 2 0 500 1 1 ,6 2 0 500 1 1 ,6 2 0 500 1 1 ,6 2 0 500 1 1 ,6 2 0 500 1 1 ,4 6 0 400 357 357 353 356 357 360 366 218 1,101 374 115 457 481 560 24 3 ,2 1 0 681 313 67 2 9 698 719 109 740 136 682 744 121 97 207 5 ,0 8 5 35 4 5 ,0 8 5 60 5 ,0 8 5 5 ,0 8 5 162 5 ,0 9 1 449 5 ,0 8 5 61 5 ,0 9 1 316 2 ,8 5 8 270 3 6 ,8 6 9 3 6 ,6 3 1 3 3 ,4 4 3 3 6 ,6 0 6 3 8 ,0 9 8 3 7 ,1 7 2 3 7 ,4 1 1 3 7 ,2 7 4 4 2 ,3 1 9 4 ,4 6 5 4 2 ,0 3 8 4 ,4 1 3 4 2 ,0 3 8 4 ,4 1 3 4 2 ,0 3 8 4 ,4 1 3 4 2 ,0 3 8 4 ,4 1 3 4 2 ,8 8 6 4 ,5 2 2 4 2 ,0 3 8 4 ,4 1 3 3 9 ,6 9 2 2 ,8 2 2 8 3 ,6 5 3 4 ,1 7 7 1 8 3 ,0 8 2 1 ,0 4 6 1 7 9 ,8 9 4 1 8 3 ,0 5 7 69 8 1 8 4 ,5 4 9 4 ,2 4 8 1 8 4 ,5 8 0 169 1 8 3 ,8 6 2 1 ,7 6 0 1 7 9 ,7 8 8 696 T o ta l U .S . G o v t, secu rities. 8 7 ,8 3 0 8 4 ,1 2 8 7 9 ,8 9 4 8 3 ,7 5 5 8 8 ,7 9 7 8 4 ,7 4 9 8 5 ,6 2 2 8 0 ,4 8 4 T o ta l lo a n s an d se cu ritie s......................... C a sh item s in p r o c e ss o f c o lle c t io n . . . B an k p r e m is e s ................................................ O p eratin g e q u ip m e n t................................... O th e r a ssets: D e n o m in a te d in fo re ig n c u r r en cie s. A ll o t h e r ........................................................ 9 5 ,3 6 4 7 ,6 3 0 28 8 9 0 ,3 2 8 9 ,0 8 6 285 8 5 ,7 9 2 7 ,5 2 1 28 4 9 0 ,2 8 7 7 ,9 5 5 285 9 5 ,6 9 4 7 ,7 3 6 281 9 1 ,1 3 7 * 5 ,6 0 6 288 9 1 ,9 1 8 6 ,3 2 6 284 8 7 ,1 2 6 7 ,7 0 2 239 4 2 ,7 7 6 2 ,8 4 4 39 2 ,8 2 4 16 2 ,7 0 8 3 2 ,6 5 3 25 2 ,6 8 2 4 2 ,6 9 4 90 935 * 1 1 8 ,5 4 1 * 1 1 5 ,0 3 2 1 0 8 ,9 3 5 1 1 3 ,7 2 9 1 1 8 ,8 4 6 *112,220 1 1 3 ,7 1 4 1 0 8 ,1 7 0 7 2 ,2 2 9 7 0 ,8 5 2 6 5 ,2 9 5 2 9 ,3 6 2 7 ,6 8 7 294 * 2 5 ,6 1 5 5 ,7 7 3 373 2 6 ,4 4 5 7 ,0 3 6 310 3 0 ,0 8 6 2 ,9 1 9 384 2 T o ta l a ssets. 2 10 2 2 2 2 2 L ia b ilitie s F .R . n o t e s ....................................................... D e p o s its : M e m b e r b a n k r e se r v e s ....................... U .S . T reasu ry— G en era l a c c o u n t. F o r e ig n ........................................................ O th e r : A ll o t h e r 2 ............................................. . 7 2 ,1 4 6 7 2 ,0 6 8 7 2 ,1 3 3 7 1 ,5 1 6 * 3 0 ,9 6 5 5 ,4 9 7 294 * 2 9 ,9 2 7 2 ,6 3 9 295 2 6 ,2 9 8 1 ,0 5 7 254 3 0 ,9 1 1 1 ,8 5 8 254 1 ,1 6 5 1 ,0 9 8 1 ,3 1 8 701 1 ,1 5 9 T o ta l d e p o s its . * 3 7 ,4 9 7 * 3 3 ,7 4 6 2 8 ,7 7 4 3 4 ,1 2 1 3 8 ,6 6 1 * 3 2 ,4 6 2 3 4 ,9 5 0 3 4 ,1 5 1 4 ,9 4 8 1 ,0 9 3 5 ,0 6 5 1 ,1 4 4 5 ,6 1 8 1 ,1 5 1 4 ,1 7 5 1 ,0 7 6 4 ,5 1 6 1 ,0 9 9 5 ,4 0 5 741 5 ,4 4 6 1 ,2 6 2 D e fe r re d av a ila b ility ca sh ite m s ................ O th er lia b ilitie s and accru ed d iv id e n d s. 6,011 1,120 1,101 * 1 1 6 ,3 5 1 * 1 1 2 ,9 4 5 1 0 6 ,9 4 8 1 1 1 ,8 4 6 1 1 6 ,6 0 5 * 1 0 9 ,9 4 2 1 1 1 ,4 1 7 1 0 5 ,9 5 2 C a p ita l p a id i n ................................................................................ S u r p lu s ................................................................................................ O th e r c a p ita l a c c o u n t s ............................................................... 90 9 897 384 910 897 280 909 897 181 9 09 897 77 907 897 43 7 9 09 897 4 72 908 897 492 878 844 496 T o ta l lia b ilities and ca p ital a c c o u n t s .................................. * 1 1 8 ,5 4 1 * 1 1 5 ,0 3 2 1 0 8 ,9 3 5 1 1 3 ,7 2 9 1 1 8 ,8 4 6 *112,220 1 1 3 ,7 1 4 1 0 8 ,1 7 0 3 9 ,5 0 7 4 0 ,1 4 8 4 0 ,2 7 2 4 0 ,4 4 9 3 9 ,5 4 1 * 3 9 ,5 3 9 4 0 ,5 0 2 2 9 ,6 3 7 T o ta l lia b ilitie s . C ap ita l acco u n ts C o n tin g e n t lia b ility o n a c c ep ta n ces p u rch ased for fo reig n c o r r e s p o n d e n ts .......................................................... M a rk eta b le U .S . G o v t, secu rities h eld in c u sto d y for fo reig n an d in tern ation al a c c o u n ts ............................. 795 F ed eral R eserve N o tes— F ederal R eserve Agents* A ccounts F .R . n o tes o u tsta n d in g (issu ed to B a n k )............ C o lla te r a l h eld a g a in st n o te s o u tsta n d in g : G o ld certificate a c c o u n t.......................................... S p ecial D r a w in g R ig h ts certifica te a c c o u n t . A c c e p ta n c e s ................................................................... U .S . G o v t, s e c u r itie s ................................................ T o ta l c o lla te r a l. 1 S ee n o te 2 o n p . A -2 . 2 S ee n o te 6 o n p . A -2 . 7 6 ,7 5 5 7 6 ,5 7 1 7 6 ,3 3 3 7 5 ,8 3 6 7 5 ,5 2 6 7 7 ,0 0 1 7 5 ,7 7 7 6 9 ,4 9 0 1 1 ,6 1 8 2 86 1 0 ,2 9 1 2 27 1 0 ,2 9 1 208 9 ,8 7 3 190 9 ,1 0 3 170 1 1 ,5 9 6 292 9 ,8 7 6 190 2 ,1 7 5 6 8 ,6 0 0 6 9 ,5 0 0 6 9 ,6 0 0 6 9 ,8 5 0 7 0 ,4 3 0 6 8 ,6 5 0 6 9 ,8 5 0 6 8 ,2 9 5 8 0 ,5 0 4 8 0 ,0 1 8 8 0 ,0 9 9 7 9 ,9 1 3 7 9 ,7 0 3 8 0 ,5 3 8 7 9 ,9 1 6 7 0 ,4 7 0 JU L Y 1975 □ FEDERAL RESERVE BANKS; BANK DEBITS A 11 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In m illio n s o f d o lla rs) W e d n e sd a y E n d o f m o n th 1975 Ite m June 25 1974 1975 June 18 June 11 June 4 M a y 28 Ju n e 30 M a y 31 J u n e 30 37 4 370 4 115 109 457 44 8 9 485 480 5 560 55 2 23 6 8 3 3 ,2 0 9 3 ,1 5 7 52 681 91 390 828 206 384 238 8 76 226 389 261 682 93 383 206 865 229 394 242 304 225 79 L o a n s — T o t a l ..................................................................................... W ith in 15 d a y s ............................................................................. 1 6 - 9 0 d a y s ....................................................................................... 91 d ays to 1 y e a r .......................................................................... 1,101 A c c e p ta n c e s — T o t a l ........................................................................ W ith in 15 d a y s ............................................................................. 1 6 -9 0 d a y s ....................................................................................... 91 d ays to 1 y e a r ......................................................................... 994 3 99 388 207 200 6 98 106 37 6 216 U .S . G o v t, secu rities— T o t a l...................................................... W ith in 15 d a y s 1 ........................................................................... 1 6 -9 0 d a y s ....................................................................................... 91 d a y s to 1 y e a r ......................................................................... 8 7 ,8 3 0 9 ,4 3 8 1 9 ,4 7 6 2 0 ,1 4 7 2 8 ,5 6 0 7 ,0 7 0 3 ,1 3 9 8 4 ,1 2 8 6 ,9 4 4 1 8 ,1 7 6 2 0 ,5 5 7 2 8 ,4 0 7 6 ,9 5 7 3 ,0 8 7 7 9 ,8 9 4 2 ,3 5 5 1 8 ,4 8 2 2 0 ,6 0 6 2 8 ,4 0 7 6 ,9 5 7 3 ,0 8 7 8 3 ,7 5 5 4 ,4 2 5 2 0 ,1 0 6 2 0 ,7 7 3 2 8 ,4 0 7 6 ,9 5 7 3 ,0 8 7 8 8 ,7 9 7 9 ,3 5 6 2 0 ,6 5 7 2 0 ,2 7 7 2 8 ,4 6 3 6 ,9 5 7 3 ,0 8 7 8 4 ,7 4 9 3 ,8 9 1 2 1 ,1 8 7 2 0 ,9 7 2 2 8 ,3 6 6 7 ,1 3 7 3 ,1 9 6 8 5 ,6 2 2 5 ,0 8 7 2 1 ,9 1 1 2 0 ,1 1 7 2 8 ,4 6 3 6 ,9 5 7 3 ,0 8 7 8 0 ,4 8 4 4 ,8 0 2 2 5 ,1 5 0 2 0 ,6 9 7 1 9 ,9 1 4 7 ,9 4 5 1 ,9 7 6 5 ,4 3 9 401 283 495 2 ,5 5 2 1 ,1 4 7 561 5 ,1 4 5 107 283 495 2 ,5 5 2 1 ,1 4 7 561 5 ,0 8 5 5 ,2 4 7 199 224 525 2 ,5 2 9 1 ,2 0 9 561 5 ,5 4 0 523 189 529 2 ,5 2 9 1 ,2 0 9 561 5 ,1 4 6 109 282 495 2 ,5 5 2 1 ,1 4 7 561 5 ,4 0 7 390 189 529 2 ,5 2 9 1 ,2 0 9 561 3 ,1 2 8 275 57 397 1 ,2 7 4 754 371 W ith in 15 d a y s 1 ........................................................................... 1 6 -9 0 d a y s ....................................................................................... 91 d ays to 1 y e a r ......................................................................... 1 -5 y e a r s .......................................................................................... 5 - 1 0 y e a r s ........................................................................................ O ver 10 y e a r s ................................................................................. 1 ,0 9 7 4 225 600 2 ,5 5 2 1 ,1 4 7 561 20 1 H o ld in g s u n d er rep u rch ase agreem en ts are classified as m aturing w ith in 15 d ays in a cco rd a n ce w ith m a x im u m m atu rity o f th e agreem en ts. BANK DEBITS AND DEPOSIT TURNOVER (S ea so n a lly adjusted an n u a l rates) D e b its to d em an d d ep o sit a c c o u n ts 1 (b illio n s o f d ollars) T u rn o v er o f d em a n d d e p o sits P erio d L ea d in g S M S A ’s T o ta l 233 S M S A ’s 6 o th e r s 2 T o ta l 232 S M S A ’s (ex cl. N .Y .) 226 T o ta l oth er 233 S M S A ’s N .Y . S M S A ’s L ea d in g S M S A ’s N .Y . 6 o th e r s 2 2 0 , 5 6 4 .7 2 0 , 4 5 7 .3 2 0 , 8 9 9 .6 2 1 , 4 8 1 .7 2 2 ,0 1 7 .5 2 2 , 3 4 8 .8 2 2 , 9 1 8 .7 2 2 , 1 9 2 .4 8 ,9 7 0 .1 9 , 0 6 5 .7 9 ,1 4 0 .4 9 , 2 4 0 .8 9 , 9 7 0 .8 1 0 ,2 7 1 .1 1 0 ,5 3 8 .9 9 , 9 3 1 .8 4 , 8 2 0 .8 4 ,7 6 8 .0 4 ,8 9 2 .1 5 , 1 7 3 .0 5 ,0 9 2 .1 5 , 0 8 4 .7 5 , 1 6 0 .2 5 ,1 5 2 .7 1 1 ,5 9 4 .6 1 1 ,3 9 1 .6 1 1 ,7 5 9 .2 1 2 ,2 4 1 .0 1 2 ,0 4 6 .7 1 2 ,0 7 7 .6 1 2 ,3 7 9 .8 1 2 ,2 6 0 .6 6 , 7 7 3 .8 6 ,6 2 3 .6 6 ,8 6 7 .1 7 ,0 6 8 .0 6 ,9 5 4 .7 6 ,9 9 3 .0 7 , 2 1 9 .6 7 , 1 0 7 .9 1 1 7 .1 1 1 6 .9 1 1 9 .8 1 2 3 .4 1 2 5 .1 1 2 7 .0 1 3 1 .8 1 2 8 .0 2 7 5 .3 2 7 9 .9 2 8 2 .1 2 8 6 .4 3 1 0 .5 3 1 6 .8 3 2 4 .6 3 1 2 .8 1 2 3 .5 1 3 2 .0 1 2 7 .5 1 2 7 .3 1 3 1 .5 1 3 1 .8 1 975— J a n ......................................... 2 1 , 8 5 6 .3 F e b ........................................ 2 2 , 9 5 2 .7 M a r ....................................... 2 2 , 1 8 2 .9 A p r ........................................ r2 2 ,6 9 6 .7 M a y . .................................. 2 2 , 7 4 8 .5 1 0 ,1 5 7 .8 1 0 ,9 1 8 .0 1 0 ,2 4 1 .1 1 0 ,8 1 0 .3 1 0 ,8 2 6 .1 4 ,8 6 8 .4 4 , 9 9 2 .8 4 , 8 9 9 .9 r4 , 7 7 0 .6 4 ,8 5 8 .9 1 1 ,6 9 8 .4 1 2 ,0 3 4 .7 7 1 ,9 4 1 .8 rl l , 8 8 6 .5 1 1 ,9 2 2 .4 6 ,8 3 0 .1 7 , 0 4 1 .9 7 ,0 4 1 .9 *•7,1 1 5 .9 7 , 0 6 3 .5 1 2 7 .2 1 3 3 .3 1 2 5 .0 '•127.6 1 2 9 .3 321 .8 3 4 3 .2 3 1 8 .3 3 2 8 .2 3 3 3 .9 1 2 5 .9 1 2 7 .4 1 1 8 .2 *•115.5 1 2 1 .5 1974— M a y ...................................... J u n e .................................... J u ly ........................................ A u g ........................................ S e p t....................................... O ct......................................... N o v ....................................... D e c ........................................ 1 E x clu d es in terb a n k an d U .S . G o v t, d e m a n d d e p o s it a c c o u n ts. 2 B o s to n , P h ila d elp h ia , C h ic a g o , D e tr o it, Sa n F r a n c isc o -O a k la n d , and L o s A n g e le s -L o n g B ea ch . 1 2 2 .3 12 0 .0 T o ta l 2 32 S M S A ’s (ex cl. N .Y .) 8 1 .1 7 9 .8 8 2 .8 8 6 .3 8 3 .8 8 4 .1 8 7 .5 8 6 .6 8 3 .4 8 5 .8 8 2 .2 r8 2 . 0 8 3 .1 2 26 o th e r S M S A ’s 6 5 .4 6 4 .3 6 7 .0 6 8 .9 6 6 .9 6 7 .5 7 0 .6 6 9 .3 6 7 .3 6 9 .6 6 7 .8 r6 8 .7 6 8 .2 N ote .— T o ta l S M S A ’s in c lu d e s o m e cities and c o u n tie s n o t d e sig n a te d as S M S A ’s. F o r b a ck d a ta see p p . 6 3 4 -3 5 o f July 1972 B u l l e t in . MONEY STOCK □ JU L Y 1975 A 12 MEASURES OF THE MONEY STOCK (In billions of dollars) S e a so n a lly adjusted P eriod Mi Mi M 3 N o t s e a so n a lly ad ju sted M4 M\ Ms M 2 M 3 Mi Ms C o m p o s itio n o f m ea su res is d escribed in th e N o t e b e lo w . 1972— D e c ........................................ 1973— D e c ........................................ 2 5 5 .8 2 7 1 .5 5 2 5 .7 5 7 2 .2 8 4 4 .9 9 1 9 .6 5 6 9 .7 6 3 6 .0 888. 8 9 8 3 .4 2 6 3 .0 2 7 9 .1 5 3 0 .7 5 7 7 .3 8 4 8 .0 9 2 2 .8 5 7 4 .9 6 4 1 .3 8 9 2 .2 9 8 6 .8 1974— M a y ...................................... J u n e ...................................... J u ly ....................................... A u g ....................................... S e p t....................................... O ct......................................... N o v ....................................... D e c ........................................ 2 7 7 .6 2 8 0 .0 2 8 0 .4 2 8 0 .5 2 8 0 .7 281 .6 2 8 3 .6 2 8 4 .4 591 .6 5 9 7 .1 5 9 9 .6 601 .9 6 0 3 .4 6 0 7 .6 611 .6 6 1 3 .5 " 9 4 8 .6 " 9 5 5 .8 r9 5 9 .6 " 9 6 2 .6 9 6 5 .0 9 7 0 .7 9 7 6 .9 981 .7 6 7 0 .2 6 7 8 .4 6 8 3 .2 6 8 5 .7 6 8 8 .2 6 9 3 .8 6 9 7 .1 7 0 3 .8 "i ,0 2 7 .1 n ,0 3 7 .1 "1 , 0 4 3 .2 1 ,0 4 6 .4 1 , 0 4 9 .9 1 , 0 5 6 .9 "1 , 0 6 2 .5 1 , 0 7 2 .0 2 7 2 .9 2 7 8 .2 2 8 0 .0 2 7 7 .3 2 7 8 .9 281 .2 2 8 5 .1 2 9 2 .3 5 8 9 .7 5 9 6 .5 5 9 9 .2 5 9 8 .4 6 0 0 .3 6 0 5 .7 6 0 9 .8 6 1 8 .6 " 9 4 8 .2 " 9 5 7 .2 " 9 6 0 .9 9 5 8 .7 9 6 0 .8 9 6 7 .4 9 7 2 .8 9 8 5 .1 6 6 6 .9 6 7 6 .2 681 .9 6 8 5 .5 6 8 9 .0 6 9 4 .5 6 9 6 .8 7 0 9 .1 " 1 ,0 2 5 .4 "1 ,0 3 6 .8 "1 ,0 4 3 .7 1 , 0 4 5 .8 1 , 0 4 9 .5 1 ,0 5 6 .2 1 , 0 5 9 .9 1 , 0 7 5 .5 1975— J a n ......................................... F e b ........................................ M a r....................................... A p r ........................................ M a y * ................................... 2 8 2 .2 2 8 3 .5 2 8 6 .1 2 8 7 .1 2 8 9 .7 6 1 5 .5 6 2 0 .3 6 2 6 .4 6 3 0 .4 6 3 7 .3 9 8 7 .0 9 9 5 .6 1 , 0 0 7 .2 1 ,0 1 7 .2 1 ,0 2 9 .5 7 0 8 .3 7 1 2 .4 "716.1 7 1 8 .8 7 2 2 .8 1 , 0 7 9 .8 1 , 0 8 7 .6 1 ,0 9 7 .0 "1 , 1 0 5 .6 1 ,1 1 5 .1 2 8 9 .3 2 8 0 .4 2 8 3 .3 2 8 8 .7 2 8 4 .9 621 .5 6 1 7 .9 6 2 5 .9 6 3 4 .8 6 3 5 .5 9 9 2 .4 9 9 3 .3 1 , 0 0 8 .6 "1 , 0 2 3 .9 1 , 0 2 9 .2 7 1 3 .4 7 0 7 .1 " 7 1 3 .9 7 2 0 .6 7 1 9 .6 1 , 0 8 4 .4 1 , 0 8 2 .5 "1 , 0 9 6 .6 " 1 ,1 0 9 .8 1 , 1 1 3 .3 N o te .— C o m p o sitio n o f th e m o n e y sto c k m ea su res is as f o llo w s : M i: A verages o f d a ily figures for (1) d em a n d d e p o sits o f co m m e r c ia l b an k s oth er th an d o m e stic in terb an k and U .S . G o v t., less ca sh item s in p ro cess o f c o lle c tio n and F .R . flo a t; (2 ) fo reig n d em a n d b a la n ces at F .R . B a n k s; an d (3) cu rren cy o u tsid e th e T reasu ry, F .R . B an k s, an d va u lts o f c o m m ercia l b an k s. M : A verages o f d a ily figures fo r M l p lu s sa v in g s d e p o sits, tim e d e p o sits o p en a cco u n t, and tim e certificates oth er than n e g o tia b le C D ’s o f $ 100,000 o f large w eek ly rep ortin g b an k s. 2 M 3 : M 2 p lu s m u tu al sa v in g s b a n k d ep o sits, savin gs and lo a n sh ares, an d cred it u n io n shares (n o n b a n k th rift). M u M 2 plus large n e g o tia b le C D ’s. M $: M plu s large n e g o tia b le C D ’s. F o r a d escrip tio n o f the latest r ev isio n s in M \, M , and M , see “ R e v i sio n o f M o n e y S to c k M easu res and M em b er B an k R eserv es an d D e p o s its ” o n pp. 8 1 7 -2 7 o f the D e c . 1974 B u l l e t in . L atest m o n th ly and w eek ly figures are a v a ila b le fro m th e B o a r d ’s H .6 release. B ack d a ta are a v a ila b le fro m th e B a n k in g S ec tio n , D iv is io n o f R esea rch and S ta tistics. 3 2 3 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In b illio n s o f d o lla rs) S ea so n a lly adjusted N o t sea so n a lly ad ju sted C o m m ercia l b an k s C o m m ercia l b an k s T im e an d sa v in g s d ep o sits P eriod C ur ren cy D e m and d e p o s its C D ’s 1 O ther T o ta l N on ban k th rift in sti tu tio n s 2 D e m a n d d ep o sits C u r ren cy T o ta l M em ber D o m es tic nonm em ber T im e and savin gs d ep o sits C D ’s 1 O ther T o ta l N on b an k thrift in sti tu tio n s 2 U .S . G o v t. d e pos its 3 1972— D e c .................... 1 973— D e c .................... 5 6 .9 6 1 .6 1 9 8 .9 2 0 9 .9 4 3 .9 6 3 .8 2 6 9 .9 3 0 0 .7 3 1 3 .8 3 6 4 .5 3 1 9 .1 3 4 7 .4 5 7 .9 6 2 .7 2 0 5 .1 2 1 6 .4 1 5 2 .4 1 5 7 .0 5 1 .4 5 6 .6 4 4 .2 6 4 .0 2 6 7 .6 2 9 8 .2 3 1 1 .8 3 6 2 .2 3 1 7 .3 3 4 5 .6 7 .4 6 .3 1 9 7 4 — M a y .................. J u n e .................. J u ly .................... A u g .................... S e p t................... O c t ..................... N o v ................... D e c .................... 6 4 .3 6 4 .6 6 4 .8 6 5 .5 6 5 .9 6 6 .5 6 7 .4 6 7 .9 2 1 3 .3 2 1 5 .4 2 1 5 .6 2 1 5 .0 2 1 4 .8 2 1 5 .2 2 1 6 .2 2 1 6 .5 7 8 .5 8 1 .3 8 3 .6 8 3 .8 8 4 .8 86.2 8 5 .5 9 0 .3 3 1 4 .0 3 1 7 .1 3 1 9 .2 3 2 1 .5 3 2 2 .7 3 2 5 .9 3 2 8 .0 3 2 9 .1 3 9 2 .5 3 9 8 .4 4 0 2 .8 4 0 5 .2 4 0 7 .5 4 1 2 .1 4 1 3 .6 4 1 9 .4 " 3 5 7 .0 " 3 5 8 .7 " 3 6 0 .0 3 6 0 .7 " 3 6 1 .7 " 3 6 3 .2 3 6 5 .3 3 6 8 .2 6 4 .1 6 4 .8 6 5 .3 6 5 .7 6 5 .8 6 6 .4 6 7 .9 6 9 .0 2 0 8 .8 2 1 3 .5 2 1 4 .7 2 1 1 .6 2 1 3 .1 2 1 4 .7 2 1 7 .3 2 2 3 .3 1 5 1 .3 1 5 3 .6 1 5 4 .4 1 5 2 .3 1 5 3 .3 1 5 4 .4 1 5 6 .0 1 6 0 .4 5 4 .8 5 6 .1 5 6 .5 5 6 .1 5 6 .6 5 7 .1 5 7 .7 5 8 .9 7 7 .2 7 9 .6 8 2 .8 8 7 .1 8 8 .7 8 8 .8 8 7 .1 9 0 .5 3 1 6 .7 3 1 8 .3 3 1 9 .2 3 2 1 .1 3 2 1 .3 3 2 4 .6 3 2 4 .6 3 2 6 .3 3 9 3 .9 3 9 7 .9 4 0 2 .0 4 0 8 .2 4 1 0 .1 4 1 3 .3 4 1 1 .7 4 1 6 .8 " 3 5 8 .5 " 3 6 0 .7 " 3 6 1 .7 3 6 0 .3 3 6 0 .5 3 6 1 .7 3 6 3 .0 3 6 6 .5 7 .6 6 .1 5 .4 4 .0 5 .5 3 .7 3 .4 4 .9 1 9 7 5 — J a n ..................... F e b .................... M a r ................... A p r .................... M a y * ............... 68.2 68.8 6 9 .5 6 9 .6 7 0 .3 2 1 4 .0 2 1 4 .7 2 1 6 .6 2 1 7 .5 2 1 9 .4 9 2 .7 9 2 .1 8 9 .8 8 8 .4 8 5 .5 3 3 3 .3 3 3 6 .8 3 4 0 .3 3 4 3 .3 3 4 7 .6 4 2 6 .0 4 2 8 .9 4 3 0 .0 431 .7 4 3 3 .1 3 7 1 .5 3 7 5 .3 3 8 0 .8 " 3 8 6 .8 3 9 2 .2 6 7 .8 6 7 .9 6 8 .9 6 9 .2 7 0 .1 221 .5 212.6 " 2 1 4 .4 2 1 9 .5 2 1 4 .8 1 5 8 .9 1 5 2 .4 " 1 5 4 .0 1 5 7 .6 1 5 4 .1 5 8 .7 5 6 .6 5 7 .1 5 8 .8 5 7 .8 9 1 .9 8 9 .2 88.1 8 5 .8 8 4 .1 3 3 2 .2 3 3 7 .4 3 4 2 .6 3 4 6 .1 3 5 0 .6 4 2 4 .1 4 2 6 .6 4 3 0 .6 4 3 2 .0 4 3 4 .7 3 7 1 .0 3 7 5 .4 3 8 2 .7 "389.1 3 9 3 .8 4 .0 3 .4 3 .9 4 .2 4 .2 1 N e g o tia b le tim e certifica tes o f d e p o s it issu e d in d e n o m in a tio n s o f $ 100,000 or m o re b y large w e e k ly r ep o rtin g c o m m e r c ia l b a n k s. 2 A v e r a g e o f th e b e g in n in g a n d e n d -o f-m o n th figures fo r d e p o s its o f m u tu al sa v in g s b an k s, fo r sa v in g s ca p ita l at sa v in g s and lo a n a sso cia tio n s, and fo r cred it u n io n sh ares. 3 A t all c o m m e r c ia l b a n k s. S ee a lso N ote a b o v e , JU L Y 1975 □ BANK RESERVES; BANK CREDIT A 13 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In b illio n s o f d o lla r s) D e p o s its su b ject to reserve r e q u ir e m e n ts3 M e m b e r b a n k reserves, S . A . 1 S .A . P e r io d T o ta l N on bor ro w ed R e quired A v a il a b le 2 T o ta l m em b e r b a n k d e p o sits p lu s n o n d e p o sit ite m s 4 N .S .A . D em and D em and T o ta l T im e and sa v in g s P rivate U .S . G o v t. T o ta l T im e and sa v in g s P r iv a te S .A . 1 971— D e c ........ 1 972— D e c ........ 1 973— D e c ........ 3 1 .3 3 3 1 .4 6 3 5 .1 6 3 1 .2 0 3 0 .4 1 3 3 .8 7 3 1 .1 5 3 1 .1 7 3 4 .8 6 2 9 .0 3 2 9 .0 9 3 2 .9 7 3 6 0 .3 4 0 2 .0 4 4 2 .2 2 1 0 .7 2 4 2 .0 2 8 0 .0 1 4 3 .8 1 5 4 .5 1 5 8 .2 5 .8 5 .6 3 .9 3 6 4 .6 4 0 6 .8 4 4 7 .5 2 0 9 .7 2 4 0 .7 2 7 8 .5 1 4 9 .2 1 6 0 .1 1 6 4 .0 1 974— M a y . . . . J u n e ... . J u l y .. . . A u g .. . . S e p t----O c t ......... N o v .. . . D e c ........ 3 6 .5 2 3 6 .7 4 3 7 .4 0 3 7 .2 7 3 7 .2 8 3 6 .8 6 3 6 .8 7 3 6 .9 1 3 3 .9 3 3 3 .7 3 3 4 .1 0 3 3 .9 3 3 4 .0 0 3 5 .0 4 3 5 .6 2 3 6 .1 8 3 6 .3 4 3 6 .5 4 3 7 .2 4 3 7 .0 8 3 7 .0 9 3 6 .7 3 3 6 .6 7 3 6 .6 5 3 4 .2 6 3 4 .7 1 3 4 .9 6 3 5 .2 7 3 5 .3 0 3 4 .8 9 3 4 .8 7 3 4 .6 4 4 6 7 .1 4 7 2 .9 4 7 5 .7 4 7 8 .5 4 8 0 .6 4 8 0 .5 4 8 3 .6 4 8 5 .9 3 0 2 .3 3 0 7 .0 3 1 0 .7 3 1 2 .4 3 1 4 .4 3 1 7 .2 3 1 8 .4 3 2 3 .4 1 5 9 .1 1 6 0 .6 1 6 0 .7 1 5 9 .9 1 5 9 .9 1 5 9 .5 1 6 0 .6 1 6 0 .7 5 .6 5 .3 4 .2 4 6 4 .7 4 7 0 .0 4 7 4 .3 4 7 5 .1 4 7 9 .7 4 8 0 .5 4 8 1 .2 4 9 1 .8 3 0 3 .0 3 0 6 .4 3 1 0 .1 3 1 5 .3 3 1 7 .2 3 1 8 .6 3 1 7 .4 3 2 1 .7 1 5 5 .6 1 5 8 .9 1 6 0 .0 1 5 7 .0 1 5 8 .3 1 5 9 .1 1 6 1 .4 1 6 6 .6 19 7 5 — Jan F e b ........ M a r ___ A p r ......... M a y ___ 3 6 .9 1 3 5 .4 6 3 4 .8 5 3 5 .0 8 3 4 .6 4 3 6 .5 1 3 5 .3 2 3 4 .7 4 3 4 .9 7 3 4 .5 7 3 6 .7 6 3 5 .2 7 3 4 .6 5 3 4 .9 3 3 4 .4 8 3 4 .4 1 3 3 .6 1 3 3 .0 3 3 3 .1 1 3 2 .8 1 4 8 8 .2 4 8 9 .2 4 9 1 .6 4 9 3 .5 4 9 3 .7 3 2 8 .5 3 2 8 .9 3 2 9 .2 3 2 9 .7 3 2 9 .0 1 5 9 .0 1 5 9 .7 1 6 1 .7 1 6 1 .7 1 6 2 .6 4 9 5 .1 4 8 7 .0 4 9 1 .6 4 9 5 .4 491 .8 3 2 7 .2 3 2 6 .5 3 2 8 .9 3 2 9 .1 3 2 9 .8 1 6 5 .0 1 5 8 .0 1 5 9 .8 1 6 3 .2 1 5 9 .0 1 A verages o f d a ily figures. M e m b e r b a n k reserve series reflects a ctu a l reserve req u irem en t p e rcen ta g es w ith n o ad ju stm en t to e lim in a te the e ffect o f ch a n g e s in R e g u la tio n s D an d M . R eq u ired reserves w ere in creased b y $ 6 6 0 m illio n effectiv e A p r. 16, 1969, and $ 4 0 0 m illio n effectiv e O ct. 16, 1 969; w ere red u ced b y $ 5 0 0 m illio n (n et) e ffectiv e O ct. 1, 1970. R eq u ired reserves w ere r ed u ced by a p p r o x im a te ly $2 .5 b illio n , effectiv e N o v . 9 , 1 972; b y $ 1 .0 b illio n , effectiv e N o v . 15; and in crea sed b y $ 3 0 0 m illio n effe c tiv e N o v . 22. 2 R e se r v e s a v a ila b le to su p p o r t p riv a te n o n b a n k d e p o s its are d efined as (1) required reserves fo r (a) p riv a te d em a n d d e p o sits, (b) to ta l tim e and s a v in g s d e p o sits, an d (c) n o n d e p o sit so u rces su b ject to reserve re q u ir e m e n ts, and (2) e x c ess reserves. T h is series e x c lu d es required reserves for n et in terb a n k an d U .S . G o v t, d em a n d d e p o sits. 3 A v era g es o f d a ily figures. D e p o s its su b ject to reserve req u irem en ts in c lu d e to ta l tim e and sa v in g s d e p o sits and net d em a n d d e p o sits as defined 6 .2 6 .3 3 .7 4 .6 1 .9 0 .7 0 .6 0 .7 2 .1 2.1 N .S .A . U .S . G o v t. 5 .7 6 .1 5 .0 6 .1 4 .7 4 .1 2 .9 4 .2 2 .7 2 .4 3 .5 2 .9 2 .4 2 .8 3 .1 3 .0 3 6 5 .2 4 0 6 .4 4 4 8 .7 3 6 9 .5 4 1 1 .2 4 5 4 .0 4 7 5 .8 4 8 1 .2 4 8 4 .9 4 8 7 .5 4 8 9 .2 4 8 8 .3 4 9 1 .2 4 9 4 .3 4 7 3 .5 4 7 8 .4 4 8 3 .5 4 8 4 .2 4 8 8 .2 4 8 8 .3 4 8 8 .8 5 0 0 .1 4 9 5 .8 4 9 5 .7 4 9 8 .1 5 0 0 .2 5 0 1 .2 5 0 2 .6 4 9 3 .5 4 9 8 .1 5 0 2 .2 4 9 9 .2 b y R e g u la tio n D . P riv a te d em a n d d e p o sits in c lu d e all d e m a n d d e p o s ts ex c ep t th o se d u e to the U .S . G o v t., less c a sh ite m s in p r o c e ss o f c o lle c tio n and d e m a n d b a la n ces d u e fro m d o m e stic c o m m e r c ia l b a n k s. 4 “ T o ta l m em b er b a n k d e p o s its ” su b ject to reserv e r e q u ire m e n ts, p lu s E u ro -d o lla r b o r r o w in g s, lo a n s s o ld to b a n k -r e la te d in stitu tio n s,’ a n d c e rta in o th e r n o n d e p o sit ite m s. T h is series fo r d e p o s its is r eferred ’ to as “ the a d ju sted b a n k cred it p r o x y .” N o t e .— F o r d e sc rip tio n o f r ev ised series an d fo r b a c k d a ta , see article “ R e v is io n o f M o n e y S to c k M e a su re s an d M e m b e r B a n k R e se r v e s a n d D e p o s its ” o n pp. 8 1 7 -2 7 o f th e D e c . 197 4 B u l l e t in . D u e to c h a n g e s in R e g u la tio n s M a n d D , m em b e r b a n k reserves in c lu d e reserves h e ld a g a in st n o n d e p o sit fu n d s b eg in n in g O ct. 16, 1 9 6 9 . B a ck d a ta m a y be o b ta in ed fro m th e B a n k in g S e c tio n , D iv is io n o f R e se a r c h a n d S ta tistic s, B oard o f G o v er n o r s o f the F ed era l R ese r v e S y stem , W a sh in g to n D .C . 2 0 5 5 1 . ’ LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS (In b illio n s o f d o lla rs) S e a so n a lly a d ju sted S ecu rities L oans T o ta l lo a n s and in v e st m en ts 1 D a te 1971— D e c . 3 1 ____ 1972— D e c . 3 1 ____ 1973— D e c . 3 1 ____ T o ta l i P lus lo a n s s o ld 2 N o t s e a so n a lly a d ju ste d C o m m e rc ia l and in d u s tr ia l3 T o ta l P lus lo a n s s o ld 2 U .S . T rea s ury O th e r 4 L oans T o ta l lo a n s and in v e st m en ts 1 T o ta l i P lus lo a n s s o ld 2 S e c u r ities C o m m e rc ia l a n d in d u s tr ia l3 T o ta l P lu s lo a n s s o ld 2 U .S . T r e a s ury O th e r 4 4 8 4 .8 5 5 6 .4 6 3 0 .3 3 2 0 .3 3 7 7 .8 4 4 7 .3 3 2 3 .1 3 8 0 .4 4 5 1 .6 1 1 5 .9 1 2 9 .7 1 5 5 .8 1 1 7 .5 1 3 1 .4 1 5 8 .4 6 0 .1 6 1 .9 5 2 .8 1 0 4 .4 1 1 6 .7 1 3 0 .2 4 9 7 .9 5 7 1 .4 6 4 7 .3 3 2 8 .3 3 8 7 .3 4 5 8 .5 3 3 1 .1 3 8 9 .9 4 6 2 .8 1 1 8 .5 1 3 2 .7 1 5 9 .4 1 3 4 .4 1 6 2 .0 6 4 .9 6 7 .0 5 8 .3 1 0 4 .7 1 1 7 .1 1 3 0 .6 120.2 1974— June July A ug. Sep t. O ct. N ov. D ec. 3 0 5 .... 3 1 ......... 2 8 ......... 2 5 ......... 30 2 7 6 .... 31 6 7 7 .5 6 8 7 .5 6 9 3 .9 6 8 9 .9 6 9 0 .8 6 9 2 .5 r6 8 7 .1 4 8 4 .5 4 9 4 .8 5 0 1 .5 5 0 0 .2 5 0 2 .0 5 0 3 .8 r4 9 8 .3 4 8 9 .9 5 0 0 .2 5 0 6 .8 5 0 5 .5 5 0 7 .2 5 0 8 .7 r5 0 3 .1 1 7 4 .6 1 7 8 .0 1 8 1 .0 181 .4 1 8 3 .2 1 8 4 .3 1 8 2 .6 1 7 7 .5 1 8 0 .9 1 8 3 .9 1 8 4 .2 1 8 6 .0 1 8 7 .0 1 8 5 .3 5 6 .4 5 5 .9 5 5 .3 5 2 .3 4 9 .8 4 9 .1 4 8 .7 1 3 6 .6 1 3 6 .8 1 3 7 .1 1 3 7 .4 1 3 9 .0 1 3 9 .6 1 4 0 .1 6 8 1 .6 6 8 6 .3 6 8 9 .4 6 8 9 .5 6 8 9 .5 6 9 2 .2 r705 .7 4 9 1 .8 4 9 7 .2 5 0 0 .6 5 0 1 .2 5 0 0 .7 5 0 2 .0 '5 1 0 .7 4 9 7 .2 5 0 2 .6 5 0 5 .9 5 0 6 .5 5 0 5 .9 5 0 6 .9 r5 15 .5 1 7 7 .2 1 7 8 .4 1 7 9 .4 1 8 1 .5 1 8 2 .0 1 8 3 .2 1 8 6 .8 1 8 0 .1 1 8 1 .3 1 8 2 .3 1 8 4 .3 1 8 4 .8 1 8 5 .9 1 8 9 .5 5 2 .1 5 2 .2 5 2 .0 5 0 .7 5 0 .7 5 2 .1 5 4 .4 1 3 7 .6 1 3 6 .9 1 3 6 .8 1 3 7 .6 1 3 8 .1 1 3 8 .1 1 4 0 .5 19 7 5 — Jan. F eb . M ar. A p r. M ay Ju n e 2 9 ^ .... 26p. . . . 2 6 ^ ___ 30? . . . 28p . . . . 3 0 ^ ___ 6 8 9 .3 5 0 0 .7 4 9 7 .6 4 9 6 .4 4 9 2 .4 4 8 9 .6 4 8 4 .5 5 0 5 .3 5 0 2 .1 5 0 1 .1 4 9 7 .0 4 9 4 .3 4 8 9 .2 1 8 3 .9 1 8 2 .1 1 8 0 .4 1 7 9 .8 1 7 8 .2 1 7 5 .3 1 8 6 .6 1 8 4 .8 1 8 3 .2 1 8 2 .5 1 8 1 .0 1 7 8 .2 4 8 .8 5 3 .3 5 8 .7 6 4 .5 1 3 9 .8 1 4 0 .1 1 3 9 .6 1 3 9 .3 1 3 9 .9 1 4 1 .3 6 8 8 .3 6 8 5 .3 6 9 0 .2 6 9 5 .2 6 9 4 .7 7 0 3 .0 4 9 5 .9 4 9 1 .5 4 9 0 .3 4 9 0 .6 4 8 8 .4 4 9 1 .8 5 0 0 .5 4 9 6 .0 4 9 5 .0 4 9 5 .2 4 9 3 .1 4 9 6 .5 1 8 1 .7 1 8 0 .3 1 8 0 .0 1 8 0 .4 1 7 7 .8 1 7 7 .9 1 8 4 .4 1 8 3 .0 1 8 2 .8 1 8 3 .1 1 8 0 .6 1 8 0 .8 5 3 .6 5 4 .7 5 9 .6 6 3 .7 6 5 .6 1 3 8 .9 1 3 9 .1 1 4 0 .3 1 4 0 .9 1 4 0 .6 1 4 2 .4 6 9 1 .0 6 9 4 .7 6 9 6 .2 6 9 8 .3 6 9 8 .8 68.8 7 3 .0 1 A d ju sted to e x c lu d e d o m e stic co m m e r c ia l in terb a n k lo a n s. 2 L o a n s s o ld are th o s e s o ld o u tr ig h t fo r b a n k s ’ o w n fo re ig n b ran ch es, n o n c o n s o lid a te d n o n b a n k affiliates o f th e b a n k , th e b a n k s ’ h o ld in g c o m p a n y ( if n o t a b a n k ), and n o n c o n s o lid a te d n o n b a n k su b sid ia r ies o f th e h o ld in g c o m p a n y . P rior to A u g . 2 8 , 1974, th e in s titu tio n s in c lu d e d h a d b een d efined so m e w h a t d ifferen tly , an d th e r ep o rtin g p a n el o f ba n k s w as a lso differen t. O n th e n e w b a sis, b o th “ T o ta l lo a n s ” and “ C o m m ercial an d in d u stria l lo a n s ” w ere r ed u ced b y a b o u t $ 1 0 0 m illio n . 3 R e c la ssific a tio n o f lo a n s a t o n e la rg e b a n k red u ced th e se lo a n s b y a b o u t $400 m illio n as o f J une 30, 1972. 4 F arm ers H o m e A d m in istr a tio n in su red n o te s in clu d ed in “ O ther se cu ritie s” rath er th a n in lo a n s b e g in n in g June 30, 1971, w h en su c h n o te s to ta le d a b o u t $ 7 0 0 m illio n . 5 D a t a b e g in n in g June 30, 1974, in clu d e o n e large m u tu a l sa v in g s b a n k th a t m erged w ith a n o n m e m b er c o m m e r c ia l b a n k . A s o f th a t d ate th ere w ere in creases o f a b o u t $ 5 0 0 m illio n in lo a n s, $ 1 0 0 m illio n in “ O ther fors eFRASER c u r itie s ,” an d $60 0 m illio n in “ T o ta l lo a n s and in v e stm e n ts .” Digitized 6 8 .8 6 A s o f O ct. 31, 1974, “ T o ta l lo a n s an d in v e stm e n ts ” o f a ll c o m m e r c ia l b a n k s w ere red u ced by $1.5 b illio n in c o n n e c tio n w ith th e liq u id a tio n o f o n e large b a n k . R e d u ctio n s in o th e r ite m s w ere: “ T o ta l lo a n s ,” $ 1 .0 b illio n ( o f w h ich $0 .6 b illio n w a s in “ C o m m e rc ia l an d in d u stria l lo a n s ” ), an d “ O th er se cu ritie s,” $0 .5 b illio n . In la te N o v e m b e r “ C o m m e rc ia l and in d u stria l lo a n s ” w ere in crea sed b y $0.1 b illio n as a resu lt o f lo a n re c la ssific a tio n s at a n o th er large b a n k . N o te .— T o ta l loans a n d in v estm e n ts: F o r m o n th ly d a ta , Jan. 1 9 5 9 Ju n e 1973, see N o v . 1973 B u l l e t in , p p . A - 9 6 - A - 9 7 , an d fo r 1 9 4 8 -5 8 , A u g . 1968 B u l l e t in , pp . A - 9 4 - A - 9 7 . F o r a d e sc rip tio n o f th e cu rren t s e a so n a lly a d ju sted series see th e N o v . 1973 B u l l e t in , p p . 8 3 1 - 3 2 , a n d th e D e c . 1971 B u l l e t in , p p. 9 7 1 -7 3 . C o m m e rc ia l a n d in d u stria l lo a n s: F o r m o n th ly d a ta , Jan. 1 9 5 9 -J u n e 19 7 3 , see N o v . 1973 B u l l e t in , p p . A - 9 6 - A - 9 8 ; fo r d e sc rip tio n see J uly 1972 B u ll e t in , p . 6 8 3 . D a t a are fo r la st W ed n esd a y o f m o n th e x c ep t fo r J une 30 an d D e c . 3 1; d a ta are p a rtly o r w h o lly estim a te d e x cep t w h en J u n e 30 a n d D e c . 31 are c a ll d a tes. A 14 COMMERCIAL BANKS □ JU L Y 1975 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (A m o u n ts in m illio n s o f d o lla rs) L o a n s an d in v e stm en ts C la ssific a tio n by F R S m em b ersh ip and F D IC in su ran ce S ec u r ities T o ta l L oans 1 U .S . T rea s ury O ther 2 T o ta l a ssets— T o ta l lia C a sh b ilities a ssets 3 an d c a p ita l ac c o u n ts4 D e p o s its In ter b a n k 3 T o ta l 3 O th er B or row in g s D em and D e m and T o ta l ca p ita l ac c o u n ts Num b er of banks 7 ,1 7 3 1 0 ,0 5 9 2 0 ,9 8 6 4 2 ,9 5 8 4 7 ,2 1 1 5 2 ,6 5 8 5 8 ,1 2 8 1 4 ,2 7 8 1 4 ,1 8 1 1 3 ,4 7 2 1 3 ,6 8 6 1 3 ,7 8 3 1 3 ,9 2 7 1 4 ,1 7 1 T im e 5 T im e U .S . G o v t. O ther L a st-W e d n esd a y -o f-m o n th series 6 A ll com m ercial bank s: 1941-—D e c . 3 1 . . . 1947-—D e c . 31 7 .. 1960— D e c . 3 1 . . . 1970 —D e c . 3 1 . . . 1971-—D e c . 3 1 . . . 1972-—D e c . 3 1 . . . 1973-—D e c . 3 1 . . . 2 1 ,7 1 4 5 0 ,7 4 6 1 1 6 ,2 8 4 3 8 ,0 5 7 1 9 9 ,5 0 9 1 1 7 ,6 4 2 4 6 1 ,1 9 4 3 1 3 ,3 3 4 5 1 6 ,5 6 4 3 4 6 ,9 3 0 5 9 8 ,8 0 8 4 1 4 ,6 9 6 6 8 3 ,7 9 9 4 9 4 ,9 4 7 2 1 ,8 0 8 6 9 ,2 2 1 6 1 ,0 0 3 6 1 ,7 4 2 6 4 ,9 3 0 6 7 ,0 2 8 5 8 ,2 7 7 7 ,2 2 5 9 ,0 0 6 2 0 ,8 6 4 8 6 ,1 1 8 1 0 4 ,7 0 4 1 1 7 ,0 8 4 1 3 0 ,5 7 4 2 6 ,5 5 1 3 7 ,5 0 2 5 2 ,1 5 0 9 3 ,6 4 3 9 9 ,8 3 2 1 1 3 ,1 2 8 1 1 8 ,2 7 6 7 9 ,1 0 4 1 5 5 ,3 7 7 2 5 7 ,5 5 2 5 7 6 ,2 4 2 6 4 0 ,2 5 5 7 3 9 ,0 3 3 8 3 5 ,2 2 4 1 0 ,9 8 2 7 1 ,2 8 3 4 4 ,,3 4 9 1 5 ,9 5 2 23 24 0 1 4 4 ,1 0 3 1 2 ,7 9 2 1 ,3 4 3 9 4 ,3 6 7 3 5 ,3 6 0 65 7 1 ,6 4 1 2 2 9 ,8 4 3 1 7 ,0 7 9 1 ,7 9 9 5 ,9 4 5 1 3 3 ,3 7 9 163 4 8 0 ,9 4 0 3 0 ,6 0 8 1 ,9 7 5 7 ,9 3 8 2 0 9 ,3 3 5 2 3 1 ,0 8 4 1 9 ,3 7 5 5 3 7 ,9 4 6 3 2 ,2 0 5 2 ,9 0 8 1 0 ,1 6 9 2 2 0 ,3 7 5 2 7 2 ,2 8 9 2 5 ,9 1 2 6 1 6 ,0 3 7 3 3 ,8 5 4 4 ,1 9 4 1 0 ,8 7 5 2 5 2 ,2 2 3 3 1 4 ,8 9 1 3 8 ,0 8 3 6 8 1 ,8 4 7 3 6 ,8 3 9 6 ,7 7 3 9 ,8 6 5 2 6 3 ,3 6 7 3 6 5 ,0 0 2 5 8 ,9 9 4 1974-—Ju n e July A ug. S ep t. O ct. N ov. D ec. 3 0 ... 3 1 ... 2 8 ... 2 5 ... 3 0 ... 2 7 ... 31 c . . 7 1 8 ,7 1 3 5 2 8 ,9 5 1 5 2 ,1 1 4 7 2 0 ,7 3 0 5 3 1 ,5 8 0 5 2 ,2 3 0 7 2 2 ,1 1 0 5 3 3 ,3 2 0 5 2 ,0 1 0 7 2 1 ,1 6 0 5 3 2 ,8 9 0 5 0 ,6 9 0 7 2 3 ,3 3 0 5 3 4 ,5 2 0 5 0 ,7 3 0 7 2 9 ,6 4 0 5 3 9 ,4 0 0 5 2 ,1 4 0 7 4 4 ,1 5 2 5 4 9 ,2 0 3 5 4 ,4 5 3 1 3 7 ,6 4 8 1 3 6 ,9 2 0 1 3 6 ,7 8 0 1 3 7 ,5 8 0 1 3 8 ,0 8 0 1 3 8 ,1 0 0 1 4 0 ,4 9 6 1 2 6 ,4 8 7 1 0 7 ,8 5 0 1 0 0 ,6 1 0 1 0 7 ,3 9 0 1 1 0 ,7 7 0 1 1 6 ,2 2 0 1 2 8 ,0 5 5 8 8 4 ,2 9 5 8 7 2 ,5 6 0 8 6 5 ,7 4 0 8 7 3 ,7 1 0 8 8 0 ,7 5 0 8 9 4 ,5 3 0 9 1 9 ,6 1 2 7 0 9 ,9 1 7 6 9 5 ,2 3 0 6 8 8 ,4 9 0 6 9 2 ,8 3 0 7 0 0 ,4 2 0 7 0 8 ,1 5 0 7 4 7 ,9 5 1 4 2 ,0 1 6 3 3 ,5 8 0 3 0 ,5 3 0 2 9 ,7 6 0 3 3 ,1 5 0 3 4 ,2 3 0 4 3 ,4 8 3 8 ,9 0 3 9 ,6 8 0 9 ,9 7 0 1 0 ,6 1 0 1 0 ,1 8 0 1 0 ,3 1 0 1 1 ,4 9 6 8 ,3 6 7 4 ,3 6 0 4 ,0 7 0 7 ,3 8 0 3 ,0 8 0 3 ,9 1 0 4 ,8 0 7 2 5 2 ,4 3 4 2 4 3 ,8 7 0 2 3 5 ,7 8 0 2 3 6 ,5 5 0 2 4 3 ,0 9 0 2 4 8 .7 3 0 2 6 7 ;5 3 4 3 9 8 ,1 9 7 4 0 3 ,7 4 0 4 0 8 ,1 4 0 4 0 8 ,5 3 0 4 1 0 ,9 2 0 4 1 0 ,9 7 0 4 2 0 ,6 3 0 6 7 ,5 4 8 6 8 ,0 3 0 6 7 ,2 3 0 6 7 ,9 2 0 6 8 ,3 5 0 7 1 ,4 7 0 5 8 ,3 7 5 6 1 ,6 2 3 6 1 ,5 3 0 6 1 ,5 3 0 6 1 ,8 5 0 6 2 ,1 8 0 6 2 ,2 1 0 6 3 ,6 5 5 1 4 ,3 3 7 1 4 ,3 6 7 1 4 ,3 8 3 1 4 ,3 9 8 1 4 ,4 2 2 1 4 ,4 4 0 1 4 ,4 6 5 1975-—Jan. F eb . M ar. A p r. M ay June 2 9 * \. 2 6 * .. 2 6 ? .. 30p. . 2 8 * .. 25*. . 7 2 4 ,0 8 0 5 3 1 ,6 3 0 7 2 4 ,0 1 0 5 3 0 ,1 6 0 7 2 9 ,5 0 0 5 2 9 ,5 9 0 7 2 8 ,3 0 0 5 2 3 ,6 8 0 7 3 0 ,1 7 0 5 2 3 ,9 5 0 7 3 3 ,3 7 0 5 2 3 ,2 0 0 1 3 8 ,8 9 0 1 3 9 ,1 3 0 1 4 0 ,2 9 0 1 4 0 ,9 0 0 1 4 0 ,6 4 0 1 4 2 ,1 8 0 1 0 1 ,4 0 0 1 0 3 ,4 7 0 1 0 5 ,2 3 0 1 1 3 ,2 8 0 1 1 3 ,3 4 0 1 1 0 ,7 5 0 8 7 3 ,9 4 0 8 7 7 ,1 2 0 8 8 6 ,4 5 0 8 9 5 ,3 1 0 8 9 6 ,5 5 0 8 9 8 ,2 5 0 7 0 1 ,3 9 0 7 0 1 ,1 2 0 7 1 0 ,4 4 0 7 2 0 ,4 1 0 7 2 2 ,2 9 0 7 2 1 ,1 7 0 2 9 ,9 0 0 2 9 ,7 7 0 3 0 ,1 6 0 3 2 ,7 9 0 3 2 ,0 3 0 3 1 ,2 1 0 1 1 ,7 4 0 1 0 ,4 4 0 1 1 ,6 8 0 1 1 ,8 8 0 4 ,5 3 0 2 ,6 4 0 3 ,9 7 0 7 ,9 5 0 2 ,9 8 0 3 ,8 1 0 2 3 3 ,7 3 0 2 3 4 ,3 8 0 2 3 6 ,5 4 0 2 4 2 ,1 5 0 2 4 5 ,9 6 0 2 4 4 ,6 1 0 4 2 1 ,4 9 0 4 2 3 ,8 9 0 4 2 8 ,0 9 0 4 2 5 ,6 4 0 4 3 0 ,1 2 0 4 3 0 ,7 1 0 6 1 ,3 2 0 6 3 ,9 2 0 6 2 ,8 3 0 6 0 ,6 2 0 6 0 ,8 1 0 6 2 ,7 3 0 6 4 ,0 1 0 6 4 ,4 6 0 6 5 ,1 0 0 6 4 ,9 4 0 6 4 ,8 9 0 6 5 ,4 3 0 1 4 ,4 7 5 1 4 ,4 9 7 1 4 ,5 2 3 1 4 ,5 3 5 1 4 ,5 5 5 1 4 ,5 5 5 M em b ers of F .R . S y stem : 1941-—D e c . 1947-—D e c . 1960-—D e c . 1970-—D e c . 1971-—D e c . 1972-—D e c . 1973-—D e c . 3 1 ... 3 1 ... 3 1 ... 3 1 ... 3 1 ... 3 1 ... 3 1 ... 4 3 ,5 2 1 1 8 ,0 2 1 1 9 ,5 3 9 9 7 ,8 4 6 3 2 ,6 2 8 5 7 ,9 1 4 1 6 5 ,6 1 9 9 9 ,9 3 3 4 9 ,1 0 6 3 6 5 ,9 4 0 2 5 3 ,9 3 6 4 5 ,3 9 9 4 0 5 ,0 8 7 2 7 7 ,7 1 7 4 7 ,6 3 3 4 6 5 ,7 8 8 3 2 9 ,5 4 8 4 8 ,7 1 5 5 2 8 ,1 2 4 3 9 1 ,0 3 2 4 1 ,4 9 4 1 ,7 0 9 3 7 ,1 3 6 1 2 ,3 4 7 4 8 0 ,6 0 9 2 8 ,3 4 0 1 ,1 7 6 54 5 7 ,2 7 3 5 ,2 8 7 1 1 2 ,3 9 3 130 6 ,4 6 0 1 6 8 ,0 3 2 1 7 9 ,2 2 9 1 8 ,5 7 8 8 ,4 2 7 1 7 4 ,3 8 5 2 0 9 ,4 0 6 2 5 ,0 4 6 9 ,0 2 4 1 9 7 ,8 1 7 2 3 9 ,7 6 3 3 6 ,3 5 7 8 ,2 7 3 2 0 2 ,5 6 4 2 7 5 ,3 7 4 5 5 ,6 1 1 5 ,8 8 6 8 ,4 6 4 1 7 ,3 9 8 3 4 ,1 0 0 3 7 ,2 7 9 4 1 ,2 2 8 4 4 ,7 4 1 6 ,6 1 9 6 ,9 2 3 6 ,1 7 4 5 ,7 6 7 5 ,7 2 7 5 ,7 0 4 5 ,7 3 5 1974-—June July Aug. Sept. O ct. N ov. D ec. 3 0 ... 3 1 ... 2 8 ... 2 5 ... 3 0 8 .. 2 7 ... 3 1 ... 5 5 0 ,3 8 8 5 5 2 ,6 4 3 5 5 2 ,8 4 5 5 5 0 ,8 4 3 5 4 8 ,6 2 2 5 5 6 ,0 8 8 5 6 8 ,5 7 7 4 1 5 ,0 6 1 3 5 ,9 3 4 9 9 ,3 9 3 4 1 8 ,0 8 8 3 5 ,8 5 8 9 8 ,6 9 7 4 1 8 ,7 2 7 3 5 ,8 7 8 9 8 ,2 4 0 4 1 7 ,6 3 1 3 4 ,6 8 3 9 8 ,5 2 9 4 1 5 ,9 4 1 3 4 ,8 1 3 9 7 ,8 6 8 4 2 1 ,4 2 8 3 6 ,3 9 4 9 8 ,2 6 6 4 2 9 ,5 5 7 3 8 ,9 2 4 1 0 0 ,0 9 6 7 ,8 1 8 8 ,5 9 8 8 ,8 8 7 9 ,5 2 2 9 ,0 8 9 9 ,2 2 2 1 0 ,0 5 2 6 ,6 2 4 1 9 3 ,9 7 9 2 9 9 ,4 0 0 3 ,1 8 0 1 8 6 ,3 6 0 3 0 4 ,5 1 6 2 ,9 5 8 1 7 9 ,4 2 9 3 0 7 ,8 1 2 5 ,7 8 2 1 8 0 ,1 1 4 3 0 7 ,9 4 5 2 ,1 1 7 1 8 4 ,5 7 3 3 0 8 ,3 0 6 2 ,8 5 9 1 8 9 ,6 8 8 3 0 8 ,3 2 4 3 ,1 8 3 2 0 4 ,2 3 2 3 1 7 ,0 8 3 4 6 ,9 4 6 4 6 ,9 0 7 4 6 ,8 1 6 4 7 ,0 5 4 4 7 ,1 3 1 4 7 ,3 2 0 4 8 ,2 4 4 5 ,7 6 1 5 ,7 6 6 5 ,7 6 6 5 ,7 7 4 5 ,7 7 5 5 ,7 7 4 5 ,7 8 0 1975-—Jan. F eb . M ar. A p r. M ay June 2 9 ... 2 6 ... 2 6 ... 30. .. 2 8 ... 25 5 5 0 ,2 6 4 5 4 9 ,1 4 4 5 5 2 ,9 5 7 5 5 0 ,7 5 6 5 5 1 ,2 6 4 5 5 3 ,1 7 2 4 1 4 ,4 2 6 4 1 2 ,0 7 6 4 1 1 ,4 4 6 4 0 6 ,6 7 6 4 0 5 ,8 0 3 4 0 4 ,6 5 8 1 0 ,2 9 9 8 ,9 9 1 1 0 ,2 3 1 1 0 ,4 3 3 9 ,7 5 1 9 ,3 8 8 3 ,2 4 7 1 ,9 8 9 2 ,7 9 4 1 7 7 ,7 0 1 3 1 6 ,6 9 8 5 6 ,1 3 6 4 8 ,4 1 1 1 7 8 ,5 9 6 3 1 7 ,5 1 7 5 8 ,8 6 8 4 8 ,7 4 1 1 8 0 ,2 1 4 3 2 0 ,2 7 3 5 8 ,0 3 0 4 9 ,2 1 9 6 ,2 1 2 1 8 4 ,6 9 3 3 1 7 ,3 8 4 5 5 ,7 3 8 4 9 ,2 6 7 2 ,1 7 8 1 8 7 ,4 3 9 3 2 0 ,4 3 7 5 6 ,1 4 0 4 9 ,1 8 8 2 ,8 6 1 1 8 6 ,2 7 2 3 2 0 ,5 5 5 5 7 ,9 6 5 4 9 ,5 9 3 5 ,7 8 3 5 ,7 8 5 5 ,7 8 5 5 ,7 8 9 5 ,7 9 0 5 ,7 9 0 1 5 ,6 9 9 4 1 ,2 9 8 10 3 4 ,8 8 2 61 9 2 ,9 7 5 1 3 2 ,5 3 3 7 1 ,3 4 8 149 2 0 8 ,0 3 7 2 3 1 ,1 3 2 1 9 ,1 4 9 2 1 9 ,1 0 2 2 7 1 ,8 3 5 2 5 ,6 2 9 2 5 0 ,6 9 3 3 1 3 ,8 3 0 3 7 ,5 5 6 2 6 1 ,5 3 0 3 6 3 ,2 9 4 5 7 ,5 3 1 6 ,8 4 4 9 ,7 3 4 2 0 ,6 2 8 4 2 ,4 2 7 4 6 ,7 3 1 5 2 ,1 6 6 5 7 ,6 0 3 1 3 ,4 2 6 1 3 ,3 9 8 1 3 ,1 1 9 1 3 ,5 0 2 1 3 ,6 0 2 1 3 ,7 2 1 1 3 ,9 6 4 3 9 6 ,2 2 6 6 5 ,5 1 4 4 1 8 ,1 6 2 5 5 ,9 9 3 5 3 ,5 6 0 5 4 ,7 2 0 5 9 ,6 2 0 6 3 .7 2 0 6 5 ;5 8 0 6 7 ,9 9 0 3 7 ,5 4 9 3 8 ,6 2 8 4 2 ,5 4 4 4 5 ,1 4 2 4 6 ,9 1 8 4 8 ,7 0 1 11.200 1 0 ;8 3 0 68,121 6 1 ,7 1 7 1 0 ,3 8 5 5 ,9 6 1 2 3 ,1 1 3 140 7 ,3 0 4 3 2 ,8 4 5 1 3 2 ,0 6 0 1 2 2 ,5 2 8 1 2 ,3 5 3 50 1 6 ,5 7 9 4 5 ,7 5 6 2 1 6 ,5 7 7 1 9 3 ,0 2 9 1 6 ,4 3 7 1 ,6 3 9 6 6 ,6 0 4 8 1 ,5 0 0 4 6 5 ,6 4 4 3 8 4 ,5 9 6 2 9 ,1 4 2 1 ,7 3 3 7 9 ,7 3 8 8 6 ,1 8 9 5 1 1 ,3 5 3 4 2 5 ,3 8 0 3 0 ,6 1 2 2 ,5 4 9 8 7 ,5 2 4 9 6 ,5 6 6 5 8 5 ,1 2 5 4 8 2 ,1 2 4 3 1 ,9 5 8 3 ,5 6 1 9 5 ,5 9 8 1 0 0 ,0 9 8 6 5 5 ,8 9 8 5 2 6 ,8 3 7 3 4 ,7 8 2 5 ,8 4 3 1 0 8 ,9 7 1 6 9 2 ,1 9 9 5 4 7 ,0 3 1 3 9 ,2 1 1 9 1 ,4 3 0 6 8 0 ,5 1 1 5 3 3 ,8 0 7 3 1 ,1 5 3 8 4 ,9 4 7 6 7 3 ,2 9 6 5 2 7 ,5 7 3 2 8 ,4 8 7 9 1 ,0 0 2 6 7 9 ,1 6 0 5 3 1 ,1 9 4 2 7 ,8 3 1 9 3 ,6 7 4 6 8 0 ,1 7 3 5 3 5 ,1 2 8 3 1 ,0 4 3 9 8 ,6 0 3 6 9 4 ,7 4 3 5 4 2 ,5 1 5 3 2 ,4 2 2 1 0 7 ,0 0 8 7 1 5 ,6 7 5 5 7 5 ,6 1 2 4 1 ,0 6 2 9 8 ,2 8 9 8 6 ,3 2 1 9 8 ,4 4 0 8 8 ,4 3 0 9 8 ,9 6 7 8 9 ,6 8 5 9 8 ,9 3 8 9 6 ,6 9 4 9 8 ,5 4 3 9 6 ,4 5 5 9 9 ,8 1 3 9 4 ,4 1 3 6 7 6 ,9 0 5 5 3 6 ,2 5 6 6 7 8 ,9 7 0 5 3 5 ,2 5 0 6 8 5 ,9 0 6 5 4 2 ,0 7 6 6 9 2 ,1 4 7 5 4 9 ,8 2 4 6 9 1 ,4 8 5 5 4 9 ,9 9 6 6 9 2 ,6 3 9 5 4 8 ,6 3 3 2 8 ,3 1 1 2 8 ,i5 7 2 8 ,5 6 4 3 1 ,1 0 2 3 0 ,1 9 1 2 9 ,5 5 7 6 2 ,8 3 6 6 3 ,0 4 2 6 1 ,7 8 1 6 2 ,1 6 6 6 0 ,8 0 3 6 5 ,4 1 1 5 2 ,8 5 6 C all d a te series Insured bank s: T o t a l: 1941— D e c . 1947— D e c . 1960— D e c . 1970— D e c . 1971— D e c . 1972— D e c . 1973— D e c . 3 1 ... 3 1 ... 3 1 ... 3 1 » .. 3 1 ... 3 1 ... 3 1 ... 1974— June 3 0 . . . D ec. 3 1 '.. N a tio n a l m em ber: 1941— D e c . 3 1 . . . 1947— D e c . 3 1 . . . 1960— D e c . 3 1 . . . 1970— D e c . 3 1 9 .. 1971— D e c . 3 1 . . . 1972— D e c . 3 1 . . . 1973— D e c . 3 1 . . . 1974— J u n e 3 0 . . . D ec. 3 1 ... 1 ,7 6 2 1 ,3 2 5 5 ,9 3 2 7 ,8 9 8 1 0 ,1 5 0 1 0 ,8 2 0 9 ,8 5 6 7 0 9 ,9 0 4 5 2 1 ,4 2 4 5 1 ,8 3 2 1 3 6 ,6 4 8 1 2 3 ,5 3 6 8 7 1 ,9 8 6 7 0 3 ,7 6 7 4 0 ,5 3 4 8 ,4 2 7 7 3 4 ,5 6 1 5 4 1 ,1 3 1 5 4 ,1 3 5 1 3 9 ,2 9 5 1 2 5 ,3 8 8 9 0 6 ,3 8 5 7 4 1 ,7 1 3 4 2 ,5 8 7 1 0 ,6 9 3 8 ,3 5 5 4 ,7 9 9 2 5 0 ,2 2 5 2 6 5 ,4 7 2 6 1 ,0 0 3 6 3 ,0 4 3 1 4 ,1 0 8 1 4 ,2 1 6 1 1 ,7 2 5 1 2 ,0 3 9 2 7 ,5 7 1 2 1 ,4 2 8 3 8 ,6 7 4 6 5 ,2 8 0 6 3 ,6 9 4 3 2 ,7 1 2 1 0 7 ,5 4 6 2 7 1 ,7 6 0 1 8 7 ,5 5 4 3 4 ,2 0 3 3 0 2 ,7 5 6 2 0 6 ,7 5 8 3 6 ,3 8 6 3 5 0 ,7 4 3 2 4 7 ,0 4 1 3 7 ,1 8 5 3 9 8 ,2 3 6 2 9 3 ,5 5 5 3 0 ,9 6 2 3 ,8 0 6 1 4 ,9 7 7 4 3 ,4 3 3 5 ,1 7 8 2 2 ,0 2 4 8 8 ,1 8 2 1 1 ,1 4 0 2 8 ,6 7 5 1 3 9 ,2 6 1 5 0 ,0 0 4 5 6 ,0 2 8 3 4 0 ,7 6 4 5 9 ,6 1 2 5 9 ,1 9 1 3 7 6 ,3 1 8 6 6 ,5 1 6 6 7 ,3 9 0 4 3 4 ,8 1 0 7 3 ,7 1 8 7 0 ,7 1 1 4 8 9 ,4 7 0 3 9 ,4 5 8 6 , 786 8 2 ,0 2 3 8 ,3 7 5 35 1 2 4 ,9 1 1 9 ,8 2 9 611 982 2 8 3 ,6 6 3 1 8 ,0 5 1 3 1 4 ,0 8 5 1 7 ,5 1 1 1 ,8 2 8 3 5 9 ,3 1 9 1 9 ,0 9 6 2 ,1 5 5 3 9 5 ,7 6 7 2 0 ,3 5 7 3 ,8 7 6 1 ,0 8 8 795 3 ,2 6 5 4 ,7 4 0 6 ,0 1 4 6 ,6 4 6 5 ,9 5 5 8 ,3 2 2 4 3 ,6 4 0 2 3 ,2 6 2 5 ,4 0 9 5 3 ,5 4 1 1 9 ,2 7 8 45 111 1 1 ,0 9 8 3 9 ,5 4 6 7 1 ,6 6 0 1 2 2 ,2 9 8 1 3 7 ,5 9 2 1 3 ,1 0 0 2 4 ,8 6 8 1 2 8 ,4 4 1 1 6 0 ,2 9 1 1 8 ,1 6 9 2 7 ,0 6 5 1 4 6 ,8 0 0 1 8 4 ,6 2 2 2 6 ,7 0 6 3 0 ,3 4 2 1 5 2 ,7 0 5 2 1 2 ,8 7 4 3 9 ,6 9 6 3 3 ,1 2 5 5 ,1 1 7 5 ,0 0 5 4 ,5 3 0 4 ,6 2 0 4 ,5 9 9 4 ,6 1 2 4 ,6 5 9 4 1 8 ,3 2 9 4 2 8 ,4 7 9 7 7 ,0 3 9 7 7 ,9 1 5 5 1 6 ,6 3 2 4 0 7 ,9 1 5 2 0 ,0 8 6 4 ,9 1 2 5 3 4 ,2 6 7 4 3 1 ,0 8 8 2 3 ,4 9 7 6 ,7 5 0 5 ,0 3 8 2 ,4 3 7 1 4 5 ,9 5 4 2 3 1 ,9 2 5 4 8 ,1 2 3 1 5 4 ,4 2 5 2 4 3 ,9 7 8 3 9 ,6 0 8 4 ,6 9 3 4 ,7 0 6 For notes see opposite page. 2 1 ,0 4 6 6 7 ,9 4 1 6 0 ,4 6 8 6 1 ,4 3 8 6 4 ,6 9 1 6 6 ,6 7 9 5 7 ,9 6 1 3 1 3 ,6 5 9 2 7 ,6 3 1 3 2 1 ,4 8 6 2 9 ,0 7 8 6 ,9 8 4 2 5 ,7 8 8 8 ,7 5 0 ! 3 6 ,9 2 6 2 0 ,4 5 1 5 1 ,8 3 6 85,4751 9 2 ,7 0 8 1 0 4 ,0 2 0 9 8 ,2 8 1 1 1 6 ,2 9 8 1 1 1 ,3 3 3 1 2 9 ,6 2 5 1 1 6 ,2 6 6 7 3 ,7 0 3 7 6 ,5 3 5 6 9 ,4 1 1 7 6 ,8 2 0 1 5 2 ,7 3 3 1 4 1 ,8 5 1 2 5 5 ,6 6 9 2 2 8 ,4 0 1 5 7 2 ,6 8 2 4 7 9 ,1 7 4 6 3 5 ,8 0 5 5 3 5 ,7 0 3 7 3 2 ,5 1 9 6 1 2 ,8 2 2 8 2 7 ,0 8 1 6 7 7 ,3 5 8 1 1 0 ,6 5 4 1 2 ,6 1 5 54 1 6 ,9 2 1 1 ,6 6 7 3 0 ,2 3 3 1 ,8 7 4 3 1 ,8 2 4 2 ,7 9 2 3 3 ,3 6 6 4 ,1 1 3 3 6 ,2 4 8 6 ,4 2 9 4 9 ,2 9 0 2 1 ,2 5 9 1 1 4 ,2 7 4 3 7 ,5 8 3 1 9 8 ,0 1 1 1 1 7 ,0 9 2 4 5 8 ,9 1 9 3 1 2 ,0 0 6 5 1 4 ,0 9 7 3 4 5 ,3 8 6 5 9 4 ,5 0 2 4 1 1 ,5 2 5 6 7 8 ,1 1 3 4 9 0 ,5 2 7 3 4 ,9 6 6 3 5 ,8 2 0 JU L Y 1975 □ COMMERCIAL BANKS A 15 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK— C ontinued (Amounts in millions o f dollars) L o a n s an d in v estm en ts C la ssific a tio n b y F R S m em b ersh ip an d F D I C insu ran ce D e p o s its Secu rities T o ta l L oans l U .S . T rea s ury O ther 2 T o ta l a ssets— T o ta l C a sh lia a s s e ts 3 b ilities and T o t a l3 ca p ita l ac c o u n ts 4 In ter b a n k 3 O th er D em and D e m and T o ta l ca p ita l a c c o u n ts B or row ings Num ber of banks T im e 5 T im e U .S . G o v t. O th er C all d a te series Insured banks ( c o n t.): S ta te m em ber: 1941— D e c . 3 1 . . . . 1 5 ,9 5 0 1947— D e c . 3 1 . . . . 3 2 ,5 6 6 1960— D e c . 3 1 . . . . 5 8 ,0 7 3 1970— D e c . 3 1 9 . .. 9 4 ,7 6 0 1971— D e c . 3 1 . . . . 1 0 2 ,8 1 3 1972— D e c . 3 1 . . . . 1 1 5 ,4 2 6 3 6 ,2 4 0 6 6 ,9 6 3 7 1 ,4 4 1 8 2 ,8 8 9 7 ,5 0 0 1 9 ,2 4 0 1 6 ,3 9 4 1 1 ,1 9 6 1 1 ,2 4 7 1 1 ,5 3 0 2 ,1 5 5 2 ,1 2 5 5 ,4 3 9 1 6 ,6 0 0 2 0 ,1 2 5 2 1 ,0 0 8 8 ,1 4 5 2 4 ,6 8 8 2 2 ,2 5 9 1 0 ,8 2 2 4 3 ,8 7 9 4 0 ,5 0 5 1 7 ,0 8 1 7 7 ,3 1 6 6 8 ,1 1 8 2 5 ,4 7 2 1 2 5 ,4 6 0 1 0 1 ,5 1 2 2 6 ,9 9 8 1 3 5 ,5 1 7 1 1 1 ,7 7 7 2 9 ,1 7 6 1 5 0 ,6 9 7 1 2 3 ,1 8 6 3 , 739 3 ,9 7 8 15 6 ,6 0 8 1 ,0 2 8 1 1 ,0 9 1 750 1 3 ,1 0 2 721 1 2 ,8 6 2 1 ,4 0 6 1973— D e c . 3 1 . . . . 1 3 0 ,2 4 0 9 7 ,8 2 8 1 0 ,5 3 2 2 1 ,8 8 0 2 9 ,3 8 7 1 6 6 ,7 8 0 1 3 1 ,4 2 1 1 4 ,4 2 5 1974— J u n e 3 0 . . . . 1 3 2 ,3 8 8 1 0 1 ,7 3 2 D e c . 3 1 . . . . 1 4 0 ,3 7 3 1 0 8 ,3 4 6 8 ,3 0 3 9 ,8 4 6 2 2 ,3 5 3 2 2 ,1 8 1 3 5 ,2 6 8 1 7 5 ,8 9 6 1 3 9 ,4 4 6 3 0 ,4 7 3 1 8 1 ,6 8 3 1 4 4 ,7 9 9 1 9 ,1 2 5 1 7 ,5 6 5 N on m em ber: 1941— D e c . 1947— D e c . 1960— D e c . 1970— D e c . 1971— D e c . 1972— D e c . 6 ,2 9 5 11,200 621 381 1 1 ,7 2 0 2 ,4 1 2 2 ,3 7 8 1 3 ,8 7 4 2 7 ,0 6 8 4 0 .7 3 3 4 5 .7 3 4 4 5 ,9 4 5 5 1 ,0 1 7 4 ,0 2 5 9 ,0 6 2 1 7 ,7 2 7 4 2 ,2 1 8 4 9 ,5 9 7 5 5 ,5 2 3 1 ,9 6 8 2 ,3 1 8 4 9 ,8 5 9 6 2 ,8 5 1 1 5 ,9 1 4 1 1 ,6 1 7 1 ,0 7 6 2 ,9 0 6 3 ,3 0 1 1 ,5 8 6 746 4 7 ,6 9 0 4 9 ,8 0 7 6 8 ,1 3 8 1 4 ,7 1 3 7 3 ,3 8 0 1 3 ,2 4 7 1 1 ,9 8 0 1 2 ,4 2 5 1 ,0 6 8 1 ,0 7 4 53 149 645 1 ,4 3 8 1 ,7 2 3 1 ,7 9 6 4 ,1 6 2 1 2 ,3 6 6 2 0 ,1 4 0 4 0 ,0 0 5 4 4 ,7 1 7 5 2 ,8 7 6 3 ,3 6 0 6 ,5 5 8 1 4 ,0 9 5 5 1 ,3 2 2 6 1 ,9 4 6 7 3 ,6 8 5 6 9 59 1 ,2 7 1 3 ,2 3 2 8 ,3 2 6 9 ,4 5 1 1 0 ,9 3 8 6 ,8 1 0 6 ,4 7 8 6 ,9 4 8 7 ,7 3 5 7 ,8 7 5 8 ,0 1 7 2 ,0 2 2 9 20 5 ,4 7 8 6 ,8 7 8 9 ,6 5 1 2 ,2 4 6 3 ,0 5 5 6 ,2 9 9 9 ,2 3 2 1 0 ,2 1 4 10,886 1 ,5 0 2 1 ,9 1 8 1 ,6 4 4 1 ,1 4 7 1 ,1 2 8 1 ,0 9 2 5 ,7 7 6 3 1 .... 3 1 . . . . 1 6 ,4 4 4 3 1 . . . . 3 2 ,4 1 1 3 1 9 ... 9 2 ,3 9 9 3 1 . . . . 1 0 8 ,5 2 7 3 1 . . . . 1 2 8 ,3 3 3 3 ,2 4 1 4 ,9 5 8 1 7 ,1 6 9 5 7 ,4 8 9 6 7 ,1 8 8 8 1 ,5 9 4 1 ,5 0 9 1 0 .0 3 9 1 1 ,3 6 8 1 6 .0 3 9 1 7 ,0 5 8 1 7 ,9 6 4 1 ,0 2 5 1 ,4 4 8 3 ,8 7 4 1 8 ,8 7 1 2 4 ,2 8 2 2 8 ,7 7 4 7 ,7 0 2 8 ,7 0 8 2,6 6 8 4 ,0 8 3 2 0 ,6 9 1 1 9 ,3 4 2 6 ,0 8 2 3 9 ,1 1 4 3 5 ,3 9 1 1 1 ,2 0 8 1 0 6 ,4 5 7 9 3 ,9 9 8 1 2 ,0 9 2 1 2 3 ,9 7 0 1 0 9 ,8 4 1 1 4 ,7 6 7 1 4 7 ,0 1 3 1 3 0 ,3 1 6 1973— D e c . 3 1 . . . . 1 4 9 ,6 3 8 9 9 ,1 4 3 1 6 ,4 6 7 3 4 ,0 2 7 1 6 ,1 6 7 1 7 0 ,8 3 1 1 5 0 ,1 7 0 1 ,4 6 7 586 1 ,5 8 2 5 8 ,9 6 6 8 7 ,5 6 9 1 ,9 2 0 1 2 ,8 6 2 8 ,2 2 9 1974— June 3 0 . . . . 1 5 9 ,1 8 6 1 0 6 ,0 3 3 D e c . 3 1 " . .. 1 6 5 ,7 0 9 1 1 1 ,3 0 0 1 5 ,8 9 8 15 ,2 1 1 3 7 ,2 5 5 3 9 ,1 9 9 1 4 ,5 6 5 1 7 9 ,4 5 7 1 5 6 ,4 0 6 1 8 ,3 8 0 1 9 0 ,4 3 5 1 6 5 ,8 2 7 1 ,3 2 3 1 ,5 2 5 610 642 1 ,7 3 1 1 ,6 1 6 5 6 ,5 8 0 9 6 ,1 6 2 6 1 ,2 4 0 1 0 0 ,8 0 4 2 ,6 7 8 3 ,1 3 8 1 4 ,0 5 7 1 4 ,7 9 9 8 ,3 4 7 8 ,4 3 6 761 1 ,2 8 0 535 304 239 349 241 25 5 413 64 2 684 785 2 ,2 8 3 2 ,6 4 3 1 ,8 8 3 4 ,3 6 5 5 ,1 3 0 7 ,0 7 3 1 ,8 7 2 2 ,2 5 1 1 ,4 4 3 2 ,5 7 0 2 ,9 2 3 3 ,7 7 5 177 159 375 380 488 13 4 14 2 26 283 527 329 325 358 532 480 491 852 783 3 52 184 181 206 N on insured nonm em ber: 1941— D e c . 1947— D e c . 1960— D e c . 1970— D e c . 1971— D e c . 1972— D e c . 763 576 31 4 934 1 ,5 5 1 1 ,7 9 4 129 26 2 484 1 ,0 9 1 4 27 141 242 552 1,212 1 ,4 0 8 329 i.,: 291 18 1 ,3 9 2 13 84 6 40 1 ,2 9 8 19 1 ,2 7 3 55 1 ,5 3 0 25 3 478 293 756 1 ,1 3 4 1 ,6 2 0 7 19 571 582 1 ,1 9 9 1 ,4 5 7 2 ,0 0 9 1 ,4 9 8 3 ,0 7 9 3 ,1 4 7 4 ,8 6 5 455 474 550 2 ,1 3 2 2 ,2 2 4 3 ,7 3 1 1973— D e c . 3 1 . . . . 6 ,1 9 2 4 ,9 2 7 316 949 2 ,0 1 0 8 ,6 5 0 4 ,9 9 6 591 344 9 1 ,8 3 6 2 ,2 1 5 1 ,4 6 3 524 207 1974— Ju n e 3 0 . . . . D ec. 3 1 .... 9 ,2 6 9 9 ,9 8 1 7 ,9 8 7 8 ,4 6 1 282 319 1,001 1,201 2 ,9 5 1 2 ,6 6 7 1 2 ,7 7 0 1 3 ,6 1 6 6 ,6 1 0 6 ,6 2 7 1 ,4 8 1 897 476 803 12 8 2 ,2 0 9 2 ,0 6 2 2 ,4 3 2 2 ,8 5 7 2 ,0 3 3 2 ,3 8 2 620 611 2 29 249 7 ,2 3 3 3 1 .... 3 1 . . . . 1 8 ,4 5 4 3 1 . . . . 3 3 ,9 1 0 3 1 9 ... 9 5 ,4 7 8 3 1 . . . . 1 1 1 ,6 7 4 3 1 . . . . 1 3 3 ,1 9 8 3 ,6 9 6 5 ,4 3 2 1 7 ,7 1 9 5 9 ,6 2 1 6 9 ,4 1 1 8 5 ,3 2 5 2 ,2 7 0 1 1 ,3 1 8 1 1 ,9 0 4 1 6 ,3 4 2 1 7 ,2 9 7 1 8 ,3 1 3 1 ,2 6 6 1 ,7 0 3 4 ,2 8 7 1 9 ,5 1 4 2 4 ,9 6 6 2 9 ,5 5 9 3 ,4 3 1 1 0 ,9 9 2 9 ,5 7 3 4 ,6 5 9 2 3 ,3 3 4 2 1 ,5 9 1 6 ,3 9 6 4 0 ,9 9 7 3 6 ,8 3 4 1 2 ,1 4 3 1 1 0 ,8 2 2 9 6 ,5 6 8 1 3 ,6 4 3 1 2 9 ,1 0 0 1 1 2 ,7 6 4 1 6 ,5 6 2 1 5 4 ,0 8 5 1 3 4 ,0 9 1 5 ,! 504 167 1 3 ,7 5 8 6 5 7 2 0 ,9 8 6 1 ,4 7 8 4 1 ,3 0 3 1 ,7 4 2 4 5 ,9 9 0 1 ,8 5 0 5 4 ,4 0 6 3 ,6 1 3 7 ,0 3 6 1 4 ,3 8 8 5 2 ,0 7 8 6 3 ,0 8 1 7 5 ,3 0 5 18 43 9 643 1 ,4 6 6 1 ,5 9 2 1 ,8 9 5 33 796 1 ,2 8 8 1 ,5 9 6 3 ,5 9 0 8 ,8 5 8 9 ,9 3 2 1 1 ,4 2 9 7 ,6 6 2 7 ,2 6 1 7 ,3 0 0 7 ,9 1 9 8 ,0 5 6 8 ,2 2 3 1973— D e c . 3 1 . . . . 1 5 5 ,8 3 0 1 0 4 ,0 7 0 1 6 ,7 8 3 3 4 ,9 7 6 1 8 ,1 7 7 1 7 9 ,4 8 0 1 5 5 ,1 6 5 2 ,0 5 7 930 1 ,5 9 2 6 0 ,8 0 2 8 9 ,7 8 4 3 ,3 8 3 1 3 ,3 8 6 8 ,4 3 6 1974— J u n e 3 0 ____ 1 6 8 ,4 5 6 1 1 4 ,0 2 0 D e c . 3 1 " . .. 1 7 5 ,6 9 0 119,761 1 6 ,1 8 0 1 5 ,5 3 0 3 8 ,2 5 6 4 0 ,4 0 0 1 7 ,5 1 6 1 9 2 ,2 2 7 1 6 3 ,0 1 6 2 1 ,0 4 7 2 0 4 ,0 5 1 1 7 2 ,4 5 4 2 ,8 0 4 2 ,4 2 2 1 ,0 8 6 1 ,4 4 5 1 ,7 4 3 1 ,6 2 4 5 8 ,7 8 9 9 8 ,5 9 3 6 3 ,3 0 2 10 3,661 4 ,7 1 1 5 ,5 2 0 1 4 ,6 7 7 1 5 ,4 1 0 8 ,5 7 6 8 ,6 8 5 T o ta l nonm em ber: 1941— D e c . 1947— D e c . 1960— D e c . 1970— D e c . 1971— D e c . 1972— D e c . 3 1 .... 3 1 7 ... 3 1 .... 3 1 9 . .. 3 1 .... 3 1 .... 1 L o a n s to farm ers d irectly gu a ra n teed b y C C C w ere reclassified as secu rities an d E x p o rt-Im p o r t B an k p o r tfo lio fu n d p a rticip a tio n s were reclassified fro m lo a n s to secu rities effective June 30, 1966. T h is red u ced “ T o ta l lo a n s ” an d in creased “ O th er secu rities” by a b o u t $1 b illio n . “ T o ta l lo a n s ” in clu d e F ed eral fu n d s so ld , and b eg in n in g w ith June 1967 secu rities p u rch a sed u n d er resale a g reem en ts, figures fo r w h ich are in c lu d ed in “ F ed eral fu n d s so ld , e tc .,” o n p. A -1 6 . E ffectiv e Ju n e 30, 1971, F arm ers H o m e A d m in istr a tio n n o te s were cla ssified as “ O th er se cu ritie s” rath er th an “ L o a n s.” A s a resu lt o f th is c h a n g e, a p p ro x im a tely $30 0 m illio n w as tran sferred to “ O th er secu rities” fo r th e p erio d e n d in g Ju n e 30, 1971, fo r all co m m e r c ia l b a n k s. S ee a lso ta b le (and n o te s) at th e b o tto m o f p. A -2 4 . 2 S ee first 2 paragrap h s o f n o te 1. 3 R e c ip r o ca l b a la n ces ex clu d ed b eg in n in g w ith 1942. 4 In clu d es item s n o t sh o w n sep arately. S ee a lso n o te 1. 5 See th ird paragrap h o f n o te 1 a b o v e. 6 F o r th e la st-W ed n e sd a y -o f-th e -m o n th series, figures fo r ca ll d ates are sh o w n for Ju n e an d D e c e m b e r as s o o n as th ey b e ca m e ava ila b le. 7 B eg in n in g w ith D e c . 31, 1947, th e series w as rev ised ; fo r d escrip tio n , see n o te 4, p. 5 8 7 , M a y 1964 B u l l e t in . 8 M em b er b a n k d a ta fo r O ct. e x clu d e a ssets o f $ 3.6 b illio n o f o n e large b an k . 9 F igu re tak es in to a c c o u n t th e fo llo w in g ch a n g es, w h ich b eca m e effectiv e June 30, 1969: (1) in c lu sio n o f co n so lid a te d rep orts (in clu d in g figures fo r all b a n k -p rem ises su b sid ia ries an d oth er sig n ifica n t m ajorityo w n ed d o m e stic su b sid ia ries) and (2 ) rep ortin g o f figures fo r to ta l lo a n s 185 132 101 116 81 I157 190 160 243 359 633 12 866 1 ,7 2 6 an d fo r in d iv id u a l c a teg o ries o f secu rities o n a g ro ss b a sis— th a t is, b efo re d e d u c tio n o f v a lu a tio n reserves— rath er th a n n et as p rev io u sly rep orted . N o te .— D a ta are for all c o m m ercia l b a n k s in th e U n ite d S ta tes (in c lu d in g A la sk a and H a w a ii, b eg in n in g w ith 195 9 ). C o m m ercia l b an k s rep resen t all co m m ercia l b an k s, b o th m em b er an d n o n m e m b er ; sto c k sa v in g s b a n k s ; an d n o n d ep o sit tru st c o m p a n ie s. F igu res for m em b er b a n k s b efo re 1970 in c lu d e m u tu al sa v in g s b an k s as fo llo w s: 3 b efo re Jan. 1960 and 2 th ro u g h D e c . 1960. T h o se b a n k s are n o t in clu d ed in in su red c o m m ercia l b a n k s. E ffectiv e June 30, 1969, c o m m ercia l b an k s an d m em b er b an k s e x clu d e a sm a ll n a tio n a l b a n k in th e V irgin I s la n d s ; a lso , m em b er b an k s e x clu d e, an d n o n in su red c o m m ercia l b an k s in clu d e, th ro u g h Ju n e 30, 1970, a sm all m em b er ban k e n g a g ed ex c lu siv e ly in tru st b u sin ess; b eg in n in g 1973, ex clu d es 1 n a tio n a l b an k in P u erto R ic o . B egin n in g D e c . 31, 1973, June 30, 1974, an d D e c . 31, 1974, resp ectively, m em b er ban k s ex clu d e a n d n o n in su red n o n m e m b er b a n k s in clu d e 1, 2, and 3 n on in su red trust c o m p a n ie s th a t are m em b ers o f th e F ed eral R e serve S y stem . C o m p a ra b ility o f figures for cla sses o f b a n k s is affected s o m e w h a t by ch a n g es in F .R . m em b ersh ip , d e p o sit in su ra n ce sta tu s, an d b y m ergers etc. F igu res are partly e stim a ted e x cep t o n c a ll d a tes. F o r rev isio n s in series b efo re Ju n e 30, 1947, see J u ly 1947 B u l l e t in , pp . 8 7 0 -7 1 . A 16 COMMERCIAL BANKS □ JU L Y 1975 ASSETS BY CLASS OF BANK, DECEMBER 31, 1974 (A m o u n ts in m illio n s o f d o lla rs) M em ber b a n k s1 A ccount A ll Insured com m ercia l co m m ercia l ba n k s ba n k s L arge b a n k s T o ta l N ew Y ork C ity C ity o f C h ic a g o O th er large A ll o th e r N onm em b er b an k s1 C a sh b an k b a la n ces, item s in p r o c e s s ................................... C u rrency and c o i n ...................................................................... R eserv es w ith F .R . b a n k s ....................................................... D e m a n d balan ces w ith b a n k s in U n ite d S ta te s .......... O th er b alan ces w ith b a n k s in U n ite d S t a te s ................ B a la n ces w ith b an k s in fo reig n c o u n tr ie s ...................... C ash item s in p r o c e ss o f c o ll e c t i o n ................................... 1 2 8 ,0 5 5 1 1 ,6 5 9 2 7 ,1 1 2 3 6 ,0 8 3 4 ,1 7 3 1 ,7 5 1 4 7 ,2 7 8 1 2 5 ,3 8 8 1 1 ,6 3 3 2 7 ,1 1 2 3 4 ,3 2 7 3 ,8 7 2 1 ,3 3 1 4 7 ,1 1 3 1 0 7 ,0 0 8 8 ,8 4 6 2 7 ,1 1 2 2 1 ,6 9 5 2 ,6 0 2 1 ,1 6 5 4 5 ,5 8 8 2 7 ,6 0 4 691 4 960 7 ,2 6 5 62 412 1 4 ,2 1 4 4 ,8 1 6 198 1 783 ’ 357 275 89 2 ,1 1 5 4 0 ,1 2 6 2 ,8 8 9 10 356 4 ,3 8 2 853 5 32 2 1 ,1 1 5 3 4 ,4 6 2 5 ,0 6 8 10 013 9*692 1 ,4 1 3 132 8 ,1 4 4 2 1 ,0 4 7 2 ,8 1 2 T o ta l secu rities h eld — B o o k v a lu e .......................................... U .S . T r e a s u r y ................................................................................ O th er U .S . G o v t, a g e n c ie s...................................................... States and p o litica l su b d iv isio n s.......................................... A ll o th er se cu ritie s...................................................................... 1 9 4 ,9 4 9 5 4 ,4 5 3 3 2 ,8 4 2 1 0 0 ,3 9 7 7 ,2 5 6 1 9 3 ,4 3 0 5 4 ,1 3 5 3 2 ,3 8 0 1 0 0 ,0 3 2 6 ,8 8 3 1 3 9 ,0 2 0 3 8 ,9 2 4 2 0 ,8 5 9 7 4 ,2 8 3 4 ,9 5 4 1 6 ,4 1 2 5 ,3 3 2 2 ,0 0 5 8 ,2 8 8 787 5 ,6 1 2 1 ,8 2 0 874 2 ,7 0 6 4 7 ,2 5 4 1 3 ,3 2 3 6 ,4 5 0 2 5 ,7 6 1 1 ,7 1 9 6 9 ,7 4 1 1 8 ,4 4 8 1 1 ,5 2 9 3 7 ,5 2 8 2 ,2 3 6 5 5 ,9 2 9 1 5 ,5 2 9 1 1 ,9 8 4 2 6 ,1 1 5 2 ,3 0 2 T ra d e-a cco u n t s e c u r itie s .......................................................... U .S . T r e a su r y ........................................................................... O th er U .S . G o v t, a g e n c ie s................................................. S tates an d p o litica l su b d iv isio n s..................................... A ll o th e r ...................................................................................... 7 ,9 8 9 2 ,5 4 8 1 ,3 5 2 3 ,3 7 0 719 7 ,9 8 4 2 ,5 4 3 1 ,3 5 2 3 ,3 7 0 719 7 ,9 1 6 2 ,5 2 1 1 ,3 4 7 3 ,3 3 7 710 3 ,0 4 0 970 541 1 ,341 188 831 461 3 ,8 0 5 1 ,0 3 7 637 1 ,6 1 2 519 2 40 53 49 135 3 74 27 4 34 9 B an k in v estm en t p o r tfo lio s .................................................... U .S . T r e a su r y ........................................................................... O th er U .S . G o v t, a g e n c ie s................................................. S tates and p o litic a l s u b d iv isio n s..................................... A ll o th e r ...................................................................................... 1 8 6 ,9 6 0 5 1 ,9 0 5 3 1 ,4 9 0 9 7 ,0 2 7 6 ,5 3 7 1 8 5 ,4 4 6 5 1 ,5 9 2 3 1 ,0 2 8 9 6 ,6 6 1 6 ,1 6 4 1 3 1 ,1 0 5 3 6 ,4 0 3 1 9,511 7 0 ,9 4 6 4 ,2 4 4 1 3 ,3 7 2 4 ,3 6 2 1 ,4 6 4 6 ,9 4 7 599 4 ,7 8 1 1 ,3 6 0 753 2 ,4 5 6 4 3 ,4 4 9 1 2 ,2 8 6 5 ,8 1 3 2 4 ,1 5 0 212 1 ,200 6 9 ,5 0 2 1 8 ,3 9 6 1 1 ,4 8 0 3 7 ,3 9 3 2 ,2 3 3 5 5 ,8 5 5 1 5 ,5 0 2 1 1 ,9 7 9 2 6 ,0 8 1 2 ,2 9 3 F ed eral fu n d s so ld an d secu rities resale a g r e e m e n ts .. . C o m m ercia l b a n k s ...................................................................... B rok ers a n d d e a le r s ................................................................... O th e r s................................................................................................ 4 0 ,0 3 5 3 3 ,8 0 0 4 ,3 8 6 1 ,8 4 9 3 8 ,8 7 3 3 2 ,6 3 8 4 ,3 8 6 1 ,8 4 9 2 9 ,8 4 1 2 3 ,7 1 5 4 ,3 3 0 1 ,7 9 5 1 ,8 8 7 1 ,0 5 2 615 985 698 253 35 14 ,7 4 1 1 0 ,6 2 8 2 ,8 1 5 1 ,2 9 8 1 2 ,2 2 8 1 1 ,3 3 8 647 243 1 0 ,1 9 4 1 0 ,0 8 4 56 54 O th er l o a n s .......................................................................................... R ea l esta te lo a n s .......................................................................... Secured b y fa r m la n d ............................................................ S ecured b y r e sid e n tia l.......................................................... 1- to 4-fa m ily r e sid e n c e s ................................................ F H A in su r ed ................................................................... V A g u a ra n teed ............................................................... O th e r ................................................................................... M u ltifa m ily ........................................................................... F H A in su red ................................................................... O th e r ................................................................................... Secured by o th er p r o p e r tie s ............................................. 5 0 9 ,5 5 8 1 3 0 ,5 9 3 5 ,9 0 4 8 1 ,6 1 0 7 4 ,0 3 9 5 ,9 1 4 3 ,1 9 1 6 4 ,9 3 3 7 ,5 7 2 941 6 ,6 3 1 4 3 ,0 7 8 5 0 2 ,2 5 8 1 3 0 ,3 0 9 5 ,8 8 7 8 1 ,4 0 8 7 3 ,8 6 3 5 ,8 7 0 3 ,1 4 7 6 4 ,8 4 6 7 ,5 4 5 9 25 6 ,6 2 0 4 3 ,0 1 5 3 9 9 ,9 9 0 9 4 ,5 8 4 2 ,6 3 4 6 0 ,5 7 7 5 4 ,3 1 6 5 ,1 1 0 2 ,7 0 3 4 6 ,5 0 3 6 ,2 6 2 823 5 ,4 3 9 3 1 ,3 7 2 8 2 ,0 4 9 8 ,1 8 4 14 4 ,5 6 7 3 ,1 3 5 254 188 2 ,6 9 3 1 ,4 3 2 166 1 ,2 6 6 3 ,6 0 2 2 4 ,2 6 1 1 ,3 2 5 1 4 3 ,8 7 6 4 9 ,1 3 1 2 ,2 7 4 3 0 ,9 9 1 2 9 ,1 5 5 766 59 27 32 437 1 4 9 ,8 0 4 3 5 ,9 4 5 345 2 4 ,1 3 3 21 ,1 9 8 2 ,8 1 5 1 ,401 1 6 ,9 8 2 2 ,9 3 4 355 2 ,5 7 9 1 1 ,4 6 7 1 ,0 9 4 2 6 ,0 6 1 1 ,8 3 6 275 1 ,5 6 1 1 5 ,8 6 6 1 0 9 ,5 6 7 3 6 ,0 0 9 3 ,2 7 0 2 1 ,0 3 3 1 9 ,7 2 3 805 488 1 8 ,4 3 0 1 ,3 1 0 118 1 ,1 9 2 1 1 ,7 0 6 L o a n s to d o m estic and fo reig n b a n k s.............................. L o a n s to o th er finan cial in s titu tio n s ................................. L o a n s o n secu rities to b rok ers an d d e a le r s .................. O th er lo a n s for p u rch ./ca rry s e c u r itie s ........................... L o a n s to fa r m e r s ......................................................................... C o m m ercia l and in d u stria l lo a n s ........................................ 1 2 ,2 6 5 3 5 ,2 3 6 5 ,2 4 1 4 ,0 2 6 1 8 ,2 3 7 1 8 6 ,8 3 9 1 0 ,0 1 7 3 5 ,0 1 2 5 ,1 9 3 4 ,0 0 1 1 8 ,2 1 6 1 8 2 ,8 1 5 9 ,5 0 0 3 3 ,6 2 7 5 ,0 7 3 3 ,3 4 3 1 0 ,5 0 1 1 5 6 ,3 5 4 4 ,7 3 1 12,911 3 ,5 9 7 566 4 3 ,0 9 5 679 5 ,0 0 9 550 329 252 1 3 ,4 0 8 3 ,6 2 8 1 3 ,0 4 7 763 1 ,5 2 7 2 ,4 5 7 6 0 ,4 7 3 462 2 ,6 6 1 161 921 7 ,6 7 2 3 9 ,3 7 8 2 ,7 6 5 1 ,6 0 9 169 683 7 ,7 3 5 3 0 ,4 8 5 L o a n s to in d iv id u a ls................................................................... In sta lm en t lo a n s ...................................................................... P assen ger a u t o m o b ilie s .................................................. R e sid en tia l-rep a ir/m o d ern ize...................................... C red it cards and related p la n s ................................... C h arge-accou n t cred it c a r d s ................................... C h eck and revolvin g cred it p la n s......................... O th er retail c o n su m er g o o d s ....................................... M o b ile h o m e s ................................................................. O th e r ................................................................................... O ther in stalm en t lo a n s .................................................... S in gle-p aym en t lo a n s to in d iv id u a ls ............................ A ll o th e r l o a n s .............................................................................. 1 0 3 ,2 1 5 8 0 ,2 4 5 3 2 ,8 4 9 5 ,5 4 6 1 1 ,0 7 8 8 ,2 8 1 2 ,7 9 7 1 5 ,3 8 1 8 ,9 9 8 6 ,3 8 3 1 5 ,3 9 1 2 2 ,9 7 0 1 3 ,9 0 6 1 0 2 ,9 5 6 8 0 ,0 3 6 3 2 ,7 6 5 5 ,5 3 6 1 1 ,0 7 7 8 ,2 8 0 2 ,7 9 7 1 5 ,3 5 7 8 ,9 9 6 6 ,3 6 2 1 5 ,3 0 0 2 2 ,9 2 1 1 3 ,7 3 8 7 4 ,4 6 5 5 7 ,4 4 3 2 2 ,1 2 7 4 ,0 7 5 9 ,8 0 7 7 ,4 3 0 2 ,3 7 7 1 0 ,8 3 1 6 ,5 2 0 4 ,3 1 1 1 0 ,6 0 2 1 7 ,0 2 2 1 2 ,5 4 4 5 ,2 1 3 3 ,1 7 7 462 206 1 ,1 1 3 665 447 155 97 59 1 ,2 4 2 2 ,0 3 6 3 ,6 3 1 1 ,5 5 8 835 161 39 388 358 30 118 54 64 129 723 1 ,1 5 2 2 6 ,7 5 1 2 0 ,8 1 9 6 ,9 5 4 1 ,7 3 4 5 ,4 7 9 4 ,2 7 3 1 ,2 0 6 3 ,7 9 9 2 ,3 5 3 1 ,4 4 7 2 ,8 5 3 5 ,9 3 2 5 ,2 1 4 4 0 ,9 4 3 3 2 ,6 1 1 14,5 5 1 2 ,0 9 6 2 ,8 2 8 2 ,1 3 4 694 6 ,7 5 8 4 ,0 1 7 2 ,7 4 1 6 ,3 7 9 8 ,3 3 2 2 ,5 4 6 2 8 ,7 5 0 2 2 ,8 0 2 1 0 ,7 2 2 1 ,4 7 2 1 ,2 7 1 851 420 4 ,5 4 9 2 ,4 7 7 2 ,0 7 2 4 ,7 8 9 5 ,9 4 8 1 ,3 6 2 T o ta l lo a n s and s e c u r itie s ............................................................ 7 4 4 ,5 4 2 7 3 4 ,5 6 1 5 6 8 ,8 5 2 1 0 0 ,3 4 8 3 0 ,8 5 9 2 1 1 ,7 9 9 2 2 5 ,8 4 5 1 7 5 ,6 9 0 F ix e d assets— B u ild in gs, furniture, real e s t a t e .................. In v estm en ts in su b sid iaries n o t c o n s o lid a t e d .................... C u sto m er a ccep tan ces o u ts ta n d in g ......................................... O th er a s s e ts ......................................................................................... 1 5 ,1 0 6 1 ,7 6 3 1 0 ,8 5 7 1 9 ,6 7 8 1 5 .0 2 7 1 ,7 3 9 1 0 ,6 4 8 1 9 ,0 2 2 1 1 ,3 7 4 1 ,7 2 3 1 0 ,3 6 4 1 6 ,6 2 9 1 ,1 1 6 768 5 ,6 2 9 5 ,1 0 4 448 134 451 872 4 ,6 2 2 75 2 3 ,9 1 2 7 ,1 3 2 5 ,1 8 9 69 372 3 ,5 2 0 3 ,7 3 2 41 493 3 ,0 4 9 T o ta l a s s e t s .......................................................................................... 9 2 0 ,0 0 1 9 0 6 ,3 8 5 7 1 5 ,9 5 0 1 4 0 ,5 6 9 3 7 ,5 8 1 2 6 8 ,3 4 3 2 6 9 ,4 5 7 2 0 4 ,0 5 1 N u m b e r o f b a n k s ............................................................................. 1 4 ,4 6 5 1 4 ,2 1 6 5 ,7 8 0 13 9 155 5 ,6 0 3 8 ,6 8 5 1 M e m b er b ank s ex c lu d e an d n o n m e m b er b a n k s in c lu d e 3 n o n in su red tru st c o m p a n ie s th at are m em b ers o f th e F ed era l R eserv e S y stem , and m em b e r b an k s ex c lu d e 2 n a tio n a l b a n k s o u ts id e th e c o n tin e n ta l U n ited S ta tes. 2 See ta b le (and n o te s), D e p o s its A c c u m u la te d f o r P a y m e n t o f P e rso n a l L o a n s , p. 24, 3 D e m a n d d e p o sits a d ju sted are d em a n d d e p o sits o th e r th a n d o m e stic c o m m e r c ia l in terb a n k and U .S . G o v t., less ca sh ite m s rep o rted as in p r o c e ss o f c o lle c tio n . 220 120 212 120 250 2 887 827 40 20 2 ,0 0 0 1 4 ,3 8 8 1 ,5 7 1 586 1 ,6 9 0 N ote .— D a ta in c lu d e c o n s o lid a te d rep o rts, in c lu d in g figures fo r all b a n k -p rem ises su b sid ia ries a n d o th er sig n ifica n t m a jo r ity -o w n ed d o m e stic su b sid ia r ies. F ig u res fo r to ta l lo a n s and fo r in d iv id u a l c a te g o r ies o f secu rities are rep o r te d o n a g ro ss b a sis— th a t is, b efo re d e d u c tio n o f v a lu a tio n reserves. B a ck d a ta in lesser d e ta il w ere s h o w n in p r e v io u s B u ll e tin s . B e g in n in g w ith the fa ll C a ll R e p o r t, d a ta fo r fu tu re sprin g and fa ll C a ll R e p o r ts w ill be a v a ila b le fro m th e D a ta P r o d u c tio n S e c tio n o f th e D iv is io n o f D a t a P ro cessin g . D e ta ils m a y n o t add to to ta ls b e c a u se o f r o u n d in g . JU L Y 1975 □ COMMERCIAL BANKS A 17 LIABILITIES AND CAPITAL BY CLASS OF BANK, DECEMBER 31, 1974 (A m o u n ts in m illio n s o f d o lla rs) M em ber b a n k s1 A ccount A ll In su red co m m ercia l c o m m ercia l b ank s banks L a rg e b a n k s T o ta l A ll o th e r N ew Y ork C ity D e m a n d d e p o s its .............................................................................. M u tu a l savin gs b a n k s ............................................................... O th er in d iv id u a ls, p artn ersh ip s, a n d c o r p o r a tio n s . . U .S . G o v e r n m e n t........................................................................ S tates and p o litic a l s u b d iv is io n s .......................................... F o r e ig n g o v e r n m e n ts, central b a n k s, e tc ........................ C o m m e rc ia l ban k s in U n ite d S t a te s ................................. B an k s in fo reig n c o u n tr ie s ..................................................... C ertified an d o fficers’ ch eck s, e tc ........................................ 3 1 5 ,8 2 5 1 ,3 6 3 2 3 5 ,8 0 2 4 ,8 0 7 1 8 ,6 1 5 2 ,1 2 4 3 5 ,3 1 6 6 ,8 0 4 1 0 ,9 9 3 3 1 2 ,8 5 8 1 ,1 9 7 2 3 4 ,8 0 8 4 ,7 9 9 1 8 ,4 8 5 1 ,8 8 2 3 5 ,0 5 3 6 ,3 3 6 1 0 ,2 9 8 2 4 8 ,4 7 7 T im e an d savin gs d e p o s its ........................................................... S avin gs d e p o s its ........................................................................... A ccu m u la ted fo r p erso n a l lo a n p a y m e n ts2 .................. M u tu a l sa v in g s b a n k s ............................................................... O th er in d iv id u a ls, p artn ersh ip s, a n d c o r p o r a tio n s . . U .S . G o v e r n m e n t........................................................................ States an d p o litic a l s u b d iv is io n s .......................................... F o r e ig n g o v e r n m e n ts, cen tra l b a n k s, e tc ........................ C om m e rc ia l b a n k s in U n ite d S t a te s ................................. B a n k s in foreign c o u n t r ie s ..................................................... 4 3 2 ,5 1 6 1 3 5 ,6 0 8 389 479 2 2 1 ,7 5 2 477 5 0 ,1 1 0 1 2 ,6 8 3 8 ,6 1 1 2 ,4 0 6 4 2 8 ,8 5 5 1 3 5 ,3 6 4 387 463 2 1 9 ,9 4 7 47 7 4 9 ,9 3 9 1 2 ,0 4 9 8 ,4 1 7 1 ,8 1 4 T o ta l d e p o s its ..................................................................................... 7 4 8 ,3 4 1 F ed eral fu n d s p u r c h a se d a n d secu ritie s s o ld u n d er agreem en ts to r e p u r c h a s e ....................................................... O th er liab ilities fo r b o rro w ed m o n e y ................................... M o rtg a g e in d e b te d n e ss................................................................. B an k a ccep ta n ces o u ts ta n d in g .................................................. O th er lia b ilitie s .................................................................................. 5 2 ,3 2 6 6 ,0 4 9 715 1 1 ,4 3 3 2 8 ,7 8 8 T o ta l lia b ilitie s ................................................................................... M in o rity in terest in co n so lid a te d su b sid ia r ies.................. T o ta l reserves o n lo a n s /s e c u r itie s............................................ R eserv es for bad d e b ts ( I R S ) ............................................... O th er reserves o n lo a n s ............................................................ R eserves o n s e c u r itie s ............................................................... C ity o f C h ic a g o O th er large N onm em b e r b an k s1 8 8 ,4 5 1 190 6 7 ,1 1 1 815 3 ,8 8 9 357 1 1 ,9 8 5 1 ,1 9 2 2 ,9 1 2 9 3 ,1 6 3 370 7 5 ,3 5 4 2 ,1 0 6 8 ,3 5 4 1 ,4 6 5 1 4 ,3 9 9 4 ,5 9 3 2 ,8 3 3 1 1 ,3 0 7 3 7 ,5 3 8 36 21 8 24 3 ,0 3 9 198 251 3 2 7 ,4 1 0 9 7 ,5 9 6 275 451 1 7 0 ,1 8 0 35 2 3 7 ,0 6 5 1 1 ,8 9 1 7 ,8 5 8 1 ,7 4 2 5 1 ,7 9 9 6 ,0 6 1 1 7 ,4 9 1 2 ,0 6 0 261 3 0 ,3 2 9 39 2 ,0 6 0 7 ,3 6 9 4 ,1 1 9 1 ,5 6 1 3 1 1 ,9 9 6 1 ,3 0 7 1 ,3 1 5 775 29 1 1 9 ,4 8 6 3 4 ,2 7 3 69 171 6 2 ,4 6 7 146 1 6 ,4 9 4 3 ,1 7 4 2 ,5 4 6 145 1 3 8 ,6 3 4 5 5 ,2 0 2 206 16 6 5 ,3 8 8 160 1 7 ,2 0 5 32 418 7 1 0 5 ,1 0 6 3 8 ,0 1 2 115 28 5 1 ,5 7 2 125 1 3 ,0 4 6 79 2 753 663 7 4 1 ,7 1 3 5 7 5 ,8 8 7 1 0 7 ,3 5 5 2 8 ,7 9 9 2 0 7 ,9 3 6 2 3 1 ,7 9 7 1 7 2 ,4 5 4 5 1 ,1 4 1 4 ,8 5 2 712 2 5 ,0 4 7 4 8 ,3 5 1 4 ,5 0 5 509 1 0 ,9 3 6 2 0 ,4 2 6 1 0 ,0 4 8 1 ,5 7 1 77 6 ,1 5 5 4 ,3 9 7 4 ,2 9 5 63 4 469 1 ,3 4 6 2 6 ,3 5 7 2 ,4 0 6 25 9 3 ,9 3 8 8 ,0 2 9 7 ,6 5 1 464 169 373 6 ,6 5 3 3 ,9 7 6 1 ,5 4 4 206 4 97 8 ,3 6 2 8 4 7 ,6 5 2 8 3 4 ,6 8 7 6 6 0 ,6 1 4 1 2 9 ,6 0 3 3 4 ,9 7 7 2 4 8 ,9 2 7 2 4 7 ,1 0 7 1 8 7 ,0 3 8 6 2 2 8 ,6 8 9 8 ,4 0 2 116 171 5 8 ,6 5 0 8 ,3 6 6 115 169 7 ,0 8 9 6 ,9 0 9 70 2 ,3 3 8 2 ,2 3 0 51 57 3 1 ,6 0 0 1 ,4 9 3 46 60 T o ta l ca p ita l a c c o u n t s ................................................................... C a p ita l n o tes and d e b e n tu r e s............................................... E q u ity c a p ita l................................................................................ P referred s t o c k ........................................................................ C o m m o n s t o c k ........................................................................ S u rp lu s......................................................................................... U n d iv id ed p r o fits ................................................................... O th er ca p ital reserv es........................................................... 6 3 ,6 5 5 4 ,2 9 0 5 9 ,3 6 4 54 1 4 ,8 2 1 2 5 ,3 9 7 1 8 ,1 2 4 968 6 3 ,0 4 3 4 ,2 2 7 5 8 ,8 1 7 43 1 4 ,7 2 4 2 5 ,2 2 3 1 7 ,9 2 0 90 4 4 8 ,2 4 4 3 ,4 2 3 4 4 ,8 2 2 24 1 1 ,0 1 5 1 9 ,2 2 7 1 3 ,9 0 8 649 2 0 ,0 1 0 1 5 ,4 1 0 2 ,1 8 8 3 ,7 2 0 2 ,7 0 4 4 568 1 ,1 4 0 301 44 3 ,5 6 0 6 ,8 4 0 4 ,3 9 8 267 933 1 9 ,0 7 6 13 4 ,6 9 9 7 ,5 2 6 6 ,5 0 4 334 1 4 ,5 4 2 30 3 ,8 0 6 6 ,1 7 0 4 ,2 1 6 319 T o ta l lia b ilities, reserv es, m in o rity in terest, c a p ita l a c c o u n ts ............................................................................................ 9 2 0 ,0 0 1 9 0 6 ,3 8 5 7 1 5 ,9 5 0 1 4 0 ,5 6 9 3 7 ,5 8 1 2 6 8 ,3 4 3 2 6 9 ,4 5 7 2 0 4 ,0 5 1 2 2 8 ,4 2 4 7 2 4 ,4 6 4 5 1 9 ,2 1 9 2 2 5 ,8 9 3 7 1 7 ,8 5 7 5 1 0 ,8 3 8 1 6 5 ,8 8 1 5 5 5 ,9 3 0 4 0 1 ,6 9 4 2 6 ,7 1 7 1 0 3 ,0 1 4 8 1 ,6 6 5 6 ,1 1 7 2 7 ,2 2 9 2 4 ,4 9 3 5 4 ,5 3 5 1 9 9 ,2 8 7 1 5 0 ,4 8 5 7 8 ,5 1 2 2 2 6 ,4 0 0 1 4 5 ,0 5 0 6 2 ,5 4 2 1 6 8 ,5 3 4 1 1 7 ,5 2 5 1 3 .9 1 3 .8 2 1 .3 1 4 .9 1 9 .6 1 2 .8 1 5 .0 1 2 .8 1 0 .3 1 9 .4 1 1 .7 1 4 .9 2 5 .9 2 .2 2 .2 1 .2 2 7 .4 1.1 1 7 .6 1 .4 .4 1 .0 .7 .3 .6 .4 D e m a n d d e p o sits adjusted 3 ........................................................ A v era g e to ta l d e p o sits (p a st 15 d a y s ) ................................... A ve r a g e to ta l lo a n s (p ast 15 d a y s ).......................................... Selected ratios: P ercen tage o f to ta l assets C ash an d b a la n ces w ith o th er b a n k s ................................ 2 1 .2 11,221 1,121 1 8 0 ,8 1 9 3 ,1 8 3 1 3 ,1 2 6 1 ,8 5 5 3 3 ,8 2 4 6 ,1 1 6 8 ,4 3 2 5 5 ,5 5 6 559 3 0 ,8 1 6 22 6 666 1 ,5 9 4 1 ,5 9 3 6 48 8 488 2 ,6 6 8 2 ,1 1 5 61 2 ,0 5 4 1 6 ,7 4 8 1 ,6 7 3 1 5 ,0 7 6 1 110 9 ,3 7 2 755 8 ,6 1 6 2 ,5 9 8 17 53 10 T o ta l secu rities h e ld ................................................................... T rading a c c o u n t se c u r itie s................................................. U .S . T r e a su r y ...................................................................... S tates an d p o litic a l su b d iv isio n s ............. A ll o th er trad in g a c c o u n t secu rities ............. *2 .2 .4 .5 .3 B an k in v estm en t p o r t fo lio s ............................................... U .S . T r e a su r y ...................................................................... States an d p o litic a l su b d iv isio n s................................ A ll o th er p o r tfo lio se cu ritie s........................................ 2 0 .3 5 .6 1 0 .5 4 .1 2 0 .5 5 .7 1 0 .7 4 .1 1 8 .3 5 .1 9 .9 3 .3 9 .5 3 .1 4 .9 1 .5 1 2 .7 3 .6 6 .5 1 6 .2 4 .6 9 .0 2 .6 2 .6 O th er lo a n s a n d F ed eral fu n d s s o l d ................................. A ll o th er a s s e ts ............................................................................. T o ta l lo a n s an d s e c u r itie s ....................................................... 5 9 .7 5 .2 8 0 .9 5 9 .7 5 .1 8 1 .0 6 0 .0 5 .6 7 9 .5 5 9 .7 9 .0 7 1 .4 6 7 .2 5 .1 8 2 .1 6 1 .3 R eserv es fo r lo a n s an d s e c u r itie s ........................................ E q u ity ca p ita l— T o t a l................................................................ T o ta l cap ital a c c o u n t s .............................................................. .9 6 .5 6 .9 1 .0 1 .0 6 .3 6 .7 6 .7 1 .3 5 .5 5 .6 1 .0 6 .5 7 .0 1.1 6.1 N u m b er o f b a n k s ............................................................................. 1 4 ,4 6 5 1 4 ,2 1 6 5 ,7 8 0 13 9 F or notes see opposite page. .9 .3 .4 .9 .3 .4 .7 .5 6.1 7 8 .9 8 4 ,4 0 1 134 2 ,4 3 6 .1 2 5 .8 6 7 ,3 4 8 242 5 4 ,9 8 2 1 ,6 2 4 5 ,4 8 9 26 9 1 ,4 9 2 688 2 ,5 6 2 868 6 .8 2 7 .4 7 .6 1 3 .9 5 .1 1 2 .8 5 7 .9 3 .4 8 3 .8 5 8 .7 3 .6 7 .0 86.1 .8 6 .2 .9 7 .1 7 .4 7 .1 7 .6 155 5 ,6 0 3 8 ,6 8 5 5 .6 A 18 W EEKLY REPORTING BANKS □ JU L Y 1975 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions o f dollars) Loans Federal funds sold, etc .1 W ed n esd ay Other T o b ro k ers and d ea lers in v o lv in g — T o ta l lo a n s and in v e st m en ts T o ta l To com m er cia l ba n k s U .S . O ther se T r e a s ury cu ri se ties cu ri ties F o r p u rch a sin g or ca rry in g secu rities To o th ers T o ta l C om m er cia l and in d u s trial T o nonbank fin a n cia l in s titu tio n s T o b ro k ers an d d ealers To o th e rs U .S . T rea s O th er ury secs. se cs. U .S . T r e a s O th er ury secs. secs. A g r i cu l tural P er s. an d sa les finan . R eal e sta te O th er COS., etc. L arge banks— T o ta l 1974 Ju n e 5 ....................... 1 2 ....................... 1 9 ....................... 2 6 ....................... 3 9 0 ,9 6 5 3 9 0 ,0 5 5 3 9 0 ,5 6 9 3 9 1 ,1 1 9 1 8 ,8 3 6 1 6 ,9 7 2 1 5 ,3 2 1 1 6 ,1 8 7 1 5 ,4 5 4 1 3 ,9 1 3 1 3 ,2 1 3 1 4 ,0 7 0 2 ,0 1 4 1 ,9 8 5 90 5 932 7 ................ 1 4 ....................... 2 1 ....................... 2 8 ....................... 3 9 1 ,5 7 8 3 8 9 ,8 5 3 3 8 8 ,8 4 5 3 8 9 ,3 1 7 1 7 ,2 9 2 1 7 ,1 4 2 1 6 ,2 0 1 1 7 ,5 8 9 1 4 ,1 6 3 1 4 ,0 2 4 1 3 ,0 4 5 1 3 ,9 8 2 1 ,6 3 1 1 ,5 5 5 1 ,7 5 5 2 ,2 7 6 4 * .................... 11* 18* 2 5 * .................... 3 9 2 ,7 9 8 3 9 5 ,8 8 0 3 9 6 ,1 9 1 3 9 0 ,1 3 4 1 9 ,6 3 5 2 1 ,3 0 1 1 9 ,7 5 8 1 6 ,1 1 4 1 6 ,0 4 9 1 5 ,2 3 4 1 5 ,7 3 4 1 2 ,6 0 3 2 ,2 5 6 4 ,5 8 8 2 ,5 7 4 2 ,1 9 7 8 5 ,2 1 9 8 5 ,7 8 4 8 6 ,2 8 9 8 7 ,2 9 9 1 ,7 9 8 1 ,7 0 7 1 ,2 5 7 2 ,2 3 3 1 ,7 2 0 1 ,6 7 7 1 ,1 4 4 2 ,1 6 3 7 ....................... 1 4 ....................... 2 1 ....................... 2 8 ....................... 8 7 ,1 3 5 8 6 ,7 3 0 8 7 ,0 7 8 86,011 1 ,6 0 4 1 ,6 0 5 1 ,8 0 4 968 1 ,4 4 6 1 ,4 4 4 1 ,6 6 2 773 4 * .................. 1 1 * .................... 18* 2 5 * .................... 8 7 ,1 2 8 8 7 ,6 5 2 8 8 ,7 2 4 8 7 ,2 7 1 1 ,1 9 4 1 ,1 0 7 1 ,2 5 8 691 1,000 3 0 5 ,7 4 6 30 4 ,2 7 1 3 0 4 ,2 8 0 3 0 4 ,4 8 0 1 7 ,0 3 8 1 5 ,2 6 5 1 4 ,0 6 4 1 3 ,9 5 4 1 3 ,7 3 4 1 2 ,2 3 6 1 2 ,0 6 9 1 1 ,9 0 7 7 ..................... 1 4 ....................... 2 1 ...................... 2 8 ...................... 3 0 4 ,4 4 3 3 0 3 ,1 2 3 3 0 1 ,7 6 7 3 0 3 ,3 0 6 1 5 ,6 8 8 1 5 ,5 3 7 1 4 ,3 9 7 1 6 ,6 2 1 4 * .................. 1 1 * .................. 1 8 * .................... 2 5 * .................. 3 0 5 ,6 7 0 3 0 8 ,2 2 8 3 0 7 ,4 6 7 3 0 2 ,8 6 3 1 8 ,4 4 1 2 0 ,1 9 4 1 8 ,5 0 0 1 5 ,4 2 3 686 682 562 622 633 2 8 7 ,6 5 7 2 8 7 ,4 5 1 2 9 0 ,5 1 0 2 9 1 ,4 8 1 1 2 0 ,7 6 6 1 2 1 ,5 1 9 1 2 3 ,0 0 4 1 2 3 ,6 1 2 3 ,8 2 1 3 ,8 3 4 3 ,9 6 2 3 ,9 5 0 1 ,5 4 2 6 02 67 4 511 4 ,9 3 3 5 ,0 0 2 5 ,1 0 2 4 ,6 9 9 126 130 130 128 2 ,6 9 4 2 ,6 8 9 2 ,6 6 7 2 ,6 7 0 9 ,4 6 1 9 ,3 2 1 9 ,9 0 6 9 ,8 6 7 2 0 ,4 1 0 2 0 ,3 1 2 2 0 ,8 0 7 2 0 ,9 2 8 5 7 ,6 9 4 5 7 ,9 2 3 5 8 ,1 9 5 5 8 ,2 9 6 868 842 828 720 630 721 573 611 2 8 4 ,7 4 8 2 8 3 ,1 1 2 2 8 2 ,6 3 5 2 8 1 ,7 9 5 1 2 5 ,1 5 8 1 2 4 ,3 9 8 1 2 3 ,5 9 0 1 2 2 ,7 2 9 3 ,4 3 2 3 ,4 2 2 3 ,3 9 5 3 ,3 9 7 1 ,0 6 6 949 894 735 2 ,6 4 6 2 .6 4 5 2 ,9 2 6 3 ,1 7 7 78 81 79 77 2 ,3 4 2 2 ,3 3 3 2 ,3 5 1 2 ,3 3 8 9 ,3 5 6 9 ,0 9 0 9 ,1 0 5 9 ,2 7 2 2 0 ,2 2 4 2 0 ,1 5 2 2 0 ,1 4 2 2 0 .1 8 9 5 9 ,2 0 1 5 9 ,2 1 1 5 9 ,2 3 1 5 9 ,2 9 3 770 885 8 93 681 56 0 59 4 557 633 2 8 2 ,8 7 2 2 8 2 ,2 2 2 2 8 2 ,5 1 9 2 8 1 ,5 8 2 1 2 2 ,0 0 4 1 2 1 ,9 6 1 1 2 2 ,1 5 5 1 2 1 ,9 1 9 3 ,3 9 0 3 ,4 0 4 3 ,4 3 1 3 ,4 5 8 1 ,8 9 7 1 ,9 6 1 1 ,3 0 6 605 3 ,5 0 7 3 ,3 3 5 3 ,3 9 8 3 .6 4 5 84 85 83 114 2 .3 3 6 2 .3 3 7 2 ,3 4 9 2 ,3 4 0 9 ,2 5 6 9 ,0 2 8 9 ,4 2 6 9 ,4 1 9 2 0 ,1 3 4 2 0 .1 9 0 2 0 ,3 9 5 2 0 ,3 7 0 5 9 ,2 4 5 5 9 ,2 5 1 5 9 ,2 2 8 5 9 ,1 8 9 38 104 64 6 9 ,3 2 6 6 8 ,9 3 1 7 0 ,1 4 5 7 0 ,6 4 1 3 4 ,7 3 5 3 5 ,1 5 6 3 5 ,8 7 5 3 6 ,4 2 6 138 146 145 138 1 ,4 4 5 53 8 535 423 2 ,9 8 9 2 ,9 7 0 3 ,0 6 4 2 ,7 6 8 55 8 565 562 562 3 ,2 4 1 3 ,1 8 5 3 ,5 3 8 3 ,4 8 7 7 ,3 0 3 7 ,3 1 6 7 ,6 0 5 7 ,6 2 4 6 ,7 1 3 6 ,7 6 7 6 .8 3 2 6 .8 3 2 62 143 118 171 7 0 ,7 5 0 6 9 ,9 3 8 6 9 ,8 3 3 6 9 ,6 7 0 3 8 ,3 0 8 3 7 ,9 7 5 3 7 ,6 3 9 3 7 ,3 5 5 105 512 581 552 1975 M ay Ju n e ........... ........... N e w Y o rk C ity 1974 Ju n e 5 ....................... 1 2 ....................... 1 9 ....................... 2 6 ....................... 32 21 1975 M ay June ........... 100 886 98 92 91 809 813 588 1 ,8 4 3 1 ,7 7 8 2 ,0 1 5 2 ,2 1 5 45 7 451 46 9 460 3 ,2 0 7 3 ,1 0 0 098 242 7 ,8 3 2 7 ,8 2 2 7 ,8 0 9 7 ,8 7 4 7 ,4 1 6 7 ,4 0 1 7 ,4 1 3 7 ,4 4 2 457 46 6 47 8 470 ,2 0 4 ,117 ,328 ,3 8 0 7 ,8 3 0 7 ,7 7 8 7 ,9 0 6 7 ,8 6 3 7 ,4 3 8 7 ,4 4 0 7 .4 2 2 7 .4 2 2 2 ,1 3 6 2 ,1 2 4 2 ,1 0 5 2 ,1 0 8 6,220 6 ,1 3 6 6 ,3 6 8 6 ,3 8 0 1 3 ,1 0 7 1 2 ,9 9 6 1 3 ,2 0 2 1 3 ,3 0 4 5 0 ,9 8 1 5 1 ,1 5 6 5 1 ,3 6 3 5 1 ,4 6 4 1 ,8 8 5 1 ,8 8 2 1 ,8 8 2 1 .8 7 8 6 ,1 4 9 5 ,9 9 0 6 ,0 0 7 6 ,0 3 0 1 2 ,3 9 2 1 2 ,3 3 0 1 2 ,3 3 3 1 2 ,3 1 5 5 1 ,7 8 5 5 1 .8 1 0 5 1 ,8 1 8 5 1 ,8 5 1 1 .8 7 9 1 .8 7 1 1 .8 7 1 1 ,8 7 0 6 ,0 5 2 5 ,9 1 1 6 ,0 9 8 6 ,0 3 9 1 2 ,3 0 4 1 2 ,4 1 2 1 2 ,4 8 9 1 2 ,5 0 7 5 1 ,8 0 7 5 1 .8 1 1 5 1 ,8 0 6 5 1 ,7 6 7 149 72 154 7 0 ,5 0 9 7 0 ,3 5 3 7 0 ,2 8 7 6 9 ,9 8 6 3 7 ,1 6 5 3 7 ,2 5 5 3 7 .3 3 0 3 7 .3 3 1 84 82 82 83 1 ,6 4 8 1 ,6 0 5 1 ,0 9 9 516 2 ,4 0 5 2 ,2 6 7 2 ,3 4 1 2 ,5 7 5 2 ,0 0 6 1 ,9 7 6 896 926 654 512 581 55 2 6 44 541 518 569 2 1 8 ,3 3 1 2 1 8 ,5 2 0 2 2 0 ,3 6 5 2 2 0 ,8 4 0 8 6 ,0 3 1 8 6 ,3 6 3 8 7 ,1 2 9 8 7 ,1 8 6 3 ,6 8 3 3 ,6 8 8 3 ,8 1 7 3 ,8 1 2 97 64 139 1 ,9 4 4 2 ,0 3 2 2 ,0 3 8 1 ,9 3 1 1 2 ,7 1 7 1 2 ,5 8 0 1 1 ,3 8 3 1 3 ,2 0 9 1 ,5 3 5 1 .5 3 7 1 ,731 2 ,2 5 2 868 842 828 720 568 578 455 4 40 2 1 3 ,9 9 8 2 1 3 ,1 7 4 2 1 2 ,8 0 2 2 1 2 ,1 2 5 8 6 ,8 5 0 8 6 ,4 2 3 8 5 ,9 5 1 8 5 ,3 7 4 3 ,3 3 2 3 ,3 2 4 3 ,3 0 3 3 .3 0 6 180 140 81 147 803 867 911 962 1 4 ,9 9 1 1 4 ,2 5 2 1 4 ,7 3 4 1 2 ,1 4 5 2 ,2 2 5 4 ,5 8 3 2 .5 3 7 2 ,1 1 8 770 885 744 681 455 474 485 479 2 1 2 ,3 6 3 2 1 1 ,8 6 9 2 1 2 ,2 3 2 2 1 1 ,5 9 6 8 4 ,8 3 9 8 4 ,7 0 6 8 4 ,8 2 5 8 4 ,5 8 8 3 .3 0 6 3 ,3 2 2 3 ,3 4 9 3 ,3 7 5 249 356 20 7 89 1 ,0 5 8 982 120 458 O u tsid e N e w Y o rk C ity 1974 Ju n e 5 ....................... 1 2 ....................... 1 9 ....................... 2 6 ...................... 98 102 102 102 1975 M ay Ju n e For notes see p. A-22. 1,102 1 ,0 6 8 1 ,0 5 7 1 ,0 7 0 JU L Y 1975 □ WEEKLY REPORTING BANKS A 19 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) Investments Loans (cont.) U .S . T rea su ry secu rities O th er (c o n t.) T o com m er c ial b a n k s D o m es tic F or e ig n O th er secu rities N o t e s an d b o n d s m a tu rin g — C on su m er in sta l m en t F or e ig n g o v ts. 2 A ll o th e r T o ta l B ills O b lig a tio n s o f S ta te s and p o litic a l su b d iv is io n s C ertif ica tes O th er b o n d s, c o r p . sto c k s, an d secu rities W e d n e sd a y T o ta l W ithin 1 yr. 1 to 5 yrs. A fte r 5 yrs. Tax w ar r a n ts 3 A ll o th e r C ertif. of A ll p a rtici o th e r s pation* L a r g e b a n k s— T o ta l 1 97 4 4 ,0 1 3 3 ,9 7 8 3 ,8 5 7 3 ,9 5 9 6 ,4 5 2 6 ,2 2 5 6 ,2 7 5 6 ,4 0 1 3 3 ,5 6 5 3 3 ,6 7 6 3 3 ,7 9 7 3 3 ,9 2 3 1 ,8 5 9 1 ,8 3 2 1 ,8 8 1 1 ,9 6 6 2 0 ,3 2 1 2 0 ,4 0 8 2 0 ,2 5 3 2 0 ,5 7 1 2 2 ,3 1 6 2 2 ,1 2 3 2 1 ,8 0 1 2 0 ,9 8 4 2 ,7 2 7 2 ,4 8 5 2 ,2 1 8 1 ,5 3 1 3 ,6 6 5 3 ,7 6 4 3 ,7 2 8 3 ,6 6 6 1 1 ,9 4 9 1 1 ,8 8 2 1 1 ,8 8 5 1 1 ,8 4 5 3 ,9 7 5 3 ,9 9 2 3 ,9 7 0 3 ,9 4 2 6 2 ,1 5 6 6 3 ,5 0 9 6 2 ,9 3 7 6 3 ,1 2 7 7 ,5 0 5 8 ,0 0 7 7 ,5 1 1 7 ,3 8 4 4 0 ,9 3 1 4 1 ,4 0 5 4 1 ,3 3 2 4 1 ,3 1 1 2 ,3 9 7 2 ,5 0 8 2 ,5 1 9 2 ,5 2 5 1 1 ,3 2 3 1 1 ,5 8 9 1 1 ,5 7 5 1 1 ,9 0 7 .................... J u n e 5 . . .............................12 ................................19 ................................26 2 ,6 5 7 2 ,5 0 9 2 ,4 6 7 2 ,2 9 7 5 ,3 8 7 5 ,2 7 1 5 ,2 8 9 5 ,3 7 7 3 3 ,8 3 3 3 3 ,8 5 1 3 3 ,8 2 1 3 3 ,8 3 8 1 ,4 3 5 1 ,2 2 9 1 ,3 2 8 1 ,3 4 8 1 7 ,9 3 3 1 7 ,9 7 1 1 8 ,0 1 7 1 7 ,7 2 8 2 9 ,3 1 4 2 9 ,5 1 1 2 9 ,7 9 4 3 0 ,2 3 5 5 ,9 5 3 6 ,0 5 2 5 ,8 9 1 5 ,7 6 9 4 ,0 3 4 4 ,1 5 1 4 ,2 1 1 4 ,2 9 6 1 5 ,8 7 5 1 5 ,8 6 4 1 6 ,0 7 7 1 6 ,5 8 9 3 ,4 5 2 3 ,4 4 4 3 ,6 1 5 3 ,5 8 1 6 0 ,2 2 4 6 0 ,0 8 8 6 0 ,2 1 5 5 9 ,6 9 8 6 ,1 0 7 5 ,9 0 8 6 ,0 3 9 5 ,9 1 9 3 9 ,6 2 0 3 9 ,3 6 7 3 9 ,5 4 9 3 9 ,5 0 1 2 ,4 0 0 2 ,4 3 3 2 ,4 5 1 2 ,4 1 5 1 2 ,0 9 7 1 2 ,3 8 0 1 2 ,1 7 6 1 1 ,8 6 3 .................. M a y 7 ................................14 ................................21 ................................ 28 2 ,6 1 4 2 ,4 6 7 2 ,3 9 5 2 ,4 2 0 5 ,2 9 5 5 ,2 3 5 5 ,1 5 4 5 ,1 3 4 3 3 ,7 9 3 3 3 ,7 7 0 3 3 ,7 9 5 3 3 ,8 6 6 1,3 4 1 1 ,3 3 3 1 ,2 6 7 1 ,3 1 4 1 7 ,9 7 6 1 7 ,8 6 5 1 8 ,1 3 7 1 7 ,7 8 9 3 0 ,5 9 0 3 2 ,1 5 0 3 2 ,7 2 3 3 1 ,9 3 4 6 ,6 2 8 7 ,6 6 9 7 ,9 7 5 7 ,5 3 3 4 ,5 9 6 4 ,6 3 2 4 ,8 8 0 4 ,7 8 1 1 5 ,9 5 1 1 6 ,4 8 5 1 6 ,4 4 2 1 6 ,3 5 3 3 ,4 1 5 3 ,3 6 4 3 ,4 2 6 3 ,2 6 7 5 9 ,7 0 1 6 0 ,2 0 7 6 1 ,1 9 1 6 0 ,5 0 4 5 ,8 5 9 6 ,0 6 7 6 ,5 1 9 6 ,4 8 0 3 9 ,5 9 3 3 9 ,7 2 1 4 0 ,1 6 8 3 9 ,6 4 4 2 ,3 9 6 2 ,4 2 9 2 ,4 2 2 2 ,4 0 8 1 1 ,8 5 3 1 1 ,9 9 0 1 2 ,0 8 2 1 1 ,9 7 2 .................. 11*> .................. 18^ .................. 25 * 1975 .................. J u n e 4p N e w Y o r k C ity 1974 1 ,5 0 9 1 ,6 2 0 1 ,5 2 8 1 ,5 9 5 3 ,0 0 2 2 ,8 1 0 2 ,9 2 9 2 ,9 0 7 2 ,4 0 0 2 ,4 2 0 2 ,4 3 6 2 ,4 4 4 746 771 792 789 4 ,5 1 9 4 ,6 3 9 4 ,2 7 6 4 ,6 2 0 3 ,6 4 4 3 ,9 0 7 3 ,8 0 9 3 ,3 5 5 1 ,2 9 3 1 ,1 6 8 1 ,0 9 7 2 ,5 3 3 2 ,3 9 9 2 ,3 8 3 2 ,4 4 7 2 ,5 7 7 2 ,5 8 0 2 ,5 8 6 2 ,5 7 5 676 553 608 617 3 ,6 0 3 3 ,7 3 2 3 ,7 2 3 3 ,6 4 9 1 ,0 8 6 1 ,1 0 3 1 ,0 7 2 1 ,0 9 6 2 ,3 6 0 2 ,3 0 3 2 ,2 4 6 2 ,2 7 8 2 ,5 6 8 2 ,5 7 7 2 ,5 8 3 2 ,5 9 0 601 599 501 538 3 ,6 4 5 3 ,7 4 3 3 ,8 8 1 3 ,7 9 5 88 263 141 244 395 451 432 378 1 ,9 1 1 1 ,9 3 2 1 ,9 5 8 1 ,9 4 9 1 ,2 5 0 1 ,2 6 1 1 ,2 7 8 1 ,2 7 2 1 0 ,4 5 1 1 1 ,2 3 9 1 1 ,0 7 8 1 1 ,0 7 0 2 ,2 4 0 2 ,6 9 2 2 ,4 7 2 2 ,3 7 1 5 ,5 8 2 5 ,7 7 0 5 ,7 9 6 5 ,7 8 7 5 54 607 603 635 2 ,0 7 5 2 ,1 7 0 2 ,2 0 7 2 ,2 7 7 .................. J u n e 5 ................................ 12 ................................ 19 ................................ 26 5 ,8 8 9 6 ,3 1 1 6 ,4 1 8 6 ,5 1 9 1 ,2 2 3 1 ,4 7 3 1 ,3 2 3 1 ,1 7 5 430 535 553 599 3 ,2 9 3 3 ,2 8 3 3 ,5 3 0 3 ,7 5 4 943 1 ,020 1,012 991 8 ,8 9 2 8 ,8 7 6 9 ,0 2 3 8 ,8 5 4 1 ,5 6 2 1 ,5 4 0 1 ,6 0 9 1 ,5 1 2 4 ,6 8 9 4 ,6 3 7 4 ,7 7 7 4 ,7 6 6 516 516 51 4 514 2 ,1 2 5 2 ,1 8 3 2 ,1 2 3 2 ,0 6 2 .................. M a y 7 ................................ 14 ................................ 21 ................................ 28 6 ,5 8 8 6 ,9 0 5 7 ,1 9 9 7 ,0 3 0 1 ,5 5 9 1 ,6 3 2 1 ,7 1 7 1 ,6 7 7 555 605 658 665 3 ,5 4 8 3 ,7 5 6 3 ,8 2 6 3 ,7 8 7 926 912 998 901 8 ,8 3 7 9 ,2 8 7 9 ,9 8 0 9 ,5 6 4 1 ,4 4 2 2 ,0 8 4 1 ,9 3 4 4 ,8 3 5 4 ,9 7 8 5 ,2 2 7 4 ,9 8 5 519 526 537 532 2 ,0 4 1 2 ,0 9 5 2 ,1 3 2 2 ,1 1 3 .................. J u n e 4 p ................................ 11 p ................................ 18*> ................................ 25*> 1975 1,221 1,688 O u tsid e N e w Y o r k C ity 1974 2 ,5 0 4 2 ,3 5 8 2 ,3 2 9 2 .3 6 4 3 ,4 5 0 3 ,4 1 5 3 ,3 4 6 3 ,4 9 4 3 1 ,1 6 5 3 1 ,2 5 6 3 1 ,3 6 1 3 1 ,4 7 9 1 ,1 1 3 1 ,0 6 1 1 ,0 8 9 1 ,1 7 7 1 5 ,8 0 2 1 5 ,7 6 9 1 5 ,9 7 7 1 5 ,9 5 1 1 8 ,6 7 2 1 8 ,2 1 6 1 7 ,9 9 2 1 7 ,6 2 9 1 .3 6 4 1 ,2 8 8 1 ,2 9 9 1,200 2 ,8 5 4 2 ,8 7 2 2 ,9 0 6 2 ,9 3 0 3 1 ,2 5 6 3 1 ,2 7 1 3 1 ,2 3 5 3 1 ,2 6 3 759 676 720 731 1 4 .3 3 0 1 4 ,2 3 9 1 4 ,2 9 4 1 4 ,0 7 9 1 ,5 2 8 1 .3 6 4 1 .3 2 3 1 .3 2 4 2 ,9 3 5 2 ,9 3 2 2 ,9 0 8 2 ,8 5 6 3 1 ,2 2 5 3 1 ,1 9 3 3 1 ,2 1 2 3 1 ,2 7 6 7 40 734 766 776 1 4 .3 3 1 1 4 ,1 2 2 1 4 ,2 5 6 1 3 ,9 9 4 2 ,6 3 9 2 ,0 7 7 1 ,7 7 5 3 ,2 7 0 3 ,3 1 3 3 ,2 9 6 3 ,2 8 8 1 0 ,0 3 8 9 ,9 5 0 9 ,9 2 7 9 ,8 9 6 2 ,7 2 5 2 ,7 3 1 2 ,6 9 2 2 ,6 7 0 5 1 ,7 0 5 5 2 ,2 7 0 5 1 ,8 5 9 5 2 ,0 5 7 5 ,2 6 5 5 ,3 1 5 5 ,0 3 9 5 ,0 1 3 3 5 ,3 4 9 3 5 ,6 3 5 3 5 ,5 3 6 3 5 ,5 2 4 1 ,8 4 3 1 ,9 0 1 1 ,9 1 6 1 ,8 9 0 9 ,2 4 8 9 ,4 1 9 9 ,3 6 8 9 ,6 3 0 2 3 ,4 2 5 2 3 ,2 0 0 2 3 ,3 7 6 2 3 ,7 1 6 4 ,7 3 0 4 ,5 7 9 4 ,5 6 8 4 ,5 9 4 3 ,6 0 4 3 ,6 1 6 3 ,6 5 8 3 ,6 9 7 1 2 ,5 8 2 1 2 ,5 8 1 1 2 ,5 4 7 1 2 ,8 3 5 2 ,5 0 9 2 ,4 2 4 2 ,6 0 3 2 ,5 9 0 5 1 ,3 3 2 5 1 ,2 1 2 5 1 ,1 9 2 5 0 ,8 4 4 4 .5 4 5 4 ,3 6 8 4 ,4 3 0 4 ,4 0 7 3 4 ,9 3 1 3 4 ,7 3 0 3 4 ,7 7 2 3 4 ,7 3 5 1 .8 8 4 1 ,9 1 7 1 ,9 3 7 1 ,9 0 1 9 ,9 7 2 , 1 0 ,1 9 7 1 0 ,0 5 3 , 9 ,8 0 1 2 4 ,0 0 2 2 5 ,2 4 5 2 5 ,5 2 4 2 4 ,9 0 4 5 ,0 6 9 6 ,0 3 7 6 ,2 5 8 5 ,8 5 6 4 ,0 4 1 4 ,0 2 7 4 ,2 2 2 4 ,1 1 6 1 2 ,4 0 3 1 2 ,7 2 9 1 2 ,6 1 6 1 2 ,5 6 6 2 ,4 8 9 2 ,4 5 2 2 ,4 2 8 2 ,3 6 6 5 0 ,8 6 4 5 0 ,9 2 0 5 1 ,2 1 1 5 0 ,914,807 6 4 ,4 1 7 4 ,3 7 9 4 ,4 3 5 4 .5 4 6 3 4 ,7 5 8 3 4 ,7 4 3 3 4 ,9 4 1 3 4 ,6 5 9 1 ,8 7 7 1 ,9 0 3 1 .8 8 5 2 ,2 2 2 .J u n e 1975 For notes see p. A-22. 9 ,8 1 2 9 ,8 9 5 9 ,9 5 0 9 ,8 5 9 , . . . .M a y .J u n e 4p ....... 11p ....... 18* .............25*> ORTING BANKS □ JU L Y 1975 S AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continue (In millions of dollars) D e p o s its D em and C u r ren cy and c o in B a l a n ces w ith do m estic banks In v e st m en ts in su b sid iar ies n o t c o n s o l id a ted O ther assets T o ta l a ssets/ to ta l lia b il ities IP C 4 ,0 5 2 4 ,4 9 4 4 ,5 6 6 4 ,6 8 4 1 2 ,1 3 4 1 0 ,5 2 6 1 1 ,0 7 6 1 0 ,9 9 4 1 ,6 0 3 1 ,5 8 6 1 ,6 0 2 1 ,6 9 4 2 4 ,8 7 5 2 5 ,0 0 1 2 4 ,3 3 6 2 5 ,0 8 4 4 8 7 ,1 9 9 4 8 8 ,7 7 4 4 8 5 ,6 0 6 4 8 9 ,0 2 4 4 ,3 0 3 4 ,6 8 4 4 ,6 5 5 4 ,9 4 9 12,011 1 1 ,7 8 9 1 1 ,4 1 6 1 1 ,7 6 5 1.7 4 1 1.7 4 1 1 ,7 6 5 1 ,7 3 5 3 5 ,4 3 2 3 5 ,1 8 6 3 4 ,3 6 9 3 5 ,6 9 7 4 ,2 9 1 4 ,7 3 4 4 ,7 1 1 4 ,9 2 1 1 1 ,8 3 2 1 1 ,8 2 3 1 2 ,2 6 1 1 1 ,8 6 9 1 ,7 3 0 1 ,7 3 5 1 ,7 3 9 1 ,7 6 1 494 508 513 514 6 ,2 0 7 4 ,9 8 5 5 ,1 7 0 5 ,1 2 7 511 5 07 521 538 1 5 7 ,8 8 2 1 5 6 ,2 4 4 1 5 9 ,2 9 8 1 5 8 ,4 7 5 1 1 1 ,4 7 7 1 1 3 ,7 1 7 1 1 2 ,0 5 1 S ta tes and p o lit ica l sub d iv i s io n s V ?S 1 12,202 6 ,0 2 4 5 ,7 9 0 5 ,9 0 9 6 ,7 3 3 687 671 629 651 4 9 6 ,3 8 2 4 9 9 ,4 5 2 4 9 7 ,3 0 7 5 0 2 ,5 7 8 111 ,5 5 2 1 1 6 ,5 6 8 1 1 3 ,3 7 2 1 1 7 ,5 0 8 6 ,1 0 6 5 ,9 4 9 5 ,9 5 3 5 ,9 2 5 87 2 674 676 7 67 3 7 ,5 5 3 3 7 ,3 7 2 3 6 ,3 8 9 3 6 ,7 6 6 5 0 7 ,4 1 9 5 0 5 ,2 3 0 5 0 9 ,1 9 4 5 0 2 ,4 9 1 1 1 6 ,6 2 5 1 1 8 ,7 4 9 1 1 9 ,0 0 8 1 1 5 ,6 5 6 5 ,9 9 1 5 ,9 3 3 6 ,1 3 0 7 ,1 1 5 771 728 742 646 74 4 725 7 36 7 40 7 ,7 5 4 7 ,9 5 3 7 ,3 4 1 7 ,5 9 7 1 1 7 ,6 5 3 1 1 9 ,8 6 5 1 1 6 ,7 1 6 1 2 0 ,9 8 7 2 3 ,6 6 8 2 4 ,5 2 5 2 3 ,9 9 7 2 5 ,3 0 6 368 266 330 45 9 35 9 342 319 332 5 ,2 4 2 4 ,9 8 8 4 ,6 2 9 4 ,8 6 5 798 807 807 78 4 1 2 ,1 0 9 1 1 ,8 0 9 11 ,1 7 5 1 2 ,1 6 7 1 2 4 ,0 4 4 1 2 4 ,0 1 3 1 2 3 ,0 9 2 1 2 5 ,1 2 6 2 4 ,5 4 6 2 6 ,3 6 4 2 5 ,4 0 8 2 6 ,5 7 6 338 438 383 355 515 353 357 433 505 511 517 539 4 ,6 2 7 5 ,0 0 3 4 ,9 0 9 5 ,4 4 4 788 789 795 795 1 3 ,1 7 2 1 3 ,0 0 6 1 2 ,1 9 5 1 2 ,2 2 3 1 2 5 ,7 8 6 1 2 5 ,7 9 3 1 2 6 ,5 3 8 1 2 6 ,5 9 8 2 5 ,3 3 3 2 5 ,8 0 2 2 6 ,7 1 3 2 6 ,0 7 3 366 454 310 1 ,1 1 8 416 387 382 329 3 ,5 5 8 3 ,9 8 6 4 ,0 5 3 4 ,1 7 0 5 ,9 2 7 5 ,5 4 1 5 ,9 0 6 5 ,8 6 7 859 861 954 1 7 ,1 2 1 1 7 ,0 4 8 1 6 ,9 9 5 1 7 ,4 8 7 3 6 9 ,5 4 6 3 6 8 ,9 0 9 3 6 8 ,8 9 0 3 6 8 ,0 3 7 8 7 ,8 0 9 8 9 ,1 9 2 8 8 ,0 5 4 8 6 ,8 9 6 5 ,6 5 6 5 ,5 2 4 5 ,5 7 9 6 ,2 7 4 328 329 310 319 3 ,7 9 2 4 ,1 7 7 4 ,1 3 4 4 ,4 1 1 6 ,7 6 9 6 ,8 0 1 6 ,7 8 7 6 ,9 0 0 943 93 4 958 951 2 3 ,3 2 3 2 3 ,3 7 7 2 3 ,1 9 4 2 3 ,5 3 0 3 7 2 ,3 3 8 3 7 5 ,4 3 9 3 7 4 ,2 1 5 3 7 7 ,4 5 2 8 7 ,0 0 6 9 0 ,2 0 4 8 7 ,9 6 4 9 0 ,9 3 2 5 ,7 6 8 5 ,5 1 1 5 .5 7 0 5 .5 7 0 357 321 319 3 34 3 ,7 8 6 4 ,2 2 3 4 ,1 9 4 4 ,3 8 2 7 ,2 0 5 6 ,8 2 0 7 ,3 5 2 6 ,4 2 5 9 42 9 46 94 4 966 2 4 ,3 8 1 2 4 ,3 6 6 2 4 ,1 9 4 2 4 ,5 4 3 3 8 1 ,6 3 3 3 7 9 ,4 3 7 3 8 2 ,6 5 6 3 7 5 ,8 9 3 9 1 ,2 9 2 9 2 ,9 4 7 9 2 ,2 9 5 8 9 ,5 8 3 5 ,6 2 5 5 ,4 7 9 5 ,8 2 0 5 ,9 9 7 355 341 360 317 866 16 1 , 4 7 ,6 3 1 1 1 3 ,0 2 5 1 1 0 ,8 6 5 1 1 3 ,7 6 5 JU L Y 1975 □ WEEKLY REPORTING BANKS A 21 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) D e p o s its (c o n t.) B o r r o w in g s fr o m — T im e and sa v in g s D e m a n d (c o n t.) IP C F o r e ig n G o v ts ., e tc . 2 C om m er c ial banks C e r ti fied and offi c e rs’ ch e c k s Sav ings O th er S ta tes and p o lit ica l su b d iv i sio n s D o m es tic in te r bank F or e ig n g o v t s .2 F ed eral fu n d s p u r ch a sed , e tc . 7 O th er lia b ili ties, e tc . 8 F .R . B anks W e d n e sd a y O th ers L arge ba n k s— T o ta l 1 974 6 ,6 3 7 6 ,8 7 3 2 0 9 ,4 5 2 2 0 9 ,8 9 4 2 0 9 ,4 2 3 2 1 0 ,5 5 8 5 7 ,9 2 6 5 7 ,8 5 3 5 7 ,7 8 0 5 7 ,8 8 6 1 1 1 ,1 6 7 1 1 1 ,5 9 5 1 1 1 ,1 0 9 111,888 2 4 ,9 9 5 2 4 ,6 3 5 2 4 ,4 1 0 2 4 ,3 6 4 6 ,5 1 4 6 ,6 3 0 6 ,7 8 3 6 ,9 4 7 8 ,0 6 5 8 ,3 4 5 8 ,4 6 0 8 ,5 4 2 5 1 ,9 9 8 5 4 ,9 2 9 4 9 ,4 7 4 5 1 ,3 2 5 5 ,0 1 4 5 ,0 1 3 4 ,6 7 0 4 ,6 8 1 6 ,2 9 7 5 ,5 6 5 6 ,3 6 2 7 ,1 7 2 2 2 3 ,7 4 3 2 2 5 ,1 8 8 2 2 5 ,3 1 8 2 2 4 ,6 4 7 6 2 ,7 2 6 6 3 ,0 1 1 6 3 ,3 9 2 6 3 ,7 1 4 1 1 3 ,3 1 0 1 1 4 ,5 2 5 1 1 4 ,0 5 9 1 1 3 ,4 1 0 2 5 ,2 9 9 2 5 ,2 9 4 2 5 ,5 5 2 2 5 ,4 1 2 8 ,1 7 2 8 ,0 5 4 8 ,0 9 2 8,011 1 2 ,3 4 5 1 2 ,4 6 7 1 2 ,4 5 3 1 2 ,5 4 1 4 9 ,4 0 8 4 9 ,6 8 4 4 9 ,6 0 1 4 9 ,0 6 0 4 ,7 4 5 4 ,4 3 1 4 ,7 2 9 4 ,6 6 7 7 ,2 5 7 7 ,1 3 2 6 ,8 7 9 7 ,3 6 6 2 2 4 ,2 8 3 2 2 4 ,7 7 6 2 2 3 ,0 5 3 2 2 3 ,2 5 6 6 4 ,3 3 8 6 4 ,6 2 9 6 4 ,8 7 4 6 4 ,9 5 4 1 1 3 ,1 0 7 1 1 3 ,4 5 8 1 1 2 ,1 3 5 1 1 2 ,6 7 6 2 4 ,9 0 5 2 4 ,5 5 9 2 4 ,1 3 0 2 3 ,7 7 1 7 ,9 9 2 7 ,9 8 7 7 ,8 8 5 7 ,8 0 2 1 2 ,4 5 0 1 2 .5 9 5 1 2 ,5 5 3 1 2 .5 9 5 5 1 ,5 2 7 4 9 ,9 6 0 5 2 ,2 1 0 5 0 ,1 6 3 1 ,8 9 9 1 ,4 3 1 1 ,3 6 0 1,220 5 ,0 5 6 4 ,7 2 9 4 ,6 8 2 4 ,7 5 9 1 ,3 0 0 1 ,0 2 5 1 ,0 6 2 1 ,2 0 8 1 ,2 6 2 1 ,1 9 7 1 ,2 4 6 1 ,3 3 5 7 ,9 4 4 6,666 6 ,3 1 9 5 ,9 7 0 6 ,2 6 7 6 ,3 5 8 2 1 ,2 6 6 2 0 ,8 6 7 2 1 ,0 2 9 2 1 ,8 6 3 .................... June 5 ...................................12 ................................... 19 ................................... 26 5 711 459 3 ,6 7 0 3 ,6 7 4 3 ,5 8 4 3 ,2 5 4 2 3 ,1 5 2 2 3 ,0 2 1 2 3 ,1 0 7 2 3 ,0 8 0 .................... M a y 7 ................................... 14 ................................... 21 ................................. 28 430 89 340 97 2 3 ,4 0 6 3 ,2 2 4 3 ,2 3 6 3 ,1 9 0 2 3 ,3 1 7 2 3 ,5 1 9 2 2 ,9 0 9 2 2 ,6 0 1 .................... 11* .................... 18* 2 ,0 9 2 2 ,6 5 8 1 ,9 8 8 2 ,3 4 1 1975 2 .................... J u n e 4* ...................................2 5 * N e w Y o rk C ity 1974 1 ,6 5 2 1 ,2 2 6 1 ,1 4 5 1 ,0 1 9 3 ,8 0 0 3 ,4 4 0 3 ,4 3 5 3 ,4 9 7 4 ,2 9 3 3 ,3 8 1 3 ,3 9 6 3 ,7 0 3 4 0 ,5 2 1 4 0 ,4 8 9 4 0 ,4 6 8 4 1 ,2 6 4 5 ,0 7 3 5 .0 5 6 5 ,0 3 7 5 .0 5 6 2 4 ,5 6 1 2 4 ,5 4 4 2 4 ,3 1 0 2 4 ,7 3 4 1 ,8 0 8 1,6 0 1 1 ,6 2 0 1 ,7 1 2 4 ,2 1 6 4 ,2 6 5 4 ,3 3 9 4 ,4 5 3 4 ,5 5 3 4 ,6 6 7 4 ,7 5 7 4 ,8 8 2 1 1 ,6 7 8 1 4 ,9 6 6 1 1 ,5 3 3 1 3 ,2 5 3 1 ,0 9 3 844 882 1 ,0 2 4 3 ,6 9 1 3,6 5 1 3 ,4 0 9 3 ,3 3 0 2 ,7 8 3 2 ,3 9 2 3 ,0 2 7 3 ,7 7 3 4 5 ,6 8 4 4 5 ,7 2 1 4 5 ,2 0 9 4 4 ,7 6 6 5 ,5 8 0 5 ,6 3 8 5 ,6 7 8 5 ,7 1 8 2 5 ,9 5 7 2 5 ,9 7 8 2 5 ,5 6 2 2 5 ,2 1 3 1 ,2 7 8 1 ,2 5 1 1 ,2 6 4 1 ,2 4 6 3 ,6 8 5 3 ,6 3 9 3 ,6 1 8 3 ,6 0 2 7 ,7 9 6 7 ,8 7 6 7 ,7 7 8 7 ,8 9 4 1 3 ,4 5 4 1 3 ,6 0 0 1 3 ,1 9 9 1 3 ,7 8 1 1 ,0 1 5 995 1 ,0 1 8 1 ,0 9 5 3 ,4 2 2 3 ,2 2 0 3 ,3 8 7 3 ,3 2 8 3 ,6 6 8 3 ,6 5 2 3 ,3 0 7 3 ,8 7 6 4 4 ,3 9 9 4 4 ,6 8 3 4 4 ,0 7 9 4 4 ,2 3 2 5 ,8 1 5 5 ,8 8 5 5 ,9 2 6 5 ,8 8 3 2 4 ,9 3 9 2 4 ,9 8 2 2 4 ,5 3 0 2 4 ,8 1 6 1 ,2 4 4 1 ,3 0 4 1 ,2 9 7 1,262. 3 ,5 8 1 3 ,5 2 1 3 ,4 7 4 3 ,3 4 8 7 ,8 0 7 7 ,9 4 7 7 ,8 7 1 7 ,9 6 3 1 4 ,3 9 6 1 4 ,3 3 9 1 5 ,2 4 8 1 4 ,2 5 5 '220 2 ,5 7 1 2 ,4 2 4 2 ,6 1 5 2 ,5 7 9 7 ,4 2 4 7 ,2 7 0 7 ,0 8 6 7 ,7 3 9 .................... June 5 ................................... 12 ................................... 19 ...................................26 685 62 1 ,4 2 0 1 ,4 3 3 1 ,4 0 0 1 ,2 7 3 8 ,3 2 4 8 ,3 2 7 8 ,3 2 6 8 ,0 6 0 .................... M a y 7 ................................... 14 ................................... 21 ...................................28 1 ,4 0 6 1 ,3 0 3 1 ,2 9 2 1 ,3 3 0 8 ,0 8 0 8 ,2 9 1 7 ,8 9 2 7 ,5 5 9 .................... J u n e 4* ................................... 11* 18* ...................................2 5 * 300 1975 430 3 40 680 .................... O u tsid e N e w Y o rk C ity 197 4 247 205 215 201 1 ,2 5 6 1 ,2 8 9 1 ,2 4 7 1 ,2 6 2 3 ,6 5 1 3 ,2 8 5 3 ,2 4 1 3 ,1 7 0 1 6 8 ,9 3 1 1 6 9 ,4 0 5 1 6 8 ,9 5 5 1 6 9 ,2 9 4 5 2 ,8 5 3 5 2 ,7 9 7 5 2 ,7 4 3 5 2 ,8 3 0 8 6 ,6 0 6 8 7 ,0 5 1 8 6 ,7 9 9 8 7 ,1 5 4 2 3 ,1 8 7 2 3 ,0 3 4 2 2 ,7 9 0 2 2 ,6 5 2 2 ,2 9 8 2 ,3 6 5 2 ,4 4 4 2 ,4 9 4 3 ,5 1 2 3 ,6 7 8 3 ,7 0 3 3 ,6 6 0 4 0 ,3 2 0 3 9 ,9 6 3 3 7 ,9 4 1 3 8 ,0 7 2 207 181 180 184 1 .3 2 3 1 ,3 6 2 1 ,2 6 1 1 ,3 5 1 3 ,5 1 4 3 ,1 7 3 3 ,3 3 5 3 ,3 9 9 1 7 8 ,0 5 9 1 7 9 ,4 6 7 1 8 0 ,1 0 9 1 7 9 ,8 8 1 5 7 ,1 4 6 5 7 ,3 7 3 5 7 ,7 1 4 5 7 ,9 9 6 8 7 ,3 5 3 8 8 ,5 4 7 8 8 ,4 9 7 8 8 ,1 9 7 2 4 ,0 2 1 2 4 ,0 4 3 2 4 ,2 8 8 2 4 ,1 6 6 4 ,4 8 7 4 ,4 1 5 4 ,4 7 4 4 ,4 0 9 4 ,5 4 9 4 ,5 9 1 4 ,6 7 5 4 .6 4 7 3 5 ,9 5 4 3 6 ,0 8 4 3 6 ,4 0 2 3 5 ,2 7 9 247 1 .3 2 3 228 240 1 ,3 4 2 1 ,3 3 9 3 ,5 8 9 3 ,4 8 0 3 ,5 7 2 3 ,4 9 0 1 7 9 ,8 8 4 1 8 0 ,0 9 3 1 7 8 ,9 7 4 1 7 9 ,0 2 4 5 8 ,5 2 3 5 8 ,7 4 4 5 8 ,9 4 8 5 9 ,0 7 1 8 8 ,1 6 8 8 8 ,4 7 6 8 7 ,6 0 5 8 7 ,8 6 0 2 3 ,6 6 1 2 3 ,2 5 5 2 2 ,8 3 3 2 2 ,5 0 9 4 .4 1 1 4 ,4 6 6 4 .4 1 1 4 ,4 5 4 4 ,6 4 3 4 .6 4 8 4 ,6 8 2 4 ,6 3 2 3 7 ,1 3 1 3 5 ,6 2 1 3 6 ,9 6 2 3 5 ,9 0 8 2 ,0 9 2 2 ,3 5 8 1 ,9 8 8 2,121 3 ,7 4 8 3 ,5 4 6 3 ,6 5 2 3 ,7 7 9 1 3 ,8 4 2 1 3 ,5 9 7 1 3 ,9 4 3 1 4 ,1 2 4 .................... June 5 ...................................12 ...................................19 ...................................26 2 ,2 5 0 2 ,2 4 1 2 ,1 8 4 1 ,9 8 1 1 4 ,8 2 8 1 4 ,6 9 4 1 4 ,7 8 1 1 5 ,0 2 0 .................... M a y 7 ...................................14 ; ................................ 21 ...................................28 1975 202 1,211 For notes see p. A-22. 2 5 26 397 2,000 89 ’2 9 2 1 ,9 2 1 1 ,9 4 4 1 ,8 6 0 1 5 ,2 3 7 1 5 ,2 2 8 1 5 ,0 1 7 1 5 ,0 4 2 .................... Ju n e 4* ................................ 11* ................................ 18* ................................ 2 5 * WEEKLY REPORTING BANKS □ JU L Y 1975 A 22 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued (In millions o f dollars) R eserv es fo r — M em o r a n d a W e d n e sd a y Loans S ecu r ities T o ta l ca p ita l ac c o u n ts T o ta l lo a n s (g ro ss) ad ju s te d 9 T o ta l lo a n s and in v e st m en ts (g ro ss) ad ju s te d 9 D e m and d e p o sits ad j u s te d 10 L arge n e g o tia b le tim e C D ’s in c lu d e d in tim e a nd sa v in g s d e p o s it s 11 Issu ed to I P C ’s Issu ed to o th ers A ll o th er large tim e d e p o s it s 12 T o ta l Issu ed to I P C ’s Issu ed to oth e rs G ro ss lia b ili ties o f banks to their fo re ig n bra n ch es L a rg e b a n k s— T o ta l 1974 Ju n e 5 ,0 5 2 5 ,0 6 1 5 ,0 6 0 5 ,0 6 5 66 7 ......................... 1 4 ......................... 2 1 ......................... 2 8 ......................... 5 ,7 2 3 5 ,7 2 1 5 ,7 1 1 5 ,7 2 7 68 68 4 * ...................... 5 ,7 7 7 5 ,7 8 6 5 ,7 5 4 5 ,7 2 2 5 ......................... 1 2 ......................... 1 9 ......................... 2 6 ......................... 3 3 ,0 7 2 3 3 ,0 9 0 3 3 ,0 0 6 3 2 ,9 7 8 2 8 7 ,0 2 6 2 8 6 ,5 3 2 2 8 8 ,7 6 1 2 8 9 ,6 3 9 3 7 1 ,4 9 8 3 7 2 ,1 6 4 3 7 3 ,4 9 9 3 7 3 ,7 5 0 1 0 0 ,7 8 8 1 0 0 ,5 5 8 9 9 ,0 2 5 1 0 0 ,5 2 9 7 9 ,1 6 0 7 9 ,6 4 7 7 9 ,1 5 4 8 0 ,1 7 4 5 5 ,6 4 1 5 5 ,9 6 9 5 5 ,3 4 7 5 5 ,9 8 1 2 3 ,5 1 9 2 3 ,6 7 8 2 3 ,8 0 7 2 4 ,1 9 3 68 3 5 ,0 4 6 3 4 ,9 8 2 3 4 ,8 9 5 3 4 ,9 3 7 2 8 5 ,2 2 0 2 8 3 ,7 2 1 2 8 3 ,3 2 4 2 8 3 ,1 0 5 3 7 4 ,7 5 8 3 7 3 ,3 2 0 3 7 3 ,3 3 3 3 7 3 ,0 3 8 1 0 1 ,1 1 9 1 0 1 ,7 7 3 1 0 1 ,6 3 3 1 0 1 ,4 1 1 8 3 ,8 1 0 8 4 ,8 9 2 8 4 ,2 5 8 8 3 ,4 7 4 5 5 ,2 2 2 5 6 ,2 3 3 5 5 ,6 2 9 5 4 ,9 8 7 2 8 ,5 8 8 2 8 ,6 5 9 2 8 ,6 2 9 2 8 ,4 8 7 3 6 ,3 6 8 3 6 ,3 2 8 3 6 ,4 4 2 3 6 ,1 4 6 1 8 ,7 5 2 1 8 ,7 9 9 1 8 ,8 4 4 1 8 ,6 4 5 1 7 ,6 1 6 1 7 ,5 2 9 1 7 ,5 9 8 1 7 ,5 0 1 2 ,3 2 2 2 ,0 9 8 3 ,2 1 2 2 ,6 1 3 68 68 68 68 3 5 ,1 7 9 3 5 ,2 3 4 3 5 ,1 3 1 3 5 ,1 2 3 2 8 3 ,8 4 4 2 8 5 ,8 2 2 2 8 4 ,1 4 8 2 8 2 ,6 7 3 3 7 4 ,1 3 5 3 7 8 ,1 7 9 3 7 8 ,0 6 2 3 7 5 ,1 1 1 1 0 1 ,9 6 2 1 0 4 ,7 1 5 1 0 4 ,3 7 6 1 0 3 ,7 3 2 8 2 ,6 6 3 8 3 ,1 2 2 8 1 ,4 6 4 8 1 ,7 0 8 5 4 ,5 4 2 5 4 ,8 6 2 5 3 ,5 5 8 5 4 ,0 0 0 2 8 ,1 2 1 2 8 ,2 6 0 2 7 ,9 0 6 2 7 ,7 0 8 3 5 ,4 8 7 3 5 ,2 1 4 3 4 ,5 8 1 3 4 ,3 3 9 1 8 ,4 4 5 1 8 ,2 8 6 1 8 ,0 3 9 1 7 ,9 6 2 1 7 ,0 4 2 1 6 ,9 2 8 1 6 ,5 4 2 1 6 ,3 7 7 2 ,5 3 3 2 ,5 4 5 2 ,3 6 8 1 ,8 9 1 1 ,4 1 9 1 ,4 2 3 1 ,4 2 1 1 ,4 2 4 8 ,6 4 8 8 ,6 3 3 8 ,6 1 3 8 ,6 0 0 6 7 ,8 9 5 6 7 ,3 4 1 6 8 ,7 3 0 6 9 ,1 1 6 8 1 ,9 9 0 8 2 ,4 8 7 8 3 ,6 1 7 8 3 ,5 4 1 2 3 ,3 2 8 2 1 ,7 5 6 2 1 ,8 6 9 2 2 ,6 4 3 2 5 ,5 2 8 2 5 ,4 3 7 2 5 ,3 9 3 2 5 ,9 8 0 1 7 ,3 7 9 1 7 ,3 5 2 1 7 ,0 5 8 1 7 ,3 7 2 8 ,1 4 9 8 ,0 8 5 8 ,3 3 5 8 ,6 0 8 1 ,6 5 1 1 ,6 5 6 1 ,6 5 7 6 9 ,6 1 5 6 8 ,8 7 8 6 8 ,8 0 7 6 8 ,7 6 8 8 4 ,3 9 6 8 4 ,0 6 5 8 4 ,2 4 8 8 4 ,1 4 1 2 2 ,3 8 3 2 2 ,0 9 3 2 2 ,7 2 2 2 3 ,0 5 0 2 9 ,2 1 6 2 9 ,2 4 3 2 8 ,6 6 0 2 8 ,2 2 8 1 8 ,5 2 1 1 8 ,5 3 8 1 8 ,1 1 6 1 7 ,8 1 2 1 0 ,6 9 5 1 0 ,7 0 5 1 0 ,5 4 4 1 0 ,4 1 6 ,3 9 7 ,3 6 9 ,3 5 1 ,2 7 3 4 .9 9 0 4 .9 9 1 4 ,9 7 1 4 ,9 1 2 3 ,4 0 7 3 ,3 7 8 3 ,3 8 0 3 ,3 6 1 1 ,6 0 6 1 ,5 0 4 2 ,2 2 8 1 ,6 8 2 ,131 ,2 7 9 4 ,8 6 7 4 ,8 9 5 4 ,8 1 3 4 ,8 1 6 3 ,2 6 4 3 ,3 8 4 3 ,3 0 7 3 ,2 6 7 1 ,6 6 3 1 ,8 5 6 61 61 61 2 ,8 1 3 2 ,4 1 0 2 ,5 0 3 3 ,3 8 8 1975 M ay Ju n e Up............. ............. 18* 2 5 p ...................... 71 N e w Y o r k C ity 1974 Ju n e 5 ......................... 1 2 ......................... 1 9 ......................... 2 6 ......................... M ay 7 ......................... 1 4 ......................... 2 1 ......................... 2 8 ......................... 1,666 9 ,1 9 4 9 ,1 9 2 9 ,1 7 2 9 ,1 9 2 Ju n e 4 * ...................... 11 * 1 8 * ...................... 2 5 * ...................... 1 ,6 9 5 1 ,7 0 5 1 ,6 7 9 1 ,6 6 4 9 ,2 6 0 9 ,2 6 4 9 ,2 5 1 9 ,2 4 7 6 9 ,5 5 9 6 9 ,3 7 5 6 9 ,4 7 3 6 9 ,1 2 3 8 4 ,9 8 4 8 5 ,5 6 7 8 6 ,6 5 2 8 5 ,7 1 7 2 2 ,0 7 7 2 2 ,0 3 8 2 3 ,0 2 9 2 2 ,7 8 7 2 7 ,8 1 5 2 7 ,9 2 2 2 7 ,4 0 8 2 7 ,5 9 6 1 7 ,5 0 7 1 7 ,5 5 6 1 7 ,1 1 9 1 7 ,3 5 0 1 0 ,3 0 8 1 0 ,3 6 6 1 0 ,2 8 9 1 0 ,2 4 6 2 4 ,4 2 4 2 4 ,4 5 7 2 4 ,3 9 3 2 4 ,3 7 8 2 1 9 ,1 3 1 2 1 9 ,1 9 1 2 2 0 ,0 3 1 2 2 0 ,5 2 3 2 8 9 ,5 0 8 2 8 9 ,6 7 7 2 8 9 ,8 8 2 2 9 0 ,2 0 9 7 7 ,4 6 0 7 8 ,8 0 2 7 7 ,1 5 6 7 7 ,8 8 6 5 3 ,6 3 2 5 4 ,2 1 0 5 3 ,7 6 1 5 4 ,1 9 4 3 8 ,2 6 2 3 8 ,6 1 7 3 8 ,2 8 9 3 8 ,6 0 9 1 5 ,3 7 0 1 5 ,5 9 3 1 5 ,4 7 2 1 5 ,5 8 5 2 1 5 ,6 0 5 2 1 4 ,8 4 3 2 1 4 ,5 1 7 2 1 4 ,3 3 7 2 9 0 ,3 6 2 2 8 9 ,2 5 5 2 8 9 ,0 8 5 2 8 8 ,8 9 7 7 8 ,7 3 6 7 9 ,6 8 0 7 8 ,9 1 1 7 8 ,3 6 1 5 4 ,5 9 4 5 5 ,6 4 9 5 5 ,5 9 8 5 5 ,2 4 6 3 6 ,7 0 1 3 7 ,6 9 5 3 7 ,5 1 3 3 7 ,1 7 5 1 7 .8 9 3 1 7 ,9 5 4 1 8 ,0 8 5 1 8 ,0 7 1 2 7 ,9 7 1 2 7 ,9 5 9 2 8 ,0 9 1 2 7 ,8 7 3 1 3 ,7 6 2 1 3 ,8 0 8 1 3 ,8 7 3 1 3 ,7 3 3 1 4 ,2 0 9 1 4 ,1 5 1 1 4 ,2 1 8 1 4 ,1 4 0 7 16 59 4 984 931 2 1 4 ,2 8 5 2 1 6 ,4 4 7 2 1 4 ,6 7 5 2 1 3 ,5 5 0 2 8 9 ,1 5 1 2 9 2 ,6 1 2 2 9 1 ,4 1 0 2 8 9 ,3 9 4 7 9 ,8 8 5 8 2 ,6 7 7 8 1 ,3 4 7 8 0 ,9 4 5 5 4 ,8 4 8 5 5 ,2 0 0 5 4 ,0 5 6 5 4 ,1 1 2 3 7 ,0 3 5 3 7 ,3 0 6 3 6 ,4 3 9 3 6 ,6 5 0 1 7 ,8 1 3 1 7 .8 9 4 1 7 ,6 1 7 1 7 ,4 6 2 2 7 ,3 5 6 2 6 ,9 3 5 2 6 ,4 6 1 2 6 ,2 5 6 1 3 ,5 7 8 1 3 ,3 9 1 1 3 ,2 2 6 1 3 ,1 4 6 1 3 ,7 7 8 1 3 ,5 4 4 1 3 ,2 3 5 1 3 ,1 1 0 870 689 748 1 ,4 0 5 1 ,1 9 2 1 ,2 3 6 1 ,8 9 3 1975 ............. ,120 ,0 8 3 1,620 1 ,2 2 5 O u tsid e N e w Y o r k C ity 1 974 Ju n e 5 ......................... 1 2 ......................... 1 9 ......................... 2 6 ......................... 3 ,6 3 3 3 ,6 3 8 3 ,6 3 9 3 ,6 4 1 66 61 61 61 1 ,4 0 8 1 ,2 1 8 1 ,2 6 7 1 ,4 9 5 1975 M ay Ju n e 68 68 7 ......................... 1 4 ......................... 2 1 ......................... 2 8 ......................... 4 ,0 7 2 4 ,0 6 5 4 ,0 5 4 4 ,0 6 1 68 2 5 ,8 5 2 2 5 ,7 9 0 2 5 ,7 2 3 2 5 ,7 4 5 4 * ....................... 11* ...................... 1 8 * ...................... 2 5 * ....................... 4 ,0 8 2 4 ,0 8 1 4 ,0 7 5 4 ,0 5 8 68 68 68 68 2 5 ,9 1 9 2 5 ,9 7 0 2 5 ,8 8 0 2 5 ,8 7 6 71 1 In c lu d e s secu rities p u rch a sed u nd er a g reem en ts to resell. 2 In clu d es official in s titu tio n s an d s o fo rth . 3 In clu d es sh ort-term n o te s an d b ills. 4 F ed eral a gen cies o n ly . 5 In clu d es co rp o ra te sto c k s. 6 In clu d es U .S . G o v t, and fo re ig n b a n k d e p o sits, n o t s h o w n sep a ra tely . 7 In clu d es secu rities so ld un d er a g reem en ts to rep u rch a se. 666 8 In clu d es m in o r ity in terest in c o n s o lid a te d su b sid ia ries. 9 E x clu siv e o f lo a n s an d F ed era l fu n d s tra n sa ctio n s w ith d o m e stic c o m m ercia l b ank s. 10 A ll dem a n d d e p o sits e x c ep t U .S . G o v t, and d o m e stic c o m m e r c ia l b a n k s, less ca sh ite m s in p r o c e ss o f c o lle c tio n . 11 C ertificates o f d e p o s it issu e d in d e n o m in a tio n s o f $ 1 0 0 ,0 0 0 o r m o re . 12 A ll oth er tim e d e p o sits issu e d in d e n o m in a tio n s o f $ 1 0 0 ,0 0 0 o r m o re (n o t in clu d ed in large n e g o tia b le C D ’s). JU L Y 1975 o BUSINESS LOANS OF BANKS A 23 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) O u tsta n d in g N e t c h a n g e d u r in g - 1975 In d u stry Ju n e 25 Ju n e 18 1975 Ju n e 4 J une 11 M ay 28 D u r a b le g o o d s m an u factu rin g: 2 ,0 0 5 2,021 1 ,9 9 7 1 ,9 7 0 1 ,9 4 2 Prim ary m e t a ls .......................................... 7 ,9 1 2 7 ,6 5 8 7 ,4 2 3 7 ,5 2 1 7 ,5 7 9 M a c h in e r y .................................................... 3 ,5 8 7 3 ,5 3 9 3 ,5 4 3 3 ,5 0 2 3 ,5 5 1 T r a n sp o r ta tio n e q u ip m e n t .................. 2 ,7 4 7 2 ,7 2 2 2 ,7 5 0 2 ,7 1 6 O th e r fab ricated m eta l p r o d u c ts . . . 2 ,7 1 5 4 ,2 9 3 4 ,1 4 7 4 ,2 3 3 4 ,2 6 9 4 ,2 8 1 O th e r d u rab le g o o d s ............................... N o n d u r a b le g o o d s m an u factu rin g : 3 ,5 5 0 3 ,3 0 9 3 ,3 4 2 3 ,3 8 5 3 ,3 6 5 F o o d , liq u o r , a n d t o b a c c o .................. 3 ,2 4 1 3 ,2 2 3 3 ,2 5 8 3 ,2 5 7 3 ,2 5 0 T e x tile s , ap p a rel, an d le a th e r ............. 2 ,3 8 8 2 ,4 7 8 2 ,4 2 6 2 ,4 4 4 2 ,4 1 8 P e tro le u m r e fin in g ................................... 3 ,2 4 4 3 ,2 2 8 3 ,1 2 0 3 ,1 6 7 3 ,1 9 5 C h e m ic a ls an d r u b b e r ............................ 2 ,1 7 4 2 ,1 6 6 2 ,2 2 6 2 ,2 2 7 2 ,1 9 7 O th er n o n d u r a b le g o o d s ....................... M in in g , in c lu d in g c ru d e p e tro le u m 4 ,7 9 6 4 ,8 5 2 4 ,8 6 5 4 ,8 2 5 4 ,7 7 1 a n d n atu ral g a s ................................... 1 ,1 5 9 1 ,1 0 6 1 ,0 6 7 1 ,0 3 1 1 ,0 5 3 T ra d e: C o m m o d ity d e a ler s...................... 5 ,5 9 1 5 ,7 2 7 5 ,6 3 2 5 ,6 0 8 5 ,5 6 5 O th er w h o le s a le .............................. 6 ,4 6 2 6 ,3 2 6 6 ,3 3 3 6 ,3 1 1 6 ,4 0 3 R e t a il .................................................... 6 ,0 1 0 6 ,0 4 5 6 ,0 6 5 6 ,0 9 5 5 ,9 9 9 T r a n s p o r ta tio n ................................................ 2 ,2 15 2 ,1 3 9 2 ,2 0 6 2 ,2 0 7 2 ,1 6 1 C o m m u n ic a tio n .............................................. 7 ,2 0 4 7 ,2 7 4 7 ,2 7 0 7 ,1 9 3 7 ,2 4 8 O th er p u b lic u tilitie s .................................... 5 ,5 86 5 ,5 9 3 5 ,5 6 1 5 ,5 7 6 5 ,5 7 8 C o n str u c tio n ..................................................... S e r v ic e s................................................................. 1 0 ,8 5 8 1 0 ,9 1 5 1 0 ,8 5 8 1 0 ,8 7 8 1 0 ,8 4 1 9 ,6 1 4 9 ,6 0 9 A ll o th er d o m e stic l o a n s ............................ 9 ,7 7 1 9 ,6 9 7 9 ,7 1 5 2 ,1 1 0 B an k ers a c c e p ta n c e s ................................... 2 ,1 9 6 2 ,1 0 5 2 ,2 4 0 2 ,2 5 5 F o reig n c o m m ercia l a n d in d u stria l 4 ,5 2 4 4 ,4 8 2 lo a n s .......... ................................................. 4 ,3 9 2 4 ,3 3 3 4 ,3 0 8 T o ta l classified l o a n s .................................... 1 0 0 ,4 8 1 1 0 0 ,6 2 3 1 0 0 ,4 5 7 1 0 0 ,4 8 3 1 0 1 ,2 6 6 C o m m , p a p e r in clu ded in to ta l c la s ............... s ified lo a n s 1 ...................... 2 40 T o ta l c o m m e r c ia l and in d u stria l lo a n s o f large c o m m e r c ia l b a n k s ............. 1 2 1 ,9 1 9 1 2 2 ,1 5 5 1 2 1 ,9 6 1 1 2 2 ,0 0 4 1 2 2 ,7 2 9 Ju n e 16 -4 8 9 -4 8 -2 5 -1 4 6 M ay -8 0 -2 0 1 -5 3 -1 3 8 -1 5 5 1975 A p r. 41 25 -1 6 5 -4 5 10 1974 II I -2 3 -6 6 5 -2 6 6 -2 0 8 -2 9 1 IV 1975 1974 1st h a lf 2nd h a lf 39 -6 5 3 -7 19 -4 2 1 77 16 - 1 2 7 - 1 ,3 1 8 365 -2 7 3 -1 7 8 -1 8 9 -2 6 5 -7 1 2 70 5 75 247 1 40 222 -2 4 1 -1 8 90 -1 2 4 60 -1 0 4 -6 4 -4 0 -7 3 -3 8 -1 7 5 -5 4 229 -1 3 2 -7 - 5 2 0 - 1 ,0 9 2 -1 3 6 -1 5 1 27 9 -5 1 -3 2 9 67 15 -2 9 5 484 - 1 ,6 1 2 -7 2 5 -2 8 7 473 228 -5 5 -2 6 2 -1 3 5 -2 8 0 984 -6 1 8 967 256 23 69 -5 3 -9 5 -1 3 6 90 -9 8 -3 4 1 86 21 100 -2 7 2 -3 2 3 -6 4 8 -5 4 3 -5 5 3 -1 8 8 -1 9 3 -1 7 1 -1 5 0 31 -3 6 9 - 4 0 7 - 1 ,0 1 8 -6 6 -4 6 0 -3 9 8 -6 9 8 -7 1 -2 9 0 -3 6 571 556 -1 7 2 703 -9 7 1 349 - 1 , 0 9 6 -2 4 6 -3 8 1 261 -3 2 1 -3 3 8 90 609 - 1 , 4 2 5 -2 7 6 -5 2 6 171 - 1 , 0 9 6 387 -3 6 1 309 535 8 46 508 484 -4 6 5 283 17 157 -5 9 -1 7 2 -1 0 7 -7 3 -1 6 4 -9 1 -2 1 4 -3 2 -1 7 0 -4 2 6 1 ,6 9 7 -4 5 304 744 -5 6 -3 1 216 - 7 8 5 - 2 ,4 6 4 49 234 63 -7 3 3 - 3 ,9 8 2 - 6 ,5 6 2 -2 4 9 297 2 ,5 7 8 - 1 0 ,5 4 4 -4 5 7 6 ,8 4 2 - 8 1 0 - 2 ,6 2 0 - 4 0 4 - 3 ,8 3 4 - 6 ,1 2 2 3 ,4 6 8 - 9 , 9 5 6 8 ,2 6 3 20 -5 4 -7 7 -1 0 21 -2 7 176 -1 1 6 -2 4 -2 4 5 198 -1 4 3 -2 F o r n o te s se e ta b le b e lo w . “TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In m illio n s o f d o lla r s) N e t c h a n g e d u rin g — O u tsta n d in g In d u stry June 25 D u ra b le g o o d s m an u factu r in g : P rim ary m e ta ls ........................ M a c h in e r y .................................. T ra n sp o r ta tio n e q u ip m e n t. O th er fa b r ic a ted m eta l p r o d u c t s . ............................... O th er d u rab le g o o d s ............. N o n d u r a b le g o o d s m a n u fa c tu rin g : F o o d , liq u o r , a n d t o b a c c o . T e x tile s , a p p arel, an d le a th e r ...................................... P e tro le u m r efin in g ................. C h em ica ls a n d r u b b e r ......... O th er n o n d u r a b le g o o d s . . M in in g , in c lu d in g cr u d e p e tr o le u m a n d natu ral g a s . T r a d e : C o m m o d ity d e a l e r s . . O th er w h o le s a le ........... R e t a il ................................. T r a n sp o r ta tio n .............................. C o m m u n ic a tio n ............................ O th er p u b lic u tilitie s.................. C o n str u c tio n .................................. S e r v ic e s............................................. A ll oth er d o m e stic lo a n s . . . . F o r e ig n co m m ercia l a n d in d u strial lo a n s ....................... T o ta l lo a n s ...................................... 1974 1975 1 ,2 8 8 3 ,9 7 7 1 ,7 4 0 M ay 28 A p r. 30 1 ,2 8 0 4 ,2 6 9 1 ,7 2 6 1 ,3 2 3 4 ,3 0 2 1 ,7 0 5 F eb. 26 Jan. 29 D ec. 31 1 ,2 8 4 4 ,0 7 1 1 ,6 7 2 1 ,2 3 7 4 ,1 1 7 1 ,7 1 2 1 ,2 4 9 4 ,1 3 8 1 ,7 3 7 1 ,3 2 3 2 ,2 5 6 M ar. 26 O ct. 30 4 ,1 4 5 1 ,6 7 3 1 ,1 7 6 4 ,0 4 9 1 ,5 8 6 1 ,1 0 7 3 ,9 7 0 1 ,5 7 0 4 -9 4 1 ,2 4 3 2 ,2 8 8 1 ,1 9 7 2 ,3 9 1 1 ,1 1 3 2 ,3 6 1 1 ,0 9 3 2 ,3 3 9 -9 0 -1 6 1 II I 68 IV 1975 1st h a lf III 77 24 9 138 28 610 125 78 -1 6 8 67 115 -1 4 0 131 123 112 161 25 -3 0 1 74 -7 4 -1 1,222 1 ,2 4 5 1 ,2 8 0 2 ,0 9 0 2 ,1 2 2 2 ,2 1 0 1 ,3 1 2 2 ,2 5 1 1 ,5 1 4 1 ,6 1 6 1 ,5 7 1 1 ,5 6 1 1 ,6 1 4 1 ,7 0 3 1 ,7 6 3 1 ,6 7 4 1 ,6 6 1 -4 7 -2 0 2 114 78 -2 4 9 1 ,0 9 5 1 ,7 0 9 1 ,7 6 2 1 ,1 4 3 1 ,0 7 5 1 ,6 1 1 1 ,7 8 4 1 ,1 1 4 1 ,0 9 1 1 ,6 1 7 1 ,8 1 4 1 ,1 2 6 1 ,1 5 8 1 ,4 8 3 1 ,8 4 6 1 ,1 3 0 1 ,0 8 3 1 ,4 5 8 1 ,8 1 2 1 ,1 1 9 1 ,1 2 4 1 ,5 4 2 1 ,8 3 9 1 ,1 7 9 1 ,2 7 2 1 ,8 1 8 1 ,1 7 0 1 ,1 8 7 1 ,2 0 8 1 ,8 2 0 1 ,1 8 7 -6 3 226 -8 4 13 13 -3 5 -3 2 -1 0 5 -6 1,221 1 ,1 4 5 1 ,5 1 8 1 ,8 7 8 1 ,2 3 5 23 134 41 33 -5 0 191 -1 1 6 -9 2 3 ,7 3 4 148 1 ,3 2 9 2 ,1 3 6 4 ,4 2 5 1 ,1 3 3 4 ,0 4 5 2 ,3 1 4 5 ,1 4 0 3 ,2 5 8 3 ,6 4 6 140 1 ,3 4 4 2 ,1 4 3 4 ,4 2 4 1 ,1 5 9 4 ,0 4 7 2 ,2 9 1 5 ,2 4 6 3 ,1 8 6 3 ,6 2 6 142 1 ,3 8 7 2 ,1 9 2 4 ,4 9 2 1 ,1 4 8 4 ,0 1 7 2 ,2 7 2 5 ,3 5 2 3 ,2 1 0 3 ,5 3 7 150 1 ,4 5 0 2 ,2 8 3 4 ,5 2 4 1 ,1 3 5 4 ,0 3 4 2 ,1 9 7 5 ,4 3 0 3 ,0 8 2 3 ,4 4 6 153 1 ,4 2 0 2 ,2 9 8 4 ,5 0 5 1 ,1 2 5 3 ,8 7 0 2 ,1 9 1 5 ,3 7 0 3 ,1 4 4 3 ,5 2 3 169 1 ,4 7 2 2 ,3 6 9 4 ,4 5 5 1 ,1 5 8 3 ,8 8 5 2 ,2 2 4 5 ,3 2 0 3 ,0 7 9 3 ,7 0 1 155 1 ,4 9 2 2 ,5 9 4 4 ,5 5 0 1 ,0 8 2 3 ,9 6 3 2 ,2 9 4 5 ,5 3 2 3 ,2 2 4 3 ,6 2 0 171 1 ,4 3 1 2 ,6 0 2 4 ,3 7 9 1 ,0 7 6 3 ,9 8 7 2 ,2 8 1 5 ,4 1 7 3 ,2 5 5 3 ,4 6 8 157 1 ,4 8 8 2 ,5 7 8 4 ,3 7 0 1 ,0 4 7 3 ,8 1 0 2 ,2 3 7 5 ,3 4 0 3 ,2 1 5 197 2 09 -1 0 2 182 -1 4 2 102 229 142 77 105 33 -7 -1 6 3 -4 5 8 -1 2 5 51 82 117 -2 9 0 176 -1 6 4 -5 -4 2 -3 1 1 -2 6 53 71 -9 7 2 ,5 9 4 2 ,5 4 7 2 ,5 9 6 2 ,5 2 8 2 ,5 4 4 2 ,5 2 4 2 ,4 5 7 2 ,4 7 3 2 ,4 8 7 66 71 56 -1 4 7 4 7 ,7 9 6 4 8 ,0 1 5 4 8 ,4 7 3 4 8 ,1 1 8 4 7 ,7 9 7 4 8 ,2 6 2 4 9 ,1 9 9 4 8 ,0 9 0 4 7 ,3 3 9 - 3 2 2 - 1 ,0 8 1 2 ,7 7 3 1 N e w item to be rep orted as o f th e la st W ed n esd a y o f ea ch m o n th . N ote .— A b o u t 160 w eek ly rep o rtin g b a n k s are in clu d ed in th is series; th ese b a n k s classify, b y in d u stry, co m m ercia l an d in d u strial lo a n s a m o u n t in g to a b o u t 9 0 per ce n t o f su ch lo a n s h eld b y ail w eek ly rep o rtin g b an k s an d a b o u t 7 0 p er ce n t o f t h o se h eld b y all c o m m ercia l b a n k s. N ov. 27 1 ,210 1974 1975 -2 -1 2 1 -1 4 7 -9 9 -2 11 421 100 31 3 62 16 43 67 201 53 291 22 -2 43 99 -7 6 -1 20 -3 9 2 34 137 2 ,0 2 3 - 1 , 4 0 3 F o r d e scrip tio n o f series see article “ R e v ised S eries o n C o m m e rc ia l an d In d u strial L o a n s b y In d u stry ,” F eb . 1967 B u l l e t i n , p . 2 0 9 . C o m m ercia l an d in d u stria l “ term ” lo a n s are all o u tsta n d in g lo a n s w ith an o rig in a l m a tu rity o f m o re th a n 1 year an d all o u tsta n d in g lo a n s g ra n ted u n d er a fo rm a l a g reem en t— rev o lv in g cred it or sta n d b y — o n w h ic h th e o rig in a l m atu rity o f th e c o m m itm e n t w as in ex cess o f 1 year. A 24 DEMAND DEPOSIT OW NERSHIP □ JU L Y 1975 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In b illio n s o f d o lla rs) T y p e o f h o ld e r C lass o f b a n k , and quarter o r m o n th T o ta l d e p o sits, IP C F in a n cia l b u sin ess N o n fin a n c ia l b u sin ess C o n su m e r 1970— D e c .......................................................................................................... 1 7 .3 9 2 .7 5 3 .6 1 .3 1 0 .3 1 7 5 .1 1971— J u n e ........................................................................................................ 1 8 .1 1 7 .9 1 8 .5 8 9 .6 9 1 .5 9 8 .4 5 6 .2 5 7 .5 5 8 .6 1 .3 1 .2 1 0 .5 9 .7 1 0 .7 1 7 5 .8 1 7 7 .9 1 8 7 .5 1972— M a r......................................................................................................... 2 0 .2 1 7 .9 1 8 .0 1 8 .9 9 2 .6 9 7 .6 1 0 1 .5 1 0 9 .9 5 4 .7 6 0 .5 6 3 .1 6 5 .4 1 .4 1 .4 1 .4 1 .5 1 2 .3 S e p t........................................................................................................ 1 8 1 .2 1 8 8 .4 1 9 5 .4 2 0 8 .0 1 8 .6 1 8 .6 1 8 .8 1 9 .1 1 02.8 6 5 .1 6 7 .3 6 9 .1 7 0 .1 1 .7 1 0 6 .6 1 0 8 .3 1 1 6 .2 2 .0 2 .1 11.8 1 1 .8 F o r e ig n A ll o th e r A ll insured com m ercial bank s: 1973— M a r ........................................................................................................ S e p t......................................................................................................... 1974— M a r ........................................................................................................ J u n e ....................................................................................................... S e p t......................................................................................................... D e c .......................................................................................................... 1 8 .9 1 8 .2 1 7 .9 1 9 .0 1 0 8 .4 1975— M a r ......................................................................................................... 1 8 .6 1 .3 1 1 .4 1 2 .3 1 1 3 .9 1 1 8 .8 2 .2 2 .1 1 1 1 .3 7 3 .2 2 0 0 .0 2 0 6 .3 2 1 0 .3 1 1 .9 1 2 .4 2 .4 7 0 .6 7 1 .4 7 2 .0 7 3 .3 112.1 1 1 .0 2 20.1 1 1 .0 11.1 2 .3 2 1 1 .2 2 .3 1 0 .9 11 .7 2 1 5 .0 2 1 6 .8 2 2 5 .0 2 .3 1 0 .9 2 1 6 .3 1 0 4 .8 W e e k ly reporting bank s: 1971— D e c .......................................................................................................... 1 4 .4 5 8 .6 2 4 .6 1 .2 5 .9 1972— D e c ......................................................................................................... 1 4 .7 6 4 .4 2 7 .1 1 .4 6 .6 1 1 4 .3 1973— D e c ......................................................................................................... 1 4 .9 6 6 .2 2 8 .0 2 .2 6 .8 1 1 8 .1 1974— J u n e ........................................................................................................ J u ly ......................................................................................................... A u g ......................................................................................................... 1 4 .1 1 4 .4 1 4 .1 1 3 .9 1 4 .7 1 4 .6 1 4 .8 6 3 .4 6 3 .5 6 2 .6 6 4 .4 6 4 .4 6 5 .9 6 6 .9 2 8 .1 2 8 .5 2 8 .0 2 8 .4 2 8 .4 2 8 .7 2 9 .0 2 .0 2 .1 6 .3 6 .5 5 .8 6 .3 6 .4 6 .5 1 1 3 .9 1 1 5 .1 1 1 2 .5 1 1 5 .0 1 1 5 .8 1 1 7 .7 1 1 9 .7 1 4 .8 1 4 .4 14.1 1 5 .0 1 4 .2 6 5 .6 6 3 .1 6 3 .2 6 3 .3 6 3 .1 2 9 .2 2 7 .9 2 8 .2 3 0 .1 2 9 .2 2 .2 N o v ......................................................................................................... D e c ......................................................................................................... 1975— J a n .......................................................................................................... F e b .......................................................................................................... M a r ......................................................................................................... 1 In c lu d in g cash item s in p r o c e ss o f co lle c tio n . N o t e . — D a ily -a v e r a g e b a la n c e s m a in ta in ed d u rin g m o n th as estim a ted 1 .9 2 .0 2 .0 2 .1 2 .2 6 .8 2 .3 6 .6 6 .2 2 .2 2 .2 6 .4 6 .5 2 .3 6 .2 1 1 8 .3 1 1 3 .9 1 1 4 .1 1 1 7 .0 1 1 5 .0 fro m rep o rts su p p lied b y a sa m p le o f c o m m e r c ia l b a n k s. F o r a d eta iled d e sc rip tio n o f th e ty p e o f d e p o sito r in e a c h c a te g o r y , se e J u n e 1971 B u l l e t i n , p. 46 6 . DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In m illio n s o f d o lla rs) C la ss o f b an k A ll c o m m e r c ia l. . . . . . . . . . . . . . I n s u r e d ............................................. N a tio n a l m e m b e r ....................... S tate m em b er................................ A ll m e m b e r ........................................ D ec. 31, 1972 559 554 311 71 381 D ec. 31, 1973 507 503 288 64 352 J u n e 30, 1974 460 457 265 65 330 D e c , 31, 1974 389 387 236 39 275 C la ss o f b an k A ll m em b er— C o n t. O ther large b an k s 1 ............... A ll oth er m em b er i ............... A ll n o n m e m b e r ............................ N o n in s u r e d ................................ 1 B egin n in g N o v . 9 ,1 9 7 2 , d e sig n a tio n o f b a n k s as reserv e c ity b a n k s for reserve-req u irem en t p u rp o ses h a s b een b a sed o n size o f b a n k (n et d em and d e p o sits o f m o re th a n $ 4 0 0 m illio n ), as describ ed in th e B u l l e t i n for Ju ly 1972, p. 626. C a te g o r ie s s h o w n here as “ O th er la rg e” a n d “ A ll oth er m em b e r ” parallel th e p r e v io u s “ R e se r v e C ity ” (o th e r th a n in N e w Y o r k C ity and th e C ity o f C h ic a g o ) a n d “ C o u n tr y ” c a te g o r ies, resp ectiv ely (h e n c e th e series are c o n tin u o u s o v er tim e). D e c . 31, 1972 69 313 177 172 5 D e c . 31, 1973 58 2 94 155 152 3 Ju n e 3 0 , 1974 63 267 130 127 3 D e c , 31, 1974 69 206 115 112 3 N o t e . — H y p o th e c a te d d e p o s its , as s h o w n in th is ta b le , are trea ted o n e w ay in m o n th ly a n d w e e k ly series fo r c o m m e r c ia l b a n k s a n d in a n o th e r w a y in c a ll-d a te series. T h a t is, th e y are ex c lu d ed fro m “ T im e d e p o s its ” and “ L o a n s” in th e m o n th ly (a n d y ea r-en d ) series as s h o w n o n p. A -1 4 ; fro m th e figures fo r w e e k ly r e p o rtin g b a n k s as s h o w n o n p p . A - l 8 - A - 2 2 (co n su m e r in sta lm e n t lo a n s ); an d fro m th e figures in th e ta b le at th e b o tto m o f p. A - l 3. B u t th ey are in c lu d e d in th e figures fo r “ T im e d e p o s its ” an d “ L o a n s ” fo r c a ll d a tes as s h o w n o n p p . A -1 4 - A - 1 7 . JU L Y 1975 □ LOAN SALES BY BANKS; OPEN MARKET PAPER A 25 LOANS SOLD OUTRIGHT BY LARGE COMMERCIAL BANKS (A m o u n ts o u tsta n d in g ; in m illio n s o f d o lla rs) T o se lected rela ted in s titu tio n s 1 B y ty p e o f lo a i l D a te T o ta l C o m m e rc ia l an d in d u stria l 1 9 7 5 — M ar. A p r. M ay 1 T o b a n k ’s o w n fo re ig n b ra n ch es, n o n c o n s o lid a te d n o n b a n k affiliates o f th e b a n k , th e b a n k ’s h o ld in g c o m p a n y ( if n o t a b a n k ), an d n o n c o n s o lid a te d n o n b a n k su b sid ia ries o f th e h o ld in g c o m p a n y . N o t e . — Series ch a n g e d o n A u g . 2 8 ,1 9 7 4 . F o r a c o m p a r is o n o f th e o ld an d n e w d a ta fo r th a t d a te , se e p . 741 o f th e O c t. 1974 B u l l e t i n . R e v ised figures receiv ed s in ce O ct. 1974 t h a t affect th a t c o m p a r is o n are s h o w n in n o te 2 to th is ta b le in th e D e c . 1974 B u l l e t i n , p. A -2 7 . A ll o th e r 5 ................................ 12 ................................ 1 9 ................................ 2 6 ................................ 4 ,6 8 8 4 ,7 2 1 4 ,6 9 3 4 ,6 7 7 2 ,7 4 1 2 ,8 0 0 2 ,7 6 9 2 ,7 9 1 201 201 2 ................................ 9 ................................ 1 6 ................................ 2 3 ................................ 3 0 ................................ 4 ,5 8 4 4 ,5 8 7 4 ,5 2 9 4 ,5 1 9 4 ,5 8 7 2 ,7 1 4 2 ,7 4 8 2 ,7 1 5 2 ,7 0 4 2 ,7 4 4 202 201 201 7 ................................ 1 4 ................................ 2 8 ................................ 4 ,5 8 2 4 ,6 1 2 4 ,6 2 5 4 ,6 6 5 2 ,8 1 3 2 ,8 0 8 2 ,7 7 6 2 ,8 2 0 200 202 201 1 ,5 7 0 1 ,6 0 4 1 ,6 4 7 1 ,6 4 4 4 ................................ 11 ................................ 1 8 ................................ 2 5 ................................ 4 ,6 1 5 4 ,6 2 8 4 ,6 3 1 4 ,6 6 7 2 ,8 2 9 2 ,8 4 9 2 ,8 4 9 2 ,8 9 5 198 198 198 196 1 ,5 8 8 1 ,5 8 1 1 ,5 8 4 1 ,5 7 6 2 1 ................................ June R eal e s ta te 1 ,7 4 6 1 ,7 2 0 1 ,7 2 0 1 ,6 8 2 204 204 1,6 6 8 1 ,6 3 8 1 ,6 1 3 1 ,6 1 8 1 ,6 3 9 197 204 199 COMMERCIAL PAPER AND BANKERS ACCEPTANCES OUTSTANDING (In m illio n s o f d o lla rs) D o lla r a ccep ta n ces C o m m e r c ia l p a p e r End of p e r io d B a n k -r e la te d 5 F in a n c ia l c o m n a n ie s 1 A ll issuers N on fin a n c ia l D e a le rD i D e a le rD icom p la c e d 2 r ectly - p a n ie s 4 p la ced rectlyp la ced p la c e d 3 H e ld b y A c c e p tin g ba n k s F .R . B a n k s T o ta l O thers T o ta l 193 164 58 64 57 191 156 109 146 250 2 ,0 9 0 2 ,7 1 7 3 ,6 7 4 4 ,0 5 7 9 97 1 ,0 8 6 1 ,4 2 3 1 ,8 8 9 2 ,6 0 1 829 98 9 952 1 ,1 5 3 1 ,5 6 1 1 ,7 7 8 2 ,2 4 1 2 ,0 5 3 2 ,4 0 8 2 ,8 9 5 2 54 179 581 3 ,8 9 4 3 ,9 0 7 5 ,4 0 6 2 ,8 3 4 2 ,5 3 1 2 ,2 7 3 1 ,5 4 6 1 ,9 0 9 3 ,4 9 9 3 ,5 0 9 2 ,4 5 8 3 ,1 2 0 700 732 795 1 ,0 2 3 6 ,5 4 4 7 ,5 3 2 8 ,5 4 0 1 0 ,9 4 7 1 1 ,3 0 0 1 0 ,7 2 4 1 1 ,3 3 5 1 1 ,4 5 2 1 2 ,2 7 8 2 ,9 0 0 2 ,9 5 2 3 ,2 8 7 3 ,5 8 9 3 ,5 8 5 3 ,5 2 6 3 ,7 9 3 3 ,8 1 0 4 ,0 2 3 2 ,8 3 3 2 ,8 9 9 3 ,2 1 9 3 ,7 7 4 3 ,9 3 3 3 ,8 0 6 3 ,7 5 9 3 ,7 0 9 4 ,0 6 7 4 ,9 5 9 5 ,8 7 6 8 ,3 2 3 8 ,6 4 9 8 ,7 0 3 9 ,3 3 0 1 0 ,0 3 5 1 0 ,3 9 4 1 2 ,8 9 4 1 2 ,5 9 3 1 3 ,2 5 5 1 3 ,0 5 5 4 ,1 2 0 3 ,9 7 4 3 ,8 4 5 3 ,6 9 0 4 ,3 1 4 4 ,2 1 0 4 ,2 9 6 4 ,2 0 6 1 0 ,1 6 8 1 0 ,3 9 6 1 0 ,5 8 9 1 0 ,8 3 1 249 735 52 4 1 ,2 2 6 1 ,9 3 8 1 ,4 4 9 1 ,4 1 1 2 ,9 4 3 7 ,8 8 9 6 ,8 9 8 8 ,8 9 2 3 ,4 8 0 2 ,7 0 6 2 ,8 3 7 2 ,6 8 9 2 ,0 0 6 2 ,3 1 8 791 700 5 19 261 106 9 ,6 9 7 1 0 ,0 4 6 9 ,9 6 8 1 0 ,5 6 2 1 0 ,8 8 5 1 2 ,6 5 9 1 4 ,0 0 3 1 4 ,5 3 2 1 2 ,6 9 4 2 ,2 7 0 1 ,9 7 8 1 ,5 7 9 1 ,4 6 5 2 ,4 2 5 2 ,1 8 5 2 ,0 4 6 1 ,9 4 7 1 ,8 7 4 4 ,5 6 4 5 ,1 0 6 5 ,3 7 3 5 ,5 8 5 6 ,3 5 0 6 ,4 4 6 6 ,4 0 8 6 ,6 9 7 6 ,4 4 4 1 0 ,6 9 2 1 1 ,7 2 7 1 3 ,1 7 4 1 5 ,6 8 6 1 6 ,1 6 7 1 6 ,0 3 5 1 6 ,8 8 2 1 7 ,5 5 3 1 8 ,4 8 4 3 ,2 3 2 3 ,0 8 9 3 ,5 3 5 3 ,4 9 9 3 ,3 8 8 3 ,3 4 7 3 ,2 9 1 3 ,7 8 9 4 ,2 2 6 2 ,7 4 4 2 ,6 4 2 3 ,0 6 6 2 ,9 8 3 2 ,9 4 2 2 ,8 7 2 3 ,2 9 0 3 ,6 8 5 488 447 46 9 516 522 405 41 9 499 54 2 216 373 304 218 277 504 21 8 611 999 1 4 ,6 4 8 1 4 ,7 3 2 1 4 ,2 6 4 1 4 ,0 1 8 1 ,9 4 6 1 ,8 5 4 1 ,7 3 8 1 ,6 5 4 6 ,6 2 5 7 ,2 2 8 7 ,1 9 0 6 ,9 3 1 1 8 ,6 0 2 1 8 ,5 7 9 1 8 ,7 3 0 1 8 ,7 2 7 4 ,3 5 7 4 ,8 6 4 4 ,7 7 3 4 ,4 8 5 3 ,9 0 3 4 ,3 7 0 4 ,0 8 5 3 ,9 0 0 454 494 96 6 993 665 1 ,1 8 5 757 2 ,7 7 4 5 ,3 5 6 7 ,1 3 3 1 ,1 6 0 352 1 9 7 1 ............... 1 9 7 2 ............... 1 9 7 3 ............... 3 2 ,1 2 6 3 4 ,7 2 1 4 1 ,0 7 3 5 ,2 9 7 5 ,6 5 5 5 ,4 8 7 2 0 ,5 8 2 2 2 ,0 9 8 2 7 ,2 0 4 6 ,2 4 7 6 ,9 6 8 8 ,3 8 2 1 9 7 4 - A p r ... M a y .. J u n e .. J u l y .. A u g ... S e p t .. O c t... N o v .. D e c .. 4 4 ,6 7 7 4 6 ,1 7 1 4 4 ,8 4 6 4 5 ,5 6 1 4 7 ,9 6 7 4 9 ,0 8 7 5 1 ,7 5 4 5 1 ,8 8 3 4 9 ,0 7 0 6 ,2 2 8 5 ,6 9 9 4 ,9 7 0 4 ,6 5 5 5 ,3 0 8 5 ,3 3 3 5 ,2 4 2 4 ,8 6 0 4 ,6 1 1 2 8 ,7 5 2 3 0 ,4 2 6 2 9 ,9 0 8 3 0 ,3 4 4 3 1 ,7 7 4 3 1 ,0 9 5 3 2 ,5 0 9 3 2 ,4 9 1 3 1 ,7 6 5 1975— J a n .. F e b .. M ar. A p r.. 5 1 ,5 2 8 5 2 ,3 2 5 5 0 ,7 4 5 5 1 ,5 5 2 5 ,0 2 9 5 ,1 6 7 5 ,3 4 2 5 ,4 6 1 3 1 ,8 5 1 3 2 ,4 2 6 3 1 ,1 3 9 3 2 ,0 7 3 2,111 1 F in a n c ia l c o m p a n ie s are in stitu tio n s en g a g e d p rim a rily in a ctiv ities su c h a s, b u t n o t lim ite d t o , c o m m e r c ia l, sa v in g s, a n d m o rtg a g e b a n k in g ; s a le s, p e r so n a l, an d m o r tg a g e fin a n cin g ; fa cto r in g , fin a n ce lea sin g , and o th e r b u sin ess len d in g ; in su ra n ce u n d erw ritin g ; a n d o th e r in v estm en t activ ities. 2 A s rep o r te d b y d e a le r s ; in c lu d e s all fin a n cia l c o m p a n y p ap er s o ld in th e o p e n m a rk et. 3 A s r ep o rted b y fin an cial c o m p a n ie s th a t p la c e th e ir pa p er directly w ith in v e sto r s. A ll oth er 215 459 3 ,1 3 4 1 ,9 9 7 1 0 ,5 5 6 1 2 ,1 8 4 1 3 ,9 7 2 2 0 ,7 4 1 2 0 ,4 2 4 E x p o rts from U n ite d States Own a cct. 983 1 ,4 4 7 1 ,3 4 4 1 ,3 1 8 1 ,9 6 0 2 ,3 3 2 2 ,7 9 0 4 ,4 2 7 6 ,5 0 3 5 ,5 1 4 Im p o rts in to U n ite d S ta tes Bills bought 1 ,1 9 8 1 ,9 0 6 1 ,5 4 4 1 ,5 6 7 2 ,6 9 4 1 3 ,6 4 5 1 7 ,0 8 5 2 1 ,1 7 3 3 2 ,6 0 0 3 3 ,0 7 1 F or eig n corr. Own bills 3 ,6 0 3 4 ,3 1 7 4 ,4 2 8 5 ,4 5 1 7 ,0 5 8 196 6 196 7 1 96 8 196 9 1 9 7 0 ............... B a sed o n - 2 ,8 6 6 200 688 585 68 1,2 0 2 1 ,4 5 9 2 ,0 3 7 1 ,7 0 2 981 384 130 37 2 2 ,0 2 2 6 ,6 6 8 4 N o n fin a n c ia l c o m p a n ie s in c lu d e p u b lic u tilitie s an d firm s en g a g e d prim a rily in a ctiv itie s su c h as c o m m u n ic a tio n s , c o n s tr u c tio n , m a n u fa c tu rin g , m in in g , w h o le sa le an d r eta il tra d e, tra n sp o rta tio n , an d se rv ic e s. 5 In c lu d e d in dealer- a n d d ir ec tly -p la c ed fin a n cia l c o m p a n y c o lu m n s. C o v e r a g e o f b a n k -rela ted c o m p a n ie s w a s e x p a n d e d in A u g . 1 9 74. M o s t o f th e in crea se resu ltin g fro m th is e x p a n d e d c o v e ra g e o ccu rred in d irectly p la c ed paper. A 26 INTEREST RATES □ JULY 1975 PRIME RATE CHARGED BY BANKS (Per cent per annum) Effective date 1974—Apr. 11. 15, 19. Apr. 23. 24. Effective date 934- 98/1010a IOb-IOVioIOI/4 10-IO 1/ 10- 1974—June Rate 3. 111/4-1 m ■116/10 10. 21 . 24. HI/21 11/4-1 l^B lll /2B-1134 25. 111/4b-1134 - 101/2 26. 118/10 111/2-1134 ■- 101/2- 28. 1134i-118/10 10^B - 10VlO m / 4rn- 104/io— 25. IO^-IOVio- 26. IOV10- 30. 10% -106/10103^-11 July 10% -- 2. 3, 1134B-118/10. 5, 118/10-12> 12.-1214 1034-1 2«- 9 23 7. 111 13. 17. 20 Aug. 20 1034-12B Sept. 26, 103/4 -l 11/2— 1134-12B 11 b Oct. 11-1 114 b 1114b-U 4/io 1114-11-4/ io 15, 1 1 ^ .-1 1 3 4 21 , -lUAm 1975- -Feb. Mar. 103/410-1014- 25, 103/410-1014- 934-10-1014 -IOI/2- 1975—Jan. 9 91/2-101014 — — 13 101/2 91/ 2- 934- 10- 15 91/ 2- 93/4- 814- 81/ 281/4- 81/2 734- 81/4- 81/2 7 34- 8--814 734-87i/2-7 3 4 --8 71/2 - - 734-8 71/2--734 71/4-71/2-734 10 101/2- 2 3, 5, 17, 18, 24, 25, 31, l 01/2- Dec. 834-9f 81/2-834--9 81/ 2--834 6, IO-IOI/2- 19 834-9-914■91/2-934 834-9-914" 10, 11 18 3, 18, 24, II 1/4 1 0 ^ —1034— 11 b 101^-1034 ■ 14 Rate 4, 1034-1 1 -- 4 11 May 20, 26, 714- - 71/2 7 -7 14- - 7 14 June 634-7--714 9, 101/4- 1034-11 Vi1134 B-12 103/4- 1114111/ 21134 . 1034 - 1114 111/ 2 " 7. Effective date IH/2 121/4 6. 10, Nov. 12 10Vi-10«/i»1034 « - l l 106/lfr-1034 " -11 10«/io-1034- 3. 1034-11H1/4-- 118/l0 1034-11 May Rate lli^B-lie/io- 1974—Oct. 28, l l 3^ 7. 10y4m Effective date io - - io i4 91/ 2-9 34--10 91/ 2- - 934-10 91/ 2--934 20 28 29 1134 N ote.—Beginning Nov. 1971, several banks adopted a floating prime rate keyed to money m arket variables. - denotes the predominant prime rate quoted by commercial banks to large businesses. Effective Apr. 16, 1973, with the adoption o f a two-tier or “dual prime rate,” this table shows only the “large-business prime rate,” which is the range o f 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 o f dollars) All sizes 1-9 10-99 100-499 500-999 1,000 and over Center May 1975 Feb. 1975 May 1975 Feb. 1975 May 1975 Feb. 1975 May 1975 Feb. 1975 May 1975 Feb. 1975 May 1975 Feb. 1975 Short-term 35 centers........................................ New York C ity.......................... 7 Other Northeast..................... 8 North Central......................... 7 Southeast.................................. 8 Southwest................................ 4 West Coast............................... 8.16 7.88 8.37 8.00 8.70 8.34 8.33 9 .9 4 9.61 10.31 9.87 10.24 10.01 9.99 9.57 9.27 10.00 9.11 9.86 9.35 9.72 10.94 10.82 12.07 10.55 10.59 10.36 11.23 9.10 9.02 9.34 8.82 9.40 8.89 9.23 10.73 10.60 11.31 10.49 10.52 10.47 10.75 8.52 8.55 8.63 8.32 8.97 8.32 8.58 10.25 10.14 10.64 10.09 10.21 10.11 10.22 8.18 7.86 8.51 7.91 8.67 8.24 8.23 9.93 9.74 10.09 9.85 10.22 9.83 10.05 7.90 7.76 7.95 7.82 8.15 8.15 8.18 9.73 9 .50 9.96 9.74 10.12 9.84 9.84 10.14 9.98 9.97 10.97 10.35 10.57 9.77 8.23 8.16 7.56 8.12 7.97 8.47 8.40 10.18 9.87 10.98 10.24 9.00 10.75 10.17 7.84 7.88 7.91 8.03 8.40 8.29 7.69 8.98 7.61 10.90 10.22 9.76 10.37 9.40 10.57 10.46 10.51 10.17 11.11 10.46 11.28 8.47 9.02 7.96 8.09 9.47 8.68 8.67 10.16 9.78 10.20 9.45 11.95 10.09 10.94 8.05 8.31 8.28 6.80 9.50 8.28 8.66 10.21 9.53 10.49 11.81 9.16 9.60 9.78 Revolving credit 35 centers........................................ New York C ity.......................... 7 Other Northeast..................... 8 North Central......................... 7 Southeast.................................. 8 Southwest................................. 4 West Coast.............................. 7.95 7.92 7.92 8.20 8.41 8.40 7.84 9.20 7.84 10.83 10.32 9.77 10.54 9.52 9.59 9.04 10.45 9.78 9.90 9.44 8.91 11 .03 10.98 12.05 11.77 10.61 11.61 10.67 8.91 8.94 8.66 10.01 8.61 8.66 8.54 10.56 10.59 10.60 11 .14 10.41 11.18 10.13 8.58 8.37 8.21 9.24 8.68 8.51 8.44 Long-term 35 centers......................................... New York C ity.......................... 7 Other Northeast..................... 8 North Central......................... 7 Southeast.................................. 8 Southwest................................. 4 West C oast.............................. 8.22 8.38 8.53 7.22 8.91 8.47 8.71 10.26 9.62 10.48 11.33 10.42 9.87 10.07 9.94 9.92 9.99 9.06 10.94 10.74 9.15 10.54 9.27 10.99 10.32 9.67 11.99 8.36 9.36 9.50 9.76 8.68 9.14 9.86 9.20 10.55 10.82 10.77 10.25 10.47 10.12 10.77 8.83 8.69 9.41 8.64 7.93 8.37 9.06 JULY 1975 □ INTEREST RATES A 27 MONEY MARKET RATES (Per cent per annum) Period Prime commercial p a p e r1 90-119 days 1967........................... 1968........................... 1969........................... 4 to 6 months Finance CO. Prime paper bankers’ placed accept directly, ances, 3 to 6 90 days3 m onths2 U.S. G overnment securities5 Fed eral funds ra te 4 3-month bills6 Rate on new issue M arket yield 6-month bills6 Rate on new issue M arket yield 9- to 12-month issues 1-year bill (m ar Other 7 ket yield) 6 3- to 5year issues 7 5.10 5.90 7.83 4.89 5.69 7.16 4.75 5.75 7.61 4.22 5.66 8.21 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 1970........................... 1971........................... 1972........................... 1973........................... 1974........................... 4.66 8.20 10.05 7.72 5.11 4.69 8.15 9.87 7.23 4.91 4.52 7.40 8.62 7.31 4.85 4.47 8.08 9.92 7.17 4.66 4.44 8.74 10.51 6.458 4.348 4.071 7.041 7.886 6.39 4.33 4.07 7.03 7.84 6.562 4.511 4.466 7.178 7.926 6.51 4.52 4.49 7.20 7.95 6.49 4.67 4.77 7.01 7.71 6.90 4.75 4.86 7.30 8.25 7.37 5! 77 5^85 6.92 7.81 1974—J u n e ............... July................ Aug................ Sept................ O ct................. N ov................ D ec................. 11.18 11.93 11.79 11.36 9.55 8.95 9.18 10.96 11.72 11.65 11.23 9.36 8.81 8.98 9.00 9.0 0 9.31 9.41 9.03 8.50 8.50 10.79 11.88 12.08 11.06 9.34 9.03 9.19 11.93 12.92 12.01 11.34 10.06 9.45 8.53 8.145 7.752 8.744 8.363 7.244 7.585 7.179 7.90 7.55 8.96 8.06 7.46 7.47 7.15 8.232 8.028 8.853 8.599 7.559 7.551 7.091 8.12 7.94 9.11 8.53 7.74 7.52 7.11 8.16 8.04 8.88 8.52 7.59 7.29 6.79 8.71 8.89 9.54 8.95 8.04 7.67 7.33 8.14 8.39 8.64 8.38 7.98 7.65 7.22 1975—Jan .................. Feb................. M ar................ A pr................. M ay ............... Ju n e ............... 7.39 6.36 6.06 6.11 5.70 5.67 7.30 6.33 6.06 6.15 5.82 5.79 7.31 6.24 6.00 5.97 5.74 5.53 7.54 6.35 6.22 6.15 5.76 5.70 7.13 6.24 5.54 5.49 5.22 5.55 6.493 5.583 5.544 5.694 5.315 5.193 6.26 5.50 5.49 5.61 5.23 5.34 6.525 5.674 5.635 6.012 5.649 5.463 6.36 5.62 5.62 6.00 5.59 5.61 6.27 5.56 5.70 6.40 5.91 5.86 6.74 5.97 6.10 6.83 6.31 6.26 7.29 6.85 7.00 7.76 7.49 7.26 Week ending— 1975—Mar. 1 8 ., . 15 22 29 , 6.25 6.25 6.08 5.95 5.91 6.25 6.25 6.08 5.95 5.91 6.23 6.18 6.05 5.90 5.88 6.33 6.37 6.29 6.11 6.11 6.15 5.88 5.44 5.38 5.53 5.455 5.637 5.622 5.376 5.542 5.47 5.57 5.46 5.41 5.53 5.675 5.742 5.655 5.473 5.669 5.66 5.68 5.56 5.54 5.69 5.67 5.69 5.62 5.66 5.81 6.04 6.07 6.03 6.06 6.20 6.83 6.86 6.88 7.05 7.19 Apr. 5 ........ 12 19, . 26 6.03 6.18 6.15 6.13 6.03 6.23 6.20 6.13 5.88 5.95 6.00 6.00 6.15 6.20 6.11 6.16 5.59 5.28 5.44 5.54 5.562 6.021 5.538 5.653 5.62 5.74 5.44 5.66 5.786 6.351 5.843 6.067 5.90 6.09 5.86 6.09 6.20 6.48 6.30 6.49 6.58 6.94 6.76 6.91 7.47 7.74 7.75 7.90 May 3........ 10 17 24 31 6.03 5.98 5.78 5.48 5.38 6.15 6.08 5.93 5.60 5 .50 6.00 6.00 5.78 5.55 5.5 0 6.07 6.00 5.83 5.58 5.45 5.71 5.42 5.20 5.13 5.14 5.716 5.356 5.182 5.115 5.206 5.51 5.41 5.04 5.16 5.23 6.158 5.724 5.481 5.412 5.469 5.95 5.77 5.51 5.45 5.50 6.36 6.13 5.81 5.74 5.80 6.81 6.52 6.20 6.15 6.21 7.87 7 .64 7.45 7.34 7.38 June 7 ........ 14 21 28 , 5.48 5.55 5.58 5.98 5 .60 5.63 5.65 6.18 5 .5 0 5.5 0 5.45 5.63 5.59 5.55 5 .58 6.03 5.24 5.15 5.31 5.72 5.258 5.080 4.767 5.665 5.23 5.00 5 .24 5.80 5.505 5.283 5.129 5.935 5.48 5.25 5.55 6.07 5.77 5.50 5.74 6.32 6.15 5.94 6.13 6.69 7.29 7.05 7.14 7.49 1 Averages o f the most representative daily offering rate quoted by dealers. 2 Averages o f the most representative daily offering rate published by finance companies, for varying maturities in the 90-179 day range. 3 Beginning Aug. 15, 1974, the rate is the average o f the m idpoint of the range o f daily dealer closing rates offered for domestic issues; prior data are averages o f the most representative daily offering rate quoted by dealers. 4 Seven-day averages for week ending Wednesday. Beginning with statem ent week ending July 25, 1973, weekly averages are based on the daily average o f the range o f rates on a given day weighted by the volume of transactions at these rates. F or earlier statem ent weeks, the averages were based on the daily effective rate—the rate considered most repre sentative o f the day’s transactions, usually the one at which most trans actions occurred. 5 Except for new bill issues, yields are averages computed from daily closing bid prices. 6 Bills quoted on bank-discount-rate basis. 7 Selected note and bond issues. N ote.—Figures for Treasury bills are the revised series described on p. A-35 of the Oct. 1972 Bulletin . A 28 INTEREST RATES □ JULY 1975 BOND AND STOCK YIELDS (Per cent per annum) Corporate bonds Government bonds State and local United States (long term) Period Stocks By selected rating A aa utility Dividend/ price ratio By group Earnings / price ratio Total 1 Total 1 Aaa Baa New issue Re cently offered Aaa Baa Indus trial Rail road Public utility Pre ferred Com mon Com mon Seasoned issues 197 0 197 1 197 2 1973 197 4 6.59 5.74 5.63 6.30 6.99 6 .42 5.62 5.30 5.22 6.19 6.12 5.22 5.04 4.99 5.89 6.75 5.89 5.60 5.49 6.53 8.68 7.62 7.31 7.74 9.33 8.71 7.66 7.34 7.75 9.34 8.51 7.94 7.63 7.80 8.98 8.04 7.39 7.21 7.44 8.57 9.11 8.56 8.16 8.24 9.50 8.26 7.57 7.35 7.60 8.78 8.77 8.38 7.99 8.12 8.98 8.68 8.13 7.74 7.83 9.27 7.22 6.75 7.27 7.23 8.23 3.83 3.14 2.84 3.06 4.47 6.46 5.41 5.50 7.12 "11.60 1974—Jun e July......... Aug......... Sept......... O ct.......... N ov......... D ec.......... 7.03 7 .1 8 ' 7.33 7.30 7.22 6.93 6.78 6.17 6.70 6.70 6.77 6.56 6.54 7.04 5.95 6.34 6.38 6.49 6.21 6.06 6.65 6.41 7.10 7.10 7.18 6.99 7.01 7.50 9.38 10.20 10.07 10.38 10.16 9.21 9.53 9 .40 10.04 10.19 10.30 10.23 9.34 9.56 8.85 9.10 9.36 9.67 9.80 9.60 9.56 8.47 8.72 9.00 9.24 9.27 8.89 8.89 9.34 9.55 9.77 10.12 10.41 10.50 10.55 8.69 8.95 9.16 9.44 9.53 9.30 9.23 8.89 9.08 9.30 9.46 9.64 9.59 9.59 9.08 9.35 9.70 10.11 10.31 10.14 10.02 8.25 8.40 8.61 8.93 8.78 8.60 8.78 4.02 4.42 4.90 5.45 5.38 5.13 5.43 10.16 1975—Ja..............n Feb........... M ar.......... A pr.......... M ay ......... Ju n e ........ 6.68 6.61 6.73 7.03 6.99 6.86 6.89 6.40 6.70 6.95 6.95 6.96 6.39 5.96 6.28 6.46 6.42 6.28 7.45 7.03 7.25 7.43 7.48 7.48 9.36 8.97 9.35 9.67 9.63 9.20 9.45 9.09 9.38 9.65 9.65 9.33 9.55 9.33 9.28 9.49 9.55 9.45 8.83 8.62 8.67 8.95 8.90 8.77 10.62 10.43 10.29 10.34 10.46 10.40 9.19 9.01 9.05 9.30 9.37 9.29 9.52 9.32 9.25 9.39 9.49 9.40 10.10 9.83 9.67 9.88 9.93 9.81 8.41 8.07 8.04 8.27 8.51 8.34 5.07 4.61 4.42 4.34 4.08 4.02 3. 10, 17, 24,, 31, 7.09 6.98 6.94 6.98 7.03 6.94 6.87 6.88 7.03 7.03 6.40 6.35 6.35 6 .50 6.50 7.45 7.35 7.35 7 .50 7.75 9.80 9.65 9 .54 9.61 9.62 9.69 9.60 9.61 9.66 9.70 9.57 9.56 9.55 9.53 9.55 9.01 8.96 8.88 8.85 8.90 10.43 10.45 10.47 10.46 10.47 9.38 9.38 9.36 9.37 9.38 9.45 9.47 9.52 9.50 9.49 10.00 9.97 9.94 9.89 9.90 8.42 8.49 8.52 8.44 8.50 4.22 4.13 3.98 4.12 4.10 7 14 6.96 6.81 6.82 6.85 7.01 6.84 6.96 7.01 6.35 6.15 6.30 6.30 7.55 7.35 7.50 7.55 9.41 8.95 9.07 9.37 9.53 9.22 9.14 9.41 9.51 9.46 9.41 •9.41 8.85 8.76 8.73 8.75 10.47 10.42 10.37 10.35 9.36 9.29 9.26 9.25 9.46 9.41 9.38 9.36 9.89 9.83 9.76 9.76 8.50 8.29 8.36 8.22 3.98 4.07 4.08 3.93 14 20 5 5 121 20 30 41 30 40 14 500 14.35 "12.97 10.18 Week ending— 1975—May June 21 . 28, Num ber o f issues2. . . 1 Includes bonds rated Aa and A, data for which are not shown sep arately. Because o f a limited number o f suitable issues, the number o f corporate bonds in some groups has varied somewhat. As of Dec. 23, 1967, there is no longer an Aaa-rated railroad bond series. 2 N um ber o f issues varies over time; figures shown reflect most recent count. N ote .—Annual yields are averages o f weekly, monthly, or quarterly data. Bonds: M onthly and weekly yields are computed as follows: (1) U.S. Govt., averages o f daily figures for bonds maturing or callable in 10 years or more; from Federal Reserve Bank o f New York. (2) S ta te and local 500 govt., general obligations only, based on Thurs. figures, from M oody’s Investors Service. (3) C orporate, rates for “ New issue” and “ Recently offered” Aaa utility bonds, weekly averages compiled by the Board o f Governors of the Federal Reserve System; and rates for seasoned issues, averages of daily figures from M oody’s Investors Service. Stocks: Standard and P oor’s corporate series. Dividend/price ratios are based on Wed. figures. Earnings/price ratios as o f end o f period. Preferred stock ratio based on 8 median yields for a sample o f 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 PA G E: Security Prices: N ote.—Annual data are averages o f daily or weekly figures. M onthly and weekly data are averages o f daily figures unless otherwise noted and are computed as follows: U.S. Govt, bonds , derived from average market yields in table on p. A-28 on basis o f an assumed 3 per cent, 20-year bond. M unicipal and corporate bonds, derived from average yields as computed by Standard and Poor’s Corp., on basis o f a 4 per cent, 20year bond; Wed. closing prices. Common stocks, derived from com ponent common stock prices. Average daily volume o f trading, presently conducted 5 days per week for 6 hours per day. Stock M arket Customer Financing: 1 Margin credit includes all credit extended to purchase or carry stocks or related equity instruments and secured at least in part by stock (Dec. 1970 Bulletin , p. 920). Credit extended by brokers is end-of-month data for member firms of the New Y ork 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 ac counted for 60 per cent of security credit outstanding at banks on June 30, 1971. 2 In addition to assigning a current loan value to margin stock generally, Regulations T and U permit special loan values for convertible bonds and stock acquired through exercise o f subscription rights. 3 N onmargin stocks are those not listed on a national securities exchange and not included on the Federal Reserve System’s list o f 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 dem and. JULY 1975 □ SECURITY MARKETS A 29 SECURITY PRICES Com m on stock prices New York Stock Exchange Bond prices Standard and Poor’s index (1941-43= 10) Period U.S. Govt. (long term) State and local Cor porate AAA 1970............................ 1971............................ 1972............................ 1973............................ 1974............................ 60.52 67.73 68.71 62.80 57.45 72.3 80.0 84.4 85.4 76.3 61.6 65.0 65.9 63.7 58.8 1974—Ju n e ............... July................. Aug................. Sept................ O ct.................. Nov................ D ec................. 57.11 55.97 54.95 55.13 55.69 57.80 58.96 76.2 71.9 71.6 71.0 72.7 72.6 68.6 59.5 58.5 57.6 56.2 55.9 56.3 56.1 89.79 82.82 76.03 68.12 69.44 71.74 67.07 1975—Jan .................. Feb................. M ar................ A pr................. M a y ............... Ju n e ............... 59.70 60.27 59.33 57.05 57.40 58.33 70.9 74.1 70.9 69.5 69.6 69.8 57.56 58.74 58.62 58.38 69.2 71.1 69.4 69.5 Amer- New York Stock Exchange index (Dec. 31, 1965 = 50) Volume of trading in Stock Ex change total index (Aug. (thousands of shares) 1973 = 100) NYSE AM EX Indus trial Rail road Public utility Total Indus trial Trans porta tion Utility Fi nance 83.22 91.29 98.29 108.35 109.20 121.79 107.43 120.44 82.85 92.91 32.13 41.94 44.11 38.05 37.53 54.48 59.33 56.90 53.47 38.91 45.72 54.22 60.29 57.42 43.84 48.03 57.92 65.73 63.08 48.08 32.14 44.35 50.17 37.74 31.89 37.24 39.53 38.48 37.69 29.82 54.64 70.38 78.35 70.12 49.67 96.63 113.40 129.10 103.80 79.97 10,532 15,381 16,487 16,374 13,883 101.62 93.54 85.51 76.54 77.57 80.17 74.80 37.31 35.63 35.06 31.55 33.70 35.95 34.81 37.46 35.37 34.00 30.93 33.80 34.45 32.85 47.14 43.27 39.86 35.69 36.62 37.98 35.41 52.63 48.35 44.19 39.29 39.81 41.24 38.32 33.76 31.01 29.41 25.86 27.26 28.40 26.02 29.20 27.50 26.72 24.94 26.76 27.60 26.18 51.20 44.23 40.11 36.42 39.28 41.89 39.27 82.88 77.92 74.97 65.70 66.78 63.72 59.88 12,268 1,561 12.459 1,610 12,732 1,416 13,998 1,808 16,396 1,880 14,341 1,823 15,007 2,359 56.4 56.6 56.2 55.8 56.6 56.7 72.56 80.50 80.10 89.29 83.78 93.90 84.72 95.27 90.10 101.05 92.40 103.68 37.31 37.80 38.35 38.55 38.92 38.97 38.19 40.37 39.55 38.19 39.69 43.65 38.56 42.48 44.35 44.91 47.76 49.21 41.29 46.00 48.63 49.74 53.22 54.61 28.12 30.21 31.62 31.70 32.28 30.79 29.55 31.31 31.04 30.01 31 .02 32.78 44.85 47.59 47.83 47.35 49.97 52.20 68.31 76.08 79.15 82.03 86.94 90.57 19,661 22,311 22,680 20,334 21,785 17,052 2,117 2,545 2,665 2,302 2,521 2,743 56.6 56.7 56.9 56.6 92.65 90.56 91.41 94.41 38.93 39.13 38.70 39.00 42.59 42.50 43.93 45.35 49.25 48.20 48.71 50.39 54.90 53.48 53.88 55.81 32.61 32.14 31.87 32.70 32.14 32.08 32.88 33.86 51.24 50.85 52.44 53.89 90.11 89.42 89.97 92.18 24,708 18,460 19,880 22,466 3,376 2,328 2,104 3,136 Total 3,376 4,234 4,447 3,004 1,908 Week ending— 1975—June 7 ........ 14........ 2 1........ 28........ 104.17 101.63 102.45 105.85 For notes see opposite page. STOCK MARKET CUSTOMER FINANCING (In millions of dollars) M argin credit at brokers and banks 1 Regulated 2 End o f period By source By type M argin stock Total Unregu lated 3 Brokers Banks Convertible bonds Subscription issues Brokers Banks Brokers Banks Brokers Banks Free credit balances at brokers 4 Nonmargin stock credit at banks M argin accts. Cash accts. 6,567 6,381 6,297 5,948 5,625 5,097 4,996 4,994 4,836 5,558 5,361 5,260 4,925 4,672 4,173 4,080 4,103 3,980 1,009 1,020 1,037 1,023 953 924 916 891 856 5,370 5,180 5,080 4,760 4,510 4,020 3,930 3,960 3,840 952 963 991 978 912 881 872 851 815 179 172 172 158 156 148 145 139 137 44 44 34 33 29 31 32 29 30 9 9 8 7 6 5 5 4 3 13 13 12 12 12 12 12 11 11 1,868 1,858 2,072 2,091 2,119 2,060 2,024 2,054 2,064 415 395 395 402 429 437 431 410 411 1,440 1,420 1,360 1,391 1,382 1,354 1,419 1,447 1,424 1975—Jan ......................................... 4,934 Feb........................................ 5,099 M ar.r .................................... '5 ,244 A pr........................................ '5,407 4,086 4,269 4,400 4,583 848 830 '844 824 3,950 4,130 4,260 4,440 806 783 '800 781 134 136 134 138 29 34 30 30 2 3 6 5 13 13 14 13 1,919 1,897 1,882 1,885 410 478 515 505 1,446 1,604 1,760 1,790 1974—A pr........................................ Ju n e ...................................... July....................................... Aug....................................... Sept....................................... N ov....................................... D ec........................................ For notes see opposite page. A 30 STOCK MARKET CREDIT; SAVINGS INSTITUTIONS □ JULY 1975 EQUITY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS SPECIAL MISCELLANEOUS ACCOUNT BALANCES AT BROKERS, BY EQUITY STATUS OF ACCOUNTS (Per cent o f total debt, except as noted) (Per cent o f total, except as noted) End o f period Total debt (mil lions of dol lars)! 1974—M a y , June, J u ly .. Aug.. Sept.. Oct... Nov.. D e c .. 1975—Jan . . F eb .. M ar.. A p r.. M ay . Equity class (per cent) Net credit status End o f period 80 or more 70-79 60-69 50-59 40-49 Under 40 r5 ,260 5,080 4,760 4,510 4,020 3,930 3,960 3,840 4 .2 4 .0 4 .0 3.5 3.5 4 .6 4 .2 4 .3 5.1 5 .0 4.8 4 .0 3.9 5.5 5.1 4 .6 8 .5 7 .7 7.9 13.7 12.6 13.3 11.2 10.2 16.8 14.8 13.9 23.3 21.8 22.2 18.4 18.0 27.3 24.4 23.0 45.3 49.1 47.9 56.3 58.3 36.4 42.8 45.4 3,950 4,130 4,260 4,440 4,780 5.6 5 .9 6 .5 7.1 7 .0 7.3 7 .2 24.6 25.4 27.6 28.7 31 .5 28.1 28.5 25.8 23.5 21 .0 21.2 18.4 16.9 15.9 13.4 8.0 8.7 9.1 6.6 6.1 9 .4 8.5 13.5 14.6 15.3 16.1 16.7 i Note 1 appears at the bottom o f p. A-28. N ote.—Each custom er’s equity in his collateral (market value of col lateral less net debit balance) is expressed as a percentage o f current col lateral values. Equity class of accounts in debit status Total balance (millions 60 per cent Less than of dollars) or more 60 per cent 1974—M ay....................... 37.8 40.3 40.2 39.9 40.7 40.9 40.0 41.1 40.0 37.4 36.5 34.0 31.2 35.1 34.6 32.4 22.2 22.4 23.2 26.0 27.0 24.0 25.3 26.5 6,544 6,538 6,695 6,783 7,005 7,248 6,926 7,013 1975—Jan ......................... Feb......................... M a r... . ................. 41. 1 42.2 44.4 45.2 44.5 39.3 40.1 40.1 41 .1 43.2 19.8 17.8 15.5 13.7 12.3 7,185 7,303 7,277 7,505 7,601 M ay ....................... N ote.—Special miscellaneous accounts contain credit balances that may be used by customers as the margin deposit required for additional purchases. Balances may arise as transfers based on loan values o f other collateral in the custom er’s margin account or deposits of cash (usually sales proceeds) occur. MUTUAL SAVINGS BANKS (In millions o f dollars) Loans End o f period M ort gage Other Securities U.S. Govt. State and local govt. C orpo rate and o th e r1 Cash Other assets Total assets— Total liabili ties and general reserve accts. Depos its M ortgage loan commitments 2 classified by maturity (in m onths) Other General liabili reserve ac ties counts 3 or less 3-6 6-9 Over 9 Total 1971................. 19723............... 1973................. 1974................. 62,069 67,563 73,231 74,891 2,808 2,979 3,871 3,812 3,334 3,510 2,957 2,555 385 873 926 930 17,674 21,906 21,383 22,550 1,389 1,644 1,968 2,167 1,711 2,117 2,314 2,645 89,369 100,593 106,651 109,550 81,440 91,613 96,496 98,701 1,810 2,024 2,566 2,888 6,118 6,956 7.589 7,961 1,047 1,593 1,250 664 627 713 598 418 463 1,310 3,447 609 1,624 4,539 405 1,008 3,261 232 726 2,040 1974—A p r.... M a y ... J u n e ... J u ly ... A ug.. . . S e p t.. . Oct___ N o v .... D ec.. . . 74,181 74,011 74,281 74,541 74,724 74,790 74,835 74,913 74,891 4,425 4,388 4,274 4,311 4,031 4,087 3,981 4,226 3,812 2,852 2,750 2,758 2,650 2,604 2,574 2,525 2,553 2,555 951 893 880 884 879 876 870 877 930 22,366 22,241 22,324 22,383 22,292 22,218 22,190 22,201 22,550 1,601 1,656 1,651 1,402 1,334 1,303 1,303 1,406 2,167 2,347 2,355 2,488 2,487 2,519 2,573 2,608 2,633 2,645 108,722 108,295 108,654 108,660 108,383 108,420 108,313 108,809 109,550 98,035 97,391 98,190 97,713 97,067 97,425 97,252 97,582 98,701 2,943 3,173 2,688 3,144 3,475 3,089 3,158 3,291 2,888 7,744 7,731 7,776 7,803 7,841 7,906 7,904 7,936 7,961 1,214 1,129 1,099 990 949 932 775 724 664 584 608 602 586 496 382 374 398 418 401 994 3,193 400 1,014 3,151 328 1,001 3,031 316 1,076 2,968 417 977 2,839 450 904 2,668 792 2,301 360 317 743 2,182 232 726 2,040 1975—J a n . .. . Feb. . . M a r.. . A p r.. . . 74,957 75,057 75,127 75,259 4,287 4,658 4,736 4,407 2,571 2,677 2,975 3,419 967 1,017 1,095 1,121 22,979 23,402 24,339 24,994 1,706 1,856 2,101 1,841 2,663 110,130 99,211 2,709 111,376 100,149 2,672 113,045 102,285 2,780 113,821 102,902 2,948 3,211 2,712 2,849 7,971 8,016 8,049 8,071 726 654 824 913 400 360 312 335 225 217 294 312 1 Also includes securities o f foreign governments and international organizations and nonguaranteed issues o f U.S. Govt, agencies. 2 Commitments outstanding o f banks in New York State as reported to the Savings Banks Assn. o f the State o f New York. D ata include building loans. 3 Balance sheet data beginning 1972 are reported on a gross-of-valuation-reserves basis. The data differ somewhat from balance sheet data previously reported by N ational Assn. o f M utual Savings Bank, which 620 579 564 538 1,971 1,810 1,994 2,098 were net of valuation reserves. F or most items, however, the differences are relatively small. N ote.—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. JULY 1975 □ SAVINGS INSTITUTIONS A 31 LIFE INSURANCE COMPANIES (In millions of dollars) G overnment securities T otal assets End o f period Business securities United State and Foreign1 Total States local Total Bonds Stocks M ort gages Real estate Policy loans Other assets 1971............................................. 1972............................................ 1973............................................ 1974............................................ 222,102 239,730 252,436 263,817 11,000 11,372 11,403 11,890 4,455 4,562 4,328 4,396 3,363 3,367 3,412 3,653 3,182 99,805 3,443 112,985 3,663 117,715 3,841 119,580 79,198 86,140 91,796 97,430 20,607 26,845 25,919 22,150 75,496 76,948 81,369 86,258 6,904 7,295 7,693 8,249 17,065 18,003 20,199 22,899 11,832 13,127 14,057 14,941 1974—M ar.r............................. A p r.r ............................. May r ............................. Ju n e r .............................. July r. ............................. A ug.r ............................. Sept. r............................. Oct. r .............................. Nov. r ............................. D e c.r ............................. 256,220 256,385 257,304 258,034 258,712 258,508 258,116 261,183 262,253 263,349 11,756 11,619 11,635 11,638 11,722 11,789 11,762 11,804 11,871 11,965 4,528 4,329 4,330 4,286 4,312 4,365 4,316 4,344 4,394 4,437 3,485 3,540 3,549 3,577 3,600 3,603 3,618 3,620 3,626 3,667 3,743 3,750 3,756 3,775 3,810 3,821 3,828 3,840 3,851 3,861 94,606 94,756 95,352 95,450 95,917 96,076 96,162 96,815 97,199 96,652 25,768 25,348 24,826 24,461 23,738 22,243 20,722 22,410 22,047 21,920 82,180 82,470 82,734 83,225 83,657 84,082 84,427 85,016 85,481 86,234 7,759 7,800 7,860 7,904 7,957 8,037 8,100 8,140 8,207 8,331 20,643 20,819 21,056 21,305 21,563 21,867 22,175 22,473 22,676 22,862 13,508 13,573 13,841 14,051 14,158 14,414 14,768 14,525 14,772 15,385 1975—Jan .................................. Feb.................................. M ar................................. 266,823 269,715 272,143 12,065 12,161 12,338 4,461 4,512 4,581 3,669 3,686 3,712 3,935 121,986 98,876 3,960 124,158 99,571 4,045 125,512 100,116 2 3 ,n o 24,587 25,396 86,526 86,929 87,187 8,313 8,402 8,582 23,058 23,224 23,391 14,875 14,841 15,133 120,374 120,104 120,178 119,911 119,655 118,319 116,884 119,225 119,246 118,572 1 Issues o f foreign governments and their subdivisions and bonds of Figures are annual statem ent asset values, with bonds carried on an the International Bank for Reconstruction and Development. amortized basis and stocks at year-end market value. A djustments for interest due and accrued and for differences between m arket and book N ote.—Institute o f Life Insurance estimates for all life insurance values are not made on each item separately but are included, in total in companies in the United States. “ Other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions o f dollars) Liabilities Assets End o f period M ort gages 1971..................................... 1972..................................... 19735................................... 1974..................................... 174,250 206,182 231,733 249,306 Invest m ent secur ities 1 Cash 18,185 2,857 21,574 2,781 21,055 23,235 Mortgage loan com mitments outstanding at end of period4 Other Total assets— Total liabilities Savings capital N et w orth2 Bor rowed money 3 Loans in process 10,731 12,590 19,117 23,075 206,023 243,127 271,905 295,616 174,197 206,764 226,968 242,914 13,592 15,240 17,056 18,435 8,992 9,782 17,172 24,824 5,029 6,209 4,667 3,205 4,213 5,132 6,042 6,238 7,328 11,515 9,526 7,454 O ther 1974—M ay......................... 241,263 Ju n e......................... 243,400 Ju ly......................... 245,135 A ug.......................... 246,713 Sept......................... 247,624 O ct........................... 248,189 N ov......................... 248,711 D ec.......................... 249,306 23,705 23,003 23,052 22,081 21 , 166 22,:126 23,249 23,235 21,421 21,614 21,926 22,361 22,758 23,016 23,306 23,075 286,389 288,017 290,113 291,155 291,548 293,331 295,266 295,616 235,429 238,114 237,631 236,472 237,877 238,304 239,530 242,914 18,019 17,838 18,101 18,377 18,201 18,444 18,674 18,435 19,355 20,347 21,708 22,891 24,136 24,544 24,550 24,824 5,038 5,033 4,867 4,584 4,226 3,809 3,444 3,205 8,548 6,685 7,806 8,831 7,108 8,230 9,068 6,238 12,480 11,732 10,844 9,851 9,126 8,127 7,723 7,454 1975—Jan........................... 249,734 Feb.......................... 250,845 M ar......................... 252,463 A pr.......................... 254,748 M ayP....................... 257,933 25,382 26,995 28,293 29,035 30,633 23,338 23,754 24,295 24,955 25,604 298,454 301,594 305,051 308,738 314,170 246,182 249,480 255,973 258,831 262,722 18,585 18,815 18,653 18,881 19,121 23,398 21,938 20,417 19,889 19,359 3,022 3,015 3,239 3,567 4,052 7,267 8,346 6,769 7,570 8,916 7,887 8,787 10,050 11,653 12,568 1 Excludes stock o f the Federal Home Loan Bank Board. Compensating changes have been made in “ Other assets.” 2 Includes net undistributed income, which is accrued by most, but not all, associations. 3 Advances from FHLBB and other borrowing. 4 D ata comparable with those shown for m utual savings banks (on opposite page) except that figures for loans in process are not included above but are included in the figures for mutual savings banks. 5 Beginning 1973, participation certificates guaranteed by the Federal H om e Loan M ortgage C orporation, loans and notes insured by the Farmers Home Administration, and certain other Govt.-insured mortgagetype investments, previously included in mortgage loans, are included in other assets. The effect of this change was to reduce the m ortgage total by about $0.6 billion. Also, GNM A-guaranteed, mortgage-backed securities o f the pass through type, previously included in “ C ash” and “ Investment securities” are included in “ Other assets.” These am ounted to about $2.4 billion at the end of 1972. N ote.—FHLBB data; figures are estimates for all savings and loan assns. in the United States. D ata are based on m onthly reports o f insured assns. and annual reports o f noninsured assns. D ata for current and preceding year are preliminary even when revised. A 32 FEDERAL FIN A N CE □ JU LY 1975 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means o f financing Borrowings from the public Period Receipts Outlays Surplus or deficit (-) Fiscal year: 197 1 197 2 197 3 197 4 188,392 208,649 232,225 264,932 H alf year: 1973—Jan.-June July-Dee. 1974—Jan.-June July-D ee. 126,164 127,947 - 1 ,7 8 4 124,256 130,362 - 6 ,1 0 6 140,679 138,032 2,647 139,870 153,399 -1 3 ,5 9 1 M onth: 1974—M a y Ju n e ......... July.......... A u g ......... Sept.......... O ct........... N ov.......... D ec.......... "19,240 31,259 20,939 23,620 28,377 19,633 22,292 24,946 25,020 19,975 20,134 31,451 12,793 1975—Ja..............n Feb........... M ar.......... A pr.......... M ay ........ Less: Cash and monetary assets Less: Invest Public ments by Govt. Trea debt Agency Less: Equals: accounts 1 sury securi securi Special Total operat notes2 ties ties ing Special Other balance issues 211,425 -2 3 ,0 3 3 27,211 -3 4 7 6,616 231,876 -2 3 ,2 2 7 29,131 -1 ,2 6 9 6,796 216 11,712 246,526 -1 4 ,3 0 1 30,881 268,392 - 3 ,4 6 0 16,918 903 13,673 Other means of financ ing, net3 Other 801 1,623 109 1,140 19,448 19,442 19,275 3,009 710 1,362 2,459 -3 ,4 1 7 -7 1 0 3,587 1,108 6,003 - 1 ,6 1 3 - 4 ,1 2 9 898 - 2 ,0 6 3 5,716 5,376 8,297 2,840 577 845 295 150 1,889 6,014 -3 ,0 0 4 14,794 1,503 -2 ,2 0 2 -1 ,2 1 5 -3 ,2 2 8 -9 3 1,305 -3 1 9 -2 ,4 2 9 1,089 231 248 -4 ,1 8 3 "24,034 " -4 ,7 9 4 2,773 385 24,172 7,087 24,411 -3 ,4 7 2 1,109 6,447 25,408 - 1 ,7 8 7 -3 2 6 24,712 3,666 26,460 -6 ,8 2 7 -1 ,2 4 2 24,965 -2 ,6 7 3 5,139 27,442 - 2 ,4 9 6 7,300 -2 8 2,947 29 4,178 -1 2 6 -8 5 8 -5 6 4,133 -1 6 7 -1 ,3 1 1 - 2 4 2 -2 ,0 5 3 -1 7 653 -3 8 2,276 -211 121 198 -2 5 250 -1 5 2 -3 1 -9 0 8 -5 ,0 3 2 -3 ,8 8 6 2,711 1,644 - 2 ,7 0 5 2,283 - 1 ,0 1 2 3,244 569 721 -6 ,4 4 5 4,500 816 5,077 2,874 - 1 ,1 2 0 -1 ,4 2 3 239 -2 5 2 -6 5 8 - 1 ,5 3 4 83 - 1 ,4 2 5 797 -1 9 4 -3 3 8 -6 7 7 96 -9 1 5 268 561 28,934 -3 ,9 1 4 1,475 26,200 -6 ,2 2 5 5,571 27,986 - 7 ,8 5 2 9,949 29,601 1,850 7,081 28,186 -1 5 ,3 9 4 1.1,418 - 2 3 -2 ,1 7 3 -3 0 6 1,224 5 -1 ,2 1 6 -3 7 10 -6 3,296 -4 2 -4 9 5 -7 9 -451 -4 4 8,843 11,756 5,162 18,429 -6 6 1 478 426 -6 4 6 3,667 4,535 11,249 7,485 8,556 -5 8 -2 ,3 5 9 3,115 7,666 - 5 ,7 5 7 319 -1 3 2 285 1,847 -7 3 2 508 c—801 3 178 349 Selected balances Borrowing from the public. Treasury operating balance End of period F.R. Banks Tax and loan accounts Other deposi taries4 Total Public debt securities Agency securities Less: Investments o f Govt, accounts 1 Special issues Other Fiscal year: 197 1 197 2 197 3 197 4 1,274 2,344 4,038 2,919 7,372 7,934 8,433 6,152 109 139 106 8,755 10,117 12,576 9,159 398,130 427,260 458,142 475,060 12,163 10,894 11,109 12,012 82,740 89,536 101,248 114,921 22,400 24,023 24,133 25,273 Calendar year 197 3 197 4 2,543 3,113 7,760 2,749 70 70 10,374 5,932 469,898 492,664 11,586 11,367 106,624 117,761 24,978 25,423 Month: 1974—M ay... June... J u ly ... A u g ... Sept.. . O ct.... N o v .. . D e c .... 3,134 2,919 3,822 3,304 3,211 789 1,494 3,113 3,226 6,152 2,544 2,049 5,384 1,381 1,571 2,745 474,675 475,060 481,792 481,466 480,224 485,364 492,664 11,984 12,012 11,895 11,831 11,664 11,422 11,404 11,367 110,743 114,921 114,063 118,196 116,885 114,832 115,485 117,761 25,152 25,273 25,471 25,446 25,696 25,544 25,513 25,423 1975—J a n .... F eb .... M ar.. . Apr__ M ay... 3,541 2,884 4,269 8,363 8,538 2,115 410 2,140 5,411 981 494,139 499,710 509,659 516,740 528,158 11,343 11,037 11,042 11,004 10,998 115,588 116,812 115,596 115,606 118,902 25,380 24,886 24,807 24,355 23,915 88 91 92 71 70 220 220 220 521 521 6,448 9,159 6,454 5,443 8,687 2,241 3,066 5,928 5,876 3,514 6,629 14,295 10,040 6 475,344 1 With the publication o f the Oct. 1974, Federal Reserve B u lle tin , these series have been corrected (beginning in fiscal year 1971) to exclude special issues held by the Federal home loan banks and the General Services Adm. Participation Certificate Trust, which are not Govt, ac counts. 2 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 o f credit. 3 Includes accrued interest payable on public debt securities, deposit funds, miscellaneous liability and asset accounts, and seigniorage. 4 As o f Jan. 3, 1972, the Treasury operating balance was redefined to exclude the gold balance and to include previously excluded “Other deposi Less: Special notes 2 Equals: Total Memo: Debt of Govt.sponsored corps.— Now private 5 825 825 825 825 304,328 323,770 343,045 346,053 37,086 41,814 51,325 65,411 825 349,058 360,847 59,857 349,939 346,053 347,706 349,980 350,549 351,270 355,770 360,847 62,650 65,411 68,243 69,951 73,068 75,343 75,706 76,459 364,514 369,049 380,298 387,783 396,339 76,921 75,964 76,392 77,124 (6) 825 825 (6) taries” (deposits in certain commercial depositaries that have been con verted from a time to a demand basis to permit greater flexibility in Treasury cash management). 5 Includes debt of Federal home loan banks, Federal land banks, R.F.K. Stadium Fund, FNM A (beginning Sept. 1968), and Federal intermediate credit banks and banks for cooperatives (both beginning Dec. 1968). 6 Beginning July 1974, public debt securities excludes $825 million o f notes issued to International Monetary Fund to conform with Office o f Management and Budget’s presentation o f the budget. Note.—Half years may not add to fiscal year totals due to revisions in series that are not yet available on a monthly basis. JULY 1975 □ FEDERAL FINANCE A 33 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes C orporation income taxes Period Pres. Elec N on W ith tion with R e held Cam held funds paign Fund1 Total Social insurance taxes and contributions Em ployment taxes and Excise c ontribution2 Un- Other Gross taxes re Re empl. net Net insur. re ceipts funds total Pay Selfceipts3 roll empl. taxes Net total Fiscal year: 1971........................... 1972........................... 1973........................... 1974........................... 188,392 208,649 232,225 264,932 76,490 83,200 98,093 112,064 24,262 25,679 27,017 28 30,812 H alf year: 1973—J a n .-J u n e ... July-D ee.. .. 1974—J a n .-J u n e ... Ju ly -D ee.. . . 126,164 124,256 140,679 139,807 52,037 52,964 59,103 61,377 2 21,233 21,179 52,094 23,730 1,434 6,207 999 58,172 16,589 1,494 28 24,605 22,953 60,782 25,156 1,631 7,099 1,016 67,460 18,247 2,016 M onth: 1974— M ay.............. rl 9,240 June.............. 31,259 Ju ly ............... 20,939 A u g............... 23,620 Sept............... 28,377 O ct................. 19,633 N ov............... 22,292 D ec................ 24,946 r10,081 10,611 10,227 10,223 9,754 10,106 10,638 10,428 25,020 19,975 20,134 31,451 12,793 10,252 10,957 9,617 9,542 10,300 1975—Jan ................. Feb................ M ar............... A pr................ M ay............... 14,522 14,143 21,866 23,952 86,230 94,737 103,246 118,952 5 1,204 5,651 r5 ,639 462 14,231 4 4,077 378 10,806 957 229 10,485 491 130 13,947 4,323 78 10,590 561 111 10,832 305 461 90 10,799 1 5,366 7 1,046 8 2,661 15 12,766 819 132 4,264 8,152 6,258 12,749 15,487 7,747 4,134 16,065 -1,630 30,320 34,926 39,045 41,744 3,535 2,760 2,893 3,125 39,751 1,948 3,673 3,206 44,088 2,032 4,357 3,437 52,505 2,371 6,051 3,614 62,886 3,008 6,837 4,051 Cus Estate Misc. toms and re gift ceipts4 48,578 53,914 64,542 76,780 16,614 15,477 16,260 16,844 2,591 3,287 3,188 3,334 3,735 5,436 4,917 5,035 30,013 2,206 3,616 1,841 37,657 29,965 201 2,974 1,967 35,109 32,919 2,808 3,862 2,082 41,672 34,418 254 2,914 2,187 39,774 8,016 8,966 7,878 8,761 1,637 1,633 1,701 1,958 2,584 1,861 2,514 2,768 2,521 2,601 2,284 3,341 3,858 3,633 3,921 5,368 1,318 9,269 1,796 1,084 6,082 1,717 1,111 6,458 218 237 310 256 435 511 314 190 7,196 4,757 5,005 7,813 5,428 4,558 6,633 4,982 311 2,190 18 281 418 1,363 240 62 221 762 \A 89 339 329 358 368 389 363 353 356 10,036 5,386 5,781 9,544 6,119 5,142 7,748 5,441 1,391 1,423 1,517 1,415 1,465 1,401 1,474 1,489 295 301 325 355 305 347 319 307 437 370 418 453 352 370 350 341 r342 517 607 540 543 578 773 301 1,745 1,275 7,228 5,819 1,192 557 496 649 726 18 4,802 223 245 732 7,670 225 21 6,268 208 557 5,438 1,743 340 2,209 7,689 402 352 373 388 350 5,673 1,351 8,979 1,277 6,870 1,160 8,126 1,166 10,588 1,373 307 260 295 286 270 385 399 356 317 459 629 535 741 399 559 Budget outlays5 G en eral sci ence, space, and tech. Period Total N a tional de fense Fiscal year: 197 2 197 3 197 4 1975 8 ................... 19768 ................... 231,876 246,526 268,392 313,446 349,372 77,356 75,072 78,569 85,276 94,027 3,723 2,956 3,593 4,853 6,294 4,299 4,169 4,154 4,183 4,581 M onth: 1975—Feb........... M ar.......... A pr........... M a y ......... 26,200 27,986 29,601 28,186 7,528 7,435 7,555 8,000 382 503 109 408 350 379 368 384 Intl. affairs Educa N at Comtion, ural re C om mun. man Health Agri and and power, cul sources, merce and region. and envir., wel ture fare and transp. devel social opment serv. energy 5,279 5,019 4,855 5,461 2,230 6,390 1,773 9,412 1,816 10,028 156 347 275 42 468 723 611 679 1 Collections o f these receipts, totaling $2,427 million for fiscal year 1973, were included as p art o f non withheld income taxes prior to Feb. 1974. 2 Old-age, disability, and hospital insurance, and R ailroad Retirement accounts. 3 Supplementary medical insurance premiums and Federal employee retirement contributions. 4 Deposits o f earnings by F. R. Banks and other miscellaneous receipts. 5 Budget outlays reflect the new functional classification o f outlays presented in the 1976 Budget. For a description o f these functions, see Budget o f the U.S. Government, Fiscal Year 1976, pp. 64—65. 10,601 9,938 13,100 11,796 13,723 4,699 5,869 4,910 4,887 5,920 666 1,415 1,088 995 199 19 309 383 Vet erans Inter est 81,382 91,790 106,505 133,188 146,774 10,730 12,013 13,386 15,466 15,592 20,582 22,813 28,072 31,331 34,419 1,024 11,174 1,209 12,154 1,838 12,379 1,616 1,647 1,993 1,811 1,466 1,468 2,618 2,656 2,716 2,607 11,696 11,874 11,600 14,714 14,623 Gen eral Govt., law en force., and justice Rev enue shar. and fiscal assist ance Undistrib. off setting re ceipts 6 4,116 531 - 8 ,1 3 7 4,813 7 7,222 -1 2 ,3 1 8 5,789 6,746 -1 6 ,6 5 1 5,672 7,033 -1 6 ,8 3 9 6,468 7,249 -2 0 ,1 9 3 467 568 152 240 -8 2 6 3 -1 ,2 3 6 1,524 -1 ,0 5 3 -8 7 3 6 Consists of interest received by trust funds, rents and royalties on the Outer Continental Shelf, and Govt, contributions for employee retirement. 7 Contains retroactive payments of $2,617 million for fiscal 1972. 8 Estimates presented in Budget o f the U.S. Government, Fiscal Year 1976. Breakdowns do not add to totals because special allowances for contingencies, civilian agency pay raises, and energy tax equalization pay ments totaling $700 million for fiscal 1975 and $8,050 million for fiscal 1976 are not included. N ote.—H alf years may not add to fiscal year totals due to revisions in series that are not yet available on a monthly basis. A 34 U.S. GOVERNMENT SECURITIES □ JULY 1975 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues (interest-bearing) End o f period Total gross public debt 1 M arketable N onm arketable Total Total Certifi cates Bills Notes Con vert ible B onds 2 bonds Special issues 5 Foreign Savings Total 3 issues 4 bonds and notes 1968—Dec. 1969—Dec. 1970—Dec. 358.0 368.2 389.2 296.0 295.2 309.1 236.8 235.9 247.7 75.0 80.6 87.9 76.5 85.4 101.2 85.3 69.9 58.6 2.5 2 .4 2.4 56.7 56.9 59.1 4.3 3.8 5.7 52.3 52.2 52.5 59.1 71.0 78.1 1971—Dec.. 1972—Dec. 1973—Dec. 424.1 449.3 469.9 336.7 351.4 360.7 262.0 269.5 270.2 97.5 103.9 107.8 114.0 121.5 124.6 50.6 44.1 37.8 2.3 2.3 2.3 72.3 79.5 88.2 16.8 20.6 26.0 54.9 58.1 60.8 85.7 95.9 107.1 1974—June July. Aug. Sept. O ct. Nov. Dec. 475.1 475.3 481.8 481.5 480.2 485.4 492.7 357.8 359.7 362.0 362.7 363.9 368.2 373.4 266.6 268.8 272.1 272.6 273.5 277.5 282.9 105.0 107.3 110.6 112.1 114.6 119.7 128.4 128.4 127.7 127.7 127.7 129.6 129.8 33.1 33.0 33.9 33.8 33.8 33.3 33.4 2.3 2.3 2.3 2.3 2.3 2.3 2.3 89.0 88.7 87.6 87.8 88.1 88.4 88.2 25.0 24.4 23.2 23.2 23.1 23.1 22.8 62.4 62.7 62.8 63.0 63.3 63.6 63.8 115.4 114.6 118.7 117.4 115.3 115.9 118.2 1975—Jan.. Feb. Mar. Apr. May June 494.1 499.7 509.7 516.7 528.2 533.2 377.1 381.5 392.6 399.8 407.8 408.8 286.1 289.8 300.0 307.2 314.9 315.6 120.0 123.0 124.0 127.0 131.5 128.6 131.8 132.7 141.9 145.0 146.5 150.3 33.3 34.1 34.1 35.3 36.8 36.8 2.3 2.3 2.3 2.3 2.3 2.3 88.8 89.4 90.4 90.3 90.6 90.9 23.0 23.3 24.0 23.6 23.5 23.2 64.2 64.5 64.8 65.2 65.5 65.9 116.0 117.2 116.0 116.0 119.2 123.3 111.1 1 Includes non-interest-bearing debt (of which $624 million on June 30, 1975, was not subject to statutory debt limitation). 2 Includes Treasury bonds and m inor am ounts o f Panam a Canal and postal savings bonds. 3 Includes (not shown separately): despositary bonds, retirement plan bonds, Rural Electrification Administration bonds, State and local govern ment bonds, and Treasury deposit funds. 4 N onmarketable certificates o f indebtedness, notes, and bonds in the Treasury foreign series and foreign-currency-series issues. 5 Held only by U.S. Govt, agencies and trust funds and the Federal home loan banks. N ote.—Based on M onthly S tatem ent o f the Public D ebt o f the U nited States, published by U.S. Treasury. See also second paragraph in N ote to table below. OWNERSHIP OF PUBLIC DEBT (Par value, in billions of dollars) Held by private investors Held by— Total gross public debt U.S. Govt. agencies and trust funds F.R. Banks Total 1968—D ec................. 1969—Dec................. 1970—D ec................. 358.0 368.2 389.2 76.6 89.0 97.1 52.9 57.2 62.1 1971—D ec................. 1972—D ec................. 1973—Dec................. 424.1 449.3 469.9 106.0 116.9 129.6 1974—A pr................. M ay ............... Ju n e ............... July................. Aug................. Sept................. Oct.................. N ov................ D ec................. 471.9 474.7 475.1 475.3 481.8 481.5 480.2 485.4 492.7 1975—Jan.................. Feb................. M ar................ A pr.*.............. 494.1 499.7 509.7 516.7 End of period Foreign O ther and misc. inter inves national 1 tors 2 M utual savings banks Insur ance com panies Other corpo rations State and local govts. 228.5 222.0 229.9 66.0 56.8 62.7 3.8 3.1 3.1 8.4 7.6 7.4 14.2 10.4 7.3 24.9 27.2 27.8 51.9 51.8 52.1 23.3 29.0 29.1 14.3 11.2 20.6 21.9 25.0 19.9 70.2 69.9 78.5 247.9 262.5 2 b l.7 65.3 67.7 60.3 3.1 3.4 2.9 7 .0 6 .6 6.4 11.4 9.8 10.9 25.4 28.9 29.2 54.4 57.7 60.3 18.8 16.2 16.9 46.9 55.3 55.6 15.6 17.0 19.3 131.1 133.9 138.2 137.5 141.6 140.6 138.4 139.0 141.2 80.0 81.4 80.5 78.1 81.1 81.0 7 9.4 81.0 80.5 260.7 259.4 256.4 259.7 259.0 259.8 262.5 265.3 271.0 56.8 54.8 53.2 53.9 53.0 52.9 53.5 54.5 56.5 2.7 2.6 2.6 2 .6 2 .6 2 .5 2.5 2.5 2.5 5.9 5.8 5.9 5.7 5.7 5.7 5.9 5.9 6.1 10.5 11.2 10.8 11.3 11.0 10.5 11.2 11.0 11.0 30.1 29.2 28.3 28.8 29.2 29.3 28.8 28.7 29.2 61.4 61.7 61.9 62.2 62.3 62.5 62.8 63.2 63.4 17.8 18.3 18.8 19.4 20.3 20.8 21.0 21.1 21.5 55.9 57.3 57.7 56.9 56.0 56.0 56.6 58.3 58.4 19.7 18.5 17.3 18.8 19.0 19.5 20.3 20.1 22.4 139.0 139.8 138.5 138.0 81 .3 81.1 81.4 87.8 273.8 278.9 289.8 290.9 54.5 56.9 62.0 63.0 2 .6 2.7 2.9 3.2 6 .2 6.2 6.6 6.7 11.3 11.4 12.0 12.5 30.0 30.5 29.7 29.8 63.7 64.0 64.4 64.7 21.6 21.3 2t .4 21.4 61.5 64.6 65.0 64.9 22.3 21.3 25.9 24.7 1 Consists o f investments o f foreign and international accounts in the United States. 2 Consists o f savings and loan assns., nonprofit institutions, cor porate pensions trust funds, and dealers and brokers. Also included are certain Govt, deposit accounts and Govt.-sponsored agencies. N ote.—Reported data for F.R . Banks and U.S. Govt, agencies and trust funds; Treasury estimates for other groups. Individuals Com mercial banks Other Savings bonds securities The debt and ownership concepts were altered beginning with the M ar. 1969 Bulletin . The new concepts (1) exclude guaranteed se curities and (2) remove from U.S. Govt, agencies and trust funds and add to other miscellaneous investors the holdings of certain Govt.-sponsored but privately owned agencies and certain Govt, deposit accounts. Beginning in July 1974, total gross public debt includes Federal Financing Bank bills and excludes notes issued to the IM F ($825 million). JULY 1975 □ U.S. GOVERNMENT SECURITIES A 35 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions o f dollars) W ithin 1 year Type of holder and date All holders: 1972—Dec. 1973—Dec. 1974— Dec. 1975—Apr. May 1-5 years 5-10 years 10-20 years Over 20 years 26,552 33,785 28,339 34,074 32,619 88,564 81,715 85,311 93,444 100,926 29,143 25,134 27,897 29,254 26,834 15,301 15,659 14,833 16,688 14,549 6,079 6,145 6,764 6,835 8,418 Total 3 1 ............................................................. 269,509 3 1 ............................................................. 270,224 3 1 ............................................................. 282,891 3 0 ............................................................. 307,202 3 1 ............................................................. 314,886 Total Bills Other 130,422 141,571 148,086 160,981 164,160 103,870 107,786 119,747 126,907 131,541 U.S. Govt, agencies and trust funds: 1972—Dec. 3 1 .................................................... 1973—Dec. 3 1 .................................................... 1974—Dec. 3 1 .................................................... 1975— Apr. 3 0 .................................................... May 3 1 .................................................... 19,360 20,962 21,391 20,499 20,114 1,609 2,220 2,400 2,397 2,183 674 631 588 440 393 935 1,589 1,812 1 ,957 1,790 6,418 7,714 7,823 7,722 7,491 5,487 4,389 4,721 3,968 4,209 4,317 5,019 4,670 4,802 4,271 1,530 1,620 1,777 1 ,610 1,960 Federal Reserve Banks: 1972—Dec. 3 1 .................................................... 1973—Dec. 3 1 .................................................... 1974—Dec. 3 1 ..................................................... 1975—Apr. 3 0 .................................................... May 3 1 .................................................... 69,906 78,516 80,501 87,846 85,622 37,750 46,189 45,388 49,764 46,603 29,745 36,928 36,990 38,329 38,287 8,005 9,261 8,399 11,435 8,316 24,497 23,062 23,282 24,052 28,925 6,109 7,504 9,664 11,077 6,994 1,414 1,577 1,453 1 ,705 1,375 136 184 713 1 ,248 1,725 Held by private investors: 1972—Dec. 31.................................................... 1973—Dec. 3 1 .................................................... 1974—Dec. 3 1 ..................................................... 1975—Apr. 3 0 .................................................... May 3 1 .................................................... 180,243 170,746 180,999 198,857 209,150 91,063 93,162 100,298 108,820 115,374 73,451 70,227 82,168 88,138 92,861 17,612 22,935 18,130 20,682 22,513 57,649 50,939 54,206 61,670 64,510 17,547 13,241 13,512 14,209 15,631 9,570 9,063 8,710 10,181 8,903 4,413 4,341 4,274 3,977 4,733 Commercial banks: 1972—Dec. 31............................................ 1973—Dec. 31............................................ 1974—Dec. 3 1 ............................................ 1975—Apr. 3 0 ............................................ May 3 1 ............................................ 52,440 45,737 42,755 49,282 51,065 18,077 17,499 14,873 16,183 18,309 10,289 7,901 6,952 7,351 8,527 7,788 9,598 7,921 8,832 9,782 27,765 22,878 22,717 27,211 27,359 5,654 4,022 4,151 4,900 4,487 864 1,065 733 731 621 80 272 280 257 290 Mutual savings banks: 1972—Dec. 31............................................ 1973—Dec. 3 1 ............................................ 1974—Dec. 3 1 ............................................ 1975—Apr. 3 0 ............................................ May 3 1 ............................................ 2,609 1,955 1,477 2,106 2,276 590 562 399 436 501 309 222 207 191 224 281 340 192 245 277 1,152 750 614 918 1,055 469 211 174 365 369 274 300 202 261 235 124 131 88 125 117 Insurance companies: 1972—Dec. 31............................................ 1973—Dec. 3 1 ............................................ 1974—Dec. 3 1 ............................................ 1975—Apr. 3 0 ............................................ May 3 1 ............................................ 5,220 4,956 4,741 5,303 5,537 799 779 722 683 793 448 312 414 386 450 351 467 308 297 343 1,190 1,073 1,061 1 ,440 1,534 976 1,278 1,310 1 ,412 1,637 1,593 1,301 1,297 1 ,421 1,164 661 523 351 348 408 Nonfinancial corporations: 1972—Dec. 31............................................ 1973—Dec 31............................................ 1974—Dec. 3 1 ............................................ 1975—Apr. 3 0 ............................................ May 3 1 ............................................ 4,948 4,905 4,246 5,278 5,869 3,604 3,295 2,623 2,803 3,285 1,198 1,695 1,859 2,013 2,420 2,406 1,600 764 790 865 1,198 1,281 1,423 2,107 2,174 121 260 115 230 263 25 54 26 98 101 1 15 59 40 46 Savings and loan 1972 Dec. 1973 Dec. 1974—Dec. 1975—Apr. May associations: 31............................................ 3 1 ............................................ 3 1 ............................................ 3 0 ............................................ 3 1 ............................................ 2,873 2,103 1,663 2,083 2,212 820 576 350 562 619 498 121 87 294 325 322 455 263 268 294 1,140 1,011 835 1 ,034 1,184 605 320 282 289 271 226 151 173 178 119 81 45 23 19 20 State and local governments: 1972 -Dec. 31............................................ 1973—Dec. 3 1 ............................................ 1974—Dec. 3 1 ............................................ 1975—Apr. 3 0 ............................................ May 3 1 ............................................ 10,904 9,829 7,864 8,245 8,089 6,159 5,845 4,121 4,647 4,397 5,203 4,483 3,319 3,908 3,661 956 1,362 802 739 736 2,033 1,870 1,796 1,719 1,716 816 778 815 543 676 1,298 1,003 800 980 831 598 332 332 356 469 101,249 101,261 118,253 126,560 134,100 61,014 64,606 77,210 83,505 87,470 55,506 55,493 69,330 73,994 77,254 5,508 9,113 7,880 9,511 10,216 23,171 22,076 25,760 27,240 29,487 8,906 6,372 6,664 6,470 7,927 5,290 5,189 5,479 6,512 5,831 2,868 3,023 3,141 2,833 3,384 AH others: 1972—Dec. 1973 Dec. 1974—Dec. 1975—Apr. May 31............................................ 31............................................ 3 1 ............................................ 3 0 ............................................ 3 1 ............................................ N ote.—Direct public issues only. Based on Treasury Survey o f Ownership. D ata complete for U.S. Govt, agencies and trust funds and F.R. Banks, but data for other groups include only holdings o f those institutions th at report. The following figures show, for each category, the number and proportion reporting: (1) 5,562 commercial banks, 474 m utual savings banks, and 732 insurance companies combined, each about 90 per cent; (2) 459 nonfinancial corporations and 486 savings and loan assns., each about 50 per cent; and (3) 502 State and local govts., about 40 per cent, “ All others,” a residual, includes holdings o f all those not reporting in the Treasury Survey, including investor groups not listed separately, A 36 U.S. GOVERNMENT SECURITIES o JULY 1975 DAILY-AVERAGE DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. G overnment securities By m aturity By type o f custom er Period Total W ithin 1 year 1-5 years 5-10 years Over 10 years U.S. Govt, U.S. Govt, securities securities dealers brokers Com mercial banks All o th e r1 U.S. G ovt, agency securities 1974—M ay ................................ J u n e ................................ July................................. Aug................................. Sept................................. O ct.................................. N ov................................. D ec................................. 3,542 3,084 2,566 3,097 4,114 3,543 3,977 4,111 2,645 2,549 2,114 2,407 3,327 2,802 2,872 3,126 693 385 348 389 472 498 635 550 133 110 66 238 265 193 384 369 72 41 38 64 50 50 86 67 711 693 490 554 683 607 560 671 905 759 685 876 1,351 1 ,087 1,049 1,196 991 877 681 789 1,022 928 1,144 1,120 936 755 710 878 1,058 920 1,224 1,124 861 978 1,044 856 1,227 1,150 1,186 1,087 1975—Jan .................................. Feb.................................. M ar................................. A pr.................................. M ay ................................ 5,415 5,770 4,467 5,197 6,419 3,495 3,353 2,812 3,682 4,181 1,514 1,521 994 1 ,096 1,615 303 711 464 285 466 104 185 197 134 158 887 698 671 704 981 1,549 2,044 1 ,183 1 ,450 1,917 1,503 1,511 1 ,198 1 ,242 1,454 1,478 1,518 1,415 1 ,801 2,067 1,244 1,233 928 904 1,049 Week ending— 1975—May 7 ......................... 14......................... 21......................... 28......................... 6,442 7,593 6,584 5,044 4,611 4,508 4,244 3,290 1 ,465 1 ,927 1 ,755 1 ,341 252 903 430 311 115 254 156 102 1 ,011 1 ,100 1 ,036 777 1 ,872 2,373 2,063 1 ,427 1 ,395 1 ,931 1 ,449 1 ,022 2,164 2,190 2,037 1 ,818 853 952 1 ,126 1 ,351 June 4 ......................... 11......................... 18......................... 25......................... 5,864 6,310 5,352 4,929 4,184 4,240 3,439 3,033 1,214 1,474 1,339 1,434 328 459 445 314 139 137 129 147 890 834 801 693 1,628 1,859 1,558 1,581 1,296 1,621 1,280 1,055 2,050 1,996 1,713 1,599 1,051 1,452 1,096 1,334 i Since Jan. 1972 has included transactions o f dealers and brokers in securities other than U.S. Govt. N ote.—The transactions data combine market purchases and sales of U.S. Govt, securities dealers reporting to the F.R. Bank of New York. They do not include allotments of, and exchanges for, new U.S. G ovt, securities, redemptions of called or matured securities, or purchases or sales o f 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 o f dollars) (In millions of dollars) U.S. Governm ent securities, by maturity Period All W ithin 1 m aturi ties year 1-5 years 5-10 years Over 10 years U.S. Govt. agency securi ties Commercial banks All sources Period C orpora tions 1 All other New York City Else where 1,637 2,477 1,710 4,138 4,709 4,621 5,626 6,904 26 241 6 988 1,312 1,194 1,466 2,061 486 884 596 1,248 1,247 1,003 1,245 1,619 213 268 216 548 480 571 561 691 913 1,083 892 1,354 1,671 1,853 2,355 2,534 6,185 6,295 6,881 5,696 6,656 1,455 1,672 1,879 1,655 1,684 1,277 1 ,077 1,650 1,326 1,567 864 714 838 583 452 2,590 2,832 2,513 2,132 2,953 1974—M ay................. June................. Ju ly ................. A u g................. Sept................. O ct................... N ov................. D ec.................. 495 594 263 2,487 3,060 2,870 4,513 4,831 421 447 219 1,819 2,317 2,149 2,999 3,100 -3 3 52 -5 0 228 334 430 728 975 66 78 90 356 340 260 618 559 41 16 4 84 69 31 169 197 791 1,226 935 1,073 1,216 1,445 1,531 1,803 1974—M ay............ June............ July............. A ug............. Sept............. 1975—Jan ................... Feb.................. M ar................. A pr.................. M ay................ 4,634 5,588 5,737 4,453 6,332 2,689 3,658 3,435 3,123 4,917 1 ,236 1,180 1,486 1,036 1,094 600 536 618 218 248 113 213 198 77 73 1,578 1,469 1,444 937 896 1975—J an .............. Feb............. M ar............ A pr............. M ay ........... 5,840 5,599 4,742 3,643 3,011 3,541 3,564 3,149 2,647 2,725 1,568 1,437 1,171 870 422 498 446 319 87 -9 0 233 152 103 39 -4 6 1,277 1,084 941 793 838 1975—Apr. 2 ... 9. .. 16. . . 2 3 ... 30. .. 6,764 7,128 5,979 5,033 4,368 2,027 2,426 2,005 1,376 627 1,906 1,759 1,340 1,033 988 832 843 670 399 383 1,998 2,101 1,964 2,225 2,371 4,773 6,713 7,164 , 6,890 4,573 4,966 5,113 5,088 457 1,019 1,578 1,414 -1 3 6 583 324 258 -1 2 1 145 149 130 806 879 940 942 May 7. .. 14. .. 21. . . 2 8 ... 5,108 6,189 7,945 7,222 1,113 1,768 2,328 1,704 1,199 1,143 1,602 2,060 315 464 570 471 2,482 2,815 3,445 2,988 Week ending— Week ending— 1975—Apr. 2 ......... 9 16......... 23, , 30 May 7 ......... 14 21. , , 2 8 ., N ov............. N ote.—The figures include all securities sold by dealers under repur chase contracts regardless o f the maturity date o f 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 am ount of securities. Included in the repurchase contracts are some that more clearly represent investments by the holders o f the securities rather than dealer trading positions. Average o f daily figures based on num ber of trading days in the period. 1 All business corporations, except commercial banks and insurance companies. N ote.—Averages of daily figures based on the num ber of calendar days in the period. Both bank and nonbank dealers are included. See also N ote to the table on the left. A JULY 1975 □ FEDERALLY S P O N S O R E D C R E D IT AGENC 5ING ISSUES OF FEDERALLY SPONSORED CREDIT AGENCIES, MAY 31, : Cou pon rate A mount (millions o f dollars) 7.95 7.88 7.15 6.50 7.05 9.10 8.70 7.38 8.75 9.20 7.20 7.45 7.80 9.55 8.60 9.55 7.20 8.05 8.70 6.95 7.15 8.80 6.75 7.45 9.15 9.38 7.60 9.10 8.65 9.45 8.65 8.75 9.5 0 8.15 7.50 7.75 7.05 7.80 6.60 8.65 7.30 7.38 8.75 7.38 300 500 400 350 600 700 400 300 300 600 600 300 500 700 600 500 500 500 500 200 300 600 300 300 700 400 500 500 600 600 500 400 500 500 500 350 300 200 200 400 183 400 300 400 7.05 6.15 8.60 7.75 7.15 400 350 140 150 150 8.20 300 2,467 4.38 7.40 248 250 8.38 3.58 5.48 5.85 5.92 5.50 5.49 5.74 8.63 250 53 5 71 35 10 21 81 200 Agency, and date o f issue and m aturity Federal National Mortgage Association— Cont. Debentures: 4/12/71 -6 /1 0 /7 5 ............. 10/13/70 - 9/10/75......... 3/12/73 -9 /1 0 /7 5 ............. 3/10/72 - 12/10/75......... 9/10/73 - 12/10/75........... 3/11/71 - 3/10/76............. 6/12/73 - 3/10/76............. 6/10/71 -6 /1 0 /7 6 ............. 2/10/72 - 6/10/76............. 9 /1 0 /7 4 -6 /1 0 /7 6 ............. 11/10/71 - 9/10/76........... 6 /1 2 /7 2 -9 /1 0 /7 6 ............ 12/1 0 /7 4 -9 /1 0 /7 6.......... 7/12/71 - 12/10/76........... 12/11/72- 12/10/76......... 6 /1 0 /7 4 -1 2 /1 0 /7 6 ........... 3/13/62 - 2/10/77........... 9/11/72 - 3/10/77............. 3/11/74 - 3/10/77............. 12/10/70 - 6/10/77......... 5/10/71 -6 /1 0 /7 7 ............. 12/10/73 -6 /1 0 /7 7 ........... 9/10/71 -9 /1 2 /7 7 ............. 9/10/73 - 9/12/77............. 7/10/73 - 12/12/77........... 10/1/73 - 12/12/77........... 6 /1 0 /7 4 -3 /1 0 /7 8 ............. 3/10/75-3/10/78............... 6/12/73 - 6/12/78............. 3/11/74 -9 /1 1 /7 8 ............. 10/12/71 - 1 2 /1 1 /7 8 .... 7 /1 0 /7 4 - 12/11/78........... 12/10/73 -3 /1 2 /7 9 ........... 9/10/73 -6 /1 1 /7 9 ............. 9 /1 0 /7 4 -6 /1 1 /7 9 ............. 6 /1 2 /7 2 -9 /1 0 /7 9 ............. 12/10/74 -9 /1 0 /7 9 ........... 12/10/71 - 12/10/79___ 2/10/72 - 3/10/80............. 3/10/75-3/10/80............... 4/ I /75 -4 /1 0 /8 0 ............... 6 /1 0 /7 4 -6 /1 0 /8 0 ............. 2/16/73 - 7/31/80............. 2/16/73 -7 /3 1 /8 0 ............. 10/1/73 -9 /1 0 /8 0 ............. 1/16/73 - 10/30/80........... 12/11/72 - 12/10/80......... 6 /2 9 /7 2 - 1/29/81............. 3/12/73 - 3/10/81............. 4/18/73 - 3/10/81............. 3/21/73 - 5/1/81............... 3/21/73 - 5/1/81............... 1/21/71 - 6/10/81........... 9/10/71 -9 /1 0 /8 1 ............. 9 /1 0 /7 4 -9 /1 0 /8 1 ............. 3 /1 1 /7 4 -1 2 /1 0 /8 1 ........... 7 /1 0 /7 4 -3 /1 0 /8 2 ............. 6 /2 8 /7 2 -5 /1 /8 2 ............... 2/10/71 - 6/10/82............. 9/11/72 - 9/10/82............. 12/10/73 - 12/10/82......... 3/11/71 - 6/10/83............. 6/12/73 - 6/10/83............. 11/10/71 -9 /1 2 /8 3 ........... 4/12/71 -6 /1 1 /8 4 ............. 1 2/10/74-9/10/84........... 12/10/71 - 12/10/84___ 3/10/75-3/11/85............... 3/10/72 - 3/10/92........... 6 /1 2 /7 2 -6 /1 0 /9 2 ............. 12/11/72 - 12/10/97-82. . Cou Amount pon (millions rate of dollars) 5.25 7.50 6.80 5.70 8.25 5.65 7.13 6.70 5.85 10.00 6.13 5.85 7.50 7.45 6.25 8.45 4.50 6.30 7.05 6.38 6.50 7.20 6.88 7.85 7.25 7.55 8.45 6.70 7.15 7.15 6.75 8.95 7.25 7.85 9.80 6.40 7.80 6.55 6.88 7.25 7.63 8.50 5.19 3.18 7.50 4.46 6.60 6.15 7.05 6.59 4.50 5.77 7.25 7.25 9.70 7.30 8.88 5.84 6.65 6.80 7.35 6.75 7.30 6.75 6.25 7.95 6.90 7.65 7.00 7.05 7.10 500 350 650 500 300 500 400 250 450 700 300 500 200 300 500 600 198 500 400 250 150 500 300 400 500 500 650 350 600 550 300 450 500 300 600 300 700 350 250 750 300 600 1 9 400 5 300 156 350 26 18 2 250 250 300 250 300 58 250 200 300 200 300 250 200 300 250 500 200 200 200 moui lillioi lolla: Agency, and date o f issue and m aturity Banks for cooperatives Bonds: 12/2/74 -6 /2 /7 5 . . 1/2/75 - 7/1/75. . , 2/3/75 - 8/4/75 . . . 3/3/75-9/2/75 4/1/75 - 10/1/75.. 5/1/75 - 11/3/75.. 10/1/73 -4 /4 /7 7 .. 12/2/74 - 10/1/79. 542 493 478 407 326 336 200 201 Federal intermediate credit banks Bonds: 9/3/74 - 6/2/75......... 1 0 /1 /7 4 -7 /1 /7 5 ___ 1/3/72 - 7 /1 /7 5 ......... 1 1 /4 /7 4 -8 /4 /7 5 ___ 12/2/74 - 9 / 2 / 7 5 .. .. 1/2/75 - 10/1/75 ___ 2/3/75 - 11/3/75___ 3/3/75-12/1/75......... 3/1/73 - 1/5/76......... 4/1/75 - 1/5/76......... 5/1/75 -2 /2 /7 6 ......... 7/2/73 - 1/3/77......... 7 /1 /7 4 -4 /4 /7 7 ......... 1/2/74 - 1/3/78......... 1/2/75 -1 /2 /7 9 ......... Federal land banks Bonds: 2/15/72 - 7 /2 1 /7 5 ... 4 /2 2 /7 4 -7 /2 1 /7 5 ... 7/20/71 - 10/20/75.. 10/23/73 - 10/20/75. 4 /2 0 /7 2 - 1 /20/76... 7/22/74 - 1 /20/76... 2/21/66 - 2 /24/76.. 1/22/73 -4 /2 0 /7 6 ... 4 /2 2 /7 4 -4 /2 0 /7 6 ... 7/20/66 - 7 /20/76.. 1 /2 1 /7 4 -7 /2 0 /7 6 ... 4/23/73 - 10/20/76.. 4/21/75 - 1 /2 0 /7 7 ... 4/22/74 - 4 /2 0 /7 7 ... 7/20/73 - 7 /2 0 /7 7 ... 10/20/71 - 10/20/77. 10/21/74- 1/23/78.. 2/20/63 - 2/20/73-78 5/2/66 - 4/20/78 . . . 1/20/75 -4 /2 0 /7 8 . .. 7/20/72 - 7/20/78.. 7 /2 2 /7 4 -7 /2 0 /7 8 ... 10/23/73 - 10/19/78. 2/20/67 - 1 /22/79... 1/21/74- 1 /22/79... 9 /1 5 /7 2 -4 /2 3 /7 9 ... 2/20/74 - 7/23/79. .. 10/23/72 - 10/23/79. 1/22/73 - 1/21/80... 7/20/73 - 7 /2 1 /8 0 ... 10/21/74- 10/20/80. 2/23/71 - 4 /2 0 / 8 1 ... 7/22/74 - 7 /2 0 /8 1 ... 1/20/75 - 1120/82. .. 4 /2 0 /7 2 -4 /2 0 /8 2 ... 4/21/75 -4 /2 0 /8 2 . .. 4/23/73 - 10/20/82.. 10/23/73 - 10/20/83. guaranteed by the U.S. Govt.; see also note to table at top of p. A-38. 714 769 302 758 783 563 824 897 261 ,079 909 236 321 406 410 5.70 8.30 7.20 7.40 6.25 9.2 0 5.00 6.25 8.25 5.38 7.05 7.15 7.45 8.25 7.50 6.35 8.70 4.13 5.13 7.60 6.40 9.15 7.35 5.00 7.10 6.85 7.15 6.80 6.70 7.50 8.70 6.70 9.10 7.80 6.90 8.15 7.30 7.30 425 300 300 362 300 650 123 373 400 150 360 450 750 565 550 300 546 148 150 713 269 350 550 285 300 235 389 400 300 250 400 224 265 400 200 300 239 300 A 38 FEDERALLY S P O N S O R E D C R E D IT A G EN C IES □ JULY 1975 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Liabilities and capital Assets End of period Federal National Mortgage Assn. (secondary market operations) Cash and de posits M em ber de posits Ad vances to mem bers Invest ments 1970............... 1971............... 1972............... 1973............... 10,614 7,936 7,979 15,147 3,864 2,520 2,225 3,537 105 142 129 157 10,183 7,139 6,971 15,362 2,332 1,789 1,548 1,745 1974—M ay .. J u n e .. J u ly .. Aug... Sept... O ct... N o v .. D e c... 17,103 17,642 18,582 19,653 20,772 21,409 21,502 21,804 1,956 2,564 2,578 2,052 2,681 3,224 2,568 3,094 96 115 150 80 135 105 106 144 14,893 16,393 17,390 18,759 20,647 22,058 21,474 21,878 1975—J a n .. . F e b ... M a r .. A p r... M a y .. 20,728 19,460 18,164 17,528 17,145 4,467 4,838 6,415 6,836 5,745 113 99 154 98 98 21,778 20,822 18,453 18,448 19,283 Bonds and notes Banks for cooperatives M ort gage loans (A) Deben tures and notes (L) Loans to cooper atives (A) Bonds 1,607 1,618 1,756 2,122 15,502 17,791 19,791 24,175 15,206 17,701 19,238 23,001 2,215 2,158 1,954 1,935 2,160 2,129 2,182 2,484 2,376 2,413 2,450 2,495 2,543 2,580 2,603 2,624 25,917 26,559 27,304 28,022 28,641 29,139 29,407 29,709 2,612 2,819 3,025 2,651 2,708 2,699 2,698 2,677 2.660 2,656 29,797 29,846 29,870 29,931 29,977 Capital stock N ote.—D ata from Federal Home Loan Bank Board, Federal National M ortgage Assn., and Farm Credit Admin. Among omitted balance sheet items are capital accounts of all agencies, except for stock of FH LB’s. Bonds, debentures, and notes are valued at par. They include only publicly Federal intermediate credit banks Federal land banks Bonds (L) Loans and dis counts (A) 2,030 2,076 2,298 2,577 1,755 1,801 1,944 2,670 25,089 25,232 25,878 26,639 27,312 27,543 28,024 28,201 2,694 2,733 3,008 3,026 3,092 3,598 3,573 3,575 28,030 27,730 28,420 28,257 27,714 3,910 3,821 3,741 3,650 3,499 Bonds (L) M ort gage loans (A) 4,974 5,669 6,094 7,198 4,799 5,503 5,804 6,861 7,186 7,917 9,107 11,071 6,395 7,063 8,012 9,838 2,674 2,449 2,477 2,622 2,835 2,855 3,295 3,561 8,195 8,479 8,706 8,548 8,931 8,838 8,700 8,848 7,585 7,860 8,212 8,381 8,502 8,482 8,441 8,400 12,142 12,400 12,684 12,941 13,185 13,418 13,643 13,643 10,843 10,843 11,782 11,782 11,782 12,427 12,427 12,427 3,653 3,592 3,440 3.329 3,410 8,888 9,031 9,303 9,520 9,763 8,419 8,484 8,703 8,277 10,071 14,086 14,326 14,641 14,917 15,180 13,020 13,021 13,021 13,571 13,571 (L) offered securities (excluding, for FHLB’s, bonds held within the FHLB System) and are not guaranteed by the U.S. G ovt.; for a listing o f these securities, see table on preceding page. Loans are gross of valuation reserves and represent cost for FNM A and unpaid principal for other agencies. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions o f dollars) All issues (new capital and refunding) Issues for new capital Type o f issuer Type of issue Period Gener al obli gations Reve nue 24,963 23,653 23,968 24,315 15,220 13,305 12,257 13,563 8,681 9,332 10,632 10,212 1974—M ay .. Ju n e .. July. . Aug. . S e p t.. Oct.. . N o v .. D e c ... 2,313 2,171 1,466 1,109 1,705 2,865 2,487 1,500 1,101 1,075 859 576 869 1,707 1,110 761 1,203 856 600 529 832 1,153 1,374 717 1975—J a n ... F eb ... M ar.r A p r.r M ay .. 2,363 2,327 2,088 2,377 2,791 1,364 1,720 1,288 1,481 1,810 993 602 798 889 976 197 197 197 197 1 2 3 4 U.S. H A A 1 Govt. loans 1,000 959 1,022 461 234 State 62 57 r57 79 5,999 4,991 4,212 4,784 9 451 580 540 141 448 328 689 6 7 4 4 5 3 22 6 5 2 7 5 Special district and O ther2 stat. auth. Total Edu cation Roads and bridges Util ities4 Other Hous- Veter pur ans' ing5 aid poses 5,278 4,981 4,311 4,730 2,642 1,689 1,458 768 5,214 4,638 5,654 5,634 442 18 62 58 85 11 110 711 664 154 257 380 236 4 64 424 9 53 1,058 799 930 482 1,006 1,939 826 637 49 206 94 60 208 644 417 471 727 555 172 105 35 38 25 753 1,127 966 1,066 1,505 8,714 10,246 9,496 9,165 *•9,505 10,249 8,638 10,817 24,495 19,959 22,397 23,508 222 1,097 721 158 400 641 974 1,005 558 756 864 761 565 611 1,558 789 700 2,237 2,079 1,456 1,067 1,669 2,738 2,403 1,475 314 228 251 343 698 297 372 877 376 368 793 702 582 673 873 1,173 1,288 861 1 ,043 1,133 821 2,328 2,287 2,034 2,296 2,697 710 432 468 405 404 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 o f delivery to purchaser and payment to issuer, which occurs after date o f sale. Use of proceeds Total amount deliv ered 3 220 866 2,068 1,910 2,639 1,064 334 15 21 110 9,293 6,741 8,335 11,312 4 W ater, sewer, and other utilities. 5 Includes urban redevelopment loans. N ote.—Security Industries 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. JULY 1975 □ SECURITY ISSUES A 39 TOTAL NEW ISSUES (In millions o f dollars) Gross proceeds, all issues1 N oncorporate C orporate Period Total U.S. G ovt. 2 Bonds U.S. Govt. agency3 State and local (U.S.)4 Others 16,283 12,825 23,883 24,370 23,070 22,700 2,165 1,589 1,385 Stock Total Total Publicly offered Privately placed Preferred Common 44,914 40,787 33,391 37,851 31,999 27,727 22,268 31,563 24,790 18,347 13,649 25,337 7,209 9,378 8,620 6,226 3,679 3,373 3,372 2,253 9,236 9,689 7,750 4,035 1974—M a r.. A pr.. May. June. J u ly .. A u g .. Sept.. O ct... N o v .. D ec.. 3,217 3,059 3,164 2,981 3,260 2,668 1,620 4,625 3,762 3,471 2,457 2,259 2,957 2,455 2,706 2,341 1,205 3,793 3,352 3,018 2,020 1,594 2,350 1,939 2,086 2,042 897 3,423 3,016 2,172 437 '666 607 516 620 299 308 '355 '337 '880 398 355 65 113 228 107 126 196 93 152 362 445 142 413 327 218 289 '635 '307 301 1975—Jan.. Feb.. M a r., 5,275 '4,531 5,343 4,685 3,909 4,446 3,657 3,201 3,970 1,028 708 476 235 '173 253 341 '449 644 1 9 7 1 ... 1972... 1973... 1 97 4 '.. 105,233 96,522 100,417 17,235 17,080 19,057 Gross proceeds , major groups of corporate issuers Real estate and financial M anufacturing Commercial and miscellaneous Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 9,551 4,796 4,329 9,890 2,102 1,812 643 543 2,158 2,669 1,283 1,856 2,370 2,878 1,559 958 2,006 1,767 1,881 983 434 187 43 22 7,576 6,398 5,585 8,872 4,201 4,967 4,661 3,964 4,222 3,680 3,535 3,710 1,596 1,127 1,369 222 6,484 8,415 5,661 6,246 2,204 2,096 2,860 587 479 1974—M ar....................................... A pr........................................ '1 ,1 9 4 847 M ay ...................................... 434 Ju n e ...................................... Ju ly ....................................... 1,051 601 Aug....................................... 186 Sept....................................... '725 Oct......................................... N ov....................................... 1,697 D ec........................................ '1,456 161 9 15 '43 43 4 2 3 2 196 52 238 332 '303 '254 38 46 102 124 180 71 56 71 139 93 62 47 29 100 23 76 6 44 5 62 14 40 306 336 14 850 446 837 859 318 862 384 1,414 739 '435 449 684 75 288 300 216 296 695 '225 194 310 283 660 355 242 364 331 439 62 150 21 5 3 1 53 691 95 239 491 777 462 218 791 397 '817 58 47 44 39 65 44 48 '69 '44 15 1975—Jan ......................................... Feb........................................ M ar....................................... 3 '44 111 153 63 268 75 60 74 84 74 83 792 1,465 828 507 '486 679 927 106 312 914 532 595 32 33 Period 1971................................................... 1972................................................... 1973.................................................. 1 9 7 4 '................................................ 1,845 1,669 2,361 1 Gross proceeds are derived by multiplying principal amounts or num ber o f units by offering price. 2 Includes guaranteed issues. 3 Issues not guaranteed. 4 See N ote to table at bottom o f opposite page. Transportation 15 1 5 Public utility Communication 18 36 31 25 5 1 5 Foreign governments and their instrumentalities, International Bank for Reconstruction and Development, and domestic nonprofit organ izations. N ote.—Securities and Exchange Commission estimates o f new issues maturing in more than 1 year sold for cash in the United States. A 40 SECURITY ISSUES □ JULY 1975 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions o f dollars) D erivation o f change, all issuers1 Period All securities Bonds and notes Common and preferred stocks New issues Retirements Net change New issues Retirements Net change New issues Retirements Net change 1971......................... 1972......................... 1973......................... 1974......................... 46,687 42,306 33,559 39,334 9,507 10,224 11,804 9,935 37,180 32,082 21,754 29,399 31,917 27,065 21,501 31,554 8,190 8,003 8,810 6,255 23,728 19,062 12,691 25,098 14,769 15,242 12,057 7,980 1,318 2,222 2,993 3,678 13,452 13,018 9,064 4,302 1974—1................... 11................. I l l ................ IV ................ 8,973 9,637 8,452 12,272 2,031 2,048 2,985 2,871 6,942 7,589 5,467 9,401 6,810 7,847 6,611 10,086 1,442 1,584 1,225 2,004 5,367 6,263 5,386 8,082 2,163 1,790 1,841 2,186 588 465 1,759 866 1,575 1,326 82 1,319 1975—1................... 15,211 2,088 13,123 12,759 1,587 11,172 2,452 501 1,951 Type of issues Commercial and other 2 M anu facturing Period Transpor tation 3 Public utility Communi cation Real estate and financial 1 Bonds and notes Stocks Bonds and notes Stocks Bonds and notes Stocks Bonds and notes Stocks Bonds and notes Stocks Bonds and notes Stocks 1971......................... 1972......................... 1973......................... 1974......................... 6,585 1,995 801 7,404 2,534 2,094 658 17 827 1,409 -1 0 9 1,116 2,290 2,471 1,411 -1 3 5 900 711 1,044 341 800 254 -9 3 -2 0 6,486 5,137 4,265 7,308 4,206 4,844 4,509 3,834 3,925 3,343 3,165 3,499 1,600 1,260 1,399 398 5,005 7,045 3,523 5,428 2,017 2,096 1,181 207 1974—1. .................. I I .................. I l l ................. IV ................. 906 1,921 1,479 3,098 324 -1 2 -4 2 1 126 -1 1 698 189 240 363 213 -6 6 4 -4 7 -3 7 -1 3 49 342 -3 5 12 -6 9 2,172 1,699 1,358 2,079 827 1,038 862 1,107 675 1,080 1,116 628 76 -7 222 107 1,662 877 1,194 1,695 20 82 88 17 1975—1 ................... 5,134 262 373 77 1 1 2,653 1 ,569 1,269 24 1,742 18 1 Excludes investment companies. 2 Extractive and commercial and miscellaneous companies. 3 Railroad and other transportation companies. N ote.—Securities and Exchange Commission estimates o f cash trans actions only. As contrasted with data shown on preceding page, new issues exclude foreign sales and include sales o f securities held by affiliated com panies, special offerings to employees, and also new stock issues and cash proceeds connected with conversions o f bonds into stocks. Retirements are defined in the same way and also include securities retired with in ternal funds or with proceeds o f issues for that purpose. OPEN-END INVESTMENT COMPANIES (In millions of dollars) Year Sales and redem ption o f own shares Sales 1 Redemp tions N et sales Assets (m arket value at end o f period) Total 2 Cash position 3 O ther 1963............... 1964............... 1965............... 2,460 3,404 4,359 1,504 1,875 1,962 952 25,214 1,528 29,116 2,395 35,220 1,341 1,329 1,803 23,873 27,787 33,417 1966............... 1967............... 1968............... 4,671 4,670 6,820 2,005 2,745 3,841 2,665 34,829 1,927 44,701 2,979 52,677 2,971 2,566 3,187 31,858 42,135 49,490 1969............... 1970............... 1971............... 6,717 4,624 5,145 3,661 2,987 4,751 3,056 48,291 1,637 47,618 394 55,045 3,846 3,649 3,038 44,445 43,969 52,007 1972............... 1973............... 1974............... 4,892 4,358 5,346 6,563 5,651 3,937 -1 ,6 7 1 59,831 -1 ,2 6 1 46,518 1,409 35,777 3,035 4,002 5,637 56,796 42,516 30,140 1 Includes contractual and regular single-purchase sales, voluntary and contractual accumulation plan sales, and reinvestment o f investment in come dividends; excludes reinvestment o f realized capital gains dividends. 2 M arket value at end o f period less current liabilities. 3 Cash and deposits, receivables, all U.S. Govt, securities, and other short-term debt securities, less current liabilities. M onth Sales and redem ption o f own shares Sales 1 Redem p tions N et sales Assets (m arket value at end o f period) Total 2 Cash position 3 O ther 1974—M a y .. J u n e .. July. . A ug... Sept... O c t.. . N o v ... D ec... 323 337 442 446 499 816 619 736 320 276 352 339 292 311 335 411 3 61 90 127 207 505 284 325 41,015 40,040 37,669 35,106 31,985 37,115 36,366 35,777 4,389 4,461 4,609 4,953 5,078 5,652 5,804 5,637 36,626 35,579 33,060 30,153 26,907 31,463 30,562 30,140 1975—J a n ... F e b ... M ar. . Apr.. . M a y .. 1,067 889 847 808 677 428 470 623 791 735 639 419 224 17 58 3,7407 39,330 40,449 42,353 43,829 3,889 4,006 3,870 3,841 3,876 33,518 35,324 36,579 38,512 39,953 N ote.—Investment Company Institute data based on reports o f mem bers, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. D ata reflect newly formed companies after their initial offering o f securities. JULY 1975 □ BUSINESS FINANCE A 41 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Year Profits before taxes In come taxes Profits after taxes Cash divi dends Undis tributed profits Corporate capital consump tion allow ances1 1968............... 1969............... 1970............... 1971................ 1972................ 1973................ 1974................ 87.6 84.9 74.0 83.6 99.2 122.7 140.7 39.9 40.1 34.8 37.5 41.5 49.8 55.7 47.8 44.8 39.3 46.1 57.7 72.9 85.0 23.6 24.3 24.7 25.0 27.3 29.6 32.7 24.2 20.5 14.6 21.1 30.3 43.3 52.4 46.8 51.9 56.0 60.4 66.3 71.2 76.7 i Includes depreciation, capital outlays charged to current accounts, and accidental damages. Q uarter Profits before taxes In come taxes Profits after taxes Cash divi dends Undis tributed profits C orporate capital consum p tion allow ances 1 1973—11.... I I I ... IV ... 124.9 122.7 122.7 50.9 49.9 49.5 74.0 72.9 73.2 29.1 29.8 30.7 44.9 43.1 42.5 70.8 71.6 73.1 1974—1___ 135.4 II. . . 139.0 I I I .. . 157.0 I V ... 131.5 52.2 55.9 62.7 52.0 83.2 83.1 94.3 79.5 31.6 32.5 33.2 33.3 51.6 50.5 61.1 46.2 74.1 75.7 77.6 79.3 1975—1. 39.0 62.3 33.8 28.5 81.2 101.2 N ote.—Dept, of Commerce estimates. adjusted annual rates. Quarterly data are at seasonally CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS (In billions o f dollars) C urrent assets N et working capital End o f period Total Cash 50.2 55.7 U.S. Govt. securi ties Current liabilities Notes and accts. receivable Inven tories Other Total 35.0 39.7 304.9 313.9 U.S. G ovt. 1 Other 7 .7 10.7 4 .2 3 .5 201.9 208.8 193.3 200.3 1970................................. 1971................................. 187.4 204.9 492.3 518.8 1972—IV ........................ 224.3 563.1 60.5 9 .9 3.4 230.5 215.1 43.6 1973—1........................... I I ......................... I l l ....................... IV ........................ 231,8 237.7 241.9 245.3 579.2 596.8 613.6 631.4 61.2 62.3 62.2 65.2 10.8 9 .6 9 .5 10.7 3 .2 2.9 3 .0 3.5 235.7 245.6 254.2 255.8 222.8 230.3 238.2 247.0 45.5 46.0 46.6 49.3 1974—1........................... 253.2 I I ......................... 257.4 I l l ....................... 263.6 IV ........................ 265.9 653.9 673.3 696.0 700.2 62.8 62.2 63.9 66.4 11.7 10.4 10.7 11.4 3 .2 3.4 3.5 3.5 265.6 278.7 284.1 278.5 258.9 269.7 282.7 288.8 51.6 48.8 51.1 51.7 400.7 415.8 432.4 434.3 1 Receivables from, and payables to, the U.S. G ovt, exclude amounts offset against each other on corporations’ books. Notes and accts. payable Accrued Federal income taxes U.S. G ovt. 1 Other Other 6.6 4 .9 204.7 207.3 338.8 4 .0 221.6 14.1 99.1 347.4 359.1 371.7 386.1 4.1 4.5 4 .4 4.3 222.8 232.5 240.8 252.0 15.7 13.9 15.3 16.6 104.7 108.1 111.2 113.3 4 .5 4 .7 5.1 5 .2 256.7 268.4 276.6 277.4 18.7 17.4 20.5 21.0 120.7 125.3 130.2 130.7 10.0 12.2 83.6 89.5 N ote.—Based on Securities and Exchange Commission estimates, BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions o f dollars) M anufacturing Period Total Transportation Public utilities Mining D urable N on durable Rail road Air O ther Electric Commu nications Gas and other O ther i Total (S.A. A.R.) 1971.......................... 1972......................... 1973......................... 1974.......................... 81.21 88.44 99.74 112.40 14.15 15.64 19.25 22.62 15.84 15.72 18.76 23.39 2.16 2.45 2.74 3.18 1.67 1.80 1.96 2.54 1.88 2.46 2.41 2.00 1.38 1.46 1.66 2.12 12.86 14.48 15.94 17.63 2.44 2.52 2.76 2.92 10.77 11.89 12.85 13.96 18.05 20.07 21.40 22.05 1973—1.................... I I .................. I l l ................. IV ................. 21.50 24.73 25.04 28.48 3.92 4.65 4.84 5.84 3.88 4.51 4.78 5.59 .63 .71 .69 .71 .46 .46 .48 .56 .52 .72 .57 .60 .32 .43 .44 .47 3.45 3.91 4.04 4.54 .50 .68 .77 .82 2.87 3.27 3.19 3.53 4.94 5.40 5.24 5.83 96.19 97.76 100.90 103.74 1974—1 .................... I I ................. I l l ................. IV ................. 24.10 28.16 28.23 31.92 4.74 5.59 5.65 6.64 4.75 5.69 5.96 6.99 .68 .78 .80 .91 .50 .64 .64 .78 .47 .61 .43 .48 .34 .49 .58 .71 3.85 4.56 4.42 4.80 .52 .75 .78 .87 3.19 3.60 3.39 3.78 5.05 5.46 5.57 5.97 107.27 111.40 113.99 116.22 1975—1 ................... 25.82 5.10 5.74 .91 .59 .44 .62 3.84 .58 3.11 4.88 I P ................ 28.63 5.42 6.46 .94 .81 .54 .63 4.38 .75 1 Includes trade, service, construction, finance, and insurance. 2 Anticipated by business. 8.7 '2 114.57 113.39 N ote.—D ept, 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. A 42 REAL ESTATE CREDIT □ JULY 1975 MORTGAGE DEBT OUTSTANDING BY TYPE OF HOLDER (In millions o f dollars) End o f year End of quarter 1974 Type of holder, and type o f property 1971 1972 1975 1973 I" II" III" IV" I" ALL H O L D E R S ................................................ 1- to 4-family.................................................... M ultifam ily1..................................................... C ommercial....................................................... F a rm ................................................................... 499,758 307,200 67,367 92,333 32,858 564,825 345,384 76,496 107,508 35,437 634,954 386,240 85,401 123,965 39,348 645,920 391,751 86,582 127,384 40,203 664,298 402,137 88,258 132,122 41,781 678,693 410,184 90,270 135,048 43,191 688,576 414,961 92,043 137,281 44,291 695,358 418,680 93,016 138,179 45,483 PRIVATE FINANCIAL IN S T IT U T IO N S .. 1- to 4-family.................................................... M ultifamily1..................................................... Commercial....................................................... F arm ................................................................... 394,239 253,540 52,498 78,345 9,856 450,000 288,053 59,204 92,222 10,521 505,400 322,047 64,730 107,128 11,495 513,918 326,844 65,377 110,047 11,650 528,173 335,414 66,583 114,185 11,991 537,524 340,857 67,844 116,511 12,312 542,589 343,374 68,521 118,264 12,430 546,915 346,090 69,122 119,162 12,541 82 ,5 1 5 9 9 ,3 1 4 1 19,068 121,882 127,320 130,582 132,105 132,105 67,998 6,932 38,696 5,442 69,374 7,046 39,855 5,607 72,253 7,313 41,926 5,828 73,987 7,496 43,092 6,007 74,758 7,619 43,679 6,049 74,740 7,614 43,700 6,051 Comm ercial banks 2.......................................... 57,004 5,778 31,751 4,781 1- to 4-family................................................ M ultifamily1................................................. Commercial................................................... F arm ............................................................... 48,020 3,984 26,306 4,205 M utual savings ban ks ...................................... 61,97.8 6 7 ,5 5 6 41,650 15,490 10,354 62 73,230 73,929 38,641 14,386 8,901 50 74,225 74,809 74,920 75,160 44,246 16,843 12,084 57 44,443 17,002 12,425 59 44,398 17,070 12,698 59 44,604 17,208 12,938 59 44,670 17,234 12,956 60 44,796 17,292 12,997 75 174,250 206,182 231,733 23 6 ,1 3 6 24 3 ,4 0 0 2 4 7,624 24 9 ,3 0 6 252,463 187,750 22,524 21,459 191,223 22,763 22,150 197,008 23,342 23,050 200,352 23,574 23,698 201,564 23,684 24,058 204,116 23,934 24,413 81 ,3 6 9 81,971 83,228 8 4 ,5 0 9 8 6 ,258 8 7 ,1 8 7 22,053 18,431 34,889 5,996 21,804 18,566 35,617 5,984 21,755 18,858 36,511 6,104 21,914 19,566 36,783 6,246 22,382 19,984 37,571 6,321 22,438 20,282 38,052 6,415 1- to 4-family................................................ Commercial................................................... F arm ............................................................... 1- to 4-family................................................ M ultifamily1................................................ Commercial.................................................. 142,275 17,355 14,620 167,049 20,783 18,350 7 5 ,496 76,948 1- to 4-family................................................ M ultifamily1................................................. Commercial.................................................. F arm .............................................................. 24,604 16,773 28,518 5,601 22,350 17,153 31,767 5,678 FEDERAL AND RELATED A G EN C IES.. 1- to 4-family.................................................... M ultifam ily1..................................................... Commercial....................................................... F a rm ................................................................... 39,357 26,453 4,555 11 8,338 45,790 30,147 6,086 55,664 35,454 8,489 58,262 37,168 8,923 62,585 39,784 9,643 67,829 43,188 10,644 72,267 45,748 11,790 75,973 47,751 12,662 9,557 11,721 12,171 13,158 13,997 14,729 15,560 Government N ational M ortgage Association 5 ,3 2 3 5 ,1 1 3 3 ,6 0 4 3 ,6 1 8 4 ,0 5 2 4 ,8 4 8 5 ,5 8 4 2,770 2,542 11 2,490 2,623 4 ,0 2 9 1,330 2,699 1,189 2,415 1,194 2,424 1,337 2,715 1,600 3,248 1,843 3,741 837 1 ,2 0 0 1 ,3 0 0 1 ,7 0 0 642 758 688 812 1 ,6 0 0 596 704 1 ,4 0 0 1 ,5 0 0 550 650 3 ,4 7 6 3 ,5 1 4 3 ,6 1 9 3 ,7 6 5 3 ,9 0 0 4 ,0 2 5 2,013 1,463 1,964 1,550 1,980 1,639 2,037 1,728 2,083 1,817 2,119 1,906 2 4 ,1 7 5 2 4 ,8 7 5 2 6 ,5 5 9 2 8,641 2 9 ,5 7 8 2 9 ,7 5 4 20,370 3,805 20,516 4,359 21,691 4,868 23,258 5,383 23,778 5,800 23,743 6,011 14,640 L ife insurance com panies ................................ 1- to 4-family................................................ M ultifamily1................................................ Commercial.................................................. Farmers H om e A dm inistration ....................... 819 1- to 4-family................................................ F a rm .............................................................. 398 421 387 450 Federal Housing and Veterans Adm inistra tions ............................................................ 3 ,3 8 9 3 ,3 3 8 1- to 4-family................................................ M ultifam ily1................................................. 2,517 872 2,199 1,139 Federal N ational M ortgage Association . . . . 734 866 780 920 17,791 19,791 1- to 4-family................................................ M ultifam ily1................................................ 16,681 1,110 17,697 2,094 Federal land banks (farm o nly)................... 7,917 9,107 11,071 11,467 12,400 13,185 13,863 Federal H om e Loan M ortgage Corporation. 964 1 ,7 8 9 2 ,6 0 4 2 ,6 3 7 2 , A ll 3,191 3 ,7 1 3 4 ,5 8 6 4 ,6 0 8 165 2,951 240 3,414 299 4,217 369 4,231 377 1- to 4-family................................................ M ultifam ily1................................................ 934 30 1,754 35 G N M A P ools .................................................... 2,446 158 3 ,1 5 4 5 ,8 1 5 9 ,1 0 9 10,865 11,798 12,973 13,892 1 5 ,662 1- to 4-family................................................ M ultifamily1................................................. 3,153 1 5,620 195. 8,745 364 10,431 434 11,326 472 12,454 519 13,336 556 15,035 627 INDIVIDUALS AND O TH E R S3................. 1- to 4-family.................................................... M ultifamily1..................................................... Commercial...................................................... F a rm .................................................................. 66,162 27,207 10,314 13,977 14,664 73,890 28,739 12,182 16,837 16,132 73,740 27,739 12,282 17,337 16,382 73,540 26,939 12,032 17,937 16,632 73,340 26,139 11,782 18,537 16,882 73,720 25,839 11,732 19,017 17,132 72,470 24,839 11,232 19,017 17,382 69,035 27,184 11,206 15,286 15,359 1 Structure o f 5 or m ore units. 2 Includes loans held by nondeposit trust companies but not bank trust departments. 3 Includes some U.S. agencies for which amounts are small or separate data are not readily available. N ote.—Based on data from various institutional and Govt, sources, with some quarters estimated in part by Federal Reserve in conjunction with the Federal Home Loan Bank Board and the D ept, o f Commerce. Separation of nonfarm m ortgage debt by type o f property, where not reported directly, and interpolations and extrapolations where required, estimated mainly by Federal Reserve. JULY 1975 □ REAL ESTATE CREDIT A 43 FEDERAL NATIONAL MORTGAGE ASSOCIATION AND FEDERAL HOME LOAN MORTGAGE CORPORATIONSECONDARY MORTGAGE MARKET ACTIVITY (In millions o f dollars) FN M A Mortgage holdings End of period FH L M C Mortgage transactions (during period) Total i FH A in sured VAguar anteed P ur chases 1971, 1972. 1973, 1974 17,791 19,791 24,175 29,578 12,681 14,624 16,852 19,189 5,110 5,112 6,352 8,310 3,574 3,699 6,127 6,953 1974— M ay .. J u n e .. July. . A u g ... Sept. . O c t... N o v ... D ec... 25,917 26,559 27,304 28,022 28,641 29,139 29.407 29,578 17,725 17,966 18,250 18,526 18,758 18,966 19,083 19,189 6,794 7,079 7,384 7,704 7,994 8,206 8,291 8,310 821 770 886 868 760 612 379 278 1975-- J a n .. . Feb.. . M ar. . A p r... M a y .. 29,670 29,718 29,754 29,815 29,858 19,231 19,256 19,277 19,282 19,251 8,318 8,313 8,304 8,337 8,395 208 169 151 211 247 Mortgage commitments Mortgage holdings Mortgage transactions (during period) Made during period O ut stand ing Total FHAVA Con ven tional Pur chases 336 211 71 5 9,828 8,797 8,914 10,765 6,497 8,124 7,889 7,960 968 1,789 2,604 4.586 821 1,503 1,743 1.904 147 286 861 2,682 778 1,298 1,334 2,191 2 1,145 537 1,175 1,202 997 878 201 231 9,475 9,019 9,044 9,115 9,043 8,987 8,532 7,960 2,986 3,191 3,309 3,451 3,713 4,107 4,352 4.586 1,827 1,877 1,883 1,886 1,896 1,910 1,908 1.904 1,159 1,314 1,426 1,565 1,817 2,197 2,445 2,682 146 137 639 913 621 7,285 6,672 6,636 6,890 6,615 4,744 4,533 4,608 4,634 1,900 1 ,893 1 ,887 1 ,890 2,845 2,640 2,722 2,744 Sales 1 1 Includes conventional loans not shown separately. N ote.—D ata from FN M A and FH LM C, respectively. For F N M A : Holdings include loans used to back bond issues guaranteed by G N M A . Commitments include some multifamily and nonprofit hospital loan commitments in addition to 1- to 4-family loan commitments accepted in FN M A ’s free m arket auction system, and through the FN M A G N M A Tandem Plan (Program 18). M ortgage commitments M ade during period O ut stand ing 64 408 409 52 1,606 1,629 4,553 182 198 186 2.390 281 222 129 155 273 410 270 266 7 12 16 1,486 628 1,127 81 69 30 28 34 2,221 2,598 3,583 3,500 3,278 2,871 2,621 2.390 199 113 113 121 26 309 19 71 26 21 52 297 2,190 2,070 1 ,040 1 ,161 Sales For F H L M C : D ata for 1970 begin with Nov. 26, when the FH LM C became operational. Holdings and transactions cover participations as well as whole loans. Holdings include loans used to back bond issues guaranteed by GNM A. Commitments cover the conventional and Govt.underwritten loan programs. TERMS AND YIELDS ON NEW HOME MORTGAGES Conventional mortgages Yields (per cent) in prim ary m arket Terms i Period FH A insured loans—Yield in private secondary m arket5 C ontract rate (per cent) Fees and charges (per cent) 2 M aturity (years) Loan/price ratio (per cent) Purchase price (thous. o f dollars) Loan am ount (thous. o f dollars) FHLBB series 3 HUD series4 1971............................. 1972............................. 1973............................. 1974............................. 7.60 7.45 7.78 8.71 .87 .88 1.11 1.30 26.2 27.2 26.3 26.3 74.3 76.8 77.3 75.8 36.3 37.3 37.1 40.1 26.5 28.1 28.1 29.8 7.74 7.60 7.95 8.92 7.75 7.64 8.30 9.22 7.70 7.53 8.19 9.55 1974— M ay................. June................. Ju ly ................. Aug.................. Sept................. O ct................... 1.20 1.25 1.28 1.32 1.30 1.37 1 40 1 ’.44 25.8 26.3 26.1 26.4 26.1 26.7 26 2 27.5 76.8 76.9 74.4 75.3 74.8 74.7 73 6 75 !5 37.9 39.7 40.5 40.2 42.4 42.3 41.3 42.4 28.8 30.1 29.6 29.5 31.1 30.7 30.2 31.3 8.74 8.85 8.96 9.09 9.19 9.17 9.27 9.37 9.15 9.25 9.40 9.60 9.80 9.70 9.55 9.45 9.46 9.46 9.85 10.30 10.38 10.13 Dec.................. 8.55 8.65 8.75 8.87 8.97 8.95 9 04 9.13 1975—Jan ................... Feb.................. M ar.................. A p r.r.. M ay*............... 9.09 8.88 8.79 8.71 8.63 1.51 1 .44 1 .61 1 .53 1 .63 26.7 26.8 26.5 26.5 27.0 73.8 76.5 75.1 76 4 75.3 43.2 44.4 45.9 44 5 43.4 31.6 33.0 33.7 33.4 32.1 9.33 9.12 9.06 8.96 8.90 9.15 9.05 8.90 9.00 9.05 8.99 8.84 8.69 1 Weighted averages based on probability sample survey o f character istics o f mortgages originated by major institutional lender groups (in cluding mortgage companies) for purchase o f single-family homes, as compiled by Federal Home Loan Bank Board in cooperation with Federal Deposit Insurance C orporation. D ata are not strictly comparable with earlier figures beginning Jan. 1973. 2 Fees and charges—related to principal mortgage am ount—include loan commissions, fees, discounts, and other charges, but exclude closing costs related solely to transfer o f property ownership. 3 Effective rate, reflecting fees and charges as well as contract rates N O TE TO TABLE AT BOTTOM O F PA G E A-44: American Life Insurance Association data for new commitments o f $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 o f both the total assets and the nonfarm mortgages held by all U.S. life insurance companies. Averages, which are based on number o f loans, vary in part with loan composition by type and location o f property, type and purpose o f loan, and loan 9.51 9.16 (as shown in first column o f this table) and an assumed prepaym ent at end o f 10 years. 4 Rates on first mortgages, unweighted and rounded to the nearest 5 basis points. 5 Based on opinion reports submitted by field offices o f prevailing local conditions as of the first of the succeeding month. Yields are derived from weighted averages of private secondary m arket prices for Sec. 203, 30-year mortgages with minimum downpayment and an assumed pre payment at the end o f 15 years. Any gaps in data are due to periods o f adjustment to changes in maximum permissible contract interest rates. amortization and prepayment terms. D ata for the following are limited to cases where information was available or estimates could be m ade: capitalization rate (net stabilized property earnings divided by property value); debt coverage ratio (net stabilized earnings divided by debt service); and per cent constant (annual level payment, including principal and interest, per $100 o f debt). All statistics exclude construction loans, increases in existing loans in a company’s portfolio, reapprovals, and loans secured by land only. A 44 R E A L E S T A T E C R E D IT □ JU L Y 1975 FEDERAL NATIONAL MORTGAGE ASSOCIATION AUCTIONS OF COMMITMENTS TO BUY HOME MORTGAGES Date o f auction Item 1975 Amounts (millions o f dollars): Govt.-underwritten loans Offered1................................... A ccepted.................................. Conventional loans Offered1................................... A ccepted.................................. Average yield (per cent) on short-, term commitments 2 Govt.-underwritten loans......... Conventional loans................... Jan. 27 Feb. 10 Feb. 24 M ar. 10 M ar. 24 Apr. 7 Apr. 21 May 5 M ay 19 June 2 June 16 June 30 41.4 28.6 24.6 18.1 36.2 23.8 99.2 60.1 460.5 321.4 551.6 277.2 470.9 247.3 525.5 280.4 165.6 115.0 172.5 80.4 73.4 38.6 358.7 246.9 11.1 10.6 14.8 9.1 20.0 9.1 34.4 21.1 60.7 35.8 99.8 44.6 79.2 51.3 69.8 43.9 46.4 38.4 51.2 27.1 28.5 15.7 67.5 47.3 9.12 9.39 8.98 9.20 8.87 9.04 8.78 8.96 8.85 9.00 8.98 9.13 9.13 9.26 9.29 9.43 9.25 9.41 9.14 9.26 9.06 9.21 9.07 9.18 1 Mortgage amounts offered by bidders are total bids received. 2 Average accepted bid yield (before deduction o f 38 basis-point fee paid for mortgage servicing) for home mortgages assuming a prepayment period o f 12 years for 30-year loans, without special adjustment for FN M A commitment fees and FN M A stock purchase and holding require ments. Commitments mature in 4 months. MAJOR HOLDERS OF FHA-INSURED AND VA-GUARANTEED RESIDENTIAL MORTGAGE DEBT (End o f period, in billions o f dollars) H older All holders....................................................... F H A .............................................................. V A ................................................................. Commercial banks......................................... F H A .............................................................. V A ................................................................. M utual savings banks.................................... F H A .............................................................. V A ................................................................. Savings and loan assns.................................. F H A .............................................................. V A ................................................................. ) Life insurance cos........................................... F H A .............................................................. V A ................................................................. O thers............................................................... F H A .............................................................. V A ................................................................. Sept. 30, 1973 Dec. 31, 1973 M ar. 31, 1974 June 30, 1974 Sept. 30, 1974 Dec. 31, 1974 M ar. 31, 1975 133.8 85.6 48.2 11.7 8.4 3.3 28.6 15.7 12.9 135.0 85.0 50.0 11.5 8.2 3.3 28.4 15.5 12.9 136.7 85.0 51.7 11.1 7.8 3.3 28.2 15.3 12.9 137.8 84.9 52.9 11.0 7 .6 3.4 27.9 15.1 12.8 138.6 84.1 54.5 '•10.7 7 .4 r3.3 r27.8 r 15.0 12.8 140.3 84.1 56.2 r10.4 6.5 3*2 r27.5 r14.8 r12.7 142.0 84.3 57.7 10.5 7 .2 3.3 27.6 14.8 12.8 30.1 13.7 9.3 4.5 50.0 1 29.7 13.6 9 .2 4.4 52.1 } N ote.—VA-guaranteed residential mortgage debt is for 1- to 4-family properties while FHA-insured includes some debt in multifamily structures. 29.8 13.3 9 .0 4.3 54.3 1 29.7 13.1 8.8 4.3 56.1 } 29.8 12.9 8.7 4 2 57.4 } 29.8 12.7 8.6 4 .2 r59.9 } 29.8 12.5 8 .4 4.1 61.6 Detail by type o f holder partly estimated by Federal Reserve for first and third quarters, and for most recent quarter. COMMITMENTS OF LIFE INSURANCE COMPANIES FOR INCOME PROPERTY MORTGAGES Averages Number o f loans Total amount committed (millions o f (dollars) 912 1,664 2,132 2,140 1974—J a n .. Feb.. Mar. Apr., May, June, July. Aug. Sept. O c t.. Nov. Dec. 1975—Jan.. Feb.. Mar. Period 197 197 197 197 0 1 2 3 Loan amount (thousands o f dollars) Contract interest rate (per cent) M aturity (yrs./mos.) Loanto-value ratio (per cent) Capitaliza tion rate (per cent) D ebt coverage ratio Per cent constant 2,341.1 3.982.5 4.986.5 4,833.3 2,567 2,393 2,339 2,259 9.93 9.07 8.57 8.76 22/8 22/10 23/3 23/3 74.7 74.9 75.2 74.3 10.8 10.0 9 .6 9 .5 1.32 1.29 1.29 1.29 11.1 10.4 9.8 10.0 61 90 117 141 148 147 121 105 95 57 47 37 91.5 209.4 238.8 306.7 352.4 287.5 234.6 312.4 241.6 108.3 79.7 140.0 1,501 2,327 2,041 2,175 2.381 1,956 1,939 2,975 2,543 1,899 1,695 3,784 9.07 9 .10 8.99 9.02 9.31 9.35 9.60 9.80 10.04 10.29 10.37 10.28 20/11 23/1 21/11 21/9 21/11 20/10 20/0 22/10 20/11 19/7 18/4 19/10 73.7 73.6 74.2 73.8 74.2 75.7 74.1 74.3 74.4 74.6 74.0 74.8 9.7 9 .8 9 .6 9.9 10.0 10.1 10.1 10.2 10.3 10.6 10.7 11.0 1.24 1.33 1.31 1.33 1.30 1.24 1.26 1.31 1.29 1.25 1.26 1.33 10.4 10.2 10.1 10.2 10.4 10.7 10.8 10.7 11.1 11.5 11.6 11.3 31 46 46 43.8 94.6 109.6 1,414 2,057 2.382 10.44 10.08 10.37 18/4 22/11 23/1 71.9 74.3 74.1 11.0 10.9 11.3 1.33 1.34 1.34 11.9 See N ote on preceding page. 11.0 11.3 JULY 1975 □ CONSUMER CREDIT A 45 TOTAL CREDIT (In millions of dollars) Instalment End o f period Total A uto mobile paper Total Noninstalment Other consumer goods paper Home improve ment loansi Personal loans Charge accounts Total Single payment loans Service credit Retail outlets Credit cards 2 196 196 196 196 196 5 6 7 8 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 21,662 23,235 25,932 28,652 18,990 19,994 21,355 23,025 24,041 7,671 7,972 8,558 9,532 9,747 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 6,921 197 197 197 197 197 0 1 2 3 4 127,163 138,394 157,564 180,486 190,121 102,064 111,295 127,332 147,437 156.124 35,184 38,664 44.129 51.130 51.689 31,465 34,353 40,080 47,530 52.009 5,070 5,413 6,201 7,352 8,162 30,345 32,865 36,922 41,425 44.264 25.099 27.099 30,232 33,049 33.997 9,675 10,585 12,256 13,241 12.979 6,163 6,397 7,055 7,783 8,012 1,805 1,953 1,947 2,046 2,122 7,456 8,164 8,974 9,979 10.884 1974— May June, July. Aug. Sept. Oct.. Nov. Dec. 181,680 183,425 184,805 187,369 187,906 188,023 188,084 190,121 148,852 150.615 152,142 154,472 155,139 155,328 155,166 156.124 51,076 51,641 52,082 52,772 52,848 52,736 52,325 51.689 47,588 48,099 48,592 49,322 49,664 49,986 50,401 52.009 7,786 7,930 8,068 8,214 8,252 8,287 8,260 8,162 42,402 42,945 43,400 44,164 44,375 44,319 44,180 44.264 32,828 32,810 32,663 32,897 32,767 32,695 32,918 33.997 13,331 13,311 13,192 13,202 13,131 13,003 12,950 12.979 6,948 7,002 6.936 6,983 6,876 7,027 7,174 8,012 1,999 2,104 2,204 2,282 2,277 2,156 2,144 2,122 10,550 10,393 10,331 10,430 10,483 10,509 10,650 10.884 1975—Jan.. Feb.. Mar. Apr. May, 187,080 185,381 184,253 184,344 185,010 153,952 152,712 151,477 151,271 151,610 50,947 50,884 50,452 50,360 50,465 51,142 50,136 49,391 49,247 49,329 8,048 7,966 7,925 7,880 7,908 43,815 43,726 43,709 43,784 43,908 33,128 32,669 32,776 33,073 33,400 12,675 12,560 12,542 12,526 12,443 7,162 6,468 6,452 6,735 7,268 2,153 2,074 2,033 2,062 2,073 11,138 11,567 11,749 11 ,750 11,616 1 Holdings o f financial institutions; holdings o f retail outlets are in cluded in “ Other consumer goods paper.” 2 Service station and miscellaneous credit-card accounts and homeheating-oil accounts. N ote.—Consumer credit estimates cover loans to individuals for household, family, and other personal expenditures, except real estate mortgage loans. For back figures and description o f the data, see “ Con sumer Credit,” Section 16 (New) o f Supplement to Banking and M onetary Statistics, 1965, and Bulletins for Dec. 1968 and Oct. 1972. CONSUMER CREDIT HELD BY COMMERCIAL BANKS (In millions of dollars) Instalment End of period A utomobile paper Total Total 196 196 196 196 196 5 6 7 8 9 35,652 38,265 40,630 46,310 50,974 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 7,791 197 197 197 197 197 0 1 2 3 4 53,867 60,556 70,640 81,248 84,010 45,398 51,240 59,783 69,495 72,510 12,918 13,837 16,320 19,038 18,582 7,888 9,277 10,776 12,218 11,787 1974— May, June, July. Aug. Sept. Oct.. Nov. Dec. 82,527 83,417 84,078 84,982 85,096 84,887 84,360 84,010 70,721 71,615 72,384 73,302 73,455 73,372 72,896 72,510 19,037 19,220 19,377 19,511 19,389 19,246 18,981 18,582 1975—Jan.. Feb.. Mar. Apr. May 82,986 82,229 81,201 81,155 81,066 71,776 71,151 70,183 70,134 70,130 18,230 18,104 17,754 17,613 17,529 See N ote to table above. N onin stalment Other consumer goods paper Home improve ment loans Purchased Other Mobile Credit Direct cards homes 4,166 4,681 5,469 1,307 2,639 4,423 5,786 7,223 7,645 12,100 12,169 12,250 12,344 12,314 12,195 12,031 11,787 11,581 11,497 11,377 11,387 11,417 Personal loans Check credit 6,357 7,011 7 ,'748 Other Single payment loans 8,160 8,699 6,690 6,946 7,478 8,374 8,553 5,387 6,082 2,571 2,647 2,731 2,858 2,996 798 1,081 3,792 4,419 5,288 6,649 8,242 7,113 4,501 5,122 6,054 6,414 3,071 3,236 3,544 3,982 4,458 1,336 1,497 1,789 2,144 2,424 9,280 10,050 11,158 12,187 12,958 8,469 9,316 10,857 11,753 11,500 7,491 7,564 7,623 7,681 7,706 7,709 7,700 7,645 6,887 7,076 7,222 7,491 7,638 7,749 7,846 8,242 6,323 6,420 6,484 6,541 6,527 6,530 6,469 6,414 4,135 4,224 4,316 4,409 4,445 4,480 4,490 4,458 2,199 2,230 2,266 2,312 2,348 2,376 2,362 2,424 12,549 12,712 12,846 13,013 13,088 13,087 13,017 12,958 11,806 11,802 11,694 11,680 11,641 11,515 11,464 11,500 7,587 7,522 7,459 7,417 7,391 8,325 8,149 7,890 7,909 7,903 6,323 6,272 6,272 6,312 6,373 4,399 4,359 4,318 4,318 4,353 2,448 2,447 2,403 2,411 2,383 12,883 12,801 12,710 12,767 12,781 11,210 11,078 11,018 11,021 10,936 CONSUMER CREDIT □ JULY 1975 A 46 INSTALMENT CREDIT HELD BY NONBANK LENDERS (In millions of dollars) Finance companies End o f period Total O ther consumer goods paper A uto mobile paper Mobile homes Other Other financial lenders Per sonal loans Total Credit unions 232 214 192 166 174 10,058 10,315 10,688 11,481 12,485 8,289 9,315 10,216 11,717 13,722 7,324 8,255 9,003 10,300 12,028 965 1,060 1,213 1,417 1,694 9,791 10,815 11,484 12,018 13,116 315 277 287 281 250 9,476 10,538 11,197 11,737 12,866 Home improve ment loans 4,343 4,925 5,069 5,424 5 ,' 775 Retail outlets Mis cellaneous lenders i A uto mobile dealers Total O ther retail outlets 1965......................... 1966......................... 1967......................... 1968......................... 1969......................... 23,851 24,796 24,576 26,074 27,846 9,218 9,342 8,627 9,003 9,412 1970......................... 1971......................... 1972......................... 1973 ......................... 1974......................... 27,678 28,883 32,088 37,243 38,925 9,044 9,577 10,174 11,927 12,435 2,464 2,561 2,916 3,378 3,570 3,237 3,052 3,589 4,434 4,751 199 247 497 917 993 12,734 13,446 14,912 16,587 17,176 15,088 17,021 19,511 22,567 25,216 12,986 14,770 16,913 19,609 22,116 2,102 2,251 2,598 2,958 3,100 13,900 14,151 15,950 18,132 19,473 218 226 261 299 286 13,682 13,925 15,689 17,833 19,187 1974— M a y ............. Ju n e ............. July.............. Aug.............. Sept.............. Oct............... N ov.............. D ec............... 37,751 38,159 38,479 38,943 38,921 38,901 38,803 38,925 11,810 11,957 12,040 12,267 12,345 12,458 12,462 12,435 3,413 3,449 3,505 3,539 3,573 3,597 3.603 3,570 4,583 4,626 4,664 4,680 4,662 4,658 4,611 4,751 1,097 1,114 1,118 1,097 1,073 1,054 1,021 993 16,848 17.013 17,152 17,360 17,268 17,134 17,106 17,176 23,203 23,630 23,968 24,677 25,085 25,204 25,195 25,216 20,053 20,501 20,825 21,402 21,792 21,893 21,975 22,116 3,150 3,129 3,143 3,275 3,293 3,311 3,220 3,100 17,177 17,211 17,311 17,550 17,678 17,851 18,272 19,473 294 296 297 299 298 296 292 286 16,883 16,915 17,014 17,251 17,380 17,555 17,980 19,187 1975—Jan ................ Feb............... M ar.............. A pr............... M a y ............. 38,340 38,194 37,910 37,746 37,711 12,315 12,406 12,371 12,349 12,406 3,559 3,539 3,519 3,513 3,507 4,642 4,580 4,427 4,366 4,315 967 923 903 867 833 16,857 16,746 16,690 16,651 16,650 25,032 25,213 25,506 25,623 25,917 21,966 22,089 22,227 22,415 22,674 3,066 3,124 3,279 3,208 3,243 18,804 18,154 17,878 17,768 17,852 282 280 276 275 275 18,522 17,874 17,602 17,493 17,577 i Savings and loan associations and m utual savings banks. See also N ote to table at top o f preceding page. FINANCE RATES ON SELECTED TYPES OF INSTALMENT CREDIT (Per cent per annum) Finance companies Commercial banks New autom o biles (36 mos.) Mobile homes (84 mos.) Other consumer goods (24 mos.) Personal loans (12 mos.) 1973—M a y ........... Ju n e ........... July............. Aug............. Sept............ Oct.............. N ov............ D ec............. 10.05 10.08 10.10 10.25 10.44 10.53 10.49 10.49 10.84 10.57 10.84 10.95 11.06 10.98 11.19 11.07 12.48 12.57 12.51 12.66 12.67 12.80 12.75 12.86 12.78 12.78 12.75 12.84 12.96 13.02 12.94 13.12 1974—Jan.............. Feb............. M ar............ A pr............. M ay ........... J u n e ........... July............ Aug............ Oct............. N ov............ D ec............. 10.55 10.53 10.50 10.51 10.63 10.81 10.96 11.15 11.31 11.53 11.57 11.62 11.09 11.25 10.92 11.07 10.96 11.21 11.46 11.71 11.72 11.94 11.87 11.71 12.78 12.82 12.82 12.81 12.88 13.01 13.14 13.10 13.20 13.28 13.16 13.27 1975—Jan .............. Feb............. M ar............ A pr............. M ay ........... 11.61 11.51 11.46 *•11.44 11.39 11.66 12.14 11.66 11.78 11.57 13.28 13.20 13.07 13.22 13.11 M onth Automobiles Mobile homes New Used 17.22 17.24 17.21 17.22 17.23 17.23 17.23 17.24 11.91 11.94 12.02 12.13 12.28 12.34 12.40 12.42 16.52 16.61 16.75 16.86 16.98 17.11 17.21 17.31 12.96 13.02 13.04 13.00 13.10 13.20 13.42 13.45 13.41 13.60 13.47 13.60 17.25 17.24 17.23 17.25 17.25 17.23 17.20 17.21 17.15 17.17 17.16 17.21 12.39 12.33 12.29 12.28 12.36 12.50 12.58 12.67 12.84 12.97 13.06 13.10 16.56 16.62 16.69 16.76 16.86 17.06 17.18 17.32 17.61 17.78 17.88 17.89 13.60 13.44 13.40 M3.55 13.41 17.12 17.24 17.15 rl 7.17 17.21 13.08 13.07 13.07 13.07 13.09 17.27 17.39 17.52 17.58 17.65 N ote.—Rates are reported on an annual percentage rate basis as specified in Regulation Z (Truth in Lending) o f the Board o f Governors. Commercial bank rates are “ most common” rates for direct loans with Creditcard plans Other consumer goods Personal loans 12.73 18.88 20.76 12.77 18.93 20.55 12.90 18.69 20.52 13.12 18.77 20.65 13.24 18.90 20.68 13.15 18.69 20.57 13.07 18.90 20.57 13.21 19.24 20.78 13.42 19.30 20.93 13.60 19.49 21.16 13.60 19.80 21.09 13.59 20.00 20.83 specified maturities; finance company rates are weighted averages for purchased contracts (except personal loans). For back figures and description o f the data, see B ulletin for Sept. 1973. JULY 1975 □ CONSUMER CREDIT A 47 INSTALMENT CREDIT EXTENDED AND REPAID (In millions of dollars) Type Period Total Automobile paper Other consumer goods paper H older Home improve ment loans Personal loans Commercial banks Finance companies O ther financial lenders Retail outlets Extensions 1967............................. 1968............................. 1969............................. 87,171 99,984 109,146 26,320 31,083 32,553 29,504 33,507 38,332 2,369 2,534 2,831 28,978 32,860 35,430 31,382 37,395 40,955 26,461 30,261 32,753 11,238 13,206 15,198 18,090 19,122 20,240 1970............................. 1971............................. 1972............................. 1973............................. 1974............................. 112,158 124,281 142,951 165,083 166,478 29,794 34,873 40,194 46,453 42,756 43,873 47,821 55,599 66,859 71,077 2,963 3,244 4,006 4,728 4,650 35,528 38,343 43,152 47,043 47,995 42,960 51,237 59,339 69,726 69,554 31,952 32,935 38,464 43,221 41,809 15,720 17,966 20,607 23,414 24,510 21,526 22,143 24,541 28,722 30,605 1974— M ay................. Ju n e................. J u ly ................. A u g ................. Sept................. Oct................... N ov.................. Dec.................. 14,669 14,387 14,635 14,394 14,089 13,626 12,609 12,702 3,769 3,731 3,812 3,887 3,835 3,369 3,062 3,205 6,156 6,043 6,164 5,993 5,935 5,948 5,700 5,798 468 425 416 388 302 348 321 294 4,276 4,188 4,243 4,126 4,017 3,961 3,526 3,405 6,023 6,076 6,129 6,034 6,050 5,600 5,390 5,012 3,832 3,729 3,685 3,476 3,408 3,229 2,823 3,240 2,140 2,040 2,201 2,290 2,079 2,160 1,863 1,901 2,674 2,542 2,620 2,594 2,552 2,637 2,533 2,549 1975—Jan ................... Feb.................. M ar.................. A pr.................. M ay................. 12,859 13,465 12,797 13,181 13,149 3,348 3,856 3,419 3,454 3,467 5,430 5,561 5,535 5,584 5,757 289 302 339 313 334 3,792 3,746 3,504 3,830 3,591 5,368 5,649 5,357 5,457 5,473 3,068 3,195 2,872 3,145 2,985 2,048 2,104 2,044 2,142 2,032 2,375 2,517 2,524 2,437 2,659 Repayments 1967............................. 1968............................. 1969.............................. 83,988 91,667 99,786 26,534 27,931 29,974 27,847 31,270 34,645 2,202 2,303 2,457 27,405 30,163 32,710 29,549 32,611 36,470 26,681 28,763 30,981 10,337 11,705 13,193 17,421 18,588 19,142 1970............................. 1971.............................. 1972............................. 1973.............................. 1974............................. 107,199 115,050 126,914 144,978 157,791 30,137 31,393 34,729 39,452 42,197 40,721 44,933 49,872 59,409 66,598 2,506 2,901 3,218 3,577 3,840 33,835 35,823 39,095 42,540 45,156 40,398 45,395 50,796 60,014 66,539 31,705 31,730 35,259 38,066 40,127 14,354 16,033 18,117 20,358 21,861 20,742 21,892 22,742 26,540 29,264 1974—M ay................. June................. Ju ly ................. A u g ................. O ct................... N ov.................. Dec.................. 13,407 13,301 13,310 12,882 13,412 13,224 13,009 13,516 3,601 3,577 3,563 3,443 3,604 3,470 3,423 3,668 5,607 5,615 5,610 5,444 5,700 5,499 5,561 6,037 315 335 320 309 279 321 325 341 3,884 3,774 3,817 3,686 3,829 3,934 3,700 3,470 5,573 5,564 5,541 5,463 5,808 5,542 5,671 5,803 3,528 3,405 3,513 3,166 3,371 3,250 2,981 3,308 1,855 1,835 1,819 1,851 1,723 1,962 1 ,860 1,822 2,451 2,497 2,437 2,402 2,510 2,470 2,497 2,583 1975—Jan ................... Feb.................. M ar.................. A pr.................. M ay................. 13,260 13,228 13,234 13,423 13,274 3,534 3,605 3,772 3,719 3,625 5,549 5,632 5,708 5,632 5,694 336 350 357 369 349 3,841 3,641 3,397 3,703 3,606 5,669 5,747 5,924 5,769 5,737 3,331 3,134 2,971 3,263 3,169 1,827 1,824 1,782 1,947 1,894 2,433 2,523 2,557 2,444 2,474 N et change 1967............................. 1968............................. 1969............................. 3,183 8,317 9,360 -2 1 4 3,152 2,579 1,657 2,237 3,687 167 231 374 1,573 2,697 2,720 1,833 4,784 4,485 -2 2 0 1,498 1,772 901 1,501 2,005 669 534 1,098 1970............................. 1971............................. 1972............................. 1973............................. 1974............................. 4,959 9,231 16,037 20,105 8,687 -3 4 3 3,480 5,465 7,001 559 3,152 2,888 5,727 7,450 4,479 457 343 788 1,151 810 1,693 2,520 4,057 4,503 2,839 2,977 5,842 8,543 9,712 3,015 -1 6 8 1,205 3,205 5,155 1,682 1,366 1,933 2,490 3,056 2,649 784 251 1,799 2,182 1,341 1974—M ay................. June................. Ju ly ................. A u g ................. Sept.................. O ct................... Nov.................. Dec.................. 1,262 1,086 1,325 1,512 677 402 -4 0 0 -8 1 4 168 154 249 444 231 -1 0 1 -3 6 1 -4 6 3 549 428 554 549 235 449 139 -2 3 9 153 90 96 79 23 27 -4 -4 7 392 414 426 440 188 27 -1 7 4 -6 5 450 512 588 571 242 58 -2 8 1 -7 9 1 304 324 172 310 37 -2 1 -1 5 8 -6 8 285 205 382 439 356 198 3 79 223 45 183 192 42 167 36 -3 4 1975—Jan ................... Feb................... M ar.................. A pr.................. M ay................. -4 0 1 237 -4 3 7 -2 4 2 -1 2 5 -1 8 6 251 -3 5 3 -2 6 5 -1 5 8 -1 1 9 -7 1 -1 7 3 -4 8 63 -4 7 -4 8 -1 8 -5 6 -1 5 -4 9 105 107 127 -1 5 -3 0 1 -9 8 -5 6 7 -3 1 2 -2 6 4 -2 6 3 61 -9 9 -1 1 8 -1 8 4 221 280 262 195 138 -5 8 -6 -3 3 -7 185 N o te.—Monthly estimates are seasonally adjusted and include adjust ments for differences in trading days. Annual totals are based on data not seasonally adjusted. Estimates are based on accounting records and often include finance charges. Renewals and refinancing o f loans, purchases and sales o f in stalment paper, and certain other transactions may increase the amount o f extensions and repayments without affecting the amount outstanding. For back figures and description o f the data, see “Consumer Credit,*' Section 16 (New) o f Supplement to Banking and Monetary Statistics, 1965, and B u lle tin s for Dec. 1968 and Oct. 1972. A 48 INDUSTRIAL PRODUCTION: S.A. □ JULY 1975 MARKET GROUPINGS (1967 = 100) 1967 proGrouping tion 1974 aver age 100.0 124.8 62.21 4 8 .9 5 28.53 20.42 13.26 37.79 1974 June July 125.8 125.5 Aug. Sept. 125.2 125.6 1975 Oct. Nov. 124.8 121.7 Dec. Jan. 117.4 113.7 Feb. Mar. I l l .2 AO O 1i vAO 110.0 11U7.7 y.£ 0 110.0 110 l i z . y0 113.1 Apr. 123.1 124.0 174.0 123.5 123.6 122.9 121.4 118.7 115.4 113.7 112.4 111 l l j . nu 1 2 1.7 1 2 2.6 17? ,8 122.1 1 2 2 .6 1 2 2 .3 1 2 0 .9 1 1 8 .2 1 1 4 .9 1 1 3 .3 1 1 2 .2 112 11 'y.7*j 128.8 130.2 n o o 129.8 128.8 128.2 126.3 123.4 120.1 118.8 118.2 119.3 111 .7 112.0 113,0 111.4 113.8 114.0 113.2 110.7 107.8 105 3 103.9 103.3 128.3 128.9 1?7 ,8 128.6 127.6 125.3 123.0 120.5 117.6 115.’2 112.7 113.9 127.4 128.8 128.0 128.5 129.3 128.1 122.1 114.8 110.5 107.4 105.9 105.1 May* June® 113.1 1 1 3 .2 120.7 121.7 102.4 101.4 112.4 112.5 104.4 105.1 Consumer goods 7 .8 6 A utos................................................ Auto parts and allied g o o d s.. . . . Appliances, TV, and rad io s............. Appliances and A /C .................. TV and home audio.................. Carpeting and furniture.................... Nonfood staples.............................. Consumer chemical p ro d u cts.. Consumer paper products........ Consumer fuel and lighting. . . Residential utilities................ 133.5 5.02 138.0 142.7 1.41 132.0 141,2 .92 148.8 155.3 .49 1.08 153.5 157.2 134.7 137.4 2 0 .6 7 Clothing................................................ Consumer staples................................ Consumer foods and to b acco .. . . 1 2 7 .9 131.6 1 3 1 .8 129.1 2.84 110.0 117.3 113.5 114.9 111.6 1.87 94.9 99.6 101.5 103.1 99.6 .97 139.0 151.3 136.9 137.6 134.5 1 2 9 .2 12 9.0 1 2 6 .5 1 1 9 .7 110.1 114.7 102.1 87.5 108.4 91.0 69.8 126.9 123.6 121.5 1 0 4 .0 141.8 141.2 139.0 133.2 129.7 123.0 117.5 114.0 139.3 139.1 133.2 120.9 115.3 102.5 94.4 89.0 151.7 156.2 150.2 139.5 131.9 119.8 108.0 104.8 137.3 157.1 155.4 151.8 144.7 143.8 135.8 2.53 135.3 132.2 131.4 125.5 129.4 129.1 1 2 8 .7 12 8 .9 1 2 8.8 12 8 .4 135.1 132.3 123.0 120.1 1 2 6 .3 4.32 109.0 108.9 108.6 106.4 106.0 104.5 103.1 102.0 95 .0 16.34 134.5 134.3 134.9 135.1 134.8 135.4 135.6 135.5 134.5 8.37 125.4 124.7 125.5 124.4 124.4 125.2 126.2 125.3 123.3 7.98 2.64 1.91 3.43 2.25 1 0 1 .0 78.2 80.3 62.6 58.9 114.4 115.5 144.0 144.4 144.7 146.5 158.4 156.8 154.6 159.0 125.2 123.9 124.4 129.5 143.8 146.0 148.4 146.2 153.7 155.3 1 5 /.8 155.4 12 5.5 94.5 133.6 123.2 1 03.1 86.8 73.1 113.2 112.3 85.0 99.1 17 O 1 0 7 .8 1 0 9 .9 1711.0 1f\7 £O Q 7'X j • O 07 7 1UZ. 82.4 115.1 Il lUj . 7Q 96.4 114.2 86.3 118.1 93.2 120.8 117 11 / • 1o 117.0 100.5 118.9 127.9 127.8 128.3 7 1Z1 101 . Q 121.0 171 7 120.6 U1 • L 124.1 90.9 132.7 120.7 11/71 J • 7/ 124 8 IZ j .4 89.2 nI joZ. 7! i 33 *2 i 33 .*4 122.2 122.2 121.4 145.7 146.1 157.7 159.8 130.9 128.5 144.6 145.4 156.2 155.5 145.3 146.2 146.4 144.5 155.2 159.1 160.6 157.1 127.4 126.7 122.0 121.9 147.9 147.3 149.2 147.2 159.3 159.0 159.9 159.7 145.3 158.2 120.9 149.0 163.1 143.5 144.7 146.1 157.6 157.6 117.2 121.4 147.4 147.6 160.2 1 3 2 .3 1 3 2 .0 1 3 1 .0 130.9 141.2 122.5 142.8 129.3 126.7 122.9 140.1 137.4 138.4 119.4 116.5 111.8 144.5 142.6 136.6 1 1 7 .0 1 1 5 .8 Equipment Business equipm ent.................................. 131.3 1 2 8 .8 12 9.4 13 0 .2 Industrial equipm ent.......................... Building and mining equip........... M anufacturing equipm ent. . . . . . Power equipm ent........................... 6.77 128.7 1.45 136.0 3.85 121.7 1.47 139.9 129.0 137.4 121.9 139.0 130.3 136.2 124.9 138.4 Commercial, transit, farm eq u ip .. . Commercial equipm ent................. Transit equipm ent.......................... Farm equipm ent............................. 5.97 130.3 3.30 141 .1 2.00 109.6 .67 138.7 131.5 142.7 110.4 140.6 132.5 127.6 132.8 133.2 143.5 134.0 143.3 144.1 111.4 109.3 111.8 111 .2 141.4 150.5 144.1 145.4 1 2 .7 4 Defense and space equipm ent ................ 7 .6 8 8 2 .3 M ilitary products................................ 5.15 81.2 8 2 .6 129.6 136.5 123.1 139.6 132.0 139.8 124.4 144.2 8 2 .7 8 3 .1 81.5 82.3 127.1 1 2 2 .3 119.3 120.4 137.0 109.4 132.1 132.9 127.6 121 .6 118.0 143.1 139.3 135.2 130.4 109.8 102.9 91 .8 91 .5 151.9 143.7 143.8 135.9 115.1 115.1 127.8 124.3 88.8 92.9 130.2 135.7 8 4 .1 8 3 .7 8 3 .4 8 3 .8 8 2 .4 82.5 81.8 81.3 81.5 80.7 5.93 129.6 129.6 128.2 128.0 127.4 123.5 121.3 118.3 7.34 127.3 128.4 127.5 129.2 127.8 126.8 124.2 122.5 115.7 119.2 112.1 118.4 109.1 110.4 115.6 116.8 11 0 .3 10 7 .0 10 4 .7 8 1 .7 79.7 81.4 1 1 4 .6 118.8 116.4 114.6 137.7 132.3 131.8 106.6 105.5 103.2 131.8 128.9 127.3 82 .1 80.3 8 2 .4 fin 7/ oU. 1 1 3 .6 112.9 126.8 102.3 126.8 114.7 114.5 121.7 120.2 97.9 100.6 130.3 8 2 .1 81.1 %1• J3 Ol QA 4A oU. Interm ediate products Construction products........................... Misc. intermediate products................. 107.0 116.7 106.5 M aterials 12 7 .3 Durable goods m aterials ......................... 20.91 Consumer durable p a rts................... Equipment p arts................................. D urable materials nec....................... 4.75 5.41 10.75 112.1 123.8 135.9 Nondurable goods m aterials .................. 1 3 .9 9 128.5 Textile, paper, and chem. m at........ N ondurable materials n.e.c.............. Fuel and power industrial................... 8.58 5.41 2.89 127.5 1 2 5.8 128.1 12 9 .2 129.3 1 23.5 1 1 4 .2 91.7 114.1 117.2 117.5 117.2 115.2 104.1 122.1 120.6 125.8 125.0 124.0 122.2 118.3 136.2 132.3 133.9 136.6 138.3 132.7 122.9 13 1 .3 131.1 1 3 0 .4 1 2 9 .3 1 2 6 .8 122.1 1 1 6 .2 84.7 83.7 82.1 116.9 112.0 108.7 118.8 115.4 111.4 1 0 9 .2 9 9 .4 9 8 .8 85.7 86.7 104.6 102.2 106.9 103.6 90.2 99.0 102.6 1 0 1.5 1 0 5 .7 1 0 5 .3 108.5 101 .1 118.2 1 0 7 .9 1 0 9 .4 106.2 110.3 103.9 103.9 118.0 117.3 1 1 1 .8 112.5 104.7 117.5 116.1 105.0 119.1 120.0 117.4 113.2 107.1 131.5 127.6 120.3 126.1 105.0 119.9 102.3 122.3 103.6 124.2 106.0 123.8 107.0 4 4 5 .7 4 3 9 .0 410.1 405.1 409.1 4 0 7 .0 411.1 139.8 143.6 143.6 143.2 142.2 138.1 131.1 122.9 112.9 110.6 111.9 111.3 110.0 108.9 108.9 107.8 105.7 103.3 122.6 126.3 128.0 123.5 129.0 126.4 112.7 113.0 117.8 Supplementary groups Home goods and clothing..................... C ontainers................................................ 9.34 124.6 127.1 126.4 125.0 123.8 1.82 139.4 141.6 142.1 140.4 136.7 Gross value of products in market structure (In billions of 1963 dollars) Products total .......................................... 2 8 6 .3 4 4 9 .7 448.1 Final products.................................... Consumer goods.................... .. Equipm ent....................................... Intermediate products....................... 221.4 156.3 65.3 64.9 347.7 236.6 111.2 102.0 For N ote see opposite page. 346.6 235.0 111.6 101.2 4 4 6 .9 4 4 7.1 345.0 235.1 109.9 102.1 4 2 6 .7 4 1 6 .4 346.1 346.5 341.3 331.0 322.3 317.7 315.3 318.2 317.8 321.6 233.1 233.7 228.9 222.3 216.4 213.7 213.2 216.7 216.8 220.8 112.8 112.7 112.4 108.8 105.9 103.9 102.2 101.7 101.1 100.9 101.0 99.4 97.4 95.8 94.3 92.3 90.0 90.8 89.3 89.4 JULY 1975 □ INDUSTRIAL PRODUCTION: S.A. A 49 INDUSTRY GROUPINGS (1967 = 100) G rouping M anufacturing .......................................... 1967 pro por tion 1974 aver age 8 8 .5 5 12 4.4 1974 June July 1 2 5.6 D urab le................................................. 52.33 120.7 122.1 N ondurable.......................................... 36.22 129.7 130.8 Mining and utilities................................ 11.45 127.3 128.1 M ining.................................................. 6.37 109.3 110.2 5.08 149.9 150.6 1975 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. MayP June* 12 5 .2 12 5 .2 1 2 5 .5 1 2 4 .6 116.1 1 1 1 .7 1 0 9 .2 121.6 130.4 127.4 107.3 152.6 122.1 121.6 130.5 128.9 128.7 128.5 109.2 110.5 153.1 151.2 1 2 0 .9 121.6 130.8 128.9 110.2 152.4 117.9 125.4 125.9 105.0 152.3 112.2 121 .9 125.7 104.4 152.6 108.2 117.0 127.0 107.0 153.0 104.8 115.6 127.3 108.6 150.9 1 0 7 .7 1 0 7 .7 1 0 7 .4 1 0 7 .8 103.5 113.7 128.8 108.9 154.0 103.1 114.3 128.2 108.5 153.0 102.0 115.3 127.1 107.7 151.7 101.7 116.6 127.9 107.4 153.9 1 2 6 .9 1 2 6 .5 1 2 7 .2 124.4 11 6 .0 1 1 2.4 10 7 .7 105.1 1 0 3 .2 98.1 103.1 112.9 9 9 .7 9 8 .1 9 5.0 99.4 112.3 89.4 89.6 111.3 86.1 85.0 111.3 1 0 1 .5 1 0 1 .6 1 0 1 .4 112.2 119.3 104.3 81.0 85.4 76.7 130.6 86.7 110.3 109.1 107.5 116.0 114.0 111.1 104.0 103.6 103.4 84.8 87.0 89.7 93.4 94.8 100.6 76.6 79.5 79.2 131.1 130.0 129.8 86.7 85.9 86.1 1 0 1 .4 Durable manufactures 1 2 .5 5 Primary m etals.................................... Iron and steel, subtotal................. Fabricated metal products............... 6.61 4.23 5.94 M achinery and allied g oods ................... 3 2 .4 4 M achinery............................................ N onelectrical m achinery............... Electrical m achinery...................... Transportation equipm ent............... M otor vehicles and p a rts ............. Aerospace and misc. trans. e q ... Instrum ents.......................................... Ordnance, private and G ovt............ 127.5 .1 2 8 .4 127.6 124.1 124.7 123.2 121.9 123.0 126.0 121.0 108.6 107.2 102.1 119.9 118.5 119.9 120.7 119.1 123.9 117.7 107.9 110.6 105.0 131.4 132.5 131.1 131.5 132.0 129.6 128.2 124.1 118.2 11.3.7 11 6 .3 1 1 7.7 17.39 128.1 130.4 9.17 133.8 131.7 8.22 125.2 129.0 9.29 96.9 99.4 4.56 113.2 116.9 82.6 4.73 81.1 2.07 143.9 147.5 86.4 86.1 3.69 11 7 .3 129.9 131.1 128.4 98.7 117.3 80.9 146.7 87.2 1 1 7 .8 1 1 8 .8 130.5 136.4 123.7 99.9 117.8 82.6 146.7 87.1 11 8 .4 1 1 4 .9 132.5 137.8 126.4 100.4 118.6 82.8 144.9 87.5 131.1 137.4 124.0 102.1 123.0 81.9 142.0 87.2 128.9 124.8 119.6 135.1 132.5 126.7 121.7 116.3 111 .5 93.7 83.6 78.9 107.1 86.4 78.2 80.9 80.9 79.5 142.3 139.5 139.1 86.6 86.6 86.2 1 0 9 .6 1 0 5 .4 1 0 2 .4 115.6 123.6 106.6 77.1 77.6 76.6 134.2 86.9 4 .4 4 1 2 3 .6 Lum ber and p ro d u cts....................... Clay, glass, and stone p ro d u c ts.. . . 1.65 2.79 120.1 125.7 125.5 1 2 3 .4 1 2 0 .6 1 1 7 .8 1 1 3 .7 1 1 1 .0 1 0 9 .6 1 0 4 .6 1 0 2 .6 1 0 3 .4 1 0 3 .9 1 0 3 .8 125.6 121.6 121.5 116.6 109.3 105.2 101.3 99.9 99.6 99.8 102.0 106.9 126.9 127.7 124.6 123.0 122.9 118.8 116.9 115.3 107.8 104.2 104.2 102.1 Furniture and miscellaneous .................. 2 .9 0 136.1 138.5 Lumber , clay , and g la ss ......................... Furniture and fixtures....................... Miscellaneous manufactures............ 126.4 1 3 9 .7 140 .1 1 3 8 .8 1 3 6 .7 1 2 9 .0 1.38 126.9 131.1 131.6 130.5 129.4 125.5 120.5 1.52 144.4 145.3 147.1 148.8 147.5 146.9 136.9 1 2 8 .4 1 2 0 .0 1 1 9 .6 120.4 110.6 135.7 128.9 110.6 128.0 1 1 8 .7 1 1 7 .7 1 1 7 .9 106.7 129.7 105.9 128.5 106.3 128.5 1 1 8 .0 Nondurable manufactures Textiles, apparel, and leath er ............... Textile mill pro d u cts......................... Apparel products................................ Leather and p ro d u cts........................ Paper and p rin tin g .................................. Paper and pro d u cts............................ Printing and publishing..................... Chemicals , petroleum , and rubber . . . . Chemicals and products................... Petroleum p ro d u cts........................... R ubber and plastics p ro d u cts.. . . . . Foods and to bacco .................................. F ood s.................................................... Tobacco products............................... 108.1 1 0 1 .9 9 6 .3 8 8 .9 8 9 .6 8 7 .5 9 0 .2 9 3 .9 119.1 112.8 102.8 100.1 70.6 74.7 102.9 98.0 69.7 95.6 94.0 66.1 93.3 92.6 66.7 96.8 86.4 63.5 100.1 88.1 68.0 104.1 1 1 5 .7 1 1 2 .3 1 0 8 .2 1 0 6 .6 1 0 4 .2 1 0 2 .4 1 0 2 .9 3.18 134.0 136.7 136.1 132.2 135.3 133.9 124.3 116.1 114.3 4.74 112.3 112.7 113.4 113.4 114.4 111.9 110.0 109.8 104.1 109.5 104.7 104.5 104.0 105.6 105.3 100.2 101.4 ’io i *9 1 3 2 .4 1 3 0 .2 1 2 9 .9 1 3 1 .6 1 3 2 .8 133.6 120.1 126.8 133.0 134.5 118.8 119.2 128.0 131.7 135.4 121.5 1 2 0 .0 1 22.1 1 2 1 .0 1 2 2 .0 121.3 102.6 122.6 115.9 121.5 122.6 1 0 2 .5 6 .9 0 10 8 .9 108.5 1 0 7 .4 1 0 6 .5 2.69 \2 2 .1 125.1 125.3 124.3 121.9 3.33 105.4 102.1 102.7 102.5 102.5 81.6 75.7 7 3.4 74.2 .88 77.3 7 .9 2 11.92 12 1 .0 15 1 .7 122.3 153.7 1 2 2 .4 1 5 3 .9 1 2 1 .0 1 5 4 .4 1 2 2 .7 1 5 4 .7 7.86 154.3 156.9 155.8 156.7 158.3 1.80 124.0 126.2 127.9 125.8 121.9 2.26 164.4 164.5 167.2 169.0 168.6 9 .4 8 124.8 125.3 1 2 4.8 12 4 .8 1 2 4 .3 105.1 1 2 0 .8 152.4 1 4 6.5 1 4 1 .6 13 6 .5 155.9 148.3 143.1 139.0 134.6 125.4 127.0 125.8 126.8 123.7 161.8 155.7 148.9 135.4 132.0 1 2 3 .7 1 2 3 .8 1 2 3 .5 1 2 0 .0 1 2 1 .3 8.81 126.2 127.1 126.6 126.3 125.7 124.8 125.4 125.7 121.2 122.3 .67 106.4 102.9 101.5 104.2 106.0 110.3 103.8 96.2 104.7 108.4 9 6 .1 69.4 1 0 3 .6 Mining M eta l , stone , and earth minerals .......... M etal m ining...................................... Stone and earth minerals ............... C o al...................................................... Oil and gas extraction....................... 1 .2 6 1 1 7 .2 5 .1 1 107.3 112.4 11 3 .5 1 0 9 .9 10 9 .7 10 9 .4 1 0 6 .7 1 1 5 .4 1 2 1 .3 1 2 0 .7 1 0 7 .8 1 0 1 .2 1 1 7 .9 119.1 1 1 6 .2 1 1 3 .4 1 1 3 .3 1 0 8 .0 125.4 105.1 125.8 104.7 117.2 101.9 101.1 1 0 3 .9 106.8 1 0 7 .7 1 0 7 .4 1 0 7 .6 117.4 106.1 112.2 106.7 119.6 128.4 105.7 105.7 165.4 164.0 .51 129.2 121.1 120.3 110.0 130.5 141.4 136.8 134.7 133.8 131.1 .76 109.1 106.4 108.8 109.9 105.0 107.5 109.8 106.4 109.0 106.1 .69 105.1 4.42 107.7 1 0 7 .7 118.3 115.6 99.4 112.1 108.4 108.4 107.9 107.1 110.3 67.6 85.3 111 .3 117.5 107.4 106.4 103.6 102.9 105.0 1 0 8 .7 Utilities Electric................................................... .. Gas ........................................ .. 3.90 159.5 1.17 117.9 160.3 162.7 162.8 162.4 161.2 162.9 163.0 162.5 N ote.—D ata for the complete year o f 1972 are available in a pam phlet Industrial Production Indexes 1972 from Publications Services, Division of Administrative Services, Board o f Governors o f the Federal Reserve System, W ashington, D.C. 20551. 161 .1 Published groupings include series and subtotals not shown separately. Figures for individual series and subtotals are published in the monthly Business Indexes release. A 50 BUSINESS ACTIVITY; CONSTRUCTION □ JULY 1975 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production M arket Period Products Total Total In ter Con Equip mediate Total sumer ment goods M ate rials Ca In dustry pacity utiliza tion in mfg. (1967 M anu output factur = 100) ing M anu facturing2 NonagC on riculstruc tural tion em ploy con tracts ment— Total i Prices4 Em ploy ment Pay rolls Total retail sales3 C on sumer W hole sale com modity 195 195 195 195 195 5 6 7 8 9 58.5 61.1 61.9 57.9 64.8 56.6 59.7 61.1 58.6 64.4 54.9 58.2 59.9 57.1 62.7 59.5 61.7 63.2 62.6 68.7 48.9 53.7 55.9 50.0 54.9 62.6 65.3 65.3 63.9 70.5 61.5 63.1 63.1 56.8 65.5 58.2 60.5 61.2 56.9 64.1 90.0 88.2 84.5 75.1 81.4 76.9 79.6 80.3 78.0 81.0 92.9 93.9 92.2 83.9 88.1 61.1 64.6 65.4 60.3 67.8 59 61 64 64 69 80.2 81.4 84.3 86.6 87.3 87.8 90.7 93.3 94 .6 94.8 196 196 196 196 196 0 3 4 66.2 66.7 72.2 76.5 81.7 66.2 66.9 72.1 76.2 8 1.2 64.8 65.3 70. 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 9 0.6 91.7 9 2.9 94.9 94.5 94.8 94.5 94.7 196 196 196 196 196 5 6 7 8 9 89.2 88.1 86.8 93.0 78.7 93.0 97.9 96.8 96.1 98.6 93.0 99.2 100.0 100.0 100.0 100.0 100.0 100.0 105.7 105.8 105.8 106.6 104.7 105.7 110.7 109.7 109.0 111.1 106.1 112.0 91.0 99.8 100.0 105.7 112.4 89.1 98.3 100.0 105.7 110.5 89.0 93.2 91.9 94.8 87.9 100.0 87.7 113.2 86.5 123.7 92.3 97.1 100.0 103.2 106.9 93.9 99.9 100.0 101.4 103.2 88.1 97.8 100.0 108.3 116.6 91 97 100 109 114 94.5 97.2 100.0 104.2 109.8 96.6 9 9.8 100.0 102.5 106.5 197 197 197 197 197 0 1 2 3 4 106.6 106.0 106.8 106.4 115.2 113.8 125.6 123.4 123.1 124 104.5 110.3 96.3 111.7 104.7 115.7 89.4 112.6 111.9 123.6 95.5 121.1 121.3 131.7 106.7 131.1 121.7 128. 111.7 128.3 107.7 107.4 117.4 129.3 127.4 105.2 105.2 114.0 125.2 124.4 78.3 75.0 78.6 83.0 78.9 123.1 145.4 165.3 181.3 168.6 107.7 108.1 111.9 116.7 118.9 98.1 94.2 97.6 103.1 102.1 114.1 116.7 131.5 148.9 156.6 120 122 142 116.3 121.2 125.3 133.1 147.7 110.4 113.9 119.8 134.7 160.1 1 2 1974—May. 125.7 125. 125.5 125.2 125.6 124. 121.7 117.3 123.8 124.0 124.0 123.5 123.6 122.9 121.4 118.7 122.4 122.6 122.8 122.1 122.6 122.3 120.9 118.2 129.7 130.2 130.0 129.8 128.8 128.2 126.3 123.4 112.2 112.0 113.0 111.4 113.8 114.0 113.2 110.7 129.2 128.9 127.8 128.6 127.6 125.3 123.0 120.5 129.1 128.8 128.0 128.5 129.3 128.1 122.1 114.8 125.7 Urso.l 188.0 125.6 166.0 125.2 177.0 125.2 79.4 170.0 125.5 187.0 124.6 148.0 75.7 154.0 120.9 176.0 116.1 119.0 119.1 119.2 119.4 119.7 119.8 119.1 118.0 103.0 103.2 103.0 102.6 102.5 101.7 99.4 96.3 156.2 157.9 159.5 161.5 162.0 162.1 157.0 152.6 172 170 177 180 176 175 170 171 145.5 146.9 148.0 149.9 151.7 153.0 154.3 155.4 155.0 155.7 161.7 167.4 167.2 170.2 171.9 171.5 1975—Jan.. 113.7 111 .2 110.0 109.9 109.6 110.0 115.4 113.7 112.4 113.0 112.9 113.1 114.9 113.3 112.2 112.7 113.1 113.2 120.1 118.8 118.2 119.3 120.7 121.7 107. 105.3 103.9 103.3 102.4 101.4 117.6 115.2 112.7 113.9 112.4 112.5 110.5 107.4 105.9 105.1 104.4 105.1 111.7 109.2 107.7 107.7 107.4 107.8 135.0 135.0 153.0 189.0 182.0 117.3 116.5 116.0 115.9 116.1 116.1 93.6 90.8 89.9 89.6 89.9 90.0 148.9 143.0 142.8 144.1 143.9 145.6 176 179 176 179 183 185 156.1 157.2 157.8 158.6 159.3 171.8 171 .3 170.4 172.1 173.2 173.7 June, July. Aug. Sept. O ct.. Nov. Dec., Feb.. Mar. Apr., May, June, 1 Employees only: excludes personnel in the Armed Forces. 2 Production workers only. Revised back to 1968. 3 F.R. index based on Census Bureau figures. 4 Prices are not seasonally adjusted. Latest figure is final. 5 Figure is for second quarter 1974. N ote.— A ll series: D ata are seasonally adjusted unless otherwise noted. C apacity utilization: Based on data from Federal Reserve, M cGrawHill Economics D epartm ent, and Dept, o f Commerce. 68.2 66.5 Construction contracts; M cGraw-Hill Informations Systems Company F.W. Dodge Division, m onthly index of dollar value of total construction contracts, including residential, nonresidential, and heavy engineering. Em ploym ent and payrolls: Based on Bureau o f Labor Statistics d ata; includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau o f Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1974 Type o f ownership and type o f construction 1973 1975 1974 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. M ar. Apr. May Total construction contracts 1......... 99,304 93,076 10,158 8,480 9,295 8,416 8,359 7,227 6,179 7,304 5,100 4,955 6,574 9,598 9,143 By type o f ownership: Public............................................ Private 1....................................... 26,563 32,209 3,082 2,968 3,242 3,311 3,273 2,720 2,391 2,496 2,254 2,031 2,182 2,768 2,875 72,741 60,867 7,076 5,512 6,053 5,105 5,689 4,508 3,788 4,809 2,846 2,924 4,393 6,830 6,268 By type o f construction: Residential building 1............... Nonresidential building............ N onbuilding................................ 45,696 34,174 3,862 3,546 3,350 3,060 2,503 2,457 1,931 1,715 1,562 1,583 2,316 3,029 3,073 31,534 33,859 3,120 2,989 3,698 3,246 3,320 2,710 2,618 2,451 2,233 2,199 2,402 2,987 2,877 22,074 25,042 3,176 1,945 2,247 2,110 2,536 2,061 1,630 3,139 1,305 1,172 1,856 3,582 3,193 Private housing units authorizedr . . 1,820 (In thousands, S.A., A.R.) 1,074 1,159 1,115 1,040 i Because of improved procedures for collecting data for 1-family homes, some totals are not strictly comparable with those prior to 1968. To im prove 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. 928 853 811 770 837 689 701 677 837 909 NorE.—D ollar value o f construction contracts as reported by the M cGraw-Hill Informations Systems Company, F.W. Dodge Division. Totals of monthly data may differ from annual totals because adjustments 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. JULY 1975 o CONSTRUCTION A 51 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions o f dollars) Private Public 2 Nonresidential Period Total Total Buildings Resi dential Total Total Indus trial Com mercial Other build ings * Other Mili tary High way C onser vation and develop ment Other 51,995 51,967 59,021 65,404 25,715 25,568 30,565 33,200 26,280 26,399 28,456 32,204 6,679 6,131 6,021 6,783 6,879 6,982 7,761 9,401 5,037 4,993 4,382 4,971 7,685 8,293 10,292 11,049 24,007 25,536 27,605 27,964 727 695 808 879 8,405 8,591 9,321 9,250 2,194 2,124 1,973 1,783 12,681 14,126 15,503 16,052 1970................................ 1971................................. 1972................................ 1973................................ 1974................................. 94,167 66,071 109,950 80,079 124,077 93,893 135,456 102,894 134,814 96,388 31,864 43,267 54,288 57,623 55,020 34,207 36,812 39,605 45,271 41,368 6,538 5,423 4,676 6,243 7,745 9,754 11,619 13,462 15,453 16,029 5,125 5,437 5,898 5,888 5,951 12,790 14,333 15,569 17,687 11,643 28,096 29,871 30,184 32,562 38,426 718 901 1,087 1,170 1,188 9,981 10,658 10,429 10,559 12,105 1,908 2,095 2,172 2,313 2,781 15,489 16,217 16,496 18,520 22,352 1974—M ay.................... June..................... July..................... Aug..................... Sept. r ................. O ct. r ................... N ov . r ................. D ec . r .................. 138,163 136,889 137,879 134,425 133,028 133,882 130,991 133,102 97,889 98,404 97,924 96,225 94,728 95,016 93,390 91,206 47,971 48,269 48,875 48,208 46,005 44,132 42,205 40,466 49,918 50,135 49,049 48,017 48,723 50,884 51 ,185 50,740 7,606 8,027 7,158 7,616 7,677 8,294 8,670 8,774 16,408 16,425 15,953 15,053 15,668 16,300 16,037 15,372 5,890 6,034 5,915 5,691 5,776 5,799 5,854 5,781 20,014 19,649 20,023 19,657 19,602 20,491 20,624 20,813 40,274 38,485 39,955 38,200 38,300 38,866 37,601 41,896 1,181 1,169 1,131 978 1,173 1 ,062 1,053 1,144 12,322 11,475 12,518 11,968 13,334 12,566 10,842 12,210 2,692 3,310 2,581 2,568 2,886 3,070 2,871 3,446 24,079 22,531 23,725 22,686 20,907 22,168 22,835 25,096 1975—Ja n .r ................... Feb . r .................. M ar.r ................. A pr . r .................. M ay*.................. 131,559 128,909 124,352 120,992 122,416 89,774 88,614 85,040 83,408 83,954 38,922 38,153 37,257 36,720 37,435 50,852 50,461 47,783 46,688 46,519 8,525 8,734 7,981 7,375 8,441 15,053 15,249 13,289 12,677 12,512 5,779 5,844 5,382 5,682 5,203 21,495 20,634 21,131 20,954 20,363 41 ,785 40,295 39,312 37,584 38,462 1 ,305 1 ,440 1 ,520 1,443 1,243 12,718 2,974 24,788 1966 1967 1968 1969 ............................... ................................ ................................ ............................... 76,002 77,503 86,626 93,728 1 Includes religious, educational, hospital, institutional, and other buildngs. 2 By type of ownership, State and local accounted for 86 per cent o f public construction expenditures in 1974. N ote.—Census Bureau data; monthly series at seasonally adjusted annual rates. PRIVATE HOUSING ACTIVITY (In thousands o f units) Starts Completions New 1-family homes sold and for sale 1 Under construction (end of period) Units Period Total 1family 2-o rm ore famiiy Total 1family 2-orm ore family Total 1family 2-ormore family M obile home ship ments Sold 1966............................................ 1967............................................ 1968............................................ 1969 r.......................................... 1,165 1,292 1,508 1,467 779 844 899 811 386 448 608 656 i ,320 1,399 859 807 461 591 885 350 1970............................................ 1971............................................ 1972'.......................................... 1973............................................ 1974r.......................................... 1,434 2,052 2,357 2,045 1,337 813 1,151 1,309 1,132 888 621 901 1,047 913 450 1,418 1,706 1,971 2,014 1,692 802 1,014 1,143 1,174 931 617 692 828 840 760 922 1,254 1,586 1,599 1,193 381 505 640 583 518 1974—M ay............................... Ju n e r ............................. Ju ly r .............................. A ug.r ............................. S e p t.r............................ Oct.................................. N ov................................ D ec................................. 1,467 1,533 1,314 1,156 1,157 1,106 1,017 880 925 1,000 920 826 845 792 802 682 542 534 394 329 313 314 215 198 1,660 1,805 1,655 1,592 1,562 1,627 1,657 1,606 889 1,053 934 919 899 908 893 852 771 752 721 674 663 719 763 754 1,512 1,480 1,443 1,406 1,372 1,322 1,255 1,229 1975—J a n .r .............................. F e b .' .............................. M a r.r ............................. A pr................................. M ay*............................. 999 1,000 985 986 1,126 739 733 775 770 886 260 267 210 216 240 1,535 1,320 1,292 1,173 964 770 721 724 571 550 571 449 1,176 1,156 1,111 1,086 1 M erchant builders only. N ote.—All series except prices, seasonally adjusted. Annual rates for starts, completions, mobile home shipments, and sales. Census data except Median prices (in thousands o f dollars) o f units For sale (end of per iod) Sold F or sale 536 217 240 318 413 461 487 490 448 196 190 218 228 21.4 22.7 24.7 25.6 22.8 23.6 24.6 27.0 541 749 947 1,016 676 401 497 576 567 371 485 656 718 620 501 227 294 416 456 407 23.4 25.2 27.6 32.5 35.9 26.2 25.9 28.3 32.9 36.2 594 581 578 570 565 553 541 545 918 899 864 836 807 769 714 684 407 398 340 316 252 217 195 195 569 524 509 466 495 433 435 382 444 436 430 425 414 409 404 400 35.7 35.1 36.8 35.7 36.2 37.2 37.3 37.4 34.7 35.0 35.3 35.5 35.7 35.9 36.0 36.2 522 522 519 516 654 634 592 570 185 219 199 194 404 412 464 580 404 409 395 386 37.2 38.0 38.7 39.5 36.4 36.6 36.5 36.7 for mobile homes, which are private, domestic shipments as reported by the Mobile Home M anufacturers’ Assn. and seasonally adjusted by Census Bureau. D ata for units under construction seasonally adjusted by Federal Reserve. A 52 EMPLOYMENT o JULY 1975 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands o f persons, except as noted) Civilian labor force (S.A.) Total noninstitutional population (N.S.A.) Period N ot in labor force (N.S.A.) Total labor force (S.A.) Unem ployed Unemploy ment rate2 (per cent; S.A.) Em ployed1 Total Total In nonagricultural industries In agriculture 1969............................. 1970............................. 1971............................. 1972............................. 1973............................. 1974............................. 137,841 140,182 142,596 145,775 148,263 150,827 53,602 54,280 55,666 56,785 57,222 57,587 84,240 85,903 86,929 88,991 91,040 93,240 80,734 82,715 84,113 86,542 88,714 91,011 77,902 78,627 79,120 81,702 84,409 85,936 74,296 75,165 75,732 78,230 80,957 82,443 3,606 3,462 3,387 3,472 3,452 3,492 2,832 4,088 4,993 4,840 4,304 5,076 3.5 4.9 5 .9 5 .6 4.9 5 .6 1974—June................. July.................. Aug.................. Sept................. Oct................... N ov................. Dec.................. 150,710 150,922 151,135 151,367 151,593 151,812 152,020 55,952 55,426 56,456 57,706 57,489 57,991 58,482 93,069 93,503 93,419 93,922 94,058 93,921 94,015 90,857 91,283 91,199 91,705 91,844 91,708 91,803 86,088 86,403 86,274 86,402 86,304 85,689 85,202 82,755 82,970 82,823 82,913 82,864 82,314 81,863 3,333 3,433 3,451 3,489 3,440 3,375 3,339 4,769 4,880 4,925 5,303 5,540 6,019 6,601 5 .2 5.3 5 .4 5.8 6 .0 6.6 7.2 1975—Jan................... Feb.................. M ar................. A pr.................. M ay................ June................ 152,230 152,445 152,646 152,840 153,051 153,278 58,888 59,333 59,053 59,276 59,101 57,087 94,284 93,709 94,027 94,457 95,121 94,518 92,091 91,511 91,829 92,262 92,940 92,340 84,562 84,027 83,849 84,086 84,402 84,444 81,179 80,701 80,584 80,848 80,890 81,140 3,383 3,326 3,265 3,238 3,512 3,304 7,529 7,484 7,980 8,176 8,538 7,896 8.2 8 .2 8.7 8.9 9 .2 8.6 1 Includes self-employed, unpaid family, and domestic service workers. 2 per cent o f civilian labor force. N o te .—Bureau o f Labor Statistics. Inform ation relating to persons 16 years o f age and over is obtained on a sample basis. M onthly data relate to the calendar week that contains the 12th day; annual data are averages o f m onthly figures. D escription o f changes in series beginning 1967 is available from Bureau o f Labor Statistics. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands o f persons) Contract construc tion Period Total Manufac turing 1969............................................................... 70,442 70,920 71,216 73,711 76,833 78,334 20,167 19,349 18,572 19,090 20,054 20,016 619 623 603 622 638 672 3,525 3,536 3,639 3,831 4,028 3,985 D ec................................................... 78,421 78,479 78,661 78,844 78,865 78,404 77,690 20,184 20,169 20,112 20,112 19,982 19,633 19,146 669 675 676 682 692 693 662 1975—Jan.................................................... Feb................................................... M ar................................................... A pr................................................... M ay*................................................ June*................................................ 77,227 76,708 76,368 76,349 76,439 76,464 18,718 18,297 18,146 18,090 18,113 18,099 1974—June.................................................. Ju ly .................................................. Aug................................................... Sept................................................... Oct.................................................... N ov................................................... Dec................................................... 79,287 78,322 78,561 79,097 79,429 79,125 78,441 1975—Jan.................................................... Feb................................................... M ar................................................... A pr................................................... M ay*................................................ June*................................................ 76,185 75,753 75,755 76,134 76,654 77,291 1972............................................................... 1973............................................................... 1974............................................................... Transporta tion and public utilities Trade Finance Service Govern ment 4,435 4,504 4,457 4,517 4,646 4,699 14,704 15,040 15,352 15,975 16,665 17,011 3,562 3,687 3,802 3,943 4,075 4,173 11,228 11,621 11,903 12,392 12,986 13,506 12,202 12,561 12,887 13,340 13,742 14,285 3,994 3,920 3,965 3,939 3,911 3,861 3,798 4,698 4,693 4,701 4,679 4,699 4,697 4,668 17,031 17,107 17,140 17,166 17,160 17,048 16,912 4,156 4,157 4,168 4,176 4,185 4,183 4,182 13,488 13,516 13,573 13,647 13,705 13,721 13,734 14,201 14,242 14,326 14,443 14,531 14,568 14,588 700 702 706 703 709 713 3,789 3,596 3,486 3,475 3,469 3,417 4,607 4,561 4,512 4,511 4,497 4,495 16,863 16,832 16,799 16,794 16,813 16,858 4,173 4,164 4,157 4,163 4,160 4,164 13,747 13,771 13,754 13,754 13,775 13,798 14,630 14,785 14,808 14,859 14,903 14,920 20,345 20,066 20,288 20,350 20,142 19,763 19,175 684 688 690 688 693 693 657 4,190 4,187 4,286 4,191 4,150 3,981 3,722 4,759 4,740 4,734 4,721 4,718 4,702 4,663 17,108 17,064 17,058 17,153 17,225 17,342 17,591 4,202 4,219 4,222 4,180 4,172 4,309 4,161 13,677 13,665 13,668 13,647 13,719 13,707 13,665 14,322 13,693 13,615 14,167 14,610 14,771 14,807 18,538 18,132 18,005 17,967 18,035 18,244 689 687 691 697 710 729 3,372 3,229 3,218 3,333 3,462 3,584 4,552 4,497 4,476 4,479 4,497 4,553 16,687 16,475 16,509 16,664 16,784 16,934 4,131 4,127 4,132 4,146 4,160 4,210 13,513 13,606 13,658 13,768 13,885 13,991 14,703 15,000 15,066 15,080 15,121 15,046 Mining SEASONALLY ADJUSTED 1974— June.................................................. Ju ly ................................................... Aug................................................... Sept................................................... O ct.................................................... NOT SEASONALLY ADJUSTED N ote.—Bureau o f Labor Statistics; data include all full- and parttime employees who worked during, or received pay for, the pay period that includes the 12th o f the m onth. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members o f Armed Forces are excluded. Beginning with 1968, series has been adjusted to M ar. 1973 bench mark. JULY 1975 □ PRICES A 53 CONSUMER PRICES (1967 = 100) Housing Period All items Food Total Rent Health and recreation Homeownership Fuel oil and coal Gas and elec tricity 86.3 92.7 40.5 48.0 89.2 94.6 81.4 79.6 98.6 99.4 1929............................ 1933............................ 1941............................ 1945............................ 1960............................ 1965............................ 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 1966............................ 1967............................ 1968............................ 1969............................ 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 9 7.0 100.0 103.1 105.6 1970............................ 1971............................ 1972............................ 1973............................ 1974............................ 116.3 121.3 125.3 133.1 147.7 114.9 118.4 123.5 141.4 161.7 118.9 124.3 129.2 135.0 150.6 110.1 115.2 119.2 124.3 130.2 128.5 133.7 140.1 146.7 1974—M ay ............... Ju n e ............... July................. Aug................ Sept................ Oct.................. N ov................ D ec...............: 145.5 146.9 148.0 149.9 151.7 153.0 154.3 155.4 159.7 160.3 160.5 162.8 165.0 166.1 167.8 169.7 147.6 149.2 150.9 152.8 154.9 156.7 158.3 159.9 129.3 129.8 130.3 130.9 131.4 132.2 132.8 133.5 1975—Jan.................. Feb................. M ar................ A pr................. M ay ............... 156.1 157.2 157.8 158.6 159.3 170.9 171.6 171.3 171 .2 171.8 161 .2 162.7 163.6 164.7 165.3 76.0 54.1 57.2 58.8 91.7 96.9 F ur Apparel Trans nish and porta ings upkeep tion and opera tion Total M ed ical care Per sonal care Read ing and recrea tion Other goods and serv ices 37.0 42^1 47.7 62.4 87^3 95.9 49.2 56*9 87‘.8 94.2 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 7 9 \l 89.5 41.2 55*. 1 90‘.1 95.2 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 97.2 100.0 104.6 109.1 163.2 110.1 117.5 118.5 136.0 214.6 107.3 114.7 120.5 126.4 145.8 113.4 118.1 121.0 124.9 140.5 116.1 119.8 122.3 126.8 136.2 112.7 118.6 119.9 123.8 137.7 116.2 122.2 126.1 130.2 140.3 120.6 128.4 132.5 137.7 150.5 113.2 116.8 119.8 125.2 137.3 113.4 119.3 122.8 125.9 133.8 116.0 120.9 125.5 129.0 137.2 159.4 161.2 163.2 165.4 167.9 170.1 171.7 174.0 211.0 214.2 218.5 220.9 222.7 225.5 229.2 228.8 143.9 144.5 146.2 148.5 150.2 151.5 154.0 156.7 137.0 139.2 141.4 143.9 146.6 149.0 151.0 152.3 135.0 135.7 135.3 138.1 139.9 141.1 142.4 141.9 136.3 138.8 140.6 141.3 142.2 142.9 143.4 143.5 137.7 139.4 141.0 142.6 144.0 145.2 146.3 147.5 147.2 149.4 151.4 153.7 155.2 156.3 157.5 159.0 134.9 136.5 137.8 139.3 141.2 143.0 144.2 145.3 132.0 133.5 134.6 135.2 137.0 137.8 138.8 139.8 134.4 135.8 137.7 139.4 140.4 141.4 142.7 143.9 134.0 175.6 135.1 177.3 135.5 178.2 135.9 179.4 136.4 180.1 228.9 229.5 228.3 229.0 230.2 160.2 162.7 164.0 166.3 167.3 153.2 154.7 155.6 156.8 157.4 139.4 140.2 140.9 141 .3 141 .8 143.2 143.5 144.8 146.2 147.4 148.9 150.2 151.1 152.1 152.6 161.0 163.0 164.6 165.8 166.8 146.5 147.8 148.9 149.5 149.9 141.0 141.8 142.0 143.5 143.8 144.8 145.9 146.5 146.8 147.1 N ote.—Bureau o f Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1967 = 100, except as noted) Industrial commodities Period I9 6 0 ................................ 1965................................ Pro All Farm cessed com prod foods modi ucts and ties feeds Total Tex tiles, etc. R ub Hides, Fuel, Chem icals, ber, etc. etc. etc. etc. 95.3 96.4 99.5 99.8 90.8 94.3 94.9 96.6 97.2 98.7 89.5 95.5 96.1 95.5 101.8 103.1 9 9.0 95.9 Lum Paper, M et ber, als, etc. etc. etc. M a chin F u rn i ery ture, and equip etc. ment N on Trans m e porta Mis tallic tion cella min equip neous erals m ent1 95.3 95.9 92.0 93.9 97.2 97.5 98.1 96.2 92.4 96.4 99.0 96.9 93.0 95.9 1966................................ 99.8 105.9 1967................................ 100.0 100.0 1968................................ 102.5 102.5 1969................................ 106.5 109.1 101.2 98.5 100.1 103.4 97.8 99.4 97.8 100.2 98.8 98.8 96.8 98.0 98.4 97.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 102.2 102.2 102.5 103.7 103.2 98.9 99.8 103.4 113.3 101.1 102.6 103.2 102.8 103.7 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 100.8 105.2 1970................................ 1971................................ 1972................................ 1973................................ 1974................................ 110.4 113.9 119.1 134.7 160.1 112.0 114.3 120.8 148.1 170.9 110.0 114.0 117.9 125.9 153.8 107.2 108.6 113.6 123.8 139.1 110.1 114.0 131.3 143.1 145.1 105.9 114.2 118.6 134.3 208.3 102.2 104.2 104.2 110.0 146.8 108.6 109.2 109.3 112.4 136.2 113.7 127.0 144.3 177.2 183.6 108.2 110.1 113.4 122.1 151.7 1974—Ju n e ................... July..................... Aug.................... Sept.................... Oct...................... Nov.................... Dec..................... 155.7 168.6 157.4 161.7 180.8 167.6 167.4 189.2 179.7 167.2 182.7 176.8 170.2 187.5 183.5 171.9 187.8 189.7 171.5 183.7 188.2 153.6 157.8 161.6 162.9 164.8 165.8 166.1 141.7 142.1 142.3 142.1 140.5 139.8 138.4 146.0 146.6 146.2 148.1 145.2 144.5 143.2 210.5 221.7 226.0 225.0 228.5 227.4 229.0 142.8 148.4 158.5 161.7 168.5 172.9 174.0 135.6 139.5 143.4 145.6 147.5 148.5 149.4 192.2 188.6 183.7 180.4 169.4 165.8 165.4 147.5 174.0 137.2 126.1 152.3 122.8 134.3 153.3 180.3 140.3 128.2 156.4 125.1 135.2 162.9 185.6 144.3 129.8 157.6 126.7 135.4 164.2 187.1 146.8 132.8 159.8 127.7 136.3 166.0 186.9 150.0 135.5 162.2 134.2 137.1 166.9 186.7 152.7 136.9 163.4 135.1 140.7 167.2 184.6 154.0 137.7 164.3 137.0 142.4 1975—Jan ...................... Feb..................... M ar.................... A pr..................... M ay ................... J u n e ................... 171.8 171.3 170.4 172.1 173.2 173.7 186.4 182.6 177.3 179.4 179.0 179.7 167.5 168.4 168.9 169.7 170.3 170.7 137.5 136.5 134.3 134.4 135.2 135.9 142.1 141.7 143.2 147.5 147.7 148.7 232.2 232.3 233.0 236.5 238.8 243.0 176.0 178.1 181.8 182.4 182.1 181.2 149.6 150.0 149.7 149.4 148.9 148.6 164.7 169.3 169.6 174.9 183.0 181.0 169.8 169.8 170.0 169.7 169.8 169.8 i Dec. 1968=100. 111.0 112.9 125.0 176.3 187.7 179.7 174.6 171.1 177.7 184.5 186.2 116.7 119.0 123.5 132.8 171.9 111.4 115.5 117.9 121.7 139.4 107.5 113.3 104.5 109.9 122.4 110.3 111.4 126.1 113.8 115.2 130.2 115.1 127.9 153.2 125.5 185.5 156.6 138.8 168.5 186.3 157.7 139.1 170.3 186.1 158.8 138.5 170.8 185.7 159.7 138.5 173.0 185.1 160.4 138.6 173.1 184.5 161.0 139.0 173.3 109.9 112.8 114.6 119.7 133.1 137.1 145.5 138.2 146.4 139.5 146.8 139.9 147.3 139.9 147.5 140.1 147.5 A 54 NATIONAL PRODUCT AND INCOME □ JULY 1975 GROSS NATIONAL PRODUCT (In billions of dollars) Item 1929 1933 1941 1950 1970 1971 1972 1973 1974 I 103.1 101.4 5 7 .2 Personal consumption expenditures................... 77.2 9.2 37.7 30.3 45.8 3.5 22.3 20.1 120.1 2 7 8 .0 1.4 17.9 54.1 136.3 1 4 .5 1 0 .6 3 .0 2 .4 4 7 .3 2 7 .9 1 3 1 .7 1 0 0 .6 1 4 7 .4 1 0 4 .6 1 7 0 .8 1 1 6 .8 1 9 4 .0 1 3 6 .8 1 9 3 .6 1 4 5 .2 5.0 5.6 4 .0 3.8 1.7 1.8 .9 1.5 .6 .5 -1 .6 -1 .4 6.6 3.9 3.7 4.5 4 .0 9.2 18.7 19.4 18.6 6.8 6.0 1 9 5 .2 1 4 9 .2 Structures.................................................. Producers’ durable equipment.............. 1 3 .4 9 .5 2 .9 36.1 64.4 31.2 30.7 4.5 4.3 37.9 66.6 42.8 42.3 6.3 4.9 41.1 75.7 54.0 53.4 8.5 7.8 47.0 89.8 57.2 56.7 15.4 11.4 52.0 97. 1 46.0 45.2 14.2 11.9 51.3 93.9 48.4 47.8 16.9 13.1 Im ports............................................................... 1.1 7 .0 5.9 .4 2 .4 2 .0 1.3 5.9 4 .6 1.8 13.8 12.0 3.6 62.9 59.3 -.2 65.4 65.6 -6 .0 72.4 78.4 3.9 100.4 96.4 2.1 140.2 138.1 Government purchases of goods and services.. 8 .5 8.0 24.8 1 .3 2 .0 1 6 .9 Gross national product in constant (1958) dollars................................................................. 7.2 IV I 9 7 2 .6 1,048.6 1,149.5 1,279.6 1,883.2 1.341.9 1,370.3 1,407.6 1,413.1 1,435.8 16.2 National defense.......................................... O ther.............................................................. State and local.................................................. III 80.6 191.0 617.6 667.1 729.0 805.2 876.7 840.6 869.1 901.3 895.8 913.2 9.6 30.5 91.3 103.9 118.4 130.3 127.5 123.9 129.5 136.1 120.7 124.9 42.9 98.1 263.8 278.4 299.7 338.0 380.2 364.4 375.8 389.0 391.7 398.8 62.4 262.6 284.8 310.9 336.9 369.0 352.4 363.8 376.2 383.5 389.5 28.1 Fixed investment ............................................... Nonresidential ................................................ N onfarm .................................................... Change in business inventories..................... II 55.6 124.5 284.8 977.1 1,054.9 1,158.0 1,294.9 1,397.4 1,358.8 1,383.8 1,416.3 1,430.9 1,416.6 Gross national product........................................ Final purchases ...................................................... Nondurable goods........................................... 1975 1974 6.0 13.8 3.1 7.9 153.7 179.3 209.4 209.4 210.5 211.8 205.8 209.4 1 9 8 .3 1 4 9 .4 52.2 97.2 48.8 48.0 13.5 10.4 11.3 - 1 . 5 131.2 138.5 119.9 140.0 1 97.1 1 5 0 .9 51.0 99.9 46.2 45.4 8.7 6.6 -3 .1 143.6 146.7 1 9 1 .6 1 5 1 .2 163.1 1 8 2 .2 1 4 6 .9 52.8 53.7 94 .2 97.5 40.4 35.3 34.8 39.7 17.8 - 1 9 . 2 17.5 - 1 7 . 8 1.9 147.5 145.7 8.8 142.2 133.4 37.9 219.5 234.2 255.7 276.4 309.2 296.3 304.4 312.3 323.8 331.6 1 8 .4 9 6 .2 9 7 .6 1 0 4 .9 1 0 6 .6 1 1 6 .9 1 1 1 .5 1 1 4 .3 1 1 7 .2 14.1 4.3 19.5 74.6 21.6 123.3 71.2 26.5 136.6 74.8 30.1 150.8 74.4 32.2 169.8 78.7 38.2 192.3 75.8 35.7 184.8 76.6 37.7 190.1 1 2 4 .5 78.4 38.8 195.1 84.0 84.7 40 6 4 1 8 199! 3 205 !l 1 2 6 .5 203.6 141.5 263.7 355.3 | 722.5 746.3 j 792.5 839.2 821.2 830.5 827.1 823.1 804.0 780.0 N ote.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For back data and explanation of series, see the Survey o f Current Business (generally the July issue) and the Aug. 1966 Supplement to the Survey. NATIONAL INCOME (In billions of dollars) Item 1929 1933 1941 1950 1970 1971 1972 1974 1973 1975 1974 I II III IV I 86.8 40.3 104.2 241.1 800.5 857.7 946.5 1,065.6 1,142.5 1,118.8 1,130.2 1,155.5 1,165.4 1,150.7 Compensation of employees................................ 51.1 29.5 64.8 154.6 603.9 643.1 707.1 786.0 855.8 828.8 848.3 868.2 877.7 875.6 W ages and salaries ........................................... 5 0 .4 2 9 .0 2 3 .9 6 2 .1 146.8 .3 4.9 51.9 1.9 8.3 124.4 426.9 449.5 491.4 545.1 592.4 573.8 19.6 19.4 20.5 20.6 21.2 5.0 21.0 17.4 95.5 104.7 114.8 126.0 137.1 132.8 .7 .5 2 .7 7 .8 6 1 .9 6 9 .5 8 0 .3 9 4 .4 1 05.1 1 0 1 .2 1 0 3 .7 1 0 6 .7 1 0 8 .6 1 1 0 .5 .1 .6 .1 .4 2 .0 .7 4.0 3.8 29.7 32.2 33.1 36.4 38.6 41.7 48.4 46.0 5 3 .6 52 .3 51.4 48.9 53.2 50.5 54.5 52.3 54.6 54.0 55.2 55.3 Proprietors’ income.............................................. Business and professional.............................. F a rm ................................................................... 15.1 9 .0 6 .2 5.9 3.3 2 .6 17.5 11.1 6.4 37.5 24.0 13.5 66.9 50.0 16.9 69.2 52.0 17.2 75.9 54.9 21.0 96.1 57.6 38.5 93.0 61.2 31.8 98.4 59.3 39.1 89.9 60.7 29.1 92.1 62.3 29.8 91.6 62.5 29.1 84.9 62.7 22.2 Rental income of persons.................................... 5.4 2.0 3.5 9.4 23.9 25.2 25.9 26.1 26.5 26.4 26.3 26.6 26.8 27.0 10.5 - 1 .2 15.2 37.7 69.2 78.7 92.2 105.1 105.6 107.7 105.6 105.8 103.4 94.3 1 0 .0 1 .0 1 7 .7 4 2 .6 74 .0 8 3 .6 9 9 .2 1 4 0 .7 1 3 9 .0 1 5 7 .0 1 0 1 .2 Private............................................................ M ilitary.......................................................... Government civilian.................................... 45.5 .3 4 .6 Supplements to wages and salaries ................ Employer contributions for social in surance ....................................................... Corporate profits and inventory valuation 1.4 5 4 2 .0 6 2 6 .8 6 9 1 .6 1 2 2.7 7 5 0 .7 727.6 1 3 5 .4 7 4 4 .6 76 1 .5 .5 7.6 17.8 37.5 41.5 49.8 55.7 52.2 55.9 62.7 8 .6 .4 10.1 2 4 .9 3 9 .3 46.1 5 7 .7 8 3 .2 2 .0 -1 .6 4.4 5.7 8.8 16.0 24.7 14.6 25.0 21.1 27.3 30.3 7 2 .9 2 9 .6 8 5 .0 5.8 2.8 32.7 52.4 31.6 51.6 8 3 .1 3 2 .5 9 4 .3 3 3 .2 50.5 61.1 Inventory valuation adjustm ent................... .5 -2 .1 - 2 .5 -5 .0 -4 .8 -4 .9 Net interest............................................................ 4.7 4.1 3.2 2.0 36.5 41.6 N ote.—D ept, o f Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also N ote to table above. 43.3 7 6 9.2 588.3 602.5 605.1 20.9 20.8 22.0 135.4 138.2 142.1 Dividends.................................................. Undistributed profits.............................. Profits after ta x ............................................ 34.8 5 7 3.6 1 3 1.5 765.1 591A 22.0 145.7 52.0 39.0 7 9 .5 6 2 .3 33.3 46.2 33.8 28.5 - 7 . 0 - 1 7 . 6 - 3 5 .1 - 2 7 . 7 - 3 3 .4 - 5 1 . 2 - 2 8 .1 -7 .0 45.6 52.3 61.6 57.5 60.1 62.8 65.9 68.9 JU L Y 1975 □ N A T IO N A L PRODUCT AND IN C O M E A 55 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) Item 1929 1933 1941 1950 1970 1971 1972 1974 1973 1975 1974 I II III IV I 55.6 124.5 284.8 977.1 1.054.9 1,158.0 1,394.9 1,397.4 1,358.8 1,383.8 1,416.3 1,430.9 1,416.6 Gross national product........................................ 103.1 Less: Capital consumption allowances........... 7.9 7 .0 8.2 18.3 87.3 93.7 Indirect business tax and nontax lia bility......................................................... Business transfer paym ents..................... Statistical discrepancy.............................. 7 .0 .6 .7 7.1 .7 .6 11.3 .5 .4 23.3 .8 1.5 93.5 4.0 -6 .4 102.7 4.3 -2 .3 .1 .2 1.7 1.1 110.8 119.5 115.8 118.6 120.7 122.9 125.2 110.0 119.2 4.6 4.9 -3 .8 -5 .0 126.9 122.6 5.2 5.1 .4 - 6 . 3 125.9 5.2 .3 129.5 5.3 3.0 129.8 5.3 4.8 132.2 5.4 1.6 -2 .9 -3 .7 -2 .4 -2 .7 -1 .6 102.9 Plus: Subsidies less current surplus o f gov ernment enterprises............................... Equals: National income..................................... -.1 2.3 .6 -2 .7 104.2 241.1 800.5 857.7 946.5 1,065.6 1,142.5 1,118.8 1,130.2 1,155.5 1,165.4 1,150.7 86.8 40.3 ation adjustm ent.................................... Contributions for social insurance........ Excess o f wage accruals over disburse ments ....................................................... 10.5 .2 -1 .2 .3 15.2 2.8 37.7 6.9 69.2 57.7 .0 .6 .0 Plus: Government transfer paym ents............. .9 1.5 2 .6 14.3 75.1 89.0 98.6 N et interest paid by government and consum ers............................................... Dividends.................................................... Business transfer paym ents..................... 2 .5 5.8 .6 1.6 2 .0 .7 2 .2 4.4 .5 7.2 8.8 .8 31.0 24.7 4 .0 31.2 25.0 4.3 33.0 27.3 4.6 Equals: Personal income..................................... 85.9 47.0 L ess: Personal tax and nontax paym ents. . . . 2.6 1.5 Equals: Disposable personal income................. 83.3 45.5 92.7 206.9 691.7 746.4 802.5 903.7 979.7 950.6 966.5 993.1 1,008.8 1,015.5 L ess: Personal outlavs........................................ 79.1 77.2 1.5 46.5 45.8 .5 81.7 80.6 .9 .3 .2 .2 L ess: C orporate profits and inventory valu Personal consumption expenditures.. Consumer interest paym ents.............. Personal transfer payments to for eigners .................................................. Equals: Personal savipg...................................... Disposable personal income in constant (1958) dollars................................................................. 4 .2 -.9 78.7 63.8 92.2 73.0 105.1 91.2 105.6 107.7 101.5 99.1 - .1 105.6 100.8 .0 —.6 113.0 134.6 123.1 130.6 —.5 38.3 29.6 4.9 40.8 31.6 5.1 42.3 32.7 5.2 41.9 32.5 5.2 105.8 103.4 103.0 103.2 —1.5 94.3 104.6 .0 .0 138.7 145.8 158.7 42.7 33.2 5.3 43.6 33.3 5.3 43.7 33.8 5.4 96.0 227.6 808.3 864.0 944.9 1,055.0 1,150.5 1,112.5 1,134.6 1,168.2 1,186.9 1,193.4 3.3 11.0 20.7 116.6 117.6 142.4 151.3 170.8 161.9 168.2 175.1 178.1 193.9 635.5 685.9 749.9 829.4 902.7 866.2 894.9 927.6 922.3 191.0 617.6 667.1 729.0 805.2 876.7 840.6 869.1 901.3 895.8 19.8 22.9 25.0 24.4 24.8 2 .4 16.8 25.3 25.5 17.7 .5 1.0 13.1 56.2 1.1 60.5 1.1 1.3 1.0 1.2 52.6 74.4 77.0 84.4 178.0 939.5 913.2 25.4 1.0 .9 .9 .9 71.5 65.5 86.5 75.9 150.6 112.2 190.3 249.6 534.8 555.4 580.5 619.6 602.8 610.3 603.5 602.9 594.8 591.0 N ote.—Dept, o f Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also N ote to table at top o f opposite page. PERSONAL INCOME (In billions of dollars) Item 1974 1973 1975 1974 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. M ar. Apr. May* Total personal income............... 1,055.0 1,150.5 1,135.2 1,143.5 1,159.5 1,167.2 1,178.0 1,185.0 1,184.5 1,191.0 1,191.1 1,193.4 1,195.7 1,202.6 1,211.9 Wage and salary disbursements. Commodity-producing in dustries ............................ M anufacturing o n ly ........... D istributive industries. . .. Service industries................... G overnm ent............................ O ther labor incom e................... Proprietors’ incom e................... Business and professional... F a rm ......................................... 691.7 751.2 745.3 753.2 759.7 761.6 767.7 773.0 767.8 766.6 765.7 763.6 766.0 768.0 772.5 251.9 270.9 270.0 272.6 273.3 276.5 278.3 272.3 269.3 266.4 260.7 260.5 1 9 6 .6 2 1 1 .3 210.1 2 1 2 .5 2 1 4 .0 2 1 9 .4 2 1 4 .2 2 0 9 .7 2 0 6 .4 2 0 2 .9 2 0 3 .1 261.2 261.5 2 1 5 .5 2H . 8 279.5 2 0 3 .8 180.8 143.5 162.1 180.7 144.9 159.5 183.1 146.4 159.9 183.8 146.9 162.8 183.9 147.4 164.2 183.8 148.3 165.2 183.2 149.8 166.2 184.0 151.2 167.6 183.8 152.6 169.2 184.3 152.4 170.3 165.1 178.9 177.8 179.1 128.2 142.6 141.1 142.6 146.6 158.8 156.3 158.9 2 0 4 .0 186.2 153.5 171.3 46.0 51.4 50.5 51.1 51.7 52.3 52.9 53.5 54.0 54.5 54.9 55.3 55.7 56.2 56.7 96.1 57.6 38.5 93.0 61.2 31.8 89.9 60.8 29.1 86.9 61.2 25.7 90.0 61.9 28.1 93.1 62.5 30.6 93.2 62.5 30.7 91.7 62.5 29.2 91.6 62.5 29.1 91.5 62.5 29.0 88.7 62.7 26.0 85.0 62.8 22.2 80.9 62.5 18.4 83.1 63.0 20.1 85.1 63.3 21.8 27.1 Rental incom e............................. 26.1 26.5 26.7 26.7 26.6 26.6 26.6 26.7 26.8 26.9 27.0 27.0 27.0 27.1 D ividends..................................... 29.6 32.7 32.5 33.0 33.1 33.2 33.4 33.5 33.6 32.7 33.9 33.8 33.7 33.9 34.0 Personal interest incom e........... 90.6 103.8 102.0 103.5 104.4 105.3 106.9 108.0 109.5 111.1 111.9 112.5 113.3 114.8 116.5 Transfer paym ents..................... 117.8 139.8 135.8 137.0 142.5 143.6 146.0 147.6 149.8 156.1 158.6 165.5 168.3 168.9 169.6 48.5 48.4 48.6 48.9 48.5 48.4 49.5 49.2 49.3 49.4 49.6 L ess: Personal contributions for social insurance........ 42.8 47.9 47.6 47.9 Nonagricultural income............. 1,008.0 1,109.0 1,096.6 1,106.8 1,121.7 1,126.8 1,137.4 1,145.7 1,145.2 1,151.4 1,154.3 1,160.1 1,166.2 1,171.1 1,178.5 39.3 39.5 39.3 Agricultural income.................... 47.0 41.5 38.6 36.8 40.6 29.6 36.8 33.3 31.5 33.4 37.1 40.4 N ote.—D ept, o f Commerce estimates. Monthly data are seasonally adjusted totals at annual rates. See also N ote to table at top o f opposite page. A 56 FLOW OF FUNDS □ JULY 1975 SUMMARY OF FUNDS RAISED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions o f dollars) 1974 Transaction category, or sector 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 HI H2 Credit market funds raised by nonfinancial sectors 1 Total funds raised by nonfinancial sectors................... 2 E x c lu d in g e q u i t i e s .................................................... 69.9 69.6 67.9 66.9 82.4 80.0 96.0 96.0 91.8 87.9 3 4 5 U.S. G overnm ent............................................................ Public debt securities.................................................. Agency issues and m ortgages................................... 1.8 1 .3 .5 3.6 2.3 1 .3 13.0 8.9 4.1 13.4 10.4 3.1 -3 .7 - 1 .3 -2 .4 6 7 8 Corporate equities....................................................... D ebt instrum ents .......................................................... 68.1 .3 64.3 1.0 69.4 2.4 82.6 * 95.5 3.9 6 7 .9 6 3 .3 6 7 .0 8 2 .6 9 1 .6 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Corporate equities.................................................. D ebt instruments ...................................................... Debt capital instrum ents................................... State and local obligations........................... Corporate b o n d s............................................. Home m ortgages ............................................. M ultifam ily residential m o rtg a g e s ............... Commercial m o rtg a g e s .................................. Farm m ortgages ............................................... Other debt instrum ents...................................... Consumer cred it............................................. Bank loans n.e.c.............................................. Open-market p a p er........................................ O th e r................................................................. P r iv a te d o m e s t i c N o n f in a n c ia l s e c t o r s .......................................... 24 25 26 27 28 29 By borrowing sec to r:............................................. 30 31 32 33 34 35 36 37 F o r e i g n ....................................................................... 38 39 H ouseholds........................................................... F a rm ...................................................................... Nonfarm noncorporate...................................... C orporate............................................................. Corporate equities.................................................. D ebt instruments ...................................................... B onds.................................................................... Bank loans n.e.c.................................................. Open-market p a p er............................................ U.S. Government lo an s.................................... M emo: U.S. Govt, cash balance................................. Totals net of changes in U.S. Govt, cash balances— Total funds raised ........................................................... By U.S. G overnm ent.................................................. 98.2 147.4 169.4 187.4 179.6 187.3 172.0 92.4 135.9 158.9 180.1 175.8 181.9 169.7 1 2 12.8 12.9 -.1 18.9 20.2 - 1 .3 3 4 5 85.4 121.9 152.1 5.8 11 .5 10.5 177.6 167.6 182.2 153.1 7.2 3.9 5 .4 2.3 7 9 .7 1 7 0 .4 6 7 8 25.5 26.0 —.5 1 1 0 .4 17.3 13.9 3.4 1 4 1 .6 9.7 7.7 2 .0 12.0 12.0 * 1 6 3 .8 5.1 3.9 1 .2 1 7 6 .8 1 5 0 .8 65.4 * 62.7 1 .3 65.4 2 .4 79.7 -.2 91.8 3.4 82.7 117.3 147.8 170.1 5.7 11 .4 10.9 7 .4 152.2 162.3 142.2 4.1 5.6 2.6 6 5 .4 6 1 .5 6 3 .0 8 8 .4 7 7 .0 1 05.8 1 3 6 .9 1 6 2 .7 38.2 5.6 10.2 44.5 7.8 14.7 7 9 .9 49.5 9.5 12.9 49.6 9.9 12.0 56.7 11.2 19.8 83.2 17.6 18.8 93.8 14.4 12.2 96.1 13.7 9 .2 148.1 9 2 .9 1 5 .4 3 .6 4 .4 2 .2 1 1 .7 3 .1 5 .7 1 .8 1 1 .5 3 .6 4 .7 2 .3 15.1 3 .4 6 .4 2. ? 1 5 .7 4 .7 5 .3 1 .9 1 2 .8 5 .8 5 .3 1 .8 27.1 9.6 13.6 -.3 4.1 3 9 .6 1 0 .3 1 4 .8 2 .6 4 3 .3 8 .4 1 7 .0 4 .4 23.3 6.4 10.9 1.1 5.0 18.5 4.5 9.8 1 .7 2.6 30.4 10.0 13.6 1 .8 5.0 38.8 10.4 15.5 3.0 9.9 20.3 6.0 6.7 3.0 4.6 2 6 .1 8 .8 1 0 .0 2 .0 2 2 .6 11 .2 7.8 - 1 .2 4.8 43.0 19.2 18.9 -.5 5.5 66.6 22.9 35.8 - .4 8.3 65.4 7.7 28.3 3.3 5.7 20.4 62.7 6.3 22.7 3.1 5.4 25.3 65.4 7.9 19.3 3.6 5 .0 29.6 79.7 9.8 30.0 2.8 5.6 31 .6 91 .8 10.7 31 .7 3.2 7.4 38.9 82.7 11 .3 23.4 3.2 5.3 39.5 117.3 17.8 39.8 4.1 8.7 46.8 147.8 14.2 63.1 4 .9 10.4 55.3 170.1 12.3 72.8 8.6 9.3 67.1 2.7 .3 1.5 -.3 4.0 .1 2.8 .2 3.7 .5 2.7 .1 4.6 * 4.3 -.4 2 .7 .9 4 .6 .9 4 .7 7.5 - .2 7.7 1 .0 2.8 2.2 1.7 - 1 .7 38.4 7.3 5 .4 2 .4 1 .8 4 .0 2 .7 3 .2 .5 .5 -.1 1 .5 - 1 .0 .7 -.2 - .1 1.3 -.4 1 .2 -.3 .5 . 2.6 1 .2 1.1 -.5 -.2 2.2 - 1 .1 1 .0 -.2 .3 2.1 .4 -.3 .8 1.3 2.8 1 .6 .3 1 .8 3.2 70.9 2.8 68.3 4.0 81 .3 11.8 97.1 14.6 91 .4 - 4 .1 95.5 10.0 144.2 22.3 18.3 18.1 86.1 16.5 21 .3 3 1 .6 7 .8 1 1 .5 4 .9 3 5 .8 7 .3 1 5 .7 4 .5 2 7 .4 8 .3 7 .3 5 .4 55.2 9.6 27.1 6.4 12.1 57.1 12.7 32.6 5.2 6.6 53.5 6 .6 21 .6 7.7 17.6 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 152.2 162.3 142.2 16.6 16.4 16.7 43.5 47.4 39.5 7.8 7.7 7.9 7.3 7.2 7 .4 77.1 83.6 70.7 24 25 26 27 28 29 17.4 19.7 1 5 6 .7 9 9 .6 1 3 9 .6 15.4 -.2 19.9 -.2 10.9 -.3 1 5 .7 2 0 .1 1 1 .2 2.2: 2.1 4.8 9.6 7 .0 6.9 1 .7 1.5 -4 .6 - 2 .0 2.3 -.1 7.2 1 .8 - 7 .1 30 31 32 33 34 35 36 37 169.7 189.0 184.2 189.3 17.6 11 .4 16.6 7.1 179.1 26.0 38 39 35.5 1 .0 2.9 - 1 .0 1 .8 -.3 Credit m arket funds raised by financial sectors 1 2 3 4 5 6 7 8 9 10 11 12 Sponsored credit agencies.......................................... U.S. Government securities................................. Loans from U.S. G overnm ent............................. Private financial sectors............................................. Corporate equities.................................................. D ebt instruments ...................................................... Corporate bo n d s................................................. Mortgages............................................................. Bank loans n.e.c.................................................. Open-market paper and R P ’s .......................... Loans from FH LB’s .......................................... 13 14 15 16 17 18 19 20 21 22 23 Private financial sectors............................................. Commercial banks.................................................. Bank affiliates.. . . ............... Foreign banking agencies...................................... Savings and loan associations............................. Other insurance com panies.................................. Finance com panies................................................. R E IT S....................................................................... 32.4 .8 38.2 22.1 21 .4 .7 16.1 2 .0 24.1 .5 3 1 .6 14.1 2 3 .6 4 .6 7.0 1 .7 6.8 4.9 * 2.3 - 1 .2 13.5 9.8 7 .2 1 .4 -1 .3 7.2 .1 6.7 2 .0 .1 8.9 5.8 6.8 .8 -2 .8 5 .6 -5 .5 6.5 1 2 3 4 5 6 7 8 9 10 11 12 28.9 6 .2 22.8 4.0 .7 .8 2 .0 .5 9.3 6.1 -.7 52.0 19.6 32.4 4.5 2.2 5.1 6 .0 .5 9 .4 6.3 - 1 .6 38.2 22.1 16.1 -1 .9 2 .4 2.9 6.3 .4 3.9 1.2 1.0 40.8 16.8 24.1 2.6 4.1 2.7 8.6 .4 3.6 2.8 -.8 35.5 27.4 8.1 -6 .4 .7 3.1 4 .0 .3 4.1 - .5 2 .8 13 14 15 16 17 18 19 20 21 22 23 84.4 114.3 125.5 110.8 163.9 198.3 239.4 217.8 228.1 207.5 1.0 3.0 4.8 2.6 5.8 1.1 - . 7 - 1 .6 -.8 2 .8 .6 5.2 7.7 13.6 13.6 9 .6 2.5 4.9 6.7 3.1 1 2 3 4 5 6 7 8 9 10 11 12 13.3 2.1 1 .9 .2 11 .2 3.2 11.7 4.8 5.1 -.2 6.9 3.7 2 .0 -.6 -.6 -.1 2.6 3.0 18.3 3.5 3.2 .2 14.9 6.4 33.7 8.8 9.1 -.3 24.9 6.1 12.6 8.2 8.2 16.5 3.8 3.8 4.3 4.6 12.7 3.3 22.8 2.4 7 .9 3 .2 - .4 8 .5 1 8 .8 - .3 9 .3 2 0 .3 1 .3 1 .0 -2 .0 1 .9 -2 .5 1.1 .4 2.5 3.6 .9 1 .5 .2 2.3 10.7 4.0 3.1 .7 -.5 -5 .0 1 .3 5.1 2.1 3.0 1.8 -2 .7 33.7 8.8 24.9 1..4 4.2 .2 4.1 .5 8.3 1 .3 4.8 12.6 8.2 4.3 - 3 .1 - 1 .9 .1 1.8 .4 1 .6 2.7 2.6 16.5 3.8 12.7 2.5 -.4 1.6 - .1 .6 4.2 3.0 1.1 2.7 .9 * -.9 2.3 - 1 .0 3.3 2.3 .7 .9 13.3 2.1 11 .2 1 .8 11.7 4.8 6.9 -.1 2.0 -.6 2 .6 .1 18.3 3.5 14.9 1 .2 * .8 .1 5.2 .1 .1 .1 3.1 * - 1 .7 .1 1 .2 3.2 3.7 3.0 .1 1.1 .2 5.7 .7 5.8 28.9 6.2 6.2 52.0 19.6 19.6 40.8 16.8 16.8 21A 26.0 1 .4 8.1 3.6 Total credit market funds raised, all sectors, by type 1 2 3 4 5 6 7 8 9 10 11 12 Investment company shares...................................... Other corporate equities............................................ D ebt instruments .......................................................... U.S. Government securities.................................. State and local obligations.................................... Corporate and foreign bonds............................... Consumer credit...................................................... Bank loans n.e.c...................................................... Open-market paper and R P ’s .............................. Other loans............................................................... 83.2 3.2 .3 79.7 3.7 7.3 8.6 25.6 9.6 16.4 1.9 6.5 79.6 3.7 1.1 7 4 .9 7 9 .0 10 7 .9 115.5 1 0 0 .4 149.1 2 3 1 .3 2 1 1 .9 2 2 2 .2 2 0 1 .7 12.5 7.8 17.2 23.0 4.5 7.5 4.0 2.5 16.7 9.5 15.0 27.4 10.0 15.7 5.2 8.3 5.5 9.9 14.5 27.8 10.4 17.6 14.1 15.8 18 5 .4 8.8 5.6 11.8 21.3 6 .4 9.7 4 .4 6.9 21.1 11.2 23.8 26.4 6 .0 5 .8 -1 .2 7.3 29.4 17.6 24.8 48.9 11.2 12.4 .9 4.0 23.6 14.4 20.2 68.8 19.2 28.5 3.3 7 .4 29.4 13.7 12.5 71.9 22.9 52.1 11.6 17.2 33.5 17.4 23.3 54.4 9.6 39.1 13.6 21.1 21.9 18.3 22.2 63.4 12.7 51.1 17.8 14.9 45.1 16.5 24.4 45 .4 6 .6 27.0 9 .4 27.3 N ote.—Full statements for sectors and transaction types quarterly, and annually for flows and for amounts outstanding, may be obtained from Flow of Funds Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, W ashington, D.C. 20551. JULY 1975 □ FLOW OF FUNDS A 57 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS (Seasonally adjusted annual rates; in billions o f dollars) 1974 Transaction category, or sector 1965 1966 1967 1968 1 Total funds advanced in credit markets to 2 3 4 5 6 By public agencies and foreign Total net advances........................................................... U.S. G overnment securities...................................... Residential mortgages................................................ FHLB advances to S&L’s ......................................... O ther loans and securities......................................... By agency— 7 8 9 10 11 Sponsored credit agencies.......................................... M onetary authorities.................................................. Foreign.......................................................................... 12 13 14 15 16 17 18 19 Private domestic funds advanced Total net advances........................................................... State and local obligations........................................ Residential mortgages....................... ......................... O ther mortgages and loan s....................................... Less:. FHLB advances................................................ 1969 1970 1971 1972 1973 1974 HI H2 69.6 66.9 80.0 95.9 88.0 92.5 135.9 158.9 180.1 8.9 3.7 .4 .7 4.1 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 15.7 .7 4.6 4 .0 6.3 28.1 15.9 5.7 1.3 5.2 41.7 33.8 5.7 -2 .7 4.9 18.3 8.4 5.2 * 4.6 33.2 11.0 7.6 7.2 7.5 49.3 8.6 13.8 6 .7 20.2 39.6 6.9 11.7 6.8 14.2 59.0 10.4 15.9 6 .5 26.2 2 3 4 5 6 2.8 2 .2 3.8 .1 2.1 4.9 5.1 3.5 -1 .6 4.8 4.6 -.1 4.8 2.0 -.6 4.9 3.2 3.7 .3 3.5 2.9 8.9 4.2 - .3 8.8 2.8 10.0 5.0 10.3 8.2 3.2 3.2 8.9 26.4 3.8 2.6 7.0 .3 8.4 6.2 3.0 20.3 9 .2 .7 19.6 7.5 24.1 6 .2 11.6 22.1 2.4 20.5 6.1 10.6 16.8 12.5 27.6 6.2 12.7 27.4 7 8 9 10 11 62.8 * 7.3 6.0 18.6 31.6 .7 59.8 5.4 5.6 10.3 12.0 27.4 .9 68.1 5.7 7.8 16.0 13.0 23.1 -2 .5 87.2 13.3 9.5 13.8 15.5 35.9 .9 81.1 4 .8 9.9 12.5 15.7 42.2 4 .0 72.6 5.2 11.2 20.0 12.8 24.6 1.3 98.1 146.7 166.5 148.6 159.1 138.1 -4 .4 15.2 18.4 24.8 15.0 34.7 17.6 14.4 13.7 17.4 18.3 16.5 13.2 19.5 10.1 20.5 19.2 21.8 29.1 44.6 44.1 31.4 19.6 25.5 33.7 59.5 87.4 67.0 82.1 52.0 * 7.2 - 2 .7 6.8 6.7 6.5 12 13 14 15 16 17 18 1 175.8 181.9 169.7 P r iv a te f in a n c i a l i n t e r m e d i a t i o n C redit m arket funds advanced by private financial 6 2 .9 4 5 .4 6 3 .5 7 5 .3 5 5 .3 7 4 .9 1 5 3 .4 1 5 8 .8 132.1 17.5 7.9 15.5 4.5 18.2 14.5 12.7 9.9 1 0 8 .6 28.7 14.3 13.6 6.2 38.7 15.6 14.0 7.0 1 5 5 .6 Commercial banking................................................... Savings institutions..................................................... 35.9 15.0 12.9 -.3 1 1 0 .7 20 21 22 23 35.1 16.9 17.3 5.7 50.6 41.4 13.3 5.3 70.5 49.3 17.7 15.8 86.6 35.1 22.1 15.0 64.4 27.5 34.3 6.0 87.5 35.1 29.1 3.8 41.3 19.8 39.4 8.2 24 25 26 Sources o f fu n d s. . ............ ............................................. 6 2 .9 4 5 .4 6 3 .5 7 5 .3 38.4 7.9 22.5 3.2 50.0 -.4 45.9 8.5 5 5 .3 2 .6 27 28 29 30 31 O ther sources............................................................... 16.6 .8 -1 .0 11.4 5.4 19.8 3.7 -.5 13.6 3 .0 13.9 2.3 .2 12.0 - .6 32 33 34 35 36 37 Direct lending in credit markets.................................. U.S. Government securities...................................... State and local obligations........................................ C orporate and foreign b o n d s................................... 7.9 2.9 2.6 1.0 1.5 -.1 17.6 8.4 2 .6 2 .0 2.3 2.3 4.2 -1 .4 -2 .5 4.6 1.9 1.7 38 39 40 41 42 Deposits and currency.................................................... Large negotiable C D ’s .......................................... Other at commercial b an k s.................................. 40.5 32.7 3.6 16.0 13.2 24.4 20.3 - .2 13.3 7.3 52.1 39.3 4.3 18.3 16.7 48.3 5.4 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 43 44 45 Demand deposits..................................................... 7.8 5.6 2.1 4.1 2.1 2 .0 12.8 10.6 2.1 14.5 12.1 2.4 7 .7 4.8 2.8 46 Total of credit m arket instr., deposits, and currency. 48.4 42.0 56.3 68.7 47 48 49 Public support rate (in per cent).............................. Private financial intermediation (in per cent)......... Total foreign funds..................................................... 12.8 100.1 .8 17.9 75.9 2.1 14.1 93.2 4.3 12.7 86.4 2.9 Treasury balances................................................... Insurance and pension reserves............................ P r iv a te d o m e s t i c n o n f in a n c ia l in v e s t o r s 19 20 21 22 23 7 4 .9 1 1 0 .7 1 5 3 .4 1 5 8 .8 132.1 1 5 5 .6 1 0 8 .6 63.2 -.3 90.3 9.3 97.5 20.3 84.9 31.6 72.0 14.1 93.5 23.6 50.5 4 .6 24 25 26 21.0 2.6 -.2 11.4 7.2 34.0 12.0 9.3 - 8 . 5 * 2.9 10.8 13.1 13.8 4.4 11.0 -3 .2 2 .2 9.1 2.9 35.5 5.2 .7 13.1 16.5 42.4 6.5 -1 .0 16.7 20.2 46.0 13.6 -5 .1 28.0 9 .5 38.5 11.6 -2 .1 23.0 6 .0 53.5 15.5 - 8 .1 33.0 13.0 27 28 29 30 31 20.4 8.1 - .2 4.7 5.8 2.1 44.5 17.0 8.7 6.6 10.2 2 .0 -2 .6 -3 .2 - 9 . 0 - 1 4 .0 -1 .2 .6 9.3 10.7 -4 .4 -.6 1.4 1.5 13.7 1.6 2.1 5.2 4 .0 .8 39.3 18.8 4 .4 1.1 11.3 3.8 30.5 18.4 10.7 - 2 .3 .6 3.2 27.1 13.9 8.3 -1 .6 4.3 2 .2 34.0 22.8 13.0 - 2 .9 - 3 .1 4.3 32 33 34 35 36 37 93.7 81.0 7.7 32.9 40.4 101.9 85.2 8.7 30.6 45.9 88.8 76.3 18.5 29.5 28.2 78.3 72.0 23.6 26.6 21.8 102.0 88.9 30.0 32.3 26.6 54.6 55.1 17.2 21.0 16.9 38 39 40 41 42 10.5 7.1 3.5 12.7 9.3 3.4 16.7 12.3 4 .4 12.6 8.6 3.9 6.3 * 6.3 13.1 4 .6 8.5 -.5 -4 .6 4.1 43 44 45 49.9 64.1 90.5 115.7 128.1 108.9 129.1 17.8 68.3 9.1 30.4 103.1 1.8 18.8 30.7 11.5 112.8 104.5 23.2 13.6 18.4 95.4 7.2 88.6 46 28.0 88.9 25.2 21.8 97.8 22.2 34.8 78.7 28.2 47 48 49 5.9 1.0 4.9 6.4 -.5 5.9 - .8 6 .7 8.4 -2 .5 5.9 2.8 3.1 4 .4 1.5 1 2 3 4 5 Corporate equities not included above 1 2 3 4 5 3.5 3.2 .3 6.1 -2 .6 4 .8 3.7 1.1 6.0 -1 .2 5.5 3.0 2.5 9.1 -3 .6 Notes Line 1. Line 2 of p. A-56. 2. Sum of lines 3-6 or 7-10. 6. Includes farm and commercial mortgages. 11. Credit m arket funds raised by Federally sponsored credit agencies. Included below in lines 13 and 33. Includes all 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 -j- 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 o f foreign banking agencies to foreign af filiates. 6 .4 5.8 .6 10.8 - 4 .4 10.0 4.8 5.2 12.2 -2 .2 10.4 2.6 7.7 11.4 -1 .0 14.8 1.1 13.6 19.3 -4 .5 12.9 -.7 13.6 16.0 -3 .1 8.0 -1 .6 9 .6 13.4 - 5 .4 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 58 U .S . BALANCE OF PAYM ENTS □ JULY 1975 1. U.S. BALANCE OF PAYMENTS SUMMARY (In millions o f dollars. Quarterly figures are seasonally adjusted unless shown in italics .) Credits ( + ) , debits ( —) Line 1972 r 1973 r 1974 1974 1975 III' Merchandise trade balance i. Exports.............................. Im ports.............................. - 6 ,4 0 9 -2 0 0 - 1 ,5 3 7 -2 ,3 4 1 - 1 ,4 5 0 955 -5 ,5 2 8 49,388 71,379 98,268 22,451 24,206 25,026 26,585 -5 5 ,7 9 7 -70,424 -103,796 -22,651 -25,743 -27,367 -28,035 Military transactions, n e t.......... Travel and transportation, n e t. -3 ,6 2 1 - 3 ,0 2 4 -2 ,3 1 7 -2 ,8 6 2 -2 ,1 5 8 -2 ,6 9 2 -5 0 3 -5 1 3 -6 4 6 -7 1 7 -5 1 3 -7 2 1 -4 9 8 -7 4 1 -3 4 7 -5 0 7 Investment income, net 2.......................................... U.S. direct investments abroad 2 ................... Other U.S. investments ab ro ad....................... Foreign investments in the United States 2 . 4,321 6,416 3,746 -5 ,8 4 1 5,179 8,841 5,157 -8 ,8 1 9 10,121 17,679 8,389 -15,946 3,245 4,500 1,629 - 2 ,8 8 4 1,964 4,399 2,048 -4 ,4 8 3 2.354 4,700 2.354 - 4 ,7 0 0 2,559 4,080 2,358 -3 ,8 7 9 1,325 2,189 2,157 -3 ,0 2 1 936 960 1,049 1,032 -2 6 1 919 3,344 O ther services, net 2 .................................................. Balance on goods and services N ot seasonally adjusted . .. Remittances, pensions, and other transfers. Balance on goods, services, and remittances. N ot seasonally adjusted ............................. U.S. G overnment grants (excluding military). Balance on current account... N ot seasonally adjusted . , 16 17 18 19 20 21 22 23 24 27 26 U.S. Governm ent capital flows excluding nonscheduled repayments, net 5.......................................................................... Nonscheduled repayments o f U.S. G overnment assets............ U.S. Government nonliquid liabilities to other than foreign official reserve agencies................................................................ Long-term private capital flows, n e t............................................ U.S. direct investments ab ro ad .............................................. Foreign direct investments in the United States................ Foreign securities.................................................................... . U.S. securities other than Treasury issues......................... . O ther, reported by U.S. b a n k s............................................ . O ther, reported by U.S. nonbanking concerns................. Balance on current account and long-term capital 5. . . N ot seasonally adjusted .............................................. Nonliquid short-term private capital flows, n et.............. Claims reported by U.S. banks................................... Claims reported by U.S. nonbanking c o n c e rn s.. . , Liabilities reported by U.S. nonbanking concerns. Allocations o f Special Drawing Rights (SD R ’s ) ............. Errors and omissions, n e t.................................................... Net liquidity balance............... 2,803 3,222 3,830 886 4,177 3,574 2,915 - 2 ,8 9 7 2 ,2 7 8 -1,606 -1,903 -1,721 -3 7 0 -4 5 7 -4 5 7 -4 3 9 -4 5 8 -7,537 2,274 1,853 2,545 -4 5 7 -7 1 8 3 ,8 5 7 —472 - 3 ,3 6 6 480 1 ,834 2,886 -2,173 -1,938 -5,461 - 2 ,5 9 6 -1,408 -8 0 8 -6 4 9 -7 3 8 -9 ,7 1 0 335 -3 ,6 0 8 4 -5 1 -1,8 6 5 - 1 ,5 2 6 1 ,2 4 8 -1 ,9 4 6 -4 ,1 3 0 -1 6 9 1 ,219 2,148 3,2 1 1 4 ,1 9 7 408 1 41,314 273 -1 9 5 -9 8 5 -1,038 234 -6 9 - 3 ,5 3 0 380 -6 1 8 4,507 -1 ,1 5 8 351 1,154 710 177 -8 ,4 3 7 -4 ,9 6 8 -7 ,2 6 8 2,224 2,656 -7 5 9 -1 ,9 9 0 672 4,055 -7 0 6 -1 ,1 5 0 -1 0 1 -9 2 5 97 264 -7 4 5 1,177 -6 4 6 692 -2 3 -1 9 1 211 -9 9 9 -1,572 1,700 -3 1 3 440 -9 0 6 -348 278 -2,157 -1,828 -1 -3 0 4 204 48 -2 7 6 125 -5 ,5 4 4 -3,123 -6 5 3 -7 2 6 -6 6 3 -2 6 9 -1 1 0 541 -2,1 2 6 -9 3 7 326 -2,033 604 -4 4 4 358 -6 ,5 7 3 -4 7 5 -1 1 ,1 1 3 -9 7 7 -10,927 -12,949 -12,186 - 2 ,6 0 3 1,840 For notes see opposite page. -2,380 -3,600 -2 ,5 1 9 -6 ,1 2 3 -3,9 0 8 -2 ,8 1 7 -1,5 0 8 417 -5,248 -5,319 -6 8 2 753 -1 ,4 6 2 -1,618 -2 7 6 432 -4 ,6 6 0 50 -4,238 -3 ,8 8 6 -1,183 831 -2,436 4,834 1,085 1,416 1,153 1,179 1,844 -1 3 ,8 2 9 -7,651 -19,043 -1,199 -6 ,2 1 2 -3,909 —244 - 6 ,6 5 4 -5 ,5 5 1 -7,725 - 6 ,5 9 4 3,071 4 ,2 0 4 2,343 10,669 -1,951 -6 ,1 1 3 -1,161 - 5 ,9 8 0 -1 3 3 -7 9 0 4,294 16,782 3,028 12,636 377 1,295 889 2,851 1,751 -2 ,6 2 0 -2,343 -2 7 7 4,371 4,300 -5 3 0 601 2,020 -1 ,2 9 7 -1 ,3 0 6 9 3,317 2,413 298 606 4,028 -2 2 8 -7 3 2 504 4,256 3,150 219 887 2,870 -1,968 -1,5 9 9 -3 6 9 4,838 2,773 1,308 757 -6 ,2 9 4 -4 ,7 5 2 -5 ,0 5 9 307 -1 ,5 4 2 -2 ,6 1 9 847 230 552 -4 ,1 9 2 119 - 4 ,0 4 8 - 1 ,6 8 3 -4 ,8 5 5 -3 ,2 2 3 -1 0 ,3 5 4 Official reserve transactions, N .S.A . 1,624 2 ,3 7 5 - 1 ,5 4 2 -1 ,4 5 7 -3 0 6 221 710 -1 ,8 8 4 Official reserve transactions balance, financed by changes in N ot seasonally adjusted ......................................................... Balances excluding allocations o f SD R ’s: N et liquidity, not seasonally adjusted . . 3 ,9 5 9 -2,933 289 3,475 - 1 ,2 4 7 -7 4 2 -5 0 5 4,722 3,717 103 902 M emoranda: Transfers under military grant programs (excluded from lines 2, 4, and 14).......................................................................... Reinvested earnings o f foreign incorporated affiliates o f U.S. firms (excluded from lines 7 and 20)............................... Reinvested earnings o f U.S. incorporated affiliates o f foreign firms (excluded from lines 9 and 2 1 )........................................ 4 ,3 8 8 -1 ,7 0 6 137 Liquid private capital flows, n et................................. Liquid claims........................................................... R eported by U.S. b anks............................... Reported by U.S. nonbanking concerns.. Liquid liabilities— .................................................. Foreign commercial b a n k s........................ . International and regional organizations. Other foreigners.......................................... . Liquid liabilities to foreign official agencies................................ Other readily marketable liabilities to foreign official agen cies 6................................................................................................ Nonliquid liabilities to foreign official reserve agencies re ported by U.S. G ovt..................................................................... U.S. official reserve assets, n e t....................................................... G o ld ............................................................................................. SD R ’s .......................................................................................... Convertible currencies............................................................. Gold tranche position in I M F ............................................... 1,841 27,222 -25,381 -5 ,9 3 0 N ot seasonally a d ju sted .. 53 Ip -5 ,3 0 8 - 8 ,3 7 4 1 ,4 0 6 -2,331 -2 ,4 3 2 -1 3 7 238 - 4 ,0 4 9 1,702 1,895 -9 5 -9 8 - 2 ,1 8 8 9,734 4,456 8,481 -6 3 3,924 750 3,872 2,753 399 1,118 672 -277 183 135 631 800 189 32 547 -7 0 3 35 153 -4 7 5 209 655 -1 ,4 3 4 -2 -2 1 0 443 -3 5 8 -1 -1,0 0 3 215 137 -4 -3 2 6 9 233 -3 3 -1 7 2 3 -1,265 -2 0 9 -2 9 -8 5 -2 4 4 -1 2 3 -1 5 2 -7 2 8 -2 0 241 -8 4 -5 -1 4 -3 0 7 4,492 2,809 1,811 406 564 352 490 783 4,521 8,124 548 945 -1 4 ,5 3 9 -7 ,6 5 1 -1 9 ,0 4 3 -2 4 4 - 6 ,6 5 4 -5 ,5 5 1 - 6 ,5 9 4 4 ,2 0 4 -1 1 ,0 6 4 -5 ,3 0 8 - 8 ,3 7 4 1 ,4 0 6 - 4 ,0 4 8 - 1 ,6 8 3 - 4 ,0 4 9 - 2 ,1 8 8 JULY 1975 □ FOREIGN TRADE; U.S. RESERVE ASSETS A 59 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions o f dollars) Imports ^ Exports i 197 2 1973 1974 1975 1972 1973 M onth: Ja n ... F e b ... M ar.., A p r... M a y .. Ju n e .. J u ly .., A u g ... S e p t... O c t.. . N o v ... D e c ... 4.074 3,824 3,869 3,820 3,882 3,971 4.074 4,191 4,176 4,312 4,468 4,553 4,955 5,070 5,311 5,494 5,561 5,728 5,865 6,042 6,420 6,585 6,879 6,949 7,150 7,549 7,625 8,108 7,652 8,317 8,308 8,380 8,396 8,673 8,974 8,862 9,412 8,789 8,716 8,570 8,145 4,436 4,473 4,515 4,417 4,486 4,468 4,565 4,726 4,612 4,738 5,148 5,002 5,244 5,483 5,414 5,360 5,703 5,775 5,829 6,011 5,644 5,996 6,684 6,291 Q uarter: I I I II I .. . . I V .. . . 11,767 11,673 12,442 13,333 15,336 16,783 18,327 20,413 22,324 24,077 25,084 26,509 26,917 13,424 13,370 13,903 14,888 Y ear4. .. 49,199 70,823 97,907 55,583 1 Exports o f domestic and foreign merchandise (f.a.s. value basis); excludes D epartm ent o f Defense shipments under military grant-aid programs. 2 General imports, which includes imports for immediate consumption plus entries into bonded warehouses. See also note 3. 3 Beginning with 1974 data, imports are reported on an f.a.s. trans actions value basis; prior data are reported on a Customs im port value 19743 Trade balance 19743 1975 1972 1973 6,497 7,317 7,742 8,025 8,265 8,573 8,918 9,262 8,698 8,769 8,965 9,250 9,622 7,872 7,336 8,013 7,093 -361 -649 -6 4 7 -5 9 6 -6 0 4 -4 9 7 -4 9 1 -5 3 5 -4 3 6 -4 2 6 -6 8 0 -4 4 9 -2 8 9 -4 1 3 -1 0 3 + 133 -1 4 2 -4 7 + 37 + 32 + 776 + 589 + 195 +658 +653 + 232 -1 1 6 + 83 -6 1 2 -2 5 7 -6 1 1 -8 8 2 -3 0 2 -9 6 +9 -3 8 8 -211 +917 + 1,380 +557 + 1,052 16,140 16,839 17,483 18,972 21,556 24,863 26,878 26,983 24,830 -1 ,6 5 7 -1 ,6 9 7 -1 ,4 6 1 -1 ,5 5 5 -8 0 4 -5 6 + 844 + 1,441 +768 -7 8 6 - 1 ,7 9 4 -4 7 4 + 2 ,0 8 7 69,476 100,218 - 6 ,3 8 4 + 1,347 -2 ,3 1 1 1975 basis. F or calender year 1974, the f.a.s. im port transactions value was $100.2 billion, about 0.7 per cent less than the corresponding Customs im port value of $101.0 billion. 4 Sum o f unadjusted figures. N ote.—Bureau of the Census data. Details may not add to totals be cause o f rounding. 3. U.S. RESERVE ASSETS (In millions of dollars) Gold sto ck 1 Total 2 T reasury Con vertible foreign curren cies 18,753 17,220 16,843 16,672 16,947 16,057 15,596 15,471 16,889 15,978 15,513 15,388 116 99 212 432 1,690 1,064 1,035 769 15,450 1 9 6 5 ... 1 9 6 6 ... 14,882 1 9 6 7 ... 14,830 1 9 6 8 ... 15,710 1 9 6 9 ... 5 16,964 13,806 13,235 12,065 10,892 11,859 13,733 13,159 11,982 10,367 10,367 781 1,321 2,345 3,528 52,781 863 326 420 1,290 2,324 1 9 7 0 ... 14,487 1 9 7 1 ... 612,167 19727. . 13,151 19738 . . 14,378 1 9 7 4 ... 15,883 11,072 10,206 10,487 11,652 11,652 10,732 10,132 10,410 11,567 11,652 629 6 276 241 8 5 1,935 585 465 552 1,852 End of year Total 1 9 6 1 ... 1 9 6 2 ... 1 9 6 3 ... 1 9 6 4 ... Reserve position in IM F Gold stock SD R ’s 3 Treasury 14,946 14,912 15,460 15,893 15,890 15,840 15,883 11,652 11,652 11,652 11,652 11,652 11,652 11,652 11,567 11,567 11,567 11,567 11,567 11,567 11,652 94 12 224 246 193 43 5 1,005 1,021 1,384 1,713 1,739 1,816 1,852 2,195 2,227 2,200 2,282 2,306 2,329 2,374 15,948 16,132 16,256 16,183 May . . . . 16,280 J u n e .. . . 9 16,242 11,635 11,621 11,620 11,620 11,620 11,620 11,635 11,621 11,620 11,620 11,620 11,620 2 2 19 2 4 25 1,908 2,065 2,194 2,168 2,218 9 2,179 2,403 2,444 2,423 2,393 2,438 9 2,418 1974 J u n e ... Ju ly .. . . A ug. . . S e p t.... O c t.. . . N o v .... D ec---1975- 851 1,100 1,958 2,166 2,374 1 Includes (a) gold sold to the United States by the IM F with the right o f repurchase, and (b) gold deposited by the IM F to mitigate the impact on the U.S. gold stock o f foreign purchases for the purpose o f making gold subscriptions to the IM F under quota increases. For corresponding liabilities, see Table 5. 2 Includes gold in Exchange Stabilization Fund. 3 Includes allocations by the IM F o f Special Drawing Rights as follows: $867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; and $710 million on Jan. 1, 1972; plus net transactions in SD R ’s. 4 F or holdings o f F.R . Banks only, see p. A-9. 5 Includes gain o f $67 million resulting from revaluation o f the German m ark in Oct. 1969, o f which $13 million represents gain on m ark holdings at time o f revaluation. 6 Includes $28 million increase in dollar value o f foreign currencies revalued to reflect market exchange rates as o f Dec. 31, 1971. 7 Total reserve assets include an increase o f $1,016 million resulting from change in par value o f the U.S. dollar on M ay 8, 1972; o f which, NOTES TO TABLE 1 O N OPPOSITE PA G E: 1 Adjusted to balance o f payments basis; excludes exports under U.S. military agency sales contracts, and imports o f U.S. military agencies. 2 Fees and royalities from U.S. direct investments abroad or from foreign direct investments in the United States are excluded from invest ment income and included in ‘ O ther services.” 3 Includes special m ilitary shipments to Israel th at are excluded from the “ net exports o f goods and services” in the national income and products (G N P) accounts o f the United States. 4 Includes under U.S. Government grants $2 billion equivalent, rep Total 2 C on vertible foreign curren cies4 End of m onth Total Reserve position in IM F SD R ’s 3 total gold stock is $828 million (Treasury gold stock $822 million), reserve position in IM F $33 million, and SD R ’s $155 million. 8 Total reserve assets include an increase o f $1,436 million resulting from change in par value o f the U.S. dollar on Oct. 18, 1973; o f which, total gold stock is $1,165 million (Treas. gold stock $1,157 million) reserve position in IM F $54 million, and SD R ’s $217 million. 9 Beginning July 1974, the IM F adopted a technique for valuing the SD R based on a weighted average o f exchange rates for the currencies o f 16 member countries. The U.S. SD R holdings and reserve position in the IM F are also valued on this basis beginning July 1974. A t valua tion used prior to July 1974 (SDR 1 = $1.20635) SD R holdings at end of June amounted to $2,381 million, reserve position in IM F, $2,131 million, and total U.S. reserve assets, $16,157. N ote.—See Table 20 for gold held under earm ark at F.R . Banks for foreign and international accounts. Gold under earm ark is not included in the gold stock o f the U nited States. resenting the refinancing o f economic assistance loans to India; a cor responding reduction of credits is shown in line 16. 5 Includes some short-term U.S. G ovt, assets. 6 Includes changes in long-term liabilities reported by banks in the United States and in investments by foreign official agencies in debt securities o f U.S. Federally sponsored agencies and U.S. corporations. N ote.—D ata are from U.S. D epartm ent o f Commerce, Bureau o f Eco nomic Analysis. Details may not add to totals because o f rounding. A 60 GOLD R ESER V ES □ JU LY 1975 4. GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions o f dollars; valued at $35 per fine ounce through Apr. 1972, at $38 from May 1972-Sept. 1973, and at $42.22 thereafter) End o f period 1970. 1971. 1972. 1973. 1974— M ay. Ju n e. Ju ly .. Aug.. Sept.. O c t... N o v .. Dec.. 1975—Jan........ Feb....... M ar.. . . Apr__ M ay*. . End o f period Esti mated total w o rld 1 Intl. M one tary Fund United States Esti mated rest o f world Algeria Argen tina 41,275 41,160 44,890 49,850 4,339 4,732 5,830 6.478 11,072 10,206 10,487 11.652 25,865 26,220 28,575 31,720 191 192 208 231 140 90 152 169 239 259 281 311 714 729 792 881 1,470 1,544 1,638 1,781 791 792 834 927 82 80 87 97 64 64 69 77 85 85 92 103 6.478 6.478 6.478 6.478 6.478 6.478 6.478 6.478 11.652 11.652 11.652 11.652 11.652 11.652 11.652 11.652 3i *660 231 231 231 231 231 231 231 231 169 169 169 169 169 169 169 169 312 312 312 312 312 312 312 312 882 882 882 882 882 882 882 882 1,781 1,781 1,781 1,781 1,781 1,781 1,781 1,781 927 927 927 927 927 927 927 927 97 97 97 97 97 97 97 97 77 77 76 76 76 76 76 76 103 103 103 103 103 103 103 103 6.478 6.478 6.478 6.478 6.478 11,635 11,621 11,620 *31,670 11,620 11,620 231 231 231 231 231 169 169 169 312 312 312 312 312 882 882 882 882 882 1,781 1,781 1,781 1 ,781 1,781 927 927 927 927 927 97 97 97 97 76 76 76 76 76 49,835 49,830 49*790 *49,770 France G er many, Fed. Rep. o f Greece 31,705 31,700 India Iran Iraq Aus tralia Italy Aus tria Bel gium Japan Kuwait Canada Leb anon China, Rep. o f (Taiwan) D en mark Egypt Libya Mexi co N ether lands 1970............................ 1971............................ 1972............................ 1973............................ 3,532 3,523 3,826 4,261 3,980 4,077 4,459 4,966 117 98 133 148 243 243 264 293 131 131 142 159 144 144 156 173 2,887 2,884 3,130 3,483 532 679 801 891 86 87 94 120 288 322 350 388 85 85 93 103 176 184 188 196 1,787 1,909 2,059 2,294 1974—M av................ Ju n e ................ Ju ly ................. Aug................. Sept................. Nov................. D ec.................. 4,262 4,262 4,262 4,262 4,262 4,262 4,262 4,262 4,966 4,966 4,966 4,966 4,966 4,966 4,966 4,966 149 150 150 150 150 150 150 150 293 293 293 293 293 293 293 293 159 159 158 158 158 158 158 158 173 173 173 173 173 173 173 173 3,483 3,483 3,483 3,483 3,483 3,483 3,483 3,483 891 891 891 891 891 891 891 891 142 130 130 130 130 138 138 148 389 389 389 389 389 389 389 389 103 103 105 107 103 103 103 103 154 154 154 154 154 154 154 154 2,294 2,294 2,294 2,294 2,294 2,294 2,294 2,294 1975—Jan.................. Feb.................. M ar................. A pr................. M ay*............. 4,262 4,262 4,262 4,262 4,262 4,966 4,966 4,966 4,966 4,966 150 150 150 150 150 293 293 293 293 158 158 158 158 158 173 173 173 173 3,483 3,483 3,483 3,483 3,483 891 891 891 891 891 140 140 154 154 175 389 389 389 389 389 103 103 103 103 103 154 154 2,294 2,294 2,294 2,294 2,294 Portu gal Saudi A rabia South Africa Spain Turkey United King dom End o f period Paki stan Sweden Switzer land Thai land U ru guay Vene zuela Bank for Intl. Settle m ents2 1970............................ 1971............................ 1972............................ 1973............................ 54 55 60 67 902 921 1,021 1,163 119 108 117 129 666 410 681 802 498 498 541 602 200 200 217 244 2,732 2,909 3,158 3,513 92 82 89 99 126 130 136 151 1,349 775 800 886 162 148 133 148 384 391 425 472 -2 8 2 310 218 235 1974— M ay................ Ju n e ............... July................. A ug................. Sept................. O ct................ .. N ov................. D ec................. 67 67 67 67 67 67 67 67 1,180 1,180 1,180 1,180 1,180 1,180 1,180 1,180 129 129 129 129 129 129 129 129 777 781 788 778 778 786 774 771 602 602 602 602 602 602 602 602 244 244 244 244 244 244 244 244 3,513 3,513 3,513 3,513 3,513 3,513 3,513 3,513 99 99 99 99 99 99 99 99 151 151 151 151 151 151 151 151 886 886 886 886 886 886 886 886 148 148 148 148 148 148 148 148 472 472 472 472 472 472 472 472 247 259 259 255 259 271 251 250 1975—Jan .................. Feb.................. M ar................. A pr................. M ay*............. 67 67 67 67 67 1,175 1,175 1,175 1,175 129 129 129 129 129 764 759 755 747 742 602 602 602 602 244 244 244 244 244 3,513 3,513 3,513 3,513 3,513 99 99 99 99 99 151 151 151 151 886 886 886 148 148 148 472 472 472 472 472 265 272 259 260 239 1 Includes reported o r estimated gold holdings o f international and regional organizations, central banks and govts, o f countries listed in this table, and also o f a number not shown separately here, and gold to be distributed by the Tripartite Commission for the Restitution o f Monetary G o ld ; excludes holdings o f the U.S.S.R., other Eastern European coun tries, and China M ainland. The figures included for the Bank for International Settlements are the Bank's gold assets net o f gold deposit liabilities. This procedure avoids the overstatement o f total world gold reserves since m ost o f the gold deposited with the BIS is included in the gold reserves of individual countries. 2 Net gold assets o f BIS, i.e., gold in bars and coins and other gold assets minus gold deposit liabilities. JULY 1975 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 61 5. U.S. LIQUID AND OTHER LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS, AND LIQUID LIABILITIES TO ALL OTHER FOREIGNERS (In millions o f dollars) Liabilities to foreign countries Official institutions2 End of period Total Liquid liabili ties to IM F arising from gold trans actions 1 Liquid liabilities to other foreigners Liquid Total Short term liabili ties re ported by banks in U.S. N onm ar M arket ketable able con vertible U.S. U.S. Treas. Treas. bonds and bonds notes 3 and notes Liquid N onm ar liabili ketable ties noncon O ther readily to com vertible m arket mercial U.S. able banks Treas. liabili abroad 6 bonds ties5 and notes4 Total Short term liabili ties re ported by banks in U.S. Liquid liabili ties to non mone tary M arket inti, able and re U.S. gional Treas. organi bonds z atio n s8 and notes3>7 1963.............................. 26,394 800 14,425 12,467 1,183 703 63 9 5,817 3,387 3,046 341 1,965 1964 9........................... J29.313 \2 9 ,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 1968 9........................... /38,687 \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 iol5,975 1,019 15,998 11,054 11,077 346 346 10 555 555 102,515 2,515 1,505 1,505 23,638 23,645 4,464 4,589 3,939 4,064 525 525 659 663 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. n .............. 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—D ec................... 82,862 61,526 40,000 5,236 12,108 3,639 543 14,666 5,043 4,618 425 1,627 1973__D ec.r ................ 92,443 66,814 43,923 5,701 12,319 3.210 1,661 17,694 5,932 5,502 430 2,003 1974—M ay r................ Ju n er ................ Ju ly r ................. A u s.r ............... Sept.r ............... O ct.r ................. N ov . T............... D ec.r................ 101,317 104,059 107,116 109,991 110.761 112,084 115.762 119,025 68,193 70,030 71,117 71,029 72,716 73,823 75,185 76.624 46,209 47,465 48,455 48,440 50,149 50,921 51,858 53,035 5.013 5.013 5.013 4,940 4.880 4.880 4,906 5,059 12.330 12.330 12.330 12.330 12.330 12.330 12.330 12.330 3.210 3.655 3.655 3.655 3.655 3.867 3.867 3.867 1,431 1,567 1.664 1.664 1,702 1,825 2,224 2,333 24,644 25,119 26,816 29,373 28,045 28,071 29,770 30,330 6,877 7,139 7,312 7,494 8,010 8,070 8,336 8,783 6,511 6,776 6,935 7,128 7,617 7,639 7,855 8,285 366 363 377 366 393 431 481 498 1,603 1,771 1,871 2,095 1,990 2,120 2,471 3,288 1975—J a n .r ................. F e b .r................ M ar................... A pr.27................ M ayp................ 118,191 119,528 120,163 121,219 121,543 75,918 78.625 79,176 79,005 79,682 51,824 54,200 53,696 53,480 52,317 5,177 5,359 6,003 5,938 6,061 12.457 12.457 12.457 12.457 12.457 3.867 3.867 3,867 3,907 5,467 2,593 2,742 3,153 3,223 3,380 29,429 27,649 27,841 29,353 28,625 8,692 9,050 9,002 8,809 9,027 8,184 8,440 8,394 8,179 8,428 508 610 608 630 599 4,152 4,204 4,144 4,052 4,209 1 Includes (a) liability on gold deposited by the IM F to mitigate the impact on the U.S. gold stock o f foreign purchases for gold subscriptions to the IM F under quota increases, and (b) U.S. Treasury obligations at cost value and funds awaiting investment obtained from proceeds o f sales o f gold by the IM F to the United States to acquire income-earning assets. 2 Includes BIS and European Fund. 3 Derived by applying reported transactions to benchm ark data; breakdown o f transactions by type o f holder estimated for 1963. 4 Excludes notes issued to foreign official nonreserve agencies. 5 Includes long-term liabilities reported by banks in the United States and debt securities o f U.S. Federally-sponsored agencies and U.S. cor porations. « Includes short-term liabilities payable in dollars to commercial banks abroad and short-term liabilities payable in foreign currencies to commer cial banks abroad and to other foreigners. 7 Includes marketable U.S. Treasury bonds and notes held by commer cial banks abroad. 8 Principally the International Bank for Reconstruction and Develop ment and the Inter-American and Asian Development Banks. 9 D ata on the 2 lines shown for this date differ because o f changes in reporting coverage. Figures on first line are comparable with those shown for the preceding date; figures on second line are comparable with those shown for the following date. 10 Includes $101 million increase in dollar value o f foreign currency liabilities resulting from revaluation o f the German m ark in Oct. 1969 as follows: liquid, $17 million, and other, $84 million. 11 D ata on the second line differ from those on first line because cer tain accounts previously classified as official institutions are included with banks; a number o f reporting banks are included in the series for the first time; and U.S. Treasury securities payable in foreign currencies issued to official institutions o f foreign countries have been increased in value to reflect market exchange rates as o f Dec. 31, 1971. N ote.—Based on Treasury Dept, data and on data reported to the Treasury Dept, by banks and brokers in the United States. D ata correspond generally to statistics following in this section, except for the exclusion o f nonmarketable, nonconvertible U.S. Treasury notes issued to foreign official nonreserve agencies, the inclusion o f investments by foreign official reserve agencies in debt securities o f U.S. Federally-sponsored agencies and U.S. corporations, and m inor rounding differences. Table excludes IM F holdings o f dollars, and holdings o f U.S. Treasury letters o f credit and nonnegotiable, non-interest-bearing special U.S. notes held by other international and regional organizations. A 62 INTL. CAPITA L T R A N SA C T IO N S OF T H E U .S . □ JU LY 1975 6. U.S. LIQUID AND OTHER LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions o f dollars) Total foreign countries W estern E u rope1 . . 50,651 61,526 66,810 30,134 34,197 45,717 3,980 4,279 3,853 1,429 1,733 2,544 13,823 17,577 10,884 415 777 788 870 2,963 3,024 1974— M ayr Ju n e r , J u ly . A ug.' Sept.' O ct.' . N o v .' D e c.' 68,193 70,030 71,117 71,029 72,716 73,823 75,185 76.624 42,951 43,200 43,002 42,292 42,649 43,007 43,179 44,151 4,302 4,201 4,125 3,953 3,819 3,805 3,705 3,662 3,409 4,022 3,951 4,157 4,445 4,046 3,768 4,419 13,006 14,012 15,235 15.554 16,299 17,329 18,673 18,604 1,620 1,854 2,055 2,272 2,850 2,947 3,204 3,161 2,905 2,741 2,749 2,801 2,654 2,689 2,656 2,627 1975—J a n .. . F e b .. M ar.. Apr.P M ay? 75,918 78.625 79,176 79,005 79,682 43,289 44,706 45,823 44,983 45,186 3,621 3,616 3,546 3,251 3,101 3,659 4,223 4,390 4,506 4,605 19.555 20,274 19,396 20,062 20,425 3,232 3,356 3,433 3,493 3,448 2,562 2,450 2,588 2,710 2,917 End o f period 197 1 197 2 197 3 1 Includes Bank for International Settlements and European Fund. 2 Includes countries in Oceania and Eastern Europe, and W estern Euro pean dependencies in Latin America. N ote.—D ata represent short- and long-term liabilities to the official nstitutions o f foreign countries, as reported by banks in the United States; Latin American republics Canada O ther countries2 Asia Africa foreign official holdings o f marketable and nonmarketable U.S. Treasury securities with an original maturity o f more than 1 year, except for non m arketable notes issued to foreign official nonreserve agencies; and in vestments by foreign official reserve agencies in debt securities of U.S. Federally-sponsored agencies and U.S. corporations. 7 . SHORT TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions o f dollars) To nonm onetary international and regional organizations 6 To all foreigners Payable in dollars End o f period Total i Deposits T otal D emand U.S. Treasury bills and Tim e2 certifi cates 3 O ther short term liab.4 Payable in foreign cur rencies 1971.............. 1972r............ 1973*-............ 55,428 60,696 69,074 55,036 60,200 68,477 6,459 8,290 11,310 4,217 5,603 6,882 33,025 31,850 31,886 11,335 14,457 18,399 392 496 597 1974— M ay r. Ju n e', July r. A ug.r Sept.' O c t.r. N o v .r D ec.', 78,752 81,014 83,951 86,863 87,710 88,628 91,816 94,815 78,098 80,222 83,285 86,117 87,015 87,909 91,072 94,049 11,672 12,856 12,222 11,841 12,769 11,228 12,860 14,054 7,609 8,253 8,643 9,091 9,240 9,807 9,550 10,089 33,983 34,038 34,178 33,179 33,467 34,187 35,212 35,662 24,835 25,074 28,241 32,006 31,539 32,686 33,450 34,244 1975—J a n .'. F e b .'. M a r.. A p r.. May* 93,350 94,245 93,404 94,604 93,209 92,630 93,511 92,722 93,862 92,544 12,295 12,139 12,324 11,699 11,924 10,157 10,322 10,143 10,390 10,368 38,108 40,428 40,094 40,424 40,628 32,069 30,622 30,161 31,349 29,624 For notes see opposite page. IM F gold invest m en t5 D eposits Total Dem and U.S. Treasury bills and certifi T im e2 cates Other short term liab. 7 1,367 1,412 1,955 73 86 101 192 202 83 210 326 296 892 799 1,474 653 792 666 746 696 719 744 766 1,388 1,653 1,745 1,921 1,900 1,997 2,333 3,165 95 106 121 81 128 125 128 139 53 66 66 68 69 89 89 105 46 91 51 146 75 93 285 497 1,194 1,390 1,508 1,627 1,629 1,690 1,830 2,424 721 733 682 742 665 3,911 3,955 3,473 3,592 3,839 123 118 189 99 114 104 95 116 126 133 1,234 1,260 777 781 1,994 2,450 2,482 2,391 2,585 1,598 400 JULY 1975 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 63 SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE— Continued (Amounts outstanding; in millions o f dollars) To official institutions 8 Total to official, banks and other foreigners Payable in dollars Payable in dollars End o f period Total Deposits D emand T im e2 U.S. Treasury bills and certifi cates3 O ther short term liab. 4 Payable in foreign cur rencies Total Deposits D emand T im e2 U.S. Treasury bills and certifi cates3 Payable O ther in short foreign term currencies liab. 7 1971.......................... 1972.......................... 1973 r ....................... 53,661 59,284 67,119 6,386 8,204 11,209 4,025 5,401 6,799 32,415 31,523 31,590 10,443 13,659 16,925 392 496 597 39,018 40,000 43,923 1,327 1,591 2,125 2,039 2,880 3,911 32,311 31,453 31,511 3,177 3,905 6,248 165 171 127 1974—M ay r ........... June r ........... July r............ A u g .r........... Sept.r ........... O ct.r ........... N o v .r .......... D e c.r ........... 77,364 79,360 82,206 84,941 85,811 86,631 89,483 91,650 11,577 12,750 12,102 11,760 12,641 11,104 12,732 13,915 7,556 8,187 8,578 9,023 9,171 9,718 9,461 9,984 33,937 33,947 34,128 33,033 33,392 34,094 34,927 35,165 23,641 23,684 26,733 30,379 29,910 30,996 31,620 31,821 653 792 666 746 696 719 744 766 46,209 47,465 48,455 48,440 50,149 50,921 51,858 53,035 2,352 2,643 2,562 2,474 2,825 2,168 2,472 2,951 4,025 4,277 4,445 4,429 4,282 4,400 4,058 4,257 33,731 33,745 33,749 32,687 32,955 33,634 34,467 34,656 5,974 6,673 7,571 8,722 9,960 10,591 10,734 11,044 127 127 127 127 127 127 127 127 1975—J a n .r............ F e b .r ........... M ar.............. A pr............... M ay*........... 89,439 90,289 89,931 91,012 89,370 12,172 12,021 12,135 11,600 11,810 10,053 10,226 10,027 10,264 10,236 36,874 39,169 39,316 39,643 38,634 29,619 28,141 27,771 28,764 28,026 721 733 682 742 665 51,824 54,200 53,696 53,480 52,317 2,185 2,058 2,323 2,147 2,175 4,296 4,306 4,303 4,193 4,331 36,531 38,840 39,015 39,275 38,372 8,813 8,996 8,054 7,864 7,439 To banks9 To other foreigners Payable in dollars End o f period Total Deposits Total Demand Tim e2 U.S. Treasury bills and certifi cates Other short term liab .4 D eposits Total Demand Tim e2 U.S. Treasury bills and certifi cates O ther short term liab. 7 To banks and other foreigners Payable in foreign cur rencies 1971.......................... 1972......................... 1 9 7 3 '....................... 14,643 19,284 23,196 10,721 14,340 17,224 3,399 4,658 6,941 320 405 529 8 5 11 6,995 9,272 9,743 3,694 4,618 5,502 1,660 1,955 2,143 1,666 2,116 2,359 96 65 68 271 481 933 228 325 469 1974—M ay r ........... Ju n e r ........... Ju ly r............ A ug.r ........... Sept.r ........... O ct.r ........... N o v .r ......... D e c.r ........... 31,155 31,895 33,752 36,502 35,661 35,710 37,626 38,615 24,118 24,454 26,277 28,754 27,476 27,492 29,154 29,691 6,910 7,689 7,105 6,890 7,096 6,361 7,622 8,253 788 996 1,165 1,444 1,625 1,896 1,795 1,931 82 95 204 200 258 268 253 232 16,339 15,675 17,803 20,220 18,497 18,967 19,484 19,275 6,511 6,776 6,936 7,129 7,617 7,626 7,855 8,285 2,315 2,418 2,435 2,396 2,721 2,574 2,638 2,710 2,744 2,915 2,967 3,150 3,264 3,422 3,608 3,796 124 107 175 145 179 193 207 277 1,329 1,336 1,359 1,437 1,454 1,438 1,402 1,502 526 665 539 618 568 591 617 639 1975—Ja n .r............ F e b .r ........... M ar.............. A pr............... M ay*........... 37,614 36,090 36,235 37,533 37,053 28,710 26,916 27,160 28,612 27,961 7,362 7,142 7,072 6,897 6,857 1,998 2,048 1,808 2,102 1,820 158 129 101 148 93 19,193 17,596 18,179 19,465 19,190 8,184 8,441 8,394 8,179 8,428 2,625 2,820 2,740 2,556 2,777 3,760 3,872 3,916 3,969 4,084 186 200 200 220 168 1,613 1,548 1,537 1,434 1,398 721 733 682 742 665 1 D ata exclude “ holdings o f dollars” o f the IM F. 2 Excludes negotiable time certificates o f deposit, which are included in “ Other short-term liabilities.” 3 Includes nonmarketable certificates o f indebtedness and Treasury bills issued to official institutions o f foreign countries. 4 Includes liabilities o f U.S. banks to their foreign branches, liabilities o f U.S. agencies and branches o f foreign banks to their head offices and foreign branches, bankers’ acceptances, commercial paper, and negotiable time certificates o f deposit. 5 U.S. Treasury bills and certificates obtained from proceeds o f sales o f gold by the IM F to the United States to acquire income-earning assets. U pon term ination o f investment, the same quantity o f gold was reac quired by the IM F. 6 Principally the International Bank for Reconstruction and Develop ment and the Inter-American Development Bank. Includes difference between cost value and face value o f securities in IM F gold investment account. 7 Principally bankers’ acceptances, commercial paper, and negotiable time certificates o f deposit. 8 Foreign central banks and foreign central govts, and their agencies, and Bank for International Settlements and European Fund. 9 Excludes central banks, which are included in “ Official institutions.” N ote.—“Short term” refers to obligations payable on demand o r having an original maturity o f 1 year or less. For data on long-term liabilities reported by banks, see Table 9. D ata exclude the holdings o f dollars o f the International M onetary F u n d ; these obligations to the IM F consti tute contingent liabilities, since they represent essentially the am ount o f dollars available for drawings from the IM F by other member countries. D ata exclude also U.S. Treasury letters o f credit and nonnegotiable, noninterest-bearing special U.S. notes held by the Inter-American Develop ment Bank and the International Development Association. A 64 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JULY 1975 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End o f period. Amounts outstanding; in millions of dollars) 1973 1974 1975 Area and country D ec.r A u g .r S ept.r Yugoslavia.................................................... Other Western E urope1............................ U.S.S.R.......................................................... Other Eastern E urope................................ 161 1,483 659 165 3,483 13,227 389 1,404 2,886 965 534 305 1,885 3,377 98 6,148 86 3,352 22 110 530 1,937 251 229 3,624 11,873 298 1,101 2,234 894 422 303 1,049 7,850 106 9,076 100 2,829 26 147 597 1,933 268 219 3,574 9,337 293 3,138 2,498 1,023 435 377 1,096 8,393 100 8,714 151 3,122 40 149 568 2,047 285 223 3,933 8,623 255 2,748 3,009 1,131 411 347 1,071 8,974 121 7,570 136 3,263 44 136 T o tal....................................................... 40,742 44,879 45,456 C anada............................................................... 3,627 3,250 3,754 Europe: Belgium-Luxembourg................................. G erm any....................................................... Ita ly ................................................................ Portugal......................................................... Switzerland................................................... Latin America: Argentina....................................................... B ah a m a s....................................................... B razil.............................................................. Chile............................................................... O c t.r N o v .r D ec.r J a n .r F e b .r Mar. Apr. 557 2,295 338 262 3,835 9,102 213 2,192 3,177 1,181 338 332 1,103 9,378 102 8,186 105 3,432 33 140 607 2,506 369 266 4,287 9,420 248 2,617 3,234 1,040 310 382 1,138 10,007 152 7,548 183 4,051 82 206 597 2,391 369 204 4,206 9,948 253 2,101 3,208 874 310 379 1,132 9,601 169 6,660 187 3,128 65 172 624 2,647 324 204 4,035 10,801 242 2,260 3,242 826 303 320 1,215 9,453 131 6,205 168 2,859 59 120 599 2,539 370 202 4,226 11,235 192 2,449 3,414 843 288 358 1,209 8,862 243 7,050 158 2,641 35 218 629 2,810 340 212 4,600 10,229 202 2,498 3,302 827 247 361 1,477 8,807 103 7,065 122 2,516 34 123 627 2,875 323 181 4,982 8,203 273 2,157 3,351 846 267 341 1 ,697 8,587 87 7,006 126 2,417 61 148 44,896 46,300 48,655 45,953 46,037 47,130 46,503 44,555 4,226 3,725 3,503 3,405 3,789 3,456 3,955 3,953 938 1,747 952 297 305 7 1 ,746 474 183 140 2,921 1,176 135 839 886 1,452 1,034 276 305 7 1,770 488 272 147 3,413 1,316 158 515 900 2,161 859 284 319 6 1,747 500 256 152 2,918 1,211 155 892 894 2,050 927 281 317 6 1 ,734 476 238 164 3,351 1,263 133 468 822 1 ,755 1 ,065 258 326 6 1,668 519 225 171 3,501 1,348 143 492 886 2,463 1,077 278 313 6 1,727 656 217 174 3,559 1,401 113 738 964 2,045 984 260 307 6 1,875 513 206 168 3,864 1,353 123 897 i MayP C uba............................................................... M exico........................................................... P a n a m a ......................................................... P e ru ................................................................ U ruguay......................................................... Venezuela...................................................... O ther Latin American republics.............. Netherlands Antilles and Surinam .......... O ther Latin A m erica.................................. 924 852 860 158 247 7 1,296 282 135 120 1,468 884 71 359 T otal....................................................... 7,664 13,132 j 11,361 11,442 11,862 12,038 12,361 12,302 12,300 13,610 13,566 38 757 372 85 133 327 6,967 195 515 247 1,202 40 40 842 1 822 490 1 621 131 158 785 1 943 211 217 9,912 10,136 304 277 748 715 362 403 4,252 4,726 43 797 470 140 1,600 218 10,407 313 726 328 4,832 45 808 551 156 1,363 279 10,891 309 731 333 5,681 50 818 530 261 1,221 386 10,897 384 747 333 5,446 50 977 558 179 1,327 417 10,442 315 702 337 6,003 73 1,015 546 177 1,083 473 10,909 327 642 327 6,136 62 1,037 528 183 497 508 11,390 311 745 455 4,651 63 1,038 543 127 582 490 11,043 345 660 446 4,827 56 999 596 168 279 536 11,109 341 662 342 5,176 19,076 19,874 21,147 21,073 21,307 21,708 20,368 20,162 20,262 105 i 73 63 1 79 156 157 46 43 2,258 2,893 109 73 138 41 2,973 109 59 155 82 3,199 103 38 130 84 3,197 105 71 150 66 3,272 106 81 188 41 3,392 92 65 191 38 3,461 112 66 159 57 3,472 113 75 179 68 3,460 Asia: China, People’s Rep. o f (China Mainland) China, Republic o f (Taiwan).................... In d ia ............................................................... Indonesia....................................................... J a p a n ............................................................. K o re a ............................................................. Philippines..................................................... Thailand........................................................ O th e r............................................................. 10,839 Africa: Egypt.............................................................. M orocco........................................................ South A frica................................................. Z aire............................................................... O ther countries: 35 11 114 87 808 1,189 3,201 847 253 285 6 1,610 445 185 115 2,999 1,066 103 828 18,060 i | ! | 1,105 1,232 893 266 293 7 1,647 511 182 120 3,217 1,214 123 553 1,017 1,691 894 270 292 6 1,731 484 .177 128 2,992 1,113 138 508 1,056 2,627 3,244 3,333 3,604 3,551 3,664 3,809 3,848 3,867 3,895 3,131 59 2,926 68 2,847 72 2,788 71 2,759 86 2,742 89 2,661 88 2,568 76 2,761 66 2,856 60 3,069 71 3,190 2,994 2,918 2,859 2,845 2,831 2,748 2,644 2,828 2,916 3,140 67,119 84,941 85,811 86,631 89,483 91,650 89,439 90,289 89,931 91,012 89,370 Latin American regional............................ O ther regional 3............................................ 1,627 272 57 1,567 262 93 1,534 261 104 1,665 232 100 2,049 213 70 2,894 202 69 3,636 226 50 3,677 222 57 3,222 207 44 3,291 211 90 3,600 154 84 1,955 1,921 1,900 1,997 2,333 3,165 3,911 3,955 3,473 3,592 3,839 G rand to ta l.......................................... 69,074 86,863 87,710 88,628 91,816 94,815 93,350 94,245 93,404 j 94,604 93,209 Total foreign countries................................... International and regional: For notes see opposite page. JULY 1975 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 65 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY— Continued (End o f period. Amounts outstanding; in millions of dollars) Supplementary d a ta 4 1974 1973 1975 1973 1974 1975 Area and country Area and country Apr. Dec, Apr. Dec. Apr. Other Western Europe: C yprus............................................... Iceland................................................... Ireland, Rep. o f .................................. 9 12 22 19 8 62 10 11 53 7 21 29 17 20 29 O ther Latin American republics: Bolivia................................................... Costa R ica............................................ Dominican Republic.......................... E cu ad o r................................................. El S alvador.......................................... G uatem ala............................................ H aiti....................................................... H onduras.............................................. Jam aica................................................. N icaragua............................................. Paraguay............................................... Trinidad and T obago........................ 65 75 104 109 86 127 25 64 32 79 26 17 68 86 118 92 90 156 21 56 39 99 29 17 102 88 137 90 129 245 28 71 52 119 40 21 96 117 127 122 129 214 35 88 69 127 46 107 93 120 214 157 144 255 34 92 62 125 38 Other Latin A m erica: Bermuda................................................ British West Indies............................. 127 100 242 109 201 354 107 116 100 610 O ther Asia: Afghanistan.......................................... B urm a.................................................... C am b o d ia............................................. Jo rd an .................................................... 19 17 3 4 22 12 2 6 11 42 4 6 18 65 4 22 19 ’30' 1 Includes Bank for International Settlements and European Fund. 2 D ata exclude holdings o f dollars of the International M onetary Fund. 3 Asian, African, and European regional organizations, except BIS and European Fund, which are included in “ Europe.” Apr. Dec. Other Asia—C ont.: L aos...................................... L ebanon.............................. M alaysia.............................. P akistan............................... Singapore............................ Sri Lanka (C eylon)........... V ietnam ............................... Oil-producing countries 5. 3 55 59 93 53 6 98 486 3 62 58 105 141 13 88 652 O ther Africa: Algeria............................. Ethiopia (incl. Eritrea). G h a n a .............................. K enya.............................. Liberia............................. Libya................................ N igeria............................. Southern R hodesia. . . . Sudan............................... Tanzania......................... Tunisia............................. U g anda........................... Z am bia............................ 51 75 28 19 31 312 140 1 3 16 11 19 37 111 79 20 23 42 331 78 2 3 12 7 6 22 34 39 All other: New Zealand. Apr. Dec. Apr. 3 3 5 68 119 180 40 63 92 108 91 118 165 240 215 13 14 13 98 126 70 1,331 4,640 3,941 110 67 118 95 22 18 31 20 29 39 452 257 736 2,295 1 2 4 2 11 12 17 19 11 13 22 66 33 47 59 76 13 32 33 3 14 21 23 18 36 4 Represent a partial breakdown of the amounts shown in the other categories (except “ Other Eastern Europe” ). 5 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, Syria, and United Arab Emirates (Trucial States). LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) End o f period 1971................................. 19722 Total To inti. and regional To foreign countries Total Official institu tions Country or area Other B anks1 foreign ers G er many United King dom Total Other Latin Europe America Japan Other Asia All other coun tries 1973r ............................... 902 J1,000 11,018 1,462 446 562 580 761 457 439 439 700 144 93 93 310 257 259 259 291 56 87 87 100 164 165 165 159 52 63 63 66 30 32 32 245 111 136 136 132 3 1 1 5 87 32 32 78 9 10 10 16 1974—May r .................. Ju n e r . ................. July r ................... Aug . r ................. S ep t.r ................. O c t.r ................... N o v .r ................. D e c.r.................. 1,644 1,635 1,673 1,498 1,367 1,293 1,354 1,285 1,005 974 978 1,005 920 849 905 822 639 661 695 493 447 445 449 464 296 321 337 136 93 111 112 124 269 268 284 281 281 263 262 261 74 73 75 76 73 71 75 79 151 150 155 153 153 153 152 152 56 56 56 55 55 43 43 43 220 220 231 32 32 32 32 32 144 144 142 141 123 116 116 115 2 2 2 1 1 1 1 1 52 77 97 97 70 87 88 101 13 12 13 13 13 13 17 20 1975—Jan ...................... Feb...................... M ar..................... A pr...................... M ay?.................. 1,406 1,441 1,543 1,410 1,446 846 776 795 626 585 560 666 748 784 861 223 336 426 462 544 266 264 255 253 248 71 66 67 68 69 150 147 137 135 129 42 41 41 41 41 26 23 24 25 27 118 119 120 121 121 1 1 1 1 1 200 313 403 439 519 21 21 21 22 22 1 Excludes central banks, which are included with “Official institutions.’ 2 D ata on the 2 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 66 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JULY 1975 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. TREASURY BONDS AND NOTES (End o f period; in millions of dollars) 1974 May Europe: June 7 260 35 428 87 5 Switzerland.......................................... United K ingdom ................................ O ther W estern E urope..................... July 7 260 34 424 89 5 Aug. 9 260 35 426 97 5 9 260 34 439 101 5 1975 Sept. 10 250 34 459 96 5 Oct. Nov. Dec. Jan. M ar. Feb. Apr.p MayP 10 250 30 485 102 5 10 276 30 498 98 5 10 251 30 493 97 5 11 252 31 529 89 5 12 252 30 578 83 3 14 252 29 598 283 5 14 252 32 611 300 5 14 251 33 564 301 5 823 819 832 849 854 883 917 885 916 959 1,180 1 ,211 1,168 C an a d a ..................................................... 849 849 851 756 706 707 711 713 697 584 588 460 412 Latin America: Latin American republics................. O ther Latin A m erica........................ 11 5 11 5 11 5 11 5 11 17 11 25 11 62 12 88 11 88 91 148 11 114 11 107 11 100 T o ta l............................................ 16 16 16 16 28 36 74 100 99 239 125 119 112 Asia: Jap a n .................................................... O ther A sia.......................................... 3,499 12 3,498 12 3,497 12 3,498 12 3,497 12 3,497 12 3,498 12 3,498 212 3,498 325 3,496 541 3,496 1,071 3,496 1 ,121 3,496 1,291 T o ta l............................................ 3,510 3,510 3,509 3,510 3,509 3,509 3,509 3,709 3,822 4,037 4,567 4,617 4,787 A frica....................................................... 157 157 156 151 151 151 151 151 151 151 151 161 181 All o th er.................................................. 25 25 25 25 25 25 25 5,379 5,376 5,390 5,306 5,273 5,311 5,387 5,557 5,685 5,969 6,611 6,568 6,660 174 41 57 60 51 75 102 71 23 68 71 52 71 67 61 61 180 61 190 59 592 79 383 77 306 65 214 117 126 173 91 123 138 122 240 249 671 460 371 5,594 5,493 5,516 5,479 5,364 5,434 5,525 5,680 5,925 6,218 7,282 7,028 7,030 International and regional: International........................................ Latin American regional................... G rand to ta l.................................. N ote.—D ata represent estimated official and private holdings o f marketable U.S. Treasury securities with an original maturity o f more than 1 year, and are based on benchm ark surveys of holdings and regular monthly reports of securities transactions (see Table 14). 11. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions o f dollars) Payable in foreign currencies Payable in dollars End of period Loans to— Total Total Total Official institu tions Accept Collec ances tions made o ut for acct. B anks1 Others 2 stand o f for ing eigners Other Total Foreign govt, se Deposits curities, with for coml. eigners and fi nance paper O ther 1971 »■.............................. 13,272 f 15,471 115,676 1973 r .............................. 20,723 12,377 14,625 14,830 20,061 3,969 5,674 5,671 7,660 231 163 163 284 2,080 2,975 2,970 4,538 1,658 2,535 2,538 2,838 2,475 3,269 3,276 4,307 4,254 3,204 3,226 4,160 1,679 2,478 2,657 3,935 895 846 846 662 548 441 441 428 173 223 223 119 174 182 182 115 1974—M a y '................. 29,925 Ju n e r ................. 32,436 Ju ly r ................... 33,854 Aug . r ................. 35,357 Sept.r ................. 34,451 O ct.r................... 34,593 Nov . r ................. 36,784 D ec.r . ................ 38,889 29,041 31,479 32,851 34,551 33,533 33,563 35,756 37,680 9,875 11,409 10,766 11,549 10,557 10,002 10,968 11,313 367 390 480 453 528 371 439 382 6,314 7,685 6,715 7,750 6,678 6,299 7,102 7,352 3,194 3,334 3,571 3,346 3,352 3,332 3,426 3,579 5,081 5,107 5,152 5,295 5,245 5,356 5,345 5,637 6,660 7,649 9,205 9,481 9,552 10,050 10,717 11,223 7,424 7,314 7,729 8,227 8,178 8,155 8,726 9,506 884 957 1,003 805 918 1,030 1,028 1,210 611 687 626 461 468 547 515 668 113 130 207 180 217 243 283 289 160 141 170 164 233 240 229 253 38,973 39,772 42,052 42,806 45,028 37,684 38,582 40,889 41,547 43,960 10,232 10,313 9,626 10,659 11,853 361 379 310 362 365 6,318 6,414 5,682 6,519 7,639 3,553 3,521 3,634 3,778 3,849 5,565 5,346 5,415 5,339 5,546 11,025 11,090 11,341 11,441 10,961 10,863 11,833 14,507 14,108 15,601 1,289 1,190 1,162 1,260 1,068 719 609 626 764 478 351 336 290 241 301 219 244 246 254 290 1975—Jan. «■................... F e b .'.................. M ar . r ................. A pr..................... M ayP................. 1 Excludes central banks, which are included with “ Official institutions.” 2 Includes International and Regional Organizations. 3 D ata on the 2 lines shown for this date differ because o f 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. JULY 1975 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. 12. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period. Amounts outstanding; in millions of dollars) 1974 1973 1975 Area and country Europe: A ustria............................................................ Belgium-Luxembourg................................ F inland........................................................... F ran c e ............................................................ G erm an y ....................................................... Ita ly ................................................................ N etherlands................................................... P o rtu g al................... ..................................... S p ain ............................................................... Sw itzerland................................................... T u rk ey ............................................................ United K in g d o m ........................................ Yugoslavia.................................................... O ther W estern E urope............................... U .S.S.R.......................................................... Other Eastern Europe................................ Latin America: C hile............................................................... C u b a............................................................... P an am a.......................................................... P e ru ................................................................ Uruguay......................................................... Venezuela...................................................... Other Latin American republics.............. N etherlands Antilles and Surinam .......... O ther Latin A m erica.................................. Asia: China, People’s Rep. o f (China M ainland) China, Republic o f (Taiw an).................... India............................................................... Indonesia....................................................... Israel............................................................... Ja p a n ............................................................. K o rea............................................................. Philippines..................................................... T hailand........................................................ Dec . r A u g .r Sept.r O ct . r ! N o v .r j D ec.r 11 147 48 108 621 311 35 316 133 72 23 222 153 176 10 1 ,459 10 25 46 44 72 207 49 151 760 379 66 441 112 136 24 382 139 355 19 2,619 25 22 30 89 17 164 51 146 637 342 59 354 130 113 26 253 159 377 15 2,228 28 18 21 102 21 301 59 128 485 332 48 340 176 94 35 227 149 277 15 1 ,852 24 31 27 105 42 21 308 384 45 46 107 122 791 673 438 589 57 64 340 345 183 348 97 119 25 20 201 196 160 180 339 335 14 15 2,332 2,435 28 22 38 22 28 1 46 86 1 131 18 401 54 132 892 390 52 351 195 115 16 184 128 252 23 2,700 38 22 44 124 38 591 53 136 893 435 42 277 210 106 39 166 99 267 17 2,770 18 27 48 100 22 550 41 137 896 387 46 287 187 104 32 150 72 230 19 2,896 16 24 34 110 16 674 53 147 859 399 54 334 157 114 26 234 101 227 37 3,174 28 31 51 113 19 647 49 137 723 389 37 329 221 126 25 257 126 277 30 3,635 39 25 83 117 3,970 6,073 5,239 4,724 5,660 6,110 6,130 6,331 6,239 6,831 7,293 1,955 2,111 2,032 2,556 2,517 2,773 2,904 2,643 2,934 2,911 3,096 499 893 900 151 397 12 1,373 274 178 55 518 493 13 144 704 2,204 1,522 231 679 13 1,828 401 421 50 642 700 56 448 695 2,787 1,534 250 665 14 1,706 410 408 47 627 711 64 370 679 3,088 1,476 256 686 13 1,836 405 433 46 557 724 61 693 704 2,978 1,493 291 675 13 1,898 402 486 63 643 810 74 920 i 720 ! 3,398 i 1,415 290 713 14 1,972 503 518 ! 63 1 704 852 62 1 ,138 783 3,737 1,264 303 706 13 1,898 604 504 75 795 873 45 1 ,451 808 4,699 1,345 351 679 18 2,004 458 531 86 747 890 39 1 ,549 869 5,804 1,266 395 695 13 2,116 546 555 104 736 902 39 1 ,571 958 5,758 1,299 433 710 13 2,236 531 606 116 757 954 36 1 ,678 1 ,007 7,050 1 ,272 422 702 13 2,380 671 590 100 745 960 44 2,165 5,900 9,900 10,290 10,953 11,450 12,362 13,051 14,202 15,613 16,085 18,121 31 140 147 16 88 155 6,398 403 181 273 392 22 448 271 34 120 192 12,822 706 348 438 677 9 466 243 17 122 197 12,398 733 342 439 669 7 499 214 19 128 200 11 ,724 760 347 417 670 5 483 238 16 140 208 12,420 835 325 428 666 4 500 223 14 157 256 12,514 955 372 458 771 18 526 203 19 142 271 11,821 1 ,116 302 391 739 65 473 184 22 159 284 11,246 1 ,286 342 374 781 19 500 291 17 145 322 11,600 1 ,356 353 406 846 11 448 210 21 134 299 11,028 •1,503 398 413 1,007 12 434 288 17 119 287 10,603 1,415 455 374 965 J a n .r F e b .r Mar. Apr. MayP T o tal....................................................... 8,224 16,078 15,635 14,986 15,765 16,224 15,545 15,216 15,855 15,472 14,969 Africa: Egypt.............................................................. M orocco........................................................ South A frica................................................. Z aire............................................................... O th e r.............................................................. 35 5 129 60 158 83 10 238 97 275 97 10 243 94 311 93 11 282 107 311 91 12 299 101 291 111 18 329 98 299 106 19 364 31 265 114 15 396 38 291 122 19 413 31 290 142 10 458 37 326 138 12 475 41 351 T o tal....................................................... 388 702 755 804 795 855 785 853 875 973 1,018 243 43 415 77 422 76 478 91 492 104 466 99 433 125 431 95 436 99 428 107 440 89 O ther countries: A ustralia........................................................ T o tal....................................................... International and regional............................. 286 492 498 569 597 565 558 526 535 535 528 20,723 35,356 34,448 34,593 36,783 38,889 38,972 39,771 42,051 42,805 45,026 1 1 1 1 2 38,889 38,973 39,772 42,052 42,806 45,028 1 1 2 1 1 20.723 35,357 34,451 34,593 36,784 N ote.—Short-term claims are principally the following items payable on demand or with a contractual maturity o f not more than 1 year: loans made to, and acceptances made for, foreigners; drafts drawn against foreigners, where collection is being made by banks and bankers for their own account or for account 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. INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JULY 1975 A 68 13. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions o f dollars) Type C ountry or area Payable in dollars End o f period Total Loans to— Other long term claims Payable in foreign curren cies United K ing dom Other Europe Latin Canada America Japan Other Asia All other coun tries2 Total Official institu tions 1971 ' ................. 3,667 ,954 1070 1y / Z 3° r1............... /4 \ 5 ,063 1973r................. 5,996 3,345 4,539 4,588 5,446 575 833 844 1,160 315 430 430 591 2,455 3,276 3,314 3,694 300 375 435 478 22 40 40 72 130 145 150 148 593 704 703 1 ,124 228 406 406 490 1,458 1 ,996 2,020 2,116 246 319 353 251 583 881 918 1,331 429 503 514 536 1974—May r . .. Ju n e r. .. July r . .. A ug.r . .. Sept.r . . O c t.r . . . N ov.r . . D ec.r . .. 6,830 7,087 7,115 7,055 6,999 7,250 7,251 7,155 6,214 6,475 6,502 6,448 6,386 6,571 6,561 6,481 1,570 1,622 1,490 1,456 1,419 1,445 1 ,377 1,331 772 792 909 913 853 914 933 931 3,872 4,061 4,104 4,080 4,113 4,212 4,250 4,219 550 546 545 539 542 608 618 609 67 66 67 68 71 71 72 65 224 222 249 285 266 333 339 329 1,559 1,686 1,603 1,545 1,535 1,725 1,652 1,578 467 496 498 503 543 523 506 486 2,434 2,487 2,552 2,527 2,479 2,495 2,574 2,602 241 244 269 269 247 264 257 258 1,381 1,434 1,423 1,416 1,425 1,396 1,392 1,359 524 518 520 511 505 515 531 542 1975—J a n . .. F e b . .. M a r.. . . A pr........ May p . .. 7,262 7,457 7,554 7,583 7,852 6,624 6,797 6,900 6,896 7,176 1,368 1,378 1,395 1,239 1,287 968 1,035 1,063 1,110 1,185 4,289 4,384 4,442 4,547 4,703 583 606 598 624 610 54 54 55 63 66 323 347 357 375 402 1,669 1,749 1,769 1 ,813 1,923 475 485 485 490 458 2,603 2,675 2,695 2,786 2,848 248 248 247 242 254 1,388 1,355 1,409 1,249 1,289 557 598 592 630 677 Other B anks1 foreign ers2 1 Excludes central banks, which are included with “ Official institutions.” 2 Includes international and regional organizations. 3 D ata on the 2 lines shown for this date differ because o f 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. 14. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) M arketable U.S. Treas. bonds and n o tes1 U.S. corporate securities 2 Foreign bonds Foreign stocks N et purchases or sales Period Total Intl. and regional Total Official N et pur Pur chases or chases sales Pur chases Sales - 2 3 19,083 6 18,569 69 15,515 15,015 13,810 13,830 4,068 4,759 1,684 Foreign Sales N et pur chases sales PurSales Sales 2,932 2,467 3,325 -1 ,0 3 1 -9 9 3 -2 ,2 8 1 2,532 1,729 1,899 2,123 1,554 1,718 409 176 181 N et pur chases or sales Other 197 2 197 3 197 4 3,316 305 -4 7 9 57 -1 6 5 94 3,258 470 -5 7 3 3,281 465 -6 4 2 1975—Jan .-M ay P . .. 1,351 248 1,102 1 ,002 101 8,144 6,508 1,636 3,093 -2 ,3 2 1 729 786 -5 7 1974—Ma y Ju n e................. July.................. Aug.................. Sept................. O ct................... Nov................. D ec.................. -2 8 -1 0 1 23 -3 7 -1 1 6 70 132 134 29 -9 7 9 47 -8 2 32 57 -3 6 -5 7 -3 14 -8 4 -3 3 38 76 171 -7 -73 -6 0 25 153 -5 0 -3 14 -1 1 27 38 50 17 903 1,174 1,049 1,400 1,361 1,568 1,415 927 852 923 1,056 1,132 1,183 1,364 1,311 978 51 251 -7 268 178 205 103 -5 0 89 74 94 59 72 86 92 101 154 272 251 214 152 362 170 524 -6 4 -1 9 7 -1 5 8 -1 5 5 -8 0 -2 7 6 -7 8 -4 2 3 173 207 128 146 145 89 124 117 174 117 116 117 100 152 102 87 -2 90 12 29 45 -6 3 22 30 1975—Ja......................n Feb.................. M ar................. A pr.p............... M ayp............... 245 293 1,063 -2 5 4 3 118 9 422 -211 -8 9 127 285 642 -4 3 92 118 182 644 -6 6 123 9 102 -3 23 -3 1 1,207 1,704 1,752 1,636 1,845 897 1,385 1,152 1,394 1,679 309 318 600 242 166 131 118 186 167 172 1,207 554 647 341 345 -1 ,0 7 6 -4 3 6 -4 6 1 -1 7 4 -1 7 3 147 134 148 155 145 156 173 159 141 157 -9 -3 9 -1 1 14 -1 2 1 Excludes nonm arketable U.S. Treasury bonds and notes issued to official institutions o f foreign countries. 2 Includes State and local govt, securities, and securities o f U.S. Govt, agencies and corporations. Also includes issues o f new debt securities 1,901 1,474 1,045 sold abroad by U.S. corporations organized to finance direct investments abroad. N ote .—Statistics include transactions o f international and regional organizations. JULY 1975 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 69 15. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions o f dollars) G er many Period Pur chases Sales 1972....................... 1973....................... 1974....................... 14,361 12,762 7,552 12,173 9,978 7,095 2,188 2,785 457 372 439 203 -5 1 2 39 297 339 330 642 685 36 1975—Jan.-M ayP 6,107 4,509 1 ,596 46 78 115 341 1974— M ay........... Ju n e .......... J u ly ........... Aug............ Sept........... O ct............. N ov........... D ec............ 576 521 508 580 447 673 604 450 591 513 510 502 445 695 616 429 -1 5 8 -2 78 2 -2 2 -1 2 r21 18 -1 5 13 19 -9 17 5 13 7 8 5 18 17 -3 0 1 13 29 33 39 16 21 9 -2 20 5 11 -9 15 -6 -3 9 -3 5 -1 0 1975—Jan ............. Feb............ M ar........... Apr.P........ M ay.......... 731 1,383 1,148 1 .318 1 ,527 541 849 913 1,058 1,149 190 533 236 259 378 34 21 12 -1 5 -6 15 25 11 23 4 8 14 40 26 27 42 115 40 44 100 -8 147 38 54 59 N et pur chases or France sales ( —) N ether Switzer lands land United King dom Other Europe Total Europe 561 366 -3 0 4 137 274 50 1,958 2,104 354 290 44 913 78 -3 6 -1 8 -4 9 7 -2 2 -8 2 -5 1 -7 6 -5 -3 3 -1 1 -3 11 4 9 19 16 2 64 -3 -1 1 4 -7 7 -3 0 -7 13 10 14 6 3 -2 14 15 9 7 4 9 107 331 146 136 193 12 20 15 -5 36 -1 5 18 -5 2 1 Latin Canada America -7 8 99 -6 -3 2 -1 -3 3 Asia Other l 256 577 131 83 5 10 1 584 18 -1 5 -7 -2 9 4 2 -5 10 -1 4 -1 5 -1 4 -1 0 -6 95 70 27 2 2 2 * 1 -7 1 * 84 150 80 121 149 2 15 -1 3 -1 i Includes international and regional organizations. 16. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions o f dollars) Period France Total 197 2 197 3 197 4 G er many Nether Switzer United lands land Kingdom Other Europe Total Europe Latin C anada America Asia 148 52 34 • 1 -5 2 4 3 -3 7 199 -1 5 100 398 93 • • * • • * * * * 10 * * * * * -3 56 -1 2 8 -3 6 130 79 -1 6 3 -1 7 3 152 37 322 81 69 * * • • * * 1 * * * -1 2 0 -1 8 9 10 -7 -2 1 8 336 201 96 77 -3 3 33 74 -1 9 183 135 307 96 367 275 352 315 473 -5 9 1,303 1,204 702 82 49 50 22 44 43 323 588 557 40 4 8 -2 6 61 -1 8 1 -1 0 -1 4 5 46 * 662 • 116 72 1 -1 -1 2 -4 28 15 2 -1 2 13 -1 1 19 64 36 29 54 6 -2 0 54 1 -1 7 -1 1 -9 -3 -5 -6 5 59 185 100 21 55 25 -2 3 56 3 1 1 2 4 18 11 -4 5 4 5 4 2 5 I 17 * * -1 -2 6 -1 6 3 10 35 7 59 -8 3 23 -9 9 -8 1 5 1 1 -1 3 -3 74 -8 0 32 -1 0 0 -7 2 14 16 4 5 7 -1 * -4 3 1 1974—M a y .. J u n e .. July. . A u g .., Sept.. O c t.. . N ov.. D ec... 66 242 -5 190 176 226 224 -1 1 10 5 -1 1 1 10 4 1 * 3 2 • 1 1 -1 * 1975—Jan .. . F e b ... Mar.p, Apr. p . M ayp. 119 -2 1 5 365 -1 7 -2 1 2 2 -4 1 1 3 3 3 -1 2 1 N ote.—Statistics include State and local govt, securities, and securities of U.S. Govt, agencies and corporations. Also includes issues o f new O ther Intl. and countries regional • 10 10 1,881 1,948 1,395 1975—Jan.-M ay» Africa 2 • 8 debt securities sold abroad by U.S. corporations organized to finance direct investments abroad. 17. NET PURCHASES OR SALES BY FOREIGNERS OF LONG TERM FOREIGN SECURITIES, BY AREA 18. FOREIGN CREDIT AND DEBIT BALANCES IN BROKERAGE ACCOUNTS (In millions o f dollars) (Amounts outstanding; in millions o f dollars) Intl. and re gional Total foreign coun tries Eu rope 1972................. -6 2 2 1973................. —818 1974................. - 2 ,0 5 8 -9 0 139 -6 0 -5 3 2 —957 -1 ,9 9 9 505 -1 4 1 —544 -6 3 5 —569 -1 ,5 2 9 1975— Jan.-M ay ^ - 2 ,3 7 8 -8 6 2 -1 ,5 1 7 -1 0 6 -9 1 2 -6 6 -1 0 5 -1 4 6 -1 2 6 -3 5 -3 4 0 -5 6 -3 9 3 5 3 1 2 12 2 3 -9 5 -7 1 -1 0 7 -1 4 7 -1 2 7 -4 7 -3 4 2 -5 9 -2 9 8 -2 6 -7 5 -6 3 -3 5 -4 1 -8 1 -2 1 -2 7 -3 5 -1 2 1 -1 0 8 -1 2 6 -3 7 -2 4 4 -8 -1 9 0 -2 2 -6 -1 -9 5 * -1 4 -2 5 -1 ,0 8 5 1975—Jan -4 7 5 F e b ... . M ar.* \. -4 7 3 A pr. p . . -1 6 0 May*5. . -1 8 5 -5 7 2 -1 4 7 -1 1 7 -5 7 31 -5 1 4 -3 2 8 -3 5 6 -1 0 3 -2 1 6 -4 1 19 -6 6 -5 7 39 -4 0 5 -1 5 9 -1 7 4 -6 -1 6 8 Period 1974—M a y ... J u n e .. . July___ Aug---S e p t.... O ct....... N o v ... . Dec.. . . Total Latin C anada Amer Asia ica Af rica Other coun tries —69 -1 2 0 -9 3 -2 9 6 -1 6 8 138 —66 3 7 29 37 22 -n o -4 1 3 18 5 10 94 24 42 22 -1 8 -2 1 -6 7 * 1 —1 —1 1 _J 2 12 3 * 3 1 3 2 3 * -6 0 -2 8 -9 4 -9 7 - 2 -1 1 2 17 -5 9 * -8 8 20 2 -2 * -2 * * 1 2 2 End o f period Credit balances (due to foreigners) D ebit balances (due from foreigners) 1972—June............................. Sept.............................. 312 286 372 339 336 405 310 316 290 333 364 243 255 231 D ec.p ........................... 383 354 298 293 225 241 178 193 1975—Mar.®........................... 349 209 1974—M ar.............................. N ote.—D ata represent the money credit balances and money debit balances appearing on the books o f reporting brokers and dealers in the United States, in accounts of foreigners with them, and in their accounts carried by foreigners. A 70 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JULY 1975 19a. ASSETS OF FOREIGN BRANCHES OF U.S. BANKS (In millions of dollars) Claims on U.S. Location and currency form IN ALL FO R EIG N C O UN TRIES Total, all currencies............................ Payable in U.S. dollars. Payable in U.S. d o llars. IN BAHAMAS A N D CAYM ANS i Total, all currencies............................ For notes see p. A-74. Total M onth-end Total Parent bank Other Total O ther branches o f parent bank Other banks N on Offi bank cial for insti tutions eigners Other 1972—D e c 1973—De c 78,202 121,866 4,678 5,091 2,113 1,886 2.565 3,205 71.304 111,974 11,504 35,773 19,177 56,368 1,594 22,432 2,693 33,736 2,220 4,802 1974—Ap r M ay........... Ju n e........... Ju ly ............ Aug............ Sept............ Oct............. N ov............ D ec............ 140,020 145,91“ 147,467 145,058 148.719 147.720 145,906 150,274 151,828 5,980 8,031 6,839 6,402 9,366 6,267 4,661 7,751 6,898 3,504 5,465 4.158 3,787 6,868 3,622 2,027 5.159 4,464 2,476 2.566 2,682 2,614 2,498 2,645 2,634 2,592 2,434 128,823 132,377 134,891 132,945 133,473 135,272 135,284 136,442 138,639 23.119 24,583 25.120 25,726 26,428 26,322 26,958 28,366 27,542 62,901 64,693 64,441 61,949 60,524 61,301 59,617 58,727 60,248 3,753 3,703 3,610 3,689 3,423 3,721 3,849 4,019 4,077 39,050 39,398 41,721 41 ,580 43,098 43,927 44,860 45,330 46,772 5,217 5,510 5,736 5,711 5,880 6,181 5,962 6,081 6,292 1975—Ja................n 151,049 7,029 Feb............. 151 ,550 5,483 M ar............ 155,056 '5,319 Apr.**........ 155,484 5,821 4,360 2,882 '2,637 3,051 2,669 2,601 2,681 2,771 138,055 140,238 143,613 143,830 27,870 28,936 28,278 29,160 58,821 58,742 61,547 60,225 4,152 4,246 4,407 4,353 47,213 48,314 49,380 50,091 5,965 5,829 6,125 5,833 52,636 79,445 4,419 4,599 2,091 1,848 2,327 2,751 47,444 73,018 7,869 26,251 12,799 39,527 1,059 1,777 12,264 18,915 773 1,828 94,292 100,266 101,704 101,534 105,827 104,345 101,977 105,066 105,893 5,621 7,685 6,518 6,110 9,055 5,990 4,379 7,445 6,601 3,456 5,417 4,107 3,738 6,816 3,564 1,970 5,105 4,428 2,165 2,268 2,410 2,373 2,239 2,426 2,409 2,340 2,174 86,483 90,066 92,568 92,733 93,893 95.304 94,650 94,581 96,136 16,043 16,890 17,478 18,480 19,694 19,413 19,785 20,623 19,671 44,919 47,373 47,819 46,422 45,681 46,517 44,832 43,741 45,032 2,835 2,841 2,803 2 ,r 2,780 2,873 3,006 3,192 3,289 22,685 22,962 24,467 24,942 25,738 26,501 27,027 27,026 28,143 2,188 2,514 2,619 2,691 2,879 3,050 2,948 3,039 3,156 1975—Ja................n 105,687 Feb............. 104,249 M ar............ 107,377 Apr.*7........ 108,276 6,705 5,139 r5 ,005 5,456 4,318 2,839 '2,606 3,008 2,387 95,901 2,300 96,221 2,399 99,503 2,448 100,120 20,425 20,794 19,787 20,962 43,108 42,621 46,054 45 ,111 3,370 3,431 3,604 3,599 28,998 29,375 30,058 30,448 3,080 2,889 2,869 2,700 1972—D e c 1973—D e c 43,467 61,732 2,234 1,789 1,138 738 1,096 1,051 40,214 57,761 5,659 23,842 8,773 34,442 606 735 0,106 3,811 1,018 2.183 1974—Ap r M ay........... Ju n e........... July............ Aug............ Sept............ O ct............. N ov............ D ec............ 68,959 71,982 71,305 69,197 70,382 70,965 68,123 69,137 69,804 2,589 3,792 3,561 3,046 3,599 2,860 1,325 3,387 3,248 1,806 2,969 2,612 2,205 2,858 2,087 502 2,568 2,472 783 823 949 840 741 774 823 818 776 64,238 66,008 65,617 63,974 64,496 65,596 64,462 63,571 64,111 10,819 11,759 11,886 12,486 12,790 12,436 12,386 13,122 12,724 36,775 37,920 36,468 34,575 33,942 34,959 33,608 32,128 32,701 1,073 889 812 718 666 829 887 753 788 5,572 5,439 6,452 6,195 7,097 7,372 7,581 7,567 7, 2,131 2.183 2,126 2,177 2,287 2,509 2,336 2,179 2,445 1975—Ja................n Feb............ M ar............ A p r.?........ 68,451 67,038 69.654 69,248 2,633 1,818 1 ,798 2,017 1,902 1,023 982 1 ,126 731 796 817 891 63,527 63,250 65.693 65,330 12,873 13,246 12,806 13,314 32,057 31,641 34,260 33,079 854 848 929 919 7,743 7,515 7,699 8,018 2,291 1,970 2,163 1,902 1972—D e c 1973—D e c 30,257 40,323 2.146 1,642 27,664 37,816 4,326 6,509 17,874 23,899 5,464 7,409 446 865 1974—Ap r M ay ........... Ju n e........... July............ Aug............ Sept........... O ct............. N ov............ D ec............ 46,419 49.654 49,363 48,158 49,406 50,075 47,968 48,710 49,211 2,499 3,693 3,462 2,958 3,507 2,774 1,235 3,277 3.146 42,895 44,825 44,774 44,061 44,677 45,960 45,421 44,198 44.693 8,386 9,285 9,425 9,932 10,529 10,305 10,234 10,796 10,265 25,768 26,994 26,147 24,698 24,512 25,720 25,233 23,551 24,326 8,741 8,546 9,203 9,432 9,637 9,937 9,954 9,852 10,102 1,024 1,135 1,126 1,138 1,222 1,339 1,312 1,235 1,372 1975—Ja................n 47,769 Feb............ 46,019 M ar........... r48,939 A pr.p........ 48,797 2,542 1,697 '1 ,687 1,885 43,959 43,244 46,039 45,923 10,421 10,615 10,373 10,995 23,271 22,575 25,610 24,711 10,268 10,055 10,057 10,217 1,267 1,077 1,212 989 1972—D e c 1973—D e c 1974—Ap r M ay........... Ju n e........... July............ Aug............ Sept............ Oct............. N ov............ D ec............ IN U N ITED K IN G D O M Total, all currencies........... Claims on foreigners 1972—D e c 1973—De c 12,642 23,771 1,486 2,210 214 317 1,272 1,893 10,986 21,041 6,663 12,974 4,322 8,068 170 520 1974—Ap r M ay .......... Ju n e .......... Ju ly........... Aug............ Sept........... Oct............. N ov........... D ec.......... . 28,778 30,864 31,219 30,403 32,317 30,080 30,071 32,313 31,731 2,390 3,302 2,427 2,380 4,624 2,315 2,206 3,299 2,463 956 1 ,836 981 870 3,153 750 711 1,816 1,081 1,434 1,467 1,446 1,510 1,471 1,564 1,495 1,484 1,382 25,765 26,817 28,005 27,208 26,914 26,910 27,075 28,130 28,453 16,086 17,035 17,643 16,822 16,157 16,014 16,280 17,193 16,854 9,679 9,782 10,361 10,386 10,757 10,896 10,795 10,937 11,599 623 744 787 815 779 856 790 883 815 1975—Ja..............n 33,129 Feb............ 33,532 33,791 M ar.......... A pr.P........ 2 35,664 3,223 2,563 2,405 2,587 1,594 1,072 839 1,006 1,629 1,491 1,567 1,581 29,068 30,135 30,669 32,357 16,864 17,389 17,595 18,967 12,204 12,746 13,074 13,390 838 834 716 720 JULY 1975 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 71 19b. LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS (In millions of dollars) To foreigners To U.S. Total Total Parent bank Other Total Other branches o f parent bank Other banks 78,203 121,866 3,501 5,610 997 1,642 2,504 3,968 72,121 111.615 11,121 41,218 18,213 65,389 140,020 145,918 147,467 145,057 148.719 147.720 145,906 150,275 151,828 7,210 8,275 9,028 10,129 9,419 9,981 10,449 11,901 11,981 2,558 3,218 3,488 4,373 4,123 5,058 5,853 6,249 5,807 4.652 5,057 5,540 5,757 5,296 4,923 4,596 5.652 6,173 127,586 131,978 132,328 128.616 132,774 131,016 128,910 131,619 132,915 22,688 23,941 24,234 25,313 26,007 26,337 26,619 27,717 26,903 151,049 11,830 151,550 12,560 155,056 15,405 155,485 14,050 6,354 6,606 8,848 7,818 5,476 132,f 5,954 132,486 6,557 133,396 6,223 135,350 26,988 28,154 28,148 30,038 N on Offi bank cial for insti tutions eigners Other M onth-end 8,351 11,432 10,330 17,683 2,580 4,641 1972—Dec. 1973—Dec. 71,232 11,612 74,193 12,187 71,692 14,388 66,855 15,030 68,772 16,304 66,071 17,488 62,606 18,171 63,596 19,979 65,642 20,184 054 657 015 418 690 121 514 327 187 5,224 5,665 6,110 6,312 6,527 6,723 6,548 6,755 6,932 1974—Apr. .......... May ...........June ...........July ...........Aug. ...........Sept. ...........Oct. .......... Nov. .......... Dec. 64,093 63,327 63,362 62,223 21,682 21 ,950 22,567 23,216 924 055 319 873 6,532 6,505 6,254 6,085 1975—Jan. ........... F e b .r ...........Mar. ...........Apr.? 7,955 29,229 12,554 43,641 6,781 7,491 441 502 1,422 2,158 1972—Dec. 1973—Dec. 54,878 80,374 3,050 5,027 847 1,477 2,202 3,550 50,406 73,189 94,921 100,714 102,302 102,432 106,909 106,004 103,934 107,427 107,813 6,640 7,685 8,414 9,494 8,786 9,294 9,905 11,215 11,435 2,378 3,021 3,279 4,160 3,932 4,833 5,650 6,023 5,640 4,262 4,664 5.135 5,334 4,853 4,461 4,255 5,192 5,795 r85,619 89,848 90,359 89,264 94,178 92,630 90,136 92,233 92,428 15,783 16,694 17,070 18,438 19,456 19,599 19,481 20,242 19,292 47.847 50.848 48,909 45,768 48,394 46,020 42,690 43,147 43,623 9,195 9,817 11,630 12,337 13,508 14,533 15,076 16,789 17,443 794 490 750 721 821 478 889 054 070 2,662 3,181 3,529 3,675 3,945 4,080 3,893 3,979 3,950 1974—Apr. ...........May ...........June ...........July ...........Aug. ...........Sept. ...........Oct. .......... Nov. .......... Dec. 108,099 11,367 106,013 12,062 109,366 14,794 110,296 13,395 6,202 6,458 8,659 7,634 5,164 5,603 6.135 5,760 92,957 90,317 91,207 93,491 19,969 20,079 19,814 21,529 42,800 18,342 40,626 18,707 41,160 19,302 40,932 19,908 846 905 931 121 3,776 3,634 3,365 3,411 1975—Jan. ...........F e b .r ...........Mar. .......... Apr.? 6,433 8,140 994 1,990 1972—Dec. 1973—Dec. 43,467 61,732 1,453 2,431 113 136 1,340 2,295 41,020 57,311 2,961 24.596 3,944 34,979 68,959 71,982 71,305 69,197 70,382 70,965 68,123 69,137 69,804 3,123 3,729 3.744 3,439 3,701 3,503 3,227 4.376 3,978 409 749 606 611 713 635 683 889 510 2,714 2,979 3,138 2,828 2,988 2,867 2,544 3,487 3,468 63,914 66,156 65,429 63,557 64,309 64,919 62,621 62,397 63,409 4,975 4,890 4,913 5,099 4,794 5,428 5,237 5.071 4,762 36,524 39.596 36,711 34,393 33,920 33,766 30,621 30,352 32,040 9,240 9,273 11,289 11.543 12,737 13.544 14,051 15,454 15,258 1,922 2,097 2,132 2,201 2,373 2,543 2,275 2,363 2,418 1974—Apr. ...........May ...........June ...........July ...........Aug. ...........Sept. ...........Oct. ...........Nov. ...........Dec. 68,451 67,038 69,654 69,248 3.804 4.376 5,095 4,596 873 913 1,224 1,342 2,931 3,462 3,871 3,254 62,360 60.546 62,363 62.625 4,567 4,693 4,630 5,394 30,266 29.207 29,990 28,666 16,419 16,517 17,305 17,812 2,287 2,117 2,196 2,026 1975—Jan. .......... F e b .' ...........Mar. .......... Apr.p 30,810 39,689 1,272 2,173 72 113 1,200 2,060 29,002 36,646 2,008 17,379 2,519 22,051 5,329 5,923 535 870 1972—Dec. 1973—Dec. 46,323 49,301 48,970 48,018 49,481 50,212 48,314 49,668 49,666 2,878 3,481 3,516 3.176 3,448 3.177 2,988 4,037 3.744 384 724 579 568 692 605 651 865 484 2,494 2,757 2,937 2,608 2,756 2,572 2,337 3,172 3,261 42,453 44.625 44,214 43,528 44,654 45,550 44,033 44,256 44,594 3,234 3,083 3.255 3,364 3,278 3,667 3,690 3,557 3.256 7,401 7,468 9,137 9,450 10,437 11,035 11,444 12,808 13,225 992 1,195 1,239 1,314 1,380 1,486 1,294 1,375 1,328 1974—Apr. ...........May ...........June ...........July ...........Aug. ...........Sept. ...........Oct. ...........Nov. ...........Dec. 48,490 46,698 49,533 49,177 3,599 4,164 4.805 4,297 854 895 1,189 1,313 2,744 3,269 3,616 2,984 43,578 41,350 43.546 43,758 3,172 19,061 13,736 3,266 17,673 13,932 3.072 19,128 14,688 3,886 17,997 15,158 1,313 1,184 1,183 1,122 1975—Jan. ...........F e b .r .......... Mar. .......... Apr.P 23.207 26,010 23,669 22,388 22,558 22,818 20,203 20,200 20,526 12,643 23,771 1,220 1,573 11,260 21,747 1,818 5,508 8,105 14,563 338 676 163 451 1972—Dec. 1973—Dec. 28,778 30,864 31,219 30,403 32,317 30,080 30,071 32,313 31,731 2,283 2,567 2,855 3,684 2,909 3,721 4,311 4,426 4,815 26,017 27,706 27,725 26,039 28,670 25,626 24,995 27,107 26,138 7,102 8,255 7,642 7,663 8,079 7,072 7,211 8,538 7,702 16,809 17,217 17,593 16,223 18,403 16.259 15,650 16,427 16,426 106 233 490 153 188 295 135 141 011 479 591 639 681 738 733 765 r779 778 1974—Apr. ...........M ay ...........June ...........July .......... Aug. ...........Sept. ...........Oct. ...........Nov. ...........Dec. 33,129 33,532 33,791 2 35,665 5,036 5,243 7,228 6,529 27,341 27,496 25,873 28,425 8,269 8,975 8,498 9,647 16,852 16.260 15,132 16,460 220 262 243 318 752 793 690 711 ,1975—Jan. ............Feb. ............Mar. ............Apr.p For notes see p. A-74. Location and currency form IN ALL FO R EIG N CO UNTRIES .. .Total, all currencies . Payable in U.S. dollars IN U N ITED K IN G D O M . . .Total, all currencies •Payable in U.S. dollars IN BAHAMAS A N D CAYM ANS l .. .T otal, all currencies A 72 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JULY 1975 20. DEPOSITS, U.S. TREAS. SECURITIES, AND GOLD HELD AT F.R. BANKS FOR FOREIGN OFFICIAL ACCOUNT 21. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions o f dollars) (In millions o f dollars) Payable in Payable in dollars foreign currencies Assets in custody End of period Deposits 197 2 197 3 197 4 325 251 418 U.S. Treas. securities1 Earmarked gold 50,934 52,070 55.600 215,530 217,068 16.838 1974—June.. J u ly .. A u g .. Sept.. O ct... N ov.. D e c .. 384 330 372 411 376 626 418 54,442 54,317 53,681 53,849 54,691 55,908 55.600 17,014 16,964 16,917 16,892 16,875 16,865 16.838 1975—Jan ... Feb. . M ar.. Apr... M ay. June.. 391 409 402 270 310 373 58,001 60,864 60,729 60,618 61,539 61,406 16,837 16,818 16,818 16,818 16,818 16,803 End of period Total 1969..................... 1 M arketable U.S. Treasury bills, certificates o f in debtedness, notes, and bonds and nonmarketable U.S. Treasury securities payable in dollars and in foreign currencies. 2 The value o f earmarked gold increased because o f the changes in par value o f the U.S. dollar in May 1972, and in Oct. 1973. Short Short term D eposits term D eposits invest invest ments 1 m ents1 United King dom Canada 19712 1,491 1,141 / l , 648 \ 1,507 1,062 697 1,092 1,078 161 150 203 127 183 173 234 234 86 121 120 68 663 372 577 580 534 443 587 443 1972 2 1973..................... /1,965 \2,374 3,160 1,446 1,910 2,586 169 55 37 307 340 427 42 68 109 702 911 1,116 485 536 770 1974—A pr.......... M ay......... June......... July......... Aug.......... Sept......... Oct........... N ov......... D ec.......... 3,581 3,669 3,661 3,771 3,504 3,073 2,696 2,996 3,293 2,967 3,037 3,049 3,223 2,941 2,491 2,130 2,378 2,572 60 76 62 74 51 30 25 15 56 346 329 369 341 369 362 324 325 403 209 227 181 133 144 189 216 277 261 1,487 1,441 1,418 1,441 1,436 1,194 1,118 1,283 1,340 930 980 927 828 872 864 835 942 943 1975—Jan........... Feb . M ar.p. . . . Apr.**.. .. 3,227 3,328 3,226 3,359 2,519 2,512 2,449 2,449 45 48 39 39 316 356 347 313 348 411 391 559 1,134 1,076 1,053 1,065 1,113 1,134 1,107 1 ,277 1 Negotiable and other readily transferable foreign obligations payable on demand or having a contractual maturity o f not more than 1 year from the date on which the obligation was incurred by the foreigner. 2 D ata on the 2 lines for this date differ because o f changes in reporting coverage. Figures on the first line are comparable in coverage with those shown for the preceding date; figures on the second line are comparable with those shown for the following date. N ote.—Excludes deposits and U.S. Treasury securities held for international and regional organizations. Ear marked gold is gold held for foreign and international accounts and is not included in the gold stock o f the United States. N ote.—D ata represent the liquid assets abroad o f large nonbanking concerns in the United States. They are a portion o f the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Table 22. 22. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (Amount outstanding; in millions o f dollars) Liabilities Claims Payable in foreign currenc :ies End o f period Total Payable in dollars Payable in foreign currencies Total Payable in dollars Deposits with banks abroad in reporter’s name O ther \ 2,375 2,564 2,704 2,763 1,937 2,109 2,229 2,301 438 454 475 463 4,708 4,894 5,185 5,000 4,057 4,186 4,535 4,467 303 383 318 289 348 326 333 244 / \ 2,844 2,925 2,933 3,119 3,452 2,407 2,452 2,435 2,635 2,963 437 472 498 484 490 5,173 5,326 5,487 5,721 6,364 4,557 4,685 4,833 5,074 5,696 317 374 426 410 393 300 268 228 237 274 1973—M ar........................ Ju n e....................... Sept........................ D ec......................... 3,377 3,370 3,668 4,094 2,876 2,808 2,973 3,326 501 562 694 768 7,101 7,371 7,719 8,512 6,213 6,520 6,780 7,596 458 493 528 485 429 358 411 431 1974—M ar........................ Ju n e ....................... Sept........................ D ec.^..................... 4,523 5,248 5,747 5,929 3,636 4,223 4,690 4,909 887 1,024 1,057 1,020 10,503 11,071 10,725 11,286 9,561 10,135 9,748 10,209 400 420 419 461 542 516 558 616 1971—Ju n e ....................... J 1972—M ar........................ Sept........................ i D ata on the 2 lines shown for this date differ because o f changes in reporting coverage. Figures on the first line are comparable with those shown for the preceding date; figures on the second line are com pa rable with those shown for the following date. JULY 1975 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 73 23. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End o f period. Amounts outstanding; in millions o f dollars) Claims on foreigners Liabilities to foreigners Area and country 1973 1973 1974 Mar. Dec. June Sept. Dec.?5 1974 Dec. Mar. June Sept. Dec.p E urope: A ustria........................................................ Belgium-Luxembourg.............................. D enm ark.................................................... F in lan d ....................................................... F ran ce......................................................... Germany, Fed. Rep. o f........................... G reece......................................................... Ita ly ............................................................. N etherlands................................................ N orw ay....................................................... Portugal...................................................... S pain........................................................... Sweden........................................................ Switzerland................................................ T urkey......................................................... United K ingdom ...................................... Yugoslavia.................................................. Other Western E u ro p e............................ Eastern Europe.......................................... 3 136 9 7 168 234 40 116 125 9 13 77 48 102 18 934 28 3 31 5 226 17 8 161 238 21 133 114 9 24 68 43 92 26 1,132 31 3 26 12 405 18 9 204 220 28 143 104 8 17 56 52 112 28 1,253 36 6 31 18 489 22 12 192 246 28 150 113 10 20 57 40 106 38 1,429 34 7 77 21 516 20 16 235 314 40 143 107 9 19 66 38 136 25 1,235 60 5 66 17 106 46 44 310 284 51 244 112 18 49 244 71 101 34 1,544 49 15 104 16 153 37 42 413 337 87 335 103 22 112 414 74 91 41 1,837 30 19 79 17 139 27 80 537 345 76 409 126 35 101 420 106 78 46 1,871 41 23 97 15 114 25 91 491 322 69 431 144 32 69 424 97 154 41 1,768 39 20 90 25 131 40 120 458 340 65 418 147 36 81 382 89 136 45 1,855 43 22 142 Total.................................................... 2,103 2,376 2,742 3,087 3,071 3,444 4,240 4,574 4,438 4,574 C anada............................................................ 260 330 305 297 290 1,245 1,534 1,577 1,570 1,617 Latin America: Argentina.................................................... B aham as..................................................... B razil........................................................... C hile............................................................ C olom bia.................................................... C uba............................................................ Mexico......................................................... P an am a....................................................... P e ru ............................................................. Uruguay...................................................... Venezuela................................................... Other L.A. republics................................ Neth. Antilles and Surinam ................... Other Latin America................................ 22 425 64 20 9 * 46 13 15 2 36 51 6 22 19 208 78 6 18 * 77 14 17 3 50 45 5 37 19 307 125 9 22 * 76 19 11 2 43 60 7 59 28 325 160 14 13 * 64 21 15 2 53 63 8 50 36 281 119 20 14 * 64 28 13 2 49 83 25 81 47 626 231 43 40 1 235 61 47 5 134 134 13 222 52 746 410 78 44 1 260 94 65 6 136 172 13 167 53 977 523 64 51 1 263 84 60 5 172 172 16 157 59 518 419 124 49 1 287 114 40 6 190 182 14 169 69 594 460 103 50 1 292 132 43 5 193 193 20 148 Total.................................................... 733 577 761 818 815 1,838 2,245 2,599 2,169 2,302 Asia: China, People’s Republic of (China M ainland).............................................. China, Rep. of (Taiwan)......................... Hong K ong................................................ India............................................................ Indonesia.................................................... Israel............................................................ Japan ........................................................... K orea........................................................... Philippines.................................................. T h ailand..................................................... Other A sia.................................................. 42 34 41 14 14 25 297 37 17 6 173 20 52 24 14 13 31 374 38 9 7 262 39 72 19 13 22 39 374 45 19 7 404 23 72 19 10 38 40 352 66 28 10 431 17 94 19 7 49 51 346 75 25 10 547 11 120 49 37 54 38 901 105 73 19 239 8 180 69 36 51 38 1,224 109 87 21 264 3 119 68 31 67 37 979 124 86 22 313 8 127 64 37 81 53 1,109 123 108 23 311 19 137 64 37 85 44 1,154 201 94 24 386 T otal.................................................... 700 844 1,054 1,089 1,240 1,646 2,089 1,850 2,043 2,246 A frica: E gypt........................................................... South A frica.............................................. Zaire............................................................. Other A frica.............................................. 10 14 19 125 35 22 21 134 12 24 15 156 6 35 17 114 3 43 18 129 9 62 18 127 9 69 20 155 13 85 17 199 16 90 13 205 18 101 19 240 T otal.................................................... 168 212 206 172 193 216 253 314 325 378 Other countries: A ustralia..................................................... All o th e r..................................................... 118 12 134 22 94 24 128 32 132 30 97 25 110 31 117 39 134 44 120 49 T o ta l................................................... 130 156 117 160 162 123 142 157 178 169 International and regional.......................... * 29 63 125 159 * 1 1 1 * Grand to tal........................................ 4,094 4,523 5,248 5,747 5,929 8,512 10,503 11,071 10,725 11,286 N o te.—Reported by exporters, importers, and industrial and commercial concerns and other nonbanking institutions in the United States. Data exclude claims held through U.S. banks, and intercompany accounts between U.S. companies and their foreign affiliates. A 74 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JULY 1975 24. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions o f dollars) Claims Country or area Total liabilities End of period Total United Kingdom Other Europe Canada Brazil Mexico Other Latin America Japan Other Asia Africa All other 1971—M ar.......................... June.......................... Sept.......................... / 1 1 3,177 3,172 2,939 3,159 3,138 2,983 2,982 3,019 3,118 3,068 154 151 135 128 128 688 687 672 705 704 670 677 765 761 717 182 180 178 174 174 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—M ar.......................... Ju n e ......................... Sept.......................... / 1 \ 3,093 3,300 3,448 3,540 3,628 3,142 3,206 3,187 3,312 3,391 129 108 128 163 191 713 712 695 715 744 737 748 757 775 793 175 188 177 184 187 60 61 63 60 64 665 671 662 658 703 137 16! 132 156 133 359 377 390 406 378 81 86 89 87 86 85 93 96 109 111 197 3—M ar.......................... Ju n e .......................... Sept........................... D ec........................... 3,817 3,830 4,063 3,945 3,534 3,592 3,755 3,823 156 180 216 290 802 805 822 763 807 819 836 892 165 146 147 145 63 65 73 79 796 825 832 824 123 124 134 122 393 390 449 450 105 108 108 115 125 131 137 143 1974—M ar.......................... Ju n e.......................... Sept........................... Dec.27....................... 3,859 3,550 3,355 3,514 3,940 3,938 4,055 4,231 368 363 370 364 736 696 702 636 928 948 992 1,021 194 184 181 187 81 138 145 143 800 742 776 1,015 118 117 114 107 448 477 523 505 119 122 118 125 147 149 133 129 1 D ata on the 2 lines shown for this date differ because o f changes shown for the preceding date; figures on the second line are comparable in reporting coverage. Figures on the first line are comparable with those with those shown for the following date. 25. OPEN MARKET RATES (Per cent per annum) United Kingdom C anada M onth Treasury Day-tobills, day 3 m onths1 m oney2 Treasury Prime bank bills, bills, 3 months 3 months France Germany, Fed. Rep. of Day-today money Clearing banks’ deposit rates D ay-today money 3 Treasury bills, 60-90 days4 N etherlands Day-to- Treasury day bills, money 5 3 months Switzer land Day-today money Private discount rate 1973......................... 1974......................... 5.43 7.63 5.27 7.69 10.45 12.99 9.40 11.36 8.27 9.85 7.96 9.48 8.92 12.87 6.40 6.06 10.18 8.76 4.07 6.90 4.94 8.21 5.09 6.67 1974—Ju n e ............. July.............. A ug.............. Sept.............. Oct............... D ec.............. 8.66 8.88 8.76 8.70 8.67 7.84 7.29 8.36 8.52 8.83 8.84 8.56 7.86 7.44 12.61 13.21 12.80 12.11 11.95 12.07 12.91 11.23 11.20 11.24 10.91 10.93 10.98 10.99 10.58 8.70 11.11 10.69 10.81 7.70 7.23 9.50 9.50 9.50 9.50 9.50 9.50 9.50 13.59 13.75 13.68 13.41 13.06 12.40 11.88 5.63 5.63 5.63 5.63 5.63 5.63 5.13 8.79 9.13 9.05 9.00 8.88 7.20 8.25 7.00 7.50 7.50 7.42 7.38 6.72 6.69 8.98 8.57 7.09 5.08 7.81 7.00 6.96 6.50 7.00 7.00 7.00 7.00 7.00 7.00 1975—Jan ............... Feb............... M ar.............. A pr............... M a y ............. J u n e ............. 6.65 6.34 6.29 6.59 6.89 6.96 6.82 6.88 6.73 6.68 6.88 6.88 11.93 11.34 10.11 9.41 10.00 9.72 10.59 9.88 9.49 9.26 9.47 9.43 8.40 7.72 7.53 7.50 7.81 7.00 9.30 9.50 8.22 7.09 6.25 6.25 11.20 9.91 9.06 8.34 7.56 7.31 5.13 3.88 3.38 3.38 3.38 7.54 4.04 4.87 4.62 5.32 4.91 6.60 6.56 5.94 5.53 3.82 2.78 6.18 7.33 5.87 4.13 1.98 1.37 7.00 7.00 7.00 6.50 6 .50 6.50 1 Based on average yield o f weekly tenders during month. 2 Based on weekly averages o f daily closing rates. 3 R ate shown is on private securities. 4 R ate in effect at end o f m onth. 5 M onthly averages based on daily quotations. N ote.—For description and back data, see “ International Finance,” Section 15 of Supplement to Banking and M onetary S tatistics , 1962. NOTES TO TABLES 19a A N D 19b O N PAGES A-70 A N D A-71, RESPECTIVELY: 1 Cayman Islands included beginning Aug. 1973. 2 Total assets and total liabilities payable in U.S. dollars am ounted to $31,483 million and $31,609 million, respectively, on April 30, 1975. N ote.—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. JULY 1975 □ CENTRAL BANK AND EXCHANGE RATES A 75 26. CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of June 30, 1975 Rate as of June 30, 1975 Country Country Per cent A rgentina.................................... A ustria.......... ..................... Belgium ............. ......... Brazil............................................ C an ad a........................................ D enm ark...................................... France. ............................. Germany Fed. Rep. o f ........... 18.0 6.0 6.5 18.0 8.25 8 .0 9.5 4.5 M onth effective Per cent M onth effective May 1975 June 1975 June 1942 Mar. 1975 Feb. Apr. May Feb. 1972 1975 1975 1972 Japan ........................................ N etherlands............................ 7 .0 8.0 4.5 6 .0 Jan. Apr. June May 1975 1975 1975 1975 N orw ay.................................... Sweden ..................................... Switzerland............................. United K ingdom ................... Venezuela................................ 5.5 7 .0 4.5 10.0 5 .0 N ote.—R ates 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 o f its credit operations. O ther rates for some of these countries follow: Argentina —3 and 5 per cent for certain rural and industrial paper, de pending on type o f transaction; B razil —8 per cent for secured paper and 4 per cent for certain agricultural paper; M ar. Aug. May May Oct. 1974 1974 1975 1975 1970 Japan —Penalty rates (exceeding the basic rate shown) for borromings from the central bank in excess of an individual bank’s quota; United Kingdom —The Bank’s minimum lending rate, which is the average rate of discount for Treasury bills established at the most recent tender plus one-half per cent rounded to the nearest one-quarter per cent above; Venezuela —2 per cent for rediscounts o f certain agricultural paper, 4 l/ i per cent for advances against government bonds, and 5V^ per cent for rediscounts of certain industrial paper and on advances against promissory notes or securities of first-class Venezuelan companies. 27. FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) A ustralia (dollar) Austria (schilling) Belgium (franc) 1971....................... 1972....................... 1973....................... 1974...................... 113.61 119.23 141.94 143.89 4.0009 4.3228 5.1649 5.3564 2.0598 2.2716 2.5761 2.5713 99.021 100.937 99.977 102.257 13.508 14.384 16.603 16.442 18.148 19.825 22.536 20.805 28.768 31.364 37.758 38.723 13.338 13.246 12.071 12.460 244.42 250.08 245.10 234.03 .16174 .17132 .17192 .15372 .28779 .32995 .36915 .34302 1974—June.......... Ju ly ........... A ug........... Sept........... O ct............ N ov........... D ec........... 148.34 147.99 148.24 144.87 130.92 131.10 131.72 5.5085 5.4973 5.3909 5.2975 5.4068 5.5511 5.7176 2.6366 2.6378 2.5815 2.5364 2.5939 2.6529 2.7158 103.481 102.424 102.053 101.384 101.727 101.280 101.192 16.754 16.858 16.547 16.111 16.592 16.997 17.315 20.408 20.984 20.912 20.831 21.131 21.384 22.109 39.603 39.174 38.197 37.580 38.571 39.836 40.816 12.735 12.759 12.525 12.316 12.416 i 2 . 397 12.352 239.02 238.96 234.56 231.65 233.29 232.52 232.94 .15379 .15522 .15269 .15103 .14992 .14996 .15179 .35340 .34372 .33082 .33439 .33404 .33325 .33288 1975—J an ............ Feb............ M ar........... A pr............ M ay.......... Ju n e.......... 132.95 134.80 135.85 134.16 134.04 133.55 5.9477 6.0400 6.0648 5.9355 6.0033 6.0338 2.8190 2.8753 2.9083 2.8433 2.8631 2.8603 100.526 99.957 99.954 98.913 97.222 97.426 17.816 18.064 18.397 18.119 18.299 18.392 22.893 23.390 23.804 23.806 24.655 24.971 42.292 42.981 43.120 42.092 42.546 42.726 12.300 12.550 12.900 12.686 12.391 12.210 236.23 239.58 241.80 237.07 232.05 228.03 .15504 .15678 .15842 .15767 .15937 .15982 .33370 .34294 .34731 .34224 .34314 .34077 N ether lands (guilder) New Zealand (dollar) Norway (krone) Portugal (escudo) Switzer land (franc) United Kingdom (pound) Period Period M alaysia (dollar) Mexico (peso) C anada (dollar) D enmark (krone) France (franc) Germany (Deutsche mark) South Africa (rand) India (rupee) Spain (peseta) Ireland (pound) Sweden (krona) Italy (lira) Japan (yen) 1971....................... 1972....................... 1973....................... 1974....................... 32.989 35.610 40.988 41.682 8.0056 8.0000 8.0000 8.0000 28.650 31.153 35.977 37.267 113.71 119.35 136.04 140.02 14.205 15.180 17.406 18.119 3.5456 3.7023 4.1080 3.9506 140.29 129.43 143.88 146.98 1.4383 1.5559 1.7178 1.7337 19.592 21.022 22.970 22.563 24.325 26.193 31.700 33.688 244.42 250.08 245.10 234.03 1974—June.......... Ju ly ........... A ug........... Sept.......... Oct............ N ov........... D ec............ 41.586 41.471 42.780 41.443 41.560 43.075 42.431 8.0000 8.0000 8.0000 8.0000 8.0000 8.0000 8.0000 37.757 38.043 37.419 36.870 37.639 38.438 39.331 145.29 145.15 143.73 139.64 129.95 130.42 130.56 18.410 18.519 18.246 17.993 18.165 18.404 18.873 4.0160 3.9886 3.9277 3.8565 3.9246 3.9911 4.0400 148.86 149.73 146.83 142.69 142.75 143.88 144.70 1.7450 1.7525 1.7466 1.7339 1.7422 1.7522 1.7716 22.885 22.861 22.597 22.333 22.683 23.175 23.897 33.449 33.739 33.509 33.371 34.528 36.384 38.442 239.02 238.96 234.56 231.65 233.29 232.52 232.94 1975—Jan ............ Feb............ M ar........... A pr........... M ay.......... Ju n e.......... 43.359 44.136 44.582 43.797 44.278 43.856 8.0000 8.0000 8.0000 8.0000 8.0000 8.0000 40.715 41.582 42.124 41.291 41.581 41.502 131.72 133.30 134.31 132.66 131.66 130.86 19.579 19.977 20.357 20.049 20.198 20.393 4.0855 4.1139 4.1276 4.0596 4.0933 4.1124 145.05 147.16 148.70 147.01 146.69 146.31 1.7800 1.7784 1.7907 1 .7756 1.7871 1.7922 24.750 25.149 25.481 25.171 25.422 25.532 39.571 40.450 40.273 39.080 39.851 40.086 236.23 239.58 241.80 237.07 232.05 228.03 N ote.—Averages o f certified noon buying rates in New York for cable transfers. For description o f rates and back data, see “International Fi nance,” Section 15 o f Supplement to Banking and Monetary Statistics, 1962. A 76 BUSINESS FINANCE □ JULY 1975 SALES, REVENUE, PROFITS. AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS (In millions o f dollars) Industry 1972 1973 1974 1972 1973 1974 III IV IV I II III IV Total (170 corps.): Sales........................................ Total revenue....................... Profits before taxes............. Profits after taxes................. M emo: PAT u n adj.2.. . . Dividends.............................. 371,946 442,254 563,950 100,194 102,932 109,967 108,370 120,985 126,797 '142,974 '144,936 149,243 376,604 448,795 572,368 101,078 104,181 111,526 109,984 123,108 128,695 '145,125 '147,134 151,409 14,009 41,164 53,833 67,650 12,003 12,411 12,672 14,742 r16,588 18,191 '17,837 15,033 7,491 21,753 28,772 32,502 5,931 6,762 6,769 7,750 7,739 9,280 '8,4 2 0 7,068 21,233 28,804 32,705 7,385 6,754 5,894 6,732 7,930 7,626 9,210 8,487 7,383 11,513 10,538 12,302 2,715 3,393 2,639 2,767 2,877 2,906 2,928 '3,076 3,390 Nondurable goods industries (86 corps.):3 Sales........................................ Total revenue................. ...... Profits before taxes............. Profits after taxes................. M emo: PAT unadj.2___ D ividends.............................. 176,329 210,118 308,699 178,915 213,904 314,256 21,799 30,200 46,380 11,154 15,538 20,536 15,421 10,859 20,433 6,103 5,780 6,872 46,815 47,023 6,479 2,946 3,035 1,476 47,519 48,259 6,473 3,390 3,348 1 ,480 50,223 51,191 7,129 3,667 3,597 1,462 53,168 54,098 7,610 4,018 3,957 1,527 59,207 60,357 8,988 4,463 4,517 1,633 '68,767 r70,049 11,880 5,056 4,957 1,625 '77,090 '78,552 11,972 5,728 5,677 1,645 '80,425 '81,905 12,595 5,464 5,389 1 ,722 82,417 83,746 9,930 4,291 4,411 1,882 D urable goods industries (84 corps.):4 Sales........................................ T otal revenue....................... Profits before taxes............. Profits after taxes................. M emo: PAT u n ad j.2 .. . . D ividends.............................. 195,618 232,136 255,251 197,690 234,891 258,112 19,365 23,633 21.271 13,234 10,599 11,966 13,383 10,374 12.272 5,410 4,758 5,430 53,379 54,055 5,524 2,984 2,859 1,401 55,413 55,922 6,199 3,379 3,406 1 ,159 59,744 60,335 6,880 3,824 3,788 1,253 55,202 55,886 4,801 2,744 2,775 1,240 61,778 62,751 5,754 3,287 3,413 1,760 58,029 58,646 *•4,708 '2,683 2,669 1,281 65,884 66,573 6,219 3,552 3,533 1,283 64,511 65,229 '5,242 '2,956 3,098 '1 ,3 5 4 66,826 67,663 5,102 2,776 2,973 1 ,508 Selected industries: Food and kindred prod. (28 corps.): Sales........................................ Total revenue....................... Profits before taxes............. Profits after taxes................. M em o: PAT unadj. 2 ... . D ividends.............................. 37,624 38,091 3,573 1,845 1,805 893 42,628 43,198 3,957 2,063 2,074 935 52,753 53,728 4,603 2,298 2,328 1,010 10,039 10,115 960 490 452 227 9,561 9,711 897 474 453 230 10,183 10,348 962 499 501 230 11,014 11,201 1,031 r546 r546 236 11,871 11,938 1,067 543 573 240 11,885 12,110 1,046 529 533 243 12,729 12,996 1,190 607 610 248 '13,663 '13,939 1,289 645 646 253 14,476 14,683 1,077 517 540 267 Chemical and allied prod. (22 corps.): Sales........................................ Total revenue........................ Profits before taxes............. Profits after taxes................. M emo: PAT u n ad j.2 .. . . D ividends.............................. 36,638 37,053 4,853 2,672 2,671 1,395 43,208 43,784 6,266 3,504 3,469 1,496 55,084 55,677 8,264 4,875 4,745 1,646 9,593 9,723 1,280 669 712 378 10,153 10,264 1,487 835 834 346 10,693 10,849 1,606 886 884 359 10,828 10,968 1,599 901 871 374 11,534 11,704 1,572 883 880 417 12,507 r 12,667 1,856 1 ,044 1 ,031 383 13,892 14,066 2,293 1,247 1,245 405 14,606 14,778 2,194 1,223 1,180 422 14,078 14,165 1,920 1 ,362 1 ,289 437 Petroleum refining (15 corps.): Sales........................................ Total revenue....................... Profits before taxes............. Profits after taxes................. M emo: PAT unadj.2___ D ividends.............................. 74,662 76,133 11,461 5,562 5,325 2,992 93,505 95,722 17,494 8,550 8,505 3,147 165,150 168,680 30,659 11,775 11,747 3,635 19,925 19,845 3,717 1,509 1,578 746 20,477 20,892 3,514 1,760 1 ,737 777 21,689 22,258 3,884 1,899 1,888 748 23,586 23,988 4,371 2,230 2,192 789 27,752 28,584 5,724 2,662 2,688 832 '36,103 '36,913 8,296 3,098 3,011 864 '41,362 '42,261 7,564 3,349 3,304 853 '42,747 '43,659 8,339 3,181 3,132 899 44,938 45,847 6,458 2,147 2,299 1,019 Primary metals and prod. (23 corps.): Sales........................................ Total revenue....................... Profits before taxes............. Profits after taxes................. M emo: PAT unadj.2. D ividends.............................. 34,359 34,797 1,969 1,195 1,109 653 42,400 43,104 3,221 1,966 2,039 789 54,045 55,049 5,580 3,199 3,485 965 9,099 9,253 589 302 256 168 9,635 9,733 618 383 397 200 10,784 10,891 885 542 538 178 10,602 10,764 799 480 496 184 11,379 11,715 919 561 608 227 11,888 12,045 '973 589 607 221 13,976 14,171 1,586 927 942 209 14,285 14,504 '1,791 '1,028 1,137 238 13,895 14,328 1,229 655 799 297 M achinery (27 corps.): Sales........................................ Total revenue....................... Profits before taxes............. Profits after taxes................. M emo: PAT u n ad j.2 .. . . D ividends.............................. 55,615 56,348 6,358 3,522 3,388 1,497 65,041 65,925 7,669 4,236 4,208 1,606 73,452 74,284 7,643 4,213 4,168 1,839 15,018 15,203 1,810 1,017 902 375 14,828 14,997 1,705 933 931 389 16,035 16,241 1,880 1,034 1,020 401 16,306 16,519 1,936 1.069 1.070 407 17,871 18,168 2,149 1,200 1,188 410 16,830 '17,012 1,829 1,006 996 441 18,836 19,023 2,074 1,149 1,137 441 18,853 19,075 1,943 '1,074 1,096 '476 18,935 19,174 1,797 985 939 481 M otor vehicles and equipment (9 corps.): Sales................................... Total revenue................... Profits before taxes......... Profits after taxes............. M emo: PAT unadj.2.. Dividends.......................... 70,653 71,139 6,955 3,626 3,640 1,762 83,016 83,671 7,429 3,992 4,078 2,063 80,386 80,882 2,919 1,686 1,742 1,538 19,725 19,946 2,019 1,060 1,091 599 21,616 21,752 2,716 1,405 1,429 369 22,256 22,415 2,704 1,446 1,436 473 17,959 18,142 729 431 450 404 21,186 21,362 1,280 709 763 817 18,467 18,597 636 369 361 '384 20,979 21,146 1,115 657 648 382 19,443 19,593 '231 '133 147 386 21,497 21,545 938 527 586 385 1 Selected items have been revised so that figures for quarters now add to annual totals. 2 Profits after taxes (PAT) as reported by the individual companies. In contrast to other profits data in the series, these figures reflect company variations in accounting treatm ent o f special charges and credits. 3 Includes 21 corporations in groups not shown separately. 4 Includes 25 corporations in groups not shown separately. N ote—D ata are obtained from published reports o f companies and reports made to the Securities and Exchange Commission. Sales are net of returns, allowances, and discounts, and exclude excise taxes paid di rectly by the company. Total revenue data include, in addition to sales, income from nonmanufacturing operations and nonoperating income. Profits are before dividend payments and have been adjusted to exclude special charges and credits to surplus reserves and extraordinary items not related primarily to the current reporting period. Income taxes, (not shown) include Federal, State and local government, and foreign. Previous series last published in June 1972 B ulletin , p. A-50. JULY 1975 □ COMMERCIAL BANKS A 77 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions o f dollars) Loans and investments Class o f bank and date All commercial banks: 1967—Dec. 30 . . . . 1968—Dec. 31 1969—Dec. 3 1 6 .... 1970—Dec. 31 1971-D ec. 31 1972—Dec. 31 , . 1973— Dec. 31 Total Total assets— Total Securities lia Cash assets3 bilities T o tal3 and L o an s1 capital U.S. ac Treas O th er2 ury c o u n ts4 D eposits Interbank 3 Other Bor row ings Demand De mand 235,954 265,259 295,547 313,334 346,930 414,696 494,947 62,473 64,466 54,709 61,742 64,930 67,028 58,277 61,477 71,537 71,341 86,118 104,704 117,084 130,574 77,928 83,752 89,984 93,643 99,832 113,128 118,276 451,012 500,657 530,665 576,242 640,255 739,033 835,224 395,008 434,023 435,577 480,940 537,946 616,037 681,847 21,883 24,747 27,174 30,608 32,205 33,854 36,839 N um ber of banks Time 5 Time U.S. Govt. 359,903 401,262 421,597 461,194 516,564 598,808 683,799 T otal capital ac counts Other 1,314 5.234 184,066 182,511 5,777 34,384 1,211 5,010 199,901 203,154 8,899 37,006 735 5,054 208,870 193,744 18,360 39,978 1,975 7,938 209,335 231,084 19,375 42,958 2,908 10,169 220,375 272,289 25,912 47,211 4,194 10,875 252,223 314,891 38,083 52,658 6,773 9,865 263,367 365,002 58,994 58,128 13,722 13,679 13,661 13,686 13,783 13,927 14,171 1974—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 3 0 ___ 2 7 ___ 27 2 4 ___ 2 9 ___ 3 0 ___ 3 1 ___ 2 8 ___ 2 5 ___ 3 0 7 .. . 2 7 ___ 3 1 ___ 674,620 681,360 691,080 699,290 703,820 718,713 720,730 722,110 721,160 723,330 729,640 744,152 485,110 491,950 500,100 508,140 514,280 528,951 531,580 533,320 532,890 534,520 539,400 549,203 58,810 57,670 57,510 56,410 54,080 52,114 52,230 52,010 50,690 50,730 52,140 54,453 130,700 131,740 133,470 134,740 135,460 137,648 136,920 136,780 137,580 138,080 138,100 140,496 103,130 102,410 104,430 102,360 115,575 126,487 107,850 100,610 107,390 110,770 116,220 128,055 811,700 818,690 831 ,530 838,740 857,695 884,295 872,560 865,740 873,710 880,750 894,530 919,612 652,250 652,670 661 ,180 669,730 683,175 709,917 695,230 688,490 692,830 700,420 708,150 747,951 31,660 31,620 32,030 31,450 34,870 42,016 33,580 30,530 29,760 33,150 34,230 43,483 6,620 6,200 6,490 7,290 8,200 8,903 9,680 9,970 10,610 10,180 10,310 11,496 9,520 6,650 6,110 5,900 5,940 8,367 4,360 4,070 7,380 3,080 3,910 4,807 233,460 233,240 235,830 236,170 238,215 252,434 243,870 235,780 236,550 243,090 248,730 267,534 370,990 374,960 380,720 388,920 395,950 398,197 403,740 408,140 408,530 410,920 410,970 420,630 58,350 58,730 59,310 59,950 60,330 61,623 61 ,530 61 ,530 61 ,850 62,180 62,210 63,655 14,180 14,202 14,236 14,261 14,290 14,337 14,367 14,383 14,398 14,422 14,440 14,465 Members of F.R. 1967—Dec. 1968-D ec. 1969— Dec. 1970— Dec. 1971-D ec. 1972—Dec. 1973—Dec. System: 30 31....... 316... . 31 31....... 31 3 1 ___ 293,120 325,086 336,738 365,940 405,087 465,788 528,124 196,849 220,285 242,119 253,936 277,717 329,548 391,032 46,956 47,881 39,833 45,399 47,633 48,715 41,494 49,315 56,920 54,785 66,604 79,738 87,524 95,598 68,946 73,756 79,034 81,500 86,189 96,566 100,098 373,584 412,541 432,270 465,644 511,353 585,125 655,898 326,033 355,414 349,883 384,596 425,380 482,124 526,837 20,811 23,519 25,841 29,142 30,612 31,958 34,782 1,169 1,061 609 1,733 2,549 3,561 5,843 4,631 4,309 4,114 6,460 8,427 9,024 8,273 151,980 163,920 169,750 168,032 174,385 197,817 202.564 147,442 5,370 28,098 162,605 8,458 30,060 149,569 17,395 32,047 179,229 18,578 34,100 209,406 25,046 37,279 239,763 36,357 41,228 275.374 55,611 44,741 6,071 5,978 5,869 5,766 5,727 5,704 5,735 1974—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 3 0 ___ 2 7 ___ 2 7 ___ 2 4 ___ 2 9 ___ 3 0 ___ 3 1 ___ 2 8 ... . 25 . . . . 3 0 7 . .. 2 7 ___ 3 1 ....... 518,541 522,816 529,961 535,917 538,801 550,388 552,643 552,845 550,843 548,622 556,088 568,577 381,344 385,879 392,461 399,092 403,619 415,061 418,088 418,727 417,631 415,941 421,428 429,557 41,699 40,922 40,537 39,273 37,282 35,934 35,858 35,878 34,683 34,813 36,394 38,924 95,498 96,015 96,963 97,552 97,900 99,393 98,697 98,240 98,529 97,868 98,266 100,096 88,960 87,753 89,568 87,005 99,155 108,971 91,430 84,947 91,002 93,674 98,603 107,008 635,219 639,172 649,129 653.285 669,357 692,199 680,511 673,296 679,160 680,173 694,743 715,675 501,260 500,113 506,641 512,792 524,837 547,031 533,807 527,573 531,194 535,128 542,515 575,612 30,003 5.690 29,753 5,273 30,083 5,558 29,396 6,364 32,452 7,274 39,211 7,818 31 ,153 8,598 28,487 8,887 9,522 27,831 31,043 9,089 32,422 9,222 41,062 10,052 7,621 5,084 4,817 4,743 4,746 6,624 3,180 2,958 5,782 2,117 2,859 3,183 178,457 178,731 180,862 179,927 182,060 193,979 186,360 179,429 180,114 184,573 189,688 204,232 279,489 281,272 285,321 292,362 298,305 299,400 304,516 307,812 307,945 308,306 308,324 317,083 5,744 5,747 5,754 5,763 5,763 5,761 5,766 5,766 5,774 5,775 5,774 5,780 1 “ Total loans” include Federal funds sold, and securities purchased under resale agreements, figures for which are included in “ Federal funds sold, etc.,” on p. A-l 6 o f the May 1975 B ulletin . Effective June 30, 1971, Farmers Home Administration notes were classified as “ O ther securities” rather than “ Loans.” As a result o f this change, approximately $300 million was transferred to “ Other securities” for the period ending June 30, 1971, for all commercial banks. See also table (and notes) at the bottom o f p. A-24. 2 See first 2 paragraphs o f note 1. 3 Reciprocal balances excluded. 4 Includes items not shown separately. See also note 1. 5 See third paragraph o f note 1 above. 6 Figure takes into account the following changes beginning June 30, 1969: (1) inclusion o f consolidated reports (including figures for all bankpremises subsidiaries and other significant majority-owned domestic subsidiaries) and (2) reporting o f figures for total loans and for individual categories o f securities on a gross basis—that is, before deduction of valuation reserves—rather than net as previously reported. 7 M ember bank data for Oct. exclude assets of $3.6 billion of one large bank. 65,830 68,090 69,930 67,580 69,910 67,548 68,030 67,230 67,920 68,350 71,470 58,375 61,585 63,865 65,427 62,859 64,820 62,836 63,042 61,781 62,166 60,803 65,411 52,856 44,829 45,054 45,491 45,896 46,090 46,946 46,907 46,816 47,054 47,131 47,320 48,244 N ote.—D ata are for all commercial banks in the U nited States (in cluding Alaska and Hawaii, beginning with 1959). Commercial banks represent all commercial banks, both member and nonm em ber; stock savings banks; and nondeposit trust companies. Effective June 30, 1969, commercial banks and m ember banks exclude a small national bank in the Virgin Islands; also, m ember banks exclude, and noninsured commercial banks include through June 30, 1970, a small member bank engaged exclusively in trust business; beginning 1973, exclude 1 national bank in Puerto Rico. Beginning May 1974, member banks exclude and noninsured commercial banks include 1 bank and beginning Aug. 1974, 2 banks engaged ex clusively in trust business. C omparability o f figures for classes o f banks is affected somewhat by changes in F.R. membership, deposit insurance status, and by mergers, etc. Figures are partly estimated except on call dates. For revisions in series before Dec. 30, 1967, see earlier B ulletins. A 78 Board of Governors of the Federal Reserve System G e o r g e W . M it c h e ll , V ice C h a irm a n A r t h u r F. B u r n s , C h a irm a n R o b e r t C. H o lla n d J e ffr e y M . B u c h e r P h il ip E . C o l d w e l l H en ry C. W a llic h O F F IC E O F M A N A G I N G D IR E C T O R F O R O P E R A T IO N S J o h n M . D e n k l e r , Managing R o b e r t J. L a w r e n c e , Deputy D irector Assistant D irector and Program D irector for Contingency Planning W i l l i a m W . L a y t o n , D irector of Equal Employment Opportunity B r e n t o n C . L e a v i t t , Program D irector for Banking Structure P e t e r E . B a r n a , Program D irector for Bank Holding Company Analysis G ordon B. G rim w ood, DIVISION OF FEDERAL RESERVE BANK OPERATIONS R o n a l d G . B u r k e , D irector J a m e s R . K u d l i n s k i , Associate Director * E . M a u r i c e M c W h i r t e r , Associate Director W i l l i a m H . W a l l a c e , Associate Director W a l t e r A . A l t h a u s e n , Assistant Director H a r r y A . G u i n t e r , Assistant Director T h o m a s E. M e a d , Assistant D irector P. D . R i n g , Assistant Director OFFICE OF BOARD MEMBERS T h o m a s J. O ’C o n n e l l , D irector Managing P h ilip C . J a c k s o n , Jr. O F F IC E O F M A N A G IN G D IR E C T O R F O R R E S E A R C H A N D E C O N O M IC P O L IC Y Counsel to the Chairman R o b e r t S o l o m o n , Adviser to the Board Jo s e p h R . C o y n e , Assistant to the Board J o h n S . R i p p e y , Assistant to the Board J a y P a u l B r e n n e m a n , Special Assistant to 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 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 the Board Board N o r m a n d R. V. B J o h n J. H a r t , Special Assistant to the F r a n k O ’B r i e n , J r ., Special Assistant Board to the ernard, Special Assistant to the Board Board D o n a l d J. W inn , Special Assistant to the Board DIVISION OF RESEARCH AND STATISTICS LEGAL DIVISION J o h n D . H a w k e , J r . , G eneral Counsel J o h n N i c o l l , Deputy General Counsel B a l d w i n B . T u t t l e , Assistant General Counsel C h a r l e s R. M c N eill, Assistant to the General Counsel A G llen ary L. R a i k e n , A dviser M . W e l s h , Adviser L y l e E . G r a m l e y , Director P e t e r M . K e i r , A dviser J a m e s L . K i c h l i n e , A dviser S t a n l e y J. S i g e l , A dviser J o s e p h S . Z e i s e l , Adviser J a m e s B . E c k e r t , Associate Adviser E d w a r d C . E t t i n , Associate Adviser J o h n H . K a l c h b r e n n e r , Associate A dviser J o h n J. M i n g o , Associate Adviser E l e a n o r J. S t o c k w e l l , Associate A dviser R o b e r t M . F i s h e r , Assistant Adviser J. C o r t l a n d G . P e r e t , Assistant Adviser S t e p h e n P. T a y l o 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 DATA PROCESSING OFFICE OF SAVER AND CONSUMER AFFAIRS DIVISION OF INTERNATIONAL FINANCE C h a r l e s L. H a m p t o n , D irector B r u c e M . B e a r d s l e y , A ssociate D irector G l e n n L. C u m m i n s , A ssistan t D irector W a r r e n N . M i n a m i , A ssistan t D irector R o b e r t J. Z e m e l , A ssistan t D irector A ssistan t to the B oard and D irector J a n e t O. H a r t , D eputy D irector R o b e r t S . P l o t k i n , A ssistan t D irector R a l p h C . B r y a n t , D irector J o h n E . R e y n o l d s , A ssociate D irector R o b e r t F. G e m m i l l , A d viser R e e d J. I r v i n e , A d viser H e l e n B . J u n z , A dviser S a m u e l P i z e r , A d viser G e o r g e B . H e n r y , A ssociate A dviser C h a r l e s J. S i e g m a n , A ssistan t A dviser E d w i n M . T r u m a n , A ssistant A dviser OFFICE OF THE SECRETARY DIVISION OF PERSONNEL K e i t h D . E n g s t r o m , D irector C h a r l e s W . W o o d , A ssistan t T h e o d o r e E . A l l i s o n , Secretary G r i f f i t h L . G a r w o o d , A ssistan t Secretary t R o b e r t S m i t h III, A ssistan t Secretary D irector OFFICE OF THE CONTROLLER J o h n K a k a l e c , C ontroller T y l e r E . W i l l i a m s , J r ., A ssistan t DIVISION OF BANKING SUPERVISION AND REGULATION Controller DIVISION OF ADMINISTRATIVE SERVICES W a l t e r W . K r e i m a n n , D irector D o n a l d E . A n d e r s o n , A ssistan t D irector J o h n D . S m i t h , A ssistan t D irector B r e n t o n C . L e a v i t t , D irector F r e d e r i c k R . D a h l , A ssistan t D irector J a c k M . E g e r t s o n , A ssistan t D irector Jo h n N . L y o n , A ssistan t D irector Jo h n T . M c C l i n t o c k , A ssistan t D irectoi T h o m a s A . S i d m a n , A ssistan t D irector W i l l i a m W . W i l e s , A ssistan t D irector Jo h n E . R y a n , A d viser * O n leav e otfO ab n se loan n c e.from the F ederal R eserve B ank of D allas. A 79 Fr e d e ri c S o l o m o n , A 80 Federal Open Market Committee A r t h u r F. B u r n s , A lfred H a y e s , C h a ir m a n V ic e C h a ir m a n E rnest T. B a u g h m a n D av id P. E a st b u r n G eorge W . M itchell Je f f r e y M . B u c h e r P h il ip E . C o l d w e l l R obert C. H o l l a n d B ruce K. M acL aury R obert P. M ayo H e n r y C . W allich P h il i p C . Ja c k s o n , Jr . A r t h u r L. B r o i d a , S e c r e ta r y M urray A ltmann, N or m a nd R. V . B L y le E. G r a m l e y , E c o n o m is t D ep u ty S ecreta ry ernard, (D o m estic B u sin ess) A ssistan t R obert S o l o m o n , E con om ist S ecretary (In tern ation al F in a n ce) T h o m a s J. O ’C o n n e l l , G e n e r a l C o u n s e l E d w a r d G. G u Jo h n N icoll, y , D ep u ty G eneral Counsel A ssista n t G eneral Counsel E d w a r d G. B o e h n e , A s so c ia te E c o n o m ist R al ph C. B ryant, R ichard G. D avis, A sso c ia te E conom ist A sso c ia te E conom ist J. C h a r l e s P a r t e e , S e n i o r E c o n o m i s t R alph T. G r e e n , A s so c ia te E c o n o m ist S tephen H. A Jo h n K a r e k e n , A s s o c i a t e E c o n o m i s t xilrod, E conom ist (D o m e stic F in an ce) Jo h n E . R e y n o l d s , A s s o c i a t e E c o n o m i s t K arl O. Sc h e l d , A s so c ia te E c o n o m ist A lan R. H o l m e s , M a n a g e r , S yste m O p en M a r k e t A c c o u n t P eter D . S t e r n l ig h t , D ep u ty M a n a g e r fo r D o m estic O peration s S cott E. P a r d e e , D e p u ty M a n a g e r f o r F o re ig n O p e r a tio n s Federal Advisory Council T h o m a s I. S t o r r s , f i f t h f e d e r a l r e s e r v e d i s t r i c t , D o n a l d E . L a s a t e r , e ig h t h f e d e r a l r e s e r v e d i s t r i c t , G e o r g e B . R o c k w e l l , f ir s t f e d e r a l W illia m M u rra y , s e v e n th f e d e r a l re se rv e d is tric t r e s e r v e d is t r ic t E llm o re C . P a t t e r so n , seco n d fed era l G e o rg e H. D ix o n , n i n t h fe d e ra l re se rv e d is tric t r e s e r v e d is t r ic t J a m e s F . B o d in e , t h ir d f e d e r a l E ugene H. A d am s, t e n t h fe d e ra l re se rv e d is tric t r e s e r v e d is t r ic t C l a ir E . F u l t z , f o u r t h f e d e r a l B en F. L ove, e le v e n th fe d e ra l re se rv e d is tric t r e s e r v e d is t r ic t L a w r e n c e A . M e r r i g a n , s ix t h f e d e r a l Jam es B . M a y e r, t w e lf th R ESE R V E D IST R IC T r e s e r v e d is t r ic t F. President Vice President Secretary Associate Secretary H e rb e rt V. P ro ch n o w , W illia m J. K o rs v ik , fe d e ra l A 81 Federal Reserve Banks, Branches, and Offices FEDERAL RESERVE BANK, branch, or facility Zip Chairman Deputy Chairman President First Vice President BOSTON* ............... 02106 Louis W. Cabot Robert M. Solow Frank E. Morris James A. McIntosh NEW YORK* 10045 Roswell L. Gilpatric Frank R. Milliken Donald Nesbitt Alfred Hayes Richard A. Debs Buffalo .................. ..14240 Ronald B. Gray PHILADELPHIA 19105 John R. Coleman Edward J. Dwyer David P. Eastburn Mark H. Willes CLEVELAND* 44101 Horace A. Shepard Robert E. Kirby Phillip R. Shriver G. Jackson Tankersley Willis J. Winn Walter H. MacDonald Robert W. Lawson, Jr. E. Craig Wall, Sr. James G. Harlow Charles W. DeBell Robert P. Black George C. Rankin Cincinnati ............. Pittsburgh ............. 45201 15230 RICHMOND* ................23261 Baltimore .................. 21203 Charlotte .................. 28201 Culpeper Communications Center .................. 22701 ATLANTA ............... 30303 Birmingham .......... Jacksonville .......... Miami .................... Nashville ............... New Orleans ........ 35202 32203 33152 37203 70161 CHICAGO* ............. 60690 Detroit .................... 48231 ST. LOUIS ............... 63166 Little Rock ............ Louisville ............. Memphis ............... 72203 40201 38101 MINNEAPOLIS Helena .................... KANSAS CITY 55480 59601 64198 Denver .................. Oklahoma City Omaha .................. 80217 73125 68102 DALLAS ................... 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 Robert E. Showalter Robert D. Duggan Jimmie R. Monhollon Stuart P. Fishburne J. Gordon Dickerson, Jr. H. G. Pattillo Clifford M. Kirtland, Jr. Frank P. Samford, Jr. James E. Lyons Castle W. Jordan John C. Tune Floyd W. Lewis Monroe Kimbrel Kyle K. Fossum Peter B. Clark Robert H. Strotz W. M. Defoe Robert P. Mayo Daniel M. Doyle Edward J. Schnuck Sam Cooper Ronald W. Bailey James H. Davis Jeanne L. Holley Darryl R. Francis Eugene A. Leonard Bruce B. Dayton James P. McFarland William A. Cordingley Bruce K. MacLaury Clement A. Van Nice Robert T. Person Harold W. Andersen Maurice B. Mitchell James G. Harlow, Jr. Durward B. Varner George H. Clay John T. Boy sen John Lawrence Charles T. Beaird Herbert M. Schwartz Thomas J. Barlow Pete J. Morales, Jr. Ernest T. Baughman T. W. Plant O. Meredith Wilson Joseph F. Alibrandi Joseph R. Vaughan Loran L. Stewart Sam Bennion Malcolm T. Stamper John J. Balles John B. Williams Hiram J. Honea Edward C. Rainey W. M. Davis Jeffrey J. Wells George C. Guynn William C. Conrad John F. Breen Donald L. Henry L. Terry Britt Howard L. Knous J. David Hamilton William G. Evans Robert D. Hamilton Fredric W. Reed James L. Cauthen Carl H. Moore Richard C. Dunn Angelo S. Carella A. Grant Holman James J. Curran * A d d itio n al offices of these B an k s are lo cated at L ew isto n , M aine 0 4 2 4 0 ; W in d so r L o ck s, C o n n ec tic u t 0 6 0 9 6 ; C ra n fo rd , N ew Jersey 0 7 0 1 6 ; Jerich o , N ew Y o rk 11753; C o lu m b u s, O hio 432 1 6 ; C o lu m b ia , S outh C aro lin a 2 9 210; D es M o in es, Iow a 5 0 3 0 6 ; In d ia n a p o lis, In d ian a 4 6 2 0 4 ; and M ilw au k e e , W isco nsin 53202. A 82 Federal Reserve Board Publications A v a i l a b l e f ro m P ub lica tio n s S e rv ic e s, D iv is io n o f A d m in istrative S e r v i c e s , B o a r d o f G o v e r n o r s o f the F e d eral R e s e r v e S y s t e m , W a s h in g to n , D . C . 2 0 5 5 1 . W h e r e a ch a rg e is in d ica ted , re m itta n ce sh o u ld a c c o m p a n y re q u e st a n d be m a d e p a y a b l e to the o r d e r o f the B o a r d o f G o v e r n o r s o f the F e d e ra l R e s e r v e S yste m in a f o rm c o llectib le a t p a r in U .S . cu rren cy. ( S ta m p s an d c ou p on s a r e not a c c e p t e d . ) T he 1967. 29 p p . $.25 e a c h ; 10 o r m o r e to o n e a d d r e s s , $ .2 0 e a c h . T h e F e d e r a l F u n d s M a r k e t . 1959. I l l p p . $1.00 e a c h ; 10 o r m o r e to o n e a d d r e s s , $.85 e a c h . T r a d in g in F e d e r a l F u n d s . 1965. 116 p p . $1.00 e a c h ; 10 o r m o r e to o n e a d d r e s s , $.85 e a c h . B a n k C r e d i t - C a r d a n d C h e c k - C r e d i t P l a n s . 1968. 102 p p . $ 1 . 0 0 e a c h ; 10 o r m o r e to o n e a d d r e s s , $.85 e a c h . S u r v e y o f F i n a n c ia l C h a r a c t e r is t ic s o f C o n s u m e r s . 1966. 166 p p . $1.00 e a c h ; 10 o r m o r e to o n e a d d r e s s , $.85 e a c h . S u r v e y o f C h a n g e s i n F a m il y F i n a n c e s . 1968. 321 p p . $1.00 e a c h ; 10 o r m o r e to o n e a d d r e s s , $.85 each. R e po r t o f t h e J o in t T r e a s u r y -F e d e r a l R e se r v e Study of th e U .S . G o v e r n m e n t S e c u r i t i e s M a r k e t . 1969. 48 p p . $.25 e a c h ; 10 o r m o r e to o n e a d d re s s , $ .2 0 e a c h . J o in t T r e a s u r y -F e d e r a l R e se r v e S t u d y o f T h e G o v e r n m e n t S e c u r it ie s M a r k e t : S t a f f S t u d ie s — P a r t 1. 1970. 86 p p . $.50 e a c h ; 10 o r m o r e to o n e a d d r e s s , $.40 e a c h . P a r t 2. 1971. 153 p p . a n d P a r t 3. 1973. 131 p p . E a c h v o lu m e $1.00; 10 o r m o r e to o n e a d d r e s s , $.85 e a c h . O p e n M a r k e t P o l ic ie s a n d O p e r a t i n g P r o c e d u r e s — S t a f f S t u d i e s . 1971, 218 p p . $2.00 F ederal R eserv e S y stem — P urpo ses and F u n c t i o n s . 1974. 125 pp. $1.00 each; 10 or more to one address, $.75 each. A n n u a l R epo r t B u l l e t i n . Monthly. $20.00 per year or $2.00 each in the United States and its possessions, and in Bolivia, Canada, Chile, Co lombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela; 10 or more of same issue to one address, $18.00 per year or $1.75 each. Elsewhere, $24.00 per year or $2.50 each. F ed er a l R eserv e F e d e r a l R e s e r v e C h a r t B o o k o n F in a n c ia l a n d B u s i n e s s S t a t i s t i c s . Monthly. Subscription in cludes one issue of Historical Chart Book. $12.00 per year or $1.25 each in the United States and the countries listed above; 10 or more of same issue to one address, $1.00 each. Elsewhere, $15.00 per year or $1.50 each. H is t o r i c a l C h a r t B o o k . Issued annually in Sept. Subscription to monthly chart book includes one issue. $1.25 each in the United States and countries listed above; 10 or more to one address, $1.00 each. Elsewhere, $1.50 each. T h e F e d e r a l R e s e r v e A c t , a s a m e n d e d th r o u g h D e c e m b e r 1971, w ith a n a p p e n d i x c o n ta in in g p r o v i s io n s o f c e r ta in o th e r s ta t u te s a f f e c tin g th e F e d e r a l R e s e r v e S y s te m . 252 p p . $1.25. R e g u l a t io n s o f t h e B o a r d o f G o v e r n o r s o f t h e F ed er a l R eserv e S y s t e m . Published Interpretations of the B oard of Gov ernors, as of December 31, 1974. $2.50. S u p p l e m e n t t o B a n k in g a n d M o n e t a r y S t a t is t ic s . Sec. 1. Banks and the Monetary System. 1962. 35 pp. $.35. Sec. 2. Member Banks. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 pp. $.35. Sec. 6. Bank Income. 1966. 29 pp. $.35. Sec. 9. Federal Reserve Banks. 1965. 36 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 12. Money Rates and Securities Markets. 1966. 182 pp. $.65. Sec. 14. Gold. 1962. 24 pp. $.35. Sec. 15. International Finance. 1962. 92 pp. $.65. Sec. 16 (New). Consumer Credit. 1965. 103 pp. $.65. I n d u s t r i a l P r o d u c t i o n — 1971 E d i t i o n . 1972. 383 pp. $4.00 each; 10 or more to one address, $3.50 each. T he Perform ance of B a n k H o l d in g C o m p a n ie s . each; 10 or more to one address, $1.75 each. R e a p p r a is a l o f t h e F e d e r a l R e s e r v e D i s c o u n t M e c h a n i s m . Vol. 1. 1971. 276 p p . Vol. 2. 1971. 173 p p . Vol. 3. 1972. 220 p p . Each volume $3.00; 10 or more to one address, $2.50 each. T h e E c o n o m e t r ic s o f P r i c e D e t e r m i n a t i o n C o n f e r e n c e , O c to b e r 30-31, 1970, W a s h i n g t o n , D .C . O c t. 1972. 397 p p . C lo th e d . $5.00 e a c h ; 10 o r m o r e to o n e a d d r e s s , $4.50 e a c h . P a p e r e d . $4.00 e a c h ; 10 o r m o r e to o n e a d d r e s s , $3.60 e a c h . F ed er a l R eser v e S t a ff S t u d y : W ays to M o d e r a t e F l u c t u a t i o n s in H o u s i n g C o n s t r u c t i o n , D e c . 1972. 487 p p . $4.00 e a c h ; 10 o r m o r e to o n e a d d r e s s , $3.60 e a c h . L e n d in g F u n c t io n s o f t h e F e d e r a l R e s e r v e B a n k s : A H i s t o r y , by Howard H . Hackley. 1973. 271 p p . $3.50 each; 10 or more to one address, $3.00 each. I n t r o d u c t i o n t o F l o w o f F u n d s . 1975. 64 p p . $.50 e a c h ; 10 o r m o r e to o n e a d d r e s s , $.40 e a c h . I m p r o v e d F u n d A v a il a b il it y a t R u r a l B a n k s ( R e p o r t a n d s tu d y p a p e r s o f th e C o m m itte e o n R u ra l B a n k i n g P r o b l e m s ) , J u n e 1975. 133 p p . $1.00 e a c h ; 10 o r m o r e to o n e a d d r e s s . $.85 e a c h . Federal Reserve Board Publications STAFF ECONOMIC STUDIES S tu d ies a n d p a p e r s on e c o n o m ic a n d financial su bjec ts that a re o f g e n e r a l in terest in the field o f eco n o m ic research . S u m m a rie s O n l y P r i n t e d in t h e B u l l e t i n ( L im ite d su p p ly o f m i m e o g r a p h e d co p i e s o f full text a v a i l a b l e upon re q u e st f o r sin gle c o p ies ) T he Impact of Holding Company A cquisitions on A ggregate Concentration in B anking , by Samuel H. Talley. Feb. 1974. 24 pp. O perating Policies of B ank Holding Companies— Part II: N onbanking S ubsidiaries, by Robert J. Lawrence. Mar. 1974. 59 pp. Household -S ector Economic A ccounts , by David F. Seiders. Jan. 1975. 84 pp. P r i n t e d i n F u l l in t h e B u l l e t i n S taff E c o n o m i c S tu d ie s sh o w n in list b elo w . REPRINTS (E x cep t f o r S taff P a p e r s , S ta ff E c o n o m i c S tu d ies, an d s o m e l ea din g articles , m o st o f the a rticles r e p rin ted d o n ot e x c e e d 12 p a g e s . ) S easonal F actors A ffecting B ank R eserves. 2/58. M easures of M ember B ank R eserves. 7/63. R esearch on B anking S tructure and P erform ance , Staff Economic Study by Tynan Smith. 4/66. A R evised Index of M anufacturing C apacity, Staff Economic Study by Frank de Leeuw with Frank E. Hopkins and Michael D. Sherman. 11/66. U .S. International T ransactions: T rends in 1960-67. 4/68. E uro -D ollars: A C hanging M arket. 10/69. Recent C hanges in S tructure of Commercial B anking . 3/70. M easures o f S ecu r ity C red it. 12/70. M onetary A ggregates and M oney M arket Con ditions in O pen M arket Policy . 2/71. Interest R ates , C redit Flows, and M onetary A g gregates S ince 1964. 6/71. Industrial Production— R evised and N ew M eas ures . 7/71. A 83 R e v is e d M e a s u r e s o f M a n u f a c t u r i n g C a p a c i t y U t i l i z a t i o n . 10/71. R e v is i o n o f B a n k C r e d i t S e r i e s . 12/71. A sset s a n d L ia b il it ie s o f F o r e ig n B r a n c h e s o f U .S . B a n k s . 2/72. B a n k D e b it s , D e p o s it s , a n d D e p o s it T u r n o v e r — R e v is e d S e r i e s . 7/72. Y i e l d s o n N e w l y I s s u e d C o r p o r a t e B o n d s . 9/72. R e c e n t A c t i v i t i e s o f F o r e i g n B r a n c h e s o f U .S. B a n k s . 10/72. R e v is i o n o f C o n s u m e r C r e d i t S t a t i s t i c s . 10/72. O n e - B a n k H o l d i n g C o m p a n ie s B e f o r e t h e 1970 A m e n d m e n t s . 12/72. Y ie l d s o n R e c e n t l y O f f e r e d C o r p o r a t e B o n d s . 5/73. C a p a c i t y U t i l i z a t i o n i n M a j o r M a t e r ia l s I n d u s t r i e s . 8/73. C r e d it - C a r d a n d C h e c k -C r e d it P l a n s a t C o m m e r c i a l B a n k s . 9/73. R a t e s o n C o n s u m e r I n s t a l m e n t L o a n s . 9/73. N e w S e r ie s f o r L a r g e M a n u f a c t u r i n g C o r p o r a t i o n s . 10/73. M o n e y S u p p l y in t h e C o n d u c t o f M o n e t a r y P o l i c y . 11/73. U .S. E n e r g y S u p p l i e s a n d U s e s , Staff Economic Study by Clayton Gehman. 12/73. C a p a c it y U t il iz a t io n f o r M a jo r M a t e r ia l s : R e v i s e d M e a s u r e s . 4/74. N u m e r ic a l S p e c if ic a t io n s o f F in a n c ia l V a r ia b l e s a n d T h e ir R o l e in M o n e t a r y P o l i c y . 5/74. B a n k i n g a n d M o n e t a r y S t a t i s t i c s , 1973. Selected series of banking and monetary statistics for 1973 only. 3/74 and 7/74. I n f l a t i o n a n d S t a g n a t i o n in M a j o r F o r e i g n I n d u s t r i a l C o u n t r i e s . 10/74. R e v is i o n o f t h e M o n e y S t o c k M e a s u r e s a n d M e m b e r B a n k D e p o s i t s . 12/74. C h a n g e s i n T im e a n d S a v i n g s D e p o s i t s a t C o m m e r c ia l B a n k s , A p r i l - J u l y 1974. 1/75. U.S. I n t e r n a t i o n a l T r a n s a c t i o n s i n 1974. 4/75. M o n e t a r y P o l ic y in a C h a n g i n g F i n a n c i a l E n v i r o n m e n t : O p e n M a r k e t O p e r a t i o n s in 1974. 4/75. T h e S t r u c t u r e o f M a r g in C r e d i t . 4/75. C h a n g e s in B a n k L e n d i n g P r a c t i c e s , 1974. 4/75. N e w S t a t is t ic a l S e r ie s o n L o a n C o m m it m e n t s a t S e l e c t e d L a r g e C o m m e r c i a l B a n k s . 4/75. R e c e n t T r e n d s i n F e d e r a l B u d g e t P o l i c y . 7/75. A 84 Federal Reserve Bulletin □ July 1975 Index to Statistical Tables References are to pages A -2 through A -77 although the prefix “ A ” is omitted in this index (For list of tables published periodically, but not monthly, see inside back cover) AC CEPTANCES, bankers, 9, 25, 27 Agricultural loans of commercial banks, 16, 18 Assets and liabilities (See also Foreigners): Banks, by classes, 14, 16, 17, 18, 30, 77 Federal Reserve Banks, 10 Nonfinancial corporations, current, 41 Automobiles: Consumer instalment credit, 45, 4 6 , 47 Production index, 48, 49 BAN K credit proxy, 13 Bankers balances, 16, 17, 20 (See also Foreigners) Banks for cooperatives, 38 Bonds (See also U .S . Govt, securities): N ew issues, 38, 39, 40 Yields and prices, 28, 29 Branch banks: A ssets, foreign branches of U .S . banks, 70 Liabilities of U .S . banks to their foreign branches and foreign branches of U .S . banks, 22, 71 Brokerage balances, 69 Business expenditures on new plant and equipment, 41 Business indexes, 50 Business loans (See Commercial and industrial loans) CAPACITY utilization, 50 Capital accounts: Banks, by classes, 14, 17, 22, 77 Federal Reserve Banks, 10 Central banks, 60, 75 Certificates of deposit, 22 Commercial and industrial loans: Commercial banks, 13, 16 W eekly reporting banks, 18, 23 Commercial banks: Assets and liabilities, 13, 14, 16, 17, 18, 77 Consumer loans held, by type, 45 Deposits at, for payment of personal loans, 24 Loans sold outright, 25 Number, by classes, 14, 77 Real estate mortgages held, by type of holder and property, 4 2 -4 4 Commercial paper, 23, 25, 27 Condition statements (See A ssets and liabilities) Construction, 50, 51 Consumer credit: Instalment credit, 4 5 , 4 6 , 47 Noninstalment credit, 45 Consumer price indexes, 50, 53 Consumption expenditures, 54, 55 Corporations: Profits, taxes, and dividends, 41 Sales, revenue, profits, and dividends of large manufacturing corporations, 76 Security issues, 39, 40 Security yields and prices, 28, 29 Cost of living (See Consumer price indexes) Currency and coin, 3, 16 Currency in circulation, 3, 12 Customer credit, stock market, 29, 30 DEBITS to deposit accounts, 11 Debt (See specific types of debt or securities) Demand deposits: Adjusted, commercial banks, 11, 13, 17 Banks, by classes, 14, 17, 20, 21, 77 Ownership by individuals, partnerships, and cor porations, 24 Subject to reserve requirements, 13 Turnover, 11 Deposits (See also specific types of deposits): Accumulated at com mercial banks for payment of personal loans, 24 Banks, by classes, 14, 17, 20, 21, 30, 77 Federal Reserve Banks, 10, 72 Subject to reserve requirements, 13 Discount rates at Federal Reserve Banks (See Interest rates) Discounts and advances by Reserve Banks (See Loans) D ividends, corporate, 41, 76 EM PLOYM ENT, 50, 52 FARM mortgage loans, 42 Federal agency obligations, 9, 10, 11 Federal finance: Receipts and outlays, 32, 33 Treasury operating balance, 32 Federal funds, 5, 16, 18, 21, 27 Federal home loan banks, 37, 38 Federal Home Loan M ortgage Corporation, 37, 42, 43 Federal Housing Administration, 42, 43, 44 Federal intermediate credit banks, 37, 38 Federal land banks, 37, 38, 42 Federal National M ortgage A ssn ., 37, 38, 42, 43, 44 Federal Reserve Banks: Condition statement, 10 U .S . Govt, securities held, 2, 10, 11, 34, 35 Federal Reserve credit, 2, 4 , 10, 11 Federal Reserve notes, 10 Federally sponsored credit agencies, 37, 38 Finance companies: Loans, 18, 46, 47 Paper, 25, 27 Financial institutions, loans to, 16, 18 Float, 2 Flow of funds, 56, 57 Foreign: Currency operations, 9, 10 Deposits in U .S . banks, 3, 10, 17, 21, 72 Exchange rates, 75 Trade, 59 Foreigners: Claims on, 6 6 , 67, 6 8 , 72, 73, 74 Liabilities to, 22, 61, 62, 64, 65, 72, 73, 74 GOLD. Certificates, 10 Earmarked, 72 Reserves of central banks and govts., 60 Stock, 2, 59 Government National Mortgage A ssn ., 42 Gross national product, 54, 55 HOUSING permits, 50 Housing starts, 51 A 85 References are to pages A-2 through A-77 although the prefix “ A ” is omitted in this index INCOME, national and personal, 54, 55 Industrial production index, 48, 49, 50 Instalment loans, 45, 46, 47 Insurance com panies, 31, 34, 35, 42, 44 Insured commercial banks, 14, 16, 17, 24 Interbank deposits, 14, 20, 77 Interest rates: Bond and stock yields, 28 B usiness loans of banks, 26 Federal Reserve Banks, 6 Foreign countries, 74, 75 M oney market rates, 27 M ortgage yields, 43, 44 Prime rate, commercial banks, 26 Time and savings deposits, maximum rates, 8 International capital transactions of U .S ., 6 1 -7 4 International institutions, 6 0 -6 4 , 6 6 , 6 7 -6 9 , 73 Inventories, 54 Investment com panies, issues and assets, 40 Investments ( S e e a lso specific types o f in vestm en ts ): Banks, by classes, 14, 16, 19, 30, 77 Commercial banks, 13 Federal Reserve Banks, 10, 11 Life insurance com panies, 31 Savings and loan assns., 31 LABOR force, 52 Life insurance com panies ( S e e Insurance com panies) Loans ( S e e a lso specific typ es o f loans): Banks, by classes, 14, 16, 18, 30, 77 Commercial banks, 13, 14, 16, 18, 23, 25, 26 Federal Reserve Banks, 2, 4, 6 , 10, 11 Insurance com panies, 31, 44 Insured or guaranteed by U .S ., 42, 43, 44 Savings and loan assns., 31 M A N U FA C TU R ER S: Capacity utilization, 50 Production index, 49, 50 Margin requirements, 8 Member banks: Assets and liabilities, by classes, 14, 16, 17, 77 Borrowings at Federal Reserve Banks, 4 , 10 Number, by classes, 14, 77 Reserve position, basic, 5 Reserve requirements, 7 Reserves and related items, 2, 4, 13 M ining, production index, 49 M obile hom e shipm ents, 51 M oney market rates ( S e e Interest rates) M oney stock and related data, 12 M ortgages ( S e e Real estate loans and Residential mort gage loans) Mutual funds ( S e e Investment companies) Mutual savings banks, 20, 30, 34, 42, 44 NA TIO NAL banks, 14, 24 National defense expenditures, 33 National incom e, 54, 55 Nonmember banks, 15, 16, 17, 24 OPEN market transactions, 9 PAYROLLS, manufacturing index, 50 Personal incom e, 55 Prices: Consumer and w holesale com m odity, 50, 53 Security, 29 Prime rate, commercial banks, 26 Production, 48, 49, 50 Profits, corporate, 41, 76 REAL estate loans: Banks, by classes, 16, 18, 30, 42 Mortgage yields, 43, 44 Type of holder and property m ortgaged, 4 2 ^ -4 Reserve position, basic, member banks, 5 Reserve requirements, member banks, 7 Reserves: Central banks and govts., 60 Commercial banks, 17, 20, 22 Federal Reserve Banks, 10 Member banks, 3, 4, 13, 17 U .S . reserve assets, 59 Residential mortgage loans, 43, 44 Retail credit, 45, 46, 47 Retail sales, 50 SA LES, revenue, profits, and dividends of large manu facturing corporations, 76 Saving: Flow of funds series, 56, 57 National income series, 54, 55 Savings and loan assns., 31, 35, 42, 44 Savings deposits ( S e e Time deposits) Savings institutions, principal assets, 30, 31 Securities (S e e a lso U .S . Govt, securities): Federally sponsored agencies, 37, 38 International transactions, 6 8 , 69 N ew issues, 38, 39, 40 Yields and prices, 28, 29 Special Drawing Rights, 2, 10, 58, 59 State and local govts.: D eposits, 17, 20 H oldings of U .S . Govt, securities, 34, 35 N ew security issues, 38, 39 Ownership of securities of, 16, 19, 30 Yields and prices of securities, 28, 29 State member banks, 15, 24 Stock market credit, 29, 30 Stocks ( S e e a lso Securities): N ew issues, 39, 40 Yields and prices, 28, 29 TAX receipts, Federal, 33 Time deposits, 8 , 13, 14, 17, 21, 22, 77 Treasury currency, Treasury cash, 2, 3 Treasury deposits, 3, 10, 32 Treasury operating balance, 32 U NEM PLO YM ENT, 52 U .S . balance of payments, 58 U .S . Govt, balances: Commercial bank holdings, 17, 20 Member bank holdings, 13 Treasury deposits at Reserve Banks, 3, 10, 32 U .S . Govt, securities: Bank holdings, 14, 16, 19, 30, 34, 35, 77 Dealer transactions, positions, and financing, 36 Federal Reserve Bank holdings, 2, 10, 11, 34, 35 Foreign and international holdings, 10, 6 6 , 6 8 , 72 International transactions, 6 6 , 68 N ew issues, gross proceeds, 39 Open market transactions, 9 Outstanding, by type of security, 34, 35 Ownership, 34, 35 Yields and prices, 28, 29 U tilities, production index, 49 VETERANS Administration, 43, 44 WEEKLY reporting banks, 18-22 YIELDS ( S e e Interest rates) A 86 The Federal Reserve System B oundaries o f Fed eral R eserve D istricts and T h e ir B ran ch T e rrito rie s LEGEND — ■ B o u n d a r ie s o f F e d e ra l R e s e rv e D is tric ts -------- B o u n d a r i e s o f F e d e r a l R e s e r v e B r a n c h ® • F e d e ra l R e s e rv e B a n k C itie s F e d e ra l R e s e rv e B ra n c h C itie s T e rrito rie s F e d e ra l R e s e rv e B a n k F a c ility Q Board of Governors of the Federal Reserve System G u id e to T a b u la r Presentation S Y M B O L S A N D A B B R E V IA T IO N S N .S .A . e Estimated c Corrected p Preliminary r R evised rp R evised preliminary I, II, III, IV Quarters n .e .c . Not elsew here classified A .R . Annual rate S .A . Monthly (or quarterly) figures adjusted for seasonal variation IPC SM SA 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 U ses of funds Amounts insignificant in terms of the partic ular unit (e .g ., less than 500 ,0 0 0 when the unit is m illions) (1) Zero, (2) no figure to be expected, or (3) figure delayed G E N E R A L IN F O R M A T IO N M inus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used in the follow ing in stances: ( 1 ) to the right (to the left) of a total when the com ponents shown to the right (left) of it add to that total (totals separated by ordinary rules include more com ponents than those show n), ( 2 ) to the right (to the left) of 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 g o v t.” also includes m unicipalities, special districts, and other political subdivisions. In som e 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 estim ates; and (3) information on other charac teristics of the data. T A B L E S P U B L IS H E D Q U A R T E R L Y , S E M IA N N U A L L Y , O R A N N U A L L Y , W IT H L A T E S T B U L L E T I N R E F E R E N C E Q u a r te r ly Sales, revenue, profits, and dividends of large manu facturing corporations ---- Issu e Page Banks and branches, number, by class and State .......... July 1975 I ss u e Page Apr. 1975 A-76— A-77 A-76 S e m ia n n u a lly Number of banking offices: Analysis of changes ........ On, and not on, Federal Reserve Par List............ A n n u a lly — C o n tin u e d Feb. 1975 A-82 Feb. 1975 A-83 Flow of funds: Assets and liabilities: 1962-73 ....................... Flows: 1965-73 ........................ Oct. 1974 A -59.14—A-59.28 Oct. 1974 A-58—A -59.13 A n n u a lly Bank holding companies: Banking offices and depos its of group banks, Dec. 31, 1974 ....................... June 1975 Banking and monetary statistics: 1974 ................................... Feb. Mar. Apr. July 1975 1975 1975 1975 A-76— A-79 A-84— A-85 A-79— A-82 A-78— A-85 A-77 Income and expenses: Federal Reserve Banks Feb. 1975 Insured commercial banks June 1975 Member banks: Calendar year ............... June 1975 Income ratios ............... June 1975 Operating ratios .......... Sept. 1974 A-80— A-89 A-90— A-95 A-80— A-85 Stock market credit ............. A-86— A-87 Feb. 1975 A-80— A -81 A-80— A-81 Statistical Releases L IS T P U B L IS H E D S E M I A N N U A L L Y , W IT H L A T E S T B U L L E T IN R E F E R E N C E Iss u e Anticipated schedule of release dates for individual releases June 1975 Page A -101
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