Full text of Federal Reserve Bulletin : June 1975
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JU N E
197 5
FEDERAL RESERVE
BULLETIN
F IN A N C IA L
M E M B E R
C H A N G E S
F O R E IG N
D E V E L O P M E N T S
B A N K
IN
IN C O M E
T IM E
A N D
E X C H A N G E
IN
IN
T H E
F IR S T
Q U A R T E R
O F
1 9 7 5
1 9 7 4
S A V IN G S
D E P O S IT S ,
O P E R A T IO N S :
IN T E R IM
J U L Y -O C T O B E R
R E P O R T
1 9 7 4
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Federal R eserv e S y stem , W ash in g to n , D .C . 2 0 5 5 1 , and re m ittance should be m ade p ayable to the o rd er
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(S tam p s and c o u p o n s are not a cc e p te d .)
FEDERAL RESERVE BULLETIN
NUM BER 6 □
V O L U M E 61 □
J U N E 1975
C O N T E N T S
341 Financial Developments
in the First Quarter of 1975
A
1 Financial and Business Statistics
349 Member Bank Income in 1974
A 1 Contents
A 2 U.S. Statistics
A 58 International Statistics
356 Changes in Time and Savings Deposits
at Commercial Banks,
July-October 1974
A 96 Board of Governors and Staff
364 Treasury and Federal Reserve Foreign
Exchange Operations:
Interim Report
368 Record of Policy Actions
of the Federal Open Market Committee
A 98 Open Market Committee and Staff ;
Federal Advisory Council
A 99 Federal Reserve Banks and Branches
A 100 Federal Reserve Board Publications
A 104 Index to Statistical Tables
375 Law Department
A 106 Map of Federal Reserve System
389 Announcements
392 Industrial Production
P U B L IC A T IO N S
Inside Back Cover:
Guide to Tabular Presentation
Statistical Releases: Reference
C O M M IT T E E
J. Charles Partee
Ralph C. Bryant
Lyle E. Gramley
Joseph R. Coyne
John M. Denkler
John D. Hawke, Jr.
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
committee is responsible for opinions expressed except in official statements and signed articles. Direction for the
art work is provided by Mack Row e. Editorial support is provided by the Econom ic Editing Unit headed by Elizabeth
B. Sette.
Financial Developments
in the First Quarter of 1975
This report, which was sent to the Joint Eco
nomic Committee of the U.S. Congress on May
22, 1975, highlights the important developments
in financial markets during the winter and early
spring.
Short-term market rates of interest declined fur
ther in the first quarter of 1975, as the continued
weakness of the economy reduced credit de
mands and prompted additional easing actions
by the Federal Reserve System. The Federal
funds rate— the rate banks pay when they bor
row reserve funds from one another— fell almost
3 percentage points over the quarter, and other
private short-term rates registered similar de
clines. In long-term securities markets, rate
movements were mixed. After dropping signifi
cantly early in the quarter, bond yields moved
upward in response to a record volume of new
issues and concerns about the credit market
impact of the prospective Federal budget deficit.
Rates on residential mortgages in the primary
market trended downward during most of the
quarter, mainly reflecting record inflows of sav
ings to nonbank thrift institutions; in late March
and early April, however, mortgage rates firmed
in reflection of the movements of other long
term rates.
Because of the continued decline in economic
activity, the Federal Reserve sought during the
quarter to foster further easing of credit condi
tions and more rapid growth in the monetary
aggregates than had occurred, on average, over
earlier months. The System reduced required
reserves by about $1.1 billion in January in
order to improve member bank liquidity, and
the discount rate was lowered in three steps from
7% per cent in January to 6 V* per cent in March.
The System also bought substantial quantities
of longer-term Treasury securities in the course
of its open market operations, particularly in
March when there was a large overhang of
securities in the capital markets.
The narrowly defined money stock grew more
slowly in the first quarter of 1975 than in the
fourth quarter of 1974, reflecting primarily a
sharp contraction in January. However, most of
the broader money stock measures posted more
rapid rates of increase. Growth in nearly all of
the aggregates accelerated as the quarter pro
gressed.
MONETARY
AGGREGATES AND
MEMBER BANK RESERVES
Measured on an end-month-of-quarter basis, the
narrow money stock—Mr— expanded at a 2.4
per cent seasonally adjusted annual rate in the
first quarter, as compared to the 5.3 per cent
rate of the preceding 3 months. The further
sharp drop in economic activity during the
quarter and the weak expansion of credit limited
demands for cash balances.
As in most months of 1974, the growth of
currency in the first 3 months of 1975 was
consistently more rapid than that of demand
deposits. For the quarter as a whole the currency
component of M t rose at a 9.4 per cent annual
rate, while the demand deposit component in
creased at a 0.2 per cent rate. Demand deposits
in fact declined absolutely in January before
moving upward strongly in February and
March. A significant element in the strength of
demand deposits late in the quarter appears to
have been the early payment of a large volume
of Federal income tax refunds, which individ
uals may have placed temporarily in checking
accounts pending use in the purchase of goods
or earning assets.
The decline in interest rates did have a no
ticeable impact on the growth of broader money
stock measures that include consumer-type time
and savings deposits. As the spread between
rates on market instruments and those on thrift
342
Federal Reserve Bulletin □ June 1975
TABLE 1
Changes in selected monetary aggregates1
In per c en t, seaso n ally a d ju sted an n u al rates
1974
Ite m
1973
1974
Q2
M em b er b an k reserv es:
T o ta l ..............................................................
R equired reserv es .....................................
N o n b o rro w ed ...............................................
A vailab le to su p p o rt priv ate
n o n b an k d ep o sits2 .................................
1975
Q3
04
Ql
7 .8
7 .8
7 .2
8 .6
8 .8
10.8
2 0 .5
19.8
-.1
8 .3
8 .4
5 .6
3 .6
2 .9
3 5 .9
-8 .3
-7 .7
-1 .4
9 .2
8 .9
19.1
9.1
.8
-4 .7
C o n cep ts o f m o n ey 3 calcu lated from :
E n d -m o n th o f q u arter—
M x ................................................................
M 2 ................................................................
m 3 ................................................................
m 4 ................................................................
m 5 ................................................................
6.1
8 .8
8 .8
11.6
10.6
4 .8
7 .2
6 .8
10.7
9 .0
7 .0
7 .9
6 .8
15.3
11 .6
1.0
4 .2
3 .8
5 .8
4 .9
5 .3
6 .7
6 .9
9.1
8 .4
2 .4
8 .4
10.4
7 .0
9 .3
Q u arterly av erag e—
M x ................................................................
M 2 ................................................................
m 3 ................................................................
M 4 ................................................................
m 5 ................................................................
6 .3
8 .9
9 .0
12.0
11.1
5 .3
7 .9
7 .2
10.8
9.1
7 .3
8 .3
7 .6
13.9
11.2
3 .5
6 .0
5 .2
9 .0
7 .2
3 .9
6 .2
5 .8
7 .3
6 .6
1.0
6 .4
8 .3
8.1
9.1
T im e and sav in g s d ep o sits at:
C o m m ercial b an k s (other than
large C D ’s) .............................................
N onbank th rift in stitu tio n s4 .................
11.4
8 .9
9 .4
6 .0
8 .8
4 .9
7.1
3.1
7 .9
7 .4
13 6
13.6
B an k cre d it p ro x y , a d ju sted 5 ...................
10.4
10.2
2 0 .4
6 .7
4 .2
3.1
M e m o (ch an g e in b illio n s o f
d o lla rs, seaso n ally ad ju sted ):
L arg e C D ’s ...................................................
U .S . G o v t, d em a n d d e p o sits at all
m e m b e r b an k s .......................................
19.9
2 6 .5
13.3
3 .5
5.5
—.5
-1 .7
-2 .0
2.1
1.0
-4 4
-1 .2
deposits narrowed, an increasing share of funds
flows was directed into banks and nonbank
depositary institutions. Time and savings de
posits other than large negotiable certificates of
deposit (CD’s) at commercial banks rose at a
13.6 per cent annual rate between December and
March, up from the 7.9 per cent rate of the
preceding 3-month period. At nonbank deposi
tary institutions— savings and loan associations,
mutual savings banks, and credit unions— the
pick-up in deposit growth was even more sub
stantial, from 7.4 per cent in the fourth quarter
to 13.6 per cent in the first. Thus, the strength
in interest-bearing accounts was great enough
to offset the weakness in
and to generate
larger rates of growth in M2 and M3 than during
the preceding quarter.
The income velocity of money, defined as the
ratio of gross national product to M x or M2,
fell sharply in the first quarter. Although veloc-
N O TES:
1In c o rp o rate s rev isio n s in m oney
sto ck an d re la te d m easu res ba se d on
new b e n ch m ark d a ta fo r n o n m e m b e r
ba n k s fro m the D e ce m b e r 3 1 , 1974,
re p o rts o f c o n d itio n and re v isio n s in
seaso n al a d ju stm en t facto rs. (F irst
pu b lish e d o n M ay 2 2 , 1975).
2T o tal re serv es less re q u ire d re
serves fo r U .S . G o v e rn m e n t and in
te rb a n k d e p o sits.
3M t is c u rre n c y p lus p riv a te d e
m a n d d e p o sits adju sted . JVf2 is M x
p lus b an k tim e and sav in g s dep o sits
ad ju sted o th e r th an larg e C D ’s. M 3
is M 2 p lu s dep o sits at m utual sav in g s
b a n k s an d savings and loan a sso c ia
tio n s and cre d it unio n shares. M 4 is
M 2 p lus larg e n eg o tiab le C D ’s. M 5
is M 3 p lu s larg e ne g o tia b le C D ’s.
4S av in g s and loan a sso c iatio n s,
m u tu al sav in g s b a n k s, an d cre d it
un io n s.
5T o tal m e m b e r b an k d e p o sits p lus
fu n d s p ro v id e d by E u ro -d o lla r b o r
ro w in g s and b a n k -re la te d c o m m e r
cial p ap er.
N o t e .— C h an g e s are calcu la te d
fro m the av erag e a m ounts o u tsta n d
ing in the last m o n th of each q u a rte r,
ex ce p t the qu a rte rly -av e ra g e c a lc u la
tio n s of co n cep ts of m o n e y , w h ic h
are ba se d on c h an g e s in the a v erag e
am o u n ts o u tsta n d in g fo r a q u arter.
A nnual rates of g row th h ave been
ad ju sted fo r c h an g es in reserv e re
q u ire m e n ts.
ity has trended upward during the postwar
period— reflecting the secular rise in interest
rates, economies of scale in transactions re
quirements, and improvements in cash manage
ment by individuals and firms— some decline in
velocity typically has occurred during signifi
cant recessions. The decline in yields on alter
native assets during such periods lowers the
relative costs of holding larger cash balances
or thrift deposits, and the greater economic
uncertainty tends to increase precautionary de
mands for deposits; thus businesses and house
holds hold larger money balances relative to
transactions needs, and the turnover rate falls.
As these factors reverse themselves and as con
fidence develops during the recovery phase of
the business cycle, velocity normally rises at
an above-trend rate.
In view of the strength in other time deposits
and the weakness in loan demand during the
F inancial D evelo p m en ts, Q l 1975
343
reduction in total reserves because required re
serves also fell at about an 8 per cent annual
rate. The reduced use of nondeposit sources
of funds released reserves to support growth of
deposits; in addition, the average ratio of re
quired reserves to deposits fell because of a shift
in the composition of time deposits toward
longer maturities, which are subject to lower
reserve requirements, and because lagged re
serve requirement accounting reduced the need
for reserves during the quarter, given the par
ticular pattern of deposit growth that occurred.
BANK CREDIT AND
COMMERCIAL PAPER
During the first quarter of 1975, total loans and
investments at commercial banks, measured
from the end of December to the last Wednesday
of March, rose at a seasonally adjusted annual
rate of about 4.4 per cent. Virtually all of the
expansion was due to the increase in bank
D ata are at seaso n ally ad ju sted an n u al rates o f gro w th .
first quarter, banks reduced interest rates paid
on new large CD’s and permitted some run-offs
in maturing CD’s. Consequently, the growth in
M4, which is the sum of M2 plus large negotia
ble CD’s, was somewhat less rapid in the first
quarter than in the preceding 3-month period.
For the same reason, the acceleration in the rate
of growth of M5, which is the sum of M3 plus
large negotiable CD’s, was less marked than
that of M3. With total member bank deposits
expanding at a slower pace, the adjusted credit
proxy increased at a slower rate than in the
October-December period.
Total reserves declined at an 8 per cent annual
rate between December and March. Most of the
drop was attributable to repayments of member
bank borrowing from the Federal Reserve. Such
borrowings averaged $100 million in March, as
compared with $700 million in December 1974.
Nonborrowed reserves, meanwhile, declined
slightly during the quarter.
The substantial first-quarter growth in the
monetary aggregates was possible despite the
TABLE 2
Rate spreads and changes in
business loans and commercial paper1
C h an g e
Period
R ate
spread
(b asis
p o in ts)2
1 974Q2
Q3
Q4
C o m m e r
cial
p a p er5
T otal
A nnual
rate for
total
(per
cen t)
1.4
2 .3
.5
11.0
r9 . 1
r2 . 1
2 4 .9
r 19.4
r4 .3
- 2 .1
.8
-1 .3
-2 .6
1.3
-1 .8
-1 .6
1.0
- .1
-.1
2 .3
- 1 .9
-1 .7
13.9
- 1 1 .4
-1 0 .3
B u si
ness
lo an s4
9 .6
r6 .8
r l .6
1 975Ql
Jan.
Feb.
M ar.
In b illio n s o f d o lla rs 3
260
259
191
in c o r p o r a te s re v isio n s b ased on D ec. 3 1 , 1974, rep o rts of
condition.
2Prim e rate less 30- to 59-day c o m m e rc ial p a p er rate.
3S easonally adju sted .
4A t all c o m m e rc ial b anks b ased on last-W ed n esd ay -o fm onth d a ta ; ad ju sted fo r o u tsta n d in g am o u n ts o f loans sold
to affiliates.
5N onfinancial co m p a n y p ap er m e a su re d fro m e n d -o f-m o n th
to en d -o f-m o n th .
rR evised.
344
Federal Reserve Bulletin □ June 1975
Components of
bank credit
Major categories of
bank loans
Change, billions of dollars
12
8
4
+
0
8
4
0
4
+
0
4
4
+
0
4
Ql
Q2
Q3
Q4
1974
Ql
1975
Ql
Q2
Q3
1974
Q4
Ql
1975
S e aso n ally ad ju sted . T o tal lo an s and b u sin ess lo an s ad ju sted
fo r tran sfers b e tw ee n b a n k s an d th eir h o ld in g co m p a n ies,
affiliates, su b sid ia ries, o r fo reig n b ran ch es.
holdings of U.S. Government securities. Treas
ury borrowing rose sharply, particularly in
March; partly in the exercise of their normal
underwriting function, but primarily because of
weak loan demand and a desire to improve
liquidity, banks increased their holdings of
Treasury securities by $10 billion. Bank hold
ings of other securities declined slightly on a
seasonally adjusted basis.
Total loans outstanding declined somewhat
further in the January-March period. The
growth of real estate loans at commercial banks
remained sluggish— reflecting, in part, banks’
concern about liquidity. Consumer loans at
banks also remained weak, on balance, as de
mands of households for durable goods were
limited and banks remained cautious in their
consumer lending policies.
Business loans expanded at a progressively
slower pace during the latter half of 1974 and
then declined by $2.1 billion, seasonally ad
justed, in the first quarter of this year. The
weakness in business loans reflected both the
continuation of generally cautious bank lending
policies and the reduced demand for short-term
business credit associated with the liquidation
of inventories and sale of long-term securities
in the first quarter.
Interest rates on commercial paper dropped
from 9 per cent in December 1974 to about 6
per cent in February, and, after some further
easing, returned to that level in late March and
early April. The commercial bank prime rate
also fell 3 percentage points—from IOV2 per
cent in early January to 7V2 per cent at most
banks in March— so the spread of the prime rate
over commercial paper rates remained at an
historically high level throughout the quarter.
Thus, prime borrowers probably continued to
shift some of their credit demands from banks
to the commercial paper market. Still, the out
standing volume of commercial paper issued by
nonfinancial companies increased only moder
ately over the quarter as a whole, and with
business loans at commercial banks declining,
the total volume of short-term business credit
outstanding showed a small absolute reduction
for the first time since 1971.
NONBANK
INTERMEDIARIES AND THE
MORTGAGE MARKET
Deposit inflows at nonbank intermediaries that
are important residential mortgage lenders con
tinued to improve over the first quarter. Deposits
at savings and loan associations and mutual
savings banks expanded at a seasonally adjusted
annual rate of 14.9 per cent. As market interest
rates declined further from their late summer
highs, these institutions recorded steadily im
proved deposit flows, with March inflows the
highest for any month on record at both savings
and loan associations and mutual savings banks.
Time certificates were favored by savers early
in the quarter, but passbook accounts recorded
sizable inflows in late February and March as
many investors chose to emphasize maximum
liquidity in their acquisitions and as short-term
interest rates declined to levels that made pass
book rates more attractive.
Financial D evelo p m en ts, Q l 1975
In response to these strong inflows, the non
bank thrift institutions continued to rebuild their
liquid asset portfolios and to repay borrowings.
Savings and loan associations reduced their in
debtedness to Federal home loan banks at a
seasonally adjusted annual rate of $5 billion
over the quarter, the first decline in 11 quarters.
These institutions also repaid short-term bank
loans, and the surge in deposits led the Federal
Home Loan Bank Board (FHLBB) to raise the
required liquidity ratio from 5 per cent to 5Vi
per cent, effective April 1, 1975, and then to
6 per cent on May 1.
TABLE 3
Net change in mortgage debt outstanding
In b illio n s of d o lla rs, seaso n ally a d ju sted an n u al rates
1974
1975
C h an g e —
Ql
Q2
Q3
Q4
Q le
B y type o f debt:
T o ta l ...........................................
R esid en tial .................................
O th e r1 ...........................................
59
40
19
65
44
21
50
r36
r 14
39
r24
r 15
35
26
9
A t selected in stitutions:
C o m m ercial b an k s .................
S av in g s and lo an s ..................
M utual sav in g s b a n k s ..........
In su ran ce co m p a n ies ............
F N M A -G N M A .......................
14
22
4
r5
2
17
r23
3
6
8
r9
14
2
5
8
7
rll
(2)
5
r7
2
17
2
4
5
6
10
6
4
M em o:
FH L B a d v an ces to S & L ’s
The increase in net mortgage debt formation
by the nonbank intermediaries was more than
offset, however, by a reduction at commercial
banks. Overall, the expansion in net mortgage
debt in the first quarter declined to the lowest
level since 1970, although there was a modest
rise in the residential component. Many com
mercial banks, already facing possible losses on
loans related to real estate finance, maintained
relatively restrictive lending policies in the face
of generally slack demands for both permanent
mortgages and construction loans.
Residential mortgage yields in the primary
market continued to move lower throughout the
first quarter. Average interest rates on new
commitments by savings and loan associations
for conventional home mortgages dropped
below 9 per cent in early April, more than 1
percentage point under the peak reached last
October. Mortgage yields in the secondary
market also declined further in January and
February, and the downtrend prompted another
reduction in the ceiling rate on mortgages that
are insured by the Federal Housing Administra
tion (FHA) or guaranteed by the Veterans Ad
ministration (VA) from SV2 to 8 per cent in early
March. However, the decline in secondary
mortgage market yields halted in mid-March,
and yields moved upward slightly for the first
time since September. The rise led to a reversal
in late April of the earlier FHA-VA action.
-5
in c lu d e s c o m m e rc ial an d o th er n o n re sid en tial as w ell as
farm p ro p erties.
2L ess th an $ 5 0 0 m illio n .
eP artially estim ated .
r R ev ised .
• iih
:
Reflecting the pick-up in new commitment
activity that began in the final quarter of 1974,
net mortgage lending by savings and loans and
mutual savings banks increased substantially in
the first quarter of 1975. With the improvement
in flows of funds to the depositary institutions,
direct and indirect support of the mortgage
market by the Federally sponsored credit agen
cies generally declined in the first quarter, al
though purchases of loans by the Government
National Mortgage Association (GNMA) under
rate-subsidy programs enacted last year re
mained large.
345
Deposits of savings and loans and of
mutual savings banks
Annual rate of change,per cent
Ql
Q2
Q3
Q4
Ql
1974___________ 75
S e asonally a d ju sted . C h an g e s b a se d o n m o n th -en d figures.
SECURITIES MARKETS
New issues of long-term corporate debt rose to
a seasonally adjusted annual rate of $61 billion
346
Federal Reserve Bulletin □ June 1975
Interest rates
LONG-TERM
SHORT-TERM
Federal fundsA
A aa utility
New issue
Conventional
mortgages j
HUD
/
Treasury bills
3-month
F .R .d isco u n t ra te
S tate an d local g o v e rn m e n t
* L ev el o f series w a s affected b y issu e o f n ew 2 0 -y ear U .S .
G o v e rn m e n t b o n d in Jan u a ry 1973.
M o n th ly a v erag es e x ce p t fo r c o n v en tio n al m o rtg ag e s (b ased
on q u o tatio n s fo r o n e d ay e ac h m o n th ). Y ield s: U .S . T rea su ry
b ills, m a rk e t y ield s o n 3 -m o n th issu es; P rim e co m m ercial
p a p er, d e aler o ffering ra te s; C o n v en tio n al m o rtg ag e s, rates on
first m o rtg ag es in p rim ary m a rk e ts, u n w e ig h te d , an d ro u n d ed
to ne arest 5 b a sis p o in ts, fro m D ept, of H ou sin g and U rb an
D e v elo p m en t; C o rp o rate b o n d s, w e ig h te d averages o n new
p u b lic ly offered b onds ra te d A a a, A a , and A by M o o d y ’s
In v e sto rs Service and ad ju sted to an A aa u tility ba sis; U .S .
G o v t, b o n d s, m ark et yield s ad ju sted to 20 -y ear co n stan t m a tu
rity by U .S . T rea su ry ; S tate and local gov t, bo n d s (20 issues,
m ix ed q u a lity ), B o n d B u y e r .
in the first quarter of 1975, the largest gross
volume for any 3-month period on record. In
dustrial corporations were the principal bor
rowers— accounting for approximately twothirds of the total— as these companies sought
long-term funds with which to reduce their
short-term liabilities and to finance capital ex
penditures. The record volume in the first quar
ter continued the upsurge in bond financing that
began last fall when interest rates started to
decline from their record high levels.
Corporate bond yields moved lower during
January and into February despite the large
volume of new issues. The average rate on new
Aaa-rated utility bonds fell more than one-half
of a percentage point from year-end 1974 to less
than 9 per cent by mid-February, but the decline
was erased as yields rose over the remainder
of the quarter. Contributing to this reversal in
bond yields were the apprehensions of investors
about the size and impact of the Federal deficit,
the continued sizable volume of long-term cor-
porate offerings, and a leveling-off of short-term
rates, which created some uncertainty in the
market about the future course of monetary
policy.
Although long-term interest rates were little
changed at the end of March from their levels
at the end of 1974, stock prices had increased
about 20 per cent over the quarter. The surge
in equity prices resulted in an increase in stock
issuance, almost entirely by public utilities.
Nevertheless, new stock offerings during the
quarter remained below levels recorded in pre
vious years.
Yields in the municipal bond market moved
sharply lower in concert with other long-term
interest rates in January, but the rally ended
abruptly in mid-February and yields returned to
near-record levels by the end of March. A pall
was cast over the municipal market in late
February when the New York Urban Develop
ment Corporation (UDC) defaulted on a short
term note issue and bank loan. This default
347
F inancial D evelo p m en ts, Q l 1975
caused municipal investors to become increas
ingly quality-conscious, especially towards socalled “ moral obligation” bonds, which have
been issued during the past decade by a number
of State and local agencies such as UDC. These
bonds do not have the full faith and credit pledge
of a State government in the loan agreement,
but instead include a clause indicating that the
State is morally committed to budget sufficient
funds for debt service in the event that the
issuing authority is unable to meet its obliga
tions. In addition, the municipal market contin
ued to be disturbed by the financial problems
of a number of major cities.
Yields on short-term Treasury issues dropped
approximately one percentage point in January,
along with other short-term interest rates, in
response to sharply reduced short-term credit
demands and the further easing in money market
conditions. They then fluctuated in a relatively
narrow range over the remainder of the quarter
and into April. Yields on longer-term Treasury
coupon issues also moved lower in the first half
of the quarter, but then backed up to levels only
slightly below last fall’s peak.
As noted earlier, one of the factors contribut
ing to the reversal in long-term rates at mid
quarter was increasing concern by market par
ticipants over the impact of the rising Federal
deficit. As the quarter progressed, estimates of
the deficit were increased in part because of the
passage of contracyclical fiscal measures that
added to the deficit. For example, the Tax
TABLE 4
Offerings of new security issues
In b illio n s o f d o lla rs, seaso n ally ad ju sted an n u al rates
1974
1975
T y p e o f issue
Ql
Q2
Q3
Q4
Q le
C o rp o ra te secu rities:
T o tal
.......................................
38
34
36
r43
61
B onds ...........................................
Sto ck s .........................................
30
8
29
5
r30
r6
r37
r6
52
9
State and local govt.
bo n d s .......................................
r24
r28
19
r24
25
eE stim ated .
rR evised.
TABLE 5
Federal Government borrowing and cash
balance
In b illio n s of d o llars, q u arterly totals not seaso n ally ad ju sted
1974
1975
Item
T reasu ry financing:
B udget su rp lu s, or
deficit ....................
N et cash b o rro w
in g s, or
rep ay m en ts ( —)..
O th er m ean s of
fin an cin g 1 ............
C h an g e in cash
balan ce ..................
Ql
Q2
-7 .1
9 .7
3.4
-6 .4
4 .5
1.7
-2 .5
-3 .4
-1 .1
- .7
-2 .0
.8
- .5
-2 .8
.7
5.5
7 .7
3 .4
4
11
18
15
68
7
20
25
15
7
F ed erally spo n so red
a g en c ie s, net cash
bo rro w in g s2 ........
Q3
-
Q4
Ql
1.6 - 1 2 . 0
-- 1 8 .0
10 3
19.4
-.1
M e m o (net cash
borro w in g s):
B y T rea su ry ............
B y F ederally
spo n so red cre d it
ag en c ie sp . . . . . . .
1C h ec k s issued less c h ec k s p a id , ou tlay s o f off-b u d g et F e d
eral a g en c ie s, a cc ru e d ite m s, and o th er tra n sac tio n s.
2In clu d es debt o f the F ederal H om e L oan M o rtg a g e C o r
p o ra tio n , Federal h o m e loan b a n k s, F ed eral lan d b a n k s, F ederal
in term ed iate c redit b a n k s, b an k s fo r c o o p erativ es, and F ederal
N atio n al M o rtg ag e A sso c ia tio n (in c lu d in g d isco u n t n otes and
secu rities g u aran teed by the G N M A ).
p P relim in ary .
Reduction Act of 1975, enacted in late March,
added approximately $13 billion to the deficit
for fiscal 1975.
The Treasury met its cash requirements over
the quarter by increasing the supply of Treasury
bills by $4.2 billion and of coupon issues by
$12.9 billion. The coupon issues were concen
trated in maturities of less than 7 years. A large
portion of the sizable increase in Treasury debt
during the first quarter was purchased by com
mercial banks, thrift institutions, and foreign
official institutions. Nations that are not mem
bers of the Organization of Petroleum Exporting
Countries (OPEC) bought substantial amounts
of Treasury debt in February and March, as they
invested dollars acquired in foreign exchange
market operations intended to limit the appreci
ation of their currencies relative to the dollar.
The dollar was under downward pressure during
348
Federal Reserve Bulletin □ June 1975
most of the first quarter, owing in part to the
effects on capital flows of the greater decline
in U.S. than in foreign interest rates. Acquisi
tions of Treasury securities by oil-exporting
countries declined, reflecting continued efforts
by these nations to diversify their investments.
The Federal Reserve System also purchased
large amounts of Treasury and Federal agency
coupon issues during the quarter. Between the
end of December and the end of March, the
System increased its holdings of Treasury and
Federal agency coupon issues by more than $2.3
billion, while reducing its holdings of shorterterm Treasury bills by about $2 billion. The
Federal Reserve acquired an additional $2.4
billion of Treasury debt in April, when it was
a net purchaser of both short-term and long-term
Treasury securities.
□
349
Member Bank Income in 1974
Member banks continued to increase their net
income in 1974, but the rate of growth of 7
per cent was only about half as large as in 1973.
Substantial increases in holdings of earning
assets, especially loans, were accompanied by
a sharp rise in the rate of return on both loans
and investments. Revenues and expenses both
grew at rapid rates, but the increases were
slightly less than the record growth rates of
1973. For the second consecutive year member
banks recorded small net losses on securities.
SUMMARY
Operating income at member banks continued
to increase at a near-record rate in 1974. Reve
nues from loans were an especially important
element in the increase— accounting for 88 per
cent of the total. With short-term interest rates
reaching high levels and with generally strong
demands for credit, member banks were able
to realize sharply increased rates of return on
their expanding loan portfolios. Investment in
come also added appreciably to growth in reve
nues, as both the average amount of investments
and the average rate of return on investments
increased. Although increases in average hold
ings of both loans and investments were some
what less than in 1973, the increases in the rates
of return on these assets were greater.
In 1974 operating expenses of member banks
increased very rapidly, although at a somewhat
slower rate than in 1973. Nearly all expense
categories recorded rapid rates of increase. As
in other recent years interest paid on time and
savings deposits represented the largest single
expense item for member banks; in fact it ac
counted for more than half of the rise in total
operating expenses during 1974. The increase
N o t e . — This article was prepared by Anthony W .
Cyrnak of the Board’s D ivision of Research and Statis
tics.
reflected a somewhat smaller rise in time deposit
liabilities than in 1973 but a larger rise in
average rate of interest paid for such deposits.
Other interest costs— interest on Federal funds
purchased and securities sold under repurchase
agreements, on other borrowed money, and on
capital notes and debentures— also increased
substantially, but in general far less than in
1973.
Salaries and wages, which are the second
largest expense item, increased nearly half again
as fast as in 1973. Rates of increase in other
expense items varied widely. The largest in
crease was in provision for loan losses, which
rose 87 per cent— nearly three times the rate
recorded in 1973— as many member banks at
tempted to bolster their loan loss reserves in
view of expanded loan portfolios, larger actual
current net losses, and uncertain economic con
ditions in some industries. Actual net loan losses
recorded for the year were substantial— increas
ing at more than twice the rate of the previous
year.
Reflecting these changes, income before in
come taxes and net securities gains or losses
expanded 5.1 per cent, significantly less than
in 1973. Somewhat larger net after-tax losses
on securities in 1974 had a further negative
effect on income during the year. A decrease
in applicable income taxes on current opera
tions, however, partially offset this influence,
and net income for the year reached a record
$5,364 million, 7.0 per cent more than in 1973.
The ratio of member bank net income to
equity capital plus reserves decreased in 1974
after having risen substantially during the pre
vious year but remained above the level of other
recent years. Cash dividends declared increased
in 1974 at a rate faster than that of net income;
thus, the ratio of cash dividends declared to net
income increased.
Unlike 1972 and 1973, the most rapid rise
in net income was at large member banks in
350
Federal Reserve Bulletin □ June 1975
Chicago rather than New York, but in the last
2 years the differences between banks in the two
cities have been relatively small. Net income
at other large member banks rose far less rapidly
than at New York and Chicago banks, but faster
than at smaller banks.
OPERATING INCOME
The second consecutive year of rapid increase
in total operating income at member banks
brought such revenue in 1974 to $53,828 mil
lion— $12,120 million, or 29 per cent, over the
1973 level (Table 1). As in other recent years,
most of this increase— 88 per cent in 1974— was
attributable to higher revenues on loans. Al
though income from securities rose somewhat
faster than in 1973 and 1972, income from this
source continued to decline as a proportion of
total operating income.
Interest and fees on loans (including Federal
funds sold and securities purchased under resale
agreements) increased $10,669 million, or 35.4
per cent, in 1974, somewhat less rapidly than
TABLE 1
Consolidated report of income for 1970-74 for all member banks
A m o u n ts sh o w n in m illio n s o f d o llars
C h an g e
1 9 7 3 -7 4
A m ount
Item
1970
1971
1972
1973
1974
A m ount
P e r
c en tag e
O p e ra tin g incom e— T o ta l ................................................................
Loans:
Interest and fees ...........................................................................
Federal funds sold and securities purchased under
resale agreem ent ................................................................
Securities (excluding trading account income)
Total: .................................................................................
U .S . Treasury securities ..........................................................
U .S. Govt, agencies and corporations ..................................
States and political subdivisions ............................................
Other securities ............................................................................
Trust departm ent ..............................................................................
Service charges on deposit accounts .........................................
Other charges, fees, e tc ...................................................................
Other operating income:
On trading account (net) ...........................................................
Other ..............................................................................................
27,913
28,670
31,335
41,708
53,828
12,120
29.1
18,706
18,317
19,997
28,261
38 ,0 5 5
9 ,7 9 4
3 4 .7
781
677
794
1,847
2 ,7 2 2
875
4 7 .4
4 ,8 3 2
5 ,6 6 2
6 ,0 8 6
6 ,5 3 1
7 ,2 3 7
2,2 0 8
415
2 ,0 9 0
118
1,075
868
681
2 ,4 3 4
578
2,4 6 8
182
1,182
896
795
2 ,4 1 2
730
2 ,7 0 9
234
1,269
904
864
2 ,3 9 2
943
2 ,9 2 7
268
1,344
940
998
2,3 4 3
1,268
3,301
325
1,379
1,022
1,151
346
625
340
802
254
1,168
338
1,449
425
1,836
87
387
2 5 .7
2 6 .7
O p e ra tin g expenses— T o ta l ............................................................
Salaries and wages of officers and em ployees .......................
Officer and em ployee benefits .....................................................
Interest on:
Time and savings deposits .......................................................
Federal funds purchased and securities sold
under repurchase agreements .........................................
Other borrowed money ..............................................................
Capital notes and debentures ...................................................
Net occupancy expense ..................................................................
Furniture, equipm ent, e tc ................................................................
Provision for loan losses ..............................................................
Other operating expenses ..............................................................
22,193
23,346
25,639
35,027
46,806
11,779
33.6
5 ,2 8 2
876
5 ,6 6 6
973
6 ,0 2 0
1,073
6,571
1,234
7 ,4 2 6
1,406
855
172
13.0
13.9
8 ,1 3 9
9 ,4 2 6
10,513
15,377
2 1 ,8 0 6
6 ,4 2 9
4 1 .8
1,365
444
90
1,013
722
534
3 ,7 2 8
1,073
127
123
1,130
797
681
3,348
1,387
102
184
1,259
848
767
3,4 8 6
3 ,7 6 5
474
204
1,408
924
994
4 ,0 7 8
5 ,7 1 4
872
217
1,603
1,036
1,857
4 ,8 6 9
1,949
398
13
195
112
863
791
51 .8
8 4 .0
6 .4
13.8
12.1
8 6 .8
19.4
Income before income taxes and securities gains or losses ...
Applicable income taxes ................................................................
Income before securities gains or losses .......................................
Net securities gains or losses ( —) after tax ............................
Extraordinary charges ( —) or credits after taxes ...................
L e ss minority interest in consolidated subsidiaries ................
Net income ............................................................................................
5 ,7 2 0
1,775
3,9 4 5
-1 0 7
- 15
3 ,823
5 ,325
1,349
3 ,9 7 6
144
3
C1)
4 ,1 1 7
5 ,6 9 6
1,356
4 ,3 4 0
46
• 14
0)
4 ,4 0 0
6,681
1,654
5 ,0 2 7
- 30
15
C1)
5 ,0 1 2
7,021
1,591
5,431
- 69
3
C)
5 ,3 6 4
Cash dividends declared2 ..................................................................
1,754
1,908
1,839
2 ,0 1 8
2 ,2 7 0
^ e s s th an $ 5 0 0 ,0 0 0 .
2O n c o m m o n an d p re fe rred stock.
N o t e .— F ig u res m ay n o t ad d to to tals b ecau se of ro u n d in g .
C)
706
-
49
325
374
57
35
82
153
340
63
404
- 39
- 12
0)
352
-
252
1 0 .8
-
-
2 .0
34.5
12.8
21 .3
2 .6
8.7
15.3
5.1
3.8
8 .0
(')
7 .0
12.5
M e m b er B an k Incom e in 1974
in 1973 but substantially faster than in any other
recent year. The rapid growth in loan revenues
was associated with a generally strong expan
sion of outstandings in most categories of loans
and a rise in the average rate of return to the
highest level on record (Tables 2 and 3).
TABLE 2
Changes in average loans, investments,
deposits, and capital outstanding
of member banks
A m ou n ts sh o w n in m illio n s o f d o llars
A v erag e
a m o u n t1
C h an g e
Item
1973
1974
T o tal loans an d inv est
495,184 549,348
m en ts, gro ss2
Am ount
P e r
cen tag e
54,164
10.9
Total a vera g e loans
outstanding ............ 3 6 0 ,8 6 6 4 1 2 ,2 0 2 5 1 ,3 3 6
F ederal fu n d s sold and
secu rities p u rc h a se d
un d er resale a g re e
m ent ........................... 21,9 3 1 2 7 ,1 1 4
5 ,1 8 3
O ther loans ....................... 3 3 8 ,9 3 5 3 8 5 ,0 8 8 4 6 ,1 5 3
C o m m ercial and in
d u strial ....................... 124,565 146,633 2 2 ,0 6 8
A g ricu ltu ral .................
9 ,3 9 6
10,539
1,143
R eal estate ...................
7 9 ,9 9 2 9 1 ,2 2 8 11,236
For p u rc h a sin g
and
9 ,4 2 4 - 2 , 9 4 4
carry in g secu rities .. 12,368
T o financial
in stitu
3 3 ,4 9 0 4 1 ,2 2 6
7 ,7 3 6
tions ...........................
O th er loans to in d i
v id u als .......................
6 8 ,8 6 7 73,951
5 ,0 8 4
10,255
A ll o th er .......................
12,088
1,833
U .S . T reasu ry sec u rities3 4 1 ,2 2 6
U .S . G o v t, ag en cy and
co rp o ratio n
se c u ri
15,212
tie s3 .............................
S tates and p o litical su b
d iv isio n
sec u rities3 6 7 ,9 0 0
3 ,8 9 2
O ther sec u rities3 ..............
T rad in g a cco u n t s e c u ri
6 ,0 8 9
ties ...............................
14.2
2 3 .6
13.6
17.7
12.2
14.0
-2 3 .8
23.1
7 .4
17.9
3 6 ,6 7 2
-4 ,5 5 4
-1 1 .0
18,767
3 ,555
2 3 .4
6 9 ,9 9 3
4 ,1 2 5
2,0 9 3
233
3.1
6 .0
7 .5 8 9
1,500
2 4 .6
T otal d ep o sits ................... 4 9 8 ,9 4 6 5 5 0 ,1 4 5
Time d ep o sits .................. 2 6 4 .1 6 8 3 0 5 ,6 2 0
S avings ........................... 9 3 ,9 1 0 9 5 ,9 3 5
O th e r tim e I . P . C .......... 1 2 7 ,116 157,161
A ll o th er tim e .............. 4 3 ,1 4 2 5 2 ,5 2 4
5 1 ,1 9 9
4 1 ,4 5 2
2 ,0 2 5
3 0 ,0 4 5
9 ,3 8 2
10.3
1 5 .7
2 .2
2 3 .6
2 1 .7
4 3 ,2 5 2
4 6 ,6 4 4
3 ,5 8 4
3,621
9 .0
8 .4
6 ,6 8 0
676
11.3
4 9 ,9 3 3
4.261
9 .3
E quity c ap ital4 .................. 3 9 ,6 6 8
T otal c ap ital a cc o u n ts5 4 3 ,0 2 3
R eserv es on loans and
6 ,0 0 4
secu rities ...................
T otal e q u ity cap ital and
4 5 ,6 7 2
reserv es .....................
'A v e ra g e of figures for three call d a te s— the en d o f the
preced in g y ear and the Ju n e 30 and D ecem b er 31 call dates
for the c alen d a r year.
2In clu d es secu rities held in trad in g acco u n t.
3E x clu d es secu rities held in trad in g acco u n t.
4In clu d es co m m o n sto ck , p re fe rred sto ck , su rp lu s, u n d iv id ed
profits, and reserv es for co n tin g en cy and o th er capital reserv es.
’Includes e q u ity c ap ital plus cap ital notes and d e b en tu re s.
351
Average holdings of loans at member banks
increased $51.3 billion, or 14.2 per cent.
Growth in holdings was rapid early in 1974,
then moderated as economic conditions became
increasingly less favorable. For the year, the
commercial and industrial loan category was the
only major loan category that expanded faster
than in 1973, and its increase, which amounted
to 17.7 per cent, accounted for more than twofifths of the increase in average total loans.
The needs of businesses to finance rising
inventories at higher prices provided a stimulus
for bank credit expansion throughout much of
1974. And with the bank prime lending rate
rising less rapidly than the cost of other short
term financing, many business borrowers shifted
their short-term credit demands from other
sources— such as commercial paper— to bank
credit. Later in the year, as a less restrictive
monetary policy and decreasing aggregate de
mand caused a general easing in credit condi
tions, other short-term rates declined more rap
idly than the prime rate, and this induced some
shifting of loan demand away from banks.
Real estate loans, while increasing 14.0 per
cent during 1974, expanded less rapidly as the
year progressed, along with the decline in con
struction of new homes. Nonetheless, the
proportion of total loan growth accounted for
by such loans in 1974 remained the same as
in 1973— 21.9 per cent. The slower growth in
consumer loans— 7.4 per cent, or about half the
1973 rate— reflected a decline in real spending
for both durable and nondurable goods. Loans
for purchasing and carrying securities, after
having risen slightly in 1973, declined sharply
in 1974 and provided a further dampening effect
on over-all loan expansion.
Faced with strong loan demand during much
of the year, member banks added only
slightly— 2.1 per cent— to their holdings of se
curities, compared with a 3 per cent increase
in 1973. Although holdings of longer-term
Treasury issues rose, aggregate holdings of
Treasury securities declined 11.0 per cent.
However, an increase of 59 basis points in the
rate of return on these securities limited the
decline in income from this source to $49 mil
lion, or 2.0 per cent. Sizable increases in the
rate of return on other securities, coupled with
352
Federal Reserve Bulletin □ June 1975
TABLE 3
Selected member bank income ratios
In per cen t
R atios
1971
1972
1973
1974
10.22
10.60
10.38
10.54
1 1.00
10.97
10.88
10.75
4.91
4 .4 0
4.4 1
4 .5 5
7.9 1
7 .1 8
6 .9 0
8 .3 4
9 .9 0
5 .6 2
5.61
5.41
5 .8 0
6 .3 9
6 .5 5
6 .2 0
6 .0 8
6 .2 0
6 ,7 6
4 .2 3
6 .3 0
4 .1 7
7 .1 0
4.1 1
6 ,6 7
4.31
6 .8 9
4 .7 2
7 .8 8
4 .9 8
4 .7 7
4.6 1
5 .8 2
7 .1 4
1970
R atio s to eq u ity cap ital
(in clu d in g re serv es)—
In co m e b efo re se c u ri
ties gains o r losses 10.75
N et in co m e ................... 10.44
C ash d iv id en d s
d e cla re d 1 ...................
4 .7 9
R ates o f retu rn o n —
L o a n s, g ross ................
U .S . T reasu ry
secu rities2 ..................
U .S . G ovt, ag en cies
and c o rp o ra tio n s2 ...
State and lo cal go v t.
o b lig a tio n s2 ..............
O th e r secu rities2 ........
In terest on tim e d ep o sits
to total tim e d ep o sits
JO n co m m o n and p re fe rred sto ck .
2E x clu d es secu rities h eld in trad in g acco u n t.
N o t e . — T h ese ratio s w ere c o m p u te d fro m ag g reg ate d o llar
am o u n ts of in co m e an d e x p en se item s. T h e c ap ital, d e p o sits,
lo a n s, and secu rities item s on w h ich th e ratio s w ere b a se d w ere
av erag es for tw o call d ates in the c alen d a r y ear and the last
call d ate in the p re c ed in g year.
expanded holdings, enabled member banks to
record a $706 million, or 10.8 per cent, increase
in revenue from investments in 1974 as com
pared with a 7.3 per cent rise in 1973.
Income from trust departments, service
charges on deposit accounts, and other charges
and fees in the aggregate increased $270 mil
lion, or 8.2 per cent. This compares with an
increase of $245 million, or 8.1 per cent, in
1973. “ Other operating income,” which in
cludes net income from the trading account, and
from Edge Act subsidiaries and foreign
branches, increased $474 million, or 26.5 per
cent, in 1974. This growth, which was about
the same as in 1973, reflected a continued ex
pansion in the overseas activities of member
banks. Trading-account income also increased
strongly again, although a little less than in
1973.
OPERATING EXPENSES
Operating expenses of member banks in 1974
again increased rapidly, although somewhat
below the record rate reached in 1973. The
increases were large in nearly all expense cate
gories— especially in interest paid on time and
savings deposits— reflecting high interest rates,
the impact of inflation on other elements of cost,
and growth in the volume of banking operations.
Interest paid on time and savings deposits
rose $6,429 million, or 41.8 per cent, in 1974,
close to the rate in 1973. The growth of time
and savings deposits during the year, while
substantial, was slightly below the rate in 1973.
Savings deposits in particular grew more
slowly, increasing at only about half the modest
4.2 per cent rate in 1973, and growth in con
sumer-type time certificates also was modest.
This slow growth reflected in part the diversion
of consumer savings to market instruments
yielding higher returns. On the other hand, large
negotiable certificates of deposit (CD’s) again
expanded at a rapid rate as banks relied heavily
on this source of funds to meet strong credit
demands.
However, average interest paid on all time
deposits increased even more sharply in 1974
than in 1973 to 7.14 per cent, a level substan
tially above that of any previous year. As in
1973, most of the over-all rate increase was
attributable to the general advance in rates paid
on negotiable CD’s, which continued into the
third quarter of 1974, reflecting the combined
effects of monetary restraint and strong demands
for credit. An additional factor pushing up rates
in the spring and summer was the concern in
financial markets associated with the publicized
difficulties and eventual failure of a large do
mestic bank and a few smaller foreign banks.
These developments led to further upward pres
sure on CD rates, as banks sought increased
funds to meet the credit demands of customers
that had been squeezed out of securities markets
and as investors became more quality conscious
and required increased although varying rate
premiums over those of certain other types of
securities such as Treasury bills as an induce
ment to invest in CD’s. It was not until mid-July
that CD rates started to decline, but even at
year-end, rates on shorter maturities were still
around 9 per cent at prime banks.
Interest paid for Federal funds purchased and
securities sold under repurchase agreements in
creased substantially in 1974, but the rise was
M e m b er B ank Incom e in 1974
significantly less than the very sharp increase
that had occurred in 1973. Such expenses,
which rose $1,949 million, or 51.8 per cent,
during the year, derived both from a greater
volume of these funds and from significantly
higher interest rates paid for them. In 1974, for
example, the weekly average interest paid for
Federal funds was 10.51 per cent compared with
8.74 per cent in 1973.
Interest paid on “ other borrowed money,”
which includes interest on Euro-dollar borrow
ings and on loans from Federal Reserve Banks,
rose $398 million in 1974, a slightly larger
absolute but much smaller percentage increase
than had occurred in 1973. Interest expenses
resulting from the issuance of capital notes and
debentures also increased in 1974, but both the
dollar amount and the percentage increase were
less than in 1973.
Salaries and wages (including benefits) typi
cally represent the second most important cate
gory of member bank expense; in 1974 these
costs rose $1,027 million, or 13.2 per cent. This
increase, which compares with a 10 per cent
rise in 1973, reflects for the most part higher
wage and salary rates and other employee bene
fits, but the number of employees also rose by
4.7 per cent.
Member banks raised their provision for loan
losses by $863 million, or 86.8 per cent, in
1974— nearly four times the increase in 1973
and more than six times the 1974 rate of increase
in total loans outstanding. Since nearly all banks
operate on a loan-loss reserve-accounting basis,
the current provision for loan losses in most
cases is an estimate of losses that the bank may
reasonably expect to incur on its loan portfolio
(minimum provisions are prescribed by super
visory authorities).1 For accounting purposes,
this item is classified as an operating expense
affecting net income in the current year. Al
though the minimum amount that a bank must
provide each year for such expense is deter
mined by prescribed methods, bank manage
ment may designate a larger-than-required pro1 All member banks that do not provide for loan losses
on a reserve basis must use their actual net loan losses
each year as a minimum “ provision for loan lo sse s.”
Other banks may use this method if they do so on a
regular basis.
353
vision for loan losses if such action seems
prudent under existing economic circumstances.
The uncertainties in the economy during 1974
did in fact prompt numerous member banks to
increase their loan-loss provisions beyond the
prescribed amounts.
“ Provision for loan losses” in 1974 also
increased somewhat faster than actual net loan
losses, which rose $651 million, or 69.2 per
cent. With total loans outstanding increasing
14.2 per cent, the ratio of net loan losses to
average loans outstanding at member banks in
creased to 0.39 per cent; this was a substantial
increase over the 0.25 per cent figure in 1973
and significantly higher than for any other recent
year.
The remaining minor expense items, includ
ing net occupancy expense, furniture and
equipment expense, and other operating ex
penses, all increased substantially during 1974.
Contributing significantly to such growth were
inflationary pressures and, especially for other
operating expenses, the cost of Euro-dollar bor
rowings, which some banks report in this figure.
OTHER TRANSACTIONS
Member banks recorded net losses on securities
for the second consecutive year in 1974, and
although these losses were more than twice as
great as in 1973, the $69 million loss in 1974
had little effect on the aggregate net income of
member banks. Similarly, extraordinary charges
or credits after taxes, which declined in 1974,
had a negligible impact on net income.
INCOME TAXES
After having increased in 1972 and 1973, ap
plicable income taxes of member banks declined
$63 million, or 3.8 per cent, in 1974. This
compares with a 5.1 per cent increase in income
before income taxes and net securities gains or
losses, and it reverses the relationship that had
existed between these two accounting items in
1973, a year in which applicable income taxes
rose faster than income before income taxes and
net securities gains or losses.
354
Federal Reserve Bulletin □ June 1975
NET INCOME AND
CASH DIVIDENDS
Net income of member banks, as previously
mentioned, rose $352 million, or 7.0 per cent,
in 1974. But because equity capital and reserves
rose faster than net income, the ratio of net
income to equity capital plus reserves declined
0.22 percentage point. In 1973 this ratio had
risen 0.43 percentage point.
Member banks increased their cash dividends
declared by 12.5 per cent to $2,270 million in
1974 compared with a 9.7 per cent rise in 1973.
The ratio of cash dividends declared to net
income increased to 42.3 per cent in 1974 after
declining for two consecutive years. In both
TABLE 4
Consolidated report of income for 1974 and 1973 for member banks grouped by class
In m illio n s o f d o llars
L arg e banks
A ll m em ber
ban k s
Item
A ll other
banks
N ew Y ork C ity
1974
O p e ra tin g incom e— T o ta l ............................
1973
1974
C ity of C h icag o
1973
1974
O ther
1973
1974
1974
1973
1973
5 3,82841,708
10,299
7,483
3,216
2,147 20,92515,829 19,388 16,249
3 8 ,0 5 5 28,261
7 ,8 4 0
5,301
2 ,4 6 9
1,525 14,959 10,930 12,787 10,505
1,847
184
147
148
113
1,216
840
1,174
747
2,3 4 3 2 ,3 9 2
1,268
943
3,301 2 ,9 2 7
325
268
1,379 1,344
1,023
940
1,151
998
278
97
362
45
390
80
149
249
68
325
39
381
79
134
90
52
132
14
108
19
49
79
20
128
11
105
9
33
722
352
1,124
115
549
383
557
730
216
997
82
541
347
473
1,253
767
1,683
152
332
541
396
1,334
639
1,478
136
318
504
358
425
1 ,836
338
1,449
166
708
143
615
26
109
11
113
219
729
165
509
14
290
19
212
46,80635,027
8,817
6,159
2,818
S alaries and w ag es o f officers and em p lo y ees 7 ,4 2 6 6,571
O fficer and em p lo y ee benefits .................
1 ,406 1,234
In terest on:
2 1 ,8 0 6 15,377
T im e and sav in g s d ep o sits ...................
F ed eral fu n d s p u rc h a se d an d secu rities sold
5 ,7 1 4 3,7 6 5
un d er re p u rch ase ag reem en ts . . .
872
474
O th er b o rro w ed m o n ey ...........................
204
217
C ap ital notes and d e b en tu re s ...............
N et o ccu p an cy ex p en se ...............................
1,603 1,408
924
1,036
F u rn itu re , e q u ip m e n t, e tc ..............................
994
1,857
P ro v isio n fo r loan lo sses ...........................
4 ,8 6 9 4 ,0 7 8
O th e r o p eratin g e x p en ses ...........................
1,184
290
1,051
242
270
56
3 ,997
2 ,4 3 4
1,397
1,264
367
42
314
122
516
723
974
157
46
280
116
237
622
690
22
4
57
35
80
207
403 2 ,9 8 2
19
392
4
106
56
584
30
388
44
733
131 1,779
1,889
778
229
91
95
66
506
647
340
492
390
529
1,466 2 ,1 6 0
1,482
390
1,093
-1 7
1,324
393
931
-1 4
397
114
284
-4
321 2 ,3 6 3
84
555
237 1,808
-4
-2 9
2,281 2 ,7 7 9 2 ,7 5 4
593
532
584
1,689 2 ,2 4 6 2 ,1 7 0
1 -2 0
-1 3
L oans:
In terest and fees .........................................
Federal funds sold and secu rities pu rch ased
under resale ag reem en t .................
S ecu rities (ex clu d in g tra d in g -ac c o u n t
incom e):
U .S . T reasu ry secu rities .......................
U .S . G o v t, ag en cies and co rp o ratio n s
States and p o litical su b d iv isio n s ........
O th er secu rities ...........................................
T ru st d ep artm en t .............................................
Serv ice ch arg es on d e p o sit acco u n ts . . .
O th er c h arg es, fe e s, e tc ................................
O th er o p eratin g in co m e:
O n trad in g a cco u n t (net) .......................
O th e r ..............................................................
O p e ra tin g expenses— T o tal .......................
2 ,7 2 2
In co m e befo re inco m e taxes an d secu rities
7,021
g ain s or lo sses .................................
1,591
A p p licable incom e taxes .......................
In co m e b efo re secu rities g ain s or losses 5,431
-6 9
N et secu rities gain s o r lo sses ( —) after taxes
6,681
1,654
5 ,0 2 7
-3 0
3
-1 5
tax es ......................................................
2
1,826 18,562 13,548 16,609 13,494
230 2,8 5 5 2 ,5 0 4 3 ,1 1 7
51
515
459
545
858
1
8 ,2 2 8
-7
5 ,6 7 0
2 ,7 8 6
482
8 ,1 8 4 6 ,4 1 5
498
68
59
566
438
323
1,859
1
10
12
C)
C)
O
2 ,1 6 9
L e s s m in o rity in terest in c o n so lid ate d su b
sid iaries .................................................
N et in co m e ........................................................
C1)
C1)
5 ,3 6 4 5 .0 1 2
C ash d iv idends d eclared
R atio s
(per cent)
reserves):
In co m e (after tax
or losses ...
N et incom e ........
to
equ ity
cap ital
919
”280
233
1,772
1,690 2 ,2 3 7
2 ,2 7 0
2,0 1 8
454
353
132
101
852
828
832
737
10.89
10.75
11.00
10.97
11.17
11.00
10.53
10.39
11.60
11.43
10.50
10.34
10.60
10.39
10.68
10.69
10.89
10.85
11.56
11.55
(incl
*Less than $ 5 0 0 ,0 0 0 .
N o t e .— F igures m ay not add to totals b ecau se of roun d in g .
0)
1,076
Member Bank Income in 1974
1972 and 1973, the increase in dividend dec
larations by banks had been limited in conform
ance with the dividend restraint guidelines of
the Committee on Interest and Dividends, but
this program was terminated on April 30, 1974.
NET INCOME BY
CATEGORY OF BANK
Differences in income and expenses among the
various categories of member banks were larger
in 1974 than in 1973. Whereas in 1973 all of
the categories recorded substantial increases in
355
net income, only the largest banks in New York
and Chicago posted sizable increases in net
income during 1974. Member banks in Chicago
recorded an increase of $47 million, or 20.2
per cent, while New York banks, which account
for a much larger proportion of member bank
income, recorded a substantial— but slightly
smaller— gain of 17.1 per cent.
Other large banks experienced a rise in net
income in 1974 of only 4.9 per cent compared
with 13.9 per cent in 1973. “ All other banks”
reported an increase in 1974 net income of 3.1
per cent, a sharp contrast to the 12.6 per cent
rise recorded by that group in 1973.
356
Changes in Time and Savings Deposits
at Commercial Banks, July-October 1974
The growth of time and savings deposits issued
to individuals, partnerships, and corporations
(IPC’s) by commercial banks slowed markedly
in the 3 months ended October 31, 1974. Re
sults of the quarterly survey conducted jointly
by the Federal Reserve System and the Federal
Deposit Insurance Corporation indicate that total
IPC time and savings deposits at insured com
mercial banks registered a gain of only $3.4
billion— about 1 per cent— in the July-October
period. This was the weakest performance since
the absolute decline that occurred between Oc
tober 1969 and January 1970.
All major categories of accounts showed
smaller increases between the end of July and
the end of October than during the preceding
3 months, but the sharpest deceleration occurred
in negotiable certificates of deposit and other
time deposits with minimum denominations of
$100,000. These deposits, which had paced the
advance in total IPC time and savings deposits
during the earlier part of the year, rose only
moderately in the late summer and early fall
when the economic downturn broadened and
business loan growth began to abate. Interest
rates paid for such funds declined substantially
after July, moving in step with yields on other
private short-term instruments.
Still, the general level of market rates of
interest was high by historical standards, and
given the Federal regulatory ceilings on rates
payable for smaller-denomination accounts,
banks encountered some difficulty in attracting
consumer-type time and savings deposits. Al
though most Federally insured banks continued
to offer the highest rates permitted on consumer-type accounts, passbook savings ex
panded only 0.6 per cent and time certificates
N o t e .— M ichael Prell and Virginia L ew is of the
Board’s D ivision of Research and Statistics prepared
this article.
edged up only 0.3 per cent. The 4-year-and-over
maturity category, introduced in July 1973, was
once again the area of strongest growth.
CONSUMER-TYPE
TIME AND SAVINGS DEPOSITS
Growth in the volume of savings deposits out
standing slowed for the second consecutive
quarter, rising $0.7 billion in the 3 months
ended October 31, 1974. Banks paying 4.51 per
cent to 5.00 per cent registered a gain of $3.2
billion, while banks paying rates of 4.50 or less
lost $2.5 billion. Still, more than a quarter of
all savings deposits outstanding at the end of
October were at the 16 per cent of banks that
offered rates of 4.50 or less, and the average
rate paid by all insured banks was 4.82 per cent.
Large West Coast banks that maintained pass
book rates at 4.50 per cent continued to account
for a large proportion of savings accounts hav
ing rates less than the 5 per cent regulatory
ceiling.
The high level of interest rates available on
alternative investments during the August-October period was clearly reflected in the small
increase in consumer-type time deposits. In ad
dition to such traditional vehicles as Treasury
securities (which in some instances were sold
in denominations as small as $1,000), small
investors were able to purchase certain new
types of assets. Among these were shares in
money market mutual funds— mutual funds in
vesting in large CD’s, commercial paper, and
other money market instruments— and floatingrate notes issued primarily by bank holding
companies.
Small-denomination time deposits maturing
in less than 2Vi years dropped $3.7 billion in
the 3 months ended October 31. The decline
in these accounts had been evident since the
revision of deposit rate ceilings in July 1973;
C hanges in Tim e an d S avin g s D e p o sits
in the five quarters between July 31, 1973, and
October 31, 1974, such deposits decreased al
most $18 billion. Total consumer-type time de
posits expanded throughout this period, how
ever, as accounts with longer maturities regis
tered strong gains. During the most recent sur
vey period, growth in deposits with maturities
of IVi years or more slowed somewhat, but was
still substantial. The higher rate ceilings appli
cable to such accounts made them relatively
more competitive with market instruments.
357
with a $10.7 billion gain in the preceding 3
months. During the summer months the demand
for business loans began to ease as the economy
weakened further; at the same time many banks
adopted more restrictive lending policies in
order to husband their liquidity and to prevent
further deterioration in capital/asset ratios.
Consequently, banks bid less aggressively for
negotiable CD’s and other large-denomination
time deposits.
The July 31, 1974, survey had indicated that
banks holding nearly 90 per cent of outstanding
negotiable CD’s were paying rates in excess of
10 per cent on such deposits. In the October
31 survey, this percentage fell to about 15 per
cent, with the bulk of negotiable CD’s issued
by banks paying between 8.50 and 9.50 per
cent. Rates on nonnegotiable CD’s and open
accounts recorded similar declines.
LARGE-DENOMINATION
TIME DEPOSITS
The volume of large-denomination time deposits
outstanding rose $2.7 billion between the end
of July and the end of October, as compared
TABLE 1
Types of time and savings deposits of individuals, partnerships, and corporations held by insured
commercial banks on survey dates, Jan. 31-Oct. 31, 1974
N um ber o f issuing banks
A m ount (in millions o f dollars)
Percentage change
in deposits
(quarterly rate)
1974
1974
Type o f deposit
Jan. 31
Apr. 30
July 31
Oct. 31
Jan. 31
Apr. 30
July 31
Oct. 31
Apr. 30July 31
July 31Oct. 31
13,915
14,013
14,099
14,138
318,593
333,090
347,555
350,995
4 .3
1.0
Savings.........................................
13,619
13,709
13,810
13,857
126,175
129,928
131,701
132,449
1.4
.6
Time deposits in denomina
tions of less than
$100,000—T otal................
13,698
13,898
13,957
14,033
109,891
112,245
113,803
114,125
1.4
.3
13,200
13,351
11,008
13,456
13,558
11,485
13,421
13,656
11,889
13,487
13,820
12,099
38,638
45,037
13,262
37,592
42,670
14,759
36,107
41,006
15,663
34,621
38,744
16,151
-4 .0
-3 .9
6.1
-4 .1
- 5 .5
3.1
8,931
9,560
10,493
11,024
12,954
17,224
21,027
24,609
22.1
17.0
3.704
3,682
3,793
3,620
29,629
29,125
29,653
28,643
1.8
- 3 .4
7,490
3,776
7,533
3.908
7,855
3,957
8,253
4,217
77,056
53,509
85,130
60,273
95,855
68,212
98,516
70,353
12.6
13.2
2.8
3.1
4.297
4.228
4,407
4,553
23.547
24,857
27.643
28,163
11.2
1.9
8,637
8,832
8,935
7,994
5,471
5,787
6,196
5,905
7.1
-4 .7
Total time and savings deposits
Accounts with original
m aturity of—
Less than 1 year................
1 up to 2 l/ i years...............
2 Yi up to 4 years 1 ...........
4 years and over in de
nominations of
$1,000 or m o re .........
All maturities, open
accounts—passbook or
statement form 2................
Time deposits in denominations
of $100,000 or m o re ........
Negotiable C D ’s ...................
Nonnegotiable C D ’s and
Christmas savings and other
special funds...............................
1 Includes a small am ount o f deposits in accounts with maturities
of 4 years or more and minimum denominations o f less than $1,000.
2 Includes time deposits, open account, issued in passbook, state
ment, or other forms that are direct alternatives for regular savings
accounts. M ost o f these are believed to be in accounts totaling less
than $100,000. The figures shown on this line are included above in
the appropriate maturity category.
N ote.— D ata were compiled jointly by the Board o f G overnors of
the Federal Reserve System and the Federal D eposit Insurance
C orporation. For Jan. 31, Apr. 30, and July 31, 1974, the information
was reported by a probability sample o f all insured commercial
banks; for Oct. 31, 1974, the data for member banks were reported
by virtually all such banks and for insured nonmember banks by the
same sample o f these banks reporting in earlier surveys.
Some deposit categories include a small am ount of deposits out
standing in a relatively few banks that no longer issue these types of
deposits and are not included in the num ber o f issuing banks. D ollar
amounts may not add to totals because of rounding.
358
Federal Reserve Bulletin □ June 1975
TABLE 2
Small-denomination time and savings deposits, IPC, held by insured commercial banks on July
31 and October 31, 1974, by type of deposit, by most common rate paid on new deposits in each
category, and by size of bank
Size o f bank (total deposits in
millions o f dollars)
Size o f bank (total deposits in
millions o f dollars)
All banks
All banks
G roup
Less than 100
Oct. 31
July 31
Oct. 31
July 31
100 and over
Oct. 31
July 31
Less than 100
Oct. 31
Percentage distribution
by most common
rate paid on new
deposits:
T o ta l..............................
3.50 or less...............
3.51-4.00...................
4.01-4.50...................
4.51-5.00...................
13,857
13,810
13,090
13,053
100
2 .0
6 .0
8.3
83.7
100
1.8
6.6
8.9
82.7
100
2.1
5.9
7.8
84.2
100
1.8
6.5
8.5
83.2
13,421
12,723
12,663
100
0)
.1
9 .4
90.5
100
0)
.2
10.3
89.5
100
0)
.1
9 .5
90.4
100
O)
.2
10.4
89.4
13,820
13,655
13,060
12,905
100
0)
.4
2 .2
9 7.4
100
0)
.2
2 .7
97.1
100
(!)
.4
2 .2
97.4
100
O)
.2
2.8
9 7.0
12,099
11,888
11,364
11,169
100
.1
O)
2 .0
97.9
100
0)
.2
2.1
97.7
100
.1
O)
1.9
98.0
100
0)
.3
2 .0
97.7
11,024
10,493
10,290
9,777
100
.5
1.1
23.9
74.5
100
.6
1.2
28.4
69.8
100
.5
1.1
24.6
73.8
100
.7
1.1
29.0
69.2
Time deposits in denomina
tions of less than
$100,000:
M aturities less than 1
year:
Issuing b an k s................... 13,487
Percentage distribution
by most common
rate paid on new
deposits:
T o ta l..............................
4.00 or less...............
4.01-4.50...................
4.51-5.00...................
5.01-5.50...................
M aturities o f 1 up to 2Vi
years:
Issuing banks...................
Percentage distribution
by m ost common
rate paid on new
deposits:
T o ta l..............................
4.50 or less...............
4.51-5.00...................
5.01-5.50...................
5.51-6.00...................
M aturities o f 2Vi up to 4
years:
Issuing b an k s...................
Percentage distribution
by most common
rate paid on new
deposits:
T o ta l..............................
5.00 or less...............
5.01 5.50...................
5.51-6.00...................
6.01-6.50...................
Maturities o f 4 years and
over (minimum
denomination o f
$1,000):
Issuing banks...................
Percentage distribution
by m ost common
rate paid on new
deposits:
T o ta l..............................
6.00 or less...............
6.01-6.50...................
6.51-7.00...................
7.01-7.25..................
1 Less than . 05 per cent.
767
100
1.0
7.9
15.8
75.3
764
100
0)
.1
7.7
92.2
760
100
0)
.4
1.2
98.4
735
100
.3
.1
2.7
96.9
734
100
.2
1.9
13.8
84.1
Oct. 31
July 31
Oct. 31
July 31
Am ount of deposits (in millions o f dollars),
o r percentage distribution
N um ber o f banks, or percentage distribution
Savings deposits:
Issuing banks...................
July 31
100 and over
131,701
55,031
54,289
77,418
77,412
100
.6
5.9
21.1
72.4
100
.7
6.8
22.1
70.4
100
.8
4 .4
10.0
84.8
100
.8
5.1
11.2
82.9
100
.4
7.1
28.9
63.6
100
.6
8 .0
29.8
61.6
34,621
36,107
16,564
17,676
18,057
18,431
100
0)
O)
8.3
91.7
100
O)
O)
7.8
92.2
100
O)
O)
6.6
93.4
100
O)
O)
8 .4
91.6
9.8
90.2
100
O)
0)
7.2
92.8
38,744
41,006
25,849
27,309
12,895
13,697
100
0)
.2
1.5
98.3
100
O)
.1
1.4
98.5
100
O)
.1
2 .0
97.9
100
O)
0)
1.9
98.1
100
O)
.2
.5
99.3
100
0)
.1
.5
99.4
15,865
15,326
9,765
9,395
6,100
5,931
100
.1
.2
3.1
96.6
100
0)
.2
3.9
95.9
100
O)
100
0)
1.4
98.6
2.0
98.0
100
.1
.6
5.8
93.5
100
0)
.6
6.8
92.6
24,609
21,027
11,603
9,786
13,006
11,241
100
.1
.3
13.8
85.8
100
.2
.2
17.3
82.3
100
.1
.4
17.8
81.7
100
.4
.4
22.5
76.7
100
O)
.3
10.2
89.5
100
I 1)
.1
12.8
87.1
757 132,449
100
1.1
8.6
16.2
74.1
758
100
0)
O)
8.2
91.8
750
100
O)
.3
1.4
98.3
719
100
.1
.1
2.8
97.0
716
100
0)
2.7
23.2
74.1
For N ote, see p. 363.
O)
O)
100
0)
0)
C hanges in Tim e an d S a vin g s D e p o sits
359
TABLE 3
Average of most common interest rates paid on various categories of time and savings deposits,
IPC, at insured commercial banks on October 31, 1974
Time deposits in denominations o f less than $100,000
M aturing in—
Bank location and
size o f bank
(total deposits in
millions o f dollars)
Savings
and smalldenomination
time
deposits
Savings
Total
Less than
1 year
1 up to
2 Vi years
2Vi up to
4 years or more,
in denominations of—
4 years
Less than
$1,000
$1,000 or
m ore
All banks:
All size g ro u p s.....................
Less than 10.....................
10-50..................................
50-100................................
100-500..............................
500 and over.....................
5.44
5.67
5.57
5 .5 0
5.38
5.29
4.82
4.86
4.89
4.89
4.82
4.75
6.16
6.08
6.15
6.18
6.18
6.16
5.46
5.43
5.47
5.47
5.46
5.44
5.98
5.98
5.98
5.97
5.98
5.99
6.48
6.50
6.49
6.49
6.49
6.43
6.04
6.48
6.33
5.18
5.91
6.07
7.21
7.17
7.20
7.21
7.22
7.22
Banks in—
Selected large SMSA’s 1:
All size g ro u p s.................
Less than 10.................
10-50..............................
50-100...........................
100-500.........................
500 and over.................
5.33
5.48
5.43
5.41
5.32
5.28
4.80
4.90
4.91
4.88
4.80
4.76
6.17
6.13
6.18
6.18
6.17
6.17
5.45
5.47
5.46
5.46
5.46
5.44
5.98
5.99
5.97
5.99
5.97
5.99
6.46
6.47
6.49
6.49
6.50
6.44
6.03
6.47
6.30
5.13
6.08
6.07
7.22
7.20
7.20
7.22
7.22
7.22
All other SMSA’s:
All size g ro u p s.................
Less than 10.................
10-50..............................
50-100............................
100-500.........................
500 and over.................
5.45
5.56
5.52
5.48
5.42
5.32
4.81
4.79
4.81
4.89
4.82
4.72
6.16
6.18
6.18
6.14
6.18
6.12
5.46
5.43
5.47
5.47
5.45
5.47
5.99
5.99
5.99
5.98
5.99
5.99
6.48
6.50
6.50
6.49
6.49
6.37
6.01
6.50
6.26
5.99
5.49
6.42
7.21
7.17
7.20
7.19
7.23
7.22
Banks outside SM SA’s:
All size groups.....................
Less than 10.....................
10-50..................................
50-100................................
100-500..............................
500 and over.....................
5.65
5.71
5.65
5.61
5.51
5.71
4.90
4.87
4.91
4.93
4.86
5.00
6.13
6.07
6.14
6.19
6.22
6.26
5.47
5.45
5.47
5.48
5.46
5.50
5.98
5.98
5.98
5.94
5.99
6.00
6.49
6.50
6.49
6.49
6.48
6.50
6.32
6.17
6.40
5.53
6.42
6.50
7.20
7.17
7.20
7.23
7.22
7.25
1 The selected large Standard M etropolitan Statistical Areas, as defined by the Office of M anagement and Budget and arranged by size o f popula
tion in the 1970 Census, are as follows:
New York City
Los Angeles-Long Beach
Chicago
Philadelphia
D etroit
San Francisco-O akland
Washington, D.C.
Boston
Pittsburgh
St. Louis
Baltimore
Cleveland
H ouston
Newark
M inneapolis-St. Paul
Seattle-Everett
Milwaukee
A tlanta
Cincinnati
Paterson-Clifton-Passaic
Dallas
Buffalo
San Diego
Miami
Kansas City
Denver
San Bernardino-Riverside
Indianapolis
San Jose
New Orleans
Tam pa-St. Petersburg
Portland
Phoenix
Columbus
Rochester
San Antonio
Dayton
Louisville
Sacramento
Memphis
Ft. W orth
Birmingham
Albany-Schenectady-Troy
Akron
H artford
N orfolk-Portsm outh
Syracuse
G ary-H am m ond-E . Chicago
O klahoma City
Honolulu
Ft. Lauderdale-Hollywood
Jersey City
Salt Lake City
Omaha
Nashville-Davidson
Y oungstown-W arren
Richmond
Jacksonville
Flint
Tulsa
Orlando
C harlotte
Wichita
West Palm Beach
Des Moines
Ft. Wayne
Baton Rouge
R ockford
Jackson, Miss.
N ote .— The average rates were calculated by weighting the most common rate reported on each type o f deposit at each bank by the amount
o f th at type o f deposit outstanding. Christmas savings and other special funds, for which no rate information was collected, were excluded.
DEPOSITS
HELD BY BUSINESSES
As part of the October surveys of time and
savings deposits, Federal Reserve member
banks are asked to report the percentage of their
IPC time deposits held by businesses within the
various maturity and denomination classifica
tions. The information obtained in the latest
survey confirms what had been found pre
viously— namely, that businesses hold only a
minor share (less than 8 per cent) of small-de
nomination deposits outstanding, but that they
hold the bulk of the large-denomination deposits
(Table 4). The October 1974 survey also indi
cates that the business share of each type of
time deposit declined over the preceding year.
The proportion of small-denomination depos
its held by businesses has fallen with each
360
Federal Reserve Bulletin □ June 1975
TABLE 4
Estimated percentage of time deposits, IPC, held by businesses at member banks on
October 31, 1974
Time deposits in denominations o f—
Less than $100,000
G roup
All time
deposits
(excluding
passbook
savings)
$100,00 or more
M aturing in -
Total
Less
than
1 year
1 up to
2 Vl years
4 years or more, in
denominations of—
Nego
tiable
C D ’s
N onne
gotiable
C D ’s
and open
accounts
2 Vi up to
4 years
Less than
$1,000
$1,000 o r
more
All banks reporting information. . . .
46.0
7 .6
10.1
5.9
6.5
9.1
5.8
75.0
48.5
Size oi bank (total deposits in
millions of dollars):
U nder 10..........................................
10-50.................................................
50-100...............................................
100-500.............................................
500 and o v er....................................
14.7
14.1
20.8
31.7
57.1
7 .4
6 .5
7.1
8.3
8 .0
11.1
8 .7
9 .5
10.7
10.6
6.3
5.8
6.3
7.2
5.1
5.4
4.9
5.2
5.8
8.3
9.8
2 .4
13.5
4 .2
9 .4
6.7
5.5
5.1
6.1
6 .0
68.8
50.2
50.7
60.5
77.6
62.6
49.0
56.1
54.3
45.7
N ote.—D ata are for member banks of the Federal Reserve System
only. N o insured nonmember banks reported this information,
and there was some nonreporting among member banks. Never
theless, the member banks that did report accounted for more than
succeeding survey. Between October 1972 and
October 1974, the percentage dropped from
11.3 to 7.6. This trend has manifested itself in
all maturity categories. Among large-denomi
nation deposits the declines in the relative im
portance of business holdings also have been
marked— the proportion of business ownership
of negotiable CD’s fell from 82.3 per cent to
75.0 per cent over the 1972-74 span, while that
60 per cent of the total deposits o f these types in all member banks.
Passbook savings and Christmas savings and other special funds are
excluded.
for other large-denomination time deposits fell
from 56 per cent to 48.5 per cent. However,
despite these trends, between October 1973 and
October 1974 the proportion of all IPC time
deposits (other than savings) held by businesses
actually rose from 43.4 per cent to 46.0 per
cent, as large-denomination deposits, most of
which are held by businesses, grew more rapidly
than consumer-type time deposits.
□
361
C h anges in Tim e an d S a vin g s D e p o sits
A P P E N D IX
T A B L E S
A PP E N D IX TABLE 1
Savings deposits
Most common interest rates paid by insured commercial banks on new deposits on October 31, 1974
M ost common rate paid (per cent)
M ost com m on rate paid (per cent)
Total
Total
G roup
3.50
or
less
4 .00
4.50
3.50
or
less
5.00
NUM BER O F BANKS
4.00
4.50
5.00
M ILLIO N S O F DOLLARS
All banks...................................................................
13,857
286
828
1,147
Size of bank (total deposits in millions of
dollars):
Less than 10........................................................
10-50.....................................................................
50-100...................................................................
100-500.................................................................
500 and over........................................................
5,430
6,572
1,088
596
171
186
85
8
6
1
488
228
51
46
15
247
661
118
84
37
11,596 132,449
4,509
5,598
911
460
118
5,981
32,433
16,617
28,280
49,138
800
7,851
27,897
95,901
107
265
93
(2)
(2)
419
1,329
661
(2)
(2)
346
3,317
1,842
4,742
17,650
5,109
27,522
14,021
20,840
28,409
A PPEN D IX TABLE 2
Time deposits, IPC, in denominations of less than $100,000—maturing in less than 1 year
Most common interest rates paid by insured commercial banks on new deposits on October 31, 1974
Most common rate paid
(per cent)
Group
Total
Most common rate paid
(per cent)
Total
5.00
or
Less
5.00
or
Less
5.50
N U M BER OF BANKS
5.50
M ILLIONS OF DOLLARS
All banks.......................................
13,487
1,282
12,205
34,621
2,874
31,747
Size of bank (total deposits in
millions of dollars):
Less than 10.............................
10-50..........................................
50-100.......................................
100-500.....................................
500 and o v e r............................
5,238
6,404
1,081
592
172
534
607
82
41
18
4,704
5.797
999
551
154
2,158
9,578
4,828
7,245
10,812
197
625
277
588
1,187
1,961
8,953
4,551
6,657
9,625
A PPE N D IX TABLE 3
Time deposits, IPC, in denominations of less than $100,000—maturing in 1 up to 2\ years
Most common interest rates paid by insured commercial banks on new deposits on October 31, 1974
M ost common rate paid (per cent)
G roup
Total
M ost common rate paid (per cent)
T otal
5.00
or
less
5.50
5.00
or
less
6.00
N U M BER O F BANKS
5.50
6.00
M ILLIO N S O F DOLLARS
All banks.....................................................................
13,820
62
298
13,460
38,744
65
589
38,090
Size of bank (total deposits in millions of dollars):
Less than 10...........................................................
10-50.......................................................................
50-100.....................................................................
100-500...................................................................
500 and over..........................................................
5,513
6,465
1,082
592
168
17
40
2
1
2
106
164
19
6
3
5,390
6,261
1,061
585
163
6,493
15,014
4,342
5,409
7,486
10
24
6
(2)
(2)
162
318
47
(2)
(2)
6,321
14,672
4,289
5,348
7,460
For notes to Appendix Tables l- 7 ; see p. 363.
362
Federal Reserve Bulletin □ June 1975
A PPE N D IX TABLE 4
Time deposits, IPC, in denominations of less than $100,000—maturing in 2\ years or more
excluding deposits with minimum maturity of 4 years in denominations of $1,000 to $100,000
Most common interest rates paid by insured commercial banks on new deposits on October 31, 1974
M ost common rate paid
(per cent)
Total
G roup
M ost com m on rate paid
(per cent)
Total
6.00
or
less
6.00
or
less
6.50
N U M B ER O F BANKS
6.50
M ILLIONS O F DOLLARS
All banks.......................................
12,099
252
11,847
I S ,865
541
15,324
Size of bank (total deposits in
millions of dollars):
Less than 10.............................
10-50..........................................
50-100.......................................
100-500.....................................
500 and over.............................
4,417
5,921
1.026
573
162
39
149
41
11
12
4,378
5,772
985
562
150
1,675
6,147
1,943
2,307
3,793
11
105
26
26
373
1,664
6,042
1,917
2,281
3,420
A PPE N D IX TABLE 5
Time deposits, IPC, in denominations of $1,000 to $100,000—maturing in 4 years or more
Most common interest rates paid by insured commercial banks on new deposits on October 31, 1974
M ost common rate paid (per cent)
M ost com m on rate paid (per cent)
Total
Total
G roup
6.50
or
less
7.00
6.50
or
less
7.25
NUM BER O F BANKS
All banks.....................................................................
7.00
7.25
M ILLIO N S O F DOLLARS
11,024
177
2,630
8,217
24,609
102
3,388
21,119
3,744
5,526
1,020
569
165
21
107
33
11
5
1,101
1,263
165
80
21
2,622
4,156
822
478
139
1,226
6,811
3,566
5,305
7,701
3
37
22
6
34
371
1,266
426
500
825
852
5,508
3,118
4,799
6,842
Size of bank (total deposits in millions of dollars):
Less than 10...........................................................
10-50.......................................................................
50-100.....................................................................
100-500...................................................................
500 and over...........................................................
A PPEN D IX TABLE 6
Negotiable CD’s, IPC, in denominations of $100,000 or more
Most common interest rates paid by insured commercial banks on new deposits on October 31, 1974
Most common rate paid (per cent)
Most common rate paid (per cent)
Group
Total
Total
M ore
7.00
or
7.50 8.00 8.50 9 .00 9.50 10.00 than
10.00
less
7.00
or
7.50 8.00 8.50
less
4,217
417
364
278
416
815
745
595
587 70,353 1,870
Size of bank (total de
posits in millions of
dollars):
Less than 10.....................
972
10-50.................................. 2,288
50-100................................
491
308
100-500.............................
500 and over.....................
158
170
220
18
5
4
129
218
11
3
3
39
200
32
6
1
147
193
46
19
11
123
409
128
111
44
155
354
114
77
45
76
377
72
53
17
133
317
70
34
33
9.50
More
10.00 than
10.00
M ILLIONS O F DOLLARS
N UM BER OF BANKS
For notes to Appendix Tables 1-7, see p. 363.
9.00
359
36
131
2,932
2,562
47
7,034
55
57,466 1,601
309
369 3,042 23,769 23,940 7,039 10,015
94
67
30
39
54
26
13
494
679 573
540
187 142 186
410
685 400
14 144
69
793
769
305 2,341 2,225 1,292
( 2)
( 2)
( 2) 2,443 20,041 20,284 4,744 8,248
( 2)
C h anges in Tim e an d S a vin g s D e p o sits
363
APPENDIX TABLE 7
Nonnegotiable CD’s and open account deposits, IPC, in denominations of $100,000 or more
M ost common interest rates paid by insured commercial banks on new deposits on October 31, 1974
M ost com m on rate paid (per cent)
G roup
M ost com m on rate paid (per cent)
Total
Total
7.00
or 7.50
less
M ore
8.00 8.50 9.00 9.50 10.00 than
10.00
7.00
or 7.50 8.00 8.50
less
NU M BER O F BANKS
9.00
M ore
9.50 10.00 than
10.00
M ILLIO N S O F DOLLARS
AH banks............................... 4,553
714
482
358
359
794
674
601
571 28,163 1,650
372
467 1,047 10,073 5,036 6,441 3,077
Size of bank (total de
posits in millions of
dollars):
658
Less than 10.....................
10-50.................................. 2,706
632
50-100................................
428
100-500..............................
129
500 and over.....................
151
403
63
71
26
102
307
50
13
10
31
275
24
22
6
76
202
45
28
8
109
388
147
119
31
57
425
107
64
21
64
386
83
56
12
68
320
113
55
15
199
46
199
2.745
2,286
84
6,110
155
16,823 1,166
20
159
44
19
130
11
207
59
94
96
14
22
18
46
22
173
554 537 453 463
127
604 439 429 500
301 2,034 1,132 1,174 1,201
432 6,835 2,906 4,363 895
N O T E TO T A B L E 2:
N ote.— The most common interest rate for each instrument refers
to the basic stated rate per annum (before compounding) in effect on
the survey date that was generating the largest dollar volume o f de
posit inflows. If the posted rates were unchanged during the 30-day
period just preceding the survey date, the rate reported as the most
common rate was the rate in effect on the largest dollar volume o f
deposit inflows during the 30-day period. If the rate changed during
that period, the rate reported was the rate prevailing on the largest
dollar volume o f inflows from the time o f the last rate change to the
survey date.
While rate ranges of 1/a or l/ i o f a percentage point are shown in
this and other tables, the most common rate reported by most banks
was the top rate in the range; for example, 4.00, 4.50, etc. Some
deposit categories exclude a small am ount o f deposits outstanding in
a relatively few banks that no longer issue these types o f deposits and
are not included in the number o f issuing banks.
Figures may not add to totals because of rounding.
N O T E S TO A P P E N D IX TA B L E S 1-7:
1 Less than $500,000.
2 Omitted to avoid individual bank disclosure.
N ote.— D ata were compiled from information reported by all
member banks and by a probability sample o f all insured nonmember
commercial banks. The latter were expanded to provide universe
estimates.
Figures exclude banks that reported no interest rate paid and
that held no deposits on the survey dates, and they also exclude
a few banks that had discontinued issuing these instruments but
still had some deposits outstanding on the survey date. D ollar amounts
may not add to totals because o f rounding.
In the headings o f these tables under “ M ost common rate paid
(per cent)” the rates shown are those being paid by nearly all reporting
banks. However, for the relatively few banks that reported a rate in
between those shown, the bank was included in the next higher rate.
364
Treasury and Federal Reserve
Foreign Exchange Operations: Interim Report
This interim report, covering the period Febru
ary through April 1975, is the fifth of a series
providing information on Treasury and System
foreign exchange operations to supplement the
regular series of semiannual reports that are
usually issued each March and September. It
was prepared by Alan R. Holmes, Manager,
System Open Market Account, and Executive
Vice President of the Federal Reserve Bank of
New York, and Scott E. Pardee, Deputy Man
ager for Foreign Operations of the System Open
Market Account and a Vice President of the
Federal Reserve Bank of New York.
As previously reported, in late 1974-early 1975
the exchange markets had been subject to an
almost unremitting diet of bearish news for the
dollar, and market forces drove dollar rates
persistently lower. The economic downturn and
the slide of interest rates in the United States
had reinforced expectations of a further widen
ing of interest differentials already adverse to
the dollar. Gloomy forecasts emerging in the
debates over economic and energy policies in
Washington had further depressed the market.
With individual oil-producing countries report
edly growing restive over the dollar’s deprecia
tion, market fears of an accelerated diversifica
tion of oil proceeds to other currencies had
intensified. In addition, reports that the market
might be left short of some continental European
currencies as a result of the failure of several
financial institutions last year had triggered fur
ther bidding for foreign currencies. In this at
mosphere, the market had ignored favorable
news for the dollar, such as the underlying
improvement in the U.S. trade balance and the
slackening in our rate of inflation.
As the dollar rates fell, the Federal Reserve
had intervened in modest amounts on a day-today basis to cushion the decline, while other
major central banks also intervened to buy dol
lars in their markets. But with markets becom
ing increasingly nervous and unsettled, a more
forceful intervention approach was clearly
needed to avoid disorderly conditions, and dur
ing the last week of January the Federal Reserve
and the German Federal Bank stiffened their
resistance to the further decline in dollar rates.
By January 31 the Federal Reserve’s swap debt
incurred in market operations since October
1974 had accumulated to $412.5 million equiv
alent, of which $382.7 million was in German
marks, $26.6 million in Swiss francs, and $3.2
million in Dutch guilders.
Over the weekend of February 1-2 senior
officials of the Federal Reserve, the German
Federal Bank, and the Swiss National Bank met
in London to conclude details of a coordinated,
more forceful intervention approach. On Mon
day, February 3, the German Federal Bank and
the Swiss National Bank countered renewed
selling pressure on the dollar through sizable
dollar purchases while several other central
banks joined in as buyers of dollars. The Federal
Reserve followed up in New York with large
offerings of marks, Swiss francs, Dutch
guilders, and Belgian francs. Drawing on the
respective swap lines, the Federal Reserve sold
in 2 days a total of $139.4 million equivalent
of currencies: $74.4 million of marks, $28 mil
lion of Swiss francs, $26.9 million of Dutch
guilders, and $10 million of Belgian francs.
This concerted operation, and its confirmation
by Chairman Burns and by officials of the Ger
man Federal Bank and the Swiss National Bank,
prompted a recovery for the dollar of some 4
per cent against the mark and the Swiss franc.
Subsequent events, however, served to rein
force the bearish sentiment toward the dollar.
During the first weeks of February the cut in
Federal Reserve discount rates, subsequent re
ductions in prime rates, and the release of
sharply higher unemployment figures seemed to
Foreign E xchange O peration s: Interim R e p o r t
reconfirm market expectations that the decline
in U . S . interest rates would continue to outpace
those of other countries. In fact, the easing of
most money market rates in the United States
was more gradual in February than before and
in line with the downturn of rates already
emerging in most European centers. Never
theless, in the absence of strong domestic credit
demand, U.S. banks continued to substantially
increase their loans and reduce their liabilities
to foreigners. Moreover, market concern over
the possibility of large-scale diversification into
continental European currencies was heightened
by repeated statements from OPEC (Organi
zation of Petroleum Exporting Countries)
officials that they were seeking ways to protect
the value of their oil receipts from a further
decline in dollar rates.
Against this background the dollar came
under renewed and occasionally heavy selling
pressure that persisted through most of February
and drove dollar rates back to the late January
lows and beyond. The Federal Reserve, the
German Federal Bank, and the Swiss National
Bank remained prepared to intervene forcefully,
as necessary, to avoid the outbreak of disorderly
conditions but without holding exchange rates
at any particular level. The Federal Reserve
intervened on 10 of the 14 business days be
tween February 5 and February 26, selling a
total of $278.2 million of German marks and
$74.4 million of Swiss francs, all drawn on the
swap lines with the respective central banks.
Market pessimism was nevertheless so en
trenched that, when on February 27 the United
States released clearly improved trade figures
for January, the dollar failed to rise and the New
York market was soon flooded with speculative
selling out of Europe. The Federal Reserve
quickly countered with offerings of foreign cur
rencies, selling $56.7 million equivalent of
marks, $20.9 million equivalent of Swiss
francs, $20 million equivalent of guilders, and
$6.6 million of Belgian francs, all financed by
drawings on the respective swap lines. This
operation was followed up with sustaining in
tervention the next day, amounting to $23.7
million of German marks drawn on the Federal
Bank, and helped set the stage for an improved
market atmosphere beginning early in March.
365
By then, interest rate differentials were shift
ing in favor of the dollar, as the decline in U.S.
interest rates slackened further while interest
rates elsewhere continued to fall. In addition,
reports of disagreements within OPEC eased
some of the immediate concerns in the market
that the group would collectively cut production
or boost prices further. Moreover, a number of
statements by U.S. officials emphasizing the
fundamental strengths in this country’s trade and
payments position and rejecting a “ benign ne
glect” policy toward the dollar helped to harden
the market’s view that dollar exchange rates
were about to bottom out. The market’s pessi
mism began to lift and dollar rates staged a
tentative recovery. Meanwhile, the Federal Re
serve had acquired $102.3 million of German
marks from the Bank of Italy in connection with
an Italian drawing on the International Mone
tary Fund and repaid $25 million of swap debt
with the German Federal Bank. Using the re
mainder of these marks, the Federal Reserve
continued to intervene to resist a backsliding in
rates that threatened to undermine a more solid
recovery, selling in the first 4 days of March
$63.3 million of marks from balances and $9.5
million of Swiss francs financed by further swap
drawings.
Thereafter, Federal Reserve intervention
tapered off sharply and was limited to resisting
sudden sharp drops in dollar rates that might
rekindle more generalized selling pressure. The
System operated on only 5 of the 12 business
days between March 7 and March 24 to sell
$55.8 million of marks, of which $47.1 million
was financed by new swap drawings and the
rest by balances. The Federal Reserve discount
rate cut announced on March 7 had little ex
change market impact, as it followed official
lending rate cuts in several European centers.
As time passed, the market became more resist
ant to unexpectedly adverse developments. The
news on March 25 of King Faisal’s assassi
nation, for example, only temporarily unsettled
the markets; although the Federal Reserve of
fered several currencies that day to avoid an
abrupt decline in dollar rates, it sold only $2.1
million of Dutch guilders before the dollar
steadied.
By this time the Federal Reserve had in
366
Federal Reserve Bulletin □ June 1975
creased its swap drawings by a net of $653.6
million to finance intervention in February and
March, bringing total market-related indebt
edness to a peak of $1,066.2 million. Of this,
$837.8 million was in marks, $159.4 million
in Swiss francs, $52.2 million in Dutch
guilders, and $16.7 million in Belgian francs.
Nevertheless, with market conditions becoming
generally more settled, the Federal Reserve had
begun to make modest daily purchases of cur
rencies needed to repay that debt.
The dollar’s tentative recovery gradually gave
way to a more generalized advance that contin
ued through most of April, as market sentiment
improved further and outstanding short positions
were covered. Underpinning the dollar’s rise
was mounting evidence of a basic improvement
in U.S. trade and price performance, high
lighted by news of successive record monthly
trade surpluses in February and March. More
over, U.S. interest rates leveled off, in antici
pation of the U.S. Treasury’s large borrowing
needs in 1975, and the outflow of bank funds
slowed.
As the dollar strengthened, the Federal Re
serve was able to make progress in repaying
swap debt. In late March and April the System
acquired sufficient marks both in the market here
and abroad and directly from correspondents to
repay $244.6 million of swap drawings. More
over, the Federal Reserve purchased from the
Swiss National Bank the francs needed to repay
$159.4 million of swap drawings incurred since
December 1974. The System also purchased in
the market the Belgian francs needed to liqui
date the $16.7 million of swap drawings with
the National Bank of Belgium incurred in Feb
ruary. With the Dutch guilder at or near the
upper limit of the European “ snake” arrange
ment, however, the Federal Reserve refrained
from purchasing guilders in the market.
Despite the dollar’s greater buoyancy the
markets remained sensitive to potential diversi
fication of OPEC funds into continental Euro
pean currencies not only out of dollars but also
out of sterling, which came under heavy selling
pressure on several occasions during the month.
When these concerns surfaced, the dollar occa
sionally came on offer, but the Federal Reserve
intervened only four times— on April 8 and on
Federal Reserve System drawings and
repayments under reciprocal currency
arrangements
In millions of dollars equivalent
Transactions with—
System
swap
com m it
ments
Jan. 31,
1975
Drawings,
or re
paym ents
(-)
Feb. 1
through
Apr. 30,
1975
System
swap
com m it
ments
Apr. 30,
1975
16.71
- 16.7J
491.71
382.7
[ - 2 6 9 .6 ]
49. Oj
3.2
261.8
Swiss National Bank ...........
132.81
397.8
1—159.4 J
371.2
Bank for International Settle
m ents (Swiss francs) .......
600.0
600.0
T o ta l .........................................
1,645.4
1,889.9
NationalTJank of Belgium
German Federal Bank .........
Netherlands Bank ..................
261.8
604.7
52.2
N o t e .— D i s c r e p a n c i e s in t o t a l s a r e d u e t o r o u n d i n g .
3 days between April 23 and April 29— to
cushion sharp declines in dollar rates. These
sales, in marks only, amounted to $42.6 million
equivalent, of which $31 million was from
balances and the remainder drawn on the swap
line with the German Federal Bank. In each
instance, however, the dollar soon resumed its
recovery. By the end of April the dollar had
advanced by 4 to 6 per cent from its lows against
the German mark and the Swiss franc and by
similar amounts against most other major Euro
pean currencies. On balance, the Federal Re
serve reduced its outstanding swap debt incurred
since October 1974 by $409.2 million to $657
million on April 30.
In summary, in exchange market intervention
during the 3-month period, the Federal Reserve
sold a total of $793.2 million equivalent of
foreign currencies. Of these, $594.7 million
equivalent was in German marks, $491.7 mil
lion financed by drawings under the swap ar
rangement with the German Federal Bank and
the rest from balances. The System acquired in
the market and from central bank corre
spondents sufficient mark balances to repay
$269.6 million of swap drawings, leaving
$604.7 million equivalent of mark debt out
standing on April 30. Intervention in Swiss
Foreign Exchange Operations: Interim Report
francs amounted to $132.8 million equivalent,
all of which was drawn on the swap line with
the National Bank and fully repaid, along with
$26.6 million carried over from December-January, by means of direct purchases of francs
from the National Bank. In guilders, the System
sold a further $49 million equivalent during the
period, raising its swap drawings to $52.2 mil
lion equivalent. Finally, in Belgian francs, the
$16.7 million equivalent of swap drawings on
the National Bank of Belgium to finance ex
change market intervention during the period
was fully repaid through acquisitions in the
market. On April 30, in addition to the $657
million equivalent of swap debt remaining from
367
exchange market operations since October
1974, the Federal Reserve had $971.2 million
equivalent of Swiss franc and $261.8 million
equivalent of Belgian franc swap commitments
outstanding since August 1971.
As described in the December 1974 and
March 1975 reports, on September 26 of last
year the Federal Reserve Bank of New York
acquired the $725 million equivalent of for
ward-exchange commitments of the Franklin
National Bank. During the 3-month period
under review, the aggregate of outstanding for
ward contracts was further reduced by some
what over $300 million to only $10.5 million
on April 30.
□
368
Record of Policy Actions
of the Federal Open Market Committee
M EETING HELD ON APRIL 1 4 -1 5 , 19751
D om estic Policy Directive
The information reviewed at this meeting suggested that real output
of goods and services had continued to fall sharply in the first
quarter of 1975, that the rise in prices had moderated, and that
nominal GNP had declined. Staff projections suggested that real
economic activity would recede only a little further in the second
quarter and would turn up later in the year, and that the rise in
prices would continue to moderate.
In March economic activity continued to decline but at a less
rapid pace than in the immediately preceding months. Decreases
in both industrial production and nonfarm employment, although
still substantial, were not so large as in the 4 months from
November through February. The rate of unemployment increased
from 8.2 to 8.7 per cent, as the civilian labor force expanded after
having declined sharply in February. Total retail sales were esti
mated to have changed little in March; although sales of automo
biles declined following termination of price rebates, the reduction
was offset by a further increase in sales of other consumer items.
In the first quarter as a whole, total sales were appreciably higher
than in the fourth quarter of 1974, and it appeared that inventory
liquidation at all levels of business had been substantial.
The advance in the index of average hourly earnings for private
nonfarm production workers accelerated in March, but over the
first quarter it was less rapid than during the spring and summer
of 1974. The wholesale price index declined in March for the fourth
consecutive month, as prices of farm and food products fell sharply
1This meeting was held over a 2-day period, beginning on the afternoon of
April 14.
Record of Policy Actions of FOMC
further and prices of industrial commodities increased only slightly.
In February, as in December and January, the rise in the consumer
price index had not been so large as in most months in 1974.
In late March the President signed the Tax Reduction Act of
1975, which provided for rebates of 1974 personal income taxes
and for reductions in both personal and corporate income taxes
in 1975. New withholding schedules for personal income tax
payments would take effect May 1. The Act also provided for
one-time cash payments to recipients of social security benefits
and a further lengthening of the benefit period for payment of
unemployment compensation.
Staff projections suggested that in the second quarter the decline
in real GNP would be considerably smaller than had been expected
4 weeks earlier and that nominal GNP would turn up. In large
part, the improvement in the outlook for the second quarter reflected
the expectation that inventory liquidation, while remaining rapid,
would moderate from the exceptional pace now estimated for the
first quarter. It was anticipated that business fixed investment would
decline further, but that personal consumption expenditures would
expand slightly in real terms and that residential construction would
increase.
Exchange rates for the dollar against leading foreign currencies
had risen since early March, as short-term interest rates abroad
continued to decline relative to rates in the United States, and as
market attitudes toward the dollar improved in response to indica
tions of moderation in the rise in U.S. prices and of improvement
in the U.S. foreign trade balance. For the first 2 months of the
year the balance was in surplus; compared with fourth-quarter rates,
exports of agricultural commodities were up and imports of com
modities other than fuels were down. Moreover, net outflows of
capital reported by banks— which had continued large in Febru
ary— apparently diminished in March. On April 9 the Board of
Governors announced a reduction, from 8 to 4 per cent, in reserve
requirements on foreign borrowings by member banks.
Total loans and investments at U.S. commercial banks expanded
relatively little from the end of February to the end of March,
and virtually all of the expansion reflected increases in bank
holdings of Treasury securities and in loans to securities dealers.
Outstanding loans to businesses declined further; business demands
369
370
F e d e r a l R e s e r v e B u lle tin □ J u n e 1 9 7 5
for short-term credit remained weak both at banks and in the
commercial paper market.
The narrowly defined money stock (Mx)2 expanded substantially
in March, in part because demand deposits were increased by
accelerated distribution of Federal tax refunds. Net inflows of
consumer-type time and savings deposits to banks remained strong
and those to nonbank thrift institutions were extremely large, in
part because of the tax refunds but mainly because of relatively
attractive interest rates available on such deposits. Consequently,
growth in broader measures of the money stock (M23 and M34)
was rapid. Over the first quarter M1? M2, and M3 were estimated
to have expanded at annual rates of 3.9, 8.5, and 10.2 per cent,
respectively. In March, as in February, banks reduced the out
standing volume of their large-denomination CD’s in response to
the growth in other deposits and the weakness in loan demand.
The bank credit proxy over the first quarter grew at an annual
rate of 3.2 per cent.5
System open market operations after the March 18 meeting had
been guided initially by the Committee’s decision to seek bank
reserve and money market conditions consistent with more rapid
growth in monetary aggregates over the months ahead than had
occurred in recent months, while taking account of developments
in domestic and international financial markets. In the first statement
week after the meeting, the System purchased a substantial volume
of Treasury coupon and Federal agency issues in the course of
reserve-supplying operations undertaken to offset the effects of a
sharp rise in Treasury balances at Reserve Banks.
On March 27 available data suggested that in the March-April
period the annual rates of growth in both M x and M2 would be
above the upper limits of the ranges of tolerance that had been
specified by the Committee. During the previous statement week
the Federal funds rate had averaged about 5 lh per cent. In light
2Private demand deposits plus currency in circulation.
3Mi plus commercial bank time and savings deposits other than large-denomi
nation CD’s.
4M2 plus time and savings deposits at mutual savings banks and at savings
and loan associations.
5Daily-average member bank deposits, adjusted to include funds from
nondeposit sources.
Record of Policy Actions of FOMC
of the behavior of the aggregates, the System Account Manager
would, under normal circumstances, have permitted the weekly
average Federal funds rate to rise to the upper limit of its range
of tolerance—namely, to 5 3A per cent. However, a majority of
Committee members concurred in the Chairman’s recommendation
of March 27 that, in view of the weakness in the economy and
of the sensitive conditions in financial markets, particularly the bond
markets, the Manager be instructed to treat 5V4 per cent as the
approximate upper limit for the weekly average funds rate for the
time being. The funds rate fluctuated around that level until the
statement week ending April 9, when a sharp decline in the
Treasury balance supplied a large volume of reserves and the funds
rate slipped to about 5 1/i per cent.
Short-term market interest rates rose somewhat over the inter
meeting period, apparently because of growing expectations that
the decline in interest rates was at or near an end for the time
being; accelerated growth in the monetary aggregates and stability
in the Federal funds rate strengthened the view that the System
would not ease money market conditions further, and enactment
of the tax reductions made it clear that near-term Treasury financing
needs would be enlarged and also strengthened expectations of
economic recovery later in the year. At the time of this meeting
the market rate on 3-month Treasury bills was 5.53 per cent,
compared with 5.39 per cent on the day before the last meeting.
Bond yields, which had turned up before the March meeting,
increased further during the inter-meeting period. The bond markets
were affected not only by the large volume of current and expected
securities offerings but also by concern over the financial positions
of some State and local governmental entities. Public offerings of
corporate bonds were heavy in March, and a continued large
volume was in prospect for April despite many cancellations and
postponements of planned issues. Yields on home mortgages de
clined only slightly further in the primary market and turned up
in the secondary market.
The Treasury was expected to announce the terms of its mid-May
financing on May 1. Of the maturing issues, $3.8 billion were
held by the public.
At this meeting the Committee reviewed its procedures for
specifying desired longer-run growth rates in monetary and credit
371
372
F e d e r a l R e s e r v e B u lle tin □ J u n e 1 9 7 5
aggregates and concluded that at present it should formulate such
growth rates for four aggregates—M1? M2, M3, and the bank credit
proxy— in terms of ranges for annual periods. It was the consensus
of the Committee that growth in these aggregates over the period
from March 1975 to March 1976 at rates within the following
ranges presently appeared to be consistent with its broad economic
objectives: M u 5 to lV i per cent; M2, SVi to IOV2 per cent; M3,
10 to 12 per cent; and the bank credit proxy, 6 V2 to 9Vi per cent.6
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 modification at subsequent meetings.
In considering current policy, the Committee took note of a staff
analysis suggesting that the monetary aggregates would grow at
relatively rapid rates in the April-May period if prevailing money
market conditions persisted. Relatively rapid growth was expected
in large part because of the temporary effects of large tax rebates
scheduled to begin in May, at a time when the demand for money
was also being influenced by the continuing impact of earlier
declines in short-term interest rates and by the rise in nominal GNP
anticipated for the second quarter. Any further upward pressures
on market interest rates most likely would be confined to the market
for Treasury securities. It was expected that business, mortgage,
and consumer demands for bank credit would remain relatively
weak.
Against the background of this analysis and of its longer-run
objectives for monetary and credit aggregates, the Committee
decided to seek growth in M x and M2 over the April-May period
at annual rates with ranges of tolerance of 6 V2 to 9 per cent and
9 V2 to 11 3A per cent, respectively. The members concluded that
such growth rates would be likely to involve growth in reserves
available to support private nonbank deposits (RPD’s) within a
6Mr. Eastburn preferred to focus on the aggregates that he believed were most
closely linked with economic activity— M 1? M2, and perhaps the bank credit
proxy— and he favored employing ranges not more than one percentage point
in width. In Mr. MacLaury’s view, the outlook for the economy over the coming
year— specifically the expected patterns of performance of employment and
prices— called for somewhat faster growth of the aggregates over the year, indexed
by a 7 per cent growth rate for M 1.
Record of Policy Actions of FOMC
range of IV2 to 4% per cent. They agreed that in the period until
the next meeting the weekly average Federal funds rate might be
expected to vary in an orderly fashion in a range of 4 % to 5 %
per cent, if necessary in the course of seeking monetary growth
rates within the ranges specified. The members also agreed that
in the conduct of operations, account should be taken of the
forthcoming Treasury financing and of developments in domestic
and international financial markets.
The following domestic policy directive was issued to the Federal
Reserve Bank of New York:
T h e in fo rm a tio n r e v ie w e d a t th is m e e tin g s u g g e s ts th a t re a l o u tp u t
o f g o o d s a n d s e r v i c e s f e l l s h a r p l y in t h e f irs t q u a r t e r . H o w e v e r ,
r e ta il sa le s s tre n g th e n e d d u rin g th e q u a r te r, a n d th e ra te o f d e c lin e
i n o v e r - a l l a c t i v i t y h a s s l o w e d in r e c e n t w e e k s . I n M a r c h i n d u s t r i a l
p r o d u c tio n a n d e m p lo y m e n t d e c lin e d le s s th a n th e y h a d o n a v e ra g e
i n th e p r e c e d i n g 4 m o n t h s , b u t t h e u n e m p l o y m e n t r a t e i n c r e a s e d
f ro m 8 .2 to 8 .7 p e r c e n t, as th e c iv ilia n la b o r f o rc e g re w . A v e ra g e
w h o l e s a l e p r i c e s o f i n d u s t r i a l c o m m o d i t i e s r o s e l i t t le in M a r c h a n d
p ric e s o f fa rm
a n d fo o d p ro d u c ts d e c lin e d s h a rp ly . T h e a d v a n c e
in a v e r a g e w a g e r a t e s d u r i n g t h e f irs t q u a r t e r w a s l a r g e , b u t it w a s
s t il l b e l o w t h e i n c r e a s e s o f l a s t s p r i n g a n d s u m m e r .
T h e p r o s p e c t o f a n u p t u r n in e c o n o m i c a c t i v i t y h a s b e e n s t r e n g t h
e n e d b y e n a c t m e n t o f th e T a x R e d u c t i o n A c t o f 1 9 7 5 , w h i c h w i l l
b e a d d i n g s o o n to g r o w t h i n d i s p o s a b l e p e r s o n a l i n c o m e .
T h e fo re ig n e x c h a n g e v a lu e o f th e d o lla r h a s ris e n s in c e e a rly
M a rc h , as s h o rt-te rm in te re s t ra te s a b ro a d h a v e d e c lin e d f u rth e r a n d
m a r k e t a t t i t u d e s t o w a r d t h e d o l l a r h a v e c o n t i n u e d to i m p r o v e . I n
J a n u a r y - F e b r u a r y th e U .S . f o re ig n tra d e b a la n c e w a s in s u r p lu s ,
a s a g ric u ltu ra l e x p o rts re a c h e d a n e w h ig h a n d th e v o lu m e o f im p o rts
o th e r th a n fu e ls d e c lin e d .
N e t o u t f lo w s o f f u n d s t h r o u g h
banks
c o n t i n u e d l a r g e in F e b r u a r y b u t a p p e a r to h a v e d i m i n i s h e d in M a r c h .
In e a rly A p ril re s e r v e r e q u ire m e n ts o n fo re ig n b o r ro w in g s b y m e m
b e r b a n k s w e r e r e d u c e d f r o m 8 to 4 p e r c e n t .
T h e n a r ro w ly d e fin e d m o n e y s to c k r o s e m o d e r a te ly o n b a la n c e
o v e r t h e f irs t q u a r t e r , w h i l e b r o a d e r m e a s u r e s o f t h e m o n e y s t o c k
expanded
m o re
ra p id ly .
G ro w th
w as
su b s ta n tia l
in
M a rc h ,
ap
p a r e n t l y in p a r t b e c a u s e o f t h e e f f e c t s o f a c c e l e r a t e d t a x r e f u n d s
o n d e p o s its a t b a n k s a n d n o n b a n k th rift in s titu tio n s . B u s in e s s d e
m a n d s f o r s h o r t - t e r m c r e d i t r e m a i n e d w e a k , b o t h a t b a n k s a n d in
th e
c o m m e rc ia l
p a p e r m a rk e t,
w h ile d e m a n d s
in
th e
lo n g -te rm
m a r k e t c o n t i n u e d e x c e p t i o n a l l y s t r o n g . S in c e m i d - M a r c h s h o r t - t e r m
373
374
F e d e r a l R e s e r v e B u lle tin □ J u n e 1 9 7 5
m ark et
in te re s t ra te s
have
in c re a se d
som ew hat and
lo n g e r-te rm
y ie ld s h a v e ris e n c o n s id e ra b ly fu rth e r.
I n l i g h t o f t h e f o r e g o i n g d e v e l o p m e n t s , it is t h e p o l i c y o f t h e
F e d e r a l O p e n M a r k e t C o m m itte e to f o s te r fin a n c ia l c o n d itio n s c o n
d u c i v e t o s t i m u l a t i n g e c o n o m i c r e c o v e r y , w h i l e r e s i s t i n g i n f la ti o n a r y
p r e s s u r e s a n d w o r k i n g t o w a r d e q u i l i b r i u m in t h e c o u n t r y ’s b a l a n c e
o f p a y m e n ts .
T o im p le m e n t th is p o lic y , w h ile ta k in g a c c o u n t o f th e f o rth c o m in g
T r e a s u r y f i n a n c in g a n d o f d e v e l o p m e n t s in d o m e s ti c a n d i n t e r n a
tio n a l
reserv e
f in a n c ia l
m a rk e ts ,
and m oney
th e
C o m m itte e
seeks
to
a c h ie v e
m a rk e t c o n d itio n s c o n s is te n t w ith
bank
som ew hat
m o r e r a p id g r o w th in m o n e ta r y a g g r e g a te s o v e r th e m o n th s a h e a d
t h a n h a s o c c u r r e d o n a v e r a g e in r e c e n t m o n t h s .
V o te s fo r
th is
a c tio n :
M e ssrs.
B u rn s,
H ayes,
B a u g h m a n , C o ld w e ll, H o lla n d , M a c L a u r y , M a y o ,
M itc h e ll, a n d W a llic h . V o te a g a in s t th is a c tio n : M r.
E a s tb u rn . A b s e n t a n d n o t v o tin g : M e s s rs . B u c h e r
and Sheehan.
Mr. Eastburn dissented from this action because he preferred
to retain the previous 5 V2 per cent upper limit on the inter-meeting
range for the Federal funds rate. While he believed that firmer
money market conditions might prove to be necessary later on in
the year, he thought any such firming would be inappropriate at
this time, given the sensitive state of financial markets, the contin
ued weakness in the economy, and his preference for seeking more
rapid growth in the monetary aggregates in the near term than would
be desirable over the longer run.
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 Annual R eport,
are released about 45 days after the meeting and are subsequently published in
the B u l l e t i n .
375
Law Department
S ta tu te s ,
re g u la tio n s ,
in te rp re ta tio n s ,
INTERPRETATION OF REGULATION Z
a n d
d e c is io n s
N o tw ith s ta n d in g
th e
2 2 6 .8 ( a )( 1 ) , th e f o rm
p ro v is io n s
of
§
p re c lu d e s th e in c lu s io n o f
th e p ro m is s o ry n o te o r o th e r in s tr u m e n t e v id e n c in g
th e o b lig a tio n . N o tw ith s ta n d in g th e p ro v is io n s o f
T h e R e a l E s ta te S e ttle m e n t P ro c e d u re s A c t o f
1974
( P .L .
9 3 -5 3 3 ) re q u ire s th e
D e p a rtm e n t o f
§ 2 2 6 .6 ( c )( 2 ) , th e f o rm p re c lu d e s th e in c lu s io n o f
any
in c o n s is te n t
S ta te
p ro v is io n s
r e q u ire m e n ts .
N o tw ith s ta n d in g
s t a n d a r d i z e d f o r m f o r t h e d i s c l o s u r e o f s e t tl e m e n t
ite m iz a tio n a n d d is c lo s u r e o f c h a rg e s e x c lu d a b le
c o s ts , w h ic h m u s t b e g iv e n to h o m e
f r o m th e fin a n c e c h a r g e u n d e r § 2 2 6 .4 ( b ) m a y b e
b u y e r s in
th e
d is c lo s u r e
H o u s in g a n d U r b a n D e v e lo p m e n t to p r e s c r ib e a
of
§
2 2 6 .8 ( a ),
tra n s a c tio n s w h ic h in v o lv e F e d e ra lly r e la te d m o r t
m a d e o n th e s e ttle m e n t c o s ts p o r tio n o f th e c o m
g a g e lo a n s .
b in e d fo rm .
S e c t i o n 4 o f t h e s t a t u t e s p e c i f ic a l ly
r e q u i r e s t h a t s u c h f o r m i n c l u d e a ll i n f o r m a t i o n a n d
T h e f o rm , w h e n p r o p e rly c o m p le te d in a c c o r
d a ta r e q u ire d to b e d is c lo s e d b y th e F e d e r a l T ru th
d a n c e w ith R e g u la tio n Z a n d th e in s tr u c tio n s p r o
In L e n d in g A c t.
v id e d w ith th e f o rm , c o n s titu te s c o m p lia n c e w ith
A T r u t h I n L e n d i n g d i s c lo s u r e
fo rm (h e re in a fte r r e fe rr e d to a s “ f o r m ” ) a n d in
th e p ro v is io n s o f § 2 2 6 .6 ( a ) r e la tin g to
s t r u c t i o n s to b e u s e d i n c o m p l e t i n g s u c h f o r m h a v e
c o n s p ic u o u s , a n d m e a n in g fu l s e q u e n c e ”
b e e n p r e s c r ib e d a s a p a rt o f th e s ta n d a rd iz e d fo rm .
su re re q u ire m e n ts .
B e c a u s e o f th e u n a v o id a b le c o m p le x ity in h e re n t
m u s t c o n tin u e to d is c lo s e m o r e c o n s p ic u o u s ly th e
in c o m b in in g s e ttle m e n t a n d c r e d it c o s ts in to o n e
te rm s
f o r m , t h e r e q u i r e m e n t s r e l a t i n g to t h e u s e o f t h e
c h a rg e ”
s t a n d a r d i z e d f o r m d i f f e r to s o m e d e g r e e f r o m t h e
u n d e r th e t y p e s i z e r e q u i r e m e n t s s p e c i f i e d .) T h e
(U n d e r
“ a n n u a l p e rc e n ta g e
§ 2 2 6 .6 ( a )
ra te ”
and
“ c le a r,
d is c lo
c re d ito rs
“
fin a n c e
as w e ll a s m a k in g n u m e r ic d is c lo s u re s
r e q u i r e m e n t s i m p o s e d u n d e r R e g u l a t i o n Z . I t is
in s tru c tio n s a c c o m p a n y in g th e f o rm p e r m it c r e d i
th e p u r p o s e o f th is in te r p r e ta tio n to e lim in a te a n y
t o r s to d e l e t e i n a p p l i c a b l e d i s c l o s u r e s , t o s u b s t i t u t e
c o n f u s i o n a s to t h e s t e p s c r e d i t o r s m u s t t a k e in
m o re p e rtin e n t d is c lo s u r e s f o r th o s e p r e s e n tly in
c o m p l y i n g w i t h t h e T r u t h I n L e n d i n g d i s c lo s u r e
c l u d e d , to p r o v i d e f o r a d d i t i o n a l s p a c e o r l a n g u a g e
r e q u i r e m e n t s in c o m p l e t i n g t h e f o r m a n d to c l a r i f y
th e in te rre la tio n s h ip b e tw e e n th e T ru th In L e n d in g
w h e r e n e c e s s a r y t o s a t i s f y f u l l d i s c l o s u r e , a n d to
m a k e a d d itio n a l d is c lo s u r e s n o t p r e s e n tly in c lu d e d
A ct and
A c t.
w h e re su c h a re re q u ire d . S u c h p e r m is s iv e c h a n g e s
th e
R e a l E s ta te
S e ttle m e n t P ro c e d u re s
to th e fo rm
S e c tio n s 2 2 6 .6 ( b ), 2 2 6 .8 ( c ),
s h o u ld b e m a d e in c o m p lia n c e w ith
§ 2 2 6 .6 ( a ).
a n d 2 2 6 .8 ( d )
of
c h a r a c te r iz e c re d it tra n s a c tio n s
as
T h e fo rm p r o v id e s fo r th e o p tio n a l d is c lo s u re
lo a n s o r c r e d it s a le s a n d r e q u ire d iffe r in g d is c lo
o f th e s im p le a n n u a l r a te o f c o n tra c t in te re s t. T h e
R e g u la tio n Z
su re s
fo r
each.
The
fo rm
is
d e s ig n e d
fo r
th e
d i s c lo s u r e o f b o t h c r e d i t s a l e s a n d l o a n s . T h e f o r m
d i s c lo s u r e o f s u c h r a t e d o e s n o t c o n s t i t u t e a v i o l a
tio n o f § 2 2 6 .6 ( c ).
s h o u ld b e u s e d fo r c o n s u m e r c re d it tra n s a c tio n s
T h e d e f i n i ti o n o f “ f e d e r a l l y r e l a t e d m o r t g a g e
s u b je c t to th e R e a l E s ta te S e ttle m e n t P r o c e d u re s
l o a n ” p r o v id e d in § 3 o f th e R e a l E s ta te S e ttle m e n t
A c t r e g a rd le s s o f w h e th e r th e tra n s a c tio n m a y b e
P ro c e d u re s A c t (1 2 U .S .C . § 2 6 0 2 ) c o u ld b e in te r
c h a r a c te r iz e d a s a lo a n o r a c r e d it s a le a n d s u c h
p r e t e d a s r e q u i r i n g s e t t l e m e n t c o s t d i s c l o s u r e s in
u s e s h a ll n o t c o n s titu te a v io la tio n o f th e T r u th
tra n s a c tio n s w h ic h a re e x e m p t u n d e r § 2 2 6 .3 . In
In L e n d in g A c t.
su c h c a s e s , th e f o rm n e e d n o t b e p ro v id e d .
B A N K H O L D IN G C O M P A N Y A N D B A N K M E R G E R O R D E R S
IS S U E D B Y T H E B O A R D O F G O V E R N O R S
376
F e d e r a l R e s e r v e B u lle tin □ J u n e 1 9 7 5
ORDERS UNDER SECTION 3 OF BANK
HOLDING COMPANY ACT
v ie w o f th e h is to ry o f c o m m o n o w n e rs h ip a n d th e
re la tiv e s iz e o f T h e W y m o r e N a tio n a l B a n k a n d
P i c k r e l l S t a t e B a n k , it is c o n c l u d e d t h a t c o n s u m
B e a t r ic e N
C o r p o r a t io n ,
a t io n a l
B e a t r ic e , N
m a tio n o f th e p ro p o s a l w o u ld n o t e lim in a te a n y
ebrask a
e x is tin g
or
p o te n tia l
c o m p e titio n ,
in c re a s e
th e
c o n c e n tra tio n o f b a n k in g re s o u rc e s , n o r h a v e a n y
O r d e r A p p r o v in g F o r m a tio n o f B a n k
a d v e r s e e ffe c ts o n th e o th e r b a n k s in th e r e le v a n t
H o ld in g C o m p a n y
m a rk e t.
N e
T h e fu tu re p ro s p e c ts o f A p p lic a n t a re e n tire ly
b r a s k a , h a s a p p l i e d f o r t h e B o a r d ’s a p p r o v a l u n d e r
d e p e n d e n t u p o n th e fin a n c ia l r e s o u rc e s o f B a n k .
B e a tric e N a tio n a l C o rp o ra tio n ,
B e a tric e ,
§ 3 (a )(1 ) o f th e B a n k H o ld in g C o m p a n y A c t (1 2
A p p lic a n t p r o p o s e s to s e rv ic e th e d e b t in c u r re d
U .S .C . 1 8 4 2 (a )(1 )) fo r fo rm a tio n o f a b a n k h o ld
o v e r a 1 2 -y e a r p e rio d th ro u g h d iv id e n d s o f B a n k .
i n g c o m p a n y t h r o u g h t h e a c q u i s i ti o n o f 8 0 p e r c e n t
In
o r m o re
a n tic ip a te d g ro w th , th e p ro je c te d e a rn in g s o f B a n k
o f th e
v o tin g
sh a re s
of T he
B e a tric e
lig h t
of
th e p a s t
e a rn in g s
of B ank
and
its
N a tio n a l B a n k a n d T ru s t C o m p a n y , B e a tric e , N e
a p p e a r to p r o v id e A p p lic a n t w ith
b r a s k a ( “ B a n k ” ).
f i n a n c i a l f l e x i b il i t y t o m e e t it s a n n u a l d e b t s e r v i c
N o tic e o f th e a p p lic a tio n , a ffo rd in g o p p o r tu n ity
fo r in te re s te d
p e r s o n s to s u b m it c o m m e n ts
and
in g
r e q u ire m e n ts
c a p ita l
p o s itio n
and
fo r
to
th e n e c e s s a ry
m a in ta in
B ank.
an
T h e re fo re ,
a d e q u a te
c o n s id
v ie w s , h a s b e e n g iv e n in a c c o r d a n c e w ith § 3 (b )
e r a tio n s re la tin g to b a n k in g fa c to rs a re c o n s is te n t
o f t h e A c t . T h e t i m e f o r f i lin g c o m m e n t s a n d v i e w s
w ith a p p ro v a l o f th e a p p lic a tio n .
h a s e x p ir e d , a n d th e a p p lic a tio n a n d a ll c o m m e n ts
A lth o u g h c o n s u m m a tio n o f th e p ro p o s a l w o u ld
th e
e f f e c t n o c h a n g e s in t h e b a n k i n g s e r v i c e s o f f e r e d
fa c to rs s e t f o rth in § 3 (c ) o f th e A c t (1 2 U .S .C .
b y B a n k , c o n s id e r a tio n s r e la tin g to th e c o n v e n
1 8 4 2 (c )).
i e n c e a n d n e e d s o f t h e c o m m u n i t y to b e s e r v e d
re c e iv e d
have
been
c o n s id e re d
in
lig h t
of
A p p lic a n t, a n o n o p e r a tin g c o rp o ra tio n w ith n o
s u b s id ia rie s ,
b e c o m in g
w as
o rg a n iz e d
f o r th e p u r p o s e
of
a b a n k h o ld in g c o m p a n y th r o u g h th e
a c q u is itio n o f B a n k . U p o n
a c q u i s i ti o n o f B a n k
a re c o n s is te n t w ith a p p ro v a l. It h a s b e e n d e te r
m i n e d t h a t t h e p r o p o s e d a c q u i s i t i o n w o u l d b e in
th e p u b lic in te re s t a n d th a t th e a p p lic a tio n s h o u ld
b e a p p ro v ed .
(d e p o s its o f $ 2 6 .2 m illio n ) , A p p lic a n t w o u ld c o n
O n t h e b a s i s o f t h e r e c o r d , t h e a p p l i c a t i o n is
tr o l t h e 3 3 r d l a r g e s t b a n k in N e b r a s k a , h o l d i n g
a p p ro v e d fo r th e re a s o n s s u m m a riz e d a b o v e . T h e
0 .4 9 p e r c e n t o f to ta l c o m m e rc ia l b a n k d e p o s its
tr a n s a c tio n sh a ll n o t b e m a d e (a ) b e fo re th e th ir
in th e S ta te .1
tie th c a le n d a r d a y f o llo w in g th e e f fe c tiv e d a te o f
B a n k is t h e l a r g e s t o f th r e e b a n k s in B e a t r i c e ,
th is O rd e r o r (b ) la te r th a n th re e m o n th s a fte r th e
a c o m m u n ity in th e s o u th e a s t c o r n e r o f N e b r a s k a ,
e f f e c t iv e d a t e o f t h i s O r d e r u n l e s s s u c h p e r i o d is
a n d is t h e l a r g e s t o f t w e l v e b a n k s in t h e G a g e
e x te n d e d fo r g o o d c a u s e b y th e B o a rd o f G o v e r
C o u n ty
n o rs o r b y th e F e d e ra l R e s e rv e B a n k o f K a n s a s
b a n k in g
m a rk e t
(th e
re le v a n t
m a r k e t) c o n tr o llin g a p p r o x im a te ly
b a n k in g
3 4 .9 p e r c e n t
o f th e to ta l c o m m e rc ia l b a n k d e p o s its th e re in . T h e
C i t y p u r s u a n t t o d e l e g a t e d a u t h o r i ty .
B y o rd e r o f th e A c tin g S e c re ta ry o f th e B o a rd ,
p rin c ip a ls o f A p p lic a n t a re a ls o th e p rin c ip a ls o f
a c tin g p u r s u a n t to
W y m o r e , I n c ., W y m o r e , N e b r a s k a , a n d P ic k r e ll,
B o a rd o f G o v e r n o r s , e f fe c tiv e M a y 1, 1 9 7 5 .
c o m p a n ie s w h ic h
c o n tro l,
re s p e c tiv e ly ,
th e
(S ig n e d ) G r i f f i t h L . G a r w o o d ,
I n c ., P ic k r e ll, N e b r a s k a , b o th re g is te r e d o n e -b a n k
h o ld in g
d e le g a te d a u th o r ity f ro m
[s e a l]
A s s i s t a n t S e c r e t a r y o f th e B o a r d .
T h e W y m o r e N a t i o n a l B a n k ( $ 5 .1 m i l l i o n i n d e
p o s i t s ) , W y m o r e , a n d P i c k r e l l S t a te B a n k ( $ 2 . 0
m illio n in d e p o s its ) , P ic k r e ll. B o th o f th e s e b a n k s
In t e r n a t io n a l B
a re lo c a te d in th e G a g e C o u n ty b a n k in g m a r k e t
G la dsto n e, M
ancsh ares,
In c ,
isso u r i
w ith th e c lo s e s t b e in g 14 m ile s f ro m B a n k . S in c e
th is p r o p o s a l re p re s e n ts m e re ly a re o rg a n iz a tio n
o f B a n k ’s o w n e r s h i p f r o m
in d iv id u a ls to a c o r
p o r a t i o n o w n e d b y t h e s a m e i n d i v i d u a l s , a n d in
O r d e r A p p r o v in g F o r m a tio n o f B a n k
H o ld in g C o m p a n y
In te rn a tio n a l B a n c s h a re s , I n c ., G la d s to n e , M is
s o u r i , h a s a p p l i e d f o r t h e B o a r d ’s a p p r o v a l u n d e r
§ 3 (a )(1 ) o f th e B a n k H o ld in g C o m p a n y A c t (1 2
1A11 banking data are as o f June 3 0 , 1974, and reflect bank
holding com pany form ations and acquisitions approved through
March 3 1 , 1975.
U .S .C . 1 8 4 2 (a )(1 )) o f fo rm a tio n o f a b a n k h o ld in g
c o m p a n y th r o u g h a c q u is itio n o f 8 2 .7 6 p e r c e n t o r
Law Department
377
m o re o f th e v o tin g s h a re s o f th e F irs t N a tio n a l
p ro s p e c ts o f A p p lic a n t a n d b a n k s a re c o n s id e re d
B a n k o f G la d s to n e , G la d s to n e , M is s o u ri ( “ G la d
s to n e B a n k ” ), a n d o f 9 6 .1 0 p e r c e n t o r m o re o f
p ro v a l. A p p lic a n t p r o p o s e s , a s p a rt o f th is a p p li
th e
c a t i o n , to e x p a n d b a n k i n g s e r v i c e s a n d t h e a m o u n t
v o tin g
C om pany
sh a re s
of
of
C itiz e n s
S m ith v ille ,
B ank
and
S m ith v ille ,
T ru st
M is s o u ri
( “ S m i t h v i l l e B a n k ” ).
p erso n s
s a tis f a c to ry ,
and
c o n s is te n t
w ith
o f c r e d it a v a ila b le to c o m m u n ity r e s id e n ts .
ap
A c
c o r d in g ly , c o n s id e ra tio n s re la tin g to th e c o n v e n
N o t i c e o f t h e a p p l i c a t i o n , a f f o r d i n g o p p o r t u n it y
fo r in te re s te d
g e n e ra lly
to s u b m i t c o m m e n t s
and
i e n c e a n d n e e d s o f t h e c o m m u n i t i e s to b e s e r v e d
a re c o n s is te n t w ith
a p p ro v a l.
I t i s t h e B o a r d ’s
v i e w s , h a s b e e n g i v e n in a c c o r d a n c e w i t h § 3 ( b )
ju d g m e n t
o f t h e A c t . T h e t i m e f o r f ilin g c o m m e n t s a n d v i e w s
w o u l d b e in t h e p u b l i c i n t e r e s t a n d t h a t t h e a p p l i
h a s e x p ire d ,
c a tio n s h o u ld b e a p p ro v e d .
a n d th e B o a rd
h a s c o n s id e re d
th e
th a t
c o n s u m m a tio n
of
th e
p ro p o sal
a p p l i c a t i o n a n d a ll c o m m e n t s r e c e i v e d in l i g h t o f
O n t h e b a s i s o f t h e r e c o r d , t h e a p p l i c a t i o n is
t h e f a c t o r s s e t f o r t h in § 3 ( c ) o f t h e A c t ( 1 2 U . S . C .
a p p ro v e d fo r th e re a s o n s s u m m a riz e d a b o v e . T h e
1 8 4 2 (c )).
tra n s a c tio n s s h a ll n o t b e m a d e (a ) b e f o re th e th ir
A p p lic a n t w a s re c e n tly o r g a n iz e d fo r th e p u r
t i e t h c a l e n d a r d a y f o l l o w i n g t h e e f f e c t iv e d a t e o f
p o s e o f b e c o m in g a b a n k h o ld in g c o m p a n y th ro u g h
th i s O r d e r o r ( b ) l a t e r t h a n th r e e m o n t h s a f t e r t h e
a c q u i s i t i o n o f G l a d s t o n e B a n k ( a b o u t $ 2 0 .5 m i l
e f fe c tiv e d a te o f th is O r d e r, u n le s s s u c h p e r io d
l i o n in d e p o s i t s ) 1 t h r o u g h a n e x c h a n g e o f s h a r e s
is e x t e n d e d f o r g o o d c a u s e b y t h e B o a r d , o r b y
a n d o f S m ith v ille
th e F e d e ra l R e s e rv e B a n k o f K a n s a s C ity p u r s u a n t
B a n k (a b o u t $ 6 .0
m illio n
in
d e p o s its ) th r o u g h a n a s s u m p tio n o f d e b t f r o m th e
p rin c ip a ls o f A p p lic a n t. U p o n c o n s u m m a tio n o f
th e p ro p o s e d tra n s a c tio n , A p p lic a n t w o u ld b e c o m e
to d e l e g a t e d a u t h o r i ty .
B y o rd e r o f th e B o a rd o f G o v e r n o r s , e f fe c tiv e
M ay 5, 1975.
t h e 6 6 t h l a r g e s t b a n k h o l d i n g c o m p a n y in M i s s o u r i
a n d w o u ld c o n tro l a p p ro x im a te ly 0 .2 o f 1 p e r c e n t
o f t h e t o t a l c o m m e r c i a l b a n k d e p o s i t s in M i s s o u r i .
G la d s to n e
B ank
is
th e
52nd
la rg e st
b a n k in g
Voting for this action: Chairman Burns and Gover
nors Bucher, Holland, Wallich, and Coldwell. Voting
against this action: Governor Mitchell. Absent and not
voting: Governor Sheehan.
o r g a n i z a t i o n in t h e K a n s a s C i t y b a n k i n g m a r k e t , 2
w h e r e it c o n t r o l s a p p r o x i m a t e l y
th e
to ta l d e p o s its
m a rk e t.
S m ith v ille
in
.4 7 p e r c e n t o f
c o m m e rc ia l b a n k s
B ank
is
th e
1 1 7 th
in
th a t
(S ig n e d ) G r i f f i t h L . G a r w o o d ,
[s e a l]
A s s i s t a n t S e c r e t a r y o f th e B o a r d .
la rg e s t
b a n k i n g o r g a n i z a t i o n in t h e K a n s a s C i t y b a n k i n g
m a r k e t , w h e r e it c o n t r o l s a p p r o x i m a t e l y
.1 4 p e r
c e n t o f m a rk e t d e p o s its . T h e p r o p o s e d tra n s a c tio n
w o u l d r e s u l t in t h e c o m b i n a t i o n o f t w o s m a l l b a n k s
i n t o a n o r g a n i z a t i o n c o n t r o l l i n g a p p r o x i m a t e l y .6 1
p e r c e n t o f t h e m a r k e t d e p o s i t s . T h e f iv e l a r g e s t
b a n k i n g o r g a n i z a t i o n s in t h e m a r k e t c o n t r o l a p
p r o x im a te ly
4 4 .0
per
cent of
m a rk e t
d e p o s its .
W h i l e G l a d s t o n e B a n k a n d S m i t h v il l e B a n k a r e
l o c a t e d in t h e s a m e b a n k i n g m a r k e t , b o t h b a n k s
a re u n d e r c o m m o n c o n tr o l a n d d o n o t a p p e a r to
b e in
s ig n ific a n t c o m p e titio n w ith
one
a n o th e r.
A c c o r d in g ly , c o n s u m m a tio n o f th e s u b je c t p r o
p o sa l w o u ld n o t h a v e an a d v e rs e e ffe c t o n c o m p e
t i t i o n in a n y r e l e v a n t a r e a . O n t h e b a s i s o f th e
fa c ts o f re c o r d , th e B o a rd c o n c lu d e s th a t th e c o m
p e titiv e c o n s id e ra tio n s a re c o n s is te n t w ith a p p ro v a l
o f th e a p p lic a tio n .
T h e fin a n c ia l, m a n a g e ria l r e s o u rc e s a n d fu tu re
D is s e n tin g S ta te m e n t o f G o v e r n o r M itc h e ll
I w o u ld d e n y th e a p p lic a tio n o f I n te rn a tio n a l
B a n c s h a r e s , I n c . , to b e c o m e a b a n k h o l d i n g c o m
pany
th ro u g h
a c q u is itio n
of
th e
F irs t
N a tio n a l
B a n k o f G la d s to n e ( “ G la d s to n e B a n k ” ) a n d th e
C itiz e n s B a n k a n d T ru s t C o m p a n y o f S m ith v ille
( “ S m ith v ille B a n k ” ). In m y v ie w , th e a c q u is itio n
d e b t to b e a s s u m e d b y A p p l i c a n t i n c o n n e c t i o n
w i t h t h e a c q u i s i t i o n is h i g h i n r e l a t i o n t o i t s e q u i t y .
T h e h i g h l e v e l o f d i v i d e n d p a y - o u t f r o m S m i t h v il l e
B a n k n e c e s s a ry fo r A p p lic a n t to s e rv ic e s u c h d e b t
c o u l d i n h i b i t g r o w t h i n S m i t h v i l l e B a n k ’s c a p i t a l
a t a r a t e c o m p a t i b l e w i t h i ts p r o j e c t e d a s s e t g r o w t h
a n d t h u s i m p a i r S m i t h v i l l e B a n k ’s f i n a n c i a l c o n d i
t i o n a n d i ts a b i l i t y t o r e m a i n a v i a b l e b a n k i n g
o r g a n iz a tio n in m e e tin g th e b a n k in g n e e d s o f th e
c o m m u n i t y it s e r v e s .
M o r e o v e r , o th e r th a n th e e n h a n c e m e n t o f th e
c o r p o r a t e i n t e r e s t , it is m y o p i n i o n t h a t t h e r e c o r d
in th is c a s e s u p p o rts th e in f e re n c e th a t th e in d ire c t
XA11 banking data are as of June 30, 1974.
2The Kansas City banking market is approximated by Clay,
Jackson, Platte, and the northern part of Cass Counties in
M issouri and Johnson and W yandotte Counties in Kansas.
e ffe c ts o f th e p r o p o s a l a r e lik e ly to b e n e g a tiv e
s o f a r a s t h e p u b l i c i n t e r e s t is c o n c e r n e d .
F o r th e a b o v e r e a s o n s , I w o u ld d e n y th e a p p li
c a tio n .
378
F e d e r a l R e s e r v e B u lle tin □ J u n e 1 9 7 5
S Y B C o r p o r a tio n ,
O klahom a C it y , O k lah o m a
T h e fu tu re p ro s p e c ts o f A p p lic a n t a re p rim a rily
d e p e n d e n t u p o n th e fin a n c ia l r e s o u rc e s o f B a n k .
I n th i s r e g a r d , A p p l i c a n t p r o p o s e s to s e r v i c e t h e
O r d e r A p p r o v in g F o r m a tio n o f B a n k
d e b t w h ic h it a s s u m e s a s a n in c id e n t to th is p r o
H o ld in g C o m p a n y
p o sal o v er a
S Y B C o rp o ra tio n , O k la h o m a C ity , O k la h o m a ,
1 2 -y e a r p e rio d
th ro u g h
d iv id e n d s
f r o m B a n k . I n l i g h t o f B a n k ’s p a s t e a r n i n g s a n d
§
it s a n t i c i p a t e d g r o w t h , t h e p r o j e c t e d e a r n i n g s o f
3 (a )( 1 ) o f th e B a n k H o ld in g C o m p a n y A c t (1 2
B a n k a p p e a r to p r o v id e A p p lic a n t w ith th e n e c e s
U .S .C . 1 8 4 2 (a )(1 )) o f f o rm a tio n o f a b a n k h o ld in g
s a r y f i n a n c ia l f le x i b il i t y t o m e e t it s a n n u a l d e b t
has
a p p lie d
fo r
th e
B o a r d ’s
ap p ro v al
c o m p a n y th ro u g h a c q u is itio n o f
under
80 per cent or
s e r v i c i n g r e q u i r e m e n t s w h i l e m a i n t a i n i n g B a n k ’s
m o re o f th e v o tin g s h a re s o f S to c k Y a rd s B a n k ,
c a p ita l
O k la h o m a C ity , O k la h o m a ( “ B a n k ” ).
re s o u rc e s o f A p p lic a n t a n d B a n k a re c o n s id e re d
N o tic e o f th e a p p lic a tio n , a f fo r d in g o p p o r tu n ity
at
an
a c c e p ta b le
le v e l.
The
m a n a g e ria l
s a tis f a c to ry a n d th e f u tu re p r o s p e c ts f o r e a c h a p
and
p e a r f a v o ra b le . T h u s , th e c o n s id e ra tio n s re la tin g
v ie w s , h a s b e e n g iv e n in a c c o r d a n c e w ith § 3 (b )
to th e b a n k in g fa c to rs a re c o n s is te n t w ith a p p r o v a l
fo r in te re s te d
p erso n s
to s u b m i t c o m m e n t s
o f t h e A c t . T h e t i m e f o r f i li n g c o m m e n t s a n d v i e w s
o f th e a p p lic a tio n . A lth o u g h c o n s u m m a tio n o f th e
h a s e x p ire d ,
p r o p o s a l w o u l d e f f e c t n o i m m e d i a t e c h a n g e s in t h e
a n d th e
B o a rd
h a s c o n s id e re d
th e
a p p l i c a t i o n a n d a l l c o m m e n t s r e c e i v e d in l i g h t o f
s e rv ic e s o ffe re d b y B a n k , th e c o n s id e ra tio n s r e la t
t h e f a c t o r s s e t f o r t h in § 3 ( c ) o f t h e A c t ( 1 2 U . S . C .
in g to th e c o n v e n ie n c e a n d n e e d s o f th e c o m m u n ity
1 8 4 2 (c )).
to b e s e rv e d a re c o n s is te n t w ith a p p r o v a l o f th e
A p p l i c a n t is a r e c e n t l y o r g a n i z e d
c o r p o ra tio n
a p p l i c a t i o n . T h e r e f o r e , it is t h e B o a r d ’s j u d g m e n t
fo rm e d fo r th e e x p re s s p u rp o s e o f b e c o m in g a b a n k
th a t th e
h o ld in g c o m p a n y th r o u g h th e a c q u is itio n o f B a n k .
p u b lic in te re s t a n d th a t th e a p p lic a tio n s h o u ld b e
p ro p o se d
tra n s a c tio n
w o u ld
be
in
th e
U p o n a c q u is itio n o f B a n k , A p p lic a n t w o u ld c o n
a p p r o v e d .3
tro l a p p r o x im a te ly 0 .6 p e r c e n t o f th e to ta l d e p o s its
O n t h e b a s i s o f t h e r e c o r d , t h e a p p l i c a t i o n is
i n c o m m e r c i a l b a n k s in O k l a h o m a . 1 B a n k h o l d s
a p p ro v e d fo r th e r e a s o n s s u m m a r iz e d a b o v e . T h e
d e p o s its
s e n tin g
re p re
tr a n s a c tio n s h a ll n o t b e m a d e (a ) b e fo re th e th ir
1 .7 p e r c e n t o f t h e t o t a l d e p o s i t s i n t h e
t i e t h c a l e n d a r d a y f o l l o w i n g t h e e f f e c t iv e d a t e o f
of
a p p ro x im a te ly
$48
m illio n ,
O k la h o m a C ity b a n k in g m a r k e t, a n d th e re b y ra n k s
th is O r d e r o r (b ) la te r th a n th r e e m o n th s a f te r th e
a s th e n in th la rg e s t o f 6 6 b a n k s o p e ra tin g th e r e in .2
O n e o f th e p rin c ip a ls o f A p p lic a n t h a s a s u b s ta n tia l
e f f e c t iv e d a t e o f th i s O r d e r , u n l e s s s u c h p e r i o d
is e x t e n d e d f o r g o o d c a u s e b y t h e B o a r d o r b y
v o tin g in te r e s t in th r e e o th e r b a n k s a n d a n o th e r
th e F e d e r a l R e s e r v e B a n k o f K a n s a s C ity p u r s u a n t
o f th e p rin c ip a ls h a s a v o tin g in te re s t a n d a c ts as
to d e l e g a t e d a u t h o r i ty .
a d i r e c t o r o f a f o u r t h b a n k , a ll o f w h i c h a r e l o c a t e d
B y o rd e r o f th e B o a r d o f G o v e r n o rs , e ffe c tiv e
M ay 6, 1975.
w ith in th e re le v a n t m a rk e t.
It a p p e a rs th a t c o n
s u m m a tio n o f th e p ro p o s a l w o u ld n o t m a te ria lly
a lte r th e c o m p e titiv e r e la tio n s h ip b e tw e e n B a n k
a n d t h e o t h e r f iv e b a n k s in t h e m a r k e t i n w h i c h
Voting for this action: Governors Sheehan, Bucher,
Holland, and Wallich. Absent and not voting: Chairman
Burns and Governors Mitchell and Coldwell.
p rin c ip a ls o f A p p lic a n t h a v e in te re s ts . M o r e o v e r ,
(S ig n e d ) G r i f f i t h L . G a r w o o d ,
s i n c e A p p l i c a n t h a s n o p r e s e n t s u b s i d i a r ie s a n d t h e
p r o p o s a l in v o lv e s th e tra n s fe r o f c o n tro l o f B a n k
fro m
[s e a l]
A s s i s t a n t S e c r e t a r y o f th e B o a r d .
in d iv id u a ls to a c o r p o ra tio n o w n e d b y th e
s a m e in d iv id u a ls , c o n s u m m a tio n o f th e tr a n s a c tio n
w o u ld n o t h a v e a s ig n ific a n tly a d v e r s e e ffe c t o n
e x is tin g
o r p o te n tia l c o m p e titio n ,
nor
w o u ld
it
i n c r e a s e t h e c o n c e n t r a t i o n o f b a n k i n g r e s o u r c e s in
a n y re le v a n t a re a . T h e re fo re , th e B o a rd c o n c lu d e s
th a t th e c o m p e titiv e c o n s id e ra tio n s a re c o n s is te n t
w ith a p p ro v a l o f th e a p p lic a tio n .
*A11 banking data are as of June 30, 1974.
2 The relevant geographic market is approximated by the
O klahom a City SMSA.
3Under a trust arrangem ent, shareholders of Bank are the
beneficial owners of 20 per cent of the shares of O klahom a
Bankers Life Insurance Com pany, Oklahom a City, Oklahom a
(“ O B L IC ” ). Under §§ 2(g)(1) and 2(g)(2) of the Act, control
of these shares would be attributed to Applicant upon its
acquisition of Bank. The activities of OBLIC have not been
determined to be perm issible under § 4(c)(8) of the Act and,
therefore, the indirect control of these shares by Applicant
would be prohibited by § 4 of the Act. Accordingly, upon
the acquisition of Bank, Applicant is required to divest itself
of its indirect interest in OBLIC within the applicable time
period provided in § 4(a)(2) of the Act.
Law Department
C it ib a n c G r o u p , I n c .,
A le x a n d er C it y , A labam a
s u m m a tio n o f th e p r o p o s a l w o u ld n o t h a v e s ig n if
ic a n t a d v e rs e e ffe c ts o n e x is tin g o r p o te n tia l c o m
p e titio n in a n y r e le v a n t a r e a , a n d th a t th e c o m p e t
O r d e r A p p r o v in g A c q u is itio n o f B a n k
C itib a n c
G ro u p ,
I n c .,
A le x a n d e r
itiv e c o n s id e ra tio n s a re c o n s is te n t w ith a p p ro v a l
C ity ,
A la
b a m a , a b a n k h o ld in g c o m p a n y w ith in th e m e a n in g
o f th e B a n k H o ld in g C o m p a n y A c t, h a s a p p lie d
f o r t h e B o a r d ’s a p p r o v a l u n d e r § 3 ( a ) ( 3 ) o f t h e
A c t (1 2 U .S .C . 1 8 4 2 (a )( 3 ) ) to a c q u ir e 51 p e r c e n t
o r m o re o f th e v o tin g sh a re s o f P e o p le s B a n k ,
N o tic e o f th e a p p lic a tio n , a f fo rd in g o p p o r tu n ity
p e r s o n s to s u b m it c o m m e n ts
and
v i e w s , h a s b e e n g i v e n in a c c o r d a n c e w i t h § 3 ( b )
o f t h e A c t . T h e t i m e f o r f ilin g c o m m e n t s a n d v i e w s
h a s e x p ire d ,
a n d th e B o a rd
h a s c o n s id e re d
th e
a p p l i c a t i o n a n d a l l c o m m e n t s r e c e i v e d in l i g h t o f
t h e f a c t o r s s e t f o r t h in § 3 ( c ) o f t h e A c t ( 1 2 U . S . C .
A p p lic a n t, th e e ig h th la rg e s t o f n in e m u ltib a n k
h o l d i n g c o m p a n i e s i n A l a b a m a , c o n t r o l s f iv e b a n k s
w ith a g g re g a te d e p o s its o f $ 5 7 .7 m illio n , r e p re
.7
of one
c o m m e rc ia l b a n k s
B ank
p e r c e n t o f to ta l d e p o s its
in t h e
(d e p o s its o f $ 1 .7
S ta te .1 A c q u is itio n
in
of
m illio n ) w o u ld in c re a s e
A p p l i c a n t ’s s h a r e o f d e p o s i t s b y
.0 2 o f o n e p e r
c e n t a n d w o u l d n o t r e s u l t in a s i g n i f i c a n t i n c r e a s e
in t h e c o n c e n t r a t i o n o f b a n k i n g r e s o u r c e s in A l a
B a n k a r e c o n s i d e r e d g e n e r a l l y s a t i s f a c t o r y . I n i ts
O rd e r o f D e c e m b e r 2 2 , 1 9 7 2 , a p p ro v in g th e f o r
m a tio n o f A p p lic a n t as a b a n k h o ld in g c o m p a n y ,
a s s u m e d b y a p rin c ip a l o f A p p lic a n t a n d th e B o a rd
v i e w e d t h e p r o p o s a l a s if t h e d e b t w a s in f a c t b e i n g
a s s u m e d b y A p p l i c a n t s i n c e t h e f u n d s r e q u i r e d to
s e r v i c e th e d e b t w o u l d b e d e r i v e d p r i m a r i l y f r o m
A p p lic a n t. T h e p rin c ip a l o f A p p lic a n t h a s m a d e
s o m e e f f o r t s in r e d u c i n g t h i s d e b t ; h o w e v e r , th e
B o a rd e x p e c ts th a t a d d itio n a l m e a s u re s w ill b e
in a t i m e l y m a n n e r . I n c o n n e c t i o n w i t h t h i s p r o
p o s a l, A p p lic a n t w ill b e in c u rrin g a c q u is itio n d e b t
d ire c tly . It a p p e a rs th a t th e p ro je c te d e a rn in g s o f
A p p l i c a n t a r e s u f f ic i e n t t o s e r v i c e t h i s d e b t w i t h o u t
i m p a i r i n g t h e f i n a n c i a l c o n d i t i o n o f A p p l i c a n t , its
p r e s e n t s u b s id ia r ie s , a n d B a n k . A c c o r d in g ly , th e
B o a r d is o f t h e v i e w t h a t c o n s i d e r a t i o n s r e l a t i n g
to th e b a n k in g f a c to rs a re c o n s is te n t w ith a p p r o v a l
o f th e a p p lic a tio n .
W ith re s p e c t to c o n v e n ie n c e a n d n e e d s c o n s id
bam a.
B a n k is t h e s m a l l e s t o f 12 c o m m e r c i a l b a n k i n g
o rg a n iz a tio n s
in
th e
C a lh o u n
C o u n ty
b a n k in g
m a rk e t ( a p p ro x im a te d b y C a lh o u n C o u n ty , p lu s
t h e c i t y o f H e f lin ) a n d c o n t r o l s l e s s t h a n
1 per
c e n t o f t h e t o t a l c o m m e r c i a l b a n k d e p o s i t s in t h e
m a r k e t . T h r e e o f t h e S t a t e ’s f o u r l a r g e s t m u l t i b a n k
h o l d i n g c o m p a n i e s a r e a l r e a d y r e p r e s e n t e d in t h e
m a rk e t w ith
one
bank
each,
and
to g e th e r th e y
c o n tro l a p p ro x im a te ly 4 9 p e r c e n t o f m a rk e t d e
p o s its .
T h e f in a n c i a l a n d m a n a g e r i a l r e s o u r c e s a n d f u
tu re p r o s p e c ts o f A p p lic a n t, its s u b s id ia r ie s a n d
i n s t i t u t e d p r o m p t l y t o a s s u r e t h a t t h e d e b t is r e t i r e d
1 8 4 2 (c )).
s e n tin g
o f th e a p p lic a tio n .
th e B o a rd n o te d th a t a s u b s ta n tia l d e b t w a s b e in g
A n n is to n , A la b a m a .
fo r in te re s te d
379
A p p l i c a n t ’s c l o s e s t s u b s i d i a r y
is l o c a t e d
a p p r o x i m a t e l y 3 4 m i l e s f r o m B a n k in a s e p a r a t e
b a n k in g m a r k e t. T h e re d o e s n o t a p p e a r to b e a n y
s ig n ific a n t e x is tin g c o m p e titio n b e tw e e n B a n k a n d
a n y o f A p p l i c a n t ’s b a n k i n g o r n o n - b a n k i n g s u b
s i d i a r i e s . F u r t h e r m o r e , it d o e s n o t a p p e a r t h a t a n y
s i g n i f i c a n t c o m p e t i t i o n b e t w e e n A p p l i c a n t ’s b a n k s
a n d B a n k is l i k e l y t o d e v e l o p d u e t o A l a b a m a ’s
re s tric tiv e b ra n c h in g la w s . N o r d o e s
th e re c o rd
i n d i c a t e t h a t it is l i k e l y t h a t A p p l i c a n t w o u l d e n t e r
th is m a r k e t d e n o v o . T h e r e f o r e , o n th e b a s is o f
th e fa c ts o f r e c o r d , th e B o a rd c o n c lu d e s th a t c o n
XA11 banking data are as o f June 30, 1974, and reflect bank
holding com pany form ations and acquisitions approved through
March 1, 1975.
e ra tio n s ,
a f f ilia tio n
a v a ila b le
to
B ank
w ith
A p p lic a n t
th e e x p e rtis e
of
w ill
m ake
A p p l i c a n t ’s
s u b s i d i a r ie s in t h e a r e a s o f s p e c i a l i z e d l o a n s a n d
in v e s tm e n t p o r tf o lio a n a ly s is , a n d s u c h s e rv ic e s
s h o u ld b e n e fit th e r e s id e n ts o f th e r e le v a n t m a r k e t.
T h e s e c o n s id e ra tio n s r e la tin g to c o n v e n ie n c e a n d
n e e d s a re c o n s is te n t w ith a p p ro v a l o f th e a p p lic a
t i o n . I t is t h e B o a r d ’s j u d g m e n t t h a t t h e p r o p o s e d
tr a n s a c tio n w o u ld b e in th e p u b lic in te r e s t a n d th a t
th e a p p lic a tio n s h o u ld b e a p p ro v e d .
O n t h e b a s i s o f t h e r e c o r d , t h e a p p l i c a t i o n is
a p p ro v e d fo r th e r e a s o n s s u m m a r iz e d a b o v e . T h e
tr a n s a c tio n s h a ll n o t b e m a d e (a ) b e f o r e th e th ir
t i e t h c a l e n d a r d a y f o l l o w i n g t h e e f f e c t iv e d a t e o f
t h i s O r d e r o r ( b ) l a t e r t h a n th r e e m o n t h s a f t e r t h e
e f f e c t iv e d a t e o f t h i s O r d e r , u n l e s s s u c h p e r i o d
is e x t e n d e d f o r g o o d c a u s e b y t h e B o a r d , o r b y
th e F e d e r a l R e s e r v e B a n k o f A tla n ta p u r s u a n t to
d e l e g a t e d a u t h o r i ty .
B y o r d e r o f t h e B o a r d o f G o v e r n o r s , e f f e c t iv e
M ay 19, 1975.
Voting for this action: Vice Chairman Mitchell and
Governors Bucher, Holland, and Coldwell. Absent and
not voting: Chairman Burns and Governors Sheehan and
Wallich.
380
F e d e r a l R e s e r v e B u lle tin □ J u n e 1 9 7 5
[s e a l]
(S ig n e d ) G r i f f i t h L . G a r w o o d ,
(1 ) S o u th B e n d — E lk h a rt R M A , in c lu d in g s o m e
A s s i s t a n t S e c r e t a r y o f th e B o a r d .
c o n tig u o u s “ r u r a l ” a r e a s ; (2 ) a ll o f C a s s C o u n ty ,
e x c e p t f o r th e s o u th w e s t p o r tio n in c lu d e d in th e
S o u t h B e n d — E l k h a r t R M A ; a n d ( 3 ) S t. J o s e p h
M ic h ig a n N
a t io n a l
C o u n t y , M i c h i g a n . C a s s o p o l i s B a n k r a n k s a s th e
C o r p o r a t io n ,
1 2 th l a r g e s t o f
B l o o m f ie l d H i l l s , M ic h ig a n
17 b a n k s i n
th e
S o u th
B end—
E l k h a r t m a r k e t w i t h 1 .1 p e r c e n t o f t h e d e p o s i t s ;
t h e l a r g e s t o f f iv e b a n k s in t h e C a s s C o u n t y m a r k e t
O r d e r D e n y in g A c q u is itio n o f B a n k
w i t h 3 0 . 7 p e r c e n t o f t h e d e p o s i t s ; a n d t h e f if th
M ic h ig a n
N a tio n a l
C o rp o ra tio n ,
B lo o m fie ld
H ills , M ic h ig a n ( “ A p p lic a n t” ) , a b a n k
h o ld in g
c o m p a n y w ith in th e m e a n in g o f th e B a n k H o ld in g
C o m p a n y A c t , h a s a p p l i e d f o r t h e B o a r d ’s a p
p ro v al u n d er
§ 3 ( a ) ( 3 ) o f th e
A ct
(1 2
U .S .C .
1 8 4 2 (a )(3 )) to a c q u ire 1 0 0 p e r c e n t o f th e v o tin g
s h a re s (le s s d ir e c to r s ’ q u a lif y in g
successor
B ank,
by
m erg er
C a s s o p o lis ,
to
s h a re s ) o f th e
C o m m e rc ia l
M ic h ig a n
N a tio n a l
( “ C a s s o p o lis
B a n k ” ) . T h e b a n k i n t o w h i c h C a s s o p o l i s B a n k is
t o b e m e r g e d h a s n o s ig n i f i c a n c e e x c e p t a s a m e a n s
to fa c ilita te th e a c q u is itio n o f th e v o tin g s h a re s
o f C a s s o p o lis B a n k . A c c o r d in g ly , th e p ro p o s e d
a c q u is itio n o f s h a re s o f th e s u c c e s s o r o r g a n iz a tio n
is t r e a t e d h e r e i n a s t h e p r o p o s e d a c q u i s i t i o n o f t h e
s h a re s o f C a s s o p o lis B a n k .
p e rs o n s to s u b m it c o m m e n ts
and
v i e w s , h a s b e e n g i v e n in a c c o r d a n c e w i t h § 3 ( b )
o f t h e A c t . T h e t i m e f o r f ilin g c o m m e n t s a n d v i e w s
h a s e x p ire d ,
a n d th e
B o a rd
in t h e S t. J o s e p h C o u n t y m a r k e t w i t h 9 . 8 p e r c e n t
o f t h e d e p o s i t s . 3 A p p l i c a n t ’s b a n k i n g o f fic e n e a r e s t
t o a n y o f fic e o f C a s s o p o l i s B a n k is 3 5 m i l e s a w a y ,
a n d t h e r e is n o s ig n i f i c a n t c o m p e t i t i o n b e t w e e n
C a s s o p o l i s B a n k a n d a n y o f A p p l i c a n t ’s s u b s i d i
a rie s th a t w o u ld b e e lim in a te d a s a re s u lt o f c o n
s u m m a tio n o f th e p r o p o s a l. F u rth e rm o r e , th e e f
fe c ts o f th e p ro p o s a l o n p o te n tia l c o m p e titio n d o
n o t a p p e a r to b e s e rio u s in a s m u c h a s n o n e o f th e
m a r k e t s in w h i c h C a s s o p o l i s B a n k c o m p e t e s a p
p e a rs p a rtic u la rly
a ttra c tiv e
A c c o rd in g ly , b a s e d
fo r
de
novo
o n th e fo re g o in g a n d
e n try .
o th e r
fa c ts o f r e c o r d , th e B o a rd c o n c lu d e s th a t c o m p e ti
tiv e c o n s id e ra tio n s a re c o n s is te n t w ith a p p ro v a l o f
th e a p p lic a tio n .4
N o t i c e o f t h e a p p l i c a t i o n , a f f o r d i n g o p p o r t u n it y
fo r in te re s te d
la rg e s t o f e ig h t b a n k in g o rg a n iz a tio n s c o m p e tin g
h a s c o n s id e re d
th e
a p p lic a tio n a n d a ll c o m m e n ts r e c e iv e d , in c lu d in g
a l e t t e r o f p r o t e s t f ile d o n b e h a l f o f F i r s t N a t i o n a l
B a n k o f S o u th w e s te rn M ic h ig a n , N ile s , M ic h ig a n
( “ P r o t e s t a n t ” ) , in l i g h t o f t h e f a c t o r s s e t f o r t h in
§ 3 (c) o f th e A c t (1 2 U .S .C . 1 8 4 2 (c )).
A p p lic a n t, th e s e c o n d la rg e s t b a n k in g o r g a n i
z a tio n a n d b a n k h o ld in g c o m p a n y in M ic h ig a n ,
c o n t r o l s 13 b a n k s w i t h a g g r e g a t e d e p o s i t s o f a p
p r o x im a te ly $ 2 .6 b illio n , r e p re s e n tin g a b o u t 9 .5
p e r c e n t o f t h e t o t a l c o m m e r c i a l b a n k d e p o s i t s in
th e S ta te .1 A c q u is itio n o f C a s s o p o lis B a n k w o u ld
i n c r e a s e A p p l i c a n t ’s s h a r e o f S t a t e w i d e d e p o s i t s
b y 0 .1 6 o f o n e p e r c e n t a n d w o u ld n o t r e s u lt in
a s ig n ific a n t in c r e a s e in th e c o n c e n tr a tio n o f b a n k
in g r e s o u rc e s in M ic h ig a n .
C a s s o p o l i s B a n k ( $ 4 4 . 9 m i l l i o n in d e p o s i t s ) , 2
T h e f i n a n c ia l a n d m a n a g e r i a l r e s o u r c e s a n d f u
tu re p r o s p e c ts o f C a s s o p o lis B a n k a re s a tis f a c to r y
a n d c o n s is te n t w ith a p p ro v a l o f th e a p p lic a tio n .
T h e f i n a n c ia l a n d m a n a g e r i a l r e s o u r c e s o f A p p l i
c a n t a n d it s s u b s i d i a r i e s a p p e a r t o b e g e n e r a l l y
s a tis f a c to ry ; h o w e v e r , in a c tin g o n o th e r a p p lic a
tio n s b y th is A p p lic a n t, th e B o a r d h a s n o te d th a t
c e r t a i n o f A p p l i c a n t ’s s u b s i d i a r y b a n k s w e r e in
n e e d o f c a p ita l. A p p lic a n t h a s m a d e m e a n in g fu l
p r o g r e s s in s t r e n g t h e n i n g t h e o v e r a l l c a p i t a l p o s i
t i o n s o f t h e h o l d i n g c o m p a n y a n d i ts s u b s i d i a r ie s .
N o tw ith s ta n d in g th e p r o g re s s th a t h a s b e e n m a d e
to
d a te ,
th e B o a rd
is o f t h e
i m p r o v e m e n t is n e e d e d
n a n c ia l re s o u rc e s
sh o u ld
v ie w
th a t fu rth e r
a n d t h a t A p p l i c a n t ’s fi
be
used
s tre n g th e n in g th o s e s u b s id ia rie s
p rim a rily
s t il l i n n e e d
fo r
of
c a p ita l ra th e r th a n f o r e x p a n s io n p u rp o s e s . U n d e r
th is p r o p o s a l, A p p lic a n t p r o p o s e s to in c u r a d e b t
o f a p p r o x i m a t e l y $ 6 m i l l i o n in o r d e r t o f i n a n c e
th e c a s h a c q u is itio n o f s h a re s o f C a s s o p o lis B a n k .
I n t h e B o a r d ’s v i e w , t h e i n c u r r i n g o f s u c h a s i z a b l e
t h e l a r g e r o f t w o b a n k s in C a s s C o u n t y , o p e r a t e s
6 b r a n c h e s a n d c o m p e te s in th r e e b a n k in g m a r k e ts :
1 All banking data, unless otherwise indicated, are as of June
30, 1974, and reflect bank holding com pany form ations and
acquisitions approved through M arch 31, 1975. In a separate
action the Board approved the application of M ichigan National
C orporation to acquire W est Oakland Bank, N ational Associa
tion, N ovi, M ichigan ($14.5 m illion in deposits).
2D eposit data for Cassopolis Bank are as of June 30, 1974.
3 All market data are as of Decem ber 31, 1973.
4In its analysis of the application, the Board also considered
Protestant’s subm ission in which Protestant argues generally
that the application should be denied because of com petitive
considerations. The Board is of the view that the record does
not support denial of the application on such grounds; however,
in view of the B oard’s action herein with respect to the subject
application, a discussion of P rotestant’s argument appears
unnecessary.
Law Department
381
d e b t b y t h i s A p p l i c a n t w h e n c e r t a i n o f it s s u b s i d i
a p p l i c a t i o n a n d a ll c o m m e n t s r e c e i v e d in l i g h t o f
a r i e s a r e in n e e d o f c a p i t a l is a n i n a p p r o p r i a t e u s e
o f A p p l i c a n t ’s r e s o u r c e s a n d d e t r a c t s f r o m A p p l i
t h e f a c t o r s s e t f o r t h in § 3 ( c ) o f t h e A c t ( 1 2 U . S . C .
1 8 4 2 (c )).
c a n t ’s o v e r a l l a b i l i t y t o s e r v e a s a s o u r c e o f f i n a n
A p p lic a n t, th e s e c o n d la rg e s t b a n k in g o rg a n i
c i a l s t r e n g t h f o r i t s s u b s i d i a r i e s . A c c o r d i n g l y , in
z a t i o n a n d b a n k h o l d i n g c o m p a n y in M i c h i g a n ,
th e a b s e n c e
th e
c o n t r o l s 13 b a n k s w i t h a g g r e g a t e d e p o s i t s o f a p
p u b lic flo w in g f r o m th e p r o p o s a l, th e B o a r d c o n
of any
m e a n in g fu l
b e n e f i ts to
p r o x i m a t e l y $ 2 . 6 b i l l i o n , r e p r e s e n t i n g a b o u t 9 .5
c l u d e s t h a t c o n s i d e r a t i o n s r e l a t i n g to th e b a n k i n g
p e r c e n t o f t h e t o t a l c o m m e r c i a l b a n k d e p o s i t s in
fa c to rs w a rra n t d e n ia l o f th e a p p lic a tio n .
th e S ta te .1 A c q u is itio n o f N o v i B a n k w o u ld in
In r e g a r d to c o n s id e r a tio n s r e la tin g to th e c o n
v e n ie n c e
and
needs
o f th e
c o m m u n itie s
to
be
c r e a s e A p p l i c a n t ’s s h a r e o f S t a t e w i d e d e p o s i t s b y
le s s th a n o n e -te n th o f o n e p e r c e n t a n d w o u ld n o t
s e r v e d , A p p l i c a n t p r o p o s e s to b r o a d e n C a s s o p o l i s
r e s u l t in a s ig n if i c a n t i n c r e a s e in t h e c o n c e n t r a t i o n
B a n k ’s l e n d i n g p r o g r a m , i m p r o v e its p h y s i c a l f a
o f b a n k i n g r e s o u r c e s in M i c h ig a n .
W h ile th e s e
N o v i B a n k ( $ 1 4 .5 m i l l i o n in d e p o s i t s ) , l o c a t e d
c o n s id e ra tio n s a re c o n s is te n t w ith a p p ro v a l o f th e
in a n o r t h w e s t e r n s u b u r b o f D e t r o i t , c o m p e t e s in
c ilitie s , a n d p ro v id e tru s t s e rv ic e s .
a p p l i c a t i o n , t h e y a r e n o t s u f f ic i e n t , in t h e B o a r d ’s
t h e D e t r o i t b a n k i n g m a r k e t ( th e r e l e v a n t b a n k i n g
v ie w , to
m a r k e t ) 2 a n d r a n k s 3 5 th in t h e m a r k e t , h o l d i n g
o u tw e ig h
A p p l i c a n t ’s
th e
th e
o n l y 0 .1 o f o n e p e r c e n t o f to t a l m a r k e t d e p o s i t s . 8
B o a r d ’s j u d g m e n t t h a t c o n s u m m a t i o n o f t h e p r o
A p p l i c a n t p r e s e n t l y c o n t r o l s fiv e b a n k s in t h e D e
p o s a l to a c q u i r e C a s s o p o l i s B a n k w o u l d n o t b e
t r o it b a n k i n g m a r k e t , w h i c h h o l d in t h e a g g r e g a t e
in
th e
p ro p o s a l.
o th e r a d v e rs e e ffe c ts o f
p u b lic
in te re s t
A c c o rd in g ly ,
and
th a t
it
th e
is
a p p lic a tio n
s h o u ld b e d e n ie d .
a b o u t 8 .3 p e r c e n t o f m a r k e t d e p o s i t s , a n d A p p l i
c a n t ra n k s th e r e b y a s th e fo u rth
O n t h e b a s i s o f t h e r e c o r d , t h e a p p l i c a t i o n to
la rg e s t b a n k in g
o r g a n i z a t i o n in t h e m a r k e t . T h e t h r e e l a r g e r b a n k
a c q u i r e C a s s o p o l i s B a n k is d e n i e d f o r t h e r e a s o n s
in g o r g a n i z a t i o n s in t h e D e t r o i t m a r k e t — w h i c h a r e
s u m m a riz e d a b o v e .
a l s o t h r e e o f t h e S t a t e ’s f o u r l a r g e s t b a n k i n g o r g a
B y o r d e r o f t h e B o a r d o f G o v e r n o r s , e f f e c t iv e
M ay 27, 1975.
n iz a tio n s — c o n tr o l, r e s p e c tiv e ly , 3 1 .0 ,
1 5 .7 a n d
1 5 .5 p e r c e n t o f m a r k e t d e p o s i t s . A c q u i s i t i o n o f
Voting for this action: Governors Bucher, Holland,
Wallich, and Coldwell. Present and abstaining: Gover
nor Sheehan. Absent and not voting: Chairman Burns
and Governor Mitchell.
N o v i B a n k w o u l d n o t s i g n i f ic a n t l y i n c r e a s e A p p l i
c a n t ’s s h a r e o f t h e d e p o s i t s in t h e r e l e v a n t b a n k i n g
m a r k e t , n o r w o u l d it r e s u l t in A p p l i c a n t b e c o m i n g
a d o m i n a n t o r g a n i z a t i o n in
th e
m a rk e t. T o
th e
e x t e n t t h a t N o v i B a n k a n d c e r t a i n o f A p p l i c a n t ’s
(S ig n e d ) G r i f f i t h L . G a r w o o d ,
[s e a l]
A s s i s t a n t S e c r e t a r y o f th e B o a r d .
b a n k i n g s u b s i d i a r ie s o p e r a t e in t h e s a m e b a n k i n g
m a rk e t,
c o n s u m m a tio n
of
th e
p ro p o sal
w o u ld
e l i m i n a t e s o m e e x i s t i n g c o m p e t i t i o n ; h o w e v e r , in
t h e c o n t e x t o f t h e b a n k i n g s t r u c t u r e in t h e D e t r o i t
M ic h ig a n N a t io n a l C o r p o r a t io n ,
B l o o m f ie l d H i l l s , M ic h ig a n
n o t a p p e a r to b e s ig n ific a n t. F u r th e r m o r e , w h ile
O r d e r A p p r o v in g A c q u is itio n o f B a n k
re le v a n t m a rk e t
m a r k e t, th e e lim in a tio n o f su c h c o m p e titio n w o u ld
A p p lic a n t m a y
M ic h ig a n
N a tio n a l
H ills , M ic h ig a n
C o rp o ra tio n ,
B lo o m f i e l d
( “ A p p lic a n t” ), a b a n k
h o ld in g
c o m p a n y w ith in th e m e a n in g o f th e B a n k H o ld in g
C o m p a n y A c t, h a s a p p lie d
p ro v al u n d e r
f o r t h e B o a r d ’s a p
§ 3 (a )(3 ) o f th e
A ct
(1 2
U .S .C .
1 8 4 2 (a )( 3 ) ) to a c q u ir e 1 0 0 p e r c e n t o f th e v o tin g
s h a re s (le s s d ir e c to r s ’ q u a lify in g s h a re s ) o f W e s t
O a k la n d
B ank,
N a tio n a l
A s s o c ia tio n ,
N o v i,
M ic h ig a n ( “ N o v i B a n k ” ).
N o tic e o f th e a p p lic a tio n , a ffo rd in g o p p o r tu n ity
fo r in te re s te d
p e r s o n s to s u b m it c o m m e n ts
and
v i e w s , h a s b e e n g i v e n in a c c o r d a n c e w i t h § 3 ( b )
o f t h e A c t . T h e t i m e f o r f ilin g c o m m e n t s a n d v i e w s
h a s e x p ire d ,
a n d th e
B o a rd h a s c o n s id e re d
th e
b e c a p a b le
de
novo,
o f e x p a n d in g
N ovi B ank
in
th e
is n o t
a
s u b s t a n t i a l c o m p e t i t o r in t h e m a r k e t , a n d A p p l i
c a n t ’s o v e r a l l c o m p e t i t i v e p o s i t i o n in t h e D e t r o i t
b a n k in g
m a rk e t w ill n o t b e
m a te ria lly
a ffe c te d
t h r o u g h it s a c q u i s i t i o n o f N o v i B a n k . M o r e o v e r ,
th e e ffe c ts o f
th e p ro p o s a l
on
c o m p e titio n
a re
m itig a te d fu rth e r b y th e f a c t th a t c e rta in p rin c ip a ls
*A11 banking data, unless otherwise indicated, are as of June
30, 1974, and reflect bank holding company form ations and
acquisitions approved through March 31, 1975. In a separate
action the Board denied the application of Michigan National
Corporation to acquire the successor by merger to Commercial
National Bank, Cassopolis, M ichigan ($44.9 million in depos
its).
2The Detroit banking m arket is approxim ated by the M ichi
gan counties of W ayne, O akland and M acom b.
3All m arket data are as of D ecember 31, 1973.
382
F e d e r a l R e se r v e B u lle tin □ J u n e 1 9 7 5
o f A p p l i c a n t w e r e i n v o l v e d in t h e d e n o v o f o r m a
U n it e d B a n k s o f C o l o r a d o , I n c .,
tio n o f N o v i B a n k . A c c o r d in g ly , o n th e b a s is o f
D e n v e r , C olorado
th e f a c ts o f r e c o r d , th e B o a rd c o n c lu d e s th a t, o n
b a la n c e , c o m p e titiv e c o n s id e ra tio n s a re c o n s is te n t
w ith a p p ro v a l o f th e a p p lic a tio n .
U n ite d B a n k s o f C o lo ra d o , I n c ., D e n v e r, C o lo
T h e fin a n c ia l a n d m a n a g e r ia l r e s o u r c e s o f A p
p l i c a n t a n d its s u b s i d i a r i e s a p p e a r t o b e g e n e r a l l y
s a t i s f a c t o r y ; h o w e v e r , in a c t i n g o n p r e v i o u s a p p l i
c a tio n s b y th is A p p lic a n t, th e B o a rd h a s n o te d th a t
c e r t a i n o f A p p l i c a n t ’s s u b s i d i a r y b a n k s w e r e in
n e e d o f c a p ita l. A p p lic a n t h a s a d o p te d a p ro g ra m
to s t r e n g t h e n t h e o v e r a l l c a p i t a l p o s i t i o n s o f t h e
h o l d i n g c o m p a n y a n d it s s u b s i d i a r ie s a n d t o d a t e
m e a n in g fu l p ro g re s s h a s b e e n m a d e a lo n g th o s e
l i n e s . N e v e r t h e l e s s , t h e B o a r d r e m a i n s o f th e v i e w
t h a t a d d i t i o n a l i m p r o v e m e n t in t h i s a r e a is n e e d e d
a n d , a c c o r d i n g l y , e x p e c t s A p p l i c a n t to c o n t i n u e
to d i r e c t its r e s o u r c e s
to w a rd s tre n g th e n in g
th e
c a p i t a l p o s i t i o n o f its s u b s i d i a r ie s . I n t h i s c o n n e c
tio n , th e p r e s e n t p r o p o s a l in v o lv e s a n e x c h a n g e
o f A p p l i c a n t ’s s h a r e s f o r s h a r e s
o f a re la tiv e ly
s m a ll b a n k a n d , t h e r e f o r e , w o u l d n o t i n v o l v e a
s i g n i f i c a n t d i v e r s i o n o f A p p l i c a n t ’s f in a n c ia l r e
s o u r c e s f o r e x p a n s io n p u r p o s e s . A c c o r d in g ly , th e
B o a r d is o f t h e v i e w t h a t c o n s i d e r a t i o n s r e l a t i n g
to th e b a n k in g f a c to r s a r e c o n s is te n t w ith a p p r o v a l
o f th e a p p lic a tio n .
ra d o , a b a n k h o ld in g c o m p a n y w ith in th e m e a n in g
o f th e B a n k H o ld in g C o m p a n y A c t, h a s a p p lie d
f o r t h e B o a r d ’s a p p r o v a l u n d e r § 3 ( a ) ( 3 ) o f t h e
A c t ( 1 2 U . S . C . § 1 8 4 2 ( a ) ( 3 ) ) to a c q u i r e 8 0 p e r
c e n t o r m o r e o f th e v o tin g s h a re s o f S o u th P la tte
N a t i o n a l B a n k , L a S a l l e , C o l o r a d o ( “ B a n k ” ).
N o tic e o f th e a p p lic a tio n , a f fo rd in g o p p o r tu n ity
fo r in te re s te d
to b e
s e r v e d , in
th e
B o a r d ’s j u d g m e n t , l e n d w e i g h t t o w a r d a p p r o v a l
o f t h e a p p l i c a t i o n t o a c q u i r e N o v i B a n k in v i e w
o f A p p l i c a n t ’s p r o p o s a l t o e x p a n d a n d to i m p r o v e
th e s e rv ic e s o ffe re d b y N o v i B a n k . A c c o r d in g ly ,
it is t h e B o a r d ’s j u d g m e n t t h a t c o n s u m m a t i o n o f
t h e t r a n s a c t i o n t o a c q u i r e N o v i B a n k w o u l d b e in
th e p u b lic in te r e s t a n d th a t th e a p p lic a tio n s h o u ld
b e ap p ro v ed .
p erso n s
to s u b m it c o m m e n ts
and
v i e w s , h a s b e e n g i v e n in a c c o r d a n c e w i th § 3 ( b )
o f t h e A c t . T h e t i m e f o r f ilin g c o m m e n t s a n d v ie w s
h a s e x p ire d ,
a n d th e
B o a rd
h a s c o n s id e re d
th e
a p p l i c a t i o n a n d a ll c o m m e n t s r e c e i v e d in l ig h t o f
t h e f a c t o r s s e t f o r t h in § 3 ( c ) o f t h e A c t ( 1 2 U . S . C .
§ 1 8 4 2 (c )).
A p p l i c a n t is t h e s e c o n d l a r g e s t b a n k i n g o r g a n i
z a t i o n a n d m u l t i - b a n k h o l d i n g c o m p a n y in C o l o
r a d o b y v i r tu e
o f its c o n t r o l o f
16 b a n k s
w i th
a g g re g a te d e p o s its o f $ 9 1 8 .6 m illio n , re p re s e n tin g
a p p r o x i m a t e l y 1 3 .7 p e r c e n t o f t h e to t a l c o m m e r
c ia l b a n k d e p o s i t s in t h e S t a t e . 1 A c q u i s i t i o n o f
B a n k w o u ld
m e rc ia l b a n k
C o n s i d e r a t i o n s r e l a t i n g to t h e c o n v e n i e n c e a n d
n e e d s o f th e c o m m u n itie s
O r d e r A p p r o v in g A c q u is itio n o f B a n k
i n c r e a s e A p p l i c a n t ’s s h a r e o f c o m
d e p o s its
in t h e
S ta t e b y
a p p ro x i
m a t e l y o n e - t e n t h o f o n e p e r c e n t w h i l e A p p l i c a n t ’s
ran k
am ong
C o lo ra d o
b a n k in g
o rg a n iz a tio n s
w o u ld re m a in u n c h a n g e d .
B a n k ( d e p o s i t s o f $ 6 .1 m i l l i o n ) is t h e s e v e n t h
l a r g e s t o f t w e l v e c o m m e r c i a l b a n k s in t h e W e l d
C o u n ty
b a n k in g
m a rk e t
and
c o n tro ls
a p p ro x i
m a t e l y 2 . 4 p e r c e n t o f t h e t o t a l d e p o s i ts in t h a t
m a r k e t . 2 B a n k is s i t u a t e d i n t h e s m a ll c o m m u n i t y
o f L a S a l l e , w h i c h is f iv e m i l e s s o u t h o f G r e e l e y ,
C o l o r a d o , a n d is p r e s e n t l y t h e s o le b a n k i n g s u b
O n t h e b a s i s o f t h e r e c o r d , t h e a p p l i c a t i o n is
a p p ro v e d fo r th e r e a s o n s s u m m a riz e d a b o v e . T h e
tr a n s a c tio n s h a ll n o t b e m a d e (a ) b e f o r e th e th ir
t i e t h c a l e n d a r d a y f o l l o w i n g t h e e f f e c t iv e d a t e o f
th i s O r d e r o r ( b ) l a t e r t h a n t h r e e m o n t h s a f t e r t h e
e f fe c tiv e d a te o f th is O r d e r , u n le s s s u c h p e r io d
is e x t e n d e d f o r g o o d c a u s e b y t h e B o a r d , o r b y
t h e F e d e r a l R e s e r v e B a n k o f C h i c a g o p u r s u a n t to
d e le g a te d a u th o r ity .
B y o r d e r o f t h e B o a r d o f G o v e r n o r s , e f f e c t iv e
s id ia ry o f G r e e le y - L a S a lle I n v e s tm e n t C o m p a n y ,
L a S a lle ,
C o lo ra d o
( “ C o m p a n y ” ),
a
re g is te re d
o n e -b a n k h o ld in g c o m p a n y . W ith o n e s u b s id ia ry
b a n k in G r e e l e y , A p p l i c a n t a l r e a d y o p e r a t e s in t h e
W e ld
C o u n ty
b a n k in g
la rg e s t b a n k in g
m a rk e t an d
o r g a n iz a tio n
in
is t h e
th ird
th a t m a rk e t
by
v i r t u e o f its c o n t r o l o f a p p r o x i m a t e l y 1 7 .9 p e r c e n t
o f to ta l m a r k e t d e p o s its . I n a s m u c h a s o n e o f A p
p l i c a n t ’s s u b s i d i a r y b a n k s a n d B a n k o p e r a t e in t h e
s a m e m a rk e t, c o n s u m m a tio n o f th e p ro p o s a l w o u ld
M ay 27, 1975.
Voting for this action: Governors Bucher, Holland,
and Wallich. Present and abstaining: Governor Shee
han. Absent and not voting: Chairman Burns and Gov
ernors Mitchell and Coldwell.
*A11 banking data are as of June 30, 1974 and reflect bank
holding company form ations and acquisitions approved through
January 31, 1975.
(S ig n e d ) G r if f it h L . G a r w o o d ,
2The W eld County banking market is defined as W eld
County less the northern and northeastern sections as well as
the southern one-quarter of the county.
[s e a l ]
Assistant Secretary of the Board.
Law Department
383
e lim in a te s o m e c o m p e titio n b e tw e e n th e tw o o r
e ffe c tiv e d a te o f th is O r d e r , u n le s s s u c h p e r io d
g a n iz a tio n s . H o w e v e r , u p o n c o n s u m m a tio n o f th e
is e x t e n d e d f o r g o o d c a u s e b y t h e B o a r d , o r b y
p ro p o s a l h e r e in , A p p lic a n t w o u ld r e m a in th e th ird
th e F e d e r a l R e s e r v e B a n k o f K a n s a s C ity p u r s u a n t
l a r g e s t b a n k i n g o r g a n i z a t i o n in t h e m a r k e t , w i t h
to d e le g a te d a u th o rity .
t h e f irs t a n d s e c o n d l a r g e s t b a n k i n g o r g a n i z a t i o n s
(b o th o f w h ic h a re m u lti-b a n k h o ld in g c o m p a n ie s )
M ay 5, 1975.
B y o r d e r o f th e B o a rd o f G o v e r n o r s , e ffe c tiv e
c o n tr o llin g m u c h la r g e r p e r c e n ta g e s o f th e to ta l
d e p o s i t s in t h e m a r k e t . I n a d d i t i o n , s u b s i d i a r ie s
o f tw o o th e r la rg e m u lti-b a n k h o ld in g c o m p a n ie s
w o u ld
c o n tin u e
as
c o m p e tito rs
in
th e
re le v a n t
Voting for this action: Chairman Burns and Gover
nors Mitchell, Sheehan, and Coldwell. Voting against
this action: Governor Holland. Absent and not voting:
Governors Bucher and Wallich.
m a r k e t. A c c o r d in g ly , o n th e b a s is o f th e r e c o r d
a n d , g i v e n t h e p r e s e n t s t r u c t u r e o f b a n k i n g in t h e
m a r k e t, th e B o a rd d o e s n o t v ie w
( S ig n e d ) G r i f f i t h L . G a r w o o d ,
[s e a l]
A s s i s t a n t S e c r e t a r y o f th e B o a r d .
th e e ffe c ts o f
t h e p r o p o s a l o n c o m p e t i t i o n a s b e i n g s ig n i f i c a n t .
M o r e o v e r , t h e c o m p e t i t i v e e f f e c t s o f th e p r o p o s a l
D is s e n tin g S ta te m e n t o f G o v e r n o r H o lla n d
m u s t b e e x a m i n e d in l i g h t o f t h e f i n a n c i a l , m a n a
g e ria l, a n d c o n v e n ie n c e a n d n e e d s c o n s id e ra tio n s
o f C o lo r a d o , I n c ., to a c q u ire S o u th P la tte N a tio n a l
d is c u s s e d b e lo w .
B a n k , sin c e I b e lie v e
I w o u ld d e n y th e a p p lic a tio n o f U n ite d B a n k s
th e p r o p o s a l w o u ld
have
T h e fin a n c ia l a n d m a n a g e r ia l r e s o u r c e s a n d f u
a d v e rs e e ffe c ts o n th e c o n c e n tr a tio n o f b a n k in g
t u r e p r o s p e c t s o f A p p l i c a n t a n d o f it s s u b s i d i a r ie s
r e s o u r c e s in t h e W e l d C o u n t y b a n k i n g m a r k e t a s
a r e r e g a r d e d a s g e n e r a l l y s a t is f a c t o r y . W h i l e t h e
w e ll a s o n e x is tin g a n d f u tu r e c o m p e titio n in th a t
m a n a g e m e n t o f B a n k a p p e a rs c a p a b le , th e c a p ita l
m a rk e t. In m y v ie w , su c h a d v e rs e e ffe c ts a re n o t
r a t i o s o f B a n k h a v e d e c l i n e d r e c e n t l y d u e to t h e
o u t w e i g h e d b y o t h e r c o n s i d e r a t i o n s r e f l e c te d i n t h e
n e e d f o r B a n k to d e c la r e d iv id e n d s to r e tire a n
re c o rd a n d , a c c o r d in g ly , th e a p p lic a tio n s h o u ld b e
o u t s t a n d i n g d e b t o f B a n k ’s p a r e n t h o l d i n g c o m
d e n ie d .
p a n y . A ffilia tio n o f B a n k w ith A p p lic a n t s h o u ld
A p p l i c a n t n o w o w n s o n e b a n k in t h e r e l e v a n t
s t r e n g t h e n B a n k ’s o v e r a l l f i n a n c ia l c o n d i t i o n a n d
m a r k e t a n d c o n t r o l s a p p r o x i m a t e l y 1 7 .9 p e r c e n t
a s s u r e th a t its c a p ita l r a tio s w ill b e m a in ta in e d a t
o f t o t a l m a r k e t d e p o s i t s , m a k i n g it t h e t h i r d l a r g e s t
a c c e p t a b l e l e v e l s . T h e s e c o n s i d e r a t i o n s r e l a t i n g to
b a n k i n g o r g a n i z a t i o n in t h a t m a r k e t . S o u t h P l a t t e
fin a n c ia l f a c to r s le n d w e ig h t to w a r d a p p r o v a l o f
N a tio n a l B a n k , a c o m p a r a tiv e ly y o u n g a n d w e ll-
th e a p p l i c a t i o n . W i t h r e s p e c t to c o n v e n i e n c e a n d
m a n a g e d o rg a n iz a tio n ,
n e e d s c o n s i d e r a t i o n s , t h e W e l d C o u n t y m a r k e t is
p e r c e n t o f t h e m a r k e t ’s d e p o s i t s a n d r a n k s a s t h e
p rim a rily a n a g r ic u ltu ra lly -o rie n te d c o m m u n ity , as
s e v e n t h l a r g e s t o f t w e l v e b a n k s in t h e m a r k e t . I n
v ie w o f th e a lre a d y h ig h le v e l o f d e p o s it c o n c e n
is e v i d e n c e d b y t h e la r g e v o l u m e o f a g r i c u l t u r a l
h o ld s
a p p ro x im a te ly
2 .4
l o a n s m a d e b y b a n k s in t h e a r e a . B a n k ’s a b i l i t y
t r a t io n i n t h e m a r k e t ( t h e t h r e e
t o s e r v e t h e f i n a n c i a l n e e d s o f its i m m e d i a t e s e r v i c e
o rg a n iz a tio n s c o n tro l a p p ro x im a te ly
area
A p p lic a n t
o f th e d e p o s its ) , I a m c o n c e r n e d a b o u t th e fu rth e r
s h o u l d e n h a n c e B a n k ’s o v e r a l l a b i l i t y to m e e t t h e
i n c r e a s e in t h e l e v e l o f c o n c e n t r a t i o n t h a t w o u l d
e x p a n d in g fin a n c ia l n e e d s o f th a t a r e a . A c c o r d
re s u lt fro m th is p ro p o s a l.
is
lim ite d ,
and
a f f il ia t io n
w ith
in g ly , c o n v e n ie n c e a n d n e e d s c o n s id e ra tio n s a ls o
la rg e s t b a n k in g
85 p er cen t
I n a d d i t i o n to t h e a d v e r s e e f f e c t s o n b a n k i n g
le n d w e ig h t to w a r d a p p ro v a l o f th e a p p lic a tio n .
c o n c e n tr a tio n , th e p r o p o s a l w o u ld r e s u lt in
T h e re f o r e , o n th e b a s is o f th e fa c ts o f th e c a s e ,
e lim in a tio n o f d ire c t c o m p e titio n , a s w e ll a s f o r e
t h e B o a r d is o f t h e v i e w t h a t t h e c o n v e n i e n c e a n d
c lo s e
n e e d s f a c to r s , c o n s id e re d w ith th e f in a n c ia l f a c to r s
s u b s id ia ry b a n k a n d S o u th P la tte N a tio n a l B a n k .
d is c u s s e d a b o v e , o u tw e ig h in th e p u b lic in te r e s t
I t a p p e a r s f r o m t h e r e c o r d t h a t t h e r e is a m e a n i n g
any
fu l d e g re e o f o v e rla p
ad v erse
e ffe c ts th e
p ro p o sal m ay
have
on
fu tu re
c o m p e titio n ,
b e tw e e n
th e
A p p l i c a n t ’s
in t h e d e p o s i t s a n d lo a n s
c o m p e t i t i o n . I t is t h e B o a r d ’s j u d g m e n t th a t c o n
th a t e a c h
s u m m a tio n o f th e p r o p o s e d tr a n s a c tio n w o u ld b e
a re a o f th e o th e r a n d , a b s e n t c o n s u m m a tio n o f th e
in
p r o p o s a l, th e
th e
p u b lic
in te re s t
and
th a t
th e
a p p lic a tio n
s h o u ld b e a p p ro v e d .
o rg a n iz a tio n d e riv e s fro m
th e
s e rv ic e
a m o u n t o f d ire c t c o m p e titio n
be
tw e e n th e tw o o r g a n iz a tio n s w o u ld in c r e a s e .
O n t h e b a s i s o f t h e r e c o r d , t h e a p p l i c a t i o n is
T h e m a jo r ity h a s c o n c lu d e d th a t th e a n tic o m p e t
a p p ro v e d fo r th e re a s o n s s u m m a riz e d a b o v e . T h e
i ti v e a s p e c t s o f t h e p r o p o s a l a r e o u t w e i g h e d b y
tr a n s a c tio n s h a ll n o t b e m a d e (a ) b e f o re th e th ir
b e n e f its t h a t w o u l d a c c r u e to t h e c o m m u n i t i e s t o
tie th c a le n d a r d a y f o llo w in g th e e f fe c tiv e d a te o f
b e s e rv e d . I d is a g re e w ith th a t c o n c lu s io n . T h e
t h i s O r d e r o r ( b ) l a t e r th a n t h r e e m o n t h s a f t e r t h e
t h r e e l a r g e s t b a n k i n g o r g a n i z a t i o n s in t h e S t a t e —
384
one
F e d e r a l R e s e r v e B u lle tin □ J u n e 1 9 7 5
of
w h ic h
is
A p p lic a n t— a re
a lre a d y
re p re
z a tio n in th e B o u ld e r b a n k in g m a r k e t ( th e r e le v a n t
s e n t e d in t h e r e l e v a n t m a r k e t . T h e c o m b i n a t i o n
m a rk e t),
o f A p p lic a n t a n d S o u th P la tte , e a c h o f w h ic h h a s
a b o u t 2 .4 p e r c e n t o f th e to ta l m a rk e t d e p o s its .3
w ith
tw o
su b s id ia ry
banks
c o n tr o llin g
o p e r a t e d a s a n e f f e c t i v e i n d e p e n d e n t c o m p e t i t o r in
S i n c e B a n k is a n e w b a n k , c o n s u m m a t i o n o f t h e
t h i s m a r k e t i n t h e p a s t , c a n n o t b e e x p e c t e d , in
p ro p o s a l w o u ld n o t e lim in a te a n y e x is tin g c o m p e
m y j u d g m e n t , t o r e s u l t i n s u b s t a n t i a l b e n e f i t s to
titio n .
t h e p u b l i c . I f t h e a f f i li a t io n o f S o u t h P l a t t e N a t i o n a l
w o u ld h a v e a d v e rs e e ffe c ts o n th e d e v e lo p m e n t
B a n k w i t h a n o t h e r b a n k i n g o r g a n i z a t i o n is t h o u g h t
o f c o m p e titio n in th e f u tu re . A c c o r d in g ly , c o m
to b e d e s ira b le a n d b e n e f ic ia l to th e p u b lic , s u c h
p e titiv e c o n s id e ra tio n s a re re g a rd e d b y th e B o a rd
N or
does
it
appear
th a t
th e
tra n s a c tio n
a f f ilia tio n s h o u l d b e w i t h a n o t h e r b a n k i n g o r g a n i
as b e in g c o n s is te n t w ith a p p ro v a l o f th e a p p lic a
z a tio n
tio n .
th a t
is
not
p re s e n tly
r e p re s e n te d
in
th e
m a rk e t.
T h e f i n a n c ia l a n d m a n a g e r i a l r e s o u r c e s a n d f u
F o r th e a b o v e re a s o n s , I w o u ld d e n y th e a p p li
c a tio n .
t u r e p r o s p e c t s o f A p p l i c a n t a n d its s u b s i d i a r ie s a r e
reg ard ed
as
g e n e ra lly
s a tis f a c to ry .
B ank,
as
a
p r o p o s e d n e w b a n k , h a s n o fin a n c ia l o r o p e r a tin g
W e s t l a n d B a n k s , I n c .,
h i s t o r y ; h o w e v e r , i ts f u t u r e p r o s p e c t s a s a s u b s i d i
L a k ew o o d , C olorado
a ry o f A p p lic a n t a p p e a r f a v o ra b le . T h e s e c o n s id
e r a t i o n s r e l a t i n g to t h e b a n k i n g f a c t o r s a r e c o n
O r d e r A p p r o v in g A c q u is itio n o f B a n k
s is te n t w ith a p p ro v a l o f th e a p p lic a tio n .
W e s tla n d B a n k s , I n c ., L a k e w o o d , C o lo ra d o , a
I n i ts c o n s i d e r a t i o n o f t h e s u b j e c t a p p l i c a t i o n ,
b a n k h o ld in g c o m p a n y w ith in th e m e a n in g o f th e
B a n k H o ld in g C o m p a n y A c t, h a s a p p lie d fo r th e
th e B o a rd h a s c o n s id e re d th e c o m m e n ts s u b m itte d
o n b e h a lf o f P ro te s ta n t, a b a n k lo c a te d 3 .8 m ile s
B o a r d ’s a p p r o v a l u n d e r § 3 ( a ) ( 3 ) o f t h e A c t ( 1 2
fro m th e p r o p o s e d site o f B a n k . P ro te s ta n t, th e
U .S .C . 1 8 4 2 (a )(3 )) to a c q u ire 1 0 0 p e r c e n t o f th e
n i n t h l a r g e s t b a n k in t h e m a r k e t , c o n t e n d s g e n e r
v o t i n g s h a r e s ( l e s s d i r e c t o r s ’ q u a l i f y in g s h a r e s ) o f
a lly t h a t t h e e c o n o m y o f t h e a r e a to b e s e r v e d
G u n b a rre l N a tio n a l B a n k , B o u ld e r, C o lo ra d o , a
b y B a n k w ill n o t s u p p o rt a n a d d itio n a l b a n k a n d ,
p ro p o sed n ew b an k .
s i n c e t h e p r o p o s e d s e r v i c e a r e a o f B a n k is s u b
N o t i c e o f t h e a p p l i c a t i o n , a f f o r d i n g o p p o r t u n it y
fo r in te re s te d
p e rso n s
to s u b m it c o m m e n ts
and
s t a n ti a l l y s i m i l a r to t h a t s e r v e d b y P r o t e s t a n t , t h e
e s ta b lis h m e n t o f
B ank
w o u ld
have
an
a d v e rse
v i e w s , h a s b e e n g i v e n in a c c o r d a n c e w i t h § 3 ( b )
i m p a c t o n P r o t e s t a n t . T h e B o a r d is o f th e v i e w
o f t h e A c t . T h e t i m e f o r f ilin g c o m m e n t s a n d v i e w s
th a t th e re c o r d , in c lu d in g th e s u b m is s io n s b y
P ro te s ta n t, d o e s n o t w a r ra n t d e n ia l o f th e a p p lic a
h a s e x p ire d ,
a n d th e B o a rd
h a s c o n s id e re d
th e
a p p lic a tio n a n d a ll c o m m e n ts r e c e iv e d , in c lu d in g
tio n .
th o s e s u b m itte d o n b e h a lf o f B a n k o f B o u ld e r,
T h e B o u ld e r m a rk e t h a s b e e n o n e o f th e fa s te s t
B o u l d e r , C o l o r a d o ( “ P r o t e s t a n t ” ) , in l i g h t o f t h e
g r o w i n g a r e a s in t h e S t a t e , a s r e f le c te d in a p o p u
fa c to rs s e t f o rth in § 3 (c ) o f th e A c t (1 2 U .S .C .
la tio n g ro w th o f a b o u t 7 8 p e r c e n t d u rin g th e p a s t
1 8 4 2 (c )).
decade.
A p p lic a n t,
th e
n in th
la rg e st
b a n k in g
o rg a n i
M o reo v er,
based
on
p ro je c tio n s ,
it
is
r e a s o n a b l e to c o n c l u d e t h a t t h e a r e a ’s p o p u l a t i o n
z a tio n in C o lo r a d o , c o n tr o ls s ix b a n k s w ith a g g r e
g r o w t h w i l l c o n t i n u e to s u r p a s s t h e r a t e o f g r o w t h
g a te d e p o s its o f a b o u t $ 7 3 .3 m illio n , r e p r e s e n tin g
fo r
a p p ro x im a te ly
1 .1 p e r c e n t o f t h e t o t a l d e p o s i t s
e c o n o m i c a c t i v i t y in t h e a r e a m a y h a v e s l o w e d
in c o m m e r c ia l b a n k s in th e S ta te o f C o lo r a d o .1
r e c e n t l y , t h e B o a r d is o f t h e v i e w t h a t t h e p o p u l a
th e
S ta te
as
a
w h o le .
W h ile
th e
le v e l
of
S i n c e B a n k is a p r o p o s e d n e w b a n k , c o n s u m m a
t i o n a n d t h e p r o s p e c t s f o r g r o w t h in t h e a r e a a r e
tio n o f th e p r o p o s e d a c q u is itio n w o u ld n o t im m e
fa v o ra b le a n d in d ic a te th a t th e m a rk e t c o u ld s u p
d i a t e l y i n c r e a s e A p p l i c a n t ’s s h a r e o f c o m m e r c i a l
p o rt an
b a n k d e p o s its in th e S ta te .
m o re , a lth o u g h th e in tro d u c tio n o f a n e w b a n k in to
B a n k is t o b e l o c a t e d i n G u n b a r r e l , a s u b u r b a n
th e
a d d itio n a l b a n k in g
m a rk e t
m ay
m o d e ra te
a lte rn a tiv e .
P r o t e s t a n t ’s
F u rth e r
ra te
of
a re a th re e m ile s n o r th e a s t o f B o u ld e r , C o lo r a d o .2
g r o w t h , t h e B o a r d is u n a b l e to c o n c l u d e t h a t t h e
A p p lic a n t is th e e ig h th
e s ta b lis h m e n t o f B a n k b y A p p lic a n t, w h ic h d o e s
la rg e s t b a n k in g
o rg a n i
not occupy
1A11 banking data are as of June 30, 1974, and reflect bank
holding com pany form ations and acquisitions approved through
Novem ber 30, 1974.
2The Com ptroller of the Currency has granted preliminary
charter approval for Bank.
w o u ld
have
a s ig n ific a n t p o s itio n in th e m a r k e t,
an
a d v erse
im p a c t
on
P r o t e s t a n t ’s
o v e ra ll p ro s p e c ts .
3The Boulder market area is defined as Boulder County
excluding the Broomfield area and including the Erie area in
the southwestern corner of W eld County.
Law Department
O n t h e o t h e r h a n d , it a p p e a r s t h e p r o p o s a l w o u l d
r e s u l t in b e n e f i t s t o t h e c o n v e n i e n c e a n d n e e d s o f
385
th e fa c to rs se t f o rth in § 3 (c ) o f th e A c t (1 2 U .S .C .
1 8 4 2 (c )).
th e c o m m u n ity . A t th e p r e s e n t tim e , th e re a re n o
P a n A m e ric a n , th e te n th la rg e s t b a n k in g o r g a
b a n k s in t h e c i t y o f G u n b a r r e l , a n d t h e a r e a t o
n i z a t i o n in F l o r i d a , c o n t r o l s 15 b a n k s w i t h a g g r e
b e se rv e d b y
B a n k c o n ta in s a p p ro x im a te ly
100
g a te d e p o s its o f a p p ro x im a te ly $ 5 5 8 m illio n , r e p
b u s in e s s e s . T h is p r o p o s a l w o u ld r e s u lt in a n a d d i
re s e n tin g
tio n a l a n d a m o re c o n v e n ie n t s o u rc e o f fu ll b a n k
c o m m e r c i a l b a n k s i n t h e S t a t e . 1 G F S is t h e 2 2 n d
in g s e rv ic e s to th e b u s in e s s e s a n d r e s id e n ts o f th e
l a r g e s t b a n k i n g o r g a n i z a t i o n in t h e S t a t e a n d c o n
a re a . A c c o r d in g ly , th e B o a rd c o n c lu d e s th a t c o n
t r o ls f o u r b a n k s ( o n e o f w h i c h h a s n o t y e t o p e n e d
v e n ie n c e
to w a rd
and
needs
ap p ro v al
of
2 .4
per cent
o f th e to ta l d e p o s its
in
c o n s id e ra tio n s le n d
w e ig h t
fo r b u s in e s s ) w ith a g g re g a te d e p o s its o f a p p r o x i
th e
is
m a te ly $ 2 0 1 m illio n o r 0 .9 p e r c e n t o f th e to ta l
a p p lic a tio n .
B o a r d ’s j u d g m e n t t h a t t h e
p ro p o sed
It
th e
a c q u i s i ti o n
d e p o s its
in
c o m m e rc ia l b a n k s
in
th e
S ta te .
In
w o u l d b e in t h e p u b l i c i n t e r e s t a n d t h a t t h e a p p l i
a d d itio n , G F S o w n s fro m
c a tio n s h o u ld b e a p p ro v e d .
o f th e v o tin g s h a re s o f s ix o th e r b a n k s ( h e re a f te r
r e fe rr e d to a s n o n - s u b s id ia r y b a n k s .) 2 U p o n c o n
O n t h e b a s i s o f t h e r e c o r d , t h e a p p l i c a t i o n is
1 5 .1 t o 2 4 . 9 p e r c e n t
a p p ro v e d fo r th e re a s o n s s u m m a riz e d a b o v e . T h e
s u m m a tio n o f th e p r o p o s e d m e r g e r, P a n A m e ric a n
tr a n s a c tio n s h a ll n o t b e m a d e (a ) b e f o re th e th ir
w o u ld
tie th c a le n d a r d a y f o llo w in g th e e ffe c tiv e d a te o f
d e p o s its
th is O rd e r o r (b ) la te r th a n th re e m o n th s a fte r th a t
b a n k in g o r g a n iz a tio n in F lo rid a .
c o n tro l
and
3 .3
w o u ld
per
cent
becom e
of
th e
th e
to ta l
e ig h th
S ta te
la rg e s t
d a te , a n d (c) G u n b a rre l N a tio n a l B a n k , B o u ld e r,
P a n A m e r i c a n ’s s u b s i d i a r y b a n k s a r e l o c a t e d in
C o lo r a d o , s h a ll b e o p e n e d f o r b u s in e s s n o t la te r
s e v e n d iffe re n t b a n k in g m a r k e ts a s f o llo w s : s e v e n
th a n
O r d e r . E a c h o f t h e p e r i o d s d e s c r i b e d in ( b ) a n d
in t h e g r e a t e r M i a m i m a r k e t , t w o in e a c h o f t h e
N o r t h B r o w a r d a n d O r l a n d o m a r k e t s , a n d o n e in
s i x m o n t h s a f t e r t h e e f f e c t iv e d a t e o f t h i s
(c) m a y b e e x te n d e d fo r g o o d c a u s e b y th e B o a rd
e a c h o f th e D a y to n a B e a c h , S a ra s o ta , T a m p a a n d
o r b y th e F e d e ra l R e s e rv e B a n k o f K a n s a s C ity
W est
p u r s u a n t t o d e l e g a t e d a u t h o r i ty .
s u b s id ia ry b a n k s ( F irs t N a tio n a l B a n k a n d T ru s t
B y o r d e r o f t h e B o a r d o f G o v e r n o r s , e f f e c t iv e
V o lu s ia
p o s its
Voting for this action: Chairman Burns and Gover
nors Mitchell, Sheehan, Bucher, Holland, and Wallich.
Absent and not voting: Governor Coldwell.
M a rin e
[s e a l]
A s s i s t a n t S e c r e t a r y o f th e B o a r d .
th r e e
o p e ra tin g
C o m p a n y o f L a k e W o rth , L a k e W o rth w ith d e
M ay 7 , 1975.
(S ig n e d ) G r i f f i t h L . G a r w o o d ,
m a r k e t s . 3 G F S ’s
of
a p p ro x im a te ly
B ank
&
T ru st
$ 9 1 .5
C om pany
m illio n ,
of
th e
F irs t
P a lm
B e a c h e s , R iv ie r a B e a c h w ith d e p o s its o f a p p r o x i
m a te ly $ 71
m illio n , a n d F irs t N a tio n a l B a n k &
T ru s t C o m p a n y J u p ite r /T e q u e s ta , T e q u e s ta w ith
d e p o s i t s o f a p p r o x i m a t e l y $ 3 9 . 2 m i l l i o n ) a r e a ll
l o c a t e d in t h e W e s t P a l m B e a c h m a r k e t , a n d its
P a n A m e r ic a n B a n c s h a r e s , I n c .,
M ia m i , F l o r id a
*A11 banking data are as of June 30, 1974, and reflect holding
company formations and acquisitions approved through Febru
ary 28, 1975.
O r d e r A p p r o v in g M e r g e r o f B a n k
2This Order does not constitute a determ ination that any of
the six non-subsidiary banks is or m ay becom e a subsidiary
of Pan American; nor is this Order any indication that Pan
American would be perm itted to acquire direct or indirect
control of any additional shares of any said banks. Further
m ore, the determ ination herein does not preclude the Board
from determ ining that Pan American exercises a controlling
influence over the m anagem ent or policies of any of the six
nonsubsidiary banks w ithin the m eaning of § 2(a)(2)(C) of the
Act.
3The greater M iami m arket is approximated by all of Dade
County and the Hollywood area of Broward County; the North
Broward m arket is approxim ated by the northern two-thirds
of Broward County; the O rlando m arket is approxim ated by
all of Orange County and the southern half of Seminole
County; the Daytona Beach m arket is approximated by the
coastal half of Volusia County north of Ponce de Leon Inlet;
the Sarasota market is approxim ated by the northern half of
Sarasota County; the Tam pa m arket is approximated by all
of Hillsborough County and the town of Land O ’Lakes in Pasco
County; and the W est Volusia m arket is approximated by the
inland half of Volusia County, all in Florida.
H o ld in g C o m p a n ie s
P a n A m e ric a n B a n c s h a re s , I n c . , M ia m i, F lo rid a
(“ Pan
A m e ric a n ” ),
a
bank
h o ld in g
com pany
w ith in th e m e a n in g o f th e B a n k H o ld in g C o m p a n y
A c t , h a s a p p l i e d f o r t h e B o a r d ’s a p p r o v a l u n d e r
§ 3 (a )(5 ) o f th e A c t (1 2 U .S .C .
1 8 4 2 ( a ) ( 5 ) ) to
m e rg e w ith G e n e ra l F in a n c ia l S y s te m s , I n c ., R i
v ie ra B e a c h , F lo rid a ( “ G F S ” ), u n d e r th e title a n d
c h a rte r o f P a n A m e ric a n .
N o tic e o f th e a p p lic a tio n , a ffo rd in g o p p o r tu n ity
fo r in te re s te d
p erso n s
to s u b m it c o m m e n ts
and
v i e w s , h a s b e e n g i v e n in a c c o r d a n c e w i t h § 3 ( b )
o f t h e A c t . T h e t i m e f o r f i lin g c o m m e n t s a n d v i e w s
h a s e x p ir e d , a n d th e B o a rd h a s c o n s id e re d th e
a p p l i c a t i o n a n d a ll c o m m e n t s r e c e i v e d in l i g h t o f
386
F e d e r a l R e s e r v e B u lle tin □ J u n e 1 9 7 5
s u b s id ia ry
bank
w h ic h
has
not yet opened
fo r
b u s i n e s s is l o c a t e d i n t h e J a c k s o n v i l l e m a r k e t . 4
N e ith e r P a n A m e ric a n n o r G F S h a s a n y s u b s id ia ry
e ffe c t w ith re s p e c t to
su c h lo a n s w o u ld n o t b e
s ig n ific a n t.
In lig h t o f th e f o re g o in g a n d fa c ts o f re c o r d ,
b a n k s lo c a te d w ith in th e sa m e m a rk e t; a n d n e ith e r
th e B o a rd
h a s a n y s u b s id ia r y b a n k s lo c a te d in a d ja c e n t m a r
p r o p o s a l w o u l d n o t h a v e a n y s ig n if i c a n t a d v e r s e
k e ts .
e ffe c ts o n e x is tin g o r p o te n tia l c o m p e titio n in a n y
M o reo v er, n o n e
o f G F S ’s
n o n - s u b s id ia ry
c o n c lu d e s
re le v a n t
Pan
e ra tio n s a re c o n s is te n t w ith a p p ro v a l o f th e a p p li
su b s id ia ry
banks
are
lo c a te d .
T h u s , it a p p e a r s t h a t n o m e a n i n g f u l c o m p e t i t i o n
p r e s e n tly e x is ts b e tw e e n a n y o f th e b a n k in g s u b
and
th a t
th e
c o m p e titiv e
o f th e
b a n k s a re lo c a te d w ith in th e sa m e m a rk e ts w h e re
A m e r i c a n ’s
area
th a t c o n s u m m a tio n
c o n s id
c a tio n .
The
f i n a n c ia l
c o n d itio n
and
m a n a g e ria l
re
s id ia rie s o f P a n A m e r ic a n a n d th o s e o f G F S , n o r
s o u rc e s o f P a n A m e r ic a n , G F S a n d th e ir re s p e c tiv e
is a n y s u c h c o m p e t i t i o n l i k e l y t o d e v e l o p in v i e w
s u b s id ia r ie s a re c o n s id e re d g e n e r a lly s a tis f a c to ry ,
o f t h e m a r k e t s e p a r a t i o n a n d F l o r i d a ’s b r a n c h i n g
a n d th e f u tu re p ro s p e c ts fo r e a c h a p p e a r fa v o ra b le .
la w s .
F u rth e rm o r e , P a n A m e r ic a n h a s c o m m itte d its e lf
A lth o u g h c o n s u m m a tio n o f th e p ro p o s e d m e rg e r
to m a i n t a i n
a n a d e q u a te c a p ita l p o s itio n fo r th e
A m e ric a n o r G F S w o u ld e n te r th e b a n k in g m a rk e ts
s u b s i d i a r y b a n k s w h i c h it w i l l a c q u i r e a s a r e s u l t
o f th is p r o p o s a l. T h u s , th e b a n k in g f a c to rs le n d
o f t h e o t h e r , t h e B o a r d b e l i e v e s t h a t th e r e is l i t t le
w e ig h t to w a rd
lik e lih o o d o f s ig n ific a n t p o te n tia l c o m p e titio n d e
t h o u g h th e r e is n o e v i d e n c e t o i n d i c a t e t h a t t h e
v e lo p in g b e tw e e n th e tw o b a n k in g o rg a n iz a tio n s
b a n k in g
in t h e a b s e n c e o f t h e s u b j e c t p r o p o s a l . I t d o e s n o t
m a rk e ts a re n o t p re s e n tly b e in g m e t, P a n A m e ric a n
a p p e a r f r o m t h e f a c t s o f r e c o r d t h a t G F S h a s th e
p ro p o ses
n e c e ssa ry
geo
b a n k s w ith in te rn a tio n a l s e rv ic e s a n d in c re a s e th e
g r a p h ic a lly in th e f o r e s e e a b le f u tu r e . A lth o u g h P a n
l e n d i n g l i m i ts o f t h e s e b a n k s . A c c o r d i n g l y , c o n
w o u ld
f o re c lo s e
th e
fin a n c ia l
p o s s ib ility
re so u rc e s
th a t
to
e ith e r
expand
Pan
needs
to
a p p ro v a l o f th e
o f th e
p ro v id e
a p p lic a tio n .
r e s id e n ts o f th e
G F S ’s
p re se n t
A l
re le v a n t
su b s id ia ry
f i n a n c ia l
s id e ra tio n s re la tin g to th e c o n v e n ie n c e a n d n e e d s
c a p a b ility to e n te r th e W e s t P a lm B e a c h m a r k e t
o f th e c o m m u n itie s to b e s e rv e d le n d s o m e w e ig h t
A m e ric a n
does
appear
to
po ssess
th e
m o d e ra te ly
t o w a r d a p p r o v a l o f t h e a p p l i c a t i o n . T h e r e f o r e , it
a t t r a c t i v e f o r s u c h e n t r y d u e in p a r t t o t h e m a r k e t ’s
is t h e B o a r d ’s j u d g m e n t t h a t c o n s u m m a t i o n o f t h i s
p o p u l a t i o n p e r b a n k i n g o f fic e r a t i o b e i n g b e l o w
tr a n s a c tio n w o u ld b e in th e p u b lic in te r e s t a n d th a t
th e S ta te a v e ra g e .
th e a p p lic a tio n s h o u ld b e a p p r o v e d .
de
novo,
th a t
m a rk e t ap p ears
o n ly
In th e W e s t P a lm B e a c h m a rk e t, P a n A m e ric a n
O n t h e b a s i s o f t h e r e c o r d , t h e a p p l i c a t i o n is
o p e r a t e s a n o f fic e o f a m o r t g a g e b a n k i n g s u b s i d i a r y
a p p ro v e d fo r th e r e a s o n s s u m m a riz e d a b o v e . T h e
w h ic h m a k e s lo a n s
s e c u re d b y o n e -to -fo u r u n it
tr a n s a c tio n s h a ll n o t b e m a d e (a ) b e f o re th e th ir
r e s i d e n t i a l p r o p e r t i e s . I n a d d i t i o n to G F S ’s t h r e e
t i e t h c a l e n d a r d a y f o l l o w i n g t h e e f f e c t iv e d a t e o f
s u b s id ia ry b a n k s , 2 7 o th e r c o m m e rc ia l b a n k s , 7
th i s O r d e r o r ( b ) l a t e r t h a n t h r e e m o n t h s a f t e r t h e
s a v in g s a n d lo a n a s s o c ia tio n s
m o rtg a g e
e f f e c t iv e d a t e o f t h i s O r d e r , u n l e s s s u c h p e r i o d
b a n k in g c o m p a n ie s a ls o m a k e s u c h lo a n s in th is
m a rk e t. A fte r c o n s u m m a tio n o f th e p r o p o s a l, P a n
is e x t e n d e d f o r g o o d c a u s e b y t h e B o a r d , o r b y
t h e F e d e r a l R e s e r v e B a n k o f A t l a n t a p u r s u a n t to
A m e ric a n w o u ld c o n tro l le s s th a n 4 .3 p e r c e n t o f
d e le g a te d a u th o r ity .
and 20
t h e t o t a l l o a n s o r i g i n a t e d in t h e m a r k e t w h i c h a r e
s e c u re d b y o n e - to -f o u r u n it re s id e n tia l p ro p e rtie s .
T h u s,
it
a p p ears
th a t
any
ad v erse
c o m p e titiv e
4The W est Palm Beach banking m arket is approxim ated by
the northern three-quarters of Palm Beach County; and the
Jacksonville market is approxim ated by all of Duval County
and the town of Orange Park in Clay County, all in Florida.
B y o r d e r o f th e B o a r d o f G o v e r n o r s , e f fe c tiv e
M ay 14, 1975.
Voting for this action: Vice Chairman Mitchell and
Governors Holland, Wallich, and Coldwell. Absent and
not voting: Chairman Burns and Governors Sheehan and
Bucher.
(S ig n e d ) G r if f it h L . G a r w o o d ,
[s e a l ]
Assistant Secretary of the Board.
Law Department
387
O R D E R S N O T P R IN T E D IN T H IS ISSU E
ORDERS APPROVED BY THE BOARD OF GOVERNORS
D u rin g M a y 1 9 7 5 , th e B o a rd o f G o v e rn o rs a p p ro v e d th e a p p lic a tio n s lis te d b e lo w . T h e o rd e rs h a v e
b e e n p u b l i s h e d in t h e F e d e r a l R e g i s t e r , a n d c o p i e s o f t h e o r d e r s a r e a v a i l a b l e u p o n r e q u e s t t o P u b l i c a t i o n s
S e rv ic e s , D iv is io n o f A d m in is tra tiv e S e rv ic e s , B o a rd o f G o v e rn o rs o f th e F e d e ra l R e s e rv e S y s te m ,
W a s h in g to n , D .C . 2 0 5 5 1 .
ORDERS UNDER SECTION 3(a)(1) OF BANK HOLDING COMPANY ACTAPPLICATION FOR FORMATION OF BANK HOLDING COMPANY
A p p lic a n t
B a n k (s)
C lin to n B a n c s h a re s , In c .
F irs t N a tio n a l B a n k
C lin to n , O k la h o m a
B o a r d a c tio n
F ederal
(e ffe c tiv e
R e g is te r
d a te )
c ita tio n
5 /9 /7 5
4 0 F .R . 2 1 5 3 9
in C lin to n , C lin to n ,
5 /1 6 /7 5
O k la h o m a
B a n k o f V ic i, V ic i,
V ic i B a n c o rp o r a tio n ,
V ic i, O k la h o m a
5 /1 6 /7 5
4 0 F .R . 2 3 5 4 5
O k la h o m a
5 /3 0 /7 5
ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACTAPPLICATIONS FOR ACQUISITION OF BANK
A p p lic a n t
B a n k (s)
F irs t A la b a m a B a n c s h a re s ,
T h e C itiz e n s B a n k ,
I n c ., B irm in g h a m , A la b a m a
W e s tla n d B a n k s , I n c .,
L a k e w o o d , C o lo ra d o
B o a r d a c tio n
F ederal
(e ffe c tiv e
R e g is te r
d a te )
c ita tio n
5 /5 /7 5
4 0 F .R . 2 0 8 6 1
5 /7 /7 5
4 0 F .R . 2 1 5 4 0
M o u lto n , A la b a m a
5 /1 3 /7 5
C a s tle R o c k N a tio n a l
B a n k , C a s tle R o c k ,
5 /1 6 /7 5
C o lo ra d o
ORDERS UNDER SECTIONS 3 AND 4 OF BANK HOLDING COMPANY ACT—
APPLICATIONS TO FORM BANK HOLDING COMPANY AND ENGAGE IN
NONBANKING ACTIVITIES
N o n b a n k in g
A p p lic a n t
P fis te r, I n c ., C lif to n ,
K ansas
B a n k (s)
T h e F irs t N a tio n a l
B a n k o f C lifto n ,
F ederal
com pany
E ffe c tiv e
R e g is te r
(o r a c tiv ity )
d a te
c ita tio n
5 /1 2 /7 5
4 0 F .R . 2 2 0 4 6
P f is te r I n s u r a n c e ,
C lifto n , K a n s a s
5 /2 0 /7 5
C lifto n , K a n s a s
W e s tg a te B a n c s h a re s ,
W e s t g a g e S t a te
I n c ., K a n s a s C ity ,
B a n k , W y a n d o tte
K ansas
C o u n ty , K a n sa s
C e rta in ty p e s o f
c re d it
5 /5 /7 5
4 0 F .R . 2 0 8 6 2
5 /1 3 /7 5
388
F e d e r a l R e s e r v e B u lle tin □ J u n e 1 9 7 5
ORDERS APPROVED BY THE SECRETARY OF THE BOARD
D u r in g M a y 1 9 7 5 , a p p lic a tio n s w e r e a p p r o v e d b y th e S e c r e ta ry o f th e B o a r d u n d e r d e le g a te d a u th o r ity
a s lis te d b e lo w . T h e o r d e r s h a v e b e e n p u b lis h e d in th e F e d e r a l R e g is te r , a n d c o p ie s o f th e o r d e rs
a re a v a ila b le u p o n r e q u e s t to
P u b lic a tio n s S e rv ic e s , D iv is io n o f A d m in is tra tiv e S e r v ic e s , B o a rd o f
G o v e rn o rs o f th e F e d e ra l R e s e rv e S y s te m , W a s h in g to n , D .C . 2 0 5 5 1 .
ORDERS UNDER SECTION 3(a)(1) OF BANK HOLDING COMPANY ACT—
APPLICATION FOR FORMATION OF BANK HOLDING COMPANY
B a n k (s)
A p p lic a n t
F irs t U n io n C o rp o ra tio n ,
S tillw a te r, O k la h o m a
T h e F irs t N a tio n a l B a n k a n d
B o a r d a c tio n
F ederal
(e ffe c tiv e
R e g is te r
d a te )
c ita tio n
5 /2 8 /7 5
4 0 F .R . 2 4 7 7 1
6 /1 0 /7 5
T ru s t o f S tillw a te r, S tillw a te r,
O k la h o m a
P e o p le s S ta te H o ld in g
C o m p a n y , W e s th o p e ,
P e o p le s S ta te B a n k , W e s th o p e ,
5 /5 /7 5
4 0 F .R . 2 1 0 7 6
5 /1 5 /7 5
N o rth D a k o ta
N o rth D a k o ta
W e s t P o in t F irs t N a tio n a l C o .
L in c o ln , N e b r a s k a
5 /1 2 /7 5
T h e F irs t N a tio n a l B a n k
4 0 F .R . 2 2 3 1 8
5 /2 2 /7 5
o f W e s t P o in t, W e s t P o in t,
N eb rask a
ORDERS APPROVED BY FEDERAL RESERVE BANKS
D u r in g M a y 1 9 7 5 , a p p lic a tio n s w e r e a p p r o v e d b y th e F e d e r a l R e s e r v e B a n k s u n d e r d e le g a te d a u th o r ity
a s lis te d b e lo w . T h e o r d e rs h a v e b e e n p u b lis h e d in th e F e d e r a l R e g is te r , a n d c o p ie s o f th e o r d e rs
a re a v a ila b le u p o n r e q u e s t to th e R e s e r v e B a n k .
ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACTAPPLICATIONS FOR ACQUISITION OF BANK
F ederal
A p p lic a n t
F irs t C o m m u n ity B a n c o rp o r a
tio n , J o p lin , M is s o u ri
B a n k (s)
T h e M c D o n a ld C o u n ty
R eserve
E ffe c tiv e
R e g is te r
B ank
d a te
c ita tio n
5 /9 /7 5
4 0 F .R . 2 2 0 4 5
K a n s a s C ity
B a n k , P in e v ille ,
5 /2 0 /7 5
M is s o u ri
F irs t N a tio n a l B a n k s h a re s
F irs t N a tio n a l B a n k
o f F lo rid a , I n c ., P o m p a n o
o f N e w S m y rn a
B e a c h , F lo rid a
B e a c h , N e w S m y rn a
B e a c h , F lo rid a
A tla n ta
5 /2 7 /7 5
4 0 F .R . 2 3 9 3 4
6 /3 /7 5
389
Announcements
PUBLICATIONS COMMITTEE
o f S y s te m
p u rch ase s
w ith o u t u n d u e
im p a c t
on
y ie l d s o r o t h e r m a r k e t r e l a t i o n s h i p s .
O n J u n e 6 , th e B o a rd o f G o v e r n o r s a p p r o v e d th e
I n a n o t h e r a c t i o n , t h e C o m m i t t e e a u t h o r i z e d th e
e s t a b l i s h m e n t o f a P u b l i c a t i o n s C o m m i t t e e to r e
o p e n m a rk e t tra d in g d e s k a t th e F e d e ra l R e s e rv e
p la c e th e s ta ff E d ito r ia l C o m m itte e .
B a n k o f N e w Y o r k to m a k e r e p u r c h a s e a g r e e m e n t s
A ll e x t e r n a l p u b l i c a t i o n s o f th e B o a r d h a v e b e e n
w i t h b a n k d e a l e r s in G o v e r n m e n t s e c u r i t i e s , a s h a d
p la c e d u n d e r th e a d m in is tr a tio n o f th e P u b lic a tio n s
b e e n a u th o riz e d p re v io u s ly fo r n o n b a n k d e a le rs .
C o m m i t t e e , w h i c h is c h a r g e d w i t h o v e r - a ll p l a n
S u c h re p u rc h a s e a g re e m e n ts a re m a d e o n th e b a s is
n i n g o f t h e B o a r d ’s p u b l i c a t i o n s p r o g r a m ; a d m i n
o f c o m p e titiv e b id d in g .
is tra tio n o f th e p r o d u c tio n p r o c e s s ; b u d g e tin g a n d
b u d g e t a r y c o n t r o l s ; a n d c o o r d i n a t i o n o f a ll a s p e c t s
o f p u b lic a tio n s c o s ts , c h a rg e s , a n d d is trib u tio n .
M e m b e r s h i p o f t h e P u b l i c a t i o n s C o m m i t t e e is
a s f o llo w s :
— The
A M ENDM ENTS TO REGULATION Q
T h e B o a rd o f G o v e rn o rs a n n o u n c e d o n Ju n e 4 ,
1 9 7 5 , t w o a m e n d m e n t s t o it s R e g u l a t i o n Q ( I n t e r
M a n a g in g
D ire c to r
fo r
R e search
and
E c o n o m ic P o lic y .
e s t o n D e p o s its ) th a t w ill p r o v id e g re a te r c o n v e n
ie n c e fo r b a n k in g c u s to m e rs .
— T h e M a n a g in g D ire c to r fo r O p e ra tio n s .
T h e c h a n g e s w il l:
— T h e D ir e c to r o f th e D iv is io n o f R e s e a r c h a n d
S ta tis tic s .
1. P e r m i t m e m b e r b a n k s t o r e d e e m a t i m e d e
p o s i t b e f o r e m a t u r it y w i t h o u t p e n a l t y in c a s e o f
— T h e D i r e c t o r o f th e D i v i s i o n o f I n t e r n a t i o n a l
F in a n c e .
d e a th
o f th e
d e p o s ito r o r
a c o -d e p o s ito r.
T h is
a m e n d m e n t w a s e f f e c t iv e J u n e 5 . E a r l i e r r u l e s h a d
— T h e B o a r d ’s s e n i o r o f f ic e r in t h e p u b l i c a f f a ir s
fie ld .
p e r m i tt e d p a y m e n t o f a t i m e d e p o s i t b e f o r e m a t u
r ity
— T h e B o a r d ’s G e n e r a l C o u n s e l .
o n ly
if
a su b s ta n tia l
in te re s t p e n a lty
w ere
im p o s e d ; n a m e ly , th e lo ss o f 3 m o n th s ’ in te re s t
a n d t h e p a y m e n t o f i n t e r e s t o n th e w i t h d r a w n f u n d s
OPERATIONS IN
FEDERAL AG EN C Y SECURITIES
a t th e p a s s b o o k ra te .
2 . E ffe c tiv e
S e p te m b e r
1,
re q u ire
m em ber
b a n k s to p r i n t o r s t a m p a c o n s p i c u o u s s t a t e m e n t
T h e F e d e ra l O p e n M a rk e t C o m m itte e a n n o u n c e d
o n t h e f a c e o f a t i m e d e p o s i t t h a t n o i n t e r e s t w ill
on Ju n e
1 7 , 1 9 7 5 , a c h a n g e in its r u l e s t h a t w ill
b e p a id a fte r th e m a tu r ity d a te . T h e s ta te m e n t m u s t
p e r m i t g r e a t e r f l e x i b il i t y o f o p e r a t i o n s in F e d e r a l
p r o v i d e t h e r e n e w a l t e r m s in th e c a s e o f a n a u t o
a g e n c y se c u ritie s .
m a tic a lly r e n e w a b le tim e d e p o s it.
The
ru le
change,
p e r m it th e S y s te m
e f fe c tiv e
im m e d ia te ly ,
w ill
to h o l d u p to 3 0 p e r c e n t o f
A t th e
sam e
tim e , th e
B o a rd
u rg ed
m em ber
b a n k s to m a il n o t i c e s t o t h e i r c u s t o m e r s o f t h e
a n y o n e F e d e r a l a g e n c y is s u e o f s e c u r i t i e s a n d u p
i m p e n d i n g m a t u r it y o f a t i m e d e p o s i t . T h e B o a r d
t o 15 p e r c e n t o f t h e t o t a l a m o u n t o u t s t a n d i n g f o r
s a id t h a t a m a i l e d n o t i c e is m o s t e f f e c t i v e w h e n
any one agency.
it is r e c e i v e d b y t h e c u s t o m e r a b o u t 3 0 d a y s p r i o r
U n d e r p re v io u s g u id e lin e s fo r F e d e ra l R e se rv e
p u rch ase
of
F e d eral
h o ld in g s o f a n y o n e
agency
s e c u ritie s ,
iss u e c o u ld
S y s te m
not exceed
20
to t h e m a t u r i t y
d a te
and
th a t su c h
a n o tic e
is
p a rtic u la rly d e s ira b le w h e n th e tim e d e p o s it h a s
a n in itia l m a tu rity g re a te r th a n 1 y e a r.
p e r c e n t o f th e to ta l o u ts ta n d in g . A ls o , a g g r e g a te
h o ld in g s o f th e
not exceed
is s u e s o f a n y o n e a g e n c y c o u ld
10 p e r c e n t o f th e t o ta l a m o u n t o f a ll
o u t s t a n d i n g i s s u e s o f th a t a g e n c y .
E x p e rie n c e g a in e d
o p e ra tio n
in
agency
o v e r th e p a s t 3V2 y e a r s o f
is s u e s
has
m a r k e t is c a p a b l e o f a b s o r b i n g
sh o w n
MEMBER BA N K S AS
TRUSTEES OF RETIREM ENT PLANS
T h e B o a rd o f G o v e rn o rs a n n o u n c e d o n M a y 2 1 ,
t h a t th e
1 9 7 5 , th a t S ta te m e m b e r b a n k s n o t e x e r c is in g tru s t
a la r g e r v o l u m e
p o w e rs m a y a c t a s tr u s te e s o f in d iv id u a l r e tire m e n t
390
F e d e r a l R e s e r v e B u lle tin □ J u n e 1 9 7 5
a c c o u n ts a n d
c e rta in
s e lf-e m p lo y e d
c irc u m s ta n c e s ,
re tire m e n t p la n s
w ith o u t p rio r
B o a rd
1. S u r v e i l l a n c e c a m e r a s a r e n o t a l w a y s i n s t a l l e d
in
ap
w h ere
needed
and
a re
o fte n
not
w e ll
enough
m a i n t a i n e d to g e t u s e f u l p i c t u r e s .
p ro v a l.
T h e E m p lo y e e R e tire m e n t In c o m e S e c u rity A c t
2 . F r e q u e n t l y “ b a i t m o n e y ” is n o t p r o v i d e d f o r
o f 1 9 7 4 p ro v id e s th a t in d iv id u a ls n o t c o v e re d b y
e a c h t e l l e r in a b a n k , o r its id e n t i f i c a t io n ( d e n o m i
an e m p lo y e r re tire m e n t p la n , a se lf-e m p lo y e d r e
n a tio n ,
tire m e n t p la n , o r a c h a r ita b le a n n u ity m a y e s ta b lis h
m a k e it g o o d e v i d e n c e in a t r i a l .
in d i v i d u a l r e t i r e m e n t
m ay
d e p o s it,
fo r
c o n tr ib u tio n s
up
a c c o u n ts
re tire m e n t
to
in t o
$ 1 ,5 0 0
y e a rly .
n u m b er,
e tc .)
is n o t a d e q u a t e
to
th e y
3 . M a n y a l a r m s y s t e m s a r e n o t t e s te d a n d s e r v
ta x - fr e e
ic e d a d e q u a t e l y , w i t h t h e r e s u l t t h a t t h e y o f t e n f a il
w h ic h
p u rp o ses,
se ria l
The
S e lf-
to w o r k w h e n n e e d e d .
1962
4 . R e g u l a t i o n s u n d e r th e B a n k P r o t e c t i o n A c t ,
( K e o g h A c t) p r o v id e s th e s a m e b e n e f its , f o r c o n
i n c l u d i n g t h e B o a r d ’s R e g u l a t i o n P , s e e k to r e d u c e
tr ib u tio n s
s e lf -
b a n k lo s s e s to r o b b e r s b y r e q u i r i n g t h a t t e l l e r c a s h
e m p lo y e d in d iv id u a ls a n d th e ir e m p lo y e e s . B o th
b e k e p t a t a re a s o n a b le m in im u m . R e p o rts in d ic a te
E m p lo y e d
p la n s
I n d iv id u a ls
up
re q u ire
in s titu tio n
to
R e tire m e n t
$ 7 ,5 0 0
th a t
a
c a p a b le
of
a n n u a lly ,
bank,
of
A ct
or
o th e r
a d m in is te rin g
fo r
p erso n
su ch
or
p la n s
s u b s t a n t i a l l o s s e s d u e t o f a i l u r e t o m e e t th i s r e
q u ire m e n t.
5 . I n a l m o s t a ll c a s e s o f l a r c e n y ( c r i m i n a l r e
a c c o r d in g to th e A c t, b e a p p o in te d tr u s te e .
S t a t e m e m b e r b a n k s p e r m i t t e d b y th i s a c t i o n o f
m o v a l o f p e rs o n a l p r o p e rty ) , v a lu a b le s s to le n a re
th e B o a rd to a c t a s tr u s te e s fo r s u c h r e tire m e n t
r e p o r t e d to h a v e b e e n e x p o s e d a n d n o t s u f f i c ie n tl y
p la n s m a y
g u ard ed .
in v e s t th e s e fu n d s o n ly
a c c o u n t o r in
in a s a v i n g s
a tim e d e p o s it o f th e b a n k .
a u t h o r i t y is l i m i t e d to c a s e s w h e r e it is n o t c o n t r a r y
in d ic a te
th a t
an
a p p ro p ria te
and
c o n tin u a l tra in in g p ro g ra m fo r te lle rs c o u ld re s u lt
in s u b s t a n t i a l a s s i s t a n c e in c a t c h i n g a n d c o n v i c t i n g
to S t a t e l a w .
The
6 . R e p o rts
The
C o m p tro lle r
of
th e
C u rren cy
has
a ls o
c r i m in a ls .
The
g r a n t e d s i m i l a r a u t h o r i t y to n a t i o n a l b a n k s .
B o a r d ’s
o f f ic e r s
need
to
le t t e r
added
re c e iv e
th a t
bank
s e c u rity
b e tte r c o o p e ra tio n
and
BA N K SECURITY
m o re e n c o u r a g e m e n t f ro m to p m a n a g e m e n t.
In v ie w o f th e m o u n tin g n u m b e r o f c r im e s a g a in s t
c rim e a g a in s t b a n k s , th e J u s tic e D e p a rtm e n t h a s
In c o n n e c tio n w ith th e s ta tis tic s s h o w in g ris in g
b a n k s , th e B o a rd o f G o v e rn o rs o n J u n e 9 , 1 9 7 5 ,
s u g g e s t e d s t r o n g e r r e g u l a t i o n s d e a l i n g w it h b a n k
u r g e d t h e b a n k s u n d e r its s u p e r v i s i o n to s t r e n g t h e n
s e c u rity .
th e ir s e c u rity p ro g ra m s .
T h e B o a r d i d e n t if i e d s ix c o m m o n w e a k n e s s e s
in b a n k p r o t e c t i o n a n d d i s t r i b u t e d a q u e s t i o n n a i r e
NEW PUBLICATION: I m p r o v e d F u n d
in te n d e d
A v a ila b ility a t R u r a l B a n k s
s e c u rity
to
u p d a te
d e v ic e s
th e
b e in g
B o a r d ’s
u sed
ban k s.
T h e B o a r d ’s s t a t e m e n t s
by
in fo rm a tio n
S ta te
on
m em ber
I m p r o v e d F u n d A v a i l a b i l i t y a t R u r a l B a n k s is n o w
w ere
in a
le tte r a d
d r e s s e d t o t h e c h i e f e x e c u t i v e o f f ic e r o f e a c h S t a t e
m e m b e r b a n k . T h e l e t t e r s a id :
a v a i l a b l e f o r d i s t r i b u t i o n . T h i s v o l u m e p r e s e n t s th e
r e p o r t o f t h e s p e c i a l c o m m i t t e e a p p o i n t e d in J a n
u ary
1970
by
th e
B o a rd
of
G o v e rn o rs
of
th e
F e d e ra l R e s e r v e S y s te m to s tu d y a g r ic u ltu ra l c r e d it
T h e F e d e ra l B u re a u o f In v e s tig a tio n (F B I) h a s
r e p o r t e d to t h e B o a r d t h a t i n F i s c a l Y e a r 1 9 7 4
(e n d e d J u n e 3 0 , 1 9 7 4 ) e x te r n a l c rim e a g a in s t F e d
e r a lly in s u r e d a n d r e g u la te d fin a n c ia l in s titu tio n s
in v o lv e d 2 ,8 1 7 r o b b e rie s , 3 5 9 b u rg la rie s a n d 3 0 9
l a r c e n i e s , t o t a l l i n g a n e w h i g h o f 3 ,4 8 5 o f f e n s e s
( c o m p a r e d t o 3 , 1 7 2 in t h e p r e v i o u s y e a r ) . T h e F B I
a l s o s a i d t h a t r e p o r t s f o r t h e f irs t h a l f o f F i s c a l
19 7 5 (th ro u g h D e c e m b e r 1 9 7 4 ) “ in d ic a te d a f u r
th e r la rg e in c r e a s e .”
F B I re p o rts , a n d a “ R e p o rt o f C r im e ” su b m it
p r o b l e m s w i t h p a r t i c u l a r a t t e n t i o n to p o s s i b i l i t i e s
'f o r i m p r o v e m e n t in t h e m a r k e t a b i l i t y o f b a n k a g
r ic u ltu r a l p a p e r . T h e re s e a rc h p a p e r s p r e p a r e d fo r
t h e c o m m i t t e e a r e a l s o in c l u d e d .
P a r t 1 c o n s i s t s o f t h e R e p o r t o f th e C o m m i t t e e
on
R u ral
B a n k in g
P ro b le m s
“ Im p ro v e d
Fund
A v a i l a b i l i t y a t R u r a l B a n k s . ” P a r t 2 c o m p r i s e s th e
stu d y p a p e rs p r e p a r e d fo r th e c o m m itte e g ro u p e d
a c c o r d in g to
su b je c t:
p ro g ra m — “ F in a n c ia l
O v e rv ie w
M a rk e ts
o f th e
fo r
re se a rc h
R u ral
B ank
te d to th e F e d e r a l R e s e r v e b y e a c h S ta te m e m b e r
P a p e r: R e p o rt o n R e s e a rc h fo r a S y ste m C o m m it
b a n k u n d e r R e g u l a t i o n P ( B a n k P r o t e c t io n ) w h e n
te e ”
a c r i m e is a t t e m p t e d o r p e r p e t r a t e d , h a v e d i s c l o s e d
m a rk e ts — “ U s e o f N a tio n a l
t h e f o l l o w i n g p r i n c i p a l w e a k n e s s e s in b a n k s e c u
R u ra l B a n k s ” b y Irw in D . S a n d b e rg ; “ N o n d e p o s it
r i ty :
S o u r c e s o f F u n d s f o r R u r a l B a n k s : A n E x a m i n e r ’s
b y E m a n u e l M e lic h a r. A c c e s s
to f in a n c i a l
M o n e y M a rk e ts
by
Announcements
391
V ie w ” b y L e s te r G . G a b le ; “ A N e w M a rk e t fo r
b e o b ta in e d fro m P u b lic a tio n s S e rv ic e s , D iv is io n
F in a n c ia l I n s tru m e n ts o f R u ra l B a n k s ” b y R a y
m o n d J. D o ll; a n d “ M a rk e tin g o f N e g o tia b le In
o f A d m in is tra tiv e S e rv ic e s , B o a rd o f G o v e rn o rs
s tru m e n ts o f D e p o s it I s s u e d b y S m a ll C o m m e r c ia l
20551.
o f th e F e d e ra l R e s e rv e S y s te m , W a s h in g to n , D .C .
B a n k s ” b y R o b y L . S lo a n . D is c o u n t s e rv ic e s fro m
F ed eral
in te r m e d ia te
c re d it b a n k s — “ B a n k
D is
CHANGES IN BO A R D STAFF
c o u n tin g o f A g ric u ltu ra l L o a n s at F e d e ra l In te r
m e d ia te C re d it B a n k s ” b y T h o m a s E . S n id e r a n d
T h e B o a rd o f G o v e r n o rs h a s a n n o u n c e d th e f o l
“ F e d eral
l o w i n g c h a n g e s i n it s o f f ic ia l s t a f f , e f f e c t i v e J u n e
In te rm e d ia te
C re d it
B ank
D is c o u n t
S e rv ic e s to R u r a l B a n k s : E x p e rie n c e a n d
p e c ts ”
by Jo h n
P ro s
R . B ra k e . C o rre s p o n d e n t c re d it
2 3 , 1975:
John M .
D e n k le r h a s b e e n
fo r
O p e ra tio n s ,
nam ed
D ire c to r
C o r r e s p o n d e n t B a n k in g ” b y R o b e rt E . K n ig h t a n d
D o y le w h o re s ig n e d to b e c o m e F irs t V ic e P r e s
id e n t,
R o b e rt J.
e n c e o f b a n k in g o rg a n iz a tio n o n ru ra l c re d it s e rv
D iv is io n o f R e s e a rc h a n d S ta tis tic s , h a s s u c c e e d e d
ic e s — “ E f f e c t o f B a n k S t r u c t u r e o n P e r f o r m a n c e
M r. D e n k le r as
and
O p e ra tio n s .
by
R i c h a r d J . H e r d e r ; “ B r a n c h B a n k in g S y s t e m s a n d
R u ra l
C re d it
S e rv ic e s ”
by
D o n a ld
S n o d g ra ss;
L a w re n c e ,
B ank
A s s o c ia te
D e p u ty
of
C h ic a g o ;
M.
“ C o r r e s p o n d e n t B a n k in g in I l li n o i s : C r e d i t F l o w s
A g ric u ltu ra l L e n d in g ”
R e serv e
D a n ie l
a n d P r i c i n g P r a c t i c e s ” b y G a r y B e n j a m i n . I n f lu
Im p lic a tio n s fo r
F e d e ral
re p la c in g
M a n a g in g
s e r v i c e s — “ L o a n P a r t i c i p a t i o n s a n d F u n d F l o w s in
D ire c to r
M a n a g in g
and
in
th e
D ire c to r fo r
Jo h n J. M in g o h a s b e e n n a m e d a n A s s o c ia te
A d v i s e r in t h e D i v i s i o n o f R e s e a r c h a n d S t a t i s t i c s .
“ Im p a c t o f B a n k in g S tru c tu r e o n F a rm L e n d in g :
P r i o r to j o i n i n g t h e B o a r d ’s s ta f f in J u n e
A n E x a m in a tio n o f A g g re g a te D a ta fo r S ta te s ”
M r.
b y E m a n u e l M e l i c h a r ; “ B r a n c h B a n k in g a n d L o a n
n o m ic s a t th e U n iv e rs ity o f M o n ta n a . H e h o ld s
P o r t f o l i o C h a n g e s : T h e V i r g i n ia E x p e r i e n c e ”
a B .A . fro m
T hom as
E.
S n id e r;
“ The
Im p a c t
of
by
L im ite d
M in g o
1972,
w a s a n A s s is ta n t P ro fe s s o r o f E c o
Y a le U n i v e r s i t y a n d a P h . D . f r o m
B ro w n U n iv e rs ity .
B r a n c h B a n k in g o n A g r ic u ltu r a l L e n d in g b y B a n k s
in W i s c o n s i n ”
of
M u ltib a n k
b y H arv e y
H o ld in g
R o s e n b lu m ;
C o m p a n ie s
S e r v i c e s to A g r i c u l t u r e
on
“ Im p act
B a n k in g
in t h e U p p e r M i d w e s t ”
b y D a v id B . A rn o ld ; “ Im p a c t o f H o ld in g C o m p a
n ie s o n F a r m
G ene
D.
L e n d i n g b y B a n k s in F l o r i d a ”
S u lliv a n ;
and
“ C hange
in
by
B a n k in g
S t r u c t u r e in O h i o : I m p a c t o n A g r i c u l t u r a l C r e d i t ”
A D M ISSIO N OF STATE B A N K
TO M EM BERSHIP IN THE
FEDERAL RESERVE SYSTEM
T h e f o llo w in g b a n k w a s a d m itte d to m e m b e r s h ip
in t h e F e d e r a l R e s e r v e S y s t e m d u r i n g t h e p e r i o d
M ay
16, 1 9 7 5 , th ro u g h J u n e 15, 1975:
b y R ic h a rd L . G a d y a n d R ic h a rd D . C a rte r.
T h e p r i c e is $ 1 . 0 0 ; in q u a n t i t i e s o f 10 o r m o r e
se n t to th e s a m e a d d r e s s , 8 5 c e n ts . C o p ie s m a y
W y o m in g
M o o rc ro ft
...........................
M o o rc ro ft S ta te B a n k
392
Industrial Production
m a te ria ls
R e le a s e d f o r p u b lic a tio n J u n e 1 6
su ch
as
e q u ip m e n t
p a rts
m e t a l s . P r o d u c t i o n o f s te e l d e c l i n e d
In d u s tria l
p ro d u c tio n
d e c lin e d
0 .3
per
cent
and
b a s ic
10 p e r c e n t
in
in M a y , a n d p r o d u c t i o n o f n o n d u r a b l e m a t e r i a l s
M a y — t h e s a m e a s in A p r i l — to 1 0 9 .2 p e r c e n t o f
in M a y e d g e d u p s l i g h t l y m o r e . T h e s h a r p d e c l i n e
t h e 1 9 6 7 a v e r a g e , a c c o r d i n g to p r e l i m i n a r y e s t i
in t o t a l o u t p u t o f i n d u s t r i a l m a t e r i a l s r e l a t i v e to
m a te s . In M a y in d u s tria l p ro d u c tio n w a s
t o ta l p r o d u c t s i n d i c a t e d a f u r t h e r r a p i d l i q u i d a t i o n
c e n t b e lo w th e S e p te m b e r
1974 p eak ,
13 p e r
its r e c e n t
o f m a t e r i a l s i n v e n t o r ie s .
h ig h . O u tp u t o f c o n s u m e r g o o d s in c r e a s e d a g a in ,
INDUSTRIAL PRODUCTION
b u t th is g a in w a s m o r e th a n o ffs e t b y a d d itio n a l
s i z a b l e c u t s in b u s i n e s s e q u i p m e n t a n d
Seasonally adjusted, ratio scale, 1967=100
1 140
in t h e i r
m a in s u p p ly in g in d u s trie s , w h ic h to g e th e r a c c o u n t
f o r a b o u t o n e - f o u r t h o f t h e to ta l in d e x .
D u r a b l e c o n s u m e r g o o d s in c r e a s e d f u r t h e r b y
2 V i p e r c e n t in M a y . A u t o a s s e m b l i e s r o s e 5 p e r
c e n t to a 6 . 6 - m i l l i o n - u n i t a n n u a l r a t e , a n d o u t p u t
o f a p p lia n c e s , T V
s e ts , c a rp e tin g , a n d fu rn itu re
a r e e s t i m a t e d to h a v e r i s e n m o r e . A u t o p r o d u c t i o n
s c h e d u le s
in d ic a te
June,
th e
and
som e
a d d itio n a l
c u rre n t le v e ls
r e l a t i v e to s a l e s m a y
in c re a se
in
o f d e a l e r s ’ s to c k s
r e s u l t in s h a r p e r o r m o r e
p ro lo n g e d c u tb a c k s th a n u su a l d u rin g th e m o d e l
c h a n g e o v e r p e rio d .
O u tp u t
of
n o n d u ra b le
con
s u m e r g o o d s r o s e a b o u t 1 p e r c e n t f u r t h e r in M a y .
P r o d u c t i o n o f b u s i n e s s e q u i p m e n t in M a y d e
c l i n e d a b o u t 1 xh p e r c e n t a n d w a s 5 p e r c e n t b e l o w
t h e f i r s t - q u a r t e r a v e r a g e a n d 14 p e r c e n t b e l o w la s t
S e p te m b e r. O u tp u t o f c o n s tru c tio n p ro d u c ts h a s
c h a n g e d l i t t le s i n c e F e b r u a r y a n d r e m a i n s 2 0 p e r
c e n t b e lo w th e 197 3 p e a k .
O u tp u t o f m a te ria ls d e c lin e d b y n e a rly
c e n t w ith
sh a rp
c u tb a c k s c o n tin u in g
in
1 xh p e r
d u ra b le
F.R. indexes, seasonally adjusted. Latest figures: May.
*Auto sales and stocks include imports.
Per cent
changes from —
Seasonally adjusted
1967 = 100
Per cent changes, annual rate
1974
1975
Industrial production
Month
ago
1975
Year
ago
Mar.
Apr. v
May e
.....................................................
109.8
109.5
109.2
-
- 1 3 .1
-
.3
- 1 3 .1
- 3 2 .0
Products, total ..............................................
Final products ..........................................
Consum er goods ..................................
Durable goods ................................
Nondurable goods .........................
Business equipment ...........................
Intermediate products ............................
Construction products .......................
112.3
112.2
118.5
103.1
124.4
116.5
112.7
109.6
112.6
1 12.5
119.5
106.9
124.4
115.4
113.0
110.4
113.1
113.2
121.5
110.7
125.6
113.5
112.9
109.7
.4
.6
1.7
3.6
1.0
- 1 .6
- .1
- .6
- 8.6
- 7.5
- 6.3
- 1 6 .6
- 2.3
- 1 2 .9
- 1 2 .6
-1 6 .1
.6
2.0
.0
- 4 .5
2.2
4.0
-3 .7
-7 .7
- 8.7
- 6.5
- 1 0 .8
- 3 7 .0
- 1.2
- 2.4
- 1 5 .9
- 2 1 .6
- 2 3 .8
- 2 3 .2
- 2 1 .9
- 5 4 .2
- 1 0 .3
- 3 2 .6
-2 5 .1
-2 8 .1
M aterials .........................................................
105.8
104.5
103.0
-1 .4
- 2 0 .2
-
- 2 1 .5
- 4 5 .4
T o tal
P r e lim in a ry .
eEstim ated.
Q3
.3
.9
Q4
Ql
A
1
Financial and Business Statistics
CONTENTS
GUIDE TO TABULAR PRESENTA
TION ON INSIDE BACK COVER
STATISTICAL RELEASES: REFER
ENCE ON INSIDE BACK COVER
A
52 L abor force, employment, and
A
A
A
A
53
53
54
56
unemployment
Consumer prices
W holesale prices
National product and income
Flow of funds
U.S. STATISTICS:
INTERNATIONAL STATISTICS:
A 2 M em ber bank reserves, Federal
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
A
A
A
A
R eserve Bank credit, and related items
Federal funds— M oney market banks
R eserve Bank interest rates
R eserve requirements
Maximum interest rates; margin
requirements
9 Open market account
10 F ederal R eserve Banks
11 Bank debits
12 M oney stock
13 Bank reserves; bank credit
14 Com m ercial banks, by classes
18 W eekly reporting banks
23 Business loans of banks
24 D em and deposit ownership
25 Loan sales by banks
25 Open market p a p er
26 Interest rates
29 Security markets
29 Stock market credit
30 Savings institutions
32 Federal finance
34 U .S. G overnm ent securities
37 Federally sponsored credit agencies
38 Security issues
41 Business finance
42 R eal estate credit
45 Consumer credit
48 Industrial production
50 B usiness activity
50 Construction
5
6
7
8
A 58 U.S. balance of paym ents
A 59 Foreign trade
A 59 U.S. reserve assets
A
A
A
A
A
60 G old reserves of central banks and
governments
61 International capital transactions of the
United States
74 Open market rates
75 Central bank rates
75 Foreign exchange rates
TABLES PUBLISHED PERIODICALLY
A
76 Banking offices and deposits of banks
A
80
A
A
A
A
80
82
88
90
in holding company groups, D ecem ber
31, 1974
Insured commercial banks, 1974:
Income, expenses, and dividends
M em ber banks, 1974:
Income, expenses, and dividends:
B y class of bank
B y Federal R eserve district
B y size of bank
Income ratios, by class of bank
and Federal R eserve district
A 104 INDEX TO STATISTICAL TABLES
A 2
BANK RESERVES AND RELATED ITEM S □ JU N E 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
Bought
out
right2
Held
under
repur
chase
agree
ment
Loans
Float3
Other
F.R.
assets4
Totals
Gold
stock
Special
Drawing
Rights
certificate
account
Treas
ury
cur
rency
out
stand
ing
Averages of daily figures
9
78
8
5
381
142
94
83
170
652
1,117
1,665
57,295
61,310
68,868
70,790
78,833
205
378
290
304
868
1,086
321
107
1,049
1,298
3,235
3,570
3,905
3,479
3,414
Oct................................
Nov..............................
Dec...............................
83,434
82,812
84,313
84,493
84,384
83,735
84,052
86,679
82,037
81,859
83,496
84,221
84,049
83,303
83,395
85,202
1,397
953
817
272
335
432
657
1,477
2,580
3,000
3,308
3,351
3,287
1,793
1,285
703
1975—Jan................................
Feb...............................
Mar..............................
Apr...............................
M ay?...........................
86,039
84,744
84,847
87,080
91,918
85,369
83,843
84,398
86,117
89,355
670
901
449
963
2,563
1,298
1939—Dec...............................
1941—Dec...............................
1945—Dec...............................
1950—Dec...............................
I960—Dec...............................
2,510
2,219
23,708
20,345
27,248
2,510
2,219
23,708
20,336
27,170
1969—Dec...............................
1970—Dec...............................
1971—Dec...............................
1972—Dec...............................
1973—Dec...............................
57,500
61,688
69,158
71,094
79,701
1974—M ay.............................
June.............................
July...............................
Aug...............................
2,612
2,404
24,744
21,606
29,060
17,518
22,759
20,047
22,879
17,954
2,204
1,032
982
1,138
1,079
64,100
66,708
74,255
76,851
85,642
10,367
11,105
10,132
10,410
11,567
400
400
400
400
6,841
7,145
7,611
8,293
8,668
2,025
2,114
2,267
1,983
2,239
2,083
2,409
2,734
1,093
1,106
1,343
1,258
1,349
2,984
3,171
3,129
89,405
89,254
91,554
91,367
91,617
90,971
91,302
93,967
11,567
11,567
11,567
11,567
11,567
11,567
11,567
11,630
400
400
400
400
400
400
400
400
8,838
8,877
8,905
8,951
8,992
9,041
9,113
9,179
390
147
106
110
60
2,456
2,079
1,994
2,061
1,890
3,391
3,419
3,142
3,237
3,039
93,002
91,168
90,819
93,214
97,858
11,647
11,626
11,620
11,620
11,620
400
400
400
400
429
9,235
9,284
9,362
9,410
9,457
1,666
2,098
1,993
1,685
3,071
3,085
3,217
3,197
91,159
88,571
89,381
92,719
11,621
11,620
11,620
11,620
400
400
400
400
9,352
9,341
9,344
9,386
2,956
3^239
4*322
4*629
5^396
Week ending—
1975—Mar.
5.......................
12.......................
19.......................
26.......................
85,505
82,658
83,345
86,867
84,207
82,658
83,345
85,854
1,013
70
60
167
155
Apr.
2 .......................
9.......................
16.......................
23.......................
30.......................
86,518
84,508
85,109
87,465
91,411
86,518
84,508
84,705
86,682
88,467
404
783
2,944
51
30
22
165
241
2,356
2,504
1,857
2,075
1,765
3,083
3,086
3,125
3,315
3,281
92,679
90,793
90,796
93,730
97,557
11,620
11,621
11,620
11,620
11,620
400
400
400
400
400
9,400
9,399
9,407
9,415
9,437
7.......................
14.......................
92,125
91,358
92,529
92,156
88,923
89,449
89,494
89,724
3.202
1,909
3,035
2,432
34
17
122
84
1,681
1,750
2,227
1,831
3,424
3,347
2,629
2,735
98,377
97,446
98,466
97,616
11,620
11,620
11,620
11,620
400
400
400
486
9,435
9,456
9,462
9,469
86,608
93,917
91,029
86,608
88,812
88,953
5,105
2,076
60
1,539
23
2,132
1,942
1,698
3,072
3,297
2,984
92,537
101,880
96,599
11,620
11,620
11,620
400
400
500
9,453
9,531
9,475
2,561
2,306
2,637
2,163
3,156
3,170
3,161
3,139
89,733
86,856
91,262
95,221
11,620
11,620
11,620
11,620
400
400
400
400
9,339
9,343
9,348
9,389
May
2 \v .....................
2823.....................
End of month
1975—Mar..............................
Apr...............................
May**...........................
Wednesday
1975—Mar.
5.......................
12.......................
18.......................
26........................
83,282
80,626
83,955
88,078
83,282
80,626
83,955
85,991
2,087
58
87
854
813
Apr.
2 .......................
9.......................
16.......................
23.......................
30.......................
86,358
83,810
87,741
88,387
93,917
86,358
83,810
84,915
86,977
88,812
2,826
1,410
5,105
42
14
48
1.068
1,539
2,278
3,035
2,922
2,860
1,942
3,067
3,134
3,146
3,260
3,297
92,422
90,643
94,736
96,341
101,880
11,621
11,620
11,620
11,620
11,620
400
400
400
400
400
9,396
9,403
9,412
9,419
9,531
7.......................
14.......................
21*.....................
28?.....................
91,579
91,356
95,465
94,337
89,209
89,655
89,505
89,640
2,370
1,701
5,960
4,697
21
20
729
485
2,188
2,342
1,947
1,952
3,319
3,417
2,672
2,939
98,051
98,079
101,823
100,589
11,620
11,620
11,620
11,620
400
400
400
500
9,453
9,460
9,468
9,475
May
1 Includes Federal agency issues held under repurchase agreements
beginning Dec. 1, 1966, and Federal agency issues bought outright be
ginning Sept. 29, 1971.
2 Includes, 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.
3 Beginning with 1960 reflects a minor change in concept; see Feb.
1961 B u l l e t i n , p. 164.
4 Beginning Apr. 16, 1969, “ Other F.R. assets” and “Other F.R.
liabilities and capital” are shown separately; formerly, they were netted
together and reported as “Other F.R. accounts.”
5 Includes industrial loans and acceptances until Aug. 21, 1959, when
industrial loan program was discontinued. For holdings of acceptances
on Wed. and end-of-month dates, see 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 N E 1975 □ BANK RESERVES AND RELATED ITEM S
A 3
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS— Continued
(In millions o f dollars)
Factors absorbing reserve funds
Cur
rency
in
cir
cula
tion
Desposits, other
than member bank
reserves
with F.R. Banks
Treas
ury
cash
hold
ings
Other
F .R .
ac
counts4
Other
F.R.
lia
bilities
and
capital4
Member bank
reserves
Period or date
With
F.R.
B an ks
Cur
rency
and
coin 7
Averages of daily figures
11,473
12,812
16,027
17,391
16,688
2,192
2.265
2,287
2,362
2,942
23,071
23,925
25,653
24,830
28,352
286
293
275
283
303
315
302
220
3,168
3,187
3,216
3,240
3,345
3,260
3,149
3.266
77,780
76,979
77,692
78,377
79,114
221
236
277
309
307
77,022
77,715
77,874
77,767
255
258
272
294
2,845
590
386
3,424
340
309
332
376
78,030
78,355
78,672
78,384
78,137
307
309
318
306
302
2,826
1,919
976
3,523
7,902
78,405
79,095
79,203
79,472
307
323
324
300
78,062
78,443
79,641
7,609
10,985
28,452
27,806
33,019
2,402
2,189
2,269
1,290
408
53,591
57,013
61,060
66,060
71,646
656
427
453
350
323
72,876
73,749
74,556
74,709
75,098
75,654
77,029
78,951
2,595
11,473
12,812
16,027
17,391
19,283
....................... 1939—Dec.
....................... 1941—Dec.
....................... 1945—Dec.
....................... 1950—Dec.
....................... 1960—Dec.
4,960
5,340
5,676
6,095
6,635
28,031
29,265
31,329
31,353
35,068
....................... 1969—Dec.
....................... 1970—Dec.
........................ 1971—Dec.
....................... 1972—Dec.
....................... 1973—Dec.
29,861
29,672
30,514
30.264
30,156
29,985
29,898
29,767
6,600
6,668
6,824
6,765
6,920
6,811
6,939
7,174
36,519
36,390
37,338
37,029
37,076
36,796
36,837
36,941
.......................1974—May
...................................June
.................................. July
.................................. Aug.
.................................Sept.
.................................. Oct.
.................................. Nov.
.................................. Dec.
3,264
3,358
3,076
3,137
3,231
29,713
28,503
27,948
28.264
27,589
7,779
7,062
6,831
6,870
6,923
37,492
35,565
34,779
35,134
34,512
....................... 1975—Jan.
.................................. Feb.
................................... Mar.
................................... Apr.
...................................May**
988
923
994
843
3,238
2.952
3,006
3,088
27,845
27,186
27,883
28,333
6,950
7,296
6,627
6,486
34,795
34,482
34,510
34,819
................... 1975—Mar. 5
.......................................12
....................................... 19
.......................................26
476
359
267
289
279
1,039
646
642
660
576
3,160
2.952
3,093
3,194
3,342
28,261
27,671
28,254
28,809
28,477
6,826
6,992
7,041
6,440
7,018
35,087
34,663
35,295
35,249
35,495
.............................Apr. 2
......................................... 9
....................................... 16
....................................... 23
.......................................30
8,960
8,419
7,947
7,474
232
277
258
266
688
472
697
911
3,141
3,125
3,278
3,313
28,098
27,212
28,241
27,454
7,139
7,305
6,491
6,758
35,237
34,517
34,732
34,212
.............................May 7
....................................... 14
.......................................21 p
.......................................28 p
307
301
320
4,269
8,363
7,036
402
270
310
709
573
1,159
3,120
3,452
3,396
27,139
32,028
26,332
6,826
7,018
6,922
33,965
39,046
33,254
........................1975—Mar.
................................... Apr.
................................... May**
77,474
78,058
77,980
78,033
261
271
297
306
956
*
1,795
3,554
277
314
321
428
867
989
870
792
2,951
2,893
2,971
3.080
28,308
25,695
28.396
30,437
6,950
7,296
6,627
6,486
35,258
32,991
35,023
36,923
................... 1975—Mar. 5
.......................................12
.......................................19
.......................................26
78,322
78,764
78,749
78,380
78,443
312
329
308
308
301
2,430
467
1,638
6.191
8,363
429
267
296
249
270
795
595
615
640
573
2,908
3,030
3,166
3,261
3,452
28,642
28,614
31.396
28,751
32,028
6,826
6,992
7,041
6,440
7,018
35,468
35,606
38,437
35,191
39,046
.............................Apr. 2
......................................... 9
.......................................16
.......................................23
.......................................30
78,989
79,382
79,400
79,993
330
329
338
300
9,162
6,871
7,017
7,687
257
253
253
294
482
482
694
1,318
3.080
3,187
3,342
3,392
27,223
29,055
32,267
29,200
7,139
7,305
6,491
6,758
34,362
36,360
38,758
35,958
........................... May 7
.......................................14
...................................... 21 p
...................................... 28 p
248
292
493
739
1,029
Week ending—
End of month
Wednesday
7 Part 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.
8 Beginning with week ending Nov. 15, 1972, includes $450 million of
reserve deficiencies on which F.R. Banks are allowed to waive penalties
for a transition period in connection with bank adaptation to Regulation J
as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies
included are (beginning with first statement week of quarter): Ql, $279
million; Q2, $172 million; Q3, $112 million; Q4, $84 million. 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 N E 1975
RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions o f dollars)
All member banks
Reserves
Large banks 2
Borrowings
New York City
Re
quired
Excess1
6,462
9,422
14,536
16,364
5,011
3,390
1,491
1,027
3
5
334
142
2,611
989
48
125
18,527
22,267
756
452
87
454
24,915
26,766
27,774
28,993
31,164
345
455
257
272
165
238
765
1,086
321
107
31,134
34,806
219
262
1,049
1,298
36,325
36,259
37,161
36,851
36,885
36,705
36,579
36,602
194
131
177
178
191
91
258
339
37,556
35,333
34,513
35,014
34,503
Total
Excess
Sea
sonal
City of Chicago
Other
Borrow Excess
ings
Borrow Excess
ings
row -
192
58
540
295
14
8
1,188
1,303
418
232
3
4
46
29
29
41
19
111
4
15
23
100
67
40
92
18
100
56
34
25
40
230
259
25
35
15
18
7
1
13
85
27
4
8
50
90
6
42
-3 5
80
180
321
28
42
41
-2 0
-2 3
301
74
13
43
55
28
-4 2
28
264
435
2,580
3,000
3,308
3,351
3,287
1,793
1,285
703
102
130
149
165
139
117
67
32
-2 0
-2 6
45
-5 8
133
-4 9
-8
132
772
1,303
1,457
1,464
1,662
502
257
80
29
-8
19
6
20
-1 8
38
5
20
51
70
23
17
36
14
18
-4
26
-1 2
78
-7 7
36
90
39
849
847
933
,004
816
686
448
282
-6 4
232
266
120
9
390
147
106
110
60
13
10
7
7
9
-119
31
53
32
-168
156
37
22
25
24
-1 6
17
20
-2 3
-3 3
16
10
10
14
-91
41
56
-4
-3 9 0
131
71
46
33
23
36,668
36,201
36,470
36,487
36,170
177
135
176
129
179
2,157
1,616
1,977
3,090
3,606
74
82
94
113
114
62
-5 7
83
-5 5
32
176
134
506
993
1,449
-47
41
-39
57
-17
-3 4
10
-6 3
-9
-1 0
824
646
703
959
,067
36,672
36,335
36,785
36,459
323
144
27
310
1,125
1,097
1,367
1,479
78
70
64
63
54
-1 5
-1 6
69
68
188
465
243
32
-29
8
27
105
40
-87
87
632
399
378
422
36,678
36,452
36,545
36,416
283
-159
217
429
1,070
648
818
662
51
35
31
29
141
-173
59
137
226
73
60
72
4
-36
23
52
-1 6
-5 0
-3 9
89
394
268
287
257
37,011
37,175
38,249
38,079
37,066
577
137
-4 2
186
174
561
311
609
594
142
24
18
12
12
10
55
-130
29
71
83
36
317
328
61
-27
1
1
-13
223
-2 6
-8 9
45
-2 4
260
168
115
136
109
36,579
35,970
34,960
34,447
395
59
158
159
98
90
229
180
11
10
11
10
133
-3 7
6
140
33
-20
-22
29
84
-5
-1 8
35
86
69
69
70
34,386
34,252
34,490
34,675
409
230
20
144
70
60
167
155
9
7
6
7
117
122
-9 6
54
4
15
-37
16
90
-2 0
10
-1 2
60
41
43
45
34,808
34,552
35,076
35,179
35,306
279
111
219
70
189
51
30
22
165
241
-3 0
62
25
-3
-11
42
67
7
15
-14
16
1
99
-5 1
36
-2 3
56
43
23
18
21
66
34,926
34,518
34,647
34,051
311
-1
85
161
34
17
122
84
177
-106
-3 2 4
30
98
9
21
-26
1
10
-5
-1 7
-212
-161
34
16
22
21
Nov. 15, 1972, includes $450 million of
L. Banks are allowed to waive penalties
3n with bank adaptation to Regulation J
Beginning 1973, allowable deficiencies
t statement week of quarter): Ql, $279
112 million; Q4, $84 million. Beginning
million. Transition period ended after
'or which figures are preliminary, figures
; total because adjusted data by class are
ignation o f banks as reserve city banks
69
39
gs
for reserve-requirement purposes has been
demand deposits of more than $400 million)
for July 1972, p. 626. Categories shown here
parallel the previous “Reserve city” and “Coi
(hence the series are continuous over time).
: (net
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
within
LETIN
ther”
tively
lendmeet
J U N E 1975 □ M ONEY M AR KET BANKS
A 5
BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS
(In millions o f dollars, except as noted)
Basic reserve position
Reporting banks
and
week ending—
Less—
Interbank Federal funds transactions
Gross transactions
N e t-
Excess
Net
inter
Bor
re
serves 1 rowings bank
at F.R. Federal
funds
Banks
trans.
Per cent
Surplus
of
avg.
or
deficit required
reserves
Pur
chases
Sales
Related transactions with
U.S. Govt, securities dealers
Net transactions
Total
two-way
Pur
trans
chases
actions2 of net
buying
banks
Sales
of net
selling
banks
Loans
to
dealers 3
Bor
row
ings
from
dealers4
Net
loans
Total—46 banks
1975—Apr.
May
2.
9.
16.
23.
30.
100
72
68
11
69
4
83
142
14,360
17,178
16,414
14,411
9,755
-14,260
-17,106
-16,350
-14,483
-9 ,8 2 7
87.3
105.7
98.8
88.3
60.2
21,992
23,124
22,696
20,699
17,254
7,631
5,946
6,282
6,288
7,499
6,068
5,304
5,779
5,149
5,192
15,924
17,820
16,917
15,550
12,062
1,563
641
503
1,139
2,307
3,700
3,674
3.577
2.577
2,120
526
552
635
442
1,363
3,175
3,122
2,942
2,135
757
7.
14.
21 .
28.
207
35
-4 8
-3 0
1
100
38
11,983
14,339
14,144
13,223
-11,777
-14,305
-14,291
-13,292
73.1
88.7
88.7
85.4
18,600
20,190
19,856
18,233
6,616
5,851
5,712
5,010
4,919
4,295
4,726
4,530
13,680
15,896
15,131
13,703
1,697
1,556
987
480
2,408
2,327
3,022
3,361
603
622
767
685
1,806
1,705
2,255
2,676
4,635
5,753
5,060
3,555
1,687
-4 ,6 4 3
-5 ,7 1 6
-5 ,0 2 5
-3 ,5 9 0
-1 ,7 5 7
68.5
84.5
72.9
52.5
26.1
6,434
6,612
6,744
5,473
3,932
1.798
859
1,684
1,918
2,245
1,472
854
1,361
1,286
1,616
4,962
5,757
5,384
4,187
2,317
327
4
324
632
630
1,745
1,436
1,492
1,243
995
304
362
308
295
393
1,441
1,074
1,184
948
602
2,765 -2,601
4,758 -4,743
3,962 -4,093
4,003 -3 ,9 9 0
39.2
71.0
60.9
63.2
4,564
6,049
5,627
5,113
1.799
1,291
1,665
1,110
1,074
717
1,156
891
3,490
5,332
4,471
4,222
724
575
509
219
1,130
1,177
1,504
1,269
391
381
362
264
740
796
1,143
1,005
8 in New York City
-7
37
35
1
-3
1975—Apr.
May
7.
14.
21 .
28.
164
15
-3 3
22
38 outside
New York City
1975—Apr.
2.
9.
16.
23.
30.
108
35
33
10
72
9,725
11,425
11,354
10,856
8,068
-9 ,6 1 7
-11,390
-11,326
-10,893
-8 ,0 7 0
100.6
120.8
117.2
113.9
84.2
15,558
16,512
15,952
15,226
13,322
5,833
5,088
4,598
4,371
5,254
4,596
4,450
4,419
3,864
3.577
10,962
12,062
11,533
11,363
9,745
1,237
637
179
507
1,677
1,955
2,237
2,085
1,334
1,126
221
190
326
147
970
1,733
2,047
1,759
1,187
155
May
7.
14.
21 .
28.
43
21
-1 4
-5 2
9,218
9,582
10,182
9,220
-9,175
-9 ,5 6 2
-10,198
-9 ,3 0 2
96.8
101.1
108.5
100.5
14,036
14,141
14,230
13,121
4,817
4,560
4,047
3,901
3,845
3.578
3,570
3,640
10,190
10,564
10,660
9,481
973
982
477
261
1,278
1,150
1,518
2,092
212
241
406
420
1,066
909
1,112
1 ,671
41
29
-4
14
11
3,587
4,334
4,026
4,065
3,532
-3,546
-4,305
-4,030
-4,051
-3,557
202.6
250.2
222.5
231.8
204.1
4,514
5,094
4,930
4,981
4,499
926
760
904
916
968
923
760
904
916
967
3,591
4,334
4,026
4,065
3,532
440
444
318
313
291
440
444
318
313
291
30
-4
-11
3,631
4,081
4,989
3,876
-3,601
-4,085
-5,000
-3,876
208.4
234.2
286.5
229.3
4,584
4,925
5,665
4,700
954
844
676
824
954
844
676
824
4,081
4,989
3,876
3,631
267
267
67
6
37
4
62
6,138
7,090
7,328
6,791
4,536
-6,071
-7,084
-7,296
-6,842
-4,513
77.7
91.9
92.9
87.5
57.6
11,045
11,418
11,022
10,245
8,823
4,907
4,327
3,515
3,454
4,287
3,673
3,689
3,515
2,947
2,609
7,371
7,728
7,507
7,298
6,213
1,233
637
179
507
1,677
1,514
1,794
1,767
1,021
835
221
190
326
147
970
1,293
1,604
1,440
874
-136
13
24
-4
-5 2
5,588
5,501
5,193
5,345
-5,575
-5,477
-5,199
-5,426
71.9
71.0
67.9
71.9
9,451
9,217
8,564
8,421
3,864
2,734
3,371
3,076
2,891
2,734
2,894
2,815
6,560
6,482
5,671
5,605
973
982
477
261
1,012
818
1,141
1,722
212
241
406
420
800
577
735
1,301
5 in City o f Chicago
1975—Apr.
May
7 ..
14..
21 ..
2 8 ..
36
332
377
370
332
377
370
33 others
1975—Apr.
May
2 ..
9 ..
16..
2 3 ..
3 0..
7.
14.
21 .
28.
1 Based upon reserve balances, including all adjustments applicable to
the reporting period. Prior to Sept. 25,1968, carryover reserve deficiencies,
if any, were deducted. Excess reserves for later periods are net of all carry
over reserves.
2 Derived from averages for individual banks for entire week. Figure
for each bank indicates extent to which the bank’s weekly average pur
chases and sales are offsetting.
3 Federal funds loaned, net funds supplied to each dealer by clearing
banks, repurchase agreements (purchases of securities from dealers
subject to resale), or other lending arrangements.
4 Federal funds borrowed, net funds acquired from each dealer by
clearing banks, reverse repurchase agreements (sales of securities to
dealers subject to repurchase), resale agreements, and borrowings secured
by Govt, or other issues.
N 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 IN TER ES T RATES □ JU N E 1975
CURRENT RATES
(Per cent per annum)
Loans to member banks—
Under Sec. 10(b) 2
Loans to all others under
last par. Sec. 134
Under Secs. 13 and 13a1
Federal Reserve
Bank
Regular rate
Special rate 3
Rate on
5/31/75
Effective
date
Previous
rate
Rate on
5/31/75
Effective
date
Previous
rate
Rate on
5/31/75
Effective
date 3
Previous
rate
Rate on
5/31/75
Effective
date
Previous
rate
6
5/16/75
5/16/75
5/16/75
5/16/75
5/16/75
5/16/75
5/16/75
5/16/75
5/23/75
5/16/75
5/16/75
5/16/75
614
614
61/2
61/2
61/2
61/2
6!/2
5/16/75
5/16/75
5/16/75
5/16/75
5/16/75
5/16/75
5/16/75
5/16/75
5/23/75
5/16/75
5/16/75
5/16/75
63/4
63/4
63/4
63/4
63/4
63/4
63/4
6 34
63/4
63/4
63/4
63/4
71/2
71/2
71/2
71/2
5/16/75
5/16/75
5/16/75
5/16/75
5/16/75
5/16/75
5/16/75
5/16/75
5/23/75
5/16/75
5/23/75
5/16/75
8
8
8
8
8
8
9
9
9
9
9
9
9
9
9
9
9
9
3/10/75
3/10/75
3/10/75
3/10/75
3/10/75
3/10/75
3/14/75
3/14/75
3/10/75
3/10/75
3/14/75
3/10/75
91/2
Boston.....................
New York...............
Philadelphia...........
Cleveland................
Richmond...............
Atlanta....................
Chicago...................
St. L ouis.................
Minneapolis............
Kansas C ity............
Dallas.......................
San Francisco........
6
6
6
6
6
6
6
6
6
6
6
61/4
614
61/4
61/4
61/4
6 1/4
6 i/2
61/4
61/4
61/4
61/2
61/2
61/2
61/2
61/2
6 V2
61/2
1 Discounts o f eligible paper and advances secured by such paper or by
U.S. Govt, obligations or any other obligations eligible for F.R. Bank
purchase.
2 Advances secured to the satisfaction of the F.R. Bank. Advances
secured by mortgages on 1- to 4-family residential property are made at
the Section 13 rate.
m
7*4
71/2
71/2
71/2
71/2
7 Vi
lVi
8
8
8
8
8
8
9i/i
91/2
91/2
91/2
91/2
91/2
91/2
9i/i
91/2
91/2
91/2
3 Applicable to special advances described in Section 201.2(e)(2) of
Regulation A.
4 Advances to individuals, partnerships, or corporations other than
member banks secured by direct obligations of, or obligations fully
guaranteed as to principal and interest by, the U.S. Govt, or any
agency thereof.
SUMMARY OF EARLIER CHANGES
(Per cent per annum)
Effective
date
Range
(or level)—
All F.R
Banks
F.R.
Bank
of
N.Y.
2Vi
21/2
21/2-3
2V 4-3
2 % -3
3
23/4
23/4
In effect Dec. 31, 1955.
1956—Apr. 13.
20.
Aug. 24.
31.
1957—Aug.
9 .,
23.,
Nov. 15.
Dec. 2.
3
-31/2
3Vi
- 31/2
3
3
1958—Jan. 22.,
24. ,
Mar. 7.
13.
2 % -3
23/4-3
2 * 4 -3
2 ^ -2 3 4
Apr. 18.
May
9.
Aug. 15.
Sept. 12.
23.
Oct. 24.
Nov. 7.
134-214
21/4
21.
1959—Mar.
May
June
Sept.
1960—June
6.
16.
29.
12.
11.
18.
3.
10.
14.
Aug. 12.
Sept. 9.
1963—July 17.
26.
13/4
13/4-2
134-2
2
2 - 21/2
21/2
21/2-3
3
3 -31/2
31/2
31/2-4
4
31/2-4
31/2-4
31/2
3
3
31/2
3
3
3
23/4
21/4
21/4
21/4
13/4
13/4
13/4
2
2
2
21/2
3
3
31/2
31/2
4
4
4
31/2
31/2
-31/2
3
3
-31/2
3i/i
3V4
3
3
3
3
31/2
Effective
date
1964— N o v . 24.
30.
F.R.
Bank
of
N.Y.
Effective
date
31/2-4
4
4
1971—Nov. 1 1 .....................
4
Dec.
1965— D e c .
6.
13.
4
7.
14.
N o v . 20.
27.
4
1967— Apr.
1968—Mar. 15.
22.
4
4
- 4 i/ 2
41/2
4
4
41/2
41/2-5
5
5
51/2
514-51/2
51/4
51/4-51/2
51/2
51/2-6
6
1969— Apr.
4,
8,
1970— N o v . 11,
13,
16,
Dec.
1
4,
11,
1971— Jan.
8,
15.
19,
22,
29,
Feb. 13
19
July 16
23
-51/2
.
41/2
41/2
5
51/2
51/2
51/2
51/4
51/2
51/2
6
6
534-6
534-6
5 3/4
51/2-53/4
51/2-53/4
51/2
6
51/4-51/2
51/4
51/4
- 51/4
- 51/4
5
5
5
43/4-5
434
43/4-5
5
24.....................
41/2
- 41/2
26.
Aug. 16.
30.
D e c . 18.
20.
41/2
- 41/2
41/2
Apr. 19.
N o t e . — Rates under Secs. 13 and 13a (as described in table and notes
above). For data before 1956, see Banking and M onetary Statistics, 1943,
pp. 439-42, and Supplement to Section 12, p. 31.
Range
(or level)—
All F.R
Banks
534
53/4
5 3/4
51/2
51/2
51/4
51/4
5
5
5
434
5
5
1973—Jan. 15.....................
Feb.
Mar. 2 .....................
Apr. 23.....................
May 4 .....................
1 1 .....................
Range
(or level)—
All F.R.
Banks
F.R.
Bank
of
N.Y.
434-5
434
4*4-4%
41/2-434
4i/i
5
434
43/4
4i/2
41/2
5
-5%
51/2
514-534
534
534-6
5
51/i
5 Vl
5 Vi
534
5
6
June 1 1 .....................
15.....................
July 2 .....................
Aug. 14.....................
23.....................
- 61/2
6
61/2
7
7 - 71/2
71/2
6
6
61/i
61/2
7
71/2
71/2
1974—Apr. 25.....................
3 0 ....................
Dec.
16.....................
71/ 2-8
8
8
8
734-8
734
734
734
1975—Jan.
71/4- 73/4
73/4
714
71/4
634
634
6 .....................
10 .....................
24.....................
Feb. 5 ...................
7 .....................
Mar. 1 0 ....................
14.....................
May i 6 .....................
23.....................
In effect, May 31, 1975... .
71/4-734
71/4
634-714
634
614-634
61/4
6 - 6 i/4
6
61/4
61/4
6
6
6
6
JU N E 1975 □ RESERVE R EQ UIR EM EN TS
A 7
RESERVE REQUIREMENTS ON DEPOSITS OF MEMBER BANKS
(Deposit intervals are in millions o f dollars. Requirements are in per cent o f deposits.)
Time 3
(all classes of banks)
Net demand 2
Effective
date 1
Reserve city
Over 5
0-5
In effect
Jan. 1, 1963..........
Other
0-5
Other time
Savings
Over 5
4
12
16%
1966—July 14,21
Sept. 8 ,1 5 ....
1967—Mar. 2............
Mar. 16..........
1968—Jan. 1 1 ,1 8 ....
16%
17
1969—Apr. 17..........
1970—Oct. 1.............
Over 5
0-5
4
4
3%
3
3%
3
5
6
17
17%
12
12%
12%
13
5
Beginning Nov. 9, 1972
Time 3
Net demand 2,4
Other time
Effective
date
0-2
1972—Nov. 9 ............
Nov. 16..........
8
1973_july 19............
2-10
10-100
100-400
« 16%
13
Over
400
17%
10
12
10%
12%
13%
18
1974—Dec. 12..........
Savings
73
30-179
days
7%
10
12
13
16%
In effect May 31, 1975
7%
10
12
13
16%
3
Present legal limits:
Net demand deposits, reserve city banks..........
Net demand deposits, other banks...................
1 When two dates are shown, the first applies to the change at reserve
city banks and the second to the change at country banks. For changes
prior to 1963 see Board’s Annual Reports.
2 (a) Demand deposits subject to reserve requirements are gross de
mand deposits minus cash items in process of collection and demand
balances due from domestic banks.
(b) Requirement schedules are graduated, and each deposit interval
applies to that part of the deposits of each bank.
(c) Since Oct. 16, 1969, member banks have been required under
Regulation M to maintain reserves against foreign branch deposits
computed on the basis of net balances due from domestic offices to their
foreign branches and against foreign branch loans to U.S. residents.
Since June 21, 1973, loans aggregating $100,000 or less to any U.S. resident
have been excluded from computations, as have total loans of a bank to
U.S. residents if not exceeding $ 1 million. Regulation D imposes a similar
reserve requirement on borrowings from foreign banks by domestic offices
of a member bank. The reserve percentage applicable to each of these
classifications is 4 per cent. The requirement was 10 per cent originally,
was increased to 20 per cent on Jan. 7, 1971, was reduced to 8 per cent
effective June 21, 1973, and was reduced to the current 4 per cent effective
May 22, 1975. Initially certain base amounts were exempted in the com
putation of the requirements, but effective Mar. 14, 1974, the last of these
reserve-free bases were eliminated. For details, see Regulations D and M.
3 Effective Jan. 5, 1967, time deposits such as Christmas and vacation
club accounts became subject to same requirements as savings deposits.
For other notes see 2(b) and 2(c) above.
4 Effective Nov. 9, 1972, a new criterion was adopted to designate re
serve cities, and on the same date requirements for reserves against net
demand deposits of member banks were restructured to provide that each
180 days
and over
75
73
17%
1975—Feb. 13..........
Over 5 5, maturing in—
0-5
3
6
3
6
3
Minimum
Maximum
10
22
7
3
14
10
member bank will maintain reserves related to the size of its net demand
deposits. The new reserve city designations are as follows: A bank having
net demand deposits of more than $400 million is considered to have the
character of business of a reserve city bank, and the presence of the head
office of such a bank constitutes designation of that place as a reserve
city. Cities in which there are F.R. Banks or branches are also
reserve cities. Any banks having net demand deposits of $400 million or
less are considered to have the character of business of banks outside of
reserve cities and are permitted to maintain reserves at ratios set for banks
not in reserve cities. For details, see Regulation D and appropriate sup
plements and amendments.
5 A marginal reserve requirement was in effect between June 21, 1973,
and Dec. 11, 1974, against increases in the aggregate of the following types
of obligations: (a) outstanding time deposits of $ 100,000 or more, (b)
outstanding funds obtained by the bank through issuance by a bank’s
affiliate of obligations subject to existing reserve requirements on time
deposits, and (c) beginning July 12, 1973, funds from sales of finance bills.
The requirement applied to balances above a specified base, but was not
applicable to banks having obligations of these types aggregating less
than $10 million. For details, including percentages and maturity classifi
cations, see “Announcements” in B u l l e t i n s for May, July, Sept., and
Dec. 1973 and Sept. and Nov. 1974.
6 The 16Vi per cent requirement applied for one week, only to former
reserve city banks. For other banks, the 13 per cent requirement was
continued in this deposit interval.
7 See columns above for earliest effective date of this rate.
N o t e . —Required reserves must be held in the form of deposits with
F.R. Banks or vault cash.
A 8
M AXIM UM IN TE R E S T R A TES; MARGIN REQ UIREM ENTS □ JU N E 1975
MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS
(Per cent per annum)
Rates beginning July 1, 1973
Rates July 20, 1966—June 30, 1973
Effective date
Type and size
of deposit
July 20,
1966
Savings deposits.............
Other time deposits:*
Multiple maturity:2
30-89 days..........
90 days to 1 year.
1-2 years............
2 years or m o re...
Single-maturity:
Less than $100,000:
30 days to 1 year.
1-2 years............
2 years or m ore. .
$100,000 or more:
30-59 days..........
60-89 days..........
90-179 days.........
180 days to 1 year
1 year or more. . .
Sept. 26,
1966
Apr. 19,
1968
Effective date
Jan. 21,
1970
Type and size
of deposit
41/2
Savings deposits.....................
Other time deposits (multipleand single-maturity):1, 2
Less than $100,000:
30-89 days......................
90 days to 1 year............
years.....................
2 Vi years or m ore..........
Minimum denomination
o f $1,000:
4-6 years.....................
4
5
41/2
5
5%
5%
SVi
5
51/2
5V4
51/2
51/2
(3)
(3)
( 3)
( 3)
( 3)
SVi
sy4
6
61/4
6 V4
1 For exceptions with respect to certain foreign time deposits, see
for Feb. 1968, p. 167.
2 Multiple-maturity time deposits include deposits that are automati
cally renewable at maturity without action by the depositor and deposits
that are payable after written notice of withdrawal.
3 Maximum rates on all single-maturity time deposits in denominations
of $100,000 or more have been suspended. Rates that were effective
Jan. 21, 1970, and the dates when they were suspended are:
B u lle t in
30-59 days
60-89 days
90-179 days
180 days to 1 year
1 year or more
614 per centl
6 V2 per cent j
6 1/4 per cent I
7 per cent [
7 Vi per centj
June 24, 1970
May 16, 1973
Rates on multiple-maturity time deposits in denominations of $100,000
or more were suspended July 16, 1973, when the distinction between
single- and multiple-maturity deposits was eliminated.
4 Between July 1 and Oct. 31, 1973, there was no ceiling for certificates
maturing in 4 years or more with minimum denominations of $1,000.
The amount of such certificates that a bank could issue was limited to
5 per cent of its total time and savings deposits. Sales in excess of that
July 1,
1973
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 ..................
Nov. 1,
1973
Nov. 27,
1974
Dec. 23.
1974
5
51/2
6
6%
5
5%
6
5
5%
6
61/2
6 V2
5
5%
6
6%
(4)
( 5)
( 3)
71/4
( 5)
( 3)
71/2
N o t e . — Maximum rates that may be paid by member banks are estab
lished by the Board of Governors under provisions of Regulation Q;
however, a member bank may not pay a rate in excess of the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located. Beginning
Feb. 1, 1936, maximum rates that may be paid by nonmember insured
commercial banks, as established by the FDIC, have been the same as
those in effect for member banks.
For previous changes, see earlier issues of the B u l l e t i n .
(Per cent of market value)
Beginning
date
1937—Nov.
1
1945—Feb.
5
July
5
1946—Jan. 21
1947—Feb.
1
1949—Mar. 30
1951—Jan. 17
1953—Feb. 20
1955—Jan.
4
Apr. 23
1958—Jan.
16
Aug.
5
Oct. 16
1960—July 28
1962—July 10
1963—Nov.
6
For credit extended under Regulations T (brokers and dealers),
U (banks), and G (others than brokers, dealers, or barlks)
Ending
date
1945—Feb.
July
1946—Jan.
1947—Jan.
1949—Mar.
1951—Jan.
1953—Feb.
1955—Jan.
Apr.
1958—Jan.
Aug.
Oct.
1960—July
1962—July
1963—Nov.
1968—Mar.
1968—Mar. 11
June
June
8
1970—May
1970—May
6
1971—Dec.
1971—Dec.
6
1972—Nov.
1972—Nov. 24
1974—Jan.
Eflfective Jan,. 3, 1974.....................
4
20.
29.
3.
15,
15.
27.
9.
5
10
5,
22,
On margin stocks
On convertible bonds
40
50
75
100
75
50
75
50
60
70
50
70
90
70
50
70
On short sales
(T)
50
50
75
100
75
50
75
50
60
70
50
70
90
70
50
70
70
80
65
55
65
50
50
60
50
50
50
50
70
80
65
55
65
50
N o t e . —Regulations G, T, and U, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount of credit
to purchase and carry margin stocks that may be extended on securities as collateral by prescribing a maximum loan value, which is
a specified percentage of the market value of the collateral at the time the credit is extended; margin requirements are the difference
between the market value (100 per cent) and the maximum loan value. The term margin stocks is defined in the corresponding regulation.
Regulation G and special margin requirements for bonds convertible into stocks were adopted by the Board of Governors effective
Mar. 11, 1968.
( 3)
7%
7*4
7%
( 3)
amount were subject to the 6 x/i per cent ceiling that applies to time de
posits maturing in 2 Vi years or more.
Effective Nov. 1, 1973, a ceiling rate of 7*4 per cent was imposed on
certificates maturing in 4 years or more with minimum denominations
of $1,000. There is no limitation on the amount of these certificates that
banks may issue.
5 Prior to Nov. 27, 1974, no distinction was made between the time
deposits of governmental units and of other holders, insofar as Regula
tion 0 ceilings on rates payable were concerned. Effective Nov. 27, 1974,
governmental units were permitted to hold savings deposits and could
receive interest rates on time deposits with denominations under $100,000
irrespective of maturity, as high as the maximum rate permitted on such
deposits at any Federally insured depositary institution.
MARGIN REQUIREMENTS
Period
IV a
JU N E 1975 □ OPEN M AR KET A C C O U N T
A 9
TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT
(In millions o f dollars)
Outright transactions in U.S. Govt, securities, by maturity (excluding matched sale-purchase transactions)
Treasury bills1
Others within 1 year2
Period
Gross
pur
chases
197
197
197
197
197
11,074
8,896
8,522
15,517
11,660
0
1
2
3
4
1974— A pr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
D ec..
49
1,237
100
737
954
614
211
988
1,652
850
717
565
547 1,110
273
1.422
426
973
1975—Jan...
F eb..
Mar..
A pr..
341
357
760
2,119
2,160
1,064
2,545
3,405
4,550
197
197
197
197
197
0
1
2
3
4
1974—Apr..
May.
June.
July.
Aug..,
Sept.
O ct..,
Nov..
Dec..
F e b .. ,
Mar.
Apr..,
-3,483
-6,462
2,933
-1 4 0
-1,314
848
1,338
789
579
797
5,430
4,672
-1,405
-2,028
-6 9 7
-1,845
685
-2,094
895
1,675
112
48
27
2,563
172
26
34
53
-2 ,6 6 3
22
-2,867
-2 0 0
148
85
600
900
487
506
1,579
148
5,214
3,642
6,467
4,880
5,830
1,409
944
790
1,113
1,652
893
547
1,765
1,254
49
100
954
211
850
565
1,110
273
426
746
945
673
4 60
3.362
3,189
14
Matched
sale-purchase
transactions
(U.S. Govt,
securities)
Redemp Gross
tions
sales
Gross
sales
12.362
12,515
10,142
18,121
13,537
1975—Jan..
99
1,036
125
1,396
450
786
1,063
107
6
Period
Gross
pur
chases
Gross Exch. or Gross
sales maturity pur
shifts
chases
407
Total outright1
156
318
2,160
2,019
2,862
4,592
4,682
407
204
786
1,063
238
6
600
Over 10 years
Gross Exch. or Gross
sales maturity pur
shifts
chases
204
945
460
156
318
5-10 years
Exch.,
Gross maturity Gross
sales shifts, or pur
redemp chases
tions
Gross Redemp Gross
sales
tions
pur
chases
5,214
3,642
6,467
4,880
5,830
1-5 years
Gross
pur
chases
-1,623
126
92
123
1,757
-126
78
53
-465
25
20
200
2,437
-1,494
305
129
361
485
-2,836
194
61
113
450
274
249
26
74
212
164
150
Repurchase
agreements
(U.S. Govt,
securities)
Gross
pur
chases
Gross
sales
Outright
Gross
pur
chases
4.586
4,586
4,580
4,580
2.587
9,061 *i i ,287
9,782
9,420
12,574 12,516
6.404
6,880
7,962
8.855
8,069
9,192
6,124
4,269
2.096
3,551
4,618
6.990
11,470
8,498
8,648
6,667
4,965
2,096
3.551
4,618
6,121
11,895
524
1,388
-911
-2,381
3,028
-9 6
-1,684
1,647
-498
9,237
7 ,1 6 7
10,367
6 ,6 3 4
16,763
12.216
9,260
11,267
5,011
12,774
1 Before Nov. 1973 B u l l e t i n , included matched sale-purchase trans
actions, which are now shown separately.
2 Includes special certificates acquired when the Treasury borrows
directly from the Federal Reserve, as follows: June 1971, 955; Sept. 1972,
38; Aug. 1973, 351; Sept. 1973, 836; Nov. 1974, 131; Mar. 1975, 1,560.
8,748
844
1 0 ,3 0 5
-2 5 8
332
6,928
8.551
1,940
Federal agency obligations
Net
change
in U.S.
Govt,
securi
ties
4,988
8,076
-3 1 2
8,610
1,984
15,933
12,375
100
53
33,859
43,519
32,228
74,795
70,947
900
-102
150
250
87
205
1.057
200
33,859
44,741
31,103
74,755
71,333
1,788
506
93
311
167
129
196
65
12,177
16,205
23,319
45,780
62,801
12,177
16,205
23,319
45,780
64.229
249
933
539
500
434
Gross Exch. or
sales maturity
shifts
Repur
chase
agree
Sales or ments,
redemp
net
tions
485
1,197
865
3,087
370
239
322
360
201
309
761
238
207
48
15
72
35
3
16
6,428
Bankers
acceptances,
net
-6
22
-9
-2
511
33
424
-372
-270
Net
change 3
Repur
chase
agree
ments
Out
right
101
-8 8
29
469
8
16
331
360
369
142
121
59
40
-1 0 0
174
188
376
-409
246
-347
883
103
-1 2
-5
24
210
-130
37
181
-1 4 5
-3 6
420
4,982
8,866
272
9,227
6,149
187
-1 8 5
218
201
789
2,155
-1,115
-2,011
3,322
322
-1,970
2,739
393
-136
39
-323
496
387
309
-136
7,829
—89
142
-7 0
-2 0 7
3 Net change in U.S. Govt, securities, Federal agency obligations, and
bankers’ acceptances.
N o t e . — Sales, redemptions, and negative figures reduce System hold
ings; all other figures increase such holdings. Details may not add to
totals because of rounding.
CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS
(In millions of U.S. dollar equivalent)
End of period
Total
98
2
164
*
1
1
1
1
5
5
5
5
1
*
*
1
*
*
*
*
*
*
*
*
*
*
*
*
*
*
57
84
6
39
61
g
38
1
1
1
1
1
1
1
1
1
1
1
*
*
*
*
1
1
1
1
1974—Mar ..
6
6
63
90
8
220
242
190
40
2
*
*
2
2
Japanese
yen
*
*
*
*
154
1975—Jan..............
Feb
Italian
lire
*
3
*
257
18
192
4
Apr...................
M ay.
.
June..........
Julv..............................
Aug.........
Sept.............
Oct........
Nov. .
Dec. . ..
German
marks
Belgian
francs
1970........................................
1971........................................
1P72.........................................
1973 .....................
*
*
*
*
*
*
*
*
*
*
*
*
Canadian
dollars
French
francs
Pounds
sterling
Mexico
pesos
Nether
lands
guilders
*
20
180
180
180
Swiss
francs
4
8
6
3
A 10
FEDERAL RESERVE BANKS o JU N E 1975
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday
Item
End o f month
1975
May 28
May 21
May 14
1975
May 7
Apr. 30
May 31
1974
Apr. 30
May 31
Assets
Gold certificate account.................................
Special Drawing Rights certificate account.
11,620
400
11,620
400
11,620
400
357
360
360
485
729
20
740
136
736
274
5,091
449
11,620
500
Cash......................................................
Loans:
Member bank borrowings..............
O ther................................................
Acceptances:
Bought outright...............................
Held under repurchase agreements.
Federal agency obligations:
Bought outright................................
Held under repurchase agreements.
U.S. Govt, securities:
Bought outright:
Bills...........................
Certificates—Special.
O ther..
Notes.....................
Bonds.......................
Total bought outright.....................
Held under repurchase agreements.
11,620
400
11,620
500
352
347
366
347
223
21
1,539
23
1,539
3,298
728
216
699
245
689
496
744
121
689
496
97
276
5,162
662
5,162
280
5,162
431
5,189
882
5,091
316
5,189
882
2,621
642
38,098
37,892
38,042
37,646
37,222
37,411
37,222
37,818
42,038
4,413
42,038
4,413
42,538
3,913
42,488
3,913
42,488
3,913
42,038
4,413
42,488
3,913
39,533
2,805
184,549
4,248
184,343
5,298
184,493
1,421
184,047
1,939
183,623
4,223
183,862
1,760
183,623
4,223
180,156
1,239
11,620
400
11,460
400
Total U.S. Govt, securities.
88,797
89,641
85,914
85,986
87,846
85,622
87,846
81,395
Total loans and securities...................
Cash items in process of collection. . .
Bank premises.....................................
Operating equipment...........................
Other assets:
Denominated in foreign currencies.
All oth er...........................................
95,698
*>7,570
281
2
97,204
*>7,118
281
2
92,320
7,931
281
2
92,544
7,122
279
2
96,641
7,034
277
2
91,917
*>6,214
284
2
96,641
7,034
277
2
88,329
6,966
236
3
2,653
24
2,365
10
3,124
2
3,036
2
3,016
4
2,694
2
3,016
63
716
p 118,684
*119,374
116,048
115,357
119,339
*113,601
119,339
108,393
Total assets.
Liabilities
F.R. notes...........................................
Deposits:
Member bank reserves..................
U.S. Treasury—General account.
Foreign...........................................
Other:
All other2...................................
71,175
70,630
70,611
70,219
69,561
70,852
69,561
64,732
*29,200
7,687
294
*32,267
7,017
253
29,055
6,871
253
27,223
9,162
257
32,028
8,363
270
*26,332
7,036
310
32,028
8,363
270
31,012
3,133
429
482
482
Total deposits.
*38,499
*40,231
36,661
37,124
41,234
*34,837
41 ,234
35,241
Deferred availability cash items...........
Other liabilities and accrued dividends.
5,618
1 ,151
5,171
1,205
5,589
1,156
4,934
1,159
5,092
1,192
4,516
1,099
5,092
1,192
5,041
1,160
Total liabilities........................................
*116,443
*117,237
114,017
113,436
117,079
*111,304
117,079
106,174
Capital paid in ..............................................................
Surplus..........................................................................
Other capital accounts.................................................
907
897
437
908
897
332
909
897
225
907
897
117
906
897
457
908
897
492
906
897
457
874
844
501
Total liabilities and capital accounts..........................
*118,684
*119,374
116,048
115,357
119,339
*113,601
119,339
108,393
2
2
2
732
39,541
38,766
38,111
37,980
38,174
40,502
38,174
28,454
1,318
1,159
Capital accounts
Contingent liability on acceptances purchased for
foreign correspondents.............................................
Marketable U.S. Govt, securities held in custody for
foreign and international accounts......................
Federal Reserve Notes—Federal Reserve Agents’ Accounts
F.R. notes outstanding (issued to Bank).........
Collateral held against notes outstanding:
Gold certificate account................................
Special Drawing Rights certificate account.
Acceptances....................................................
U.S. Govt, securities.....................................
75,526
75,363
75,165
74,945
74,871
75,777
74,871
68,827
9,103
170
7,409
138
7,128
138
3,415
138
2,587
138
9,876
190
2,587
138
2,235
70,430
70,430
70,175
73,960
73,930
69,850
73,930
67,515
Total collateral.
79,703
77,977
77,441
77,513
76,655
79,916
76,655
69,750
1 See note 2 on p. A-2.
2 See note 6 on p. A-2.
JU N E 1975 □ FEDERAL RESERVE BANK S; BANK D EB ITS
A 11
MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday
End of month
1975
Item
1975
1974
May 28
May 21
May 14
May 7
Apr. 30
May 31
Apr. 30
May 31
Loans—T otal..........
Within 15 days. . .
16-90 days............
91 days to 1 year..
485
480
5
729
724
5
21
14
7
21
17
4
1,538
1,536
2
23
20
3
1,538
1,536
2
3,298
3,210
Acceptances—T otal.
Within 15 days. ..
16-90 days............
91 days to 1 year.
876
226
389
261
1,010
351
390
269
944
331
356
257
944
377
345
222
1,185
594
366
225
865
229
394
242
1,185
594
366
225
373
295
78
88,797
9,356
20,657
20,277
28,463
6,957
3,087
89,641
10,615
20,005
20,514
28,463
6,957
3,087
85,914
11,146
17,550
21,897
21,772
10,759
2,790
85,986
11,420
17,510
21,735
21,772
10,759
2,790
87,846
13,679
17,837
21,009
21,772
10,759
2,790
85,622
5.087
21,911
20,117
28,463
6,957
3.087
87,846
13,679
17,837
21,009
21,772
10,759
2,790
81,395
5,397
25,065
21,227
19,879
7,867
1,960
5,540
523
189
529
2,529
1,209
561
5,824
770
110
607
2,567
1,209
561
5,442
351
147
607
2,567
1,209
561
5,593
431
218
607
2,567
1,209
561
6,071
926
192
616
2,567
1,209
561
5,407
390
189
529
2,529
1,209
561
6,071
926
192
616
2,567
1,209
561
3,263
714
46
312
1,074
746
371
U.S. Govt, securities—Total.
Within 15 days1.................
16-90 days...........................
91 days to 1 year................
1-5 years.............................
5-10 years...........................
Over 10 years....................
Federal agency obligations—T otal.
Within 15 days1...........................
16-90 days.....................................
91 days to 1 year..........................
1-5 years.......................................
5-10 years.....................................
Over 10 years................................
1 Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
BANK DEBITS AND DEPOSIT TURNOVER
(Seasonally adjusted annual rates)
Debits to demand deposit accounts1
(billions of dollars)
Period
Leading SMSA’s
6 others2
Total 232
SMSA’s
(excl.
N.Y.)
226
other
SMSA’s
Total
233
SMSA’s
N.Y.
8,637.9
8,970.1
9,065.7
9,140.4
9,240.8
9,970.8
10,271.1
10,538.9
9,931.8
4,747.6
4,820.8
4,768.0
4,892.1
5,173.0
5,092.1
5,084.7
5,160.2
5,152.7
11,424.3
11,594.6
11,391.6
11,759.2
12,241.0
12,046.7
12,077.6
12,379.8
12,260.6
6,676.7
6,773.8
6,623.6
6,867.1
7,068.0
6,954.7
6,993.0
7,219.6
7,107.9
115.4
117.1
116.9
119.8
123.4
125.1
127.0
131.8
128.0
10,157.8
10,918.0
10,241.1
10,810.3
4,868.4 11,698.4
4,992.8 12,034.7
r4,899.9 *•71,941.8
4,766.8 11,872.4
6,830.1
7,041.9
>•7,041.9
7,105.6
127.2
133.3
’•125.0
127.5
Total
233
SMSA’s
N.Y.
1974—Apr...............................
M ay.............................
June...........................
July...............................
Aug..............................
Sept..............................
Oct................................
Nov..............................
Dec...............................
20,062.3
20,564.7
20,457.3
20,899.6
21,481.7
22,017.5
22,348.8
22,918.7
22,192.4
1975—Jan................................
Feb...............................
Mar..............................
Apr...............................
21,856.3
22,952.7
r22,182.9
22,682.6
1 Excludes interbank and U.S. Govt, demand deposit accounts.
2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and
Los Angeles-Long Beach.
Turnover of demand deposits
6 others2
Total 232
SMSA’s
(excl.
N.Y.)
226
other
SMSA’s
274.6
275.3
279.9
282.1
286.4
310.5
316.8
324.6
312.8
119.7
122.3
120.0
123.5
132.0
127.5
127.3
131.5
131.8
80.2
81.1
79.8
82.8
86.3
83.8
84.1
87.5
86.6
65.0
65.4
64.3
67.0
68.9
66.9
67.5
70.6
69.3
321.8
343.2
318.3
328.2
125.9
127.4
’-118.2
115.4
83.4
85.8
>•82.2
81.9
67.3
69.6
r67.8
68.6
Leading SMSA’s
N o t e . —Total SMSA’s include some cities and counties not designated
as SMSA’s.
For back data see pp. 634-35 of July 1972 B u l l e t i n .
A 12
MONEY STO CK □ JU N E 1975
MEASURES OF THE MONEY STOCK
(In billions o f dollars)
Seasonally adjusted
Period
Mi
M2
Mz
Not seasonally adjusted
Mt.
Mi
Mb
Mi
M2
Mt
Ms
Composition of measures is described in the Note below.
1972—Dec...............................
1973—Dec...............................
255.8
271.5
525.7
572.2
844.9
919.6
569.7
636.0
888.8
983.4
263.0
279.1
530.7
577.3
848.0
922.8
574.9
641.3
892.2
986.8
1974—Apr...............................
M ay.............................
June.............................
July r............................
Aug.' ...........................
Sept.' ...........................
Oct.r............................
Nov.' ...........................
Dec.' ...........................
276.6
277.6
280.0
280.4
280.5
280.7
281.6
283.6
284.4
589.4
59J.6
597.1
599.6
601.9
603.4
607.6
611.6
613.5
945.9
948.8
955.9
959.8
962.7
965.0
970.7
976.9
981.7
663.3
670.2
'678.4
683.2
685.7
688.2
693.8
697.1
703.8
1019.8
1027.3
1037.2
1043.4
1046.4
1049.9
1056.9
1062.4
1072.0
278.2
272.9
278.2
280.0
277.3
278.9
281.2
285.1
292.3
593.5
589.7
'596.5
599.2
598.4
600.3
605.7
609.8
618.6
952.2
948.3
957.4
961.1
958.7
960.8
967.4
972.8
985.1
665.3
666.9
676.2
681.9
685.5
689.0
694.5
696.8
709.1
1024.0
1025.5
1037.0
1043.8
1045.8
1049.5
1056.2
1059.9
1075.5
1975—Jan.r............................
Feb. ' ............................
M ar.' ...........................
Apr...............................
282.2
283.5
286.1
287.1
615.5
620.3
626.4
630.4
987.0
995.6
1007.2
1017.1
708.3
712.4
716.2
718.8
1079.8
1087.6
1097.0
1105.4
289.3
280.4
283.3
288.7
621.5
617.9
625.9
634.8
992.4
993.3
1008.6
1023.7
713.4
707.1
714.0
720.6
1084.4
1082.5
1096.7
1109.5
N o t e .—Composition
of the money stock measures is as follows:
Mi: Averages of daily figures for (1) demand deposits of commercial
banks other than domestic interbank and U.S. Govt., less cash items in
process of collection and F.R. float; (2) foreign demand balances at F.R.
Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of
commercial banks.
M 2 : Averages of daily figures for Mi plus savings deposits, time de
posits open account, and time certificates other than negotiable CD’s of
$100,000 of large weekly reporting banks.
M t : M 2 plus mutual savings bank deposits, savings and loan shares, and
credit union shares (nonbank thrift).
M i: M 2 plus large negotiable CD’s.
M s: Mz plus large negotiable CD’s.
For a description of the latest revisions in Mi, M 2, and Mz, see “Revi
sion of Money Stock Measures and Member Bank Reserves and Deposits”
on pp. 817-27 of the Dec. 1974 B u l l e t in .
Latest monthly and weekly figures are available from the Board’s H.6
release. Back data are available from the Banking Section, Division of
Research and Statistics.
COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Commercial banks
Commercial banks
Period
Cur
ren
cy
De
mand
de
pos
its
Time and savings
deposits
CD’s 1 Other
Total
Demand deposits
Non
bank
thrift
insti
tu
tions2
Cur
ren
cy
Total
Mem
ber
Do
mes
tic
nonmem
ber
Time and savings
deposits
CD’s 1 Other
Total
Non
bank
thrift
insti
tu
tions2
U.S.
Govt.
de
pos
its3
1972—Dec...............
1973—Dec...............
56.9
61.6
198.9
209.9
43.9
63.8
269.9
300.7
313.8
364.5
319.1
347.4
57.9
62.7
205.1
216.4
152.4
157.0
51.4
56.6
44.2
64.0
267.6
298.2
311.8
362.2
317.3
345.6
7.4
6.3
1974— Apr...............
M ay..............
June..............
July...............
Aug...............
Sept...............
Oct................
Nov.' ............
Dec.' ............
63.9
64.3
64.6
64.8
65.5
65.9
66.5
67.4
67.9
212.8
213.3
215.4
'215.6
'215.0
'214.8
'215.2
216.2
216.5
73.9
78.5
81.3
83.6
83.8
84.8
86.2
85.5
90.3
312.7
314.0
317.1
319.2
321.5
322.7
325.9
328.0
329.1
386.7
392.5
398.4
402.8
405.2
407.5
412.1
413.6
419.4
356.5
357.1
358.8
360.2
360.7
361.6
363.1
365.3
368.3
63.5
64.1
64.8
65.3
65.7
65.8
66.4
67.9
69.0
214.7
208.8
213.5
'214.7
'211.6
'213.1
'214.7
217.3
223.3
155.8
151.3
153.6
154.4
152.3
153.3
154.4
156.0
160.4
56.2
54.8
56.1
'56.5
'56.1
'56.6
'57.1
57.7
58.9
71.8
77.2
79.6
82.8
87.1
88.7
88.8
87.1
90.5
315.3
316.7
318.3
319.2
321.1
321.3
324.6
324.6
326.3
387.1
393.9
397.9
402.0
408.2
410.1
413.3
411.7
416.8
358.7
358.7
360.8
361.9
360.3
360.5
361.7
363.0
366.5
6.0
7.6
6.1
5.4
4.0
5.5
3.7
3.4
4.9
1975—Jan.' .............
F e b .'............
M ar.r............
Apr................
68.2
68.8
69.5
69.6
214.0
214.7
216.6
217.5
92.7
92.1
89.8
88.4
333.3
336.8
340.3
343.3
426.0
428.9
430.0
431.7
371.5
375.3
380.8
386.6
67.8
67.9
68.9
69.2
221.5
212.6
214.5
219.5
158.9
152.4
154.1
157.6
58.7
56.6
57.1
58.8
91.9
89.2
88.1
85.8
332.2
337.4
342.6
346.1
424.1
426.6
430.6
432.0
371.0
375.4
382.7
388.9
4.0
3.4
3.9
4.2
1 Negotiable time certificates of deposit issued in denominations of
$100,000 or more by large weekly reporting commercial banks.
2 Average of the beginning and end-of-month figures for deposits of
mutual savings banks, for savings capital at savings and loan associations,
and for credit union shares.
3 At all commercial banks.
See also
N o te
above.
JU N E 1975 □ BANK RESERVES; BANK C R ED IT
A 13
AGGREGATE RESERVES AND MEMBER BANK DEPOSITS
(In billions of dollars)
Deposits subject to reserve requirements 3
Member bank reserves, S.A.1
S.A.
Period
Total
Non
bor
rowed
Re
quired
Avail
able2
Total member
bank deposits
plus nondeposit
items4
N.S.A.
Demand
Total
Time
and
savings
Private
U.S.
Govt.
Demand
Total
Time
and
savings
Private
U.S.
Govt.
S.A.
N.S.A.
1971—Dec......
1972—Dec......
1973—Dec......
31.33
31.46
35.16
31.20
30.41
33.87
31.15
31.17
34.86
29.03
29.09
32.97
360.3
402.0
442.2
210.7
242.0
280.0
143.8
154.5
158.2
5.8
5.6
3.9
364.6
406.8
447.5
209.7
240.7
278.5
149.2
160.1
164.0
5.7
6.1
5.0
365.2
406.4
448.7
369.5
411.2
454.0
1974—Apr......
May.. . .
June__
July.. . .
Aug.. ..
Sept___
Oct.......
N ov.. . .
Dec......
35.88
36.52
36.74
37.40
37.27
37.28
36.86
36.87
36.91
34.15
33.93
33.73
34.10
33.93
34.00
35.04
35.62
36.18
35.70
36.34
36.54
37.24
37.08
37.09
36.73
36.67
36.65
33.66
34.26
34.71
34.96
35.27
35.30
34.89
34.87
34.64
461.2
467.1
472.9
475.7
478.5
480.6
480.5
483.6
485.9
296.6
302.3
307.0
310.7
312.4
314.4
317.2
318.4
323.4
160.0
159.1
160.6
160.7
159.9
159.9
159.5
160.6
160.7
4.6
5.6
5.3
4.2
6.2
6.3
3.7
4.6
1.9
462.5
464.7
470.0
474.3
475.1
479.7
480.5
481.2
491.8
296.2
303.0
306.4
310.1
315.3
317.2
318.6
317.4
321.7
161.5
155.6
158.9
160.0
157.0
158.3
159.1
161.4
166.6
4.8
6.1
4.7
4.1
2.9
4.2
2.7
2.4
3.5
469.2
475.8
481.2
484.9
487.5
489.2
488.3
491.2
494.3
470.6
473.5
478.4
483.5
484.2
488.2
488.3
488.8
500.1
1975—Jan..
Feb , , ,
M ar.. . .
Apr.......
36.91
35.46
34.85
35.08
36.51
35.32
34.74
34.97
36.76
35.27
34.65
34.93
34.41
r33.61
33.03
33.11
488.2
489.2
491.6
493.5
328.5
328.9
329.2
329.7
159.0
159.7
161.7
161.7
0.7
0.6
0.7
2.1
495.1
487.0
491.6
495.4
327.2
326.5
328.9
329.1
165.0
158.0
159.8
163.2
2.9
2.4
2.8
3.1
495.8
495.7
498.1
500.2
502.6
493.5
498.1
502.2
1 Averages of daily figures. Member bank reserve series reflects actual
reserve requirement percentages with no adjustment to eliminate the
effect of changes in Regulations D and M. Required reserves were in
creased by $660 million effective Apr. 16, 1969, and $400 million effective
Oct. 16, 1969; were reduced by $500 million (net) effective Oct. 1, 1970.
Required reserves were reduced by approximately $2.5 billion, effective
Nov. 9, 1972; by $1.0 billion, effective Nov. 15; and increased by $300
million effective Nov. 22.
.2 Reserves available to support private nonbank deposits are defined
as (1) required reserves for (a) private demand deposits, (b) total time
and savings deposits, and (c) nondeposit sources subject to reserve re
quirements, and (2) excess reserves. This series excludes required reserves
for net interbank and U.S. Govt, demand deposits.
3 Averages of daily figures. Deposits subject to reserve requirements
include total time and savings deposits and net demand deposits as defined
by Regulation D. Private demand deposits include all demand deposits
except those due to the U.S. Govt., less cash items in process of collection
and demand balances due from domestic commercial banks.
4 “Total member bank deposits” subject to reserve requirements, plus
Euro-dollar borrowings, loans sold to bank-related institutions, and
certain other nondeposit items. This series for deposits is referred to as
“ the adjusted bank credit proxy.”
N o t e . — For description of revised series and for back data, see article
“ Revision of Money Stock Measures and Member Bank Reserves and
Deposits” on pp. 817-27 of the Dec. 1974 B u l l e t in .
Due to changes in Regulations M and D, member bank reserves include
reserves held against nondeposit funds beginning Oct. 16, 1969. Back data
may be obtained from the Banking Section, Division of Research and
Statistics, Board of Governors of the Federal Reserve System, Washington,
D.C. 20551.
LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS
(In billions of dollars)
Seasonally adjusted
Loans
Total
loans
and
invest
ments 1
Total i
Plus
loans
sold2
1971—Dec. 31___
1972—Dec. 31___
1973—Dec. 31-----
484.8
556.4
630.3
320.3
377.8
447.3
1974—May 29........
June 305. . . .
July 31.......
Aug. 28.......
Sept. 25.......
Oct. 30.......
Nov. 2 7 « ....
Dec. 31.......
673.4
677.5
687.5
693.9
689.9
690.8
692.5
687.0
1975—Jan.
Feb.
Mar.
Apr.
May
689.3
691.0
694.7
696.2
698.3
Date
29p . . . .
26* \...
2 6 * ....
30p . . .
28».. . .
Not seasonally adjusted
Securities
Commercial
and industrial
U.S.
Treas
ury
Total i
Plus
loans
sold2
Securities
Commercial
and industrial
U.S.
Treas
ury
Other4
Total
Plus
loans
sold2
331.1
389.9
462.8
118.5
132.7
159.4
120.2
134.4
162.0
64.9
67.0
58.3
104.7
117.1
130.6
480.3
491.8
497.2
500.6
501.2
500.7
502.0
510.6
485.9
497.2
502.6
505.9
506.5
505.9
506.9
515.4
172.3
177.2
178.4
179.4
181.5
182.0
183.2
186.8
175.4
180.1
181.3
182.3
184.3
184.8
185.9
189.5
54.1
52.1
52.2
52.0
50.7
50.7
52.1
54.4
135.5
137.6
136.9
136.8
137.6
138.1
138.1
140.5
495.9
491.5
490.3
490.6
488.4
500.5
496.0
495.0
495.2
493.1
181.7 184.4
180.3 183.0
180.0 182.8
180.4 c183.1
177.8 180.6
53.6
54.7
59.6
63.7
65.6
138.9
139.1
140.3
140.9
140.6
Total
Plus
loans
sold2
323.1
380.4
451.6
115.9
129.7
155.8
117.5
131.4
158.4
60.1
61.9
52.8
104.4
116.7
130.2
497.9
571.4
647.3
328.3
387.3
458.5
481.4
484.5
494.8
501.5
500.2
502.0
503.8
498.2
487.1
489.9
500.2
506.8
505.5
507.2
508.7
503.0
172.9
174.6
178.0
181.0
181.4
183.2
184.3
182.6
176.0
177.5
180.9
183.9
184.2
186.0
187.0
185.3
57.2
56.4
55.9
55.3
52.3
49.8
49.1
48.7
134.8
136.6
136.8
137.1
137.4
139.0
139.6
140.1
669.8
681.6
686.3
689.4
689.5
689.5
692.2
705.5
500.7
497.6
496.4
492.4
489.6
505.3
502.1
501.1
497.0
494.3
183.9
182.1
180.4
179.8
178.2
186.6
184.8
183.2
182.5
181.0
48.8
53.3
58.7
64.5
68.8
139.8
140.1
139.6
139.3
139.9
688.3
685.3
690.2
695.2
694.7
1 Adjusted to exclude domestic commercial interbank loans.
2 Loans sold are those sold outright for banks’ own foreign branches,
nonconsolidated nonbank affiliates of the bank, the banks’ holding
company (if not a bank), and nonconsolidated nonbank subsidiaries of
the holding company. Prior to Aug. 28, 1974, the institutions included
had been defined somewhat differently, and the reporting panel of banks
was also different. On the new basis, both “Total loans” and “Com
mercial and industrial loans” were reduced by about $100 million.
3 Reclassification of loans at one large bank reduced these loans by
about $400 million as of June 30, 1972.
4 Farmers Home Administration insured notes included in “Other
securities” rather than in loans beginning June 30, 1971, when such notes
totaled about $700 million.
5 Data beginning June 30, 1974, include one large mutual savings
bank that merged with a nonmember commercial bank. As of that date
there were increases of about $500 million in loans, $100 million in “ Other
securities,” and $600 million in “Total loans and investments.”
Other4
Loans
Total
loans
and
invest
ments 1
6 As of Oct. 31, 1974, “Total loans and investments” of all commercial
banks were reduced by $1.5 billion in connection with the liquidation
of one large bank. Reductions in other items were: “Total loans,” $1.0
billion (of which $0.6 billion was in “Commercial and industrial loans”),
and “Other securities,” $0.5 billion. In late November “Commercial and
industrial loans” were increased by $0.1 billion as a result of loan re
classifications at another large bank.
N o t e .— Total loans and investments: For monthly data, Jan. 1959—
June 1973, see Nov. 1973 B u l l e t in , pp. A-96-A-97, and for 1948-58,
Aug. 1968 B u l l e t in , pp. A-94-A-97. For a description of the current
seasonally adjusted series see the Nov. 1973 B u l l e t in , pp. 831-32, and
the Dec. 1971 B u l l e t in , pp. 971-73. Commercial and industrial loans:
For monthly data, Jan. 1959-June 1973, see Nov. 1973 B u l l e t in , pp.
A-96-A-98; for description see July 1972 B u l l e t in , p. 683. Data are for
last Wednesday of month except for June 30 and Dec. 31; data are partly
or wholly estimated except when June 30 and Dec. 31 are call dates.
A 14
COM M ERCIAL BANKS □ JU N E 1975
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions o f dollars)
Loans and investments
Classification by
FRS membership
and FDIC
insurance
Total
assets—
Total
Securities
lia
Cash bilities
assets 3 and
capital Total3
U.S. Other
ac
Treas
counts4
ury
Total
Deposits
Interbank3
De
mand
Other
Bor
row
ings
Demand
Time
U.S.
Govt.
Total Num
capital ber
ac
of
counts banks
Times
Other
Last-Wednesday-of-month series6
All commercial banks:
1941—Dec. 3 1 ...
1947—Dec. 31 7..
1960—Dec. 3 1 ...
1970—Dec. 3 1 ...
1971—Dec. 3 1 ...
1972—Dec. 3 1 ...
1973—Dec. 3 1 ...
50,746
116,284
199,509
461,194
516,564
598,808
683,799
21,714
38,057
117,642
313,334
346,930
414,696
494,947
21,808 7,225 26,551
69,221 9,006 37,502
61,003 20,864 52,150
61,742 86,118 93,643
64,930 104,704 99,832
67,028 117,084 113,128
58,277 130,574 118,276
79,104
155,377
257,552
576,242
640,255
739,033
835,224
71,283
144,103
229,843
480,940
537,946
616,037
681,847
10,982
44,349
15,952
240 1,343 94,367 35,360
12,792
17,079 1,799 5,945 133,379 71,641
30,608 1,975 7,938 209,335 231,084
32,205 2,908 10,169 220,375 272,289
33,854 4,194 10,875 252,223 314,891
36,839 6,773 9,865 263,367 365,002
23
65
163
19,375
25,912
38,083
58,994
7,173
10,059
20,986
42,958
47,211
52,658
58,128
14,278
14,181
13,472
13,686
13,783
13,927
14,171
1974— May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
2 9 ...
3 0 ...
3 1 ...
2 8 ...
2 5 ...
3 0 ...
2 7 ...
3 1 ...
703,820
718,713
720,730
722,110
721,160
723,330
729,640
743,998
514,280
528,951
531,580
533,320
532,890
534,520
539,400
549,101
54,080
52,114
52,230
52,010
50,690
50,730
52,140
54,411
460 115,575
648 126,487
920 107,850
780 100,610
580 107,390
080 110,770
100 116,220
486 128,015
857,695
884,295
872,560
865,740
873,710
880,750
894,530
919,381
683,175
709,917
695,230
688,490
692,830
700,420
708,150
747,727
34,870 8,200
42,016 8,903
33,580 9,680
30,530 9,970
29,760 10,610
33,150 10,180
34,230 10,310
43,483 11,496
5,940
8,367
4,360
4,070
7,380
3,080
3,910
4,807
238, 215
252! 434
243 870
235 780
236 550
243 090
248; 730
267 463
395,950
398,197
403,740
408,140
408,530
410,920
410,970
r420,479
69,910
67,548
68,030
67,230
67.920
68,350
71,470
58,373
60,330
61,623
61.530
61.530
61,850
62,180
62,210
63,654
14,290
14,337
14,367
14,383
14,398
14,422
14,440
14,465
1975—Jan.
Feb.
Mar.
Apr.
May
29*..
26*..
26*..
30r*.
28*..
724,080
724,010
729,500
728,300
730,170
531,630
530,160
529,590
523,680
523,950
53,560 138,890 101,400
54.720 139,130 103,470
59,620 140,290 105,230
63.720 140,900 113,280
65,580 140,640 113,340
873,940
877,120
886,450
895,310
896,550
701,390
701,120
710,440
720,410
722,290
29,900 11,740
29,770 10,440
30,160 11,680
32,790 11,880
32,030 11,200
4,530
2,640
3,970
7,950
2,980
233,730
234,380
236,540
242,150
245,960
421,490
423,890
428,090
425,640
430,120
61,320
63.920
62,830
60,620
60,810
64,010
64,460
65,100
64,940
64,890
14,475
14,497
14,523
14.535
14.535
Members of
F.R. System:
1941—Dec.
1947—Dec.
1960—Dec.
1970—Dec.
1971—Dec.
1972—Dec.
1973—Dec.
3 1 ...
3 1 ...
31...
3 1 ...
31...
31...
31 ...
43,521
97,846
165,619
365,940
405.087
465,788
528,124
18,021
32,628
99,933
253,936
277,717
329,548
391,032
19,539
57,914
49,106
45,399
47,633
48,715
41,494
5,961 23,113
7,304 32,845
16,579 45,756
66,604 81,500
79,738 86,189
87,524 96,566
95,598 100,098
68,121
132,060
216,577
465,644
511,353
585,125
655,898
61,717
122,528
193,029
384,596
425,380
482,124
526.837
10,385
12,353
16,437
29,142
30,612
31,958
34,782
140
50
1,639
1,733
2,549
3,561
5,843
1,709
1,176
5,287
6,460
8,427
9,024
8,273
37,136
80,609
112,393
168,032
174,385
197,817
202,564
12,347
28,340
57,273
179,229
209,406
239,763
275,374
4
54
130
18,578
25,046
36,357
55,611
5,886
8,464
17,398
34,100
37,279
41,228
44.741
6,619
6,923
6,174
5,767
5,727
5,704
5,735
1974—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
2 9 ...
3 0 ...
31...
2 8 ...
2 5 ...
308..
2 7 ...
31...
538,801
550,388
552,643
552,845
550,843
548,622
556.088
568,577
403,619
415,061
418,088
418,727
417,631
415,941
421,428
429,557
37,282
35,934
35,858
35,878
34,683
34,813
36,394
38,924
99,155
108,971
91.430
84,947
91,002
93,674
98,603
107,008
669,357
692,199
680,511
673,296
679,160
680,173
694,743
715,675
524.837
547,031
533,807
527,573
531,194
535,128
542,515
575,612
32,452
39,211
31,153
28,487
27,831
31,043
32,422
41,062
7,274
7,818
8,598
8,887
9,522
9,089
9,222
10,052
4,746
6,624
3,180
2,958
5,782
2,117
2,859
3,183
182,060
193,979
186,360
179,429
180,114
184,573
189,688
204,232
298.305
299,400
304.516
307,812
307,945
308.306
308,324
317,083
64,820
62,836
63,042
61,781
62,166
60,803
65,411
52,856
46,090
46,946
46,907
46,816
47,054
47,131
47,320
48,244
5,763
5,761
5.766
5.766
5.774
5.775
5,774
5,780
1975—Jan.
Feb.
Mar.
Apr.
May
29 ...
2 6 ...
2 6 ...
30r*.
28*..
550.264
549,144
552,957
550,756
551.264
414,426
412,076
411,446
406,676
405,803
37,549
38,628
42,544
45,142
46,918
86,321
88.430
89,685
96,694
96,455
676.905
678,970
685.906
692,147
691,485
536,256
535,250
542,076
549,824
549,996
28,311 10,299
28,157 8,991
28,564 10,231
31,102 10,433
30,191 9,751
3,247
1,989
2,794
6,212
2,178
177,701
178,596
180,214
184,693
187,439
316,698
317.517
320,273
317,384
320,437
56,136
58,868
58,030
55,738
56,140
48,411
48.741
49,219
49,267
49,188
5,783
5.785
5.785
5.789
5.789
1,762 41,298 15,699
54 1,325 92,975 34,882
1,667 5,932 132,533 71,348
1,874 7,898 208,037 231,132
2,792 10,150 219,102 271,835
4,113 10,820 250,693 313,830
6,429 9,856 261,530 363,294
10
61
149
19,149
25,629
37,556
57,531
6,844
9,734
20,628
42,427
46,731
52,166
57,603
13,426
13,398
13,119
13,502
13,602
13,721
13,964
98,289
98,440
98,967
98,938
98,543
Call date series
Insured banks:
Total:
1941—Dec.
1947—Dec.
1960—Dec.
1970—Dec.
1971—Dec.
1972—Dec.
1973—Dec.
3 1 ...
3 1 ...
3 1 ...
319..
3 1 ...
3 1 ...
3 1 ...
49,290
114,274
198,011
458,919
514,097
594,502
678,113
21,259
37,583
117,092
312,006
345,386
411,525
490,527
21,046
67,941
60,468
61,438
64,691
66,679
57,961
6,984 25,788
8,750 36,926
20,451 51,836
85,475 92,708
104,020 98,281
116,298 111,333
129,625 116,266
76,820
152,733
255,669
572,682
635,805
732,519
827,081
69,411
141,851
228,401
479,174
535,703
612,822
677,358
I0 I
12,615
16,921
30,233
31,824
33,366
36,248
54
1974—June 3 0 ... 709,904 521,424 51,832 136,648 123,536 871,986 703,767 40,534 8,427
Dec. 3 1 ... 734,406 541,029 54,093 139,285 125,348 906,154 741,489 42,586 10,692
National member:
1941—Dec. 3 1 ...
1947—Dec. 3 1 ...
1960—Dec. 3 1 ...
1970—Dec. 319..
1971—Dec. 3 1 ...
1972—Dec. 3 1 ...
1973—Dec. 3 1 ...
27,571
65,280
107,546
271,760
302,756
350,743
398,236
11,725
21,428
63,694
187,554
206,758
247,041
293,555
12,039
38,674
32,712
34,203
36,386
37,185
30,962
3,806
5,178
11,140
50,004
59,612
66,516
73,718
14,977
22,024
28,675
56,028
59,191
67,390
70,711
43,433
88,182
139,261
340,764
376,318
434,810
489,470
39,458
82,023
124,911
283,663
314,085
359,319
395,767
6, 786
8,375
35
9,829
611
18,051
982
17,511 1,828
19,096 2,155
20,357 3,876
1974—June 3 0 ... 418,329 313,659 27,631 77,039 73,703 516,632 407,915 20,086 4,912
Dec. 3 1 ... 428,479 321,486 29,078 77,915 76,535 534,267 431,088 23,497 6,750
For notes see opposite page.
8,355 250,225 396,226 65,514 61,003 14,108
4,799 265,401 418,011 55,992 63,043 14,216
1,088
795
3,265
4,740
6,014
6,646
5,955
23,262
53,541
71,660
122,298
128,441
146,800
152,705
8,322
19,278
39,546
137,592
160,291
184,622
212,874
4
45
111
13,100
18,169
26,706
39,696
3,640
5,409
11,098
24,868
27,065
30,342
33,125
5,117
5,005
4,530
4,620
4,599
4,612
4,659
5,038 145,954 231,925 48,123 34,966
2,437 154,425 243,978 39,608 35,820
4,693
4,706
JU N E 1975 □ COM M ERCIAL BANKS
A 15
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK— Continued
(Amounts in millions of dollars)
Loans and investments
Classification by
FRS membership
and FDIC
insurance
Securities
Total
Loans
l
U.S.
Treas
ury
Other
2
Deposits
Total
assets—
Interbank3
Total
Other
Cash
lia
assets 3 bilities
Total 3
and
Demand
capital
De
ac
mand Time
counts4
U.S.
Other
Govt.
Time
5
Bor
row
ings
Total
capital
ac
counts
Num
ber
of
banks
Call date series
Insured banks (cont.):
State member:
1941—Dec. 3 1 .... 15,950 6,295
1947—Dec. 3 1 .... 32,566 11,200
1960—Dec. 3 1 .... 58,073 36,240
1970—Dec. 319... 94,760 66,963
1971—Dec. 3 1 .... 102,813 71,441
1972—Dec. 31.... 115,426 82,889
1973—Dec. 3 1 .... 130,240 97,828
1974—June 3 0 .... 132,388 101,732
Dec. 3 1 .... 140,373 108,346
Nonmember:
1941—Dec.
1947—Dec.
1960—Dec.
1970—Dec.
1971—Dec.
1972—Dec.
3 1 ....
5,776 3,241
3 1 .... 16,444 4,958
3 1 .... 32,411 17,169
319... 92,399 57,489
3 1 .... 108,527 67,188
3 1 .... 128,333 81,594
7,500 2,155 8,145 24,688
19,240 2,125 10,822 43,879
16,394 5,439 17,081 77,316
11,196 16,600 25,472 125,460
11,247 20,125 26,998 135,517
11,530 21,008 29,176 150,697
22,259
3,'739
40,505 3,978
15
68,118 6,608 1,028
101,512 11,091
750
111,777 13,102
721
123,186 12,862 1,406
10,532 21,880 29,387 166,780 131.421
621
381
2,022
1,720
2,412
2,378
13,874
27,068
40.733
45.734
45,945
51,017
4,025
1 2,246
9,062
9 3,055
17,727
20 6,299
42,218 5,478 9,232
49,597 6,878 10,214
55,523 9,651 10,886
1,502
1,918
1,644
1,147
1,128
1,092
14,425
1,968
2,318 49.859 62,851 15,914 11,617
1,076
8,303 22,353 35,268 175,896 139,446 19,125
9,846 22,181 30,473 181,683 144,799 17,565
2,906
3,301
1,586 47,690 68,138 14,713 11,980
746 49,807 73,380 13,247 12,425
1,068
1 ,074
53
149
645
1,438
1,723
1,796
6,810
6,478
6,948
7,735
7,875
8,017
1,509 1,025 2,668 8,708
10.039 1,448 4,083 20,691
11,368 3,874 6,082 39,114
16.039 18,871 11,208 106,457
17,058 24,282 12,092 123,970
17,964 28,774 14,767 147,013
7,702
19,342
35,391
93,998
109,841
130,316
262
484
1,091
1,212
1,408
129
4
27
141
242
552
4,162
12,366
20,140
40,005
44,717
52,876
3,360
6
959
6,558
7 1,271
14,095
19 3,232
51,322
571 8,326
61,946
582 9,451
73,685 1,199 10,938
1973—Dec. 3 1 .... 149,638 99,143 16,467 34,027 16,167 170,831 150,170
1,467
586
1,582 58,966 87,569
1,920 12,862
8,229
1974—June 3 0 .... 159,186 106,033 15,898 37,255 14,565 179,457 156,406
Dec. 3 1 .... 165,555 111,197 15,168 39,189 18,340 190,204 165,602
1,323
1 ,524
610
640
1,731 56,580 96,162 2,678 14,057
1,616 61 ,169 100,653 3,136 14,799
8,347
8,436
Noninsured
nonmember:
1941—Dec.
1947—Dec.
1960—Dec.
1970—Dec.
1971—Dec.
1972—Dec.
1,457
2,009
1,498
3,079
3,147
4,865
455
474
550
2,132
2,224
3,731
1973—Dec. 3 1 ....
6,192
4,927
1974—June 3 0 ....
Dec. 3 1 ....
9,269
9,981
7,987
8,461
Total nonmember:
1941—Dec.
1947—Dec.
1960—Dec.
1970—Dec.
1971—Dec.
1972—Dec.
3 1 ....
317...
3 1 ....
319...
3 1 ....
3 1 ....
7,233 3,696
3 1 ....
3 1 .... 18,454 5,432
3 1 .... 33,910 17,719
319... 95,478 59,621
3 1 .... 111,674 69,411
3 1 .... 133,198 85,325
241
255
413
642
684
785
763
576
314
934
1,551
1,794
2,283
2,643
1,883
4,365
5,130
7,073
1,872
2,251
1,443
2,570
2,923
3,775
316
949
2,010
282
319
1,001
1,201
761
1,280
535
304
239
349
177
159
375
380
488
329
185
132
101
116
81
253
478
293
756
1,134
1,620
13
4
14
226
283
527
329
325
358
532
480
491
852
783
352
184
181
206
8,650
4,996
591
344
9
1,836
2,215 1,463
524
207
2,951 12,770
2,667 13,616
6,610
6,627
1,481
897
476
803
12
8
2,209
2,062
2,432 2,033
2,857 2,382
620
611
229
249
2,270 1,266 3,431 10,992
11,318 1,703 4,659 23,334
11,904 4,287 6,396 40,997
16,342 19,514 12,143 110,822
17,297 24,966 13,643 129,100
18,313 29,559 16,562 154,085
9,573
21,591
36,834
96,568
112,764
134,091
439
643
1,466
1,592
1,895
18 1,288
3,613
12 1,596
7,036
14,388
33 3,590
52,078
796 8,858
63,081
866 9,932
75,305 1,726 11,429
7,662
7,261
7,300
7,919
8,056
8,223
157
190
160
243
359
633
1973—Dec. 3 1 .... 155,830 104,070 16,783 34,976 18,177 179,480 155,165
2,057
930
1974—June 30___ 168,456 114,020 16,180 38,256 17,516 192,227 163,016
Dec. 3 1 .... 175,536 119,658 15,487 40,390 21,007 203,820 172,229
2,804
2,421
1,086
1,443
1 Loans to farmers directly guaranteed by CCC were reclassified as
securities and Export-Import Bank portfolio fund participations were
reclassified from loans to securities effective June 30, 1966. This reduced
“Total loans” and increased “Other securities” by about $1 billion.
“Total loans” include Federal funds sold, and beginning with June 1967
securities purchased under resale agreements, figures for which are in
cluded in “Federal funds sold, etc.,” on p. A-l 6.
Effective June 30, 1971, Farmers Home Administration notes were
classified as “Other securities” rather than “Loans.” As a result of this
change, approximately $300 million was transferred to “Other securities”
for the period ending June 30, 1971, for all commercial banks.
See also table (and notes) at the bottom of p. A-24.
2 See first 2 paragraphs of note 1.
3 Reciprocal balances excluded beginning with 1942.
4 Includes items not shown separately. See also note 1.
5 See third paragraph of note 1 above.
6 For the last-Wednesday-of-the-month series, figures for call dates
are shown for June and December as soon as they became available.
7 Beginning with Dec. 31, 1947, the series was revised; for description,
see note 4, p. 587, May 1964 B u l l e t in .
8 Member bank data for Oct. exclude assets of $3.6 billion of one large
bank.
9 Figure takes into account the following changes, which became
effective June 30, 1969: (1) inclusion of consolidated reports (including
figures for all bank-premises subsidiaries and other significant majorityowned domestic subsidiaries) and (2) reporting of figures for total loans
i,: 291
18 1,392
13
846
40 1,298
19 1,273
55 1,530
5,:504
167 13,758
657 20,986
1,478 41,303
1,742 45,990
1,850 54,406
1,592 60,802 89,784 3,383
13,386
8,436
1,743 58,789 98,593 4,711 14,677
1,624 63,231 103,510 5,518 15,410
8,576
8,685
and for individual categories of securities on a gross basis—that is, before
deduction of valuation reserves—rather than net as previously reported.
N o t e .— Data are for all commercial banks in the United States (includ
ing Alaska and Hawaii, beginning with 1959). Commercial banks represent
all commercial banks, both member and nonmember; stock savings
banks; and nondeposit trust companies.
Figures for member banks before 1970 include mutual savings banks
as follows: 3 before Jan. 1960 and 2 through Dec. 1960. Those banks
are not included in insured commercial banks.
Effective June 30, 1969, commercial banks and member banks exclude
a small national bank in the Virgin Islands; also, member banks exclude,
and noninsured commercial banks include, through June 30, 1970, a small
member bank engaged exclusively in trust business; beginning 1973,
excludes 1 national bank in Puerto Rico.
Beginning Dec. 31, 1973, June 30, 1974, and Dec. 31, 1974, respectively,
member banks exclude and noninsured nonmember banks include 1, 2,
and 3 noninsured trust companies that are members of the Federal Re
serve System.
Comparability of figures for classes of 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 June 30, 1947, see July 1947 B u l l e t in ,
pp. 870-71.
A 16
COM M ERCIAL BANKS □ J U N E 1975
ASSETS BY CLASS OF BANK, DECEMBER 31, 1974
(Amounts in millions o f dollars)
Member banks1
Account
All
Insured
commercial commercial
banks
banks
Large banks
Total
New
York
City
City of
Chicago
Other
large
All other
Non
member
banks1c
Cash bank balances, items in process...................
Currency and coin..............................................
Reserves with F.R. banks...................................
Demand balances with banks in United States.
Other balances with banks in United States. . .
Balances with banks in foreign countries..........
Cash items in process of collection...................
128,055
11,659
27,112
36,083
4,173
1,751
47,278
125,388
11,633
27.112
34,327
3,872
1,331
47.113
107,008
8,846
27,112
21,695
2,602
1,165
45,588
27,604
691
4,960
7.265
62
412
14,214
4,816
198
1,783
357
275
89
2,115
40,126
2,889
10,356
4,382
853
532
21,115
34,462
5,068
10,013
9,692
1,413
132
8,144
21,047
2,812
Total securities held—Book value.
U.S. Treasury.............................
Other U.S. Govt, agencies..........
States and political subdivisions.
All other securities.....................
194,949
54,453
32,842
100,397
7,256
193,430
54,135
32,380
100,032
6,883
139,020
38,924
20,859
74,283
4,954
16,412
5,332
2,005
8,288
787
5,612
1,820
874
2,706
212
47,254
13,323
6,450
25,761
1,719
69,741
18,448
11,529
37,528
2,236
55,929
15,529
11,984
26,115
2,302
Trade-account securities..................
U.S. Treasury...............................
Other U.S. Govt, agencies......... .
States and political subdivisions.
All other.......................................
7,989
2,548
1,352
3,370
719
7,984
2,543
1,352
3,370
719
7,916
2,521
1,347
3,337
710
3,040
970
541
1,341
188
831
461
120
250
3,805
1,037
637
1,612
519
240
53
49
135
3
74
27
4
34
9
Bank investment portfolios...........
U.S. Treasury...............................
Other U.S. Govt, agencies......... .
States and political subdivisions.
All other...................................... .
186,960
51.905
31,490
97,027
6,537
185,446
51,592
31,028
96,661
6,164
131,105
36,403
19,511
70,946
4,244
13,372
4,362
1,464
6,947
599
4,781
1,360
753
2,456
212
43,449
12,286
5,813
24,150
1,200
69,502
18,396
11,480
37,393
2,233
55,855
15,502
11,979
26,081
2,293
40,035
33,800
4,386
1,849
38,873
32,638
4,386
1,849
29,841
23,715
4,330
1,795
1,887
1,052
615
220
985
698
253
35
14,741
10,628
2.815
1,298
12,228
11,338
647
243
10,194
10,084
56
54
509,558
130.593
5,904
81,610
74,039
5,914
3,191
64,933
7,572
941
6,631
43.078
502,258
130,309
5,887
81,408
73,863
5,870
3,147
64,846
7,545
925
6,620
43,015
399,990
94,584
2,634
60,577
54,316
5,110
2,703
46,503
6,262
823
5,439
31,372
82,049
8,184
14
4,567
3,135
254
188
2,693
1,432
166
1.266
3,602
24,261
1,325
2
887
827
40
20
766
59
27
32
437
149,804
35,945
345
24,133
21,198
2.815
1,401
16,982
2,934
355
2,579
11,467
143,876
49,131
2,274
30,991
29,155
2,000
1 ,094
26,061
1,836
275
1,561
15,866
109,567
36,009
3.270
21,033
19,723
805
488
18,430
1,310
118
1,192
11,706
Other loans for purch./carry securities........
Loans to farmers...........................................
Commercial and industrial loans.................
12,265
35.236
5,241
4,026
18.237
186,839
10,017
35,012
5,193
4,001
18,216
182,815
9,500
33,627
5,073
3,343
10,501
156,354
4,731
12,911
3,597
566
120
43,095
679
5,009
550
329
252
13,408
3,628
13,047
763
1,527
2,457
60,473
462
2,661
161
921
7,672
39,378
2,765
1,609
169
683
7,735
30,485
Loans to individuals................................
Instalment loans...................................
Passenger automobilies...................
Residential-repair/modemize..........
Credit cards and related plans........
Charge-account credit cards........
Check and revolving credit plans.
Other retail consumer goods...........
Mobile homes...............................
Other.............................................
Other instalment loans.....................
Single-payment loans to individuals..
All other loans.........................................
103,215
80,245
32,849
5,546
11.078
8,281
2,797
15,381
8,998
6,383
15,391
22,970
13.906
102,956
80,036
32,765
5,536
11,077
8,280
2,797
15,357
8,996
6,362
15,300
22,921
13,738
74,465
57,443
22,127
4,075
9,807
7,430
2,377
10,831
6,520
4,311
10,602
17,022
12,544
5,213
3,177
462
206
1,113
665
447
155
97
59
1 ,242
2,036
3,631
1,558
835
161
39
388
358
30
118
54
64
129
723
1,152
26,751
20,819
6,954
1,734
5,479
4,273
1,206
3,799
2,353
1,447
2,853
5,932
5,214
40,943
32,611
14,551
2,096
2,828
2,134
694
6,758
4,017
2,741
6,379
8,332
2,546
28,750
22,802
10,722
1,472
1.271
851
420
4,549
2,477
2,072
4,789
5,948
1,362
Total loans and securities.................................
744,542
734,561
568,852
100,348
30,859
211,799
225,845
175,690
Fixed assets—Buildings, furniture, real estate.
Investments in subsidiaries not consolidated..
Customer acceptances outstanding..................
Other assets........................................................
15,106
1,763
10,857
19,678
15,027
1,739
10,648
19,022
11,374
1 ,723
10,364
16,629
1,116
768
5,629
5,104
448
134
451
872
4,622
752
3,912
7,132
5,189
69
372
3,520
3,732
41
493
3,049
920,001
906,385
715,950
140,569
37,581
268,343
269,457
204,051
14,465
14,216
5,780
13
155
5,603
8,685
Federal funds sold and securities resale agreements.
Commercial banks..................................................
Brokers and dealers................................................
Others.......................................................................
Other loans...................................
Real estate loans.......................
Secured by farmland............
Secured by residential..........
1- to 4-family residences. .
FHA insured.................
VA guaranteed...............
Other..............................
Multifamily.......................
FHA insured.................
O ther.............................
Secured by other properties.
Loans to domestic and foreign banks..........
Loans to other financial institutions............
L o a n s o n s e c u ritie s to b r o k e r s a n d d e a le r s .
Total assets.
Number of banks.
1 Member banks exclude and nonmember banks include 3 noninsured
trust companies that are members of the Federal Reserve System, and
member banks exclude 2 national banks outside the continental United
States.
2 See table (and notes), Deposits Accumulated for Payment o f Personal
Loans, p. 24.
3 Demand deposits adjusted are demand deposits other than domestic
commercial interbank and U.S. Govt., less cash items reported as in
process of collection.
14^388
1,571
586
1,690
N o t e .— Data include consolidated reports, including figures for all
bank-premises subsidiaries and other significant majority-owned domestic
subsidiaries. Figures for total loans and for individual categories of
securities are reported on a gross basis—that is, before deduction of
valuation reserves.
Back data in lesser detail were shown in previous B u l l e t in s . Beginning
with the fall Call Report, data for future spring and fall Call Reports will
be available from the Data Production Section of the Division of Data
Processing.
Details may not add to totals because of rounding.
JU N E 1975 □ CO M M ER CIAL BANKS
A 17
LIABILITIES AND CAPITAL BY CLASS OF BANK, DECEMBER 31, 1974
(Amounts in millions of dollars)
Member banks1
Account
Insured
All
commercial commercial
banks c
banksc
Large banks
Total
New
York
City
City of
Chicago
Other
large
All other
Non
member
banks1c
Demand deposits............................................................
Mutual savings banks.................................................
Other individuals, partnerships, and corporations. .
U.S. Government........................................................
States and political subdivisions................................
Foreign governments, central banks, etc...................
Commercial banks in United States..........................
Banks in foreign countries.........................................
Certified and officers’ checks, etc...............................
315,825
1,363
235,802
4,807
18,615
2,124
35,316
6,804
10,993
312,858
1,197
234,808
4,799
18,485
1,882
35,053
6,336
10,298
248,477
1,121
180,819
3,183
13,126
1,855
33,824
6,116
8,432
55,556
559
30,816
226
666
1,465
14,399
4,593
2,833
11,307
3
7,538
36
218
24
3,039
198
251
88,451
190
67,111
815
3,889
357
11,985
1,192
2,912
93,163
370
75,354
2,106
8,354
8
4,401
134
2,436
67,348
242
54,982
1,624
5,489
269
1,492
688
2,562
Time and savings deposits..............................................
Savings deposits..........................................................
Accumulated for personal loan payments2..............
Mutual savings banks.................................................
Other individuals, partnerships, and corporations..
U.S. Government........................................................
States and political subdivisions................................
Foreign governments, central banks, etc...................
Commercial banks in United States.........................
Banks in foreign countries.........................................
432,516
135,608
389
479
221,752
477
50,110
12,683
8,611
2,406
428,855
135,364
387
463
219,947
477
49,939
12,049
8,417
1,814
327,410
97,596
275
451
170,180
352
37,065
11,891
7,858
1,742
51,799
6,061
17,491
2,060
261
30,329
39
2,060
7,369
4,119
1,561
3
11,996
6
1,307
1,315
775
29
119,486
34,273
69
171
62,467
146
16,494
3,174
2,546
145
138,634
55,202
206
16
65,388
160
17,205
32
418
7
105,106
38,012
115
28
51,572
125
13,046
792
753
663
748,341
741,713
575,887
107,355
28,799
207,936
231,797
172,454
52,326
6,049
715
11,433
28,788
51,141
4,852
712
11,221
25,047
48,351
4,505
509
10,936
20,426
10,048
1,571
77
6,155
4,397
4,295
63
4
469
1,346
26,357
2,406
259
3,938
8,029
7,651
464
169
373
6,653
3,976
1,544
206
497
8,362
129,603
34,977
248,927
247,107
187,038
3
1,600
1,493
46
60
Federal funds purchased and securities sold under
agreements to repurchase...........................................
Other liabilities for borrowed money...........................
Mortgage indebtedness..................................................
Bank acceptances outstanding.......................................
Other liabilities...............................................................
847,652
834,687
660,614
Minority interest in consolidated subsidiaries..............
Total reserves on loans/securities..................................
Reserves for bad debts (IRS).....................................
Other reserves on loans..............................................
Reserves on securities.................................................
6
8,689
8,402
116
171
5
8,650
8,366
115
169
2
7,089
6,909
70
110
Total capital accounts....................................................
Capital notes and debentures.....................................
Equity capital..............................................................
Preferred stock........................................................
Common stock........................................................
Surplus.....................................................................
Undivided profits....................................................
Other capital reserves..............................................
63,655
4,290
59,364
54
14,821
25,397
18,124
968
63,043
4,227
58,817
43
14,724
25,223
17,920
904
Total liabilities, reserves, minority interest, capital
accounts.......................................................................
920,001
Demand deposits adjusted 3...........................................
Average total deposits (past 15 days)...........................
Average total loans (past 15 days).................................
228,424
724,464
519,219
13.9
21.2
13.8
21.3
.9
.3
.4
.2
Bank investment portfolios................... .................
U.S. Treasury......................................................
States and political subdivisions.........................
All other portfolio securities..............................
Other loans and Federal funds sold..........................
Selected ratios:
Percentage of totai assets
Cash and balances with other banks.........................
1,594
1,593
1
488
488
2,668
2,598
17
53
2
2,338
2,230
51
57
48,244
3,423
44,822
24
11,015
19,227
13,908
649
9,372
755
8,616
2,115
61
2,054
2,188
3,720
2,704
4
568
1,140
301
44
16,748
1,673
15,076
10
3,560
6,840
4,398
267
20,010
933
19,076
13
4,699
7,526
6,504
334
15,410
868
14,542
30
3,806
6,170
4,216
319
906,385
715,950
140,569
37,581
268,343
269,457
204,051
225,893
717,857
510,838
165,881
555,930
401,694
26,717
103,014
81,665
6,117
27,229
24,493
54,535
199,287
150,485
78,512
226,400
145,050
62,542
168,534
117,525
14.9
19.6
12.8
15.0
12.8
10.3
.9
.3
.4
.2
19.4
1.1
.4
.5
.3
11.7
2.2
.7
1.0
.5
14.9
2.2
1.2
.7
.3
17.6
1.4
.4
.6
.4
25.9
.1
27.4
20.3
5.6
10.5
4.1
20.5
5.7
10.7
4.1
18.3
5.1
9.9
3.3
9.5
3.1
4.9
1.5
12.7
3.6
6.5
2.6
16.2
4.6
9.0
2.6
25.8
6.8
13.9
5.1
27.4
7.6
12.8
7.0
Total loans and securities..........................................
59.7
5.2
80.9
59.7
5.1
81.0
60.0
5.6
79.5
59.7
9.0
71.4
67.2
5.1
82.1
61.3
6.1
78.9
57.9
3.4
83.8
58.7
3.6
86.1
Reserves for loans and securities...............................
Equity capital—Total.................................................
Total capital accounts................................................
.9
6.5
6.9
1.0
6.5
7.0
1.0
6.3
6.7
1.1
6.1
6.7
1.3
5.5
5.6
1.0
5.6
6.2
.9
7.1
7.4
.8
7.1
7.6
Number of banks............................................................
14,465
14,216
5,780
13
9
155
5,603
8,685
Total securities held....................................................
Trading account securities......................................
U.S. Treasury......................................................
States and political subdivisions.........................
All other trading account securities...................
For notes see opposite page.
A 18
WEEKLY REPORTING BANKS □ JU N E 1975
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Loans
Federal funds sold, etc.1
Wednesday
Total
loans
and
invest
ments
Other
To brokers
and dealers
involving—
Total
To
com
mer
cial
banks
For purchasing
or carrying securities
To
U.S. Other others
Treas se
ury
curi
se
ties
curi
ties
Total
Com
mer
cial
and
indus
trial
Agri
cul
tural
To nonbank
financial
institutions
To brokers
To
and dealers
others
U.S.
U.S.
Treas Other Treas Other
ury
secs.
ury
secs.
secs.
secs.
Pers.
and
sales
finan.
Real
estate
Other
COS.,
etc.
Large banks—
Total
1974
368 286,801
375 284,996
384 285,881
571 286,039
440 286,180
121,332
121,444
121,503
121,041
120,913
3,804
434 5,078
3,803
334 4,586
3,815
392 4,739
3,812 1,052 4,771
3,835
336 4,735
124
125
118
134
123
2,781
2,769
2,755
2,767
2,733
9,634
9,351
9,183
8,989
9,442
20,105
19,940
20,178
20,136
20,253
56,905
57,008
57,322
57,478
57,616
805
746
747
612
725
286,813
286,078
286,527
284,255
284,878
125,970
125,874
126,056
125,291
125,349
3,395 1,341 3,036
3,406 1,440 2,884
3,414
855 2,715
3,435
742 2,476
3,420
606 2,585
82
82
81
79
77
2,359
2.351
2.352
2,349
2,329
9,622
9,360
9,821
9,118
9,276
20,282
20,280
20,341
20,256
20,273
59,474
59,440
59,489
59,459
59,385
630
868
842
721
828 21 573
915
605
284,748
283,112
282,635
281,932
125,158
124,398
123,590
122,801
3,432 1,066 2,646
3,422
949 2,645
3,395
894 2,926
3,397
735 3,198
78
81
79
77
2,342
2,333
2,351
2,340
9,356
9,120
9,105
9,237
20,224
20,122
20,142
20,172
59,201
59,211
59,231
59,273
10
19
10
39
68,712
67,198
67,620
68,055
67,989
34,878
34,841
34,931
34,770
34,944
153
149
147
144
141
3,057
2,643
2,861
2,896
2,843
32
33
28
37
28
596
594
578
553
561
3,546
3,261
3,130
3,007
3,248
7,040
6,979
7,093
7,116
7,171
6,539
6,578
6,647
6,684
6,716
137
145
162
24
140
72,360
71,817
71,477
70,114
70,570
38,716
38,474
38,523
38,195
38,254
101 1,206 2,125
101 1,145 2,084
101
751 1,841
100
583 1,687
100
503 1,747
19
20
21
19
18
468
463
468
465
457
3,359
3,273
3,488
3,112
3,205
7,963
7,903
7,857
7,821
7,781
7,459
7,447
7,483
7,462
7,474
62
143
118
171
70,750
69,938
69,833
69,670
38,308
37,975
37,639
37,355
100
98
92
91
886
809
813
588
1,843
1,778
2,015
2,215
19
19
17
18
457
451
469
460
3,207
3,100
3,098
3,242
7,832
7,822
7,809
7,874•
7,416
7,401
7,413
7,442
368
365
365
561
401
218,089
217,798
218,261
217,984
218,191
86,454
86,603
86,572
86,271
85,969
3,651
3,654
3,668
3,668
3,694
97
74
72
69
64
2,021
1,943
1,878
1,875
1,892
92
92
90|
97
95
2,185
2,175
2,177
2,214
2,172.
6,088
6,090
6,053
5,982
6,194
13,065I
12,961
13,085i
13,02C1
13,0821
50,366
50,430
50,675
50,794
50,900
388,378
385,349
386,476
385,669
385,201
16,559
15,089
15,719
15,661
15,268
14,964
956
13,514
938
974
14,019
12,702 1,924
13,401 1,025
2 ....................
9 ....................
16....................
23....................
30....................
397,163
398,004
397.450
389,432
390,592
21,607
21,643
20,463
16,613
16,853
17,153
16,744
16,633
13,199
13,597
2,364 1,285
2,995 1,158
1,828 1 ,255
954
1,848
993
1,538
7*..................
14p ..................
p ..................
28p ..................
391,578
389,853
388,845
389,820
17,292
17,142
16,201
18,025
14,163
14,024
13,045
14,521
1,631
1,555
1,755
1,984
85,767
82,992
84,291
83,698
83,353
2,869
1,468
2,507
1,919
1,642
2,862
1,449
2,479
1,909
1,603
7
9
9
May
1 ....................
8 ....................
15....................
22....................
29....................
Apr.
May
271
262
342
464
402
1975
New York City
1974
Mav
1 ....................
8 ....................
15....................
22....................
29....................
Apr.
2 ....................
9 ....................
16....................
23....................
30....................
90,579
89,659
90,362
87,420
87,975
2,711
1,928
3,134
2,568
2,975
2,480
1,688
2,886
2,436
2,756
94
95
86
108
69
May
7*..................
14p ..................
21 p ..................
28*..................
87,135
86,730
87,078
86,011
1.604
1.605
1,804
968
1,446
1,444
1,662
773
96
18
24
24
302,611
302,357
302,185
301,971
301,848
13,690
13,621
13,212
13,742
13,626
12,102
949
12,065
929
965
11,540'
10,793 1,924
11,798; 1,025
337
260
320
983
272
1975
10
Outside
New York City
1974
271
262
342
464
402
May
1 ....................
8 ....................
15....................
22....................
2 9 ....................
Apr.
2 ....................
9 ....................
16....................
23....................
30....................
306,584
308,345
307,088
302,012
302,617
18,896
19,715
17,329
14,045
13,878
14,673I
15,056>
13,741'
10,7621
10,841
2,27C> 1,285
2,90C1 1,158!
1,742' 1,255i
1,74C)
95 A^
1,46$> 9821
6681214,453
601 214,261
585 215,050
588! 214,141
585i 214,308
87,254>
’ 87,400I
87,533i
87,096»
87,095i
3,294
3,305
3,313
3,335
3,32C►
135
295
104>
159>
1031
911
800I
874l
789'
838:
63
62
60i
60i
59'
1,891
1,888:
1,884■
1,884
1,872:
6,263
6,087
6,333
6,006
6,071
12,319>
12,377'
12,484t
12,435:
12,492’
52,015
51,993
52,006
51,997
51,911
May
7 p ................
14*..................
21*................
28* .......................
304,443
303,123
301,767
303,80S»
15,688
15,537
14,397
17,051r
12,711J
12,5 8()
i i ,38:5
13,74*i
1,53f>
1,53'r
1,731
1,96()
56S1213,998
5781213,174
455! 212,802
43A1212,262
86,85C)
86,4231
85,951
85,446>
3,332:
3,324^
3,3031
3,306»
18C>
14C►
81
147r
8031
867
911
9831
59»
62:
62:
59'
1,885:
1,882!
1,882:
1,88C>
6,149
6,020i
6,007
5,995
12,392I
12,30C)
12,3331
12,2981
51,785
51,810
51,818
51,831
1975
For notes see p. A-22.
86$*
84^I
82i}
91!>
J U N E 1975 □ W EEKLY REPORTING BANKS
A 19
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued
(In millions o f dollars)
Investments
Loans (cont.)
U.S. Treasury securities
Other (cont.)
Notes and bonds
maturing—
To commer
cial banks
D o
mes
tic
For
eign
Other securities
Con For
sumer eign
instal govts.
2
ment
All
other
Total
Bills
Certif
icates
Total
Within 1 to
1 yr. 5 yrs.
After
5 yrs.
Obligations
o f States
and
political
subdivisions
Tax
war
rants 3
Other bonds,
corp. stocks,
and
securities
Wednesday
Certif.
of
All
All
other partici others
pation*
Large banks—
Total
1974
4,141
4,006
3,979
4,049
4,060
6,364
6,205
6,186
6,452
6,323
33,225
33,249
33,326
33,408
33,501
1,873
1,839
1,900
1,877
1,898
21,001
20,337
20,485
20,073
20,412
22,960
22,847
22,262
22,186
21,850
2,690
2,669
2,349
2,400
2,120
4,284
4,282
3,361
3,691
3,585
11,954
11,910
12,545
12,176
12,253
4,032
3,986
4,007
3,919
3,892
62,058
62,417
62,614
61,783
61,903
,621
,680
,801
,490
,483
40,939
41,393
41,338
40,995
40,905
2,392
2,385
2,433
2,384
2,394
11,106
10,959
11,042
10,914
11,121
1
......................... 8
.........................15
.........................22
.........................29
2,794
2,651
2,690
2,607
2,610
5,131
5,125
5,193
5.236
5.236
33,915
33,841
33,881
33,876
33,891
1,329
1,268
1,343
1,209
1,319
18,083
18,076
18,296
18,122
18,522
27,855
29,146
28,969
27,931
28,524
4,844
5,264
5,267
4,807
4,999
4,027
4,054
3,986
4,025
3,974
15,194
15,969
15,947
15,494
16,016
3,790
3,859
3,769
3,605
3,535
60,888
61,137
61,491
60,633
60,337
5,904
6,196
6,543
6,276
6,081
39,885
39,869
39,932
39,641
39,596
2,416
2,452
2,475
2,459
2,418
12,683
12,620
12,541
12,257
12,242
2
......................... 9
.........................16
.........................23
......................... 30
2,657
2,509
2,467
2,338
5,387
5,271
5,289
5,354
33,833
33,851
33,821
33,861
1,435
1,229
1,328
1,316
17,933
17,971
18,017
17,833
29,314
29,511
29,794
30,163
5,953
6,052
5,891
5,796
4,034
4,151
4,211
4,294
15,875
15,864
16,077
16,504
3,452
3,444
3,615
3,569
60,224
60,088
60,215
59,700
6,107
5,908
6,039
6,212
39,620
39,367
39,549
39,214
2,400
2,433
2,451
2,412
12,097
12,380
12,176
11,862
........................ 14p
.........................21*
.........................28 p
............... May
1975
............... Apr.
............... May
Ip
New York City
1974
1,436
1,453
1,447
1,507
1,567
2,962
2,803
2,708
2,929
2,890
2,349
2,358
2,357
2,376
2,386
811
786
798
743
738
4,976
4,460
4,575
4,310
4,484
4,116
3,919
3,727
3,607
3,598
502
308
68
54
37
597
596
351
393
392
1,750
1,718
2,003
1,897
1,909
1,267
1,297
1,305
1,263
1,260
10,070
10,407
10,437
10,117
10,124
2,138
2,152
2,142
2,036
2,017
5,378
5,709
5,688
5,532
5,469
543
545
541
539
551
2,011
2,001
2,066
2,010
2,087
1
......................... 8
.........................15
......................... 22
.........................29
1,394
1,344
1,357
1,253
1,301
2,565
2,4561
2,504
2,519
2,472
2.575
2,566
2.575
2,588
2.586
668
609
648
526
614
3,742
3,932
3,860
3,784
4,058
5,999
6,502
6,107
5,514
5,397
783
852
704
624
478
497
540
438
484
428
3,456
3,809
3,736
3,320
3,458
1,263
1,301
1,229
1,086
1,033
9,509
9,412
9,644
9,224
9,033
1,604
1,583
1,757
1,709
1,564
4,900
4,879
4,985
4,722
4,662
526
525
557
533
531
2,479
2,425
2,345
2,260
2,276
2
........................ 9
.........................16
.........................23
.........................30
1,293
1,221
1,168
1,097
2,533
2,399
2,383
2,447
2,577
2,580
2.586
2.575
676
553
608
617
3,603
3,732
3,723
3,649
5,889
6,311
6,418
6,519
1,223
1,473
1,323
1,175
430
535
553
599
3,293
943
3,283 1,020
3,530 1,012
3,754
991
8,892
8,876
9,023
8,854
1,562
1,540
1,609
1,512
4,689
4,637
4,777
4,766
516
516
514
514
2,125
2,183
2,123
2,062
.........................14*
.........................21 p
.........................28p
............... May
1975
............... Apr.
............... May
Ip
Outside
New York City
1974
2,705
2,553
2,532
2,542
2,493
3.402
3.402
3,478
3,523
3,433
30,876
30,891
30,969
31,032
31,115
1,062
1,053
1,102
1,134
1,160
16,025
15,877
15,910
15,763
15,928
18,844
18,928
18,535
18,579
18,252
2,188
2,361
2,281
2,346
2,083
3,687
3,686
3,010
3,298
3,193
10,204
10,192
10,542
10,279
10,344
2,765
2,689
2,702
2,656
2,632
51,988
52,010
52,177
51,666
51,779
5,483
5,528
5,659
5,454
5,466
35,561
35,684
35,650
35,463
35,436
1,849
1,840
1,892
1,845
1,843
9,095
8,958
8,976
8,904
9,034
1
......................... 8
......................... 15
.........................22
.........................29
1,400
1,307
1,333
1,354
1,309
2,566
2,669
2,689
2,717
2,764
31,340
31,275
31,306
31,288
31,305
661
659
695
683
705
14,341
14,144
14,436
14,338
14,464
21,856
22.644
22,862
22,417
23,127
4,061
4,412
4,563
4,183
4,521
3,530
3,514
3,548
3,541
3,546
11,738
12,160
12,211
12,174
12,558
2,527
2,558
2,540
2,519
2,502
51,379
51,725
51,847
51,409
51,304
4,300
4,613
4,786
4,567
4,517
34,985
34,990
34,947
34,919
34,934
1,890 10,204
1,927 10.195
1,918 10.196
1,926 9,997
1,887 9,966
2
......................... 9
.........................16
.........................23
............... ..30
1,364
1,288
1,299
1,241
2,854
2,872
2.906
2.907
31,256
31,271
31,235
31,286
759
676
720
699
14,330
14,239
14,294
14,184
23,425
23,200
23,376
23.644
4,730
4,579
4,568
4,621
3,604
3,616
3,658
3,695
12,582
12,581
12,547
12,750
2,509
2,424
2,603
2,578
51,332
51,212
51,192
50,846
4,545
4,368
4,430
4,700
34,931
34,730
34,772
34,448
1,884 9,972
1,917 10.197
1,937 10,053
1,898 9,800
............... May 7*
.........................14*
............... May
1975
For notes see p. A-22.
............... Apr.
............................. 2 1 p
.........................29*
DRTING BANKS □ JU N E 1975
> AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continue
(In millions o f dollars)
Deposits
Cur
rency
and
coin
Bal
ances
with
do
mestic
banks
Invest
ments
in sub
sidiar
ies not
consol
idated
Demand
Other
assets
Total
assets/
total
liabil
ities
Total
6
IPC
States
and
polit
ical
sub
divi
sions
4,270
4,131
4,370
4,453
4,693
10,467
11,239
12,979
12,865
12,339
1,530
1,557
1,566
1,574
1,581
23,968
23,758
23,934
23,493
24,230
486,040 166,949 114,478
479,429
108,537
489,981
113,946
479,353
109,023
489,799 161,068 112,819
7,167
6,201
7,366
5,883
6,042
774
700
675
659
657
4,499
4,455
4,649
4,770
4,699
11,647
12,750
11,974
10,952
12,755
1,700
1,732
1,707
1,754
1,728
35,575
35,751
35,224
35,216
36,112
506,302 162,031 117,808
504,972
115,412
509,263
119,324
494,505
113,769
504,814
115,788
6,418
5,787
6,300
5,589
6,714
899
795
783
722
800
4,303
4,684
4,655
4,952
12,011
11,789
11,416
11,846
1.741
1.741
1,765
1,735
35,432
35,186
34,369
34,713
496,382
499,452
497,307
501,877
111,552
116,568
113,372
117,375
6,106
5,949
5,953
5,970
872
674
676
767
i
481
504
486
503
510
4,111
5,516
6,891
7,095
6,251
710
725
723
731
731
7,325
7,280
7,431
7,086
7,489
116,717
115,887
119,994
115,683
120,806
25,810
23,421
24,649
23,580
25,207
425
380
626
340
300
394
361
335
357
328
►
r
1
I
i
485
507
506
512
499
4,666
6,253
5,292
4,491
6,203
782
781
793
797
804
12,481
12,593
12,361
12,352
12,428
127,272
128,173
128,386
123,774
126,664
26,600
25,161
26,550
25,026
26,466
583
309
498
286
490
532
445
442
403
432
5
511
507
521
538
5,242
4,988
4,629
4,865
798
807
807
784
12,109
11,809
11,175
11,437
124,044
124,013
123,092
124,396
1
24,546
26,364
25,408
5 26,576
338
438
383
355
515
353
357
433
1
I
3,789
3,627
3,884
3,950
4,183
6,356
5,723
6,088
5,770
6,088
820
832
843
843
850
16,643
16,478
16,503
16,407
16,741
369,323
363,542
369,987
363,670
368,993
I
5
5
)
I
5
5
3
88,668
85,116
89,297
85,443
87,612
6.742
5,821
6,740
5,543
5.742
380
339
340
302
329
5
1
3
7
5
4,014
3,948
4,143
4,258
4,200I
6,981
6,497
6,682
6,461
6,552
918
951
914
957
924
23,094
23,158
22.863
22.864
23,684
379,030
376,799
380,877
370,731
378,150
5
7
)
5
I
91,208
90,251
92,774
88,743
89,322
5,835
5,478
5,802
5,303
6,224
367
350
341
319
368
9
3,7921
4 ,m '
4,134t
4,414^
6,769'
6,801
6,787
6,981
943i
934f
958!
951
23,323
23,377
23,194
23,276
372,338
375,439
374,215
377,481
3
5
5
*
87,006
90,204
87,964
90,799
5,768
5,511
5,570
5,615
357
321
319
334
:
i
!
>
\
I
)
5
7
8
)
I
I
JU N E 1975 □ W EEKLY REPORTING BANKS
A 21
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued
(In millions of dollars)
Deposits (cont.)
Foreign
Govts.,
etc.2
Com
mer
cial
banks
Borrowings
from—
Time and savings
Demand (cont.)
Certi
fied
and
offi
cers’
checks
IPC
Total <5
Sav
ings
Other
States
and
polit
ical
sub
divi
sions
Do
mes
tic
inter
bank
For
eign
govts.2
Fed
eral
funds
pur
chased,
etc. 7
F.R.
Banks
Other
liabili
ties,
etc.8
Wednesday
Others
Large banks —
Total
1974
1,449
1,368
1,310
1,075
1,114
4,692
4,777
4,786
4,897
4,862
8,597
7,045
7,791
8,395
6,939
203,689
205,600
206,596
208,781
209,557
57,827
57,923
57,865
57,863
57,841
106,218
107,799
108,759
110,321
111,057
24,921
25.053
25.053
25,397
25,466
5,881
6,102
6,123
6,305
6,570
8,201
8,077
8,176
8,262
7,927
50,142
51,132
50,733
47,583
50,241
1,281
1,373
1,260
1,178
1,367
4,650
4,637
4,707
4,777
5,097
7,260
7,060
6,566
7,147
6,369
226,136
225,326
224,220
224,297
223,520
62,238
62,508
62,272
62,327
62,396
117,469
116,371
114,667
114,434
113,639
24,322
24,387
25,067
25,292
25,110
8,292
8,279
8,449
8,549
8,483
11,814
11,822
11,837
11,780
12,017
1,300
1,025
1,062
1,199
5,014
5,013
4,670
4,725
6,297
5,565
6,362
7,196
223,743
225,188
225,318
225,929
62,726
63,011
63,392
64,644
113,310
114,525
114,059
113,594
25,299
25,294
25,552
25,449
8,172
8,054
8,092
8,061
12,345
12,467
12,453
12,578
1,366
1,487
3,004
2,349
3,968
6,011
6,474
6,551
6,509
6.170
19,856
19.841
20,714
20.533
20.880
............... May 1
........................... 8
...........................15
...........................22
.........................29
50,786
52,706
53,687
45,198
47,271
24
1,041
1,384
3,712
3,662
3,773
3.623
3.624
23,120
23,379
23.260
23,619
23,825
................. Apr. 2
......................... 9
........................... 16
......................... 23
......................... 30
49,408
49,768
49,601
48,423
2
5
711
459
3,670
3,674
3,584
3,253
23,152
23,021
23,107
21,956
............... May 7*
.........................14*
......................... 21*
.........................28*
1975
New York City
1974
1,216
1,167
1,103
888
887
3,424
3,432
3,549
3,628
3,467
4,600
3,707
4,289
5,196
3,672
38,060
38,642
39,139
40,032
40,409
5.061
5,064
5,073
5.062
5,067
22,925
23,372
23,601
24,238
24,560
1,683
1,686
1,809
1,831
1,823
3,683
3,811
3,899
4,025
4,231
4,534
4,531
4,577
4,647
4,456
10,706
11,718
11,353
9,001
11,285
1,069
1,170
1,067
1,005
1,167
3,358
3,210
3,417
3,387
3,597
3,384
3,539
2,827
3,921
2,840
47,219
46,759
46,428
46,172
45,839
5,497
5.541
5,543
5.542
5,550
27,608
27,163
26,672
26,554
26,168
1,301
1,284
1,320
1,279
1,262
3,921
3,891
3,937
3,893
3,777
7,405
7,431
7,534
7,482
7,684
1,093
844
882
1,024
3,691
3,651
3,409
3,330
2,783
2,392
3,027
3,773
45,684
45,721
45,209
44,766
5,580
5,638
5,678
5,718
25,957
25,978
25,562
25,212
1,278
1,251
1,264
1,246
3,685
3,639
3,618
3,602
7,796
7,876
7,778
7,894
1,425
2,730
2,823
2,789
2,711
2,583
7,283
6,880
7,313
7,022
7,102
............... May 1
......................... 8
.........................15
.........................22
......................... 29
13,746
15,006
15,022
11,321
11,464
295
470
1,626
1,441
1,538
1,484
1,424
7,905
8,543
8,763
8,506
8,796
..................Apr. 2
......................... 9
......................... 16
......................... 23
......................... 30
13,454
13,600
13,199
13,781
685
62
1,420
1,433
1,400
1,273
8,324
8,327
8,326
7,330
............... May 7*
......................... 14*
......................... 21*
......................... 28*
645
870
1975
Outside
New York City
1974
233
201
207
187
227
1,268
1,345
1,237
1,269
1,395
3,997
3,338
3,502
3,199
3,267
165,629
166,958
167,457
168,749
169,148
52,766
52,859
52,792
52,801
52,774
83,293
84,427
85,158
86,083
86,497
23,238
23,367
23,244
23,566
23,643
2,198
2,291
2,224
2,280
2,339
3,667
3,546
3,599
3,615
3,471
39,436
39,414
39,380
38,582
38,956
212
203
193
173
200
1,292
1,427
1,290
1,390
1,500
3,876
3,521
3,739
3,226
3,529
178,917
178,567
177,792
178,125
177,681
56,741
56,967
56,729
56.785
56,846
89,861
89,208
87,995
87,880
87,471
23.021
23,103
23,747
24,013
23,848
4,371
4,388
4,512
4,656
4,706
4,409
4,391
4,303
4,298
4,333
207
181
180
175
1,323
1,362
1,261
1,395
3,514
3,173
3,335
3,423
178,059
179,467
180,109
181,163
57,146
57,373
57,714
58,926
87,353
88,547
88,497
88,382
24.021
24,043
24,288
24,203
4,487
4,415
4,474
4,459
4,549
4,591
4,675
4,684
1,366
842
2,134
2,349
2,543
3,281
3,651
3,762
3,798
3,587
12,573
12,961
13,401
13,511
13,778
............... May 1
......................... 8
......................... 15
......................... 22
......................... 29
37,040
37,700
38,665
33,877
35,807
24
746
914
2,086
2,221
2,235
2,139
2,200
15,215
14,836
14,497
15,113
15,029
................Apr. 2
......................... 9
......................... 16
......................... 23
.........................30
35,954
36,168
36,402
34,642
2
5
26
397
2,250
2,241
2,184
1,980
14,828
14,694
14,781
14,626
............... May 7*
.........................14*
.........................21*
.........................28*
1975
For notes see p. A-22.
A 22
WEEKLY REPORTING BANKS □ JU N E 1975
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued
(In millions of dollars)
Memoranda
Reserves
for—
Wednesday
Loans
Secur
ities
Total
capital
ac
counts
Total
loans
(gross)
ad
justed 9
Total
loans
and
De
mand
invest
ments deposits
(gross)
ad
ad
justed 10
justed 9
Total
Large negotiable
time CD’s
included in time
and savings deposits11
Issued
to
IPC’s
Issued
to
others
All other large
time deposits12
Total
Issued
to
IPC’s
Issued
to
others
Gross
liabili
ties of
banks
to
their
foreign
branches
Large banks—
Total
1974
5,039
5,032
5,020
5,035
5,038
32,922
32,980
32,908
32,883
32,812
284,255
282,565
283,602
284,949
283,987
369,273 102,013
367,829 98,130
368,478 99,444
368,918 98,535
367,740 96,754
74,288
75,979
76,879
78,837
79,583
51,633
52,954
53,774
55,179
55,873
22,655
23,025
23,105
23,658
23,710
2 .................
9 .................
1 6
2 3.................
3 0
5,661
5,653
5,674
5,665
5,697
34.788
34,859
34,771
34.788
35,056
288,473
288,326
287,667
285,062
285,524
377,216
378,609
378,127
373,626
374,385
104,863
104,982
105,614
102,518
102,619
87,397
86,545
85,264
85,017
84,216
59,135
58,260
56,776
56,581
55,682
28,262
28,285
28,488
28,436
28,534
35,774
35,580
35,859
36,055
36,156
19,402
19,166
18,851
18.799
18,748
16,372
16,414
17,008
17,256
17,408
1,950
2,834
2,738
2,175
2,672
7*................
14*................
21*...............
28*...............
5,723
5,721
5,711
5,725
35,046
34,898
34,895
34,894
285,220
283,721
283,324
283,098
374,758
373,320
373,333
372,961
101,119
101,773
101,633
101,759
83,810
84,872
84,212
83,580
55,222
56,221
55,606
55,098
28,588
28,651
28,606
28,482
36,368
36,321
36,426
35,823
18,752
18.799
18,839
18,697
17,616
17,522
17,587
17,126
2,322
2,098
3,212
2,609
1,399
1,401
1,396
1,406
1,415
8,562
8,592
8,590
8,561
8,549
67,283
65,764
66,201
66,558
66,461
81,469
80,090
80,365
80,282
80,183
23,712
20,983
21,479
22,076
20,575
23,452
24,007
24,434
25,244
25,598
15,936
16,389
16,579
17,182
17,511
7,516
7,618
7,855
8,062
8,087
May
1 ...................
8 .................
1 5
22.................
2 9
Apr.
May
2,709
3,025
3,080
3,418
2,988
1975
New York City
1974
May
1 ...................
8 .................
1 5
22.................
2 9
Apr.
2 .................
9 .................
1 6
23.................
3 0
1.615
1,602
1,608
1.615
1,631
9,068
9,120
9,091
9,101
9,190
71,197
70,713
70,368
68,993
69,488
86,705
86,627
86,119
83,731
83,918
24,057
22,951
23,232
22,406
23,133
30,409
30,101
29,811
29,625
29,362
19,954
19,647
19,210
19,154
18,700
10,455
10,454
10,601
10,471
10,662
8,582
8,538
8,453
8,357
8,323
5,194
5,153
5,047
4,964
4,931
3,388
3,385
3.406
3,393
3,392
1,151
2,086
1,803
1,341
1,642
May
7*...............
14*...............
21*...............
28*...............
1,651
1.656
1.657
1,666
9,194
9.192
9,172
9.192
69,615
68,878
68,807
68,768
84,396
84,065
84,248
84,141
22,383
22,093
22,722
23,050
29,216
29,243
28,660
28,228
18,521
18,538
18,116
17,812
10,695
10,705
10,544
10,416
8,397
8,369
8,351
7,897
4.990
4.991
4,971
4,912
3.407
3,378
3,380
2,985
1,606
1,504
2,228
1,682
3,640
3,631
3,624
3,629
3,623
24,360
24,388
24,318
24,322
24,263
216,972
216,801
217,401
218,391
217,526
287,804
287,739
288,113
288,636
287,557
78,301
77,147
77,965
76,459
76,179
50,836
51,972
52,445
53,593
53,985
35,697
36,565
37,195
37,997
38,362
15,139
15,407
15,250
15,596
15,623
1,801
1,666
1,589
1,956
1,454
1975
Outside
New York City
1974
May
1 ...................
8 .................
1 5
2 2 .................
2 9
Apr.
2 .................
9 .................
1 6
23 .................
3 0
4,046
4,051
4.066
4,050
4.066
25,720
25,739
25,680
25,687
25,866
217,276
217,613
217,299
216,069
216,036
290,511
291,982
292,008
289,895
290,467
80,806
82,031
82,382
80,112
79,486
56,988
56,444
55,453
55,392
54,854
39,181
38,613
37,566
37,427
36,982
17,807
17,831
17,887
17,965
17,872
27,192
27,042
27,406
27,698
27,833
14,208
14,013
13,804
13,835
13,817
12,984
13,029
13,602
13,863
14,016
799
748
935
834
1,030
May
7*.............
14*.............
21*.............
28*.............
4,072
4,065
4,054
4,059
25,852
25,706
25,723
25,702
215,605
214,843
214,517
214,330
290,362
289,255
289,085
288,820
78,736
79,680
78,911
78,709
54,594
55,629
55,552
55,352
36,701
37,683
37,490
37,286
17,893
17,946
18,062
18,066
27,971
27,952
28,075
27,926
13,762
13,808
13,868
13,785
14,209
14,144
14,207
14,141
716
594
984
927
908
1,359
1,491
1,462
1,534
1975
1 Includes securities purchased under agreements to resell.
2 Includes official institutions and so forth.
3 Includes short-term notes and bills.
4 Federal agencies only.
5 Includes corporate stocks.
6 Includes U.S. Govt, and foreign bank deposits, not shown separately.
7 Includes securities sold under agreements to repurchase.
8 Includes minority interest in consolidated subsidiaries.
9 Exclusive of loans and Federal funds transactions with domestic com
mercial banks.
10 All demand deposits except U.S. Govt, and domestic commercial
banks, less cash items in process of collection.
11 Certificates of deposit issued in denominations of $100,000 or more.
12 All other time deposits issued in denominations of $100,000 or more
(not included in large negotiable CD’s).
JU N E 1975 □ BUSINESS LOANS OF BANKS
A 23
COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Outstanding
Net change during
1975
Industry
May
28
May
21
1975
May
14
May
7
Apr.
30
Apr.
May
Durable goods manufacturing:
2,002 1,988 2,085 2,120 2,085
Primary metals.................................
-8 3
Machinery......................................... 7,941 8,059 8,150 8,190 8,113
-172
Transportation equipment..............
3,603 3,588 3,557 3,629 3,640
-3 7
Other fabricated metal products. . .
2,753 2,795 2,842 2,863 2,885
-132
Other durable goods........................ 4,297 4,300 4,455 4,429 4,448
-151
Nondurable goods manufacturing:
3,530 3,563 3,549 3,593 3,654 -124
Food, liquor, and tobacco..............
3,232 3,267 3,324 3,346 3,305
-7 3
Textiles, apparel, and leather..........
2,386 2,368 2,390 2,415 2,428
-4 2
Petroleum refining...........................
3,248 3,275 3,293 3,325 3,317
Chemicals and rubber.....................
-6 9
-3 6
2,168 2,158 2,216 2,205 2,204
Other nondurable goods.................
Mining, including crude petroleum
4,800 4,723 4,779 4,792 4,855
-5 5
and natural gas...........................
1,167 1,219 1,217 1,267 1,331
-164
Trade: Commodity dealers.................
5,710 5,728 5,787 5,878 5,834 -124
Other wholesale.......................
6,469 6,439 6,465 6,552 6,535
-6 6
Retail........................................
6,037 6,085 6,123 6,139 6,209
-172
Transportation.....................................
2,224 2,274 2,283 2,365 2,306
-8 2
Communication...................................
Other public utilities............................ 7,264 7,329 7,331 7,479 7,484 -220
-3 5
Construction......................................... 5,583 5,642 5,644 5,621 5,618
-177
Services.................................................. 10,834 10,896 10,915 10,968 11,011
9,649 9,783 9,881 9,893 10,040 -391
All other domestic loans.....................
2,205
2,185
2,193
2,168
2,089
79
Bankers acceptances...........................
Foreign commercial and industrial
4,322
4,302
4,306
-1
7
4,335
4,339
loans..............................................
Total classified loans........................... 101,387 101,986 102,806 103,568 103,730 -2,343
Comm, paper included in total clas
sified loans1 .............
...
.
1974
1975
Mar.
I
IV
1974
2nd
half
III
1st
half
41
25
-165
-4 5
10
72
-228
-112
94
-7 9
39
-653
-7
19
-421
77
-127
365
-178
-265
63
349
340
253
512
140
222
705
75
247
56
1,848
587
503
909
-175
-5 4
229
-132
-7
-157 -1 ,0 9 2
49 -151
-51
28
67
79
51 -295
484
-725
473
-5 5
-135
500
107
494
311
158
984
-618
967
256
23
-2 2 0
909
-108
610
338
90
-9 8
-341
21
-2 7
176
-116
-2 4
-245
198
-143
-272
-8
-179
-6 4 8
120 -553
102 -193
38 -1 5 0
-118
-369
-1 7 -1 ,0 1 8
11 r —460
-202
-698
6 -2 9 0
-134
571
556
703
349
-246
261
90
609
-276
171
387
309
290
-195
135
-219
22
-9 2
1,088
231
133
357
-365
846
508
484
-465
283
-2
1,697
-4 5
304
744
-5 6
387
-273
829
1,099
139
475
1,044
594
594
1,117
443
49
-733
-108
63
-692 r - 6.562
-249
2,578
-208
4,264
-457
611
6,842 12,491
-404
-652 -6 ,1 2 2
3,468
4,795
8,263 13,491
224
Total commercial and industrial loans
of large commercial banks.......... 122,801 123,590 124,398 125,158 125,349 -2,5 4 8
For notes see table below.
“TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In m illio n s o f d o lla rs)
Outstanding
Industry
Total loans.............................
1974
1975
Mar.
26
Feb.
26
Jan.
29
Dec.
31
Nov.
27
Oct.
30
1,280
4,269
1,726
1,323
4,302
1.705
1,284
4,071
1,672
1,237
4,117
1,712
1,249
4,138
1,737
1,210
4,145
1,673
1,176
4,049
1,586
1,107
3,970
1,570
1,133
3,896
1,535
74
-7 4
-1
77
249
138
28
610
125
41
172
45
105
859
263
1,245
2,122
1,280
2,210
1,312
2,251
1,323
2,256
1,243
2,288
1,197
2,391
1,113
2,361
1,093
2,339
1,066
2,268
115
-1 4 0
131
123
112
161
43
192
243
284
1,616
1,571
1,561
1,614
1,703
1,763
1,674
1,661
1,649
-2 0 2
114
78
42
192
17
555
141
64
571
14
86
166
125
52
520
164
259
207
Sept.
25
I
IV
III
2nd
half
II
1,075
1,611
1,784
1,114
1,091
1,617
1,814
1,126
1,158
1,483
1,846
1,130
1,083
1,458
1,812
1,119
1,124
1,542
1,839
1,221
1,145
1,518
1,878
1,235
1,179
1,272
1,818
1,170
1,187
1,208
1,820
1,187
1,151
1,097
1,778
1,204
13
-3 5
-3 2
-105
-6
421
100
31
23
134
41
33
39
18
134
32
3,646
140
1,344
2,143
4,424
1,159
4,047
2,291
5,246
3,186
3,626
142
1,387
2,192
4,492
1,148
4,017
2,272
5,352
3,210
3,537
150
1,450
2,283
4,524
1,135
4,034
2,197
5,430
3,082
3,446
153
1,420
2,298
4,505
1,125
3,870
2,191
5,370
3,144
3,523
169
1,472
2,369
4,455
1,158
3,885
2,224
5,320
3,079
3,701
155
1,492
2,594
4,550
1,082
3,963
2,294
5,532
3,224
3,620
171
1,431
2,602
4,379
1,076
3,987
2,281
5,417
3,255
3,468
157
1,488
2,578
4,370
1,047
3,810
2.237
5,340
3,215
3,339
139
1,449
2,527
4,349
1,029
3,672
2,272
5,350
3,122
-1 6 4
-5
-4 2
-311
-2 6
53
71
-9 7
-1 0 2
-1 4 2
362
16
43
67
201
53
291
22
182
102
209
-2
43
99
-7 6
-1
229
142
77
105
-1 1 5
1
83
-5 2
8
64
289
232
197
209
2,547
2,596
2,528
2,544
2,524
2,457
2,473
2,487
2,401
71
56
-1 4 7
198
-9 1
48,015 48,473 48,118 47,797 48,262 49,199 48,090 47,339 46,426 -1,081
2,773
2,023
1,872
4,796
160 weekly reporting banks are included in this series;
these banks classify, by industry, commercial and industrial loans amount
ing to about 90 per cent of such loans held by all weekly reporting banks
and about 70 per cent of those held by all commercial banks.
1974
Apr.
30
1 New item to be reported as of the last Wednesday of each month.
N o t e . —About
1974
1975
May
28
Durable goods manufactur
ing:
Machinery..........................
Transportation equipment.
Other fabricated metal
products..........................
Other durable goods..........
Nondurable goods manufac
turing:
Food, liquor, and tobacco.
Textiles, apparel, and
leather.............................
Petroleum refining.............
Chemicals and rubber.......
Other nondurable goods. .
Mining, including crude pe
troleum and natural gas.
Trade: Commodity dealers..
Other wholesale........
Retail.........................
Transportation.......................
Communication.....................
Other public utilities.............
Construction..........................
Services...................................
All other domestic loans . . . .
Foreign commercial and in
dustrial loans..................
Net change during—
For description of series see article “Revised Series on Commercial and
Industrial Loans by Industry,” Feb. 1967 B u l l e t i n , p. 209.
Commercial and industrial “term” loans are all outstanding loans with
an original maturity of more than 1 year and all outstanding loans granted
under a formal agreement—revolving credit or standby—on which the
original maturity of the commitment was in excess of 1 year.
A 24
DEM AND DEPOSIT OW NERSHIP □ JU N E 1975
GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1
(In billions of dollars)
Type of holder
Class of bank, and quarter or month
Total
deposits,
IPC
Financial
business
Nonfinancial
business
Consumer
Foreign
All
other
1970—Dec..................................................................................
17.3
92.7
53.6
1.3
10.3
175.1
1971—June................................................................................
Sept.................................................................................
18.1
17.9
18.5
89.6
91.5
98.4
56.2
57.5
58.6
1.3
1.2
1.3
10.5
9.7
10.7
175.8
177.9
187.5
1972—Mar.................................................................................
June...............................................................................
Dec.................................................................................
20.2
17.9
18.0
18.9
92.6
97.6
101.5
109.9
54.7
60.5
63.1
65.4
1.4
1.4
1.4
1.5
12.3
11.0
11.4
12.3
181.2
188.4
195.4
208.0
1973—Mar.................................................................................
June................................................................................
Sept.................................................................................
Dec..................................................................................
18.6
18.6
18.8
19.1
102.8
106.6
108.3
116.2
65.1
67.3
69.1
70.1
1.7
2.0
2.1
2.4
11.8
11.8
11.9
12.4
200.0
206.3
210.3
220.1
1974—Mar.................................................................................
June................................................................................
Sept.................................................................................
Dec..................................................................................
18.9
18.2
17.9
19.0
108.4
112.1
113.9
118.8
70.6
71.4
72.0
73.3
2.3
2.2
2.1
2.3
11.0
11.1
10.9
11.7
211.2
215.0
216.8
225.0
1975—M ar.................................................................................
18.6
111.3
73.2
2.3
10.9
216.3
104.8
All insured commercial banks:
Weekly reporting banks:
1971—Dec..................................................................................
14.4
58.6
24.6
1.2
5.9
1972—Dec..................................................................................
14.7
64.4
27.1
1.4
6.6
114.3
1973—Dec..................................................................................
14.9
66.2
28.0
2.2
6.8
118.1
1974— May................................................................................
14.2
14.1
14.4
14.1
13.9
14.7
14.6
14.8
62.3
63.4
63.5
62.6
64.4
64.4
65.9
66.9
28.0
28.1
28.5
28.0
28.4
28.4
28.7
29.0
2.1
2.0
2.1
1.9
2.0
2.0
2.1
2.2
6.1
6.3
6.5
5.8
6.3
6.4
6.5
6.8
112.7
113.9
115.1
112.5
115.0
115.8
117.7
119.7
14.8
14.4
14.1
15.0
65.6
63.1
63.2
63.3
29.2
27.9
28.2
30.1
2.2
2.3
2.2
2.2
6.6
6.2
6.4
6.5
118.3
113.9
114.1
117.0
July.................................................................................
Aug.................................................................................
Oct..................................................................................
Dec.................................................................................
1975—Jan..................................................................................
Feb..................................................................................
Mar.................................................................................
i Including cash items in process of collection.
N o t e . — Daily-average
balances maintained during month as estimated
from reports supplied by a sample of commercial banks. For a detailed
description of the type of depositor in each category, see June 1971
B u l l e t i n , p. 466.
DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS
(In millions of dollars)
Class of
bank
All commercial.........................
Insured...................................
National member..................
State member.........................
All member...............................
Dec. 31,
1972
559
554
311
71
381
Dec. 31,
1973
507
503
288
64
352
June 30,
1974
460
457
265
65
330
Dec, 31,
1974
389
387
236
39
275
i Beginning Nov. 9,1972, designation of banks as reserve city banks for
reserve-requirement purposes has been based on size of bank (net demand
deposits of more than $400 million), as described in the B u l l e t i n for
July 1972, p. 626. Categories shown here as “Other large” and “All other
member” parallel the previous “Reserve City” (other than in New York
City and the City of Chicago) and “Country” categories, respectively
(hence the series are continuous over time).
Class of
bank
All member—Cont.
Other large banks 1...........
All other member 1............
All nonmember......................
Noninsured.........................
Dec. 31,
1972
69
313
177
172
5
Dec. 31,
1973
58
294
155
152
3
June 30,
1974
63
267
130
127
3
Dec, 31,
1974
69
206
115
112
3
N o t e . —Hypothecated deposits, as shown in this table, are treated one
way in monthly and weekly series for commercial banks and in another
way in call-date series. That is, they are excluded from “Time deposits”
and “Loans” in the monthly (and year-end) series as shown on p. A-l 4;
from the figures for weekly reporting banks as shown on pp. A-l 8-A-22
(consumer instalment loans); and from the figures in the table at the
bottom of p. A-l 3. But they are included in the figures for “Time de
posits” and “Loans” for call dates as shown on pp. A-14-A-17.
JU N E 1975 □ LOAN SALES BY BANK S; OPEN M A R K ET PAPER
A 25
LOANS SOLD OUTRIGHT BY LARGE COMMERCIAL BANKS
(Amounts outstanding; in millions of dollars)
To selected related institutions1
By type of loan
Date
Total
Commercial
and
industrial
Real
estate
All
other
1975—Feb.
5.........................
12.........................
19.........................
26.........................
4,475
4,609
4,510
4,545
2,630
2,755
2,661
2,707
181
175
174
179
1,664
1,679
1,675
1,659
Mar.
5.........................
12.........................
19.........................
26.........................
4,688
4,721
4,693
4,677
2,741
2,800
2,769
2,791
201
201
204
204
1,746
1,720
1,720
1,682
Apr.
2.........................
9.........................
16.........................
23.........................
30.........................
4,584
4,587
4,529
4,519
4,587
2,714
2,748
2,715
2,704
2,744
202
201
201
197
204
1,668
1,638
1,613
1,618
1,639
May
7.........................
14.........................
21.........................
28.........................
4,582
4,612
4,625
4,665
2,813
2,808
2,776
2,820
199
200
202
201
1,570
1,604
1,647
1,644
i To bank’s own foreign branches, nonconsolidated non
bank affiliates of the bank, the bank’s holding company (if
not a bank), and nonconsolidated nonbank subsidiaries of
the holding company.
N o t e . —Series changed on Aug. 28,1974. For a comparison
of the old and new data for that date, see p. 741 of the Oct.
1974 B u l l e t i n . Revised figures received since Oct. 1974
that affect that comparison are shown in note 2 to this table
in the Dec. 1974 B u l l e t i n , p. A-27.
COMMERCIAL PAPER AND BANKERS ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollar acceptances
Commercial paper
End
of
period
Bank-related 5
Financial
comnanies 1
All
issuers
1966 . . . . 13,645
1967 ........ 17,085
1968 .......... 21,173
1969........... 32,600
1970........... 33,071
Non
finan
cial
com Dealer- Di
Dealer- Diplaced2 rectly- panies4 placed rectlyplaced
placed3
2,332
2,790
4,427
6,503
5,514
10,556
12,184
13,972
20,741
20,424
757
2,111
2,774
5,356
7,133
1,160
352
Held by—
Total
Accepting banks
Total
Based on-
F.R. Banks
Own
bills
Bills
bought
Own
acct.
For
eign
corr.
Others
ImEx
ports
ports
into
from
United United
States States
All
other
3,134
1,997
3,603
4,317
4,428
5,451
7,058
1,198
1,906
1,544
1,567
2,694
983
1,447
1,344
1,318
1,960
215
459
200
249
735
193
164
58
64
57
191
156
109
146
250
2,022
2,090
2,717
3,674
4,057
997
1,086
1,423
1,889
2,601
829
989
952
1,153
1,561
1,778
2,241
2,053
2,408
2,895
3,509
2,458
3,120
197 1
197 2
1973...........
32,126
34,721
41,073
5,297 20,582
5,655 22,098
5,487 27,204
6,247
6,968
8,382
524
1,226
1,938
1,449
1,411
2,943
7,889
6,898
8,892
3,480
2,706
2,837
2,689
2,006
2,318
791
700
519
261
106
68
254
179
581
3,894
3,907
5,406
2,834
2,531
2,273
1,546
1,909
3,499
1974-Mar...
A pr...
M ay..
June..
July..
Aug...
Sept..
O ct...
N ov..
D ec..
44,690
44,677
46,171
44,846
45,561
47,967
49,087
51,754
51,883
49,070
6,571
6,228
5,699
4,970
4,655
5,308
5,333
5,242
4,860
4,611
28,869
28,752
30,426
29,908
30,344
31,774
31,095
32,509
32,491
31,765
9,250
9,697
10,046
9,968
10,562
10,885
12,659
14,003
14,532
12,694
2,137
2,270
1,978
1,579
1,465
2,425
2,185
2,046
1,947
1,874
3,908
4,564
5,106
5,373
5,585
6,350
6,446
6,408
6,697
6,444
10,166
10,692
11,727
13,174
15,686
16,167
16,035
16,882
17,553
18,484
2,986
3,232
3,089
3,535
3,499
3,388
3,347
3,291
3,789
4,226
2,413
2,744
2,642
3,066
2,983
2,866
2,942
2,872
3,290
3,685
573
488
447
469
516
522
405
419
499
542
296
216
373
304
218
277
504
218
611
999
684
700
732
795
1,023
1,202
1,459
2,037
1,702
981
6,200
6,544
7,532
8,540
10,947
11,300
10,724
11,335
11,452
12,278
2,827
2,900
2,952
3,287
3,589
3,585
3,526
3,793
3,810
4,023
2,979 4,361
2,833 4,959
2,899 5,876
3,219 6,668
3,774 8,323
3,933 8,649
3,806 8,703
3,759 9,330
3,709 10,035
4,067 10,394
5,029 31,851 14,648
5,167 32,426 14,732
5,342 31,139 14,264
1,946
1,854
1,738
6,625 18,602
7,228 18,579
7,190 18,730
4,357
4,864
4,773
3,903
4,370
4,085
454
494
688
966
993
665
384 12,894
130 12,593
37 13,255
4,120
3,974
3,845
4,314 10,168
4,210 10,396
4,296 10,589
1975—Jan.. 51,528
Feb.. 52,325
Mar. 50,745
1 Financial companies are institutions engaged primarily in activities
such as, but not limited to, commercial, savings, and mortgage banking;
sales, personal, and mortgage financing; factoring, finance leasing, and
other business lending; insurance underwriting; and other investment
activities.
2 As reported by dealers; includes all financial company paper sold in
the open market.
3 As reported by financial companies that place their paper directly
with investors.
4 Nonfinancial companies include public utilities and firms engaged
primarily in activities such as communications, construction, manufac
turing, mining, wholesale and retail trade, transportation, and services.
5 Included in dealer- and directly-placed financial company columns.
Coverage of bank-related companies was expanded in Aug. 1974. Most
of the increase resulting from this expanded coverage occurred in directlyplaced paper.
A 26
IN TER ES T RATES o J U N E 1975
PRIME RATE CHARGED BY BANKS
(Per cent per annum)
Eflfective date
1974—Apr. 11,
15
19,
Apr. 23.
24.
25.
Rate
Effective date
934—
98/io_
1974—June
10b
IOb-IOVio1014
10—10l/io—
10V4.
101.4■-1O4/10
1014 bICX/10ioy4-io*ho101,4 .
104/1010*4b-
30.
lo v i-10«/io1034-11
2.
3.
6.
7.
10,
13.
17,
20
1 l i / i b -1 1 e/x0-
7.
1 l i ^ - l 1% bll« /io
Rate
1034-1111*4«11*4
1974—Oct. 28.
11%
10.
21.
24.
.. W A m
11*4-1
H ^b-113^
25.
n * 4 * -n % -
Effective date
1975- -Feb.
11.
Mar.
26.
28.
118/10
1134b-118/10
19.
3,
11 34 B- 11 ®/l0”
12
25.
5,
9,
23,
18.
1 18/ io- 1 2 b
12 b -1 2 * 4
103^ -1 2 b —
Dec.
121/4
10%-10«/io103^ b-11
Aug. 20,
1 0 ^ 4 -1 2 b
-11
10«/io-103411b
Sept. 26,
IO34- H 141134-12B
11b
1 1 -1 1 * 4 «
Oct.
15,
1034-11*41134B-12
1034- 11 *4 -
21,
1034- 1114-
106/io -1 0 3 4 b
7,
111.4B -ll 4/10
11%-11-Vio
2.
1975—Jan.
9*4-10101/4 B10*4
9*4-934-10I0i4«
9*4-9341Ob-1 0*4
9*4-934 B-10
9*4«-934-10
914b-934
9,
13,
15
20
28
29
1134p
3.
5.
6.
Rate
8 3 4 -9 -9 * 4 « 9 * 4 -9 3 4
8 % - 9 - 9 *4"
834-9b
8*4-334 . - 9
8*4 *-834
8 *4-8*4 ■
8*4-8*4
734-8 i/4b-
8*4
10.
17.
18,
24,
25,
31,
734-8 b
7 * 4 - 7 3 4 .- 8
7*4 . - 7 3 4 - 8
May 20,
26,
7 * 4 b -7 * 4
7 - 7 * 4 b- 7 * 4
734- 8 .-8 1 4
7*4--734
7 * 4 - 7 * 4 .-
734
934- 10- 10*4
-10*4-
11*4-
-11*4-
11%B-11%
10*4-1034.
11
10-10*4103410- 10 *4 10*4 103410- 10*4 10*4-
14.
3.
4.
10.
18.
24.
1034-1 1b11*4
10*4-1034-
Nov. 4.
118/10
u u - u y 4m-
July
1034-11
May
3.
Effective date
11 b
10*4
26.
Rate
11*4"
1134
N o t e . — B e g in n in g N o v . 1971, sev era l b a n k s a d o p te d a flo a tin g p rim e
r ate keyed to m o n e y m ark et va ria b les, b d e n o te s th e p red o m in a n t prim e
rate q u o te d b y c o m m e r c ia l b a n k s to la rg e b u sin esses.
Effective Apr. 16, 1973, with the adoption of a two-tier or “dual prime
rate,” this table shows only the “large-business prime rate,” which is the
range of rates charged by commercial banks on short-term loans to large
businesses with the highest credit standing.
RATES ON BUSINESS LOANS OF BANKS
Size of loan (in thousands of dollars)
1--9
All sizes
10-99
100-499
500-999
1,000 and over
Center
Feb.
1975
Nov.
1974
Feb.
1975
Nov.
1974
Feb.
1975
Nov.
1974
Feb.
1975
Nov.
1974
Feb.
1975
Nov.
1974
Feb.
1975
Nov.
1974
11.97
12.05
12.46
11.93
11.43
11.77
11.86
9.93
9.74
10.09
9.85
10.22
9.83
10.05
11.80
11.56
12.34
11.77
11.62
11.74
11.56
9.73
9.50
9.96
9.74
10.12
9.84
9.84
11.44
11.21
11.91
11.53
11.62
11.36
11.32
11.99
11.89
11.68
12.57
13.09
12.28
11.68
10.18
9.87
10.98
10.24
9.00
10.75
10.17
11.60
11.77
11.75
11.79
10.98
11.82
11.57
8.98
7.61
10.90
10.22
9.76
10.37
9.40
11.56
11.57
12.50
11.72
11.25
12.06
11.33
12.09
12.37
11.98
11.90
12.14
12.28
12.04
10.16
9.78
10.20
9.45
11.95
10.09
10.94
11.71
12.02
11.55
11.75
12.02
12.68
11.60
10.21
9.53
10.49
11.81
9.16
9.60
9.78
12.23
11.93
12.61
12.44
17.29
12.49
12.06
Short-term
35 centers.....................................
New York City........................
7 Other Northeast...................
8 North Central.......................
7 Southeast...............................
8 Southwest..............................
4 West Coast............................
9.94
9.61
10.31
9.87
10.24
10.01
9.99
11.64
11.35
12.22
11.66
11.52
11.56
11.48
10.94
10.82
12.07
10.55
10.59
10.36
11.23
11.81
12.31
13.03
11.54
11.44
10.87
12.26
10.73
10.60
11.31
10.49
10.52
10.47
10.75
12.04
12.11
12.84
11.99
11.34
11.64
11.99
10.25
10.14
10.64
10.09
10.21
10.11
10.22
Revolving credit
35 centers.....................................
New York City........................
7 Other Northeast...................
8 North Central.......................
7 Southeast...............................
8 Southwest..............................
4 West Coast............................
9.20
7.84
10.83
10.32
9.77
10.54
9.52
11.60
11.60
12.26
11.82
11.53
12.06
11.39
11.03
10.98
12.05
11.77
10.61
11.61
10.67
12.71
12.25
12.08
13.34
13.03
12.70
10.56
10.59
10.60
11.14
10.41
11.18
10.13
12.00
11.97
11.98
12.29
11.41
12.33
11.89
10.14
9.98
9.97
10.97
10.35
10.57
9.77
Long-term
35 centers.....................................
New York City........................
7 Other Northeast...................
8 North Central.......................
7 Southeast...............................
8 Southwest..............................
4 West Coast............................
10.26
9.62
10.48
11.33
10.42
9.87
10.07
12.16
11.96
12.35
12.29
13.81
12.27
12.01
10.54
9.27
10.99
10.32
9.67
11.99
8.36
11.74
8.87
12.66
10.90
11.21
12.39
12.75
10.55
10.82
10.77
10.25
10.47
10.12
10.77
12.04
11.45
12.52
11.89
11.45
12.18
11.99
10.57
10.46
10.51
10.17
11.11
10.46
11.28
JU N E 1975 □ IN TE R E S T RATES
A 27
MONEY MARKET RATES
(Per cent per annum)
Prime
commercial
paper1
Period
90-119
days
4 to 6
months
Finance
CO.
paper
placed
directly,
3 to 6
months2
U.S. Government securities5
Prime
bankers’
accept
ances,
90 days 3
Fed
eral
funds
rate4
3-month bills6
Rate
on new
issue
Market
yield
6-month bills 6
Rate
on new
issue
Market
yield
9- to 12-month issues
1-year
bill (mar Other 7
ket yield)6
3- to 5year
issues7
1967.
1968.
1969.
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—May.
June.
July..
Aug..
Sept..
O ct..
Nov..
D ec..
10.82
11.18
11.93
11.79
11.36
9.55
8.95
9.18
10.62
10.96
11.72
11.65
11.23
9.36
8.81
8.98
8.94
9.00
9.00
9.31
9.41
9.03
8.50
8.50
10.68
10.79
11.88
12.08
11.06
9.34
9.03
9.19
11.31
11.93
12.92
12.01
11.34
10.06
9.45
8.53
8.430
8.145
7.752
8.744
8.363
7.244
7.585
7.179
8.23
7.90
7.55
8.96
8.06
7.46
7.47
7.15
8.496
8.232
8.028
8.853
8.599
7.559
7.551
7.091
8.40
8.12
7.94
9.11
8.53
7.74
7.52
7.11
8.21
8.16
8.04
8.52
7.59
7.29
6.79
8.78
8.71
8.89
9.54
8.95
8.04
7.67
7.33
8.24
8.14
8.39
8.64
8.38
7.98
7.65
7.22
1975—Jan...
Feb..
Mar..
A pr..
M ay.
7.39
6.36
6.06
6.11
5.70
7.30
6.33
6.06
6.15
5.82
7.31
6.24
6.00
5.97
5.74
7.54
6.35
6.22
6.15
5.76
7.13
6.24
5.54
5.49
5.22
6.493
5.583
5.544
5.694
5.315
6.26
5.50
5.49
5.61
5.23
6.525
5.674
5.635
6.012
5.649
6.36
5.62
5.62
6.00
5.59
6.27
5.56
5.70
6.40
5.91
6.74
5.97
6.10
6.83
6.31
7.29
6.85
7.00
7.76
7.49
6.48
6.45
6.34
6.28
6.38
6.25
6.25
6.25
6.59
6.34
6.47
6.26
6.99
6.46
6.28
6.29
5.606
5.669
5.800
5.408
5.68
5.61
5.65
5.25
5.825
5.736
5.800
5.483
5.92
5.65
5.70
5.43
5.87
5.51
5.60
5.44
6.31
5.95
6.06
5.84
7.23
6.91
6.92
6.71
8 .8 8
Week ending—
22.
6.55
6.50
6.38
6.31
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
A pr.
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
5.50
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
1975—Feb.
1.,
15.
1 Averages of the most representative daily offering rate quoted by
dealers.
2 Averages of the most representative daily offering rate published by
finance companies, for varying maturities in the 90-179 day range.
3 Beginning Aug. 15, 1974, the rate is the average of the midpoint of
the range of daily dealer closing rates offered for domestic issues; prior
data are averages of the most representative daily offering rate quoted by
dealers.
4 Seven-day averages for week ending Wednesday. Beginning with
statement week ending July 25, 1973, weekly averages are based on the
daily average of the range of rates on a given day weighted by the volume
of transactions at these rates. For earlier statement weeks, the averages
were based on the daily effective rate—the rate considered most repre
sentative of 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 o t e . —Figures for Treasury bills are the revised series described on p.
A-35 of the Oct. 1972 B u l l e t i n .
A 28
IN TE R E S T RATES □ JU N E 1975
BOND AND STOCK YIELDS
(Per cent per annum)
Government bonds
Corporate bonds
State and local
United
States
(long
term)
Period
Aaa
Aaa utility
Baa
New
issue
Stocks
By selected
rating
Re
cently
offered
Aaa
Dividend/
price ratio
By
group
Baa
Indus
trial
Rail
road
Public
utility
Earnings /
price ratio
Pre
ferred
Com
mon
Com
mon
6.46
5.41
5.50
7.12
*•11.56
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
1974—Ma y
June. . . .
July........
Aug........
Sept........
Oct.........
Nov........
Dec.........
7.07
7.03
7.18
7.33
7.30
7.22
6.93
6.78
6.06
6.17
6.70
6.70
6.77
6.56
6.54
7.04
5.89
5.95
6.34
6.38
6.49
6.21
6.06
6.65
6.30
6.41
7.10
7.10
7.18
6.99
7.01
7.50
9.24
9.38
10.20
10.07
10.38
10.16
9.21
9.53
9.13
9.40
10.04
10.19
10.30
10.23
9.34
9.56
8.68
8.85
9.10
9.36
9.67
9.80
9.60
9.56
8.37
8.47
8.72
9.00
9.24
9.27
8.89
8.89
9.10
9.34
9.55
9.77
10.12
10.41
10.50
10.55
8.55
8.69
8.95
9.16
9.44
9.53
9.30
9.23
8.73
8.89
9.08
9.30
9.46
9.64
9.59
9.59
8.86
9.08
9.35
9.70
10.11
10.31
10.14
10.02
8.11
8.25
8.40
8.61
8.93
8.78
8.60
8.78
4.00
4.02
4.42
4.90
5.45
5.38
5.13
5.43
1975—Ja.............n
Feb..........
Mar.........
Apr..........
M ay........
6.68
6.61
6.73
7.03
6.99
6.89
6.40
6.70
6.95
6.95
6.39
5.96
6.28
6.46
6.42
7.45
7.03
7.25
7.43
7.48
9.36
8.97
9.35
9.67
9.63
9.45
9.09
9.38
9.65
9.65
9.55
9.33
9.28
9.49
9.55
8.83
8.62
8.67
8.95
8.90
10.62
10.43
10.29
10.34
1C.46
9.19
9.01
9.05
9.30
9.37
9.52
9.32
9.25
9.39
9.49
10.10
9.83
9.67
9.88
9.93
8.41
8.07
8.04
8.27
8.51
5.07
4.61
4.42
4.34
4.08
6.88
7.05
7.03
7.08
6.89
6.99
6.92
6.99
6.45
6.55
6.40
6.45
7.40
7.40
7.40
7.50
9.80
9.65
9.51
9.66
9.70
9.60
9.55
9.71
9.38
9.46
9.50
9.53
8.87
8.94
8.95
8.97
10.28
10.32
10.34
10.37
9.19
9.26
9.32
9.36
9.35
9.38
9.38
9.41
9.75
9.83
9.90
9.94
8.08
8.20
8.35
8.29
4.49
4.47
4.26
4.28
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
14
20
121
20
30
41
30
40
14
500
'10.16
rl 4.35
r\2 .9 5
Week ending—
1975—Apr.
5.
12.
19.
26,
M ay
Number of
issues2. . .
1 Includes bonds rated Aa and A, data for which are not shown sep
arately. Because of a limited number of suitable issues, the number
of corporate bonds in some groups has varied somewhat. As of Dec.
23, 1967, there is no longer an Aaa-rated railroad bond series.
2 Number of issues varies over time; figures shown reflect most recent
count.
N o t e . —Annual yields are averages of weekly, monthly, or quarterly
data.
Bonds: Monthly and weekly yields are computed as follows: (1) U.S.
Govt., averages of daily figures for bonds maturing or callable in 10 years
or more; from Federal Reserve Bank of New York. (2) State and local
500
govt., general obligations only, based on Thurs. figures, from Moody’s
Investors Service. (3) Corporate\ rates for “New issue” and “ Recently
offered” Aaa utility bonds, weekly averages- compiled by the Board of
Governors of the Federal Reserve System; and rates for seasoned issues,
averages of daily figures from Moody’s Investors Service.
Stocks: Standard and Poor’s corporate series. Dividend/price ratios
are based on Wed. figures. Earnings/price ratios as of end of period.
Preferred stock ratio based on 8 median yields for a sample of noncallable issues—12 industrial and 2 public utility. Common stock ratios
on the 500 stocks in the price index. Quarterly earnings are seasonally
adjusted at annual rates.
NOTES TO TABLES ON OPPOSITE PAGE:
Security Prices:
N o t e . —Annual
data are averages of weekly or monthly figures. Monthly
and weekly data are averages of daily figures unless otherwise noted and are
computed as follows: U.S. Govt, bonds, derived from average market
yields in table on p. A-28 on basis of ah assumed 3 per cent, 20-year
bond. Municipal and corporate bonds, derived from average yields as
computed by Standard and Poor’s Corp., on basis of a 4 per cent, 20year bond; Wed. closing prices. Common stocks , derived from com
ponent common stock prices. Average daily volume o f trading, presently
conducted 5 days per week for 6 hours per day.
Stock Market Customer Financing:
* 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 B u l l e t i n , p. 920). Credit extended by brokers is end-of-month data
for member firms of the New York Stock Exchange. June data for banks
are universe totals; all other data for banks represent estimates for all
commercial banks based on reports by a reporting sample, which 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 of subscription rights.
3 Nonmargin stocks are those not listed on a national securities exchange
and not included on the Federal Reserve System’s list of over the counter
margin stocks. At banks, loans to purchase or carry nonmargin stocks are
unregulated; at brokers, such stocks have no loan value.
4 Free credit balances are in accounts with no unfulfilled commitments
to the brokers and are subject to withdrawal by customers on demand.
JU N E 1975 □ S E C U R ITY M AR KETS
A 29
SECURITY PRICES
Common stock prices
New York Stock Exchange
Bond prices
(per cent of par)
Standard and Poor’s index
(1941-43= 10)
Period
U.S.
Govt.
(long
term)
State
and
local
60.52
67.73
68.71
62.80
57.45
New York Stock Exchange index
(Dec. 31, 1965 = 50)
Indus
trial
Rail
road
Public
utility
Total
Indus Trans
porta Utility
trial
tion
Fi
nance
72.3
80.0
84.4
85.4
76.3
61.6 83.22 91.29
65.0 98.29 108.35
65.9 109.20 121.79
63.7 107.43 120.44
58.8 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
1974—M ay.............. 56.81
June.............. 57.11
July............... 55.97
Aug............... 54.95
Sept............... 55.13
Oct................ 55.69
Nov............... 57.80
Dec............... 58.96
77.3
76.2
71.9
71.6
71.0
72.7
72.6
68.6
59.7
59.5
58.5
57.6
56.2
55.9
56.3
56.1
89.67 101.17
89.79 101.62
82.82 93.54
76.03 85.51
68.12 76.54
69.44 77.57
71.74 80.17
67.07 74.80
37.04
37.31
35.63
35.06
31.55
33.70
35.95
34.81
39.35
37.46
35.37
34.00
30.93
33.80
34.45
32.85
47.35
47.14
43.27
39.86
35.69
36.62
37.98
35.41
52.53
52.63
48.35
44.19
39.29
39.81
41.24
38.32
33.62
33.76
31.01
29.41
25.86
27.26
28.40
26.02
59.70
60.27
59.33
57.05
57.40
70.9
74.1
70.9
69.5
69.6
56.4
56.6
56.2
55.8
56.6
72.56 80.50
80.10 89.29
83.78 93.90
84.72 95.27
90.10 101.05
37.31
37.80
38.35
38.55
38.92
38.19
40.37
39.55
38.19
39.69
38.56
42.48
44.35
44.91
47.76
41.29
46.00
48.63
49.74
53.22
3........ 56.63
57.45
10
57.72
17
57.47
24
57.11
31
69.3
70.2
70.3
69.0
68.8
55.8
56.5
56.6
56.8
56.5
87.30
89.58
91.26
89.93
90.22
39.64
39.68
37.30
38.21
38.40
38.05
38.99
40.34
39.81
38.40
46.23
47.41
48.34
47.72
47.94
51.51
52.81
53.82
53.19
53.46
1970..........................
1971.........................
1972..........................
1973.........................
1974.........................
1975—Jan................
Feb................
Mar...............
Apr................
M ay..............
Cor
porate
AAA
Total
Volume of
trading in
stocks
(thousands of
shares)
Amer
ican
Stock
Ex
change
total
index
(Aug.
1973 =
100)
NYSE AMEX
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
3,376
4,234
4,447
3,004
1,908
30.25
29.20
27.50
26.72
24.94
26.76
27.60
26.18
52.85
51.20
44.23
40.11
36.42
39.28
41.89
39.27
84.71
82.88
77.92
74.97
65.70
66.78
63.72
59.88
12,512
12,268
12,459
12,732
13,998
16,396
14,341
15,007
1,725
1,561
1,610
1,416
1,808
1,880
1,823
2,359
28.12
30.21
31.62
31.70
32.28
29.55
31.31
31.04
30.01
31.02
44.85
47.59
47.83
47.35
49.97
68.31
76.08
79.15
82.03
86.94
19,661
22,311
22,680
20,334
21,785
2,117
2,545
2,665
2,302
2,521
32.45
32.38
32.52
32.10
31.94
30.00
30.87
31.59
30.88
31.01
47.84
50.64
50.25
50.16
50.45
84.23
86.28
87.49
87.18
87.97
19,904
24,290
24,146
17,860
20,035
2,276
2,820
2,542
2,022
2,738
Week ending—
1975—May
98.39
101.02
102.91
101.35
101.62
For notes see opposite page.
STOCK MARKET CUSTOMER FINANCING
(In millions of dollars)
Margin credit at brokers and banks 1
Regulated 2
End of period
By source
By type
Margin stock
Total
Unregu
lated 3
Brokers Banks
Convertible
bonds
Subscription
issues
Brokers Banks Brokers Banks Brokers Banks
Nonmargin
stock
credit at
banks
Free credit balances
at brokers 4
Margin
accts.
Cash
accts.
1974—Mar..
Apr..
May.
June.
July..
Aug..
Sept..
O ct..
Nov..
D ec..
6,527
6,567
6,381
6,297
5,948
5,625
5,097
4,996
4,994
4,836
5,519
5,558
5,361
5,260
4,925
4,672
4,173
4,080
4,103
3,980
1,008
1,009
1,020
1,037
1,023
953
924
916
891
856
5,330
5,370
5,180
5,080
4,760
4,510
4,020
3,930
3,960
3,840
944
952
963
991
978
912
881
872
851
815
180
179
172
172
158
156
148
145
139
137
48
44
44
34
33
29
31
32
29
30
1,869
1,868
1,858
2,072
2,091
2,119
2,060
2,024
2,054
2,064
425
415
395
395
402
429
437
431
410
411
1,583
1,440
1,420
1,360
1,391
1,382
1,354
1,419
1,447
1,424
1975—Jan...
Feb..
M ar.1
A pr..
4,934
5,099
5,245
4,086
4,269
4,400
848
830
845
3,950
4,130
4,260
4,440
806
783
801
134
136
134
29
34
30
1,919
1,897
1,948
410
478
514
505
1,446
1,604
1,764
1,790
For notes seeopposite page.
A 30
STO CK M ARKET CREDIT; SAVINGS IN S T IT U T IO N S □ J U N E 1975
EQUITY STATUS OF MARGIN ACCOUNT DEBT
AT BROKERS
SPECIAL MISCELLANEOUS ACCOUNT BALANCES
AT BROKERS, BY EQUITY STATUS OF ACCOUN1S
(Per cent of total debt, except as noted)
(Per cent of total, except as noted)
End of
period
Total
debt
(mil
lions
of
dol
lars)!
1974—A p r..
M ay.
June.
July..
Aug..
Sept..
Oct...
Nov..
D ec..
1975- -Jan. .
Feb..
Mar..
A pr..
Equity class (per cent)
Net
credit
status
End of period
80 or
more
70-79
60-69
50-59
40-49
Under
40
5,370
5,180
5,080
4,760
4,510
4,020
3,930
3,960
3,840
4.4
4.2
4.0
4.0
3.5
3.5
4.6
4.2
4.3
6.0
5.1
5.0
4.8
4.0
3.9
5.5
5.1
4.6
9.9
8.5
7.7
7.9
6.6
6.1
9.4
8.5
16.5
13.7
12.6
13.3
11.2
10.2
16.8
14.8
13.9
26.5
23.3
21.8
22.2
18.4
18.0
27.3
24.4
23.0
37.0
45.3
49.1
47.9
56.3
58.3
36.4
42.8
45.4
3,950
4,130
4,260
4,440
5.6
5.9
6.5
7.1
7.3
7.2
8.0
8.7
13.5
14.6
15.3
16.1
24.6
25.4
27.6
28.7
28.1
28.5
25.8
23.5
21.2
18.4
16.9
15.9
i Note 1 appears at the bottom of p. A-28.
N o t e . — Each customer’s equity in his collateral (market value of col.
lateral less net debit balance) is expressed as a percentage of current col
lateral values.
1974—Apr.......................
May.....................
June.....................
Aug......................
1975—Jan........................
Feb.......................
Equity class of accounts
in debit status
Total
balance
60 per cent Less than of(millions
dollars)
or more 60 per cent
39.6
37.8
40.3
40.2
39.9
40.7
40.9
40.0
41.1
42.3
40.0
37.4
36.5
34.0
31.2
35.1
34.6
32.4
19.4
22.2
22.4
23.2
26.0
27.0
24.0
25.3
26.5
6,526
6,544
6,538
6,695
6,783
7,005
7,248
6,926
7,013
41.1
42.2
44.4
45.2
39.3
40.1
40.1
41 .1
19.8
17.8
15.5
13.7
7,185
7,303
7,277
7,505
N o t e . —Special miscellaneous accounts contain credit balances that
may be used by customers as the margin deposit required for additional
purchases. Balances may arise as transfers based on loan values of other
collateral in the customer’s margin account or deposits of cash (usually
sales proceeds) occur.
MUTUAL SAVINGS BANKS
(In millions of dollars)
Loans
End of period
Mort
gage
Other
Securities
U.S.
Govt.
State
and
local
govt.
Corpo Cash
rate
and
other1
Total
assets—
Total
Other liabili
ties
assets
and
general
reserve
accts.
Depos
its
Mortgage loan
commitments 2
classified by maturity
(in months)
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 89,369
2,117 100,593
2,314 106,651
2,645 109,550
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—M a r...
Apr.. . .
M ay...
June...
Ju ly ...
Aug... .
Sept.. .
O c t....
Nov—
Dec__
73,957
74,181
74,011
74,281
74,541
74,724
74,790
74,835
74,913
74,891
4,825
4,425
4,388
4,274
4,311
4,031
4,087
3,981
4,226
3,812
2,851
2,852
2,750
2,758
2,650
2,604
2,574
2,525
2,553
2,555
934
951
893
880
884
879
876
870
877
930
22,302
22,366
22,241
22,324
22,383
22,292
22,218
22,190
22,201
22,550
1,634
1,601
1,656
1,651
1,402
1,334
1,303
1,303
1,406
2,167
2,373
2,347
2,355
2,488
2,487
2,519
2,573
2,608
2,633
2,645
108,876
108,722
108,295
108,654
108,660
108,383
108,420
108,313
108,809
109,550
98,557
98,035
97,391
98,190
97,713
97,067
97,425
97,252
97,582
98,701
2,595
2,943
3,173
2,688
3,144
3,475
3,089
3,158
3,291
2,888
7,724
7,744
7,731
7,776
7,803
7,841
7,906
7,904
7,936
7,961
1,302
1,214
1,129
1,099
990
949
932
775
724
664
525
584
608
602
586
496
382
374
398
418
413
929 3,168
401
994 3,193
400 1,014 3,151
328 1,001 3,031
316 1,076 2,968
977 2,839
417
450
904 2,668
360
792 2,301
317
743 2,182
232
726 2,040
1975—J a n .... 74,957
F eb. . . 75,057
M ar.. . 75,127
4,287
4,658
4,736
2,571
2,677
2,975
967 22,979
1,017 23,402
1,095 24,339
1,706
1 ,856
2,101
2,663 110,130 99,211
2,709 111,376 100,149
2,672 113,045 102,285
2,948
3,211
2,712
7,971
8,016
8,049
726
654
824
400
360
312
225
217
294
1 Also includes securities of foreign governments and international
organizations and nonguaranteed issues of U.S. Govt, agencies.
2 Commitments outstanding of banks in New York State as reported to
the Savings Banks Assn. of the State of New York. Data include building
loans.
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 National Assn. of Mutual Savings Bank, which
620 1,971
579 1,810
564 1,994
were net of valuation reserves. For most items, however, the differences
are relatively small.
N o t e . — N A M S B data; figures are estimates for all savings banks in
the United States and differ somewhat from those shown elsewhere in
the B u l l e t i n ; the latter are for call dates and are based on reports filed
with U.S. Govt, and State bank supervisory agencies.
JU N E 1975 □ SAVINGS IN S T IT U T IO N S
A 31
LIFE INSURANCE COMPANIES
(In millions of dollars)
Government securities
Total
assets
End of period
Business securities
United State and Foreign1 Total
local
States
Total
Bonds
Stocks
Mort
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—Feb...............................
Mar..............................
Apr...............................
M ay.............................
June.............................
July...............................
Aug..............................
Sept..............................
Oct...............................
Nov..............................
Dec...............................
254,739
255,847
256,583
257,518
258,398
259,187
258,951
258,668
261,778
262,738
263,817
11,535
11,766
11,594
11,606
11,617
11,675
11,725
11,718
11,748
11,820
11,890
4,429
4,595
4,317
4,318
4,290
4,301
4,338
4,306
4,319
4,363
4,396
3,518
3,511
3,526
3,538
3,562
3,572
3,577
3,596
3,603
3,618
3,653
3,588
3,660
3,751
3,750
3,765
3,802
3,810
3,816
3,826
3,839
3,841
119,715
119,936
120,466
120,642
120,526
120,404
119,139
117,740
120,198
120,176
119,580
93,672
94,037
95,010
95,721
95,934
96,507
96,723
96,861
97,515
92,892
97,430
26,043
25,899
25,456
24,921
24,592
23,897
22,416
20,879
22,683
22,284
22,150
81,745
81,971
82,469
82,750
83,228
83,697
84,119
84,509
85,054
85,529
86,258
7,825
7,831
7,795
7,840
7,878
7,924
7,998
8,055
8,087
8,143
8,249
20,382
20,538
20,830
21,067
21,321
21,581
21,888
22,202
22,503
22,710
22,899
13,537
13,805
13,429
13,613
13,828
13,906
14,088
14,444
14,188
14,360
14,941
1975—Jan................................ 266,823
Feb............................... 269,715
12,065
12,161
4,461
4,512
3,669
3,686
3,935 121,986
3,960 124,158
93,690
99,571
23,110
24,587
86,526
86,929
8,313
8,402
23,058
23,224
14,875
14,841
Figures are annual statement asset values, with bonds carried on an
l Issues of foreign governments and their subdivisions and bonds of
amortized basis and stocks at year-end market value. Adjustments for
the International Bank for Reconstruction and Development.
interest due and accrued and for differences between market and book
N o t e . — Institute of Life Insurance estimates for aft* 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 of dollars)
Assets
End of period
1971..................................
1972..................................
19735................................
1974..................................
M ort
gages
174,250
206,182
231,733
249,306
1974—Apr........................
May.......................
June.......................
July.......................
Aug.......................
238,645
241,263
243,400
245,135
246,713
247,624
Oct......................... 248,189
Nov....................... 248,711
Dec........................ 249,306
1975—Jan.........................
Feb........................
Mar.......................
Apr.*.....................
249,734
250,845
252,463
254,757
Other
Total
assets—
Total
liabilities
10,731
12,590
19,117
23,075
23,544
23,705
23,003
23,052
22,081
21,166
22,:126
23,249
23,235
25,382
26,995
28,293
29,054
Invest
ment
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
Savings
capital
Net
worth2
Bor
rowed
money 3
Loans
in
process
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
20,787
21,421
21,614
21,926
22,361
22,758
23,016
23,306
23,075
282,976
286,389
288,017
290,113
291,155
291,548
293,331
295,266
295,616
234,918
235,429
238,114
237,631
236,472
237,877
238,304
239,530
242,914
17,709
18,019
17,838
18,101
18,377
18,201
18,444
18,674
18,435
18,159
19,355
20,347
21,708
22,891
24,136
24,544
24,550
24,824
4,796
5,038
5,033
4,867
4,584
4,226
3,809
3,444
3,205
7,394
8,548
6,685
7,806
8,831
7,108
8,230
9,068
6,238
12,918
12,480
11,732
10,844
9,851
9,126
8,127
7,723
7,454
23,338
23,754
24,295
24,945
298,454
301,594
305,051
308,756
246,182
249,480
255,973
258,828
18,585
18,815
18,653
18,894
23,398
21,938
20,417
19,899
3,022
3,015
3,239
3,574
7,267
8,346
6,769
7,561
7,887
8,787
10,050
11,680
1 Excludes stock of 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 Data comparable with those shown for mutual 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
Home Loan Mortgage Corporation, loans and notes insured by the
Farmers Home Administration, and certain other Govt.-insured mortgagetype investments, previously included in mortgage loans, are included
Liabilities
Other
in other assets. The effect of this change was to reduce the mortgage
total by about $0.6 billion.
Also, GNMA-guaranteed, mortgage-backed securities of the pass
through type, previously included in “Cash” and “Investment securities”
are included in “Other assets.” These amounted to about $2.4 billion at
the end of 1972.
N o t e . — FHLBB data; figures are estimates for all savings and loan
assns. in the United States. Data are based on monthly reports of insured
assns. and annual reports of noninsured assns. Data for current and
preceding year are preliminary even when revised.
A 32
FEDERAL FINANCE □ JU N E 1975
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
U.S. budget
Means of financing
Borrowings from the public
Period
Receipts Outlays
Surplus
Less: Invest
Public
or
ments by Govt,
debt Agency
Less: Equals:
deficit
accounts 1
securi securi
Special Total
(-)
notes 2
ties
ties
Special Other
issues
Fiscal year:
197 1
197 2
197 3
197 4
188,392
208,649
232,225
264,932
211,425
231,876
246,526
268,392
Half year:
1973—Jan.-June
July-Dee.
1974—Jan.-June
July-Dee.
126,164
124,256
140,679
139,870
127,947 -1 ,7 8 4 8,843
130,362 -6 ,1 0 6 11,756
138,032
2,647 5,162
153,399 -13,591 18,429
Month:
1974—Ap r
M ay........
June........
July.........
Aug.........
Sept.........
Oct..........
Nov.........
Dec.........
29,660 r22,219
19,243 23,981
31,259 24,172
20,939, 24,411
23,620 25,408
28,377 24,712
19,633 26,460
22,292 24,965
24,946 27,442
28,934
26,200
27,986
29,601
25,020
19,975
20,134
31,451
1975—Ja.............n
Feb...........
Mar.........
Apr.........
Less: Cash and
monetary assets
-23,033
-23,227
-14,301
—3,460
27,211 -3 4 7 6,616
29,131 -1 ,2 6 9 6,796
30,881
216 11,712
16,918
903 13,673
577
845
295
150
r7 ,441 -2,597
-4,739 2,773
385
7,087
-3,472 1,109
-1,787 6,447
3,666 -3 2 6
-6,827 -1 ,2 4 2
-2,673 5,139
-2,496 7,300
36
-9 3
-2 8 2,947
29 4,178
-126
-858
- 5 6 4,133
-1 6 7 -1,311
-2 4 2 -2 ,0 5 3
-1 7
653
-3 8 2,276
35
-211
121
198
-2 5
250
-1 5 2
-3 1
-9 0
-3,914
-6,225
-7,852
1,850
-2 3 -2 ,1 7 3
-306 1,224
5 -1 ,2 1 6
-3 7
10
-4 2
-495
-7 9
-451
Other
19,448
710
-7 1 0 3,587
19,442
1,362
1,108 6,003
19,275
2,459 -1 ,6 1 3 -4 ,1 2 9
3,009 -3 ,4 1 7
898 -2 ,0 6 3
801
1,623
109
1,140
5,716
5,376
8,297
2,840
1,475
5,571
9,949
7,081
-661
478
426
-646
Trea
sury
operat
ing
balance
Other
means
of
financ
ing*
net3
1,889
1,503
6,014 -2 ,2 0 2
-3 ,0 0 4 -1 ,2 1 5
14,794 -3,228
-2 ,5 0 3
8
-3 ,8 8 6
1,644
2,283
569
721
4,500
5,077
-9 3
1,305
-319 -2 ,4 2 9
1,089
231
248 -4 ,1 8 3
3,125
1,319 r_494
-5 ,0 3 2 -1 ,1 2 0 -1 ,4 2 3
2,711
239 -2 5 2
-658 -1 ,5 3 4
-2 ,7 0 5
-1 ,0 1 2
83 -1 ,4 2 5
3,244
797 -1 9 4
-338
-6 ,4 4 5
-6 7 7
816
96 -9 1 5
2,874
268
561
3,667
-5 8
4,535 -2 ,3 5 9
11,249
3,115
7,485
7,666
319
-132
285
1,847
508
801
3
178
Selected balances
Treasury operating balance
End
of
period
F.R.
Banks
Tax
and
loan
accounts
Other
deposi
taries4
Borrowing from the public.
Total
Public
debt
securities
Agency
securities
Less:
Investments of
Govt, accounts i
Special
issues
Less:
Special
notes 2
Equals:
Total
Memo:
Debt of
Govt.sponsored
corps.—
Now
private 5
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
88
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
825
825
825
825
304,328
323,770
343,045
346,053
37,086
41,814
51,325
65,411
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
825
(6)
349,058
360,847
59,857
Month:
1974—Apr...
May.,
June.
July..
A ug..
Sept..
O ct...
N ov..
Dec..
2,814
3,134
2,919
3,822
3,304
3,211
789
1,494
3,113
8,576
3,226
6,152
2,544
2,049
5,384
1,381
1,571
2,745
89
471,903
474,675
475,060
6475,344
481,792
481,466
480,224
485,364
492,664
12,012
11,984
12,012
11,895
11,831
11,664
11,422
11,404
11,367
107,796
110,743
114,921
114,063
118,196
116,885
114,832
115,485
117,761
25,363
25,152
25,273
25,471
25,446
25,696
25,544
25,513
25,423
825
825
825
( 6)
70
11,480
6,448
9,159
6,454
5,443
8,687
2,241
3,066
5,928
349,931
349,939
346,053
347,706
349,980
350,549
351,270
355,770
360,847
61,151
62,650
65,411
68,243
69,951
73,068
75,343
75,706
76,459
1975—Jan..
Feb..
M ar.,
Apr..
3,541
2,884
4,269
8,363
2,115
410
2,140
5,411
220
220
220
521
5,876
3,514
6,629
14,295
494,139
499,710
509,659
516,740
11,343
11,037
11,042
11,004
115,588
116,812
115,596
115,606
25,380
24,886
24,807
24,355
364,514
369,049
380,298
387,783
76,921
75,964
88
91
92
71
1 With the publication of the Oct. 1974, Federal Reserve B u l l e t i n ,
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 of credit.
3 Includes accrued interest payable on public debt securities, deposit
funds, miscellaneous liability and asset accounts, and seigniorage.
4 As of Jan. 3, 1972, the Treasury operating balance was redefined to
exclude the gold balance and to include previously excluded “Other deposi
taries” (deposits in certain commercial depositaries that have been con
verted from a time to a demand basis to permit greater flexibility in
Treasury cash management).
5 Includes debt of Federal home loan banks, Federal land banks, R.F.K.
Stadium Fund, FNMA (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 of 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.
JU N E 1975 □ FEDERAL FINANCE
A 33
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
Budget receipts
Individual income taxes
Corporation
income taxes
Period
Pres.
Elec Non
With tion with Re
held Cam held funds
paign
Fund1
Total
Net
total
Social insurance taxes
and contributions
Employment
taxes and
Excise
contribution2 Un- Other
Gross
taxes
re
Re
empl. net
Net
ceipts funds
insur. re
total
Pay Selfceipts3
roll
empl.
taxes
Fiscal year:
197 1
197 2
197 3
197 4
188,392
208,649
232,225
264,932
76,490
83,200
98,093
112,064
24,262
25,679
27,017
30,812
Half year:
1973—Jan.-June
July-Dee.,
1974—Jan.-June
July-Dee.
126,164
124,256
140,679
139,807
52,037
52,964
59,103
61,377
21,233 21,179 52,094 23,730 1,434
999 58,172 16,589 1,494
6,207
24,605 22.953 60,782 25,156 1,631
7,099 1,016 67,460 18,247 2,016
Month:
1974—A pr.r. . . .
May........
June........
July........
Aug........
Sept........
Oct.........
Nov........
Dec.........
29,660
19,243
31,259
20,939
23,620
28,377
19,633
22,292
24,946
9,946
10,083
10,611
10,227
10,223
9,754
10,106
10,638
10,428
11,117 6,313 14,764 5,893
1,204 5,651 5,641 1,318
462 14,231 9,269
4,077
378 10,806 1,796
957
229 10,485 1,084
491
130 13,947 6,082
4,323
78 10,590 1,717
561
111 10,832 1,111
305
90 10,799 6,458
461
430
218
237
310
256
435
511
314
190
4,390 1 ,603
552
7,196
311 2,190
4,757
281
18
418
5,005
7,813
1,363
240
62
5,428
4,558
221
762
6,633
14
4,982
89
351
339
329
358
368
389
363
353
356
6,896
10,036
5,386
5,781
9,544
6,119
5,142
7,748
5,441
1975—Ja n
Feb.........
Mar........
Apr.........
25,020
19,975
20,134
31,451
10,252
10,957
9,617
9,542
132 15,487 1,745
5,366
1,046 4,264 7,747 1,275
2,661 8,152 4,134 7,228
15 12,781 6,258 16,065 5,819
557
496
649
726
4,802
223
7,670
225
208
6,268
5,438 1 ,743
402
352
373
388
5,673
8,979
6,870
8,126
14,522
14,143
21,866
23.952
86,230 30,320
94,737 34,926
103,246 39,045
118,952 41,744
3,535
2,760
2,893
3,125
1,948
2,032
2,371
3,008
16,614
15,477
16,260
16,844
2,591
3,287
3,188
3,334
3,735
5,436
4,917
5,035
3,858
3,633
3,921
5,368
30,013 2,206 3.616 1.841 37,657 8,016
29.965
201 2.974 1,967 35,109 8,966
32,919 2,808 3,862 2,082 41,672 7,878
254 2.914 2,187 39,774 8,761
34,418
1,637
1,633
1,701
1,958
2,584
2,514
2,521
2,284
1,861
2,768
2,601
3,341
1 ,275
1,391
1,423
1,517
1,415
1,465
1,401
1 ,474
1,489
286
295
301
325
355
305
347
319
307
371
437
370
418
453
352
370
350
341
604
343
517
607
540
543
578
773
301
1,351
1,277
1 ,160
1 ,166
307
260
295
286
385
399
356
317
629
535
741
399
39,751
44,088
52,505
62,886
3,673
4,357
6,051
6,837
245
732
21
557
3,206
3,437
3,614
4,051
48,578
53,914
64,542
76,780
Cus Estate Misc.
toms and
re
gift ceipts4
Budget outlays 5
Gen
eral
sci
ence,
space,
and
tech.
Period
Total
Na
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
Month:
1975—Feb.......... 26,200
Mar......... 27,986
Apr.......... 29,601
7,528
7,435
7,555
382
503
109
350
379
368
Intl.
affairs
Nat
ural
ComAgri
Com mun.
re
cul sources, merce
and
ture
and region.
envir.,
and
transp. devel
energy
opment
5,279 5,019
4,855 5,461
2,230 6,390
1,773 9,412
1,816 10,028
156
347
275
468
723
611
1 Collections of these receipts, totaling $2,427 million for fiscal year
1973, were included as part of non withheld income taxes prior to Feb.
1974.
2 Old-age, disability, and hospital insurance, and Railroad Retirement
accounts.
3 Supplementary medical insurance premiums and Federal employee
retirement contributions.
4 Deposits of earnings by F. R. Banks and other miscellaneous receipts.
5 Budget outlays have been revised to reflect the new functional classi
fication of outlays presented in the 1976 Budget. For a description of 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
rl 99
19
309
Educa
tion,
man Health
power,
and
and
wel
social
fare
serv.
Vet
erans
Inter
est
11,696
11,874
11,600
14,714
14,623
10,730
12,013
13,386
15,466
15,592
20,582
22,813
28,072
31,331
34,419
1,024 11,174 rl ,993
1,209 12,154 1,811
1,838 12,379 1 ,466
2,618
2,656
2,716
81,382
91,790
106,505
133,188
146,774
Gen
eral
Govt.,
law
en
force.,
and
justice
Rev
enue
shar.
and
fiscal
assist
ance
Undistrib.
off
setting
re
ceipts6
4,116
531 -8 ,1 3 7
4,813 77,222 -12,318
5,789 6,746 -16,651
5,672 7,033 -16,839
6,468 7,249 -20,193
467
568
152
-826
3 -1 ,2 3 6
1,524 -1 ,0 5 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 o t e . —Half 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. G O VER N M EN T SEC U R ITIES a JU N E 1975
GROSS PUBLIC DEBT, BY TYPE OF SECURITY
(In billions o f dollars)
Public issues (interest-bearing)
End of period
Total
gross
public
debt 1
Marketable
Total
Total
Certifi
cates
Bills
Notes
Con
vert
ible
Bonds 2 bonds
Nonmarketable
Foreign Savings
Total 3 issues 4 bonds
and
notes
Special
issues 5
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—May
June
July.
Aug.
Sept.
Oct.,
Nov.
Dec.
474.7
475.1
475.3
481.8
481.5
480.2
485.4
492.7
361.5
357.8
359.7
362.0
362.7
363.9
368.2
373.4
269.6
266.6
268.8
272.1
272.6
273.5
277.5
282.9
107.9
105.0
107.3
110.6
111.1
112.1
114.6
119.7
128.4
128.4
128.4
127.7
127.7
127.7
129.6
129.8
33.2
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
2.3
89.6
89.0
88.7
87.6
87.8
88.1
88.4
88.2
26.0
25.0
24.4
23.2
23.2
23.1
23.1
22.8
62.1
62.4
62.7
62.8
63.0
63.3
63.6
63.8
111.3
115.4
114.6
118.7
117.4
115.3
115.9
118.2
1975—Jan..
Feb.
Mar.
Apr.
May
494.1
499.7
509.7
516.7
528.2
377.1
381.5
392.6
399.8
407.8
286.1
289.8
300.0
307.2
314.9
120.0
123.0
124.0
127.0
131.5
131.8
132.7
141.9
145.0
146.5
33.3
34.1
34.1
35.3
36.8
2.3
2.3
2.3
2.3
2.3
88.8
89.4
90.4
90.3
90.6
23.0
23.3
24.0
23.6
23.5
64.2
64.5
64.8
65.2
65.5
116.0
117.2
116.0
116.0
119.2
1 Includes non-interest-bearing debt (of which $624 million on May 31,
1975, was not subject to statutory debt limitation).
2 Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
3 Includes (not shown separately): despositary bonds, retirement plan
bonds, Rural Electrification Administration bonds, State and local govern
ment bonds, and Treasury deposit funds.
4 Nonmarketable certificates of indebtedness, notes, and bonds in the
Treasury foreign series and foreign-currency-series issues.
5 Held only by U.S. Govt, agencies and trust funds and the Federal
home loan banks.
N o t e . — Based on Monthly Statement o f the Public Debt o f the United
States, published by U.S. Treasury. See also second paragraph in N o t e to
table below.
OWNERSHIP OF PUBLIC DEBT
(Par value, in billions of dollars)
Held by private investors
Held b y Total
gross
public
debt
U.S.
Govt.
agencies
and
trust
funds
F.R.
Banks
Total
1968—Dec................
1969—Dec................
1970—Dec................
358.0
368.2
389.2
76.6
89.0
97.1
52.9
57.2
62.1
1971—Dec................
1972—Dec................
1973—Dec................
424.1
449.3
469.9
106.0
116.9
129.6
1974—Apr................
M ay..............
June..............
July...............
Aug................
Sept...............
Oct.................
Nov...............
Dec................
471.9
474.7
475.1
475.3
481.8
481.5
480.2
485.4
492.7
1975—Jan.................
Feb................
Mar.*............
494.1
499.7
509.7
End of
period
Foreign
and
inter
national1
Other
misc.
inves
tors 2
23.3
29.0
29.1
14.3
11.2
20.6
21.9
25.0
19.9
54.4
57.7
60.3
18.8
16.2
16.9
46.9
55.3
55.6
15.6
17.0
19.3
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
30.0
30.5
29.7
63.7
64.0
64.4
21.6
21.3
21.4
61.5
64.6
65.0
22.3
21.3
25.9
Mutual
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
70.2
69.9
78.5
247.9
262.5
261.7
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
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
79.4
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
139.0
139.8
138.5
81.3
81.1
81.4
273.8
278.9
289.8
54.5
56.9
62.0
2.6
2.7
2.9
6.2
6.2
6.6
11.3
11.4
12.0
1 Consists of investments of foreign and international accounts in
the United States.
2 Consists of 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 o t e . —Reported data for F.R. Banks and U.S. Govt, agencies and
trust funds; Treasury estimates for other groups.
Individuals
Com
mercial
banks
Other
Savings
bonds securities
The debt and ownership concepts were altered beginning with the
Mar. 1969 B u l l e t i n . The new concepts (1) exclude guaranteed se
curities and (2) remove from U.S. Govt, agencies and trust funds
and add to other miscellaneous investors the holdings of certain
Govt.-sponsored but privately owned agencies and certain Govt, deposit
accounts. Beginning in July 1974, total gross public debt includes Federal
Financing Bank bills and excludes notes issued to the IMF ($825 million).
JUNE 1975 □ U.S. GOVERNMENT SECURITIES
A 35
OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value, in millions of dollars)
Within 1 year
Type of holder and date
All holders:
1972—Dec.
1973—Dec.
1974—Dec.
1975—Mar.
Apr.
1-5
years
5-10
years
10-20
years
Over
20 years
26,552
33,785
28,339
34,074
34,074
88,564
81,715
85,311
90,362
93,444
29,143
25,134
27,897
29,255
29,254
15,301
15,659
14,833
15,476
16,688
6,079
6,145
6,764
6,850
6,835
Total
31........................................................ 269,509
31........................................................ 270,224
31........................................................ 282,891
31........................................................ 299,989
30........................................................ 307,202
Total
Bills
Other
130,422
141,571
148,086
158,046
160,981
103,870
107,786
119,747
123,972
126,907
U.S. Govt, agencies and trust funds:
1972—Dec. 31................................................
1973—Dec. 31................................................
1974—Dec. 31................................................
1975—Mar. 31................................................
Apr. 30................................................
19,360
20,962
21,391
20,841
20,499
1,609
2,220
2,400
2,519
2,397
674
631
588
511
440
935
1,589
1,812
2,008
1,957
6,418
7,714
7,823
7,871
7,722
5,487
4,389
4,721
3,998
3,968
4,317
5,019
4,670
4,802
4,802
1,530
1,620
1,777
1,651
1,610
Federal Reserve Banks:
1972—Dec. 31................................................
1973—Dec. 31................................................
1974—Dec. 31................................................
1975—Mar. 31................................................
Apr. 3 0................................................
69,906
78,516
80,501
81,418
87,846
37,750
46,189
45,388
47,019
49,764
29,745
36,928
36,990
36,087
38,329
8,005
9,261
8,399
10,932
11,435
24,497
23,062
23,282
21,288
24,052
6,109
7,504
9,664
10,485
11,077
1,414
1,577
1,453
1,507
1,705
136
184
713
1,119
1,248
Held by private investors:
1972—Dec. 31................................................
1973—Dec. 31................................................
1974-Dec. 31................................................
1975—Mar. 31............................................
Apr. 30................................................
180,243
170,746
180,999
197,730
198,857
91,063
93,162
100,298
108,508
108,820
73,451
70,227
82,168
87,374
88,138
17,612
22,935
18,130
21,134
20,682
57,649
50,939
54,206
61,203
61,670
17,547
13,241
13,512
14,772
14,209
9,570
9,063
8,710
9,167
10,181
4,413
4,341
4,274
4,080
3,977
Commercial banks:
1972—Dec. 31.........................................
1973—Dec. 31.........................................
1974—Dec. 31.........................................
1975—Mar. 31.........................................
Apr. 30.........................................
52,440
45,737
42,755
48,840
49,282
18,077
17,499
14,873
16,217
16,183
10,289
7,901
6,952
6,976
7,351
7,788
9,598
7,921
9,241
8,832
27,765
22,878
22,717
26,503
27,211
5,654
4,022
4,151
5,126
4,900
864
1,065
733
722
731
80
272
280
272
257
Mutual savings banks:
1972—Dec. 31.........................................
1973—Dec. 31.........................................
1974—Dec. 31.........................................
1975—Mar. 31.........................................
Apr. 30.........................................
2,609
1,955
1,477
1,751
2,106
590
562
399
385
436
309
222
207
152
191
281
340
192
233
245
1,152
750
614
743
918
469
211
174
285
365
274
300
202
195
261
124
131
88
143
125
31.........................................
31.........................................
31.........................................
30........................................
5,220
4,956
4,741
5,119
5,303
799
779
722
720
683
448
312
414
405
386
351
467
308
315
297
1,190
1,073
1,061
1,357
1,440
976
1,278
1,310
1,357
1,412
1,593
1,301
1,297
1,336
1,421
661
523
351
348
348
Nonfinancial corporations:
1972—Dec. 31.........................................
1973—Dec 31.........................................
1974—Dec. 31.........................................
1975—Mar. 31........................................
Apr. 30.........................................
4,948
4,905
4,246
4,911
5,278
3,604
3,295
2,623
2,777
2,803
1,198
1,695
1,859
2,011
2,013
2,406
1,600
764
766
790
1,198
1,281
1,423
1,805
2,107
121
260
115
264
230
25
54
26
23
98
1
15
59
41
40
Savings and loan
1972—Dec.
1973—Dec.
1974—Dec.
1975—Mar.
Apr.
associations:
31.........................................
31.........................................
31.........................................
31.........................................
3 0 .........................................
2,873
2,103
1,663
1,969
2,083
820
576
350
511
562
498
121
87
240
294
322
455
263
271
268
1,140
1,011
835
995
1,034
605
320
282
278
289
226
151
173
166
178
81
45
23
19
19
State and local governments:
1972—Dec. 31.........................................
1973—Dec. 31.........................................
1974—Dec. 31.........................................
1975_Mar. 31.........................................
Apr. 3 0 .........................................
10,904
9,829
7,864
8,189
8,245
6,159
5,845
4,121
4,793
4,647
5,203
4,483
3,319
4,078
3,908
956
1,362
802
715
739
2,033
1,870
1,796
1,590
1,719
816
778
815
545
543
1,298
1,003
800
918
980
598
332
332
343
356
101,249
101,261
118,253
126,952
126,560
61,014
64,606
77,210
83,105
83,505
55,506
55,493
69,330
73,512
73,994
5,508
9,113
7,880
9,593
9,511
23,171
22,076
25,760
28,210
27,240
8,906
6,372
6,664
6,918
6,470
5,290
5,189
5,479
5,806
6,512
2,868
3,023
3,141
2,914
2,833
Insurance companies:
1973—Dec.
1974—Dec.
1975—Mar.
Apr.
All others:
1972—Dec.
1973—Dec.
1974—Dec.
1975—Mar.
Apr.
31.........................................
31.........................................
31.........................................
31.........................................
30........................................
N o t e . —Direct public issues only. Based on Treasury Survey of
Ownership.
Data complete for U.S. Govt, agencies and trust funds and F.R. Banks,
but data for other groups include only holdings o f those institutions
that report. The following figures show, for each category, the number
and proportion reporting: (1) 5,561 commercial banks, 475 mutual savings
banks, and 733 insurance companies combined, each about 90 per cent;
(2) 458 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 of all those not reporting
in the Treasury Survey, including investor groups not listed separately.
A 36
U.S. G O VER N M EN T SEC U R ITIES □ JU N E 1975
DAILY-AVERAGE DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By maturity
Period
Total
Within
1 year
1-5
years
By type of customer
5-10
years
U.S. Govt, U.S. Govt,
securities securities
dealers
brokers
Over
10 years
Com
mercial
banks
All
other i
U.S. Govt,
agency
securities
1974—Apr...............................
M ay.............................
June.............................
July...............................
Aug..............................
Sept..............................
Oct................................
Nov..............................
Dec...............................
3,338
3,542
3,084
2,566
3,097
4,114
3,543
3,977
4,111
2,682
2,645
2,549
2,114
2,407
3,327
2,802
2,872
3,126
438
693
385
348
389
472
498
635
550
173
133
110
66
238
265
193
384
369
45
72
41
38
64
50
50
86
67
614
711
693
490
554
683
607
560
671
836
905
759
685
876
1,351
1,087
1,049
1,196
951
991
877
681
789
1,022
928
1,144
1,120
937
936
755
710
878
1,058
920
1,224
1,124
710
861
978
1,044
856
1,227
1,150
1,186
1,087
1975—Jan................................
Feb...............................
Mar..............................
Apr...............................
5,415
5,770
r4 ,467
5,197
3,495
3,353
2,812
3,682
1,514
1,521
r994
1,096
303
711
r464
285
104
185
197
134
887
698
r671
704
1,549
2,044
1,183
1,450
1,503
1,511
rl , 198
1,242
1,478
1,518
1,415
1,801
1,244
1,233
928
904
Week ending—
1975—Apr.
2.......................
9 .......................
16.......................
23.......................
30.......................
4,541
6,147
5,694
r4,486
4,170
2,988
4,313
4,394
3,127
3,100
1,092
1,273
959
1,270
788
265
402
235
’349
162
196
159
107
140
120
560
851
893
609
550
1,050
1,908
1,507
1,308
1,109
1,188
1,424
1,459
1,134
941
1,743
1,965
1,835
rl ,834
1,570
752
1,219
838
909
715
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
N o t e .—The transactions data combine market purchases and sales of
U.S. Govt, securities dealers reporting to the F.R. Bank of New York.
They do not include allotments of, and exchanges for, new U.S. Govt,
securities, redemptions of called or matured securities, or purchases or
sales of securities under repurchase agreement, reverse repurchase (resale),
or similar contracts. Averages of daily figures based on the number of
trading days in the period.
DAILY-AVERAGE DEALER POSITIONS
DAILY-AVERAGE DEALER FINANCING
(Par value, in millions of dollars)
(In millions of dollars)
i Since Jan. 1972 has included transactions of dealers and brokers in
securities other than U.S. Govt.
U.S. Government securities, by maturity
All
Within
1
maturi
ties
year
1-5
years
5-10
years
Over
10
years
U.S.
Govt.
agency
securi
ties
1974—Apr.................
May...............
June...............
July................
Aug...............
Sept................
Oct.................
Nov................
Dec.................
1,536
495
594
263
2,487
3,060
2,870
4,513
4,831
1,577
421
447
219
1,819
2,317
2,149
2,999
3,100
-121
-3 3
52
-5 0
228
334
430
728
975
62
66
78
90
356
340
260
618
559
17
41
16
4
84
69
31
169
197
719
791
1,226
935
1,073
1,216
1,445
1,531
1,803
1975—Jan..................
Feb.................
Mar................
Apr.................
4,634
5,588
5,737
4,453
2,689
3,658
3,435
3,123
1,236
1,180
1,486
1,036
600
536
618
218
113
213
198
77
1,578
1,469
1,444
937
Period
Commercial banks
All
sources
Period
May...........
June...........
July............
Aug............
Sept............
1975—Jan.............
Feb............
M ar...........
Apr............
Corpora
tions l
All
other
New
York
City
Else
where
2,449
1,637
2,477
1,710
4,138
4,70S*
4,621
5,626
6,904
600
26
241
6
988
1,312
1,194
1,466
2,061
728
486
884
596
1,248
1,247
1,003
1,245
1,619
287
213
268
216
548
480
571
561
691
833
913
1,083
892
1,354
1,671
1,853
2,355
2,534
6,185
6,295
6,881
5,696
1,455
1,672
1,879
1,655
1,277
1,077
1,650
1,326
864
714
838
583
2,590
2,832
2,513
2,132
Week ending—
Week ending—
1975—Mar.
5.........
12.........
19.........
26.........
5,458
5,520
6,063
5,876
3,438
3,598
3,438
3,306
1,434
1,271
1,518
1,709
435
497
940
576
151
154
167
285
1,479
1,426
1,419
1,487
1975—Mar.
5 ...
1 2 ...
1 9 ...
2 6 ...
6,784
7,097
7,148
6,506
1,826
1,968
2,018
1,689
1,147
1,741
1,885
1,499
709
954
828
786
3,102
2,433
2,417
2,532
Apr.
2 ........
9 ........
16........
23, , ,
30........
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
Apr.
2 ...
9. ..
16. ..
2 3 ...
3 0 ...
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
N o t e .—The figures include all securities sold by dealers under repur
chase contracts regardless of the maturity date of the contract, unless the
contract is matched by a reverse repurchase (resale) agreement or delayed
delivery sale with the same maturity and involving the same amount of
securities. Included in the repurchase contracts are some that more
clearly represent investments by the holders of the securities rather than
dealer trading positions.
Average of daily figures based on number of trading days in the period.
i All business corporations, except commercial banks and insurance
companies.
N o t e .—Averages of daily fig u re s based on the number of calendar days
in the period. Both bank and nonbank dealers are included. See also
N o t e to the table on the left.
JUNE 1975 o FEDERALLY SPONSORED CREDIT AGENC
A
IING ISSUES OF FEDERALLY SPONSORED CREDIT AGENCIES, APRIL 30,
Cou Amount
pon
(millions
rate of dollars)
Agency, and date of issue
and maturity
Cou Amount
pon
(millions
rate of dollars)
Federal National Mortgage
Association— Cont.
7.15
8.05
6.80
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
9.50
8.15
7.50
7.75
7.05
7.80
6.60
8.65
7.30
7.38
8.75
7.38
700
265
300
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
2,759
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
Debentures:
4/12/71 -6/10/75..........
10/13/70 - 9 /1 0 /7 5 ....
3/12/73 - 9/10/75..........
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 -6/10/76 ..........
2/10/72 - 6/10/76..........
9/10/74-6/10/76..........
11/10/71 - 9/10/76........
6/12/72-9/10/76..........
12/10/74 - 9/10/76........
7/12/71 - 12/10/76.
12/11/72- 12/10/76.
6 /1 0 /7 4-12/10/76.
----------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 -6/10/77..
9/10/71 -9 /1 2 /7 7 ...
9/10/73 -9 /1 2 /7 7 ...
7/10/73 - 12/12/77.
10/1/73 - 12/12/77.
-3/10/78
6/10/74--------3/10/75-3/10/78..............
6/12/73 -6/12/78............
3/11/74-9/11/78............
10/12/71 - 12/11/78....
7/10/74- 12/11/78..........
12/10/73 -3/12/79..........
9/10/73 -6/11/79............
9/10/74-6/11/79............
6/12/72-9/10/79............
12/10/74 - 9/10/79..........
12/10/71 - 12/10/79. . . .
2/10/72 - 3/10/80............
3/10/75-3/10/80..............
4 /I /75 -4/10/80..............
6/10/74-6/10/80............
2/16/73 -7/31/80............
2/16/73 -7/31/80............
10/1/73 - 9/10/80............
1/16/73 - 10/30/80..........
12/11/72 - 12/10/80........
6/29/72 - 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 -9/10/81 ............
9/10/74-9/10/81............
3/11/74-12/10/81..........
7/10/74-3/10/82............
6/28/72-5/1/82..............
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 -9/12/83..........
4/12/71 -6/11/84............
12/10/74-9/10/84..........
12/10/71 - 12/10/84___
3/10/75-3/11/85..............
3/10/72 - 3/10/92..........
6/12/72 - 6/10/92............
12/11/72 - 12/10/97-82. .
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
n ou r
illio i
Agency, and date of issue
and maturity
Lollai
Banks for cooperatives
Bonds:
11/4/74-5/1/75..
12/2/74-6/2/75. .
1/2/75 -7 /1 /7 5 . . .
2/3/75 - 8/4/75 . . .
3/3/75-9/2/75
4/1/75 - 10/1/75..
10/1/73 -4 /4 /7 7 ..
12/2/74 - 10/1/79.
683
542
493
478
407
326
200
201
Federal intermediate
credit banks
Bonds:
8/1/74-5/1/75........
9/3/74-6/2/75........
1 0 /1 /7 4 -7 /1 /7 5 ....
1/3/72-7/1/75........
11/4/74-8/4/75. . . .
12/2/74-9/2/75. . . .
1/2/75 -10/1/75. . . .
2/3/75 - 11 /3 /7 5 ....
3/3/75-12/1/75........
3/1/73 - 1/5/76........
4/1/75 - 1/5/76........
7/2/73 - 1/3/77........
7/1/74-4/4/77........
1/2/74- 1/3/78........
1/2/75 -1 /2 /7 9 ........
Federal land banks
Bonds:
not guaranteed by the U.S. Govt.; see also note to table at top of p. A-38.
2/15/72-7/21/75...
4/22/74-7/21/75...
7/20/71 - 10/20/75..
10/23/73 - 10/20/75.
4/20/72- 1/20/76...
7/22/74 - 1/20/76...
2/21/66 - 2/24/76..
1/22/73 -4 /2 0 /7 6 ...
4/22/74-4/20/76...
7/20/66 - 7/20/76..
1/21/74 - 7/20/76...
4/23/73 - 10/20/76..
4/21 /75 - 1/20/77. . .
4/22/74 - 4/20/77...
7/20/73 - 7/20/77...
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...
1/20/75-4/20/78. ..
7/20/72 - 7/20/78..
7/22/74 - 7/20/78...
10/23/73 - 10/19/78.
2/20/67 - 1/22/79...
1/21/74- 1/22/79...
9/15/72-4/23/79...
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 - 7/20/81...
1/20/75 - 1120/82 . ..
4/20/72 - 4/20/82...
4/21/75 -4 /2 0 /8 2 ...
4/23/73 - 10/20/82..
10/23/73 - 10/20/83.
784
714
769
302
758
783
538
804
897
261
,079
236
321
406
410
5.70
8.30
7.20
7.40
6.25
9.20
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
FEDERALLY SPONSORED CREDIT AGENCIES □ JUNE 1975
A 38
M A JO R BALANCE S H E E T ITE M S O F S E L EC TE D FEDERALLY S P O N S O R E D C R E D IT A G E N C IE S
(In millions of dollars)
Federal home loan banks
End of
period
Assets
Federal National
Mortgage Assn.
(secondary market
operations)
Liabilities and capital
Cash
and
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—Apr...
M ay..
June..
Ju ly ..
Aug...
Sept...
O ct...
Nov. .
D ec...
16,020
17,103
17,642
18,582
19,653
20,772
21,409
21,502
21,804
1,615
1,956
2,564
2,578
2,052
2,681
3,224
2,568
3,094
82
96
115
150
80
135
105
106
144
13,902
14,893
16,393
17,390
18,759
20,647
22,058
21,474
21,878
1975—Jan.. .
F eb ...
M a r..
Apr...
20,728
19,460
18,164
17,528
4,467
4,838
6,415
6,836
113
99
154
98
21,778
20,822
18,453
18,448
Mem
ber
de
posits
Bonds
and
notes
Banks
for
cooperatives
Mort
gage
loans
(A)
Deben Loans
tures
to
and
cooper
notes
atives
(A)
(L)
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
2,067
2,215
2,158
1,954
1,935
2,160
2,129
2,182
2,484
2,337
2,376
2,413
2,450
2,495
2,543
2,580
2,603
2,624
25,264
25,917
26,559
27,304
28,022
28,641
29,139
29,407
29,709
2,612
2,819
3,025
2,651
2,699
2,698
2,677
2,660
29,797
29,846
29,870
29,931
Capital
stock
N ote .—Data from Federal Home Loan Bank Board, Federal National
Mortgage Assn., and Farm Credit Admin. Among omitted balance
sheet items are capital accounts of all agencies, except for stock of FHLB’s.
Bonds, debentures, and notes are valued at par. They include only publicly
Federal
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
23,668
25,089
25,232
25,878
26,639
27,312
27,543
28,024
28,201
2,891
2,694
2,733
3,008
3,026
3,092
3,598
3,573
3,575
28,030
27,730
28,420
28,257
3,910
3,821
3,741
3,650
Bonds
(L)
Mort
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
2,810
2,674
2,449
2,477
2,622
2,835
2,855
3,295
3,561
7,850
8,195
8,479
8,706
8,548
8,931
8,838
8,700
8,848
7,403
7,585
7,860
8,212
8,381
8,502
8,482
8,441
8,400
11,878
12,142
12,400
12,684
12,941
13,185
13,418
13,643
13,643
10,843
10,843
10,843
11,782
11,782
11,782
12,427
12,427
12,427
3,653
3,592
3,440
3.329
8,888
9,031
9,303
9,520
8,419
8,484
8,703
8,277
14,086
14,326
14,641
14,917
13,020
13,021
13,021
13,571
(L)
offered securities (excluding, for FHLB’s, bonds held within the FHLB
System) and are not guaranteed by the U.S. Govt.; for a listing of these
securities, see table on preceding page. Loans are gross of valuation reserves
and represent cost for FNMA and unpaid principal for other agencies.
NEW IS S U E S O F STATE AND LOCAL G O V E R N M EN T S E C U R IT IE S
(In millions of dollars)
All issues (new capital and refunding)
Type of issuer
Type of issue
Period
Total
Gener
al
obli
gations
_
JKevenue
1971............... r24,963 15,220 8,681
1972............... '23,653 13,305 9,332
1973............... r23,968 12,257 10,632
1974r............. 24,315 13,563 10,212
1974—A pr....
M ay...
June...
July. ..
A u g ...
Sept...
O c t....
N ov.. .
Dec.. . .
2,406
2,313
2,171
1,466
1,109
1,705
2,865
2,487
1,500
1,708
1,101
1,075
859
576
869
1,707
1,110
761
689
1,203
856
600
529
832
1,153
1,374
717
1975—Jan.r ..
Feb.r. .
M arr . .
Apr__
2,363
2,327
2,084
2,338
1,364
1,720
1,286
1,551
993
602
796
780
HAAi
1,000
959
1,022
461
234
Issues for new capital
U.S.
Govt.
loans
State
Special
district
and
Other2
stat.
auth.
5,999
4,991
4,212
4,784
9
9
6
7
4
4
5
3
22
360
451
580
540
141
448
328
689
222
862
1,097
721
158
400
641
974
1,005
558
6
5
2
7
372
877
376
368
702
582
673
865
1 Only bonds sold pursuant to 1949 Housing Act, which are secured
by contract requiring the Housing Assistance Administration to make
annual contributions to the local authority.
2 Municipalities, counties, townships, school districts.
3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser
and payment to issuer, which occurs after date of sale.
Use of proceeds
Total
Edu Roads
and
cation bridges
Util
ities4
Other
Hous Veter
ans’ pur
ings
aid poses
24,495
'19,959
r22,397
23,508
5,278
4,981
4,311
4,730
2,642
1,689
1,458
768
5,214
4,638
5,654
5,634
2,068
1,910
2,639
1,064
9,293
6,741
8,335
11,312
1,177
756
864
761
565
611
1,558
789
700
2,361
2,237
2,079
1,456
1,067
1,669
2,738
2,403
1,475
516
442
220
314
228
251
343
698
297
9
1
62
58
85
11
110
4
64
595
711
664
154
257
380
236
866
424
178
8
334
15
21
110
9
53
1,063
1,058
799
930
482
1,006
1,939
826
637
1,288
861
1,038
1,103
2,328
2,287
2,029
2,260
710
432
467
389
49
206
94
69
644
417
471
715
172
105
35
38
753
1,127
962
1,049
8,714 10,246
9,496 9,165
r9 ,505 10,249
8,638 10,817
62
57
r57
79
Total
amount
deliv
ered3
4 Water, sewer, and other utilities.
5 Includes urban redevelopment loans.
N ot e .—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.
JUNE 1975 a SECURITY ISSUES
A 39
TOTAL NEW ISSUES
(In millions of dollars)
Gross proceeds, all issues1
Noncorporate
Corporate
Period
Total
U.S.
Govt.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
Publicly
offered
Privately
placed
Preferred
Common
44,914
40,787
33,391
37,842
31.999
27,727
22,268
31,542
24,790
18.347
13,649
25,337
7.209
9,378
8,620
6,205
3,679
3,373
3,372
2,253
9,236
9,689
7,750
4,046
1974—-Feb..
M ar..
Apr.r
May.
June.
Ju ly ..
Aug..
Sept.1
Oct..
N ov..
Dec.r
2,687
3,217
3,059
3,164
2,981
3,260
2,668
1,620
4,625
3,762
3,471
2,101
2,457
2,259
2,957
2,455
2,706
2,341
1.205
3,793
3,352
3,018
1,683
2,020
1,594
2.350
1,939
2,086
2,042
897
3,423
3,016
2,172
418
437
665
607
516
620
299
308
370
336
846
268
398
355
65
113
228
107
126
196
93
152
318
362
445
142
413
327
218
289
636
317
301
1975—Jan .r
Feb..
5,275
4,519
4,685
3,909
3.657
3,201
1.028
708
235
180
341
430
105,233
96,522
100,417
1971r
1972r
1973.
1974 r
17,235
17,080
19,057
Gross proceeds,, major groups of corporate issuers
Manufacturing
Commercial and
miscellaneous
Transportation
Bonds
Stocks
Bonds
Stocks
Bonds
Stocks
Bonds
Stocks
Bonds
Stocks
Bonds
Stocks
9,551
4,796
4,329
9,883
2,102
1,812
643
547
2,158
2,669
1,283
1,865
2,370
2,878
1,559
958
2,006
1,767
1,881
993
434
187
43
22
7,576
6,398
5,585
8,868
4,201
4,967
4,661
3,964
4,222
3,680
3,535
3,716
1,596
1,127
1,369
222
6,484
8,415
5,661
6,252
2,204
2,096
2,860
598
354
479
1,193
847
434
1,051
601
186
Oct.....................................
740
Nov.................................... 1,696
Dec.................................... r l ,422
36
161
9
15
44
43
4
2
3
2
r 196
55
52
238
332
311
257
38
46
102
124
r180
143
71
56
71
139
93
62
47
29
100
23
2
76
6
44
5
62
14
r40
306
336
14
1
536
850
446
837
859
318
862
384
1,414
739
431
293
449
r684
75
288
300
216
296
695
224
194
372
310
r283
660
355
242
364
331
439
62
150
25
21
5
3
1
53
18
36
31
25
783
691
95
239
491
777
462
218
791
397
823
87
58
47
44
39
65
44
48
70
54
15
3
51
153
63
75
60
84
74
792
1,465
507
466
927
106
5
1
914
532
32
Period
1971^............................................
1972'............................................
1973..............................................
1974r ............................................
1974 Feb.....................................
Mar....................................
Apr....................................
M ay...................................
June...................................
July....................................
Aug....................................
1975—ja n .r ..................................
Feb.....................................
1,845
1,669
1 Gross proceeds are derived by multiplying principal amounts or
number of units by offering price.
2 Includes guaranteed issues.
3 Issues not guaranteed.
4 See N ote to table at bottom of opposite page.
15
1
5
Public utility
Communication
Real estate
and financial
5 Foreign governments and their instrumentalities, International Bank
for Reconstruction and Development, and domestic nonprofit organ
izations.
N ote .— Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.
A 40
SECURITY ISSUES a JUNE 1975
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
Derivation of 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
1973—IV...............
10,711
4,378
6,334
7,013
3,786
3,227
3,698
591
3,107
1974—1.................
II................
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
T y p e o f issu es
Commercial
and other 2
Manu
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
1973—IV...............
-131
147
-1 6 2
460
176
-1 3
1,068
1,506
1,051
575
1,225
431
1974—1..................
II.................
I l l ...............
IV...............
906
1,921
1,479
3,098
324
-1 2
-421
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
1 Excludes investment companies.
2 Extractive and commercial and miscellaneous companies.
3 Railroad and other transportation companies.
N ote . —Securities and Exchange Commission estimates of cash trans
actions only. As contrasted with data shown on preceding page, new issues
exclude foreign sales and include sales of securities held by affiliated com
panies, special offerings to employees, and also new stock issues and cash
proceeds connected with conversions of bonds into stocks. Retirements
are defined in the same way and also include securities retired with in
ternal funds or with proceeds of issues for that purpose.
O P E N -E N D IN V ESTM EN T C O M PA N IES
(In millions of dollars)
Year
Sales and redemption
of own shares
Sales 1 Redemp
tions
Net
sales
Assets (market value
at end of period)
Total 2
Other
Cash
position 3
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
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
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
1972..............
1973..............
1974..............
4,892
4,358
5,346
6,563
5,651
3,937
-1,671 59,831
-1,261 46,518
1,409 35,777
3,035
4,002
5,637
Sales and redemption
of own shares
Sales 1 Redemp
tions
23,873 1974—A pr...
27,787
M ay..
Ju n e ..
33,417
July. .
31,858
Aug...
42,135
Sept...
O ct...
49,490
Nov...
Dec...
44,445
43,969
52,007 1975—J a n ...
F eb...
M ar..
56,796
A p r...
42,516
30,140
1 Includes contractual and regular single-purchase sales, voluntary and
contractual accumulation plan sales, and reinvestment of investment in
come dividends; excludes reinvestment of realized capital gains dividends.
2 Market value at end of period less current liabilities.
3 Cash and deposits, receivables, all U.S. Govt, securities, and other
short-term debt securities, less current liabilities.
Month
Net
sales
Assets (market value
at end of period)
Total 2
Cash
Other
position 3
262
323
337
442
446
499
816
619
736
327
320
276
352
339
292
311
335
411
-6 5
3
61
90
127
207
505
284
325
42,679
41,015
40,040
37,669
35,106
31,985
37,115
36,366
35,777
4,426
4,389
4,461
4,609
4,953
5,078
5,652
5,804
5,637
38,253
36,626
35,579
33,060
30,153
26,907
31,463
30,562
30,140
1,067
889
847
808
428
470
623
791
639
419
224
17
3,7407
39,330
40,449
42,353
3,889
4,006
3,870
3,841
33,518
35,324
36,579
38,512
N o t e . —Investment Company Institute data based on reports of mem
bers, which comprise substantially all open-end investment companies
registered with the Securities and Exchange Commission. Data reflect
newly formed companies after their initial offering of securities.
JUNE 1975 □ BUSINESS FINANCE
A 41
C O R PO R A T E P R O F IT S , TAXES, A N D D IV ID EN D S
(In billions of dollars)
Year
Profits
before
taxes
1968..............
87.6
1969..............
84.9
74.0
1970..............
83.6
1971..............
99.2
1972..............
1973.............. 122.7
1974............... 140.7
In
come
taxes
Profits
after
taxes
Cash
divi
dends
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
Corporate
capital
Undis
tributed consump
tion
profits
allow
ances1
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
1 Includes depreciation, capital outlays charged to current accounts, and
accidental damages.
Corporate
capital
Undis
tributed consump
tion
profits
allow
ances 1
Quarter
Profits
before
taxes
In
come
taxes
Profits
after
taxes
Cash
divi
dends
1973—1___
I I....
III...
IV ...
120.4
124.9
122.7
122.7
48.9
50.9
49.9
49.5
71.5
74.0
72.9
73.2
28.7
29.1
29.8
30.7
42.8
44.9
43.1
42.5
69.2
70.8
71.6
73.1
1974—1___
II. . .
I II ...
IV ...
135.4
139.0
157.0
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
N o t e .—Dept, of Commerce estimates. Quarterly data are at seasonally
adjusted annual rates.
C U R R E N T A S S E T S AND LIABILITIES OF NON FIN A N CIA L CO R PO R A T IO N S
(In billions of dollars)
Current assets
Net
working
capital
End of period
Total
Cash
Current liabilities
Notes and accts.
receivable
U.S.
Govt.
securi
ties
U.S.
Govt.1
Other
Inven
tories
Other
Total
Notes and accts.
payable
Accrued
Federal
income
U.S.
taxes
Govt.1 Other
Other
1970..............................
1971..............................
187.4
204.9
492.3
518.8
50.2
55.7
7.7
10.7
4.2
3.5
201.9
208.8
193.3
200.3
35.0
39.7
304.9
313.9
6.6
4.9
204.7
207.3
10.0
12.2
83.6
89.5
1972—III.....................
IV .....................
219.2
224.3
547.5
563.1
57.7
60.5
7.8
9.9
2.9
3.4
224.1
230.5
212.2
215.1
42.8
43.6
328.3
338.8
4.7
4.0
212.1
221.6
12.7
14.1
98.8
99.1
1973—1.........................
II.......................
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
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
1974—1......................... 253.2
I I ....................... 257.4
I l l ..................... 263.6
653.9
673.3
696.0
62.8
62.2
63.9
11.7
10.4
10.7
3.2
3.4
3.5
265.6
278.7
284.1
258.9
269.7
282.7
51.6
48.8
51.1
400.7
415.8
432.4
4.5
4.7
5.1
256.7
268.4
276.6
18.7
17.4
20.5
120.7
125.3
130.2
1 Receivables from, and payables to, the U.S. Govt, exclude amounts
offset against each other on corporations’ books.
N o t e .—Based
on Securities and Exchange Commission estimates,
B U S IN E S S E X PE N D IT U R E S ON NEW PLAN T AND E Q U IP M E N T
(In billions of dollars)
Manufacturing
Period
Total
Durable
Non
durable
Public utilities
Transportation
Mining
Rail
road
Air
Other
Commu
nications
Electric andGas
other
Other1
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..................
II.................
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 ll...............
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
II2...............
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.
8.1 '2
114.57
113.39
N o t e .—Dept, of Commerce and Securities and Exchange Commission
estimates for corporate and noncorporate business; excludes agriculture,
real estate operators, medical, legal, educational, and cultural service, and
nonprofit organizations.
A 42
REAL ESTATE CREDIT a JUNE 1975
MORTGAGE DEBT OUTSTANDING BY TYPE OF HOLDER
(In millions o f dollars)
End o f year
End o f quarter
Type o f holder, and type o f property
1970
1971
1972
ALL HOLDERS.
1- to 4-family...
Multifamily1. . .
Commercial.. . .
Farm .................
451,726
499,758
307,200
67,367
92,333
32,858
564,825
PRIVATE FINANCIAL INSTITUTIONS.
1- to 4-family..............................................
Multifamily1..............................................
Commercial................................................
Farm...........................................................
355,929
394,239
253,540
52,498
78,345
9,856
450,000
82,515
99,314
Commercial banks2.
280,175
58,023
82,292
31,236
231,317
45,796
68,697
10,119
73,275
1- to 4-family.
Multifamily1-----Commercial.........
Farm ....................
42,329
3,311
23,284
4,351
48,020
3,984
26,306
4,205
Mutual savings banks.
57,948
61,978
1- to 4-family.........
Multifamily 1..........
Commercial............
Farm.......................
Savings and loan associations.
1- to 4-family.......................
Multifamily1.......................
Commercial.........................
Life insurance companies .
1- to 4-family...............
Multifamily1................
Commercial.................
Farm ............................
FEDERAL AND RELATED AGENCIES.
1- to 4-family..............................................
Multifamily1..............................................
Commercial................................................
Farm ...........................................................
Government National Mortgage Association
1- to 4-family........................................
Multifamily1........................................
Commercial........................................ .
Farmers Home Administration.
37,342
12,594
7,893
119
150,331
124,970
13,830
11,531
74,375
345,384
76,496
107,508
35,437
288,053
59,204
92,222
10,521
57,004
5,778
31,751
4,781
67,556
1974
645,948
391,770
86,591
127,384
40,203
513,946
326,863
65,386
110,047
11,650
121,882
69,374
7,046
39,855
5,607
73,957
664,337
402,165
88,269
132,122
41,781
528,212
335,442
66,594
114,185
11,991
127,320
72,253
7,313
41,926
5,828
74,264
38,641
14,386
8,901
50
41,650
15,490
10,354
62
44,462
17,011
12,425
59
44,426
17,081
12,698
59
174,250
206,182
236,136
243,400
142,275
17,355
14,620
75,496
167,049
20,783
18.350
76,948
191,223
22,763
22,150
81,971
197,008
23,342
23,050
83,228
131,043
130,943
73,539
7,415
43,011
5,978
74, 792
252,463
84,509
67,829
5,222
5,323
2,902
2,304
16
767
2,770
2,542
11
819
12,171
5,113
3,604
2,490
2,623
1,189
2,415
837
1,300
596
704
13,997
14,729
15,560
3,618
4,052
1,194
2,424
,400
642
758
17,791
19,791
Federal land banks (farm only).................
7,187
7,917
9,107
Federal Home Loan Mortgage Corporation.
357
964
1,789
r2 ,6 3 7
1,754
35
2,472
165
452
3,154
5,815
10,865
5,620
195
10,431
434
62,805
66,162
69,035
73,740
73,540
27,739
12,282
17,337
16,382
26,939
12,032
17,937
16,632
357
452
26,865
8,868
13,579
13,493
934
30
3,153
1
27,207
10,314
13,977
14,664
1 Structure of 5 or more 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.
27,184
11,206
15,286
15,359
24,875
20,516
4,359
75,973
13,158
15,181
321
17,697
2,094
72,267
87,187
22,438
20,282
38,052
6,415
47,751
12,662
15,502
16,681
1,110
86,258
22,382
19,984
37,571
6,321
204,116
23,934
24,413
45,748
11,790
1- to 4-family..........................................
Multifamily1..........................................
3,514
1,964
H,550
201,564
23,684
24,058
43,1“
10,644
Federal National Mortgage Association . ..
2,199
1,139
75,126
249,306
62,585
9,557
74,890
74,114
7,464
43,342
6,023
247,624
200,352
23,574
23,698
58,262
39,784
9,643
74,162
7,478
43,375
6,028
345,443
68,959
118,804
12,513
44,775
17,279
12,997
75
45,790
37,168
8,923
342,757
68,371
117,960
12,409
418,033
92,853
137,821
45,455
44,649
17,225
12,956
60
39,357
26,453
4,555
11
8,338
30,147
6,086
414,344
91,893
136,977
44,270
44,593
17,202
12,938
59
21.993
3,359
16
7,624
734
129,943
32.992
3,338
INDIVIDUALS AND OTHERS3.
1- to 4-family................................
Multifamily1.................................
Commercial...................................
Farm ..............................................
545,719
21,914
19,566
36,783
6,246
2,517
872
1- to 4-family.
Multifamily1.,
541,497
340,398
67,757
116,430
12,283
21,755
18,858
36,511
6,104
3,389
GNMA Pools.. . .
536,868
21,804
18,566
35,617
5,984
3,505
2 ,111
1- to 4-family............................................
Multifamily1............................................
694,162
22.350
17,153
31,767
5,678
387
450
1- to 4-family...........................................
Multifamily1............................................
687,484
409,725
90,183
134,967
43,162
24,604
16,773
28,518
5,601
398
421
Federal Housing and Veterans Administra
tions ......................................................
678,037
26,676
16,061
25,989
5,649
330
437
1- to 4-family........................
Farm ......................................
1975
3,619
1,980
1,639
26,559
21,691
4,868
5,584
1,337
2,715
1,600
3,248
1,500
,600
1,700
3,900
4,025
688
812
3,765
2,037
1,728
28,641
23,258
5,383
734
866
2,083
1,817
1,843
3,741
780
920
2,119
1,906
29,578
29,754
23,778
5,800
23,743
6,011
12,400
13,185
13,863
14,640
3,191
3,713
4,586
4,608
2,951
240
11,798
11,326
472
3,414
299
4,217
369
12,973
13,892
12,454
519
73,340
26,139
11,782
18,537
16,882
13,336
556
73,720
25,839
11,732
19,017
17,132
4,231
377
15,662
15,035
627
72,470
24,839
11,232
19,017
17,382
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 Dept, of Commerce.
Separation of nonfarm mortgage debt by type of property, where not
reported directly, and interpolations and extrapolations where required,
estimated mainly by Federal Reserve.
JUNE 1975 □ REAL ESTATE CREDIT
A 43
FEDERAL NATION AL M O RTG AGE A SSO C IA T IO N A N D FEDERAL H O M E LOAN M O RTG A G E C O R P O R A T IO N SECONDARY M O RTG AGE M ARKET ACTIVITY
(In millions of dollars)
FNMA
Mortgage
holdings
End of
period
Mortgage
transactions
(during period)
Total i
FHAinsured
VAguaranteed
Pur
chases
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—Apr..
May.
June.
July.
Aug..
Sept.
O ct..
Nov..
Dec..
25,263
25,917
26,559
27,304
28,022
28,641
29,139
29,407
29.578
17,450
17,725
17.966
18,250
18,526
18,758
18.966
19,083
19.189
6,503
6,794
7,079
7,384
7,704
7,994
8,206
8,291
8.310
1975—Jan..
Feb..
Mar.
Apr..
29,670
29,718
29,754
29,815
19,231
19,256
19,277
19,282
8,318
8,313
8,304
8,337
197
197
197
197
1
2
3
4
FHLMC
Mortgage
commitments
Mortgage
holdings
Made
during
period
Out
stand
ing
Total
9,828
8,797
8,914
10,765
6,497
8,124
7.889
7.960
526
821
770
886
868
760
612
379
278
2,154
1,145
537
1,175
1,202
997
878
201
231
208
169
151
211
146
137
639
913
Sales
336
211
71
5
i Includes conventional loans not shown separately.
from FNMA and FHLMC, respectively.
N ote .—Data
For FN M A : Holdings include loans used to back bond issues guaranteed
by GNMA. Commitments include some multifamily and nonprofit
hospital loan commitments in addition to 1- to 4-family loan commitments
accepted in FNMA’s free market auction system, and through the FNM AGNMA Tandem Plan (Program 18).
Mortgage
transactions
(during period)
FHAVA
Con
ven
tional
Pur
chases
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
9,292
9,475
9,019
9,044
9,115
9,043
8,987
8,532
7.960
2,722
2,986
3,191
3,309
3,451
3,713
4,107
4,352
4.586
1,756
1,827
1,877
1,883
1,886
1,896
1,910
1,908
1.904
967
1,159
1,314
1,426
1,565
1,817
2,197
2,445
2,682
7,285
6,672
6,636
6.890
4,744
4,533
4,608
1,900
1,893
1,887
2,845
2,640
2,722
Mortgage
commitments
Made
during
period
Out
stand
ing
64
408
409
52
1,606
1,629
4,553
182
198
186
2.390
101
281
222
129
155
273
410
270
266
7
12
16
400
1,486
628
1,127
81
69
30
28
34
1,037
2,221
2,598
3,583
3,500
3,278
2,871
2,621
2.390
199
113
113
26
309
19
26
21
52
2,190
2,070
1,040
Sales
For FHLM C: Data for 1970 begin with Nov. 26, when the FHLMC
became operational. Holdings and transactions cover participations as
well as whole loans. Holdings include loans used to back bond issues
guaranteed by GNMA. Commitments cover the conventional and Govt.underwritten loan programs.
T E R M S AND YIELDS ON NEW H O M E M O RTG A G ES
Conventional mortgages
Terms *
Period
Yields (per cent) in
primary market
FHAinsured
loans—Yield
in private
secondary
market5
Contract
rate (per
cent)
Fees and
charges
(per cent)2
Maturity
(years)
Loan/price
ratio
(per cent)
Purchase
price (thous.
of dollars)
Loan
amount
(thous. of
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—Apr.................
June...............
July................
Aug................
Sept................
Oct.................
Nov................
Dec.................
8.47
8.55
8.65
8.75
8.87
8.97
8.95
9.04
9.13
1.21
1.20
1.25
1.28
1.32
1.30
1.37
1.40
1.44
26.1
25.8
26.3
26.1
26.4
26.1
26.7
26.2
27.5
77.3
76.8
76.9
74.4
75.3
74.8
74.7
73.6
75.5
38.5
37.9
39.7
40.5
40.2
42.4
42.3
41.3
42.4
29.2
28.8
30.1
29.6
29.5
31.1
30.7
30.2
31.3
8.67
8.74
8.85
8.96
9.09
9.19
9.17
9.27
9.37
8.90
9.15
9.25
9.40
9.60
9.80
9.70
9.55
9.45
9.17
9.46
9.46
9.85
10.30
10.38
10.13
1975—Jan.................
Feb.................
Mar................
Apr.?.............
9.09
8.88
8.79
8.76
1.51
1 .44
1 .61
1 .48
26.7
26.8
26.5
26.3
73.8
r76.5
75.1
75.8
43.2
44.4
45.9
44.7
31.6
33.0
33.7
33.4
9.33
9.12
9.06
9.00
9.15
9.05
8.90
9.00
8.99
8.84
8.69
1 Weighted averages based on probability sample survey of character
istics of mortgages originated by major institutional lender groups (in
cluding mortgage companies) for purchase 'of single-family homes, as
compiled by Federal Home Loan Bank Board in cooperation with Federal
Deposit Insurance Corporation. Data are not strictly comparable with
earlier figures beginning Jan. 1973.
2 Fees and charges—related to principal mortgage amount—include
loan commissions, fees, discounts, and other charges, but exclude closing
costs related solely to transfer of property ownership.
3 Effective rate, reflecting fees and charges as well as contract rates
NOTE TO TABLE AT BOTTOM OF PAGE A-44:
American Life Insurance Association data for new commitments of
$100,000 and over each on mortgages for multifamily and nonresidential
nonfarm properties located largely in the United States. The 15 companies
account for a little more than one-half of both the total assets and the
nonfarm mortgages held by all U.S. life insurance companies. Averages,
which are based on number of loans, vary in part with loan composition
by type and location of property, type and purpose of loan, and loan
9.51
(as shown in first column of this table) and an assumed prepayment at
end of 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 of prevailing
local conditions as of the first of the succeeding month. Yields are derived
from weighted averages of private secondary market prices for Sec. 203,
30-year mortgages with minimum downpayment and an assumed pre
payment at the end of 15 years. Any gaps in data are due to periods of
adjustment to changes in maximum permissible contract interest rates.
amortization and prepayment terms. Data for the following are limited
to cases where information was available or estimates could be made:
capitalization rate (net stabilized property earnings divided by property
value); debt coverage ratio (net stabilized earnings divided by debt service);
and per cent constant (annual level payment, including principal and
interest, per $100 of debt). All statistics exclude construction loans,
increases in existing loans in a company’s portfolio, reapprovals, and loans
secured by land only.
A 44
REAL ESTATE CREDIT a JUNE 1975
FEDERAL N ATIO N AL M O RTG AGE A SSO C IA T IO N A U C T IO N S OF C O M M ITM EN TS TO BUY HOM E M ORTG AGES
Date of auction
1974
Item
Amounts (millions of dollars):
Govt.-underwritten loans
Offered1.................................
Accepted...............................
Conventional loans
Offered1.................................
Accepted...............................
Average yield (per cent) on short
term commitments2
Govt.-underwritten loans........
Conventional loans..................
1975
Dec. 30
Jan. 13
Jan. 27
Feb. 10 Feb. 24 Mar. 10 Mar. 24
35.7
31.8
25.3
21.2
41.4
28.6
24.6
18.1
36.2
23.8
99.2
60.1
17.2
10.1
17.9
14.9
11.1
10.6
14.8
9.1
20.0
9.1
9.47
9.59
9.37
9.50
9.12
9.39
8.98
9.20
8.87
9.04
1 Mortgage amounts offered by bidders are total bids received.
2 Average accepted bid yield (before deduction of 38 basis-point fee
paid for mortgage servicing) for home mortgages assuming a prepayment
Apr. 7
Apr. 21
May 5
May 19
June 2
460.5
321.4
551.6
277.2
470.9
247.3
525.5
280.4
165.6
115.0
172.5
80.4
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
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
period of 12 years for 30-year loans, without special adjustment for
FNMA commitment fees and FNMA stock purchase and holding require
ments. Commitments mature in 4 months.
M A JO R H O LD ER S OF FH A -IN S U R E D AND VA-GUARANTEED R E SID EN TIA L M O RTG AGE D EBT
(End of period, in billions of dollars)
Holder
All holders...................................................
F H A .........................................................
VA............................................................
Commercial banks......................................
F H A .........................................................
VA............................................................
Mutual savings banks.................................
F H A .........................................................
VA............................................................
Savings and loan assns...............................
F H A ......................................................... }
VA............................................................
Life insurance cos........................................
FH A ........................................................
VA............................................................
Others..........................................................
F H A ........................................................
VA............................................................
June 30,
1973
Sept. 30,
1973
Dec. 31,
1973
Mar. 31,
1974
June 30,
1974
Sept. 30,
1974
Dec. 31,
1974
133.6
86.4
47.2
11.7
8.5
3.2
28.7
15.8
12.9
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
10.8
7.4
3.4
27.7
14.9
12.8
140.3
84.1
56.2
9.8
6.5
3.2
27.3
14.7
12.6
29.8
14.0
9.5
4.5
49.4
}
}
30.1
13.7
9.3
r4.5
50.0
N ote .—VA-guaranteed residential mortgage debt is for 1- to 4-family
properties while FHA-insured includes some debt in multifamily structures.
29.7
13.6
9.2
r4.4
52.1
}
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
60.7
Detail by type of holder partly estimated by Federal Reserve for first
and third quarters, and for most recent quarter.
CO M M IT M E N TS OF LIFE IN S U R A N C E C O M P A N IE S FOR IN CO M E PR O PER TY M O RTG AGES
Number
of loans
Total
amount
committed
(millions of
(dollars)
912
1,664
2,132
2,140
1974—J a n ...
Feb..,
M ar..
Apr..,
M ay.,
June.
July.
Aug..
Sept..
O ct..
N ov..
Dec..
1975—Jan..
Feb..
M ar.,
Period
1970.
1971.
1972.
1973.
Loan
amount
(thousands
of dollars)
Contract
interest
rate
(per cent)
Maturity
(yrs./mos.)
Loanto-value
ratio
(per cent)
Capitaliza
tion rate
(per cent)
Debt
coverage
ratio
Per cent
constant
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
11.0
11.3
See N ote on preceding page.
Averages
JUNE 1975 □ CONSUMER CREDIT
A 45
TOTAL CREDIT
(In millions of dollars)
Instalment
End of period
Total
Auto
mobile
paper
Total
Noninstalment
Other
consumer
goods
paper
Home
improve
ment
loans1
Personal
loans
Total
Single
payment
loans
Charge accounts
Retail
outlets
Credit
cards2
Service
credit
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—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
179,495
181,680
183,425
184,805
187,369
187,906
188,023
188,084
190,121
147,047
148,852
150.615
152,142
154,472
155,139
155,328
155,166
156.124
50,606
51,076
51,641
. 52,082
52,772
52,848
52,736
52,325
51.689
47,017
47,588
48.099
48,592
49,322
49,664
49,986
50,401
52.009
7,573
7,786
7,930
8,068
8,214
8,252
8,287
8,260
8,162
41,851
42,402
42,945
43,400
44,164
44,375
44,319
44,180
44.264
32,448
32,828
32,810
32,663
32,897
32,767
32,695
32,918
33.997
13,315
13,331
13.311
13,192
13,202
13,131
13,003
12,950
12.979
6,556
6,948
7.002
6.936
(5,983
6.876
7,027
7,174
8,012
1,878
1,999
2,104
2,204
2,282
2,277
2,156
2,144
2,122
10,699
10,550
10,393
10,331
10,430
10,483
10,509
10,650
10.884
1975—Jan..
Feb.
Mar.
Apr.
187,080
185,381
184,253
184,344
153,952
152,712
151,477
151,271
50.947
50,884
50,452
50,360
51.142
50,136
49,391
49,247
8.048
7,966
7,925
7,880
43.815
43,726
43,709
43,784
33,128
32,669
32,776
33,073
12.675
12,560
12,542
12,526
7.162
6,468
6.452
6.735
2,153
2,074
2,033
2,062
11.138
11,567
11,749
11 ,750
1 Holdings of financial institutions; holdings of retail outlets are in
cluded in “Other consumer goods paper.”
2 Service station and miscellaneous credit-card accounts and homeheating-oil accounts.
N o te .— Consumer credit estimates cover loans to individuals for
household, family, and other personal expenditures, except real estate
mortgage loans. For back figures and description of the data, see “Con
sumer Credit,” Section 16 (N e w ) of Supplement to Banking and Monetary
Statistics , 1965, and B u l l e t in s for Dec. 1968 and Oct. 1972.
C O N SU M E R CR ED IT HELD BY COM M ERCIAL B A N K S
(In millions of dollars)
Instalment
End of period
Automobile paper
Total
Total
Purchased
Direct
Nonin
stalment
Other consumer goods paper
Mobile
homes
Other
Home
improve
ment
loans
4,166
4,681
5,469
1,307
2,639
5,387
6,082
2,571
2,647
2,731
2,858
2,996
798
1,081
Credit
cards
Personal loans
Check
credit
Other
Single
payment
loans
8,160
8,699
6,690
6,946
7,478
8,374
8,553
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
4^423
5,786
7,223
7,645
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
1974—Apr...
M ay.,
June.,
July..
Aug..
Sept..
O ct...
N ov..
Dec..
81,750
82,527
83,417
84,078
84,982
85,096
84,887
84,360
84,010
69,944
70,721
71,615
72,384
73,302
73,455
73,372
72,896
72,510
18,896
19,037
19,220
19,377
19,511
19,389
19,246
18,981
18,582
12,039
12,100
12,169
12,250
12,344
12,314
12,195
12,031
11,787
7,399
7,491
7,564
7,623
7,681
7,706
7,709
7,700
7,645
6,761
6,887
7,076
7,222
7,491
7,638
7,749
7,846
8,242
6,208
6,323
6,420
6,484
6,541
6,527
6,530
6,469
6,414
4,028
4,135
4.224
4,316
4,409
4,445
4,480
4,490
4,458
2,180
2,199
2,230
2,266
2,312
2,348
2,376
2,362
2,424
12,433
12,549
12,712
12,846
13,013
13,088
13,087
13,017
12,958
11,806
11,806
11,802
11,694
11,680
11,641
11,515
11,464
11,500
1975—Ja n ...
Feb..
M ar..
Apr..
82,986
82,229
81 ,201
81,155
71,776
71,151
70,183
70,134
18,230
18,104
17,754
17,613
11,581
11,497
11 ,377
11,387
7,587
7,522
7,459
7,417
8,325
8,149
7,890
7,909
6,323
6,272
6,272
6,312
4,399
4,359
4,318
4,318
2,448
2,447
2,403
2,411
12,883
12,801
12,710
12,767
11,210
11,078
11,018
11,021
See N ote to table above.
6,357
7,011
7,748
A 46
CONSUMER CREDIT □ JUNE 1975
INSTALMENT CREDIT HELD BY NONBANK LENDERS
(In millions of dollars)
Finance companies
End of period
Total
Auto
mobile
paper
Other consumer
goods paper
Mobile
homes
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
Home
improve
ment
loans
Other
Retail outlets
Mis
cellaneous
lenders i
Auto
mobile
dealers
Other
retail
outlets
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
Total
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—Apr..
May.
June.
July..
Aug..
Sept..
O ct..
Nov..
D ec..
37,291
37,751
38,159
38,479
38,943
38,921
38,901
38,803
38.925
11,684
11,810
11,957
12,040
12,267
12,345
12,458
12,462
12.435
3.364
3,413
3,449
3,505
3.539
3,573
3,597
3,603
3.570
4,547
4,583
4,626
4,664
4,680
4,662
4,658
4,611
4.751
1,057
1.097
1,114
1,118
1.097
1,073
1,054
1,021
993
16,639
16,848
17,013
17,152
17,360
17,268
17,134
17,106
17.176
22,753
23.203
23,630
23,968
24,677
25,085
25.204
25,195
25.216
19,704
20,053
20,501
20,825
21,402
21,792
21,893
21,975
22,116
3,049
3,150
3,129
3,143
3,275
3,293
3,311
3,220
3.100
17,059
17,177
17,211
17,311
17,550
17,678
17,851
18,272
19.473
293
294
296
297
299
298
296
292
286
16,766
16,883
16,915
17,014
17,251
17,380
17,555
17,980
19.187
1975—Ja n ...
Feb..
Mar..
A pr..
38,340
38,194
37,910
37,746
12,315
12,406
12,371
12,349
3,559
3.539
3,519
3,513
4,642
4,580
4,427
4,366
967
923
903
867
16,857
16,746
16,690
16,651
25,032
25,213
25,506
25,623
21,966
22,089
22,227
22,415
3,066
3,124
3,279
3,208
18,804
18,154
17,878
17,768
282
280
276
275
18,522
17,874
17,602
17,493
4,343
4,925
5,069
5,424
5,775
i Savings and loan associations and mutual savings banks.
See also
N ote
to table at top of preceding page.
FIN A N C E RATES ON SELEC TED T Y PE S OF IN ST A L M E N T C R ED IT
(Per cent per annum)
Finance companies
Commercial banks
New
automo
biles
(36 mos.)
Mobile
homes
(84 mos.)
Other
consumer
goods
(24 mos.)
Personal
loans
(12 mos.)
Creditcard
plans
1973—Apr.
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
10.04
10.05
10.08
10.10
10.25
10.44
10.53
10.49
10.49
10.64
10.84
10.57
10.84
10.95
11.06
10.98
11.19
11.07
12.50
12.48
12.57
12.51
12.66
12.67
12.80
12.75
12.86
12.74
12.78
12.78
12.75
12.84
12.96
13.02
12.94
13.12
1974—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
O ct.,
Nov.
Dec.
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.
Mar,
Apr.
11.61
11.51
11.46
11.45
11.66
12.14
11.66
11.78
13.28
13.20
13.07
13.22
Month
New
Used
17.19
17.22
17.24
17.21
17.22
17.23
17.23
17.23
17.24
11.88
11.91
11.94
12.02
12.13
12.28
12.34
12.40
12.42
16.44
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
13.56
17.12
17.24
17.15
17.11
13.08
13.07
13.07
17.27
17.39
17.52
N ote .—Rates are reported on an annual percentage rate basis as
specified in Regulation Z (Truth in Lending) of the Board of Governors.
Commercial bank rates are “ most common” rates for direct loans with
Automobiles
Mobile
homes
Other
consumer
goods
Personal
loans
12.73
18.88
20.76
'Y i.iY
*i8*.93*
*2o !55*
12.90
18.69
20.52
*i i !i i '
*i8l77*
*2o!65*
13.24
18.90
20.68
' i3 lis '
’ 18*. 69*
*20*. 57*
13.07
18.90
20.57
’i3 * i i’
*i9!24*
’26 !78*
13.42
19.30
20.93
*i3:66‘
*i9^49
'21.16
13.60
r19.80
'21.09
13.59
‘io.'oo*
2o!83
specified maturities; finance company rates are weighted averages for
purchased contracts (except personal loans). For back figures and description of the data, see B u ll e t in for Sept. 1973.
JUNE 1975 □ CONSUMER CREDIT
A 47
INSTALMENT CREDIT EXTENDED AND REPAID
(In millions of dollars)
Period
Total
Automobile
paper
Other
consumer
goods paper
Home
improve
ment loans
Personal
loans
Commercial
banks
Finance
companies
Other
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
July................
Aug................
Sept................
Oct.................
Nov................
Dec................
14,179
14,669
14,387
14,635
14,394
14,089
13,626
12,609
12,702
3,545
3,769
3,731
3,812
3,887
3,835
3,369
3,062
3,205
6,034
6,156
6,043
6,164
5,993
5,935
5,948
5,700
5,798
447
468
425
416
388
302
348
321
294
4,153
4,276
4,188
4,243
4,126
4,017
3,961
3,526
3,405
5,838
6,023
6,076
6,129
6,034
6,050
5,600
5,390
5,012
3,671
3,832
3,729
3,685
3,476
3,408
3,229
2,823
3,240
2,054
2,140
2,040
2,201
2,290
2,079
2,160
1,863
1,901
2,616
2,674
2,542
2,620
2,594
2,552
2,637
2,533
2,549
1975-—Jan.................
Feb.................
Mar................
Apr.................
12,859
13,465
12,797
13,181
3,348
3,856
3,419
3,454
5,430
5,561
5,535
5,584
289
302
339
313
3,792
3,746
3,504
3,830
5,368
5,649
5,357
5,457
3,068
3,195
2,872
3,145
2,048
2,104
2,044
2,142
2,375
2,517
2,524
2,437
1974—Apr.................
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
June...............
July................
A ug...............
Sept................
Oct.................
Nov................
Dec.................
13,026
13,407
13,301
13,310
12,882
13,412
13,224
13,009
13,516
3,498
3,601
3,577
3,563
3,443
3,604
3,470
3,423
3,668
5,483
5,607
5,615
5,610
5,444
5,700
5,499
5,561
6,037
312
315
335
320
309
279
321
325
341
3,733
3,884
3,774
3,817
3,686
3,829
3,934
3,700
3,470
5,470
5,573
5,564
5,541
5,463
5,808
5,542
5,671
5,803
3,375
3,528
3,405
3,513
3,166
3,371
3,250
2,981
3,308
1,784
1,855
1,835
1,819
1,851
1,723
1,962
1 ,860
1,822
2,397
2,451
2,497
2,437
2,402
2,510
2,470
2,497
2,583
1975-—Jan.................
Feb.................
Mar................
Apr.................
13,260
13,228
13,234
13,423
3,534
3,605
3,772
3,719
5,549
5,632
5,708
5,632
336
350
357
369
3,841
3,641
3,397
3,703
5,669
5,747
5,924
5,769
3,331
3,134
2,971
3,263
1,827
1,824
1 ,782
1,947
2,433
2,523
2,557
2,444
1974—Apr.................
Net 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
-343
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—Apr.................
May...............
July................
Aug................
Sept................
Oct.................
Nov................
Dec.................
1,153
1,262
1,086
1,325
1,512
677
402
-4 0 0
-8 1 4
47
168
154
249
444
231
-101
-361
-463
551
549
428
554
549
235
449
139
-239
135
153
90
96
79
23
27
-4
-4 7
420
392
414
426
440
188
27
-174
-6 5
368
450
512
588
571
242
58
-281
-791
296
304
324
172
310
37
-21
-158
-6 8
270
285
205
382
439
356
198
3
79
219
223
45
183
192
42
167
36
-3 4
1975—Jan.................
Feb.................
Mar................
Apr................
-401
237
-4 37
-2 42
-186
251
-353
-265
-119
-7 1
-173
-4 8
-4 7
-4 8
-1 8
-5 6
-4 9
105
107
127
-301
-9 8
-567
-312
-263
61
-9 9
-118
221
280
262
195
-5 8
-6
-3 3
-7
N ote .—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 of loans, purchases and sales of in
stalment paper, and certain other transactions may increase the amount
of extensions and repayments without affecting the amount outstanding.
For back figures and description of the data, see “Consumer Credit,”
Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965,
and B u lletins for Dec. 1968 and Oct. 1972.
A 48
INDUSTRIAL PRODUCTION: S.A. □ JUNE 1975
MARKET GROUPINGS
(1967 = 100)
Grouping
1967 1974
pro aver
por
age
tion
1974
May
June
July
Aug.
Sept.
1975
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.® May*
Total index...................................
100.0 124.8 125.7 125.8 125.5 125.2 125.6 124.8 121.7 117.4 113.7 111.2 109.8 109.5 109.2
Products, total.................................
Final products ...............................
Consumer goods.......................
Equipment................................
Intermediate products.................
Materials..........................................
62.21 123.1 123.8 124.0 124.0 123.5 123.6 122.9 121.4 118.7 115.4 113.7 112.3 112.6 113.1
48.95 121.7 122.4 122.6 122.8 122.1 122.6 122.3 120.9 118.2 114.9 113.3 112.2 112.5 113.2
28.53
20.42
13.26
37.79
128.8
111.7
128.3
127.4
129.7
112.2
129.2
129.1
130.2
112.0
128.9
128.8
130.0
113.0
127.8
128.0
129.8
111.4
128.6
128.5
128.8
113.8
127.6
129.3
128.2
114.0
125.3
128.1
126.3
113.2
123.0
122.1
123.4
110.7
120.5
114.8
120.1
107.8
117.6
110.5
118.8
105.3
115.2
107.4
118.5
103.5
112.7
105.8
119.5
102.9
113.0
104.5
121.5
101.6
112.9
103.0
Consumer goods
Durable consumer goods ..................
Automotive products...................
Autos.........................................
Auto parts and allied goods...
Home goods.....................................
Appliances, TV, and radios........
Appliances and A /C ............
TV and home audio.............
Carpeting and furniture..............
Misc. home goods.......................
Nondurable consumer goods ............
Clothing........................................
Consumer staples.........................
Consumer foods and tobacco..
Nonfood staples....................... .
Consumer chemical products
Consumer paper products...,
Consumer fuel and lighting..
Residential utilities........... <
7.86 127.9 132.8 133.5 131.6 131.8 129.1 126.5 119.7 110.1
104.0 101.0 103.1
106.9 110.7
2.84 110.0 116.1 117.3 113.5 114.9 111.6 114.7 102.1 87.5 80.3 78.2 86.8 93.7 97.1
1.87 94.9 100.3 99.6 101.5 103.1 99.6 108.4 91.0 69.8 62.6 58.9 73.1 82.4 86.3
.97 139.0 146.5 151.3 136.9 137.6 134.5 126.9 123.6 121.5 114.4 115.5 113.2 115.7 117.7
5.02
1.41
.92
.49
1.08
2.53
138.0 142.3 142.7 141.8 141.2 139.0 133.2 129.7 123.0 117.5 114.0 112.3 114.3 118.4
132.0 137.7 141.2 139.3 139.1 133.2 120.9 115.3 102.5 94.4 89.0 85.0 90.1
148.8 152.6 155.3 151.7 156.2 150.2 139.5 131.9 119.8 108.0 104.8 99.1 103.5
153.5 157.4 157.2 155.3 157.1 155.4 151.8 144.7 143.8 135.1 132.3 127.9 128.2
134.7 138.3 137.4 137.3 135.8 135.3 132.2 131.4 125.5 123.0 120.1 121.0 122.0 123.5
20.67 129.2 128.5 129.0 129.4 129.1
128.7 128.9 128.8 128.4 126.3 125.5 124.4 124.4 125.6
4.32 109.0 107.0 108.9 108.6 106.4 106.0 104.5 103.1 102.0 95.0 94.5 91 .9
16.34 134.5 134.2 134.3 134.9 135.1 134.8 135.4 135.6 135.5 134.5 133.6 133.0 132.9 134.0
8.37 125.4 124.7 124.7 125.5 124.4 124.4 125.2 126.2 125.3 123.3 123.2 122.7 122.9 123.8
144.0
158.4
125.2
143.8
153.7
144.7
154.6
124.4
148.4
157.8
146.4
160.6
122.0
149.2
159.9
12.74 129.4 130.2 130.2 131.3 128.8 132.3 132.0 131.0 127.1
122.3
144.3
157.5
124.7
145.1
153.2
144.4
156.8
123.9
146.0
155.3
146.5
159.0
129.5
146.2
155.4
145.7
157.7
130.9
144.6
156.2
146.1
159.8
128.5
145.4
155.5
145.3
155.2
127.4
147.9
159.3
146.2
159.1
126.7
147.3
159.0
7.98
2.64
1.91
3.43
2.25
144.5
157.1
121.9
147.2
159.7
143.7
156.2
120.9
146.6
159.2
143.4 144.6
157.4
119.5
145.7
Equipment
Business equipment........................... .
Industrial equipment.....................
Building and mining equip.
Manufacturing equipment
Power equipment..................... .
Commercial, transit, farm equip..
Commercial equipment.............
Transit equipment.....................
Farm equipment.......................
Defense and space equipment..........
Military products.........................
119.3 116.5 115.4 113.5
6.77
1.45
3.85
1.47
128.7
136.0
121.7
139.9
129.6
135.0
124.1
138.4
129.0
137.4
121.9
139.0
130.3
136.2
124.9
138.4
129.6
136.5
123.1
139.6
132.0
139.8
124.4
144.2
130.9
141.2
122.5
142.8
129.3
140.1
119.4
144.5
126.7
137.4
116.5
142.6
5.97
3.30
2.00
.67
130.3
141.1
109.6
138.7
130.9
141.5
110.2
140.2
131.5
142.7
110.4
140.6
132.5
143.5
111.4
141.4
127.6
134.0
109.3
150.5
132.8
143.3
111.8
144.1
133.2
144.1
111.2
145.4
132.9
143.1
109.8
151.9
127.6 121.6 118.0 114.9 114.3 113.0
139.3 135.2 130.4 127.8 124.4 121.8
102.9 91.8 91.5 88.8 92.0 92.5
143.7 143.8 135.9 128.1 130.9
7 .68
5.15
82.3
82.2
81.7
82.6
82.7
83.1
84.1
83.7
81.2
81.2
79.7
81.4
81.5
82.3
82.5
81.8
8 3.4
81.3
122.9
138.4
111.8
136.6
83.8
81.5
120.4
137.0
109.4
132.1
82.4
80.7
118.0
134.3
106.6
131.8
82.1
80.3
116.3
131.8
105.2
130.0
82.2
80.3
113.8
128.7
101.9
129.7
81.8
79.9
Intermediate products
Construction products.....................
Misc. intermediate products...........
5.93 129.6 130.8 129.6 128.2 128.0 127.4 123.5 121.3 118.3 115.7 112.1 109.6 110.4 109.7
7.34 127.3 127.9 128.4 127.5 129.2 127.8 126.8 124.2 122.5 119.2 118.4 115.9 116.0
Materials
127.3 128.3 127.5 125.
128.1 129.2 129.3 123.5 114.2 110.3 107.0 103.9 101.3
Durable goods materials ...................
20.91
Nondurable goods materials .............
13.99 128.5 130.9 131.3 131.1 130.4 129.3 126.8 122.1
Consumer durable parts..............
Equipment parts...........................
Durable materials nec.................
Textile, paper, and chem. m at...
Nondurable materials n.e.c.........
Fuel and power, industrial..............
98.4
4.75 112.1 114.7 114.1 117.2 117.5 117.2 115.2 104.1 91.7 83.7 82.1 81.4 82.1 86.0
5.41 123.8 122.5 122.1 120.6 125.8 125.0 124.0 122.2 118.3 116.9 112.0 108.4 105.1 103.5
10.75 135.9 137.2 136.2 132.3 133.9 136.6 138.3 132.7 122.9 118.8 115.4 111 .6 108.0 101.4
116.2 109.2 105.7 105.9 106.6 107.2
8.58 139.8 143.3 143.6 143.6 143.2 142.2 138.1 131.1 122.9 112.9 108.5 106.9 107.2 108.5
5.41 110.6 111.4 111.9 111.3 110.0 108.9 108.9 107.8 105.7 103.3 101.1 104.5 105.6 105. t
118.2 119.1 117.5 116.0
2.89 122.6 124.7 126.3 128.0 123.5 129.0 126.4 112.7 113.0 117
Supplementary groups
Home goods and clothing...............
Containers........................................
9.34 124.6 126.0 127.1 126.4 125.0 123.8 120.0 117.4 113.2 107.1 105.0 102.8 104.0 107.1
1.82 139.4 141.5 141.6 142.1 140.4 136.7 131.5 127.6 120.3 126.1 119.9 123.3 124.1
Gross value of products
in market structure
(In billions of 1963 dollars)
Products , total.................
Final products............
Consumer goods
Equipment...............
Intermediate products.
For N ote see opposite page.
286.3
221.4
156.3
65.3
64.9
449.5 449.7 448.1 446.9 447.1 445.7 439.0 426.7 416.4 410.1 406.2 408.9 409.5
347.2
235.9
111.2
102.2
347.7
236.6
111.2
102.0
346.6
235.0
111.6
101.2
345.0
235.1
109.9
102.1
346.1 346.5 341.3 331.0 322.3 317.7 315.8 318.4 319.4
233.1 233.7 228.9 222.3 216.4 213.7 214.2 217.2 219.4
112.8 112.7 112.4 108.8 105.9 103.9 101.9 101.2 100.1
101.0 99.4 97.4 95.8 94.3 92.3 90.3 90.6 90.1
JUNE 1975 □ INDUSTRIAL PRODUCTION: S.A.
A 49
IN D U STR Y G R O U P IN G S
(1967 = 100)
Grouping
Manufacturing......................................
1967
pro
por
tion
1974
aver
age
1974
May
June
July
Aug.
Sept.
1975
Oct.
Nov.
Dec.
88.55 124.4 125.7 125.6 125.2 125.2 125.5 124.6 120.9 116.1
Durable............................................. 52.33 120.7 122.1
Nondurable....................................... 36.22 129.7 130.9
Mining and utilities............................. 11.45 127.3 128.0
6.37 109.3 111.0
5.08 149.9 149.2
122.1
130.8
128.1
110.2
150.6
121.6
130.8
128.9
110.2
152.4
121.6
130.4
127.4
107.3
152.6
122.1
130.5
128.7
109.2
153.1
121.6
128.9
128.5
110.5
151.2
117.9
125.4
125.9
105.0
152.3
112.2
121.9
125.7
104.4
152.6
Jan.
Feb.
Mar.
Apr.* May6
I l l .7 109.2 107.6 107.5 107.3
108.2
117.0
127.0
107.0
153.0
104.8
115.6
127.3
108.6
150.9
103.0
114.2
127.6
109.3
150.6
102.7
114.6
126.7
108.6
149.7
101.2
116.0
126.2
107.8
149.4
105.0 103.1
99.9
Durable manufactures
Primary metals.................................
Iron and steel, subtotal................
Fabricated metal products..............
Machinery and allied goods .................
Nonelectrical machinery..............
Electrical machinery....................
Transportation equipment..............
Motor vehicles and parts............
Aerospace and misc. trans. e q ...
Instruments.......................................
Ordnance, private and Govt...........
12.55 127.5 128.1 .128.4 126.9 126.5 127.2 127.6 124.4 116.0 112.4 107.7
6.61 124.1 124.6 124.7 123.2 121.9 123.0 126.0 121.0 108.6 107.2 102.1 98.0 95.1 89.7
4.23 119.9 118.0 118.5 119.9 120.7 119.1 123.9 117.7 107.9 110.6 105.0 103.1 99.4 92.6
5.94 131.4 131.9 132.5 131.1 131.5 132.0 129.6 128.2 124.1 118.2 113.7 112.8 112.3 111.3
32.44 116.3 117.5 117.7 117.3 117.8 118.8 118.4 114.9 109.6 105.4 102.4 100.9 101.1
17.39
9.17
8.22
9.29
4.56
4.73
2.07
3.69
128.1
133.8
125.2
96.9
113.2
81.1
143.9
86.1
129.7
131.9
127.4
100.6
119.6
82.4
146.1
86.1
130.4
131.7
129.0
99.4
116.9
82.6
147.5
86.4
129.9
131.1
128.4
98.7
117.3
80.9
146.7
87.2
130.5
136.4
123.7
99.9
117.8
82.6
146.7
87.1
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
135.1
121.7
93.7
107.1
80.9
142.3
86.6
124.8
132.5
116.3
83.6
86.4
80.9
139.5
86.6
119.6
126.7
111.5
78.9
78.2
79.5
139.1
86.2
115.6
123.6
106.6
77.1
77.6
76.6
134.2
86.9
112.3
119.2
104.6
78.6
85.4
72.0
130.6
86.6
110.4
116.7
103.4
83.1
93.5
73.0
130.8
86.5
99.9
10S.4
112.5
103.9
83.1
9 5.6
71 .0
127.7
86.1
Lumber, clay , and glass .......................
4.4 4 123.6 128.0 126.4 125.5 123.4 120.6 117.8 113.7 111.0 109.6 104.6 102.8 102.7 103.4
1.65 120.1 126.8 125.6 121.6 121.5 116.6 109.3 105.2 101.3 99.9 99.6 99.1 99.7
Furniture and miscellaneous.................
2.90 136.1 138.9 138.5 139.7 140.1 138.8 136.7 129.0 128.4 120.0 119.6 117.4 117.5 119.2
Lumber and products......................
Clay, glass, and stone products. . . .
Furniture and fixtures.....................
Miscellaneous manufactures...........
2.79 125.7 128.7 126.9 127.7 124.6 123.0 122.9 118.8 116.9 115.3 107.8 104.9 104.5
1.38 126.9 129.7 131.1 131.6 130.5 129.4 125.5 120.5 120.4 110.6 110.6 106.7 106.5
1.52 144.4 147.3 145.3 147.1 148.8 147.5 146.9 136.9 135.7 128.9 128.0 127.1 127.7
Nondurable manufactures
Textile mill products.......................
Apparel products.............................
Leather and products......................
Paper and printing ...............................
Paper and products.........................
Printing and publishing...................
Chemicals, petroleum, and rubber . . . .
Chemicals and products..................
Petroleum products.........................
Rubber and plastics products. . . . . .
Foods and tobacco ................................
Foods................................................
Tobacco products............................
6 .9 0 108.9 109.8 108.5 108.1 107.4 106.5 105.1 101.9
96.3
2.69 122.7 124.0 125.1 125.3 124.3 121.9 119.1 112.8 102.9
3.33 105.4 105.0 102.1 102.7 102.5 102.5 102.8 100.1 98.0
.88 77.3 83.9 81.6 75.7 73.4 74.2 70.6 74.7 69.7
88.9
95.6
94.0
66.1
89.6
93.3
92.6
66.7
7.92 121.0 121.3 122.3 122.4 121.0 122.7 120.8 115.7 112.3 108.2 106.6
87.5
96.6
86.4
64.1
90.3
99.1
94.4
71.9
103.8 103.0 102.7
3.18 134.0 135.1 136.7 136.1 132.2 135.3 133.9 124.3 116.1 114.3 109.5 104.5 106.2
4.74 112.3 111.9 112.7 113.4 113.4 114.4 111.9 110.0 109.8 104.1 104.7 103.4 100.9
"99.6
11.92 151.7 153.0 153.7 153.9 154.4 154.7 152.4 146.5 141.6 136.5 132.4 131.4 131.3 132.1
7.86 154.3 156.2 156.9 155.8 156.7 158.3 155.9 148.3 143.1 139.0 134.6 134.4 133.1 134.0
1.80 124.0 126.1 126.2 127.9 125.8 121.9 125.4 127.0 125.8 126.8 123.7 123.4 122.2 122.3
2.26 164.4 163.7 164.5 167.2 169.0 168.6 161.8 155.7 148.9 135.4 132.0 127.2 131 .5
9.48 124.8 126.5 125.3 124.8 124.8 124.3 123.7 123.8 123.5 120.0 121.3 120.7 120.9
122.5
8.81 126.2 127.8 127.1 126.6 126.3 125.7 124.8 125.4 125.7 121.2 122.3 122.0 122.4 124.1
.67 106.4 109.4 102.9 101.5 104.2 106.0 110.3 103.8 96.2 104.7 108.4 102.6
Mining
Metal, stone, and earth minerals .........
1.26 117.2 117.9 112.4 113.5 109.9 115.4 121.3 120.7 117.9 119.1 116.2 113.2 111.3 106.9
.51 129.2 128.1 121.1 120.3 110.0 130.5 141.4 136.8 134.7 133.8 131.1 125.2 124.7
Coal, oil, and g a s .................................
5.11
Metal mining...............................
Stone and earth minerals. . . . . . . . .
Coal..................................................
Oil and gas extraction.....................
.75 109.1 111.0 106.4 108.8 109.9 105.0 107.5 109.8 106.4 109.0 106.1 105.1 102.2
107.3 109.2 109.7 109.4 106.7 107.7 107.8 101.2 101.1
103.9
106.8 108.4 107.9
108.0
.69 105.1 112.4 118.3 115.6 99.4 112.1 110.3 67.6 85.3 111.3 117.5 117.5 112.0 119.1
4.42 107.7 108.8 108.4 108.4 107.9 107.1 107.4 106.4 103.6 102.9 105.0 106.8 107.3 106.2
Utilities
Electric..................................................
Gas........................... ..........................
N o t e .— Data
3.91 159.5 159.0 160.3 162.7 162.8 162.4 161.2 162.9 163.0 162.5 161.1 160.9
1.17 117.9
1
for the complete year of 1972 are available in a pamphlet
Industrial Production Indexes 1972 from Publications Services, Division
of Administrative Services, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551.
Published groupings include series and subtotals not shown separately. Figures for individual series and subtotals are published in the
monthly Business Indexes release.
A 50
BUSINESS ACTIVITY; CONSTRUCTION □ JUNE 1975
SEL EC TE D
B U S IN E S S
IN D EX ES
(1967= 100, except as noted)
Industrial production
Ca
In
Market
Nonagdustry pacity
utiliza Con
ricultion
struc tural
Products
in mfg. tion
em
Total
(1967
con
ploy
Mate Manu output tracts ment—
Total
rials factur = 100)
Inter
Total i
ing
Con Equip mediate
Total sumer ment
goods
Prices4
Manu
facturing2
Em
ploy
ment
Pay
rolls
Total
retail
sales3
Con
sumer
Whole
sale
com
modity
195
195
195
195
195
5
6
7
8
9
58.5
61.1
61.9
57.9
64.
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
1
2
66.2
66.7
72.2
76.5
81.7
66.2
66.9
72.1
76.2
81.2
64.
65.3
70.8
74.9
79.6
71.3
72.
77.7
82.0
86.8
56.4
55.6
61.9
65.6
70.1
71.0
72.4
76.9
81.1
87.3
66.4
66.4
72.4
77.0
82.6
65.4
65.6
71.4
75.8
81.2
80.1
77.6
81.4
83.0
85.5
86.1
89.4
82.4
82.1
84.4
86.1
88.6
88.0
84.5
87.3
87.8
89.3
68.8
68.0
73.3
76.0
80.1
70
70
75
79
83
88.7
89.6
90.6
91.7
92.9
94.9
94.5
94.8
94.5
94.7
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
106.6 104.7 105.7
105.7 105.
105.
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
99.8
100.0
102.5
106.5
197
197
197
197
197
0
1
2
3
4
106.6
106.8
115.2
125.6
124
106.0
106.4
113.8
123.4
123.1
104.5
104.7
111.9
121.3
121.7
110.3 96.3 111.7
115.7 89.4 112.6
123.6 95.5 121.1
131.7 106.7 131.1
128.8 111.7 128.3
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
1974—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
124.9
125.7
125.
125.5
125.2
125.6
124.
121.7
117.3
122.7
123.8
124.0
124.0
123.5
123.6
122.9
121.4
118.7
120.8
122.4
122.6
122.8
122.1
122.6
122.3
120.9
118.2
128.5
129.7
130.2
130.0
129.8
128.8
128.2
126.3
123.4
110.1
112.2
112.0
113.0
111.4
113.8
114.0
113.2
110.7
129.4
129.2
128.9
127.8
128.6
127.6
125.3
123.0
120.5
128.7
129.1
128.8
128.0
128.5
129.3
128.1
122.1
114.8
124.8
125.7
125.6
125.2
125.2
125.5
124.6
120.9
116.1
167.0
188.0
166.0
177.0
79.4 170.0
187.0
148.0
75.7 154.0
176.0
118.8
119.0
119.1
119.2
119.4
119.7
119.8
119.1
118.0
103.0
103.0
103.2
103.0
102.6
102.5
101.7
99.4
96.3
150.4
156.2
157.9
159.5
161.5
162.0
162.1
157.0
152.6
169
172
170
177
180
176
175
170
171
143.9
145.5
146.9
148.0
149.9
151.7
153.0
154.3
155.4
152.7
155.0
155.7
161.7
167.4
167.2
170.2
171.9
171.5
1975—Jan ..
Feb..
Mar.
Apr.,
May.
113.7
111 .2
109.8
109.5
109.2
115.4
113.7
112.3
112.6
113.1
114.9
113.3
112.2
112.5
113.2
120.1
118.8
118.5
119.5
121 .5
107.8
105.3
103.5
102.9
101 .6
117.6
115.2
112.7
113.0
112.9
110.5
107.4
105.8
104.5
103.0
111 .7
109.2
107.6
107.5
107.3
135.0
68.3 135.0
153.0
189.0
117.3
116.5
116.0
116.0
116.1
93.6
90.8
89.9
89.7
89.8
148.9
143.0
142.8
144.0
143.8
176
179
176
178
182
156.1
157.2
157.8
158.6
171.8
171 .3
170.4
172.1
173.2
3
4
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.
N ote.—All series: Data are seasonally adjusted unless otherwise noted.
Capacity utilization: Based on data from Federal Reserve, McGrawHill Economics Department, and Dept, of Commerce.
80.1
Construction contracts: McGraw-Hill Informations Systems Company
F.W. Dodge Division, monthly index of dollar value of total construction
contracts, including residential, nonresidential, and heavy engineering.
Employment and payrolls: Based on Bureau of Labor Statistics data;
includes data for Alaska and Hawaii beginning with 1959.
Prices: Bureau of Labor Statistics data.
C O N S T R U C T IO N C O N TR A C TS AND PRIVATE H O U S IN G P E R M IT S
(In millions of dollars, except as noted)
Type of ownership and
type of construction
Total construction contracts 1........
By type of ownership:
Public........................................
1974
1973
1975
1974
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
99,304 93,076 8,929 10,158 8,480 9,295 8,416 8,359 7,227 6,179 7,304 5,100 4,955 6,574 9,598
26,563 32,209 2,336 3,082 2,968 3,242 3,311 3,273 2,720 2,391 2,496 2,254 2,031 2,182 2,768
72,741 60,867 6,593 7,076 5,512 6,053 5,105 5,689 4,508 3,788 4,809 2,846 2,924 4,393 6,830
By type of construction:
Residential building 1.............. 45,696 34,174 3,924 3,862 3,546 3,350 3,060 2,503 2,457 1,931 1,715 1,562 1,583 2,316 3,029
Nonresidential building........... 31,534 33,859 2,842 3,120 2,989 3,698 3,246 3,320 2,710 2,618 2,451 2,233 2,199 2,402 2,987
Nonbuilding............................. 22,074 25,042 2,163 3,176 1,945 2,247 2,110 2,536 2,061 1,630 3,139 1,305 1,172 1,856 3,582
Private housing units authorized...
(In thousands, S.A., A.R.)
1,829
1,053 1,296 1,120 1,106 1,017
1 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.
900
823
782
730
822
682
714
r706
897
N o te .—Dollar value of construction contracts as reported by the
McGraw-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.
JUNE 1975
p
CONSTRUCTION
A 51
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Public
Private
Nonresidential
Period
Total
Resi
dential
Total
Buildings
Total
Mili
tary
Total
Indus
trial
Com
mercial
Other
build
ings 1
Other
High
way
Conser
vation
Other 2
and
develop
ment
51,350
51,995
51,967
59,021
65.404
27,934
25,715
25,568
30,565
33,200
23,416
26,280
26,399
28,456
32,204
5,118
6,679
6,131
6,021
6,783
6,739
6,879
6,982
7,761
9,401
4,735
5,037
4,993
4.382
4,971
6,824
7,685
8,293
10,292
11,049
22,062
24,007
25,536
27,605
27,964
830
727
695
808
879
7,550
8,405
8,591
9,321
9,250
2,019
2,194
2,124
1.973
1,783
11,663
12,681
14,126
15,503
16,052
197 0
197 1
197 2
197 3
1974r ...........
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—Apr..
May.
June.
Ju ly ..
Aug..
Sept..
Oct...
Nov..
Dec..
136,399
138,163
136,889
137,879
134,425
133,028
134,046
131,133
132,761
97,445
97,889
98.404
97,924
96,225
94,728
95,180
93,532
90,865
48,164
47,971
48,269
48,875
48,208
46,005
44,285
42,341
40,145
49,281
49,918
50,135
49,049
48,017
48,723
50,895
51,191
50,720
6.920
7,606
8,027
7,158
7,616
7.677
8,294
8,670
8,774
16,296
16,408
16,425
15,953
15.053
15,668
16,300
16,037
15,372
6,264
5,890
6,034
5,915
5,691
5,776
5,799
5,854
5,781
19,801
20,014
19,649
20,023
19,657
19,602
20,502
20,630
20,793
38.954
40,274
38,485
39.955
38,200
38,300
38,866
37,601
41,896
1,505
1,181
1,169
1,131
978
1,167
1,065
12.209
12,322
11,475
12,518
11,968
13,334
12,566
r10,842
12.210
2,665
2,692
3,310
2,581
2,568
2,886
3,070
’2,871
3,446
22,575
24,079
22,531
23,725
22,686
20,913
22,165
1975—Jan...
Feb..
M ar..
Apr.®
130,256
126,953
121,039
121,731
88,471
86,658
83,417
82,669
37,665
36,282
35,724
35,879
50,806
50,376
47,693
46,790
8,525
8,734
7,981
7,681
15.053
15,249
13,289
12,679
5,779
5,844
5.382
5,371
21,449
20,549
21,041
21,059
41,785
40,295
37,622
39,062
1,305
1,440
1,545
1,469
12,718
2.974
24,788
1965
1966
1967
1968
.
.
1969
73,412
76,002
77,503
86,626
93,728
N ote . —Census Bureau data; monthly series at seasonally adjusted
annual rates.
1 Includes religious, educational, hospital, institutional, and other build
ings.
2 Sewer and water, formerly shown separately, now included in “Other.”
PRIVATE H O U S IN G ACTIVITY
(In thousands of units)
Starts
Completions
New 1-family homes sold
and for sale 1
Under construction
(end of period)
Median prices
(in thousands
of dollars) of
units
Units
Period
Total
1family
2-ormore
famiiy
Total
1family
2-ormore
family
Total
1family
2-ormore
family
Mobile
home
ship
ments
Sold
350 ’ *’535'
228
196
190
218
228
20.0
21.4
22.7
24.7
25.6
21.3
22.8
23.6
24.6
27.0
381
505
640
583
519
541
749
947
1,016
676
401
497
576
567
371
485
656
718
620
500
227
294
416
456
408
23.4
25.2
27.6
32.5
35.9
26.2
25.9
28.3
32.9
36.2
1,545
1,512
1,480
1,443
1,406
1,372
1,322
1,255
1,229
600
594
581
578
570
565
553
541
545
945
918
899
865
836
807
769
714
684
r393
r407
'398
r340
r316
r252
'217
rl 95
'195
556
569
524
509
466
495
433
435
'382
450
444
436
430
425
414
409
404
400
35.7
35.7
35.1
36.8
35.7
36.2
37.2
37.3
'37.4
34.3
34.7
35.0
35.3
35.5
35.7
35.9
36.0
36.2
1,176
1,159
1,117
522
522
519
654
637
598
185
219
199
401
408
449
403
407
393
37.4
37.8
38.3
36.5
36.7
36.6
964
779
844
899
811
509
386
448
608
656
1,320
1,399
859
808
461
592
**885
1970........................................
1971........................................
1972........................................
1973........................................
1974........................................
1,434
2,052
2,357
2,045
1,338
813
1,151
1,309
1,132
888
621
901
1,048
913
450
1,418
1,706
1,972
2,014
1,689
802
1,014
1,143
1,174
930
617
692
828
840
759
922
1,254
1,586
1,599
1,194
1974—A pr..............................
May.............................
June.............................
July.............................
Aug..............................
Sept.............................
Oct...............................
Nov.............................
Dec..............................
1,580
1,467
1,533
1,314
1,156
1,157
1,106
1,017
880
975
925
1,000
920
826
845
792
802
682
605
542
533
394
330
312
314
215
198
1,727
1,660
1,805
1,655
1,592
1,562
1,627
1,657
1,606
917
889
1,053
934
919
899
908
893
852
809
771
752
721
674
663
719
763
754
1975—Jan.' ...........................
Feb. ' ...........................
Mar.............................
Apr.**...........................
999
1,000
974
990
739
733
757
754
260
267
217
236
1,535
1,319
1,246
964
773
708
571
546
543
series except prices, seasonally adjusted. Annual rates for
starts, completions, mobile home shipments, and sales. Census data except
For
sale
575
461
487
490
448
1,473
1,165
1,292
1,508
1,467
1 Merchant builders only.
Sold
217
217
240
318
413
1965........................................
1966........................................
1967........................................
1968........................................
1969........................................
N o t e .— All
For
sale
(end of
per
iod)
for mobile homes, which are private, domestic shipments as reported by
the Mobile Home Manufacturers’ Assn. and seasonally adjusted by
Census Bureau. Data for units under construction seasonally adjusted by
Federal Reserve.
A 52
EMPLOYMENT □ JUNE 1975
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons, except as noted)
Civilian labor force (S.A.)
Total noninstitutional
population
(N.S.A.)
Period
Not in
labor force
(N.S.A.)
Total
labor
force
(S.A.)
Unem
ployed
Unemploy
ment
rate2
(per cent;
S.A.)
Employed1
Total
Total
In nonagri
cultural
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—May...............
June...............
July................
Aug................
Sept................
Oct.................
Nov................
Dec................
150,507
150,710
150,922
151,135
151,367
151,593
151,812
152,020
58,349
55,952
55,426
56,456
57,706
57,489
57,991
58,482
92,982
93,069
93,503
93,419
93,922
94,058
93,921
94,015
90,753
90,857
91,283
91,199
91,705
91,844
91,708
91,803
86,062
86,088
86,403
86,274
86,402
86,304
85,689
85,202
82,565
82,755
82,970
82,823
82,913
82,864
82,314
81,863
3,497
3,333
3,433
3,451
3,489
3,440
3,375
3,339
4,691
4,769
4,880
4,925
5,303
5,540
6,019
6,601
5.2
5.2
5.3
5.4
5.8
6.0
6.6
7.2
1975—Jan.................
Feb.................
Mar................
Apr................
May...............
152,230
152,445
152,646
152,840
153,051
58,888
59,333
59,053
59,276
59,101
94,284
93,709
94,027
94,457
95,121
92,091
91,511
91,829
92,262
92,940
84,562
84,027
83,849
84,086
84,402
81,179
80,701
80,584
80,848
80,890
3,383
3,326
3,265
3,238
3,512
7,529
7,484
7,980
8,176
8,538
8.2
8.2
8.7
8.9
9.2
1 Includes self-employed, unpaid family, and domestic service workers.
2 Per cent of civilian labor force.
of Labor Statistics. Information relating to persons 16
years of age and over is obtained on a sample basis. Monthly data relate
N ote .— Bureau
to the calendar week that contains the 12th day; annual data are averages
of monthly figures. Description of changes in series beginning 1967 is
available from Bureau of Labor Statistics.
E M PLOY M ENT IN N O N A G RICU LTU R A L E S T A B L ISH M E N T S , BY IN D U STR Y D IVISION
(In thousands of persons)
Contract
construc
tion
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
4,087
4,066
3,994
3,920
3,965
3,939
3,911
3,861
3,798
4,704
4,701
4,698
4,693
4,701
4,679
4,699
4,697
4,668
16,945
16,994
17,031
17,107
17,140
17,166
17,160
17,048
16,912
4,154
4,161
4,156
4,157
4,168
4,176
4,185
4,183
4,182
13,367
13,429
13,488
13,516
13,573
13,647
13,705
13,721
13,734
14,157
14,187
14,201
14,242
14,326
14,443
14,531
14,568
14,588
700
702
706
702
705
3,789
3,596
3,486
3,470
3,435
4,607
4,561
4,512
4,511
4,499
16,863
16,832
16,799
16,818
16,850
4,173
4,164
4,157
4,164
4,160
13,747
13,771
13,754
13,758
13,788
14,630
14,785
14,808
14,857
14,916
20,011
20,063
20,345
20,066
20,288
20,350
20,142
19,763
19,175
659
669
684
688
690
688
693
693
657
3,919
4,058
4,190
4,187
4,286
4,191
4,150
3,981
3,722
4,671
4,701
4,759
4,740
4,734
4,721
4,718
4,702
4,663
16,851
16,964
17,108
17,064
17,058
17,153
17,225
17,342
17,591
4,137
4,161
4,202
4,219
4,222
4,180
4,172
4,309
4,161
13,380
13,536
13,677
13,665
13,668 ,
13,647
13,719
13,707
13,665
14,366
14,393
14,322
13,693
13,615
14,167
14,610
14,771
14,807
18,538
18,132
18,005
17,973
18,008
689
687
691
696
706
3,372
3,229
3,218
3,328
3,428
4,552
4,497
4,476
4,479
4,499
16,687
16,475
16,509
16,688
16,821
4,131
4,127
4,132
4,147
4,160
13,513
13,606
13,658
13,772
13,898
14,703
15,000
15,066
15,078
15,134
Manufac
turing
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
1974—Apr...............................................
May..............................................
June..............................................
Ju ly .............................................
Aug...............................................
Sept...............................................
Oct................................................
Nov...............................................
Dec...............................................
78,226
78,357
78,421
78,479
78,661
78,844
78,865
78,404
77,690
20,147
20,151
20,184
20,169
20,112
20,112
19,982
19,633
19,146
665
668
669
675
676
682
692
693
662
1975—Jan................................................
Feb...............................................
Mar...............................................
Apr.*............................................
May*............................................
77,227
76,708
76,368
76,381
76,443
18,718
18,297
18,146
18,101
18,090
1974—Apr...............................................
May..............................................
June..............................................
July..............................................
Aug...............................................
Sept..............................................
Oct................................................
Nov...............................................
Dec...............................................
77,994
78,545
79,287
78,322
78,561
79,097
79,429
79,125
78,441
1975—Jan................................................
Feb...............................................
Mar...............................................
Apr.*...........................................
May*............................................
76,185
75,753
75,755
76,161
76,654
1973.........................................................
Transporta
tion and
public
utilities
Trade
Total
Period
Mining
SEASONALLY ADJUSTED
NOT SEASONALLY ADJUSTED
N ote .— Bureau of Labor Statistics; data include all full- and parttime employees who worked during, or received pay for, the pay period
that includes the 12th of the month. Proprietors, self-employed persons,
domestic servants, unpaid family workers, and members of Armed
Forces are excluded.
Beginning with 1968, series has been adjusted to Mar. 1973 bench
mark.
JUNE 1975 □ PRICES
A 53
CONSUMER PRICES
(1967 = 100)
Housing
All
items
Food
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.......................... 97.2
1967.......................... 100.0
1968.......................... 104.2
1969.......................... 109.8
99.1
100.0
103.6
108.9
97.2
100.0
104.2
110.8
1970.......................... 116.3
1971......................... 121.3
1972......................... 125.3
1973......................... 133.1
1974......................... 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
1974—Apr...............
M ay..............
June..............
July...............
Aug...............
Sept...............
Oct................
Nov...............
Dec...............
143.9
145.5
146.9
148.0
149.9
151.7
153.0
154.3
155.4
158.6
159.7
160.3
160.5
162.8
165.0
166.1
167.8
169.7
146.0
147.6
149.2
150.9
152.8
154.9
156.7
158.3
159.9
1975—Jan................
Feb................
Mar...............
Apr...............
156.1
157.2
157.8
158.6
170.9
171.6
171.3
171 .2
161 .2
162.7
163.6
164.7
Period
1929..........................
1933..........................
1941..........................
1945..........................
1960..........................
1965..........................
Total
Health and recreation
Homeown ership
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
98.2 96.3
100.0 100.0
102.4 105.7
105.7 116.0
97.0
100.0
103.1
105.6
128.5
133.7
140.1
146.7
163.2
128.8
129.3
129.8
130.3
130.9
131.4
132.2
132.8
133.5
134.0
135.1
135.5
135.9
Rent
76.0
54.1
57.2
58.8
91.7
96.9
Fur Apparel Trans
and
nish
porta
ings upkeep tion
and
opera
tion
Total
Med
ical
care
Per
sonal
care
Read Other
ing
goods
and
and
recrea serv
tion
ices
93.8
95.3
48.5
36.9
44.8
61.5
89.6
93.7
44.2
47.8
89.6
95.9
85.1
93.4
37.0
42.1
79.1
89.5
41.2
55.1
90.1
95.2
47.7
62.4
87.3
95.9
49.2
56.9
87.8
94.2
99.6
100.0
100.9
102.8
97.0
100.0
104.4
109.0
96.1
100.0
105.4
111.5
97.2
100.0
103.2
107.2
96.1
100.0
105.0
110.3
93.4
100.0
106.1
113.4
97.1
100.0
104.2
109.3
97.5
100.0
104.7
108.7
97.2
100.0
104.6
109.1
110.1
117.5
118.5
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
158.2
159.4
161.2
163.2
165.4
167.9
170.1
171.7
174.0
206.5
211.0
214.2
218.5
220.9
222.7
225.5
229.2
228.8
141.9
143.9
144.5
146.2
148.5
150.2
151.5
154.0
156.7
134.0
137.0
139.2
141 .4
143.9
146.6
149.0
151.0
152.3
133.6
135.0
135.7
135.3
138.1
139.9
141 .1
142.4
141.9
133.7
136.3
138.8
140.6
141 .3
142.2
142.9
143.4
143.5
136.3
137.7
139.4
141 .0
142.6
144.0
145.2
146.3
147.5
145.6
147.2
149.4
151 .4
153.7
155.2
156.3
157.5
159.0
133.1
134.9
136.5
137.8
139.3
141 .2
143.0
144.2
145.3
130.4
132.0
133.5
134.6
135.2
137.0
137.8
138.8
139.8
133.6
134.4
135.8
137.7
139.4
140.4
141.4
142.7
143.9
175.6
177.3
178.2
179.4
228.9
229.5
228.3
229.0
160.2
162.7
164.0
166.3 |
153.2
154.7
155.6
156.8
139.4
140.2
140.9
141 .3
143.2
143.5
144.8
148.9
150.2
151. 1
152.1
161 .0
163.0
164.6
146.5
147.8
148.9
149.5
141 .0
141.8
142.0
143.5
144.8
145.9
146.5
146.8
146.2
165.8
N ote.—Bureau of Labor Statistics index for city vvage-earners and
clerical workers.
W HOLESALE PR IC E S : SUM M ARY
(1967 = 100, except as noted)
Industrial commodities
Period
1960............
196 5
Pro
All Farm cessed
com prod
foods
modi ucts
and
ties
feeds Total
89.5
95.5
95.3
96.4
Ma
Non- Trans
Tex
Rub Lum Paper, Met chin
me- porta Mis
Fuel, Chem
ery Furni
icals,
ber,
als,
ture,
tallic tion cella
tiles, Hides,
ber,
etc.
and
etc. . etc.
etc.
etc.
etc. equip
etc.
min equip neous
etc.
etc.
erals ment1
ment
99.5
99.8
90.8
94.3
96.1
95.5
101.8 103.1
99.0 95.9
95.3
95.9
98.1
96.2
92.4
96.4
92.0
93.9
99.0
96.9
97.2
97.5
93.0
95.9
94.9
96.6
97.2
98.7
105.9
100.0
102.5
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
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
102.2 102.5 103.7 103.2 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 loo's*
97.7
100.0
102.2
105.2
196
196
196
196
6
7
9
99.8
100.0
102.5
106.5
197
197
197
197
197
0
1
2
3
4
110.4
113.9
119.1
134.7
160.1
111.0
112.9
125.0
176.3
187.7
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
116.7
119.0
123.5
132.8
171.9
111.4
115.5
117.9
121.7
139.4
107.5
109.9
111.4
115.2
127.9
113.3
122.4
126.1
130.2
153.2
104.5
110.3
113.8
115.1
125.5
109.9
112.8
114.6
119.7
133. 1
1974— May
155.0
155.7
161.7
167.4
167.2
170.2
171.9
171.5
180.8
168.6
180.8
189.2
182.7
187.5
187.8
183.7
158.9
157.4
167.6
179.7
176.8
183.5
189.7
188.2
150.5
153.6
157.8
161.6
162.9
164.8
165.8
166.1
139.1
141.7
142.1
142.3
142:1
140.5
139.8
138.4
146.3
146.0
146.6
146.2
148.1
145.2
144.5
143.2
204.3
210.5
221.7
226.0
225.0
228.5
227.4
229.0
137.0
142.8
148.4
158.5
161.7
168.5
172.9
174.0
133.7
135.6
139.5
143.4
145.6
147.5
148.5
149.4
198.0
192.2
188.6
183.7
180.4
169.4
165.8
165.4
146.6
147.5
153.3
162.9
164.2
166.0
166.9
167.2
168.7
174.0
180.3
185.6
187. 1
186.9
186.7
184.6
134.1
137.2
140.3
144.3
146.8
150.0
152.7
154.0
124.5
126.1
128.2
129.8
132.8
135.5
136.9
137.7
150.7
152.3
156.4
157.6
159.8
162.2
163.4
164.3
121.4
122.8
125.1
126.7
127.7
134.2
135.1
137.0
133.2
134.3
135.2
135.4
136.3
137.1
140.7
142.4
1975— Jan..
171.8
171.3
170.4
172.1
173.2
179.7
174.6
171.1
177.7
184.5
186.4
182.6
177.3
179.4
179.0
167.5
168.4
168.9
169.7
170.3
137.5
136.5
134.3
134.4
135.2
142.1
141 .7
143.2
147.5
147.7
232.2
232.3
233.0
236.5
238.8
176.0
178.1
181.8
182.4
182.1
149.6
150.0
149.7
149.4
148.9
164.7
169.3
169.6
174.9
183.0
169.8
169.8
170.0
169.7
169.8
185.5
186.3
186.1
185.7
185.1
156.6
157.7
158.8
159.7
160.4
138.8
139.1
138.5
138.5
138.6
168.5
170.3
170.8
173.0
173.1
137.1
138.2
139.5
139.9
139.9
145.5
146.4
146.8
147.3
147.5
8
June
July.
Aug.
Sept.
O ct..
Nov.
Dec.
Feb.
Mar.
Apr.
May
i Dec. 1968=100.
A 54
NATIONAL PRODUCT AND INCOME □ JUNE 1975
G R O S S NATIONAL PR O D U C T
(In billions of dollars)
Item
1929
1933
1941
1950
1970
1971
1972
1973
1974
1974
I
Gross national product..................................... 103.1
101.4
Durable goods..............................................
Nondurable goods........................................
77.2
9.2
37.7
30.3
Gross private domestic investment...................
Fixed investment...........................................
16.2
1.4
14.5
10.6
3 .0
2 .4
45.8
3.5
22.3
20.1
5.0
.9
5.6
1.5
4.0
.6
3.8
.5
1.7 - 1 .6
1.8 - 1 .4
80.6 191.0 617.6 667.1
9.6 30.5 91.3 103.9
42.9 98.1 263.8 278.4
28.1 62.4 262.6 284.8
17.9
13.4
9 .5
2.9
6.6
3.9
3.7
4.5
4.0
Net exports of goods and services...................
Exports.........................................................
Imports.........................................................
1.1
7.0
5.9
.4
2.4
2.0
1.3
5.9
4.6
Government purchases of goods and services..
Federal..........................................................
National defense......................................
Other.........................................................
8.5
8.0
24.8
1.3
2.0
16.9
7.2
6.0
Gross national product in constant (1958)
dollars...........................................................
III
IV
I
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 1,417.1
57.2 120.1 278.0 972.6 1,048.6 1,149.5 1,279.6 1,S8S.2 1.841.9 1,870.3 1 ,407.6 1,418.1 1,486.8
Final purchases.................................................
Structures..............................................
Producers’ durable equipment.............
Residential structures...............................
Nonfarm................................................
Change in business inventories...................
Nonfarm...................................................
II
1975
13.8
3.1
7.9
729.0
118.4
299.7
310.9
805.2
130.3
338.0
336.9
876.7
127.5
380.2
369.0
840.6
123.9
364.4
352.4
869.1
129.5
375.8
363.8
901.3
136.1
389.0
376.2
895.8
120.7
391.7
383.5
913.2
124.9
398.8
389.5
54.1 136.3 153.7 179.3 209.4 209.4 210.5 211.8 205.8 209.4 163.1
47.3 131.7 147.4 170.8 194.0 195.2 193.6 198.3 197.1 191.6 182.2
27.9 100.6 104.6 116.8 136.8 149.2 145.2 149.4 150.9 151.2 146.9
9.2 36.1 37.9 41.1 47.0 52.0 51.3 52.2 51.0 53.7 52.8
18.7
19.4
18.6
6.8
6.0
64.4
31.2
30.7
4.5
4.3
66.6
42.8
42.3
6.3
4.9
1.8
13.8
12.0
3.6
62.9
59.3
- . 2 -6 .0
2.1 11.3 - 1 .5 - 3 .1
3.9
1.9
9.3
65.4 72.4 100.4 140.2 131.2 138.5 143.6 147.5 143.4
65.6 78.4 96.4 138.1 119.9 140.0 146.7 145.7 134.1
75.7
54.0
53.4
8.5
7.8
89.8
57.2
56.7
15.4
11.4
97.1
46.0
45.2
14.2
11.9
93.9
48.4
47.8
16.9
13.1
97.2
48.8
48.0
13.5
10.4
99.9
46.2
45.4
8.7
6.6
97.5 94.2
40.4 35.3
39.7 34.8
17.8 - 1 9 .2
17.5 - 1 7 .8
37.9 219.5 234.2 255.7 276.4 309.2 296.3 304.4 312.3 323.8 331.6
18.4
96.2
97.6 104.9 106.6 116.9 111.5 114.3 117.2 124.5 126.5
14.1 74.6 71.2 74.8 74.4 78.7 75.8 76.6 78.4 84.0 84.7
4.3 21.6 26.5 30.1 32.2 38.2 35.7 37.7 38.8 40.6 41.8
19.5 123.3 136.6 150.8 169.8 192.3 184.8 190.1 195.1 199.3 205.1
203.6 141.5 263.7 355.3 722.5 j 746.3 792.5 839.2 821.2 830.5 827.1 823.1 804.0 780.2
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 INCOM E
(In billions of dollars)
Item
1929
1933
1941
1950
1970
1971
1972
1973
1974
1974
I
86.8
Compensation of employees.............................
II
III
1975
IV
Ip
40.3 104.2 241.1 800.5 857.7 946.5 1,065.6 J,142.5 1,118.8 1,130.2 1,155.5 1,165.4 1,149.8
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
50.4
29.0
62.1
146.8 542.0 573.6 626.8 691.6 750.7 727.6 744.6 761.5 769.2 765.1
Private.......................................................
Military.....................................................
Government civilian.................................
45.5
.3
4.6
Supplements to wages and salaries ...............
.7
.5
2 .7
7.8
61.9
69.5
80.3
94.4 105.1
.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
51.4
48.9
50.5
53.2
54.5
52.3
54.6
54.0
55.2
55.3
Proprietors’ income..........................................
Business and professional...........................
Farm .............................................................
15.1
9.0
6.2
5.9
3.3
2.6
17.5
11.1
6.4
37.5
24.0
13.5
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
93.4
10.0
17.7
42.6
17.8
74.0
83.6
.4
10.1
24.9
99.2 122.7 140.7 135.4 139.0 157.0 131.5 100.3
41.5 49.8 55.7 52.2 55.9 62.7 52.0 38.6
57.7 72.9 85.0 83.2 83.1 94.3 79.5 61.8
27.3 29.6 32.7 31.6 32.5 33.2 33.3 33.8
30.3 43.3 52.4 51.6 50.5 61.1 46.2 28.0
Employer contributions for social in
surance ..................................................
Other labor income..................................
Corporate profits and inventory valuation
adjustment.....................................................
Profits before tax ..........................................
Profits tax liability....................................
Dividends..............................................
Undistributed profits...........................
Inventory valuation adjustment..................
Net interest.......................................................
1.4
23.9
.3
4.9
1.0
51.9 124.4 426.9 449.5 491.4 545.1 592.4 573.8 588.3 602.5 605.1 597.4
1.9
5.0 19.6 19.4 20.5 20.6 21.2 21.0 20.9 20.8 22.0 22.0
8.3 17.4 95.5 104.7 114.8 126.0 137.1 132.8 135.4 138.2 142.1 145.7
34.8
37.5
39.3
24.7
14.6
46.1
4.4
5.7
8.8
16.0
.5 - 2 .1
- 2 .5
- 5 .0
- 4 .8
- 4 .9
4.1
3.2
2.0
36.5
41.6
8.6
.5
5.8
2.0
2.8 - 1 .6
4.7
7.6
N ote . —Dept, of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also N ote to table above.
25.0
21.1
53.6
101.2 103.7 106.7 108.6 110.5
52.3
- 7 .0 -1 7 .6 -3 5 .1 -2 7 .7 -3 3 .4 - 5 1 .2 -2 8 .1
45.6
52.3
61.6
57.5
60.1
62.8
65.9
-7 .0
68.9
JUNE 1975 □ NATIONAL PRODUCT AND INCOME
A 55
RELATION O F G R O S S NATIO N A L P R O D U C T , NATIO N A L IN CO M E, A N D PE R S O N A L IN C O M E A N D SAVING
(In billions of dollars)
1974
Item
1929
1933
1941
1950
1970
1971
1972
1973
I
103.1
7.9
7 .0
8 .2
18.3
87.3
7.0
.6
.7
7.1
.7
.6
11.3
.5
.4
23.3
.8
1.5
93.5
4 .0
-6 .4
.1
.2
1.7
Plus: Subsidies less current surplus of gov-.1
Equals: National income..................................
Less: Corporate profits and inventory valu
86.8
93.7
102.9
119.5 115.8
110.8
102.7 110.0 119.2
4.3
4.6
4.9
- 2 .3 -3 .8 - 5 .0
IV
III
I p
1.1
2.3
.6
122.9
125.2
126.9 122.6 125.9
5.2
5.2
5.1
.3
.4 - 6 . 3
118.6
129.5 129.8
5.3
5.3
4.8
3 .0
132.2
5.4
3 .0
- 2 .9
-2 .4
- 2 .7
- 1 .6
-2 .7
-3 .7
120.7
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 1,149.8
ation adjustment.................................
Contributions for social insurance.......
Excess of 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 payments............
.9
1.5
2.6
14.3
75.1
89.0
98.6
113.0
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
38.3
29.6
4.9
Net interest paid by government and
consumers...........................................
Dividends................................................
Business transfer payments...................
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 1,417.1
Gross national product.....................................
Less: Capital consumption allowances..........
Indirect business tax and nontax lia
bility....................................................
Business transfer payments...................
Statistical discrepancy...........................
1975
1974
78.7
63.8
92.2
73.0
105.6 107.7
101.5 99.1
105.1
91.2
-.1
.0
—.5
134.6 123.1
42.3
32.7
5.2
105.6
100.8
105.8 103.4
103.0 103.2
93.4
104.6
-.6
-1 .5
.0
.0
130.6
138.7
145.8
158.7
41.9
32.5
5.2
42.7
33.2
5.3
43.6
33.3
5.3
43.7
33.8
5.4
40.8
31.6
5.1
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
85.9
47.0
Less: Personal tax and nontax payments. . . .
2 .6
1.5
Equals: Disposable personal income...............
83.3
45.5
92.7 206.9 691.7 746.4 802.5 903.7 979.7 950.6 966.5 993.1 1,008.8 1,015.5
Less: Personal outlays.....................................
79.1
77.2
1.5
46.5
45.8
.5
81.7
80.6
.9
.3
.2
.2
.5
1.0
1.1
1.1
1.3
1.0
1.2
1.0
.9
.9
.9
Equals: Personal saving....................... ...........
4 .2
-.9
11.0
13.1
56.2
60.5
52.6
74.4
77.0
84.4
71.5
65.5
86.5
75.9
Personal consumption expenditures..
Consumer interest payments.............
Personal transfer payments to for
eigners..............................................
Disposable personal income in constant (1958)
dollars............................................................
3.3
20.7
116.6
117.6
142.4
151.3
170.8 161.9
168.2
178.1
175.1
178.0
193.9 635.5 685.9 749.9 829.4 902.7 866.2 894.9 927.6 922.3 939.5
191.0 617.6 667.1 729.0 805.2 876.7 840.6 869.1 901.3 895.8 913.2
19.8 22.9 25.0 24.4 24.8
25.3
25.5 25.4
2 .4
16.8
17.7
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, of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also N ote to table at top of opposite
page.
P E R S O N A L IN CO M E
(In billions of dollars)
1975
1974
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr*
Total personal income.............. 1,055.0 1,150.5 1,125.2 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 1,202.4
Wage and salary disbursements.
Commodity-producing in
dustries ..........................
Manufacturing only ...........
Distributive industries. . ..
Service industries..................
Government..........................
691.7 751.2 737.1 745.3 753.2
759.7
761.6
767.7
773.0
767.8
766.6
765.7 763.6
766.0
767.3
251.9
196.6
165.1
128.2
146.6
273.3
214.0
180.8
143.5
162.1
276.5
215.5
180.7
144.9
159.5
278.3
217.8
183.1
146.4
159.9
279.5
219.4
183.8
146.9
162.8
272.3
214.2
183.9
147.4
164.2
269.3
209.7
183.8
148.3
165.2
266.4
206.4
183.2
149.8
166.2
260.5
203.1
183.8
152.6
169.2
260.5
203.1
183.6
152.8
170.5
270.9
211.3
178.9
142.6
158.8
267.4
207.8
175.3
139.1
155.3
270.0
210.1
177.8
141.1
156.3
272.6
212.5
179.1
142.6
158.9
260.7
202.9
184.0
151.2
167.6
Other labor income..................
46.0
51.4
49.9
50.5
51.1
51.7
52.3
52.9
53.5
54.0
54.5
54.9
55.3
55.7
56.2
Proprietors’ income.................
Business and professional...
F arm .....................................
96.1
57.6
38.5
93.0
61.2
31.8
92.8
60.2
32.6
89.9
60.8
29.1
86.9
61.2
25.7
9 0.0
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
82.8
62.7
20.1
Rental income...........................
26.1
26.5
25.5
26.7
26.7
26.6
26.6
26.6
26.7
26.8
26.9
27.0
27.0
27.0
27.1
Dividends..................................
29.6
32.7
32.1
32.5
33.0
33.1
33.2
33.4
33.5
33.6
32.7
33.9
33.8
33.7
33.9
Personal interest income..........
90.6 103.8 100.4 102.0 103.5
104.4
105.3
106.9
108.0
109.5
111.1
111.9
112.5
113.3
114.6
Transfer payments...................
117.8 139.8 134.6 135.8 137.0
142.5
143.6
146.0
147.6
149.8
156.1
158.6
165.5
168.3
169.9
48.5
48.4
48.6
48.9
48.5
48.4
49.5
49.2
49.3
49.3
Less: Personal contributions
for social insurance........
42.8
47.9
47.2
47.6
47.9
Nonagricultural income............ 1,008.0 1,109.0 1,083.1 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 1,171.0
39.3
39.3
39.5
Agricultural income.................. 47.0 41.5 42.1 38.6 36.8
33.3
29.6J
31.4
36.8
37.1
40.6
40.4
N ote .—Dept, of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also N ote to table at top of opposite
page.
A 56
FLOW OF FUNDS □ JUNE 1975
SUMMARY OF FUNDS RAISED IN U.S. CREDIT MARKETS
(Seasonally adjusted annual rates; in billions of 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 xclu d in g e q u itie s ................................................
69.9
69.6
67.9
66.9
82.4
80.0
96.0
96.0
91.8
87.9
3 U.S. Government.......................................................
4
Public debt securities.............................................
5
Agency issues and mortgages................................
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 All other nonfinancial sectors.....................................
7
Corporate equities..................................................
8
Debt instruments .....................................................
68.1
.3
64.3
1 .0
69.4
2.4
82.6
*
95.5
3.9
67.9
63.3
67.0
82.6
91.6
91.8
3.4
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
P riv a te d o m e s tic
N o n fin a n cia l s e c to r s ......................................
Corporate equities..............................................
65.4
*
Debt instruments..................................................
62.7
1.3
65.4
2.4
79.7
- .2
65.4
61.5
63.0
79.9
88.4
49.6
9.9
12.0
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
85.4 121.9 152.1 177.6 167.6 182.2 153.1
7.2
5.8 11.5 10.5
2.3
5.4
3.9
6
7
8
82.7 117.3 147.8 170.1 152.2 162.3 142.2
5.7 11.4 10.9
7.4
2.6
4.1
5.6
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
25.5
26.0
- .5
17.3
13.9
3.4
9.7
7.7
2.0
12.0
12.0
*
5.1
3.9
1.2
79.7 110.4 141.6 170.4 163.8 176.8 150.8
77.0 105.8 136.9 162.7 148.1
156.7 139.6
Debt capital instruments................................
State and local obligations.........................
Corporate bonds.........................................
Home mortgages ..........................................
Multifamily residential m ortgages .............
Commercial m ortgages ...............................
Farm mortgages ...........................................
Other debt instruments...................................
Consumer credit..........................................
Bank loans n.e.c..........................................
Open-market paper....................................
O ther............................................................
27.1
9.6
13.6
- .3
4.1
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
By borrowing sector:.........................................
State and local governments..........................
Households......................................................
F arm ................................................................
Nonfarm noncorporate..................................
Corporate........................................................
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
82.7 117.3 147.8 170.1 152.2 162.3 142.2 24
11.3 17.8 14.2 12.3 16.6 16.4 16.7 25
23.4 39.8 63.1 72.8 43.5 47.4 39.5 26
3.2
8.6
7.9 27
4.1
4.9
7.8
7.7
5.3
7.4 28
8.7 10.4
9.3
7.3
7.2
39.5 46.8 55.3 67.1 77.1 83.6 70.7 29
30
F o r e ig n ..................................................................
2.7
31
Corporate equities..............................................
.3
32
Debt instruments..................................................
2 .4
33
Bonds...............................................................
.5
34
Bank loans n.e.c..............................................
.5
35
Open-market paper.........................................
- .1
36
U.S. Government loans..................................
1.5
37 Memo: U.S. Govt, cash balance............................. - 1 .0
Totals net of changes in U.S. Govt, cash balances—
38 Total funds raised......................................................
70.9
39
By U.S. Government..............................................
2.8
1.5
- .3
4.0
.1
2.8
.2
1.8
4.0
2 .7
24
25
26
27
28
29
38.4
7.3
5.4
15.4
3 .6
4 .4
2 .2
38.2
5.6
10.2
44.5
7.8
14.7
11.7
3.1
5 .7
1.8
11.5
3 .6
4 .7
2 .3
49.5
9.5
12.9
15.1
3 .4
6 .4
2 .2
15.7
4 .7
5 .3
1.9
3.7
.5
3 .2
.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
68.3
4.0
81.3
11.8
97.1
14.6
91.4
-4 .1
56.7
11.2
19.8
12.8
5.8
5 .3
1.8
2.7
.1
83.2
17.6
18.8
26.1
8.8
10.0
2 .0
22.6
11.2
7.8
- 1 .2
4.8
96.1
13.7
9.2
92.9
17.4
19.7
43.0
19.2
18.9
- .5
5.5
43.3
8 .4
17.0
4 .4
66.6
22.9
35.8
- .4
8.3
31.6
7.8
11.5
4 .9
14.8
2 .6
35.8
7.3
15.7
4 .5
57.1
12.7
32.6
5.2
6.6
19.9
- .2
20.1
53.5
6.6
21.6
7.7
17.6
38
39
1.0
2.9
- 1 .0
1.8
- .3
7.5
- .2
7.7
1.0
2.8
2.2
1.7
- 1 .7
15.7
27.4
8 .3
7.3
5 .4
95.5 144.2 169.7 189.0 184.2 189.3 179.1
10.0 22.3 17.6 11.4 16.6
7.1 26.0
.9
1.6
.3
1.8
3.2
4 .7
15.4
- .2
86.1
16.5
21.3
2.3
- .1
7.2
1.8
- 7 .1
- .3
.8
1.3
2.8
4 .6
4.3
- .4
55.2
9.6
27.1
6.4
12.1
99.6
18.3
18.1
30
31
32
33
34
35
36
37
2 .7
.9
4.6
*
93.8
14.4
12.2
39.6
10.3
2.2
4.8
7.0
1.7
- 4 .6
2.1
9.6
6.9
1.5
- 2 .0
10.9
- .3
11.2
Credit market funds raised by financial sectors
1 Total funds raised by financial sectors.....................
2
Sponsored credit agencies......................................
3
U.S. Government securities...............................
4
Loans from U.S. Government...........................
5
Private financial sectors.........................................
6
Corporate equities..............................................
7
Debt instruments ..................................................
8
Corporate bonds.............................................
9
Mortgages........................................................
10
Bank loans n.e.c..............................................
11
Open-market paper and RP’s ........................
12
Loans from FHLB’s .......................................
13.3
2.1
1.9
.2
11.2
3.2
7.9
3 .2
.9
13 Total funds raised, by sector......................................
14
Sponsored credit agencies......................................
15
Private financial sectors.........................................
16
Commercial banks..............................................
17
Bank affiliates......................................................
18
Foreign banking agencies...................................
19
Savings and loan associations...........................
20
Other insurance companies...............................
21
Finance companies.............................................
22
REITS.................................................................
23
Open-end investment companies.....................
13.3
2.1
11.2
1.8
*
.8
.1
5.2
3.2
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
12.7
3.3
1.1
.4
2.5
3.6
.9
18.8
4.3
4.6
2.7
1.3
* - .9
1.0
2.3 -1 .0 - 2 .0
2.3
3.3
1 .9
.7
.9 - 2 .5
8.5
1.5
.2
2.3
10.7
4.0
-.3
3.1
.7
- .5
- 5 .0
1 .3
9 .3
5.1
2.1
3.0
1.8
- 2 .7
20.3
31.6
11.7
4.8
6.9
- .1
2.0
- .6
2.6
.1
*
.1
.1 - 1 .7
.1
.1
3.1
1.2
18.3
3.5
14.9
1.2
3.7
.1
1.1
.2
5.7
.7
5.8
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
28.9
6.2
22.8
4.0
.7
.8
2.0
.5
9.3
6.1
- .7
11.7
4.8
5.1
- .2
6.9
3.7
3.0
28.9
6.2
6.2
40.8
16.8
16.8
32.4
.8
38.2
22.1
21.4
.7
16.1
2.0
7.0
2.3
1.7 - 1 .2
6.8 13.5
9.8
4.9
*
7.2
14.1
1.4
- 1 .3
7.2
.1
6.7
23.6
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
22.8
2.4
52.0
19.6
19.6
24.1
.5
2.0
.1
8.9
5.8
6.8
35.5
27.4
26.0
1.4
8.1
3.6
4 .6
.8
- 2 .8
5.6
- 5 .5
6.5
1
2
3
4
5
6
7
8
9
10
11
12
35.5 13
27.4 14
8.1 15
- 6 . 4 16
.7 17
3.1 18
4.0 19
;3 20
4.1 21
- . 5 22
2.8 23
Total credit market funds raised, all sectors, by type
1 Total funds raised.......................................................
2
Investment company shares...................................
3
Other corporate equities.........................................
4
Debt instruments ......................................................
5
U.S. Government securities...............................
6
State and local obligations.................................
7
Corporate and foreign bonds............................
8
Mortgages............................................................
9
Consumer credit..................................................
10
Bank loans n.e.c..................................................
11
Open-market paper and RP’s ............................
12
Other loans..........................................................
83.2
3.2
.3
79.6
3.7
1.1
79.7
74.9
3.7
7.3
8.6
25.6
9.6
16.4
1.9
6.5
8.8
5.6
11.8
21.3
6.4
9.7
4.4
6.9
N o t e .—Full statements for sectors and transaction types quarterly, and
annually for flows and for amounts outstanding, may be obtained from
84.4 114.3 125.5 110.8 163.9 198.3 239.4 217.8 228.1 207.5
3.0
5.8
4.8
2.6
1.1
1.0 - . 8
- . 7 - 1 .6
2.8
9.6
3.1
2.5
.6
5.2
7.7 13.6 13.6
4.9
6.7
79.0 107.9 115.5 100.4 149.1
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
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
185.4 231.3 211.9 222.2 201.7
23.6 29.4 33.5 21.9 45.1
14.4
20.2
68.8
19.2
28.5
3.3
7.4
13.7
12.5
71.9
22.9
52.1
11.6
17.2
17.4
23.3
54.4
9.6
39.1
13.6
21.1
18.3
22.2
63.4'
12.7
51.1
17.8
14.9
16.5
24.4
45.4
6.6
27.0
9.4
27.3
1
2
3
4
5
6
7
8
9
10
11
12
Flow of Flmds Section, Division of Research and Statistics, Board of
Governors of the Federal Reserve System, Washington, D.C. 20551.
JUNE 1975 □ FLOW OF FUNDS
A 57
DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
(Seasonally adjusted annual rates; in billions of dollars)
11974 '
Transaction category, or sector
1 Total funds advanced in credit markets to
nonfinancial sectors.............................................
By public agencies and foreign
2 Total net advances......................................................
3
U.S. Government securities...................................
4
5
FHLB advances to S&L’s .....................................
6
Other loans and securities.....................................
By agency—
7
U.S. Government...................................................
8
Sponsored credit agencies......................................
9
Monetary authorities..............................................
10
Foreign....................................................................
11 Agency borrowing not included in line 1.................
12
13
14
15
16
17
18
Private domestic funds advanced
U.S. Government securities...................................
State and local obligations.....................................
Corporate and foreign bonds................................
Residential mortgages............................................
Other mortgages and loans...................................
1965
69.6
1972
1973
1974 r
HI
H2
92.5 135.9 158.9 180.1 175.8 181.9 169.7
1
15.7
.7
4.6
4.0
6.3
28.1 41.7
15.9 33.8
5.7
5.7
1.3 - 2 .7
5.2
4.9
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
62.8
*
7.3
6.0
18.6
31.6
.7
59.8 68.1
5.4
5.7
7.8
5.6
10.3 16.0
12.0 13.0
27.4 23.1
.9 - 2 .5
87.2
13.3
9.5
13.8
15.5
35.9
.9
81.1
4.8
9.9
12.5
15.7
42.2
4.0
62.9
45.4
75.3
55.3
2.8
4.9
2.2
5.1
3.8
3.5
.1 - 1 .6
2.1
4.8
24 Sources o f funds ..........................................................
25.
Private domestic deposits......................................
26
Credit market borrowing.......................................
62.9
38.4
7.9
16.6
.8
- 1 .0
11.4
5.4
17.5
7.9
15.5
4.5
45.4
22.5
3.2
19.8
3.7
- .5
13.6
3.0
63.5
35.9
15.0
12.9
-.3
63.5
38.7
15.6
14.0
7.0
75.3
18.2
14.5
12.7
9.9
55.3
2.6
18.8
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
2.6
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
72.6 98.1 146.7 166.5 148.6 159.1 138.1
5.2 - 4 . 4
15.2 18.4 24.8 15.0 34.7
11.2 17.6 14.4 13.7 17.4 18.3 16.5
20.0 19.5 13.2 10.1 20.5 19.2 21.8
12.8 29.1 44.6 44.1 25.5 31.4 19.6
24.6 33.7 59.5 87.4 67.0 82.1 52.0
*
1.3 - 2 . 7
7.2
6.7
6.8
6.5
12
13
14
15
16
17
18
74.9 110.7 153.4 158.8 132.1
155.6
108.6
64.4
27.5
34.3
6.0
87.5
35.1
29.1
3.8
41.3
19.8
39.4
8.2
19
20
21
22
23
35.1
16.9
17.3
5.7
3.2
3.2
8.9
26.4
3.8
50.6
41.4
13.3
5.3
70.5
49.3
17.7
15.8
86.6
35.1
22.1
15.0
50.5
4.6
24
25
26
35.5 42.4 46.0
5.2
6.5 13.6
.7 - 1 .0 - 5 .1
13.1 16.7 28.0
16.5 20.2
9.5
38.5 53.5
11.6 15.5
- 2 .1 - 8 .1
23.0 33.0
6.0 13.0
27
28
29
30
31
13.7
1.6
2.1
5.2
4.0
.8
39.3
18.8
4.4
1.1
11.3
3.8
27.1
13.9
8.3
- 1 .6
4.3
2.2
32
33
34
35
36
37
74.9 110.7 153.4 158.8 132.1
50.0
- .4
45.9
8.5
63.2
- .3
13.9
2.3
.2
12.0
- .6
21.0
2.6
- .2
11.4
7.2
34.0 12.0 11.0
9.3 - 8 .5 - 3 .2
*
2.9
2.2
10.8 13.1
9.1
13.8
4.4
2.9
44.5
17.0
8.7
6.6
10.2
2.0
90.3
9.3
97.5
20.3
84.9
31.6
72.0
14.1
155.6 108.6
93.5
23.6
State and local obligations.....................................
Corporate and foreign bonds................................
7.9
2.9
2.6
1.0
1.5
- .1
4.2
17.6
8.4 - 1 .4
2.6 - 2 .5
2.0
4.6
2.3
1.9
2.3
1.7
20.4
8.1
- .2
4.7
5.8
2.1
Large negotiable CD’s .......................................
Other at commercial banks...............................
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
17.5
3.4
12.9
8.0
66.6
56.1
15.0
24.2
16.9
93.7 101.9
81.0 85.2
7.7
8.7
32.9 30.6
40.4 45.9
88.8
76.3
18.5
29.5
28.2
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
10.5
7.1
3.5
12.7
9.3
3.4
12.6
8.6
3.9
13.1
4.6
8.5
- .5
- 4 .6
4.1
43
44
45
48.4
42.0
56.3
68.7
49.9
64.1
90.5 115.7 128.1 108.9 129.1
12.8
100.1
.8
17.9
75.9
2.1
14.1
93.2
4.3
12.7
86.4
2.9
17.8 30.4 30.7 11.5
68.3 103.1 112.8 104.5
9.1
1.8 23.2 13.6
43
44
45
46 Total of credit market instr., deposits, and currency.
47
48
49
1971
88.0
28.7
14.3
13.6
6.2
38
39
40
41
42
1970
12.2
3.4
2.8
.9
5.1
Commercial banking..............................................
Savings institutions................................................
Insurance and pension funds.................................
P r iv a te d o m e s tic n o n fin a n cia l in v e sto rs
1969
95.9
20
21
22
23
32
33
34
35
36
37
1968
80.0
P r iv a te fin a n c ia l in te r m e d ia tio n
Credit market funds advanced by private financial
Foreign funds......................................................
Treasury balances...............................................
Insurance and pension reserves.........................
66.9
1967
11.9 11.3
6.8
3.4
2.8
2.1
.9 - 2 .5
4.8
4.9
8.9
3.7
.4
.7
4.1
19
27
28
29
30
31
1966
Public support rate (in per cent)...........................
Private financial intermediation (in per cent)........
- 2 .6 - 3 .2
- 9 .0 - 1 4 .0
- 1 .2
.6
10.7
9.3
- 4 .4
- .6
1.4
1.5
16.7
12.3
4.4
18.4
95.4
7.2
30.5
18.4
10.7
- 2 .3
.6
3.2
78.3 102.0
72.0 88.9
23.6 30.0
26.6 32.3
21.8 26.6
6.3
*
6.3
34.0
22.8
13.0
- 2 .9
- 3 .1
4.3
54.6 38
55.1 39
17.2 40
21.0 41
16.9 42
88.6
46
21.8
97.8
22.2
34.8
78.7
28.2
47
48
49
5.9
5.9
1.0 - . 8
4.9
6.7
6.4
8.4
- . 5 - 2 .5
5.9
2.8
3.1
4.4
1.5
1
2
3
4
5
28.0
88.9
25.2
Corporate equities not included above
1
2
Mutual fund shares........................... ....................
3
4
5 Other net purchases....................................................
3.5
4.8
5.5
6.4 10.0 10.4 14.8 12.9
8.0
3.2
3.7
5.8
3.0
4.8
2.6
1.1 - . 7 - 1 .6
.3
1.1
2.5
.6
5.2
7.7 13.6 13.6
9.6
6.1
6.0
9.1 10.8 12.2 11.4 19.3 16.0 13.4
- 2 .6 - 1 .2 - 3 .6 - 4 .4 - 2 .2 - 1 .0 - 4 .5 - 3 .1 - 5 .4
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 market funds raised by Federally sponsored credit agencies.
Included below in lines 13 and 33. Includes all GNMA-guaranteed
security issues backed by mortgage pools.
12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32.
Also sum of lines 27, 32, 39, and 44.
17. Includes farm and commercial mortgages.
25. Lines 39 + 44.
26. Excludes equity issues and investment company shares. Includes
line 18.
28. Foreign deposits at commercial banks, bank borrowings from foreign
branches, and liabilities of foreign banking agencies to foreign af
filiates.
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 PAYMENTS □ JUNE 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
1973
1974*
1973
1974
IV
III
IV*
3
Merchandise trade balance *.
Exports...........................
Imports...........................
471 -5 ,8 8 1
1,210
-6 ,9 8 6
-1 7 5 -1 ,6 7 4 -2 ,4 7 4 -1 ,5 5 8
48,768 70,277 97,081 20,216 22,212 23,921 24,731 26,217
-55,754 -69,806 -102,962 -19,006 -22,387 -25,595 -27,205 -27,775
4
5
Military transactions, net......................................
Travel and transportation, net.............................
-3 ,6 0 4
-3 ,0 5 5
6
7
8
Investment income, net 2......................................
U.S. direct investments abroad 2 .................
Other U.S. investments abroad.....................
Foreign investments in the United States 2 .
5,291
1,378
4,526
9,679
3,104
1,870
2,282
2,422
2,688
6,925
9,415 18,240
4,650
4,546
4,824
4,220
3,494
4,569
1,292
1,499
7,703
1,836
2,197
2,170
-5 ,8 9 3 -8 ,6 9 3 -16,263 -2 ,6 0 2 -3 ,0 4 5 -4 ,5 1 2 -4 ,7 3 9 -3 ,9 6 8
1
2
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
27
26
27
28
29
30
31
32
33
Other services, net 2 ..............................................
Balance on goods and services 3.
Not seasonally adjusted ........
Remittances, pensions, and other transfers... .
Balance on goods, services, and remittances.
Not seasonally adjusted ...........................
U.S. Government grants (excluding military).
Balance on current account...
Not seasonally adjusted.,
U.S. Government capital flows excluding nonscheduled
repayments, net 5....................................................................
Nonscheduled repayments of U.S. Government assets...........
U.S. Government nonliquid liabilities to other than foreign
official reserve agencies...........................................................
Long-term private capital flows, n et.........................................
U.S. direct investments abroad..........................................
Foreign direct investments in the United States...............
Foreign securities................................................................
U.S. securities other than Treasury issues........................
Other, reported by U.S. banks..........................................
Other, reported by U.S. nonbanking concerns.................
Balance on current account and long-term capital 5.
Not seasonally adjusted ......................................
Nonliquid short-term private capital flows, net.............
Claims reported by U.S. banks................................
Claims reported by U.S. nonbanking concerns
Liabilities reported by U.S. nonbanking concerns.
Allocations of Special Drawing Rights (SDR’s)............
Errors and omissions, n et................................................
Net liquidity balance..............
N ot seasonally adjusted . ,
34
35
36
37
38
39
40
41
Liquid private capital flows, net...............................
Liquid claims......................................................
Reported by U.S. banks............................
Reported by U.S. nonbanking concerns..
Liquid liabilities—.............................................
Foreign commercial banks........................
International and regional organizations.
Other foreigners........................................
42
Official reserve transactions balance, financed by changes in Not seasonally adjusted....................................................
43
44
45
46
47
48
49
50
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. Govt............................................................. .
U.S. official reserve assets, net................................................ .
G old....................................................................................
SDR’s ..................................................................................
Convertible currencies...................................................... .
Gold tranche position in IM F ..........................................
-2 ,2 6 6
-2 ,7 1 0
-2 ,0 9 9
-2 ,4 3 5
-123
-6 3 0
-5 0 0
-531
-668
-7 2 6
-473
-5 6 6
-458
-6 1 2
3,110
3,540
3,926
901
918
992
984
1,032
-6 ,0 0 9
4,327
3,191
2,736
3,800
2,816
3,948
-2 0 6
-4 5
-2 4 7
- 3 ,0 3 0
826
2,317
-1 ,6 2 4
-1,943
-1,775
-1 1 1
-3 9 0
-4 6 7
-4 5 6
-4 6 3
-7 ,6 3 4
2,383
1,416
2,019
3,077
2,426
3,584
-6 7 3
-5 1 4
-7 0 3
-3 ,5 0 2
363
1,848
-2 ,1 7 3
- 9 ,8 0 7
-1,933 -5,4 4 1
450
-1 ,7 0 5 -2 ,9 3 8
289
137
1,111
238
62
-9 8
-3 ,5 1 7 -4 ,8 7 2
383
2,537
-6 5 4
-8 0 7
4,051
4,507
-6 4 7
-1 ,1 5 8
341
-2 0 0
-1 1 ,2 3 5
-4 4 7 4-2,561
-1 ,4 3 5
-7 7 2
-673
1,572
2,653
4 -1 3 5
1,005
-2 ,1 0 8
- 1 ,9 9 0
-1 ,4 7 5
- 4 ,2 3 9
-3 1 0
1,199
408 -1 ,0 6 6
1
41,297
311
-186
-1,014
-4 ,0 2 5
634
-7 ,5 9 8
-6,8 0 1
2,308
-1,9 5 1
1,199
-1 ,1 8 6
-1 ,1 6 7
204
-1,451
-1,374
712
-5 2 5
670
-5 0 4
-4 3 0
53
504
-6 2 7
1,281
-6 4 6
687
-2 1
-1 7 0
273
-1,039
-1,527
1,677
-313
419
-9 0 2
-393
189
-2,402
-2,047
-8 9
-3 0 6
168
68
-1 9 6
119
-4,661
-2,600
-561
-6 8 6
-7 5
-331
-4 0 8
- 1 ,0 2 6 -1 0 ,5 8 0
-741
999
1,719
2,120
-2 ,5 6 3
-2 ,5 3 9
-3,874
-5,866
-1,253
-1,119
-6 6 4
530
-3,994
-2,817
-1,591
414
-5,296
-5,311
-6 9 5
710
-1,427
-1,653
-2 0 7
433
-6,441
-3 ,7 1 9
-1,541
-1 ,4 5 7
-305
221
710
-1 ,7 9 0
-4,276 -12,955
-3,940 -12,223
-1,240 -2 ,4 5 3
904
1,721
5,197
1,125
1,305
1,463
838
1,592
-13 ,8 5 6
-7,606 -18,338
-8 6 9
—89
-9 7 0
-1 4 4
-6 ,3 9 6
-6 ,7 8 4
-4 ,4 6 3
-5 ,7 7 3
-6 ,5 1 2
-5 ,6 3 7
3,502
-1,247
-7 4 2
-505
4,749
3,716
104
929
2,302 10,268
-1,944 -5 ,4 6 4
-1,103 -5 ,4 4 5
-841
-1 9
4,246 15,732
2,982 12,655
377
151
887
2,926
3,530
-493
-4 7 2
-2 1
4,023
3,227
384
412
2,016
-2,732
-2,368
-364
4,748
4,663
-530
615
1,874
-1,197
-1,261
64
3,071
2,161
297
613
4,143
133
-431
564
4,010
2,896
221
893
2,235
-1,668
-1,385
-283
3,903
2,935
163
805
-8 ,0 7 0
2,661
2,982
1,046
1,495
-4,522
-4,1 0 5
-3 2 0
-1 ,6 0 9
-4,277
-1 0 ,3 5 4
-2,303
-5 ,3 0 4
-2,238
-2,442
40
164
-3,851
9,734
4,452
8,253
-2 ,1 4 5
-5 5 7
4,255
1,263
3,295
399
1,118
596
-3 5 4
-277
182
61
630
189
32
547
-703
35
153
-4 7 5
209
655
-1,434
-1 4 7
-1 5
-2
-2 1 0
443
-358
-1
-1,003
215
137
9
233
-3 3
-1 7 2
3
-1,265
-1 5
-1
-209
-2 9
-8 5
-2 4 4
-123
-1 5 2
-728
-2 0
241
-84
4,189
2,772
1,790
487
393
542
352
504
4,521
8,124
548
945
-8 9
-1 4 4
-6 ,7 8 4
-5 ,7 7 3
-5 ,6 3 7
2,982
1,495
-4 ,1 0 5
-1 ,6 0 9
- 3 ,8 5 1
Memoranda:
51
52
53
Transfers under military grant programs (excluded from
lines 2, 4, and 14)...................................................................
Reinvested earnings of foreign incorporated affiliates of
U.S. firms (excluded from lines 7 and 20)............................
Reinvested earnings of U.S. incorporated affiliates of foreign
firms (excluded from lines 9 and 21)....................................
Balances excluding allocations of SDR’s:
54
Net liquidity, not seasonally adjusted..
-14,566
55
Official reserve transactions, N.S.A.
- 1 1,064\ - 5 ,3 0 4
For notes see opposite page.
- 7,606 -1 8 ,3 3 8
- 8 ,0 7 0
JUNE 1975 □ FOREIGN TRADE; U.S. RESERVE ASSETS
A 59
2. MERCHANDISE EXPORTS AND IMPORTS
(Seasonally adjusted; in millions of dollars)
Imports 2
Exports 1
19743
Trade balance
1972
1973
19743
197 2
1973
1974
1975
1972
1973
M onth:
Jan ....
Feb.. .
M ar...
A pr...
M a y ..
June..
July...
A ug...
Sept...
O ct...
N ov...
D ec...
4.074
3,824
3,869
3,820
3,882
3,971
4.074
4,197
4,176
4,316
4,473
4,558
4,955
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
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
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
-361
-649
-647
-596
-604
-497
-491
-530
-436
-421
-675
-444
-289
-413
-103
+ 133
-142
-4 7
+ 37
+ 32
+ 776
+ 589
+ 195
+ 658
+653
+232
-116
+ 83
-610
-257
-611
-882
-302
-9 6
+9
-388
-210
+917
+ 1 ,380
+ 557
Quarter:
I
I I
I I I ....
I V .. . .
11,767
11,673
12,447
13,347
15,337
16,783
18,327
20,413
22,324
24,077
25,084
26,509
26,917
13,403
13,370
13,903
14,888
16,140
16,838
17,483
18,972
21,555
24,863
26,878
26,984
24,830
-1 ,657
-1 ,697
-1 ,4 5 6
- 1 ,540
-804
-5 6
+ 845
+ 1 ,441
+ 769
-786
-1 ,794
-475
+2,087
Year4. ..
49,208
70,823
97,907
55,555
69,476
"100,218
-6,3 4 7
+ 1 ,348
c —2,311
1 Exports of domestic and foreign merchandise (f.a.s. value basis);
excludes Department of Defense shipments under military grant-aid
programs.
2 General imports, which includes imports for immediate consumption
plus entries into bonded warehouses.
3 Beginning with 1974 data, imports are reported on an f.a.s. trans
actions value basis; prior data are reported on a Customs import value
1975
1975
basis. For calender year 1974, the f.a.s. import transactions value was
$100.2 billion, about 0.7 per cent less than the corresponding Customs
import value of $101.0 billion.
4 Sum of unadjusted figures.
N ote . —Bureau of the Census data. Details
cause of rounding.
m ay
not add to totals be
3 . U .S . RESERVE A SSET S
(In millions of dollars)
Gold stock i
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
19 6 5 ...
19 6 6 ...
14,882
1 9 6 7 ...
14,830
1 9 6 8 ...
15,710
1969.. . 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
1974. . . 15,883
11,072
10,206
10,487
11,652
11,652
10,732
10,132
10,410
11,567
11,652
629
6276
241
8
5
1,935
585
465
552
1,852
End of
year
Total
1961...
1 9 6 2 ...
19 6 3 ...
1964.. .
Reserve
position
in
IMF
Gold stock
SDR’s 3
1974
M ay...
Ju n e ...
July....
Aug. . .
Sept__
O ct., . .
Nov__
Dec.. ..
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
of repurchase, and (b) gold deposited by the IMF to mitigate the impact
on the U.S. gold stock of foreign purchases for the purpose of making
gold subscriptions to the IM F under quota increases. For corresponding
liabilities, see Table 5.
2 Includes gold in Exchange Stabilization Fund.
3 Includes allocations by the IMF of Special Drawing Rights as follows:
$867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; and $710
million on Jan. 1, 1972; plus net transactions in SDR’s.
4 For holdings of F.R. Banks only, see p. A-9.
5 Includes gain of $67 million resulting from revaluation of the German
mark in Oct. 1969, of which $13 million represents gain on mark holdings
at time of revaluation.
6 Includes $28 million increase in dollar value of foreign currencies
revalued to reflect market exchange rates as of Dec. 31, 1971.
7 Total reserve assets include an increase of $1,016 million resulting
from change in par value of the U.S. dollar on May 8, 1972; of which,
NOTES TO TABLE 1 ON OPPOSITE PAGE:
1 Adjusted to balance of payments basis; excludes exports under U.S.
military agency sales contracts, and imports of 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 “Other services.”
3 Includes special military shipments to Israel that are excluded from the
“ net exports of goods and services” in the national income and products
(GNP) accounts of the United States.
4 Includes under U.S. Government grants $2 billion equivalent, rep
End of
month
1975— •
Feb
Mar.......
M ay. . . .
Total 2
Treasury
Con
vertible
foreign
curren
cies4
14,870
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
11.652
11,567
11,567
11,567
11,567
11,567
11,567
11,567
11.652
66
94
12
224
246
193
43
5
989
1,005
1,021
1,384
1,713
1,739
1 ,816
1,852
2,163
2,195
2,227
2,200
2,282
2,306
2,329
2,374
15.948
16.132
16,256
16,183
916,279
11,635
11,621
11,620
11,620
11,620
11.635
11,621
11,620
11,620
11,620
2
2
19
2
4
1,908
2,065
2,194
2,168
9 2,217
2,403
2,444
2,423
2,393
9 2,438
Total
Reserve
position
in
IMF
SDR’s 3
total gold stock is $828 million (Treasury gold stock $822 million), reserve
position in IMF $33 million, and SDR’s $155 million.
8 Total reserve assets include an increase of $1,436 million resulting
from change in par value of the U.S. dollar on Oct. 18, 1973; of which,
total gold stock is $1,165 million (Treas. gold stock $1,157 million)
reserve position in IMF $54 million, and SDR’s $217 million.
9 Beginning July 1974, the IMF adopted a technique for valuing the
SDR based on a weighted average of exchange rates for the currencies
of 16 member countries. The U.S. SDR holdings and reserve position
in the IMF are also valued on this basis beginning July 1974. At valua
tion used prior to July 1974 (SDR 1 = $1.20635) SDR holdings at end
of May amounted to $2,381 million, reserve position in IMF, $2,149
million, and total U.S. reserve assets, $16,154.
N ote .—See Table 20 for gold held under earmark at F.R. Banks for
foreign and international accounts. Gold under earmark is not included
in the gold stock of the United States.
resenting the refinancing of economic assistance loans to India; a cor
responding reduction of credits is shown in line 16.
5 Includes some short-term U.S. Govt, 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 of U.S. Federally sponsored agencies and U.S. corporations.
N ote . —Data are from U.S. Department of Commerce, Bureau of Eco
nomic Analysis. Details may not add to totals because of rounding.
A 60
GOLD RESERVES o JUNE 1975
4. GOLD R E S E R V E S O F CEN TRA L BA N K S A N D G O V E R N M E N T S
(In millions of dollars; valued at $35 per fine ounce through Apr. 1972, at $38 from May 1972-Sept. 1973, and at $42.22 thereafter)
End of
period
Esti
mated
total
world1
Intl.
Mone
tary
Fund
United
States
Esti
mated
rest of
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
6.478
11,652
11,652
11,652
11,652
11,652
11.652
11.652
11.652
11.652
31,660
231
231
231
231
231
231
231
231
231
169
169
169
169
169
169
169
169
169
312
312
312
312
312
312
312
312
312
882
882
882
882
882
882
882
882
882
1.781
1.781
1.781
1.781
1.781
1.781
1.781
1.781
1.781
927
927
927
927
927
927
927
927
927
97
97
97
97
97
97
97
97
97
77
77
77
76
76
76
76
76
76
103
103
103
103
103
103
103
103
103
*49,770
6.478
6.478
6.478
6.478
11,635
'11,621
'11,620 *31,670
11,620
231
231
231
231
169
169
312
312
312
312
882
882
882
882
1.781
1.781
1.781
1.781
927
927
927
927
97
97
97
76
76
76
76
France
Ger
many,
Fed.
Rep. of
Greece
Japan
Kuwait
1970..........................
1971..........................
1972................ ........
1973..........................
1974— Apr................
49,835
July...............
49,830
49,790
1975—Jan.................
Feb................
Mar...............
End of
period
31,705
31,700
India
Iran
Iraq
Aus
tralia
Italy
Aus
tria
Bel
gium
Canada
Leb
anon
China,
Rep. of
(Taiwan)
Libya
Den
mark
Egypt
Mexi
co
Nether
lands
1970..........................
..........................
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 1971
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—Apr................
Mav..............
June..............
July...............
Aug...............
Sept..............
Oct.................
Nov...............
Dec................
4.262
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
4.966
149
149
150
150
150
150
150
150
150
293
293
293
293
293
293
293
293
293
159
159
159
158
158
158
158
158
158
173
173
173
173
173
173
173
173
173
3.483
3.483
3.483
3,483
3,483
3.483
3.483
3,483
3,483
891
891
891
891
891
891
891
891
891
118
142
130
130
130
130
138
138
148
389
389
389
389
389
389
389
389
389
103
103
103
105
107
103
103
103
103
155
154
154
154
154
154
154
154
154
2.294
2.294
2.294
2.294
2.294
2.294
2.294
2.294
2.294
1975—Jan.................
Feb................
Mar...............
Apr.*............
4.262
4.262
4.262
4.262
4.966
4.966
4.966
4.966
150
150
150
150
293
293
158
158
158
158
173
173
173
3.483
3.483
3.483
3.483
891
891
891
891
140
140
154
154
389
389
389
389
103
103
103
103
154
2.294
2.294
2.294
2.294
Portu
gal
Saudi
Arabia
South
Africa
Spain
Thai
land
Turkey
United
King
dom
End of
period
Paki
stan
Sweden Switzer
land
Uru
guay
Vene
zuela
Bank
for Intl.
Settle
ments2
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
—282
310
218
235
1974— Apr................
May..............
June.......... ..
July...............
Aug...............
Sept...............
Oct.................
Nov...............
Dec................
67
67
67
67
67
67
67
67
67
1,180
1,180
1,180
1,180
1,180
1,180
1,180
1,180
1,180
129
129
129
129
129
129
129
129
129
780
777
781
788
778
778
786
774
771
602
602
602
602
602
602
602
602
602
244
244
244
244
244
244
244
244
244
3,513
3,513
3.513
3.513
3.513
3.513
3.513
3.513
3.513
99
99
99
99
99
99
99
99
99
151
151
151
151
151
151
151
151
151
886
886
886
886
886
886
886
886
886
148
148
148
148
148
148
148
148
148
472
472
472
472
472
472
472
472
472
271
247
259
259
255
259
271
251
250
1975—Jan.................
Feb................
Mar...............
Apr.*............
67
67
67
'1,175
'1 ,175
129
764
759
755
747
602
602
602
244
244
244
244
3.513
3.513
3.513
3.513
99
99
99
99
151
151
151
151
148
148
472
472
472
472
265
272
259
260
i Includes reported or estimated gold holdings of international and
regional organizations, central banks and govts, of countries listed in
this table, and also of a number not shown separately here, and gold to be
distributed by the Tripartite Commission for the Restitution of Monetary
Gold; excludes holdings of the U.S.S.R., other Eastern European coun
tries, and China Mainland.
The figures included for the Bank for International Settlements are
the Bank’s gold assets net of gold deposit liabilities. This procedure
avoids the overstatement of total world gold reserves since most of the
gold deposited with the BIS is included in the gold reserves of individual
countries.
2 Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets minus gold deposit liabilities.
JUNE 1975 o INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 61
5 . U .S . LIQ U ID AND O TH ER LIA B ILITIES TO FOREIG N OFFICIA L IN S T IT U T IO N S , AND L IQ U ID
LIA B ILITIES TO ALL O T H ER FO R E IG N ER S
(In millions of dollars)
Liabilities to foreign countries
End
of
period
Total
Liquid
liabili
ties to
IM F
arising
from
gold
trans
actions!
Official institutions2
Liquid
Total
Short
term
liabili
ties re
ported
by
banks
in
U.S.
Nonmar
Market ketable
able
con
vertible
U.S.
U.S.
Treas.
Treas.
bonds
and
bonds
aiid
notes3
notes
Liquid liabilities to
other foreigners
Liquid
Nonmar
liabili
ketable Other
noncon readily to ties
com
vertible
market mercial
U.S.
able
banks
Treas.
liabili abroad 6
bonds
ties5
and
notes4
Total
Liquid
liabili
ties to
non
mone
Short
tary
Market
term
inti,
able
liabili
and re
ties re
U.S.
gional
ported
Treas. organi
by
bonds zations 8
banks
and
in
notes3*7
U.S.
1963............................
26,394
800
14,425
12,467
1,183
703
63
9
5,817
3,387
3,046
341
1,965
1964 9.........................
/29,313
\29,364
800
800
15,790
15,786
13,224
13,220
1,125
1,125
1,079
1,079
204
204
158
158
7,271
7,303
3,730
3,753
3,354
3,377
376
376
1,722
1,722
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
131,020
1,011
1,011
14,841
14,896
12,484
12,539
860
860
256
256
328
328
913
913
10,116
9,936
4,271
4,272
3,743
3,744
528
528
906
905
1967 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 n>15,975
15,998
1,019
11,054
11,077
346
346
10 555 102,515
555
2,515
1,505
1,505
23,638
23,645
4,464
4,589
3,939
4,064
525
525
659
663
1969 9......................... *o/45,755
\45,914
1970—Dec.9...............
J47,009
146,960
566
566
23,786
23,775
19,333
19,333
306
295
429
429
3,023
3,023
695
695
17,137
17,169
4,676
4,604
4,029
4,039
647
565
844
846
1971—Dec. u .............
J67,681
167,808
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—Dec..................
82,862
61,526
40,000
5,236
12,108
3,639
543
14,666
5,043
4,618
425
1,627
1973_Dec..................
92,404
66,810
43,919
5,701
12,319
3,210
1,661
17,661
5,930
500
430
2,003
1974—Apr..................
May.................
June................
July..................
Aug.................
Sept.................
Oct..................
Nov.................
Dec..................
97,825
101,285
104,026
107,110
109,942
110,628
111,940
115,616
118,898
67,154
68,150
69,994
71,091
70,970
72,606
73,718
75,061
76,570
45,175
46,167
47,430
48,429
48,382
50,114
50,891
51,809
53,057
5,020
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
12,330
3.210
3.210
3.655
3.655
3.655
3.655
3.867
3.867
3.867
1,419
1,430
1,566
1,664
1,663
1,627
1,750
2,149
2,257
22,520
24,639
25,103
26,810
29,355
27,980
27,970
29,668
30,248
6,802
6,894
7,159
7,338
7,522
8,051
8,125
8,407
8,783
6,385
6,528
6,796
6,961
7,156
7,658
7,694
7,926
8,285
417
366
363
377
366
393
431
481
498
1,349
1,602
1,770
1,871
2,095
1,991
2,127
2,480
3,297
1975—Jan...................
Feb..................
M ar.*..............
Apr.*...............
118,022
119,466
120,079
121,206
75,793
78,552
79,068
79,015
51,774
54,203
53,683
53,490
5,177
5,359
6,003
5,938
12.457
12.457
12.457
12.457
3,867
3,867
3,867
3,907
2,518
2,666
3,058
2,223
29,374
27,649
27,853
29,329
8,692
9,050
9,013
8,823
8,184
8,440
8,405
8,199
508
610
608
624
4,163
4,215
4,145
4,039
1 Includes (a) liability on gold deposited by the IMF to mitigate the
impact on the U.S. gold stock of foreign purchases for gold subscriptions
to the IM F under quota increases, and (b) U.S. Treasury obligations at
cost value and funds awaiting investment obtained from proceeds of sales
of gold by the IM F to the United States to acquire income-earning assets.
2 Includes BIS and European Fund.
3 Derived by applying reported transactions to benchmark data;
breakdown of transactions by type of holder estimated 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 of U.S. Federally-sponsored agencies and U.S. cor
porations.
6 Includes short-term liabilities payable in dollars to commercial banks
abroad and short-term liabilities payable in foreign currencies to commer
cial banks abroad and to other foreigners.
7 Includes marketable U.S. Treasury bonds and notes held by commer
cial banks abroad.
8 Principally the International Bank for Reconstruction and Develop
ment and the Inter-American and Asian Development Banks.
9 Data on the 2 lines shown for this date differ because of changes
in reporting coverage. Figures on first line are comparable with those
shown for the preceding date; figures on second line are comparable with
those shown for the following date.
1° Includes $101 million increase in dollar value of foreign currency
liabilities resulting from revaluation of the German mark in Oct. 1969 as
follows: liquid, $17 million, and other, $84 million.
11 Data on the second line differ from those on first line because cer
tain accounts previously classified as official institutions are included
with banks; a number of reporting banks are included in the series for
the first time; and U.S. Treasury securities payable in foreign currencies
issued to official institutions of foreign countries have been increased in
value to reflect market exchange rates as of Dec. 31, 1971.
N ote .—Based on Treasury Dept, data and on data reported to the
Treasury Dept, by banks and brokers in the United States. Data correspond
generally to statistics following in this section, except for the exclusion
of nonmarketable, nonconvertible U.S. Treasury notes issued to foreign
official nonreserve agencies, the inclusion of investments by foreign
official reserve agencies in debt securities of U.S. Federally-sponsored
agencies and U.S. corporations, and minor rounding differences. Table
excludes IMF holdings of dollars, and holdings of U.S. Treasury letters
of credit and nonnegotiable, non-interest-bearing special U.S. notes held
by other international and regional organizations.
A 62
INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 1975
6. U .S . LIQ U ID AND O T H ER LIABILITIES TO OFFICIA L IN S T IT U T IO N S
OF FO R E IG N C O U N T R IE S , BY AREA
(Amounts outstanding; in millions of dollars)
Total
foreign
countries
Western
Europe1
197 1
197 2
197 3
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— Apr.. .
May..
Ju n e ..
July. .
Aug...
Sept...
Oct...
N ov...
Dec...
67,154
68,150
69,994
71,091
70,970
72,606
73,718
75,061
76,570
42,638
42,951
43,200
43,002
42,292
42,680
43,041
43,223
44,169
4,309
4,302
4,201
4,125
3,953
3,819
3,809
3,710
3,665
3,532
3,384
4,006
3,951
4,127
4,421
4,046
3,742
4,419
12,360
12,988
13,992
15,209
15,526
16,182
17,186
18,525
18,529
1,402
1,620
1,854
2,055
2,272
2,850
2,947
3,204
3,161
2,913
2,905
2,741
2,749
2,800
2,654
2,689
2,657
2,627
1975—Jan.. .
F eb ...
Mar.p
Apr.».
75,793
78,552
79,068
79,015
43,234
44,707
45,786
44,983
3,626
3,616
3,546
3,251
3,659
4,224
4,390
4,506
19,480
20,198
19,325
20,072
3,232
3,356
3,433
3,493
2,562
2,451
2,588
2,710
End o f period
1 Includes Bank for International Settlements and European Fund.
2 Includes countries in Oceania and Eastern Europe, and Western Euro
pean dependencies in Latin America.
N o te .— Data represent short- and long-term liabilities to the official
institutions of foreign countries, as reported by banks in the United States;
S H O R T -TE R M
Canada
Latin
American
republics
LIA B ILITIES TO F O R E IG N E R S R E P O R T E D BY BA N K S
IN T H E U N ITE D STA T E S, BY TYPE
(Amounts outstanding; in millions of dollars)
To nonmonetary international
and regional organizations 6
Payable in dollars
Total i
U.S.
Treasury
bills and
Time2 certifi
cates 3
Deposits
Total
Demand
Other
short
term
liab.4
Payable
in
foreign
cur
rencies
197 1
197 2
197 3
55,428
60,697
69,022
55,036
60,201
68,425
6,459
8,290
11,310
4,217
5,603
6,863
33,025
31,850
31,886
11,335
14,458
18,366
392
496
597
1974—Apr...
M ay..
June..
Ju ly ..
Aug..
Sept..
O ct...
Nov..
Dec...
75,244
78,721
80,982
83,945
86,815
87,652
88,552
91,439
94,755
74,537
78,068
80,190
83,279
86,069
86,957
87,833
90,695
93,989
11,977
11,672
12,856
12,222
11,841
12,769
11,228
12,860
14,054
7,303
7,609
8,253
8,643
9,073
9,222
9,789
9,532
10,081
32,676
33,983
34,038
34,178
33,179
33,467
34,187
35,020
35,662
22,581
24,805
25,043
28,235
31,976
31,499
32,628
33,283
34,192
1975—Jan...
Feb...
Mar.*>
Apr.2.
93,244
94,247
93,406
94,597
92,523
93,514
92,724
93,856
12,298
12,144
12,321
11,699
10,157
10,322
10,162
10,383
38,108
40,428
40,094
40,424
31,960
30,620
30,148
31 ,350
For notes see opposite page.
Other
countries2
Africa
foreign official holdings of marketable and nonmarketable U.S. Treasury
securities with an original maturity of more than 1 year, except for non
marketable notes issued to foreign official nonreserve agencies; and in
vestments by foreign official reserve agencies in debt securities of U.S.
Federally-sponsored agencies and U.S. corporations.
To all foreigners
End of period
Asia
IMF
gold
invest
ment5
Deposits
Total
U.S.
Treasury
bills and
certifi
Demand Time2
cates
Other
short
term
liab. 7
1,367
1,413
1,955
73
86
101
192
202
83
210
326
296
892
800
1,474
706
653
792
666
746
696
719
744
766
1,164
1,388
1,653
1,745
1,921
1,900
1,997
2,036
3,165
60
95
106
121
81
128
125
128
139
57
53
66
66
68
69
89
89
105
209
46
91
51
146
75
93
94
497
838
1,194
1,390
1,508
1,627
1,629
1,690
1,725
2,424
721
733
682
742
3,911
3,955
3,465
3,580
123
118
189
99
104
95
107
116
1,234
1,260
777
781
2,450
2,482
2,391
2,583
400
JUNE 1975 □ INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 63
7 . SH O R T -TE R M LIABILITIES TO F O R E IG N E R S R E P O R T E D BY BAN KS
IN T H E U N ITE D STA T E S, BY TYPE— C o n tin u e d
(Amounts outstanding; in millions of dollars)
To official institutions 8
Total to official, banks and other foreigners
Payable in dollars
End of period
Total
Deposits
Demand
Time2
U.S.
Treasury
bills and
certifi
cates 3
Other
short
term
liab.4
Payable
in
foreign
cur
rencies
Payable in dollars
Total
Deposits
Demand
Time2
U.S.
Treasury
bills and
certifi
cates 3
Payable
Other
in
short foreign
term currencies
liab. 7
1971.......................
1972.......................
1973.......................
53,661
59,284
67,067
6,386
8,204
11,209
4,025
5,401
6,780
32,415
31,523
31,590
10,443
13,659
16,892
392
496
597
39,018
40,000
43,919
1,327
1,591
2,125
2,039
2,880
3,911
32,311
31,453
31,511
3,177
3,905
6,245
165
171
127
1974—Apr.............
May............
June............
July.............
Aug.............
Sept.............
Oct.. ...........
Nov.............
Dec.............
74,080
77,334
79,329
82,200
84,893
85,752
86,555
89,403
91,590
11,917
11,577
12,750
12,102
11,760
12,641
11,104
12,732
13,915
7,246
7,556
8,187
8,578
9,005
9,153
9,700
9,443
9,976
32,467
33,937
33,947
34,128
33,033
33,392
34,094
34,927
35,165
21,742
23,611
23,652
26,727
30,349
29,870
30,938
31,558
31,768
706
653
792
666
746
696
719
744
766
45,175
46,167
47,430
48,429
48,382
50,114
50,891
51,809
53,057
2,920
2,352
2,643
2,561
2,473
2,824
2,168
2,472
2,951
3,949
4,025
4,277
4,445
4,429
4,313
4,483
4,122
4,324
32,312
33,731
33,745
33,749
32,687
32,955
33,634
34,467
34,656
5,867
5,931
6,638
7,547
8,665
9,895
10,478
10,621
10,999
127
127
127
127
127
127
127
127
127
1975—Jan..............
Feb.............
Mar.*..........
Apr.*..........
89,332
90,292
89,941
91,018
12,174
12,026
12,131
11,599
10,053
10,226
10,054
10,267
36,874
39,169
39,316
39,643
29,510
28,138
27,757
28,766
721
733
682
742
51,774
54,203
53,683
53,490
2,188
2,061
2,326
2,147
4,351
4,306
4,284
4,203
36,531
38,840
39,015
39,275
8,706
8,996
8,059
7,864
To other foreigners
To banks9
Payable in dollars
End of period
Total
Deposits
Total
Demand
Time2
U.S.
Treasury
bills and
certifi
cates
Other
short
term
liab.4
Deposits
Total
Demand
Time2
U.S.
Treasury
bills and
certifi
cates
Other
short
term
liab. 7
To banks
and other
foreigners
Payable in
foreign
cur
rencies
1971.......................
1972.......................
1973.......................
14,643
19,284
23,147
10,721
14,340
17,178
3,399
4,658
6,941
320
405
515
8
5
11
6,995
9,272
9,710
3,694
4,618
5,500
1,660
1,955
2,143
1,666
2,116
2,353
96
65
68
271
481
936
228
325
469
1974—Apr.............
May............
June............
July.............
Aug.............
Sept.............
Oct..............
Nov.............
Dec.............
28,905
31,167
31,899
33,771
36,511
35,639
35,664
37,594
38,533
21,940
24,113
24,439
26,271
28,736
27,411
27,379
29,051
29,609
6,599
6,910
7,689
7,105
6,890
7,096
6,361
7,622
8,253
677
788
996
1,165
1,426
1,576
1,796
1,713
1,856
63
82
95
204
200
258
268
253
232
14,601
16,334
15,660
17,797
20,220
18,481
18,954
19,463
19,268
6,385
6,528
6,795
6,961
7,156
7,659
7,694
7,927
8,285
2,398
2,315
2,419
2,436
2,397
2,722
2,574
2,638
2,710
2,620
2,744
2,915
2,967
3,150
3,264
3,422
3,608
3,796
92
124
107
175
145
179
193
207
277
1,274
1,346
1,355
1,383
1,464
1,495
1,505
1,474
1,502
579
526
665
539
618
568
591
617
639
1975—Jan..............
Feb.............
Mar.*..........
Apr.*..........
37,558
36,089
36,258
37,528
28,654
26,916
27,171
28,587
7,362
7,145
7,066
6,898
1,943
2,048
1,844
2,074
158
129
101
148
19,192
17,594
18,161
19,467
8,184
8,441
8,405
8,200
2,625
2,820
2,740
2,555
3,760
3,872
3,927
3,990
186
200
200
220
1,613
1,548
1,537
1,434
721
733
682
742
1 Data exclude “holdings of dollars” of the IMF.
2 Excludes negotiable time certificates of deposit, which are included
in “ Other short-term liabilities.”
3 Includes nonmarketable certificates of indebtedness and Treasury
bills issued to official institutions of foreign countries.
4 Includes liabilities of U.S. banks to their foreign branches, liabilities
of U.S. agencies and branches of foreign banks to their head offices and
foreign branches, bankers’ acceptances, commercial paper, and negotiable
time certificates of deposit.
5 U.S. Treasury bills and certificates obtained from proceeds of sales of
gold by the IM F to the United States to acquire income-earning assets.
Upon termination of investment, the same quantity of gold was reac
quired by the IMF.
6 Principally the International Bank for Reconstruction and Develop
ment and the Inter-American Development Bank.
Includes difference between cost value and face value of securities in
IMF gold investment account.
7 Principally bankers’ acceptances, commercial paper, and negotiable
time certificates of 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 or having
an original maturity of 1 year or less. For data on long-term liabilities
reported by banks, see Table 9. Data exclude the holdings of dollars
of the International Monetary Fund; these obligations to the IMF consti
tute contingent liabilities, since they represent essentially the amount of
dollars available for drawings from the IMF by other member countries.
Data exclude also U.S. Treasury letters of credit and nonnegotiable, noninterest-bearing special U.S. notes held by the In ter-American Develop
ment Bank and the International Development Association.
INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 1975
A 64
8.
SH O R T -TE R M LIA B ILITIES TO F O R E IG N E R S R E P O R T E D BY BAN KS
IN T H E U N ITE D STA T E S, BY C O U N TR Y
(End of period. Amounts outstanding; in millions of dollars)
Area and country
1974
1973
1975
Dec.
Jan.
Feb.
Mar.*
Apr.*
568
2,047
285
223
3,920
8,623
255
2,748
3,009
1,131
411
347
1,071
8,974
121
7,565
136
3,218
44
136
Nov.
1
1
!
557
1 2,295
338
!
i
262
3,822
9,102
213
2,192
3,177
1,181
338
332
1,103
9,378
102
8,166
105
3,432
33
140
607
2,506
369
266
4,274
9,420
248
2,617
3,234
1,040
310
382
1,138
10,007
152
7,501
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
6,580
187
3,103
65
172
624
2,647
324
204
4,035
10,801
242
2,260
3,242
826
303
320
1,215
9,453
131
6,208
168
2,859
59
120
635
2,539
370
202
4,226
11,236
192
2,448
3,459
843
288
358
1,209
8,862
243
7,053
158
2,601
35
218
629
2,810
340
212
4,600
10,229
202
2,498
3,302
1,827
247
361
1,477
8,807
103
7,065
122
2,517
34
122
45,438
44,833
46,267
48,595
45,848
46,040
47,176
46,503
3,250 ! 3,754
4,226
3,725
3,503
3,405
3,789
3,456
3,956
1,105
1,216
873
266
293
7
1,643
511
182
120
3,217
1,214
123
553
1,017
1,678
894
270
292
6
1,731
484
177
128
2,992
1,113
138
508
938
1,741
951
297
305
7
1,731
474
183
140
2,896
1,176
135
839
886
1,452
1,034
276
305
7
1,770
488
272
147
3,413
1,316
158
515
900
2,160
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
1,757
1,065
258
326
8
1,668
517
225
171
3,501
1,348
143
492
886
2,465
1,077
278
313
6
1,727
656
217
174
3,559
1,398
113
737
13,101
11,321
11,429
11,815
12,038
12,359
12,302
12,301
13,607
39
772
470
172
863
226
9,991
215
762
451
3,614
40
842
490
131
785
211
9,912
277
715
403
4,252
40
822
621
158
943
217
10,136
304
748
362
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
82
73 63
1,017
1,015
546
528
177
183
1,083
497
473
508
10,909 11,390
327
311
642
745
327
455
6,136
4,651
1,038
543
127
582
490
11,043
345
670
451
4,820
10,826
17,576
18,060
19,076
19,874
21,147
21,073
21,307
21,708
20,368
20,170
35
11
114
87
808
91
54
170
46
2,042
105
63
156
46
2,258
73
79
157
43
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
1,056
2,403
2,627
3,244
3,333
3,604
3,551
3,664
3,809
3,848
3,867
3,131
59
2,848
58
2,926
68
2,847
72
2,788
71
2,759
86
2,742
89
2,661
88
2,568
76
2,725
66
2,856
60
2,906
2,994
2,918
2,859
2,845
2,831
2,748
2,644
2,792
2,916
82,200
84,893
85,752
86,555
89,403
91,590
89,332
90,292
89,941
91,018
1,383
253
108
1,567
262
93
1,534
261
103
1,665
232
100
1,752
213
70
2,894
202
69
3,636
226
50
3,677
222
57
3,214
207
44
3,298
202
80
Dec.
July
Aug.
Sept.
Oct.
Sweden......................................................
Switzerland..............................................
Turkey......................................................
United Kingdom.....................................
Yugoslavia................................................
Other Western Europe *..........................
U.S.S.R.....................................................
Other Eastern Europe.............................
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
484
1,828
239
203
3,763
12,602
222
1,327
2,232
878
429
362
1,160
7,216
134
8,558
106
2,851
27
133
530
1,937
251
229
3,611
11,873
298
1,101
2,234
894
422
303
1,049
7,850
106
9,071
100
2,829
26
147
597
1,933
268
219
3,561
9,337
293
3,138
2,498
1,023
435
377
1,096
8,393
100
8,709
151
3,122
40
149
Total..................................................
40,742
44,755
44,861
Canada..........................................................
3,627
3,595
924
824
860
158
247
7
1,285
282
135
120
1,468
884
71
359
1,252
1,546
778
279
264
7
1,411
566
197
122
2,600
1,183
92
672
1,189
3,201
817
253
285
6
1,610
445
185
115
2,999
1,066
103
828
7,626
10,966
38
757
372
85
133
327
6,954
195
515
247
1,202
Europe:
Belgium-Luxembourg..............................
Germany..................................................
Greece......................................................
Italy..........................................................
Portugal....................................................
Latin America:
Brazil........................................................
Chile..........................................................
Panam a....................................................
Peru..........................................................
Uruguay....................................................
Venezuela..................................................
Netherlands Antilles and Surinam.........
Other Latin America...............................
Asia:
China, People’s Rep. of (China Mainland)
China, Republic of (Taiwan)...................
Hong Kong..............................................
India..........................................................
Indonesia..................................................
Israel.........................................................
Japan........................................................
K orea........................................................
Philippines................................................
Thailand....................................................
O ther........................................................
Africa:
Egypt.........................................................
Morocco...................................................
South Africa.............................................
Zaire..........................................................
Total..................................................
Other countries:
Total..................................................
3,190
Total foreign countries................................
67,067
International and regional:
International2...........................................
Latin American regional.........................
Other regional3........................................
1,627
272
57
1,955
1,745
1,921
1,900
1,997
2,036
3,165
3,911
3,955
3,465
3,580
Grand to tal.......................................
69,022
83,945
86,815
87,652
88,552
91,439
94,755
93,244
94,247
93,406
94,597
For notes see opposite page.
JUNE 1975 □ INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 65
8. S H O R T -T E R M LIABILITIES TO F O R E IG N E R S R E P O R T E D BY BAN KS
IN T H E U N ITE D STA T E S, BY CO U N TR Y — C o n tin u e d
(End of period. Amounts outstanding; in millions of dollars)
Supplementary data4
1974
1973
1972
Area and country
1972
Dec.
Apr.
Dec.
Apr.
Dec.
Other Western Europe;
Cyprus.......................................
Iceland......................................
Ireland, Rep. o f........................
3
9
17
9
12
22
19
8
62
10
11
53
7
21
29
Other Latin American republics:
Bolivia..................................... .
Costa Rica................................
Dominican Republic.............. .
Ecuador....................................
El Salvador............................. .
Guatemala............................... .
Haiti.........................................
Honduras.................................,
Jam aica.....................................
Nicaragua.................................
Paraguay...................................
Trinidad and Tobago............
87
92
114
121
76
132
27
58
41
61
22
20
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
Other Latin America:
Bermuda.................................. .
British West Indies................. .
(2)
36
127
100
242
109
201
354
116
Other Asia:
Afghanistan............................. .
Burma...................................... .
Cambodia.................................
Jordan.......................................
25
2
3
4
19
17
3
4
22
12
2
6
11
42
4
6
18
4
22
1 Includes Bank for International Settlements and European Fund.
2 Data exclude holdings of dollars of the International Monetary Fund.
3 Asian, African, and European regional organizations, except BIS and
European Fund, which are included in “Europe.”
1973
1974
Area and country
Dec.
Apr.
Dec.
Other Asia—Cont.:
Laos................................
Lebanon..........................
Malaysia......................... .
Pakistan.......................... .
Singapore........................
Sri Lanka (Ceylon)........
Vietnam...........................
Oil-producing countries 5
2
55
54
59
77
5
135
534
3
55
59
93
53
6
98
486
3
62
58
105
141
13
88
652
Other Africa:
Algeria.............................
Ethiopia (incl. Eritrea)..,
Ghana............................. .
Kenya............................. .
Liberia.............................
Libya................................
Nigeria............................
Southern Rhodesia........
Sudan.............................. .
Tanzania......................... .
Tunisia............................ .
Uganda........................... .
Zambia........................... .
32
51
57
75
28
10
19
23
30 ’ 31
393
312
85
140
2
1
3
3
11
16
11
10
19
7
28
37
111
79
20
23
42
331
78
2
3
12
7
6
22
110
118
22
20
29
257
736
1
2
12
17
11
66
67
95
18
34
39
33
47
All other:
New Zealand..................
30
Apr.
Dec.
3
3
68
119
40
63
108
91
165
240
13
14
98
126
1,331 4,640
39
2
4
11
19
13
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).
9 . LONG-TERM LIABILITIES TO F O R E IG N E R S R E P O R T E D
BY BANKS IN T H E U N ITE D STA TES
(Amounts outstanding; in millions of dollars)
To
inti.
and
regional
To foreign countries
Country or area
End of period
Total
1971..............................
1070 2
1973..............................
902
/1,000
(1,018
1,467
446
562
580
761
457
439
439
706
144
93
93
310
257
259
259
296
56
87
87
100
164
165
165
165
52
63
63
66
30
32
32
245
111
136
136
132
1974—Apr....................
M ay..................
June..................
July...................
Aug...................
Sept...................
Oct....................
Nov...................
Dec....................
1,690
1,657
1,650
1,689
1,533
1,402
1,332
1,318
1,320
1,025
1,005
974
978
1,005
920
852
832
820
665
652
676
711
528
482
480
485
500
294
296
321
337
136
93
111
112
124
282
282
283
299
316
316
299
298
298
89
74
73
75
76
73
71
75
79
165
165
165
171
170
170
170
170
170
56
56
56
56
60
60
48
48
48
227
220
220
231
45
45
45
45
45
1975—Jan.....................
Feb....................
M ar.p...............
Apr.**.................
1,406
1 ,441
1,523
1 ,401
846
776
795
626
560
666
728
774
223
336
406
462
266
264
255
253
71
66
67
59
150
147
137
134
42
41
41
41
26
23
24
23
Total
Official
institu
tions
Other
Banks1 foreign
ers
1 Excludes central banks, which are included with “Official institutions.”
Ger
many
United
King
dom
Total
Latin
Other
Europe America
Other
Asia
All
other
coun
tries
3
1
1
5
87
32
32
78
9
10
10
16
152
144
144
142
141
123
116
116
115
2
2
2
2
1
1
1
1
1
50
52
77
97
97
70
87
88
101
13
13
12
13
13
13
13
17
20
118
119
120
116
1
1
200
313
383
438
21
21
21
21
Japan
2 Data 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. □ JUNE 1975
10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. TREASURY BONDS AND NOTES
(End of period; in millions of dollars)
1974
Apr.
Europe:
7
260
33
457
89
5
Sweden.............................................
Switzerland......................................
United Kingdom.............................
Other Western Europe...................
Eastern Europe...............................
Total.........................................
Latin America:
Latin American republics...............
Other Latin America......................
June
May
7
260
35
428
87
5
July
9
260
35
426
97
5
7
260
34
424
89
5
Aug.
9
260
34
439
101
5
1975
Sept.
10
250
34
459
96
5
Oct. r
Nov.r
D ecr
Jan.r
10
250
30
485
102
5
10
276
30
498
98
5
10
251
30
493
97
5
11
252
31
529
89
5
Feb.
Mar.*
Apr.*
12
252
30
578
83
3
14
252
29
598
283
5
14
252
32
611
292
5
851
823
819
832
849
854
883
917
885
916
959
1,180
1,206
848
849
849
851
756
706
707
711
713
697
584
588
460
11
3
11
5
11
5
11
5
11
5
11
17
11
25
11
62
12
88
11
88
91
148
11
114
11
107
14
16
16
16
16
28
36
74
100
99
239
125
118
Asia:
Japan................................................
Other Asia.......................................
3,531
11
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
T otal........................................
3,542
3,510
3,510
3,509
3,510
3,509
3,509
3,509
3,709
3,822
4,037
4,567
4,617
Africa...................................................
157
157
157
156
151
151
151
151
151
151
151
151
161
All other..............................................
25
25
25
25
25
25
25
25
Total foreign countries.......................
5,437
5,379
5,376
5,390
5,306
5,273
5,311
5,387
5,557
5,685
5,969
6,611
6,562
International and regional:
International....................................
Latin American regional..................
141
44
174
41
57
60
51
75
102
71
23
68
71
52
71
67
61
61
180
61
190
59
592
79
383
77
185
214
117
126
173
91
123
138
122
240
249
671
460
5,622
5,594
5,493
5,516
5,479
5,364
5,434
5,525
5,680
5,925
6,218
7,282
7,022
Total..........................................
N ote.— Data represent estimated official and private holdings of marketable U.S. Treasury securities with an original maturity of more than 1
year, and are based on benchmark surveys of holdings and regular monthly
reports of securities transactions (see Table 14).
1 1 . SH O R T -TE R M CLAIM S ON F O R E IG N E R S R E PO R T ED BY BANKS
IN THE U N ITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in dollars
Payable in foreign currencies
Loans to -
End of period
Total
Official
institu
tions
Accept
Collec ances
tions
made
out for acct.
Banks1 Others2 stand of for
ing
eigners
Other
Total
Foreign
govt, se
Deposits curities,
with for coml.
eigners and fi
nance
paper
Other
1971............
19723 ..........
1973.............
13,272
15,471
15,676
20,698
12,377
14,625
14,£30
20,036
3,969
5,674
5,671
7,660
229
162
162
284
2,080
2,975
2,970
4,538
1,660
2,537
2,540
2,839
2,475
3,269
3,276
4,307
4,254
3,204
3,226
4,160
1,679
2,478
2.657
3,910
895
846
846
662
548
441
441
428
173
223
223
119
174
182
182
115
1974—A p r...
M ay..
Ju n e..
Ju ly ..
Aug..
Sept..
O ct...
Nov..
Dec..,
26,695
29,874
32,383
33.680
35,216
34,132
34,250
36,393
38.680
25,838
28,990
31,426
32,677
34,411
33,214
33,220
35,365
37,470
9,537
9,916
11,450
10,882
11,590
10,598
10,074
11,040
11,342
354
367
390
480
452
526
371
439
394
6,124
6,355
7,726
6,831
7,792
6,719
6,371
7,174
7,389
3,059
3,194
3,334
3,571
3,346
3,354
3,332
3,426
3,559
4,805
5,081
5,107
5,152
5,295
5,245
5,356
5.345
5,637
5,838
6,624
7,599
9,177
9,459
9,538
10,034
10,693
11,190
5.657
7,369
7,270
7,467
8,067
7,832
7,756
8,287
9,301
857
884
957
1,003
805
918
1,030
1,028
1,210
589
611
687
626
461
468
547
515
668
99
113
130
207
180
217
243
283
289
169
160
141
170
164
233
240
229
253
1975—Jan...
Feb...
Mar..
Apr.*
38,881
39,721
41,873
42,789
37,592
38,532
40,713
41,530
10,232
10,313
9,942
10,659
361
378
309
362
6,318
6,414
5,999
6,519
3,553
3,521
3,634
3,778
5,565
5.346
5,415
5,339
10,995
11,090
11,294
11,441
10,800
11,783
14,062
14,091
1,289
1,190
1,160
1,260
719
609
573
764
351
336
290
241
219
244
297
254
1 Excludes central banks, which are included with “Official institutions.”
2 Includes International and Regional Organizations.
3 Data on the 2 lines shown for this date differ because of changes
in reporting coverage. Figures on the first line are comparable in cover
age with those shown for the preceding date; figures on the second line
are comparable with those shown for the following date.
JUNE 1975 □ INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 67
1 2 . SH O R T -TE R M CLAIM S O N F O R E IG N E R S R E P O R T E D BY B A N K S
IN T H E U N ITE D STA T E S, BY C O U N TR Y
(End of period. Amounts outstanding; in millions of dollars)
Area and country
Europe:
Belgium-Luxembourg..............................
Denm ark...................................................
Greece.......................................................
Netherlands..............................................
Portugal....................................................
Spain.........................................................
Switzerland...............................................
Turkey.......................................................
United Kingdom.....................................
Yugoslavia................................................
Other Western Europe.............................
Other Eastern Europe.............................
Latin America:
Chile..........................................................
Peru...........................................................
Uruguay............. .....................................
Venezuela..................................................
Other Latin American republics.............
Netherlands Antilles and Surinam.........
Other Latin America...............................
Asia:
China, People’s Rep. of (China Mainland)
China, Republic of (Taiwan)..................
Jap an ........................................................
Korea........................................................
Other.........................................................
Africa:
Zaire..........................................................
Other countries:
Total..................................................
1974
1973
Dec.
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
11
148
48
108
621
311
35
316
133
72
23
222
153
176
10
1,459
10
27
46
59
18
266
45
150
703
372
61
437
165
103
30
392
119
386
26
2,362
26
19
35
88
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
308
45
107
791
438
57
340
183
97
25
201
160
339
14
2,332
28
38
28
86
21
384
46
122
673
589
64
345
348
119
20
196
180
335
15
2,401
22
22
46
131
18
401
54
132
867
390
52
351
195
115
16
184
128
252
23
2,663
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
849
378
46
287
187
104
32
150
72
230
19
2,924
16
24
34
110
Mar.p
Apr.P
16
674
53
147
859
399
54
334
157
114
26
234
101
227
37
3,174
28
31
51
113
3,988
5,804
6,073
5,239
4,724
5,660
6,076
6,067
6,331
6,212
6,831
1,955
2,348
2,111
2,032
2,556
2,517
2,773
2,904
2,643
2,928
2,910
499
875
151
397
12
1,373
266
178
55
518
493
13
140
686
1,558
1,507
224
601
12
1,770
400
353
59
644
690
38
312
704
695
2,086
2,486
1,522 900 1,534
231
250
679
665
14
13
1,828
1,706
401
410
421
408
50
47
642
627
700
711
64
56
448
370
679
2,763
1,476
256
686
13
1,836
405
433
46
557
724
61
693
704
2,616
1,493
291
675
13
1,898
402
486
63
643
810
74
920
720
3,269
1,415
290
713
14
1,972
503
518
63
704
852
62
1,138
783
3,737
1,264
303
706
13
1,898
604
504
75
795
873
45
1,451
808
4,653
1,345
351
679
18
2,004
458
531
86
747
890
39
1,549
873
5,664
1,266
395
695
15
2,112
546
555
104
736
890
39
1,585
960
5,743
1,299
433
710
13
2,236
531
606
116
757
954
36
1,675
5,870
8,856
9,781
9,989
10,628
11,088
12,233
13,051
14,156
15,474
16,069
31
140
147
16
88
166
6,400
403
181
273
394
28
403
200
20
117
193
12,395
641
295
427
816
22
443
271
34
120
192
12,814
706
348
429
677
9
461
243
17
122
197
12,390
733
340
436
669
7
496
214
19
128
200
11,714
760
346
414
669
5
482
238
16
140
208
12,406
835
324
416
666
4
497
223
14
157
250
12,496
955
371
441
771
18
524
203
19
142
271
11,811
1,116
300
374
739
65
473
184
22
159
284
11,246
1,286
342
374
776
19
500
291
17
145
322
11,327
1,629
353
406
841
11
448
210
21
134
299
11,028
1,503
398
413
1,006
8,238
15,534
16,056
15,617
14,966
15,737
16,178
15,516
15,211
15,850
15,471
35
5
129
60
159
68
14
213
93
286
83
10
238
97
275
97
10
243
94
311
93
11
282
107
312
91
12
299
101
291
111
18
329
96
299
106
19
364
31
265
114
15
396
38
291
122
19
413
31
290
142
10
458
37
326
388
675
702
755
806
795
854
785
853
875
973
243
43
400
63
415
77
422
76
478
91
492
104
466
99
433
125
431
95
435
99
428
107
286
463
492
498
569
597
565
558
526
534
535
20,725
33,680
35,215
34,130
34,249
36,392
1
1
1
2
1
1
20,726
33,680
35,216
34,132
34,250
36,393
N o t e .— Short-term claims are principally the following items payable
on demand or with a contractual maturity of 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
1975
38,680
38,680
38,880
39,721
41,873
42,789
1
1
1
1
38,881
39,721
41,873
42,789
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. □ JUNE 1975
A 68
13.
LONG-TERM CLAIM S ON F O R E IG N E R S R E P O R T E D BY B A N K S
IN T H E U N IT E D STA TES
(Amounts outstanding; in millions of dollars)
Type
Country or area
Payable in dollars
End of
period
Total
Loans to—
Other
Banks1 foreign
ers2
Other
long
term
claims
Payable
in
foreign
curren
cies
United
King
dom
Other
Europe
Latin
Canada America
Japan
Other
Asia
All
other
coun
tries 2
Total
Official
institu
tions
1971................. 3,667
(4,954
10*70 3
\5,063
1973................. 5,992
3,345
4,539
4,588
5,442
570
829
840
1,154
315
430
430
591
2,460
3,281
3,319
3,696
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
2,112
246
319
353
251
583
881
918
1,331
429
503
514
532
1974—Apr.......
May---Ju n e... .
July___
Aug.......
Sept.. . .
Oct.......
Nov.......
Dec.......
6,783
6,830
7,087
7,115
7,055
6,999
7,250
7,251
7,155
6,140
6,214
6,475
6,502
6,448
6,386
6,571
6,561
6,481
1,567
1,566
1,619
1,486
1,452
1,416
1,438
1,370
1,327
751
772
792
909
913
853
914
933
931
3,823
3,875
4,064
4,108
4,084
4,116
4,220
4,258
4,223
567
550
546
545
539
542
608
618
607
76
67
66
67
68
71
71
72
65
201
224
222
249
285
266
333
339
329
1,574
1,559
1,686
1,603
1,545
1,535
1,725
1,652
1,578
478
467
496
498
503
543
523
506
486
2,370
2,434
2,487
2,552
2,527
2,479
2,495
2,574
2,602
254
241
244
269
269
247
264
257
258
1,373
1,381
1,434
1,423
1,416
1,425
1,396
1,392
1,359
532
524
518
520
511
505
515
531
534
1975—Jan........
Feb.......
M ar.*\..
Apr.*\..
7,262
7,457
7,555
7.583
6,624
6,797
6,896
6,896
1,364
1,374
1,395
1 ,253
968
1,035
1,062
1,110
4,293
4,388
4,438
4.533
583
606
603
624
54
54
55
63
323
347
362
375
1,669
1,749
1,769
1.813
475
485
485
490
2,603
2,675
2,695
2,786
248
248
247
242
1,388
1,355
1,409
1,249
552
593
583
630
1 Excludes central banks, which are included with “ Official institutions.”
2 Includes international and regional organizations.
3 Data 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.
1 4 . P U R C H A S E S AND SA LES BY F O R E IG N E R S O F LONG-TERM
S E C U R IT IE S , BY TYPE
(In millions of dollars)
U.S. corporate
securities 2
Marketable U.S. Treas. bonds and notes1
Foreign stocks
Net purchases or sales
Period
Total
Intl.
and
regional
Pur
chases
Foreign
Total
Official
57
-165
94
3,258
470
-573
3,281
465
-642
1,005
879
126
6,301
-155
-1 7 2
-5 7
-7
-3
14
-8 4
-7 3
-6 0
-3 3
38
76 ........25*
171
153
16
-5 0
-3
14
-1 1
27
38
50
17
1,126
903
1,174
1,049
1,400
1,361
1,568
1,415
927
9
102
-3
17
1,207
1,704
1,752
1,639
197 2
197 3
197 4
3,316
305
-479
1975—Jan.-Apr.**
1,342
337
1974—Ap r
May.................
June.................
July..................
Aug..................
Sept..................
Oct...................
Nov..................
Dec..................
-237
-2 8
-101
23
-3 7
-116
70
132
134
-8 2
29
-9 7
9
47
-8 2
32
57
-3 6
1975—Jan. r
Feb...................
M ar.p..............
Apr.*5...............
245
293
1,063
-260
118
9
422
-2 1 0
127
285
642
-4 9
118
182
644
-6 6
Net pur Pur
Sales chases or chases
sales
Net pur
chases
sales
PurSales
Sales
2,932 -1 ,0 3 1
2,467
-993
3,325 -2,281
2,532
1,729
1,899
2,123
1,554
1,718
409
176
181
Sales
Net pur
chases or
sales
Other
-2 3 19,083 15,015
6 18,569 13,810
69 15,515 13,830
1 Excludes nonmarketable U.S. Treasury bonds and notes issued to
official institutions of foreign countries.
2 Includes State and local govt, securities, and securities of U.S. Govt,
agencies and corporations. Also includes issues of new debt securities
Foreign bonds
4,068
4,759
1,684
1,901
1,474
1,045
4,826
1 ,475
654
2,807
-2,1 5 3
584
629
-4 5
904
852
923
1,056
1,132
1,183
1,364
1,311
978
222
51
251
-7
268
178
205
103
-5 0
103
89
74
94
59
72
86
92
101
323
154
272
251
214
152
362
170
524
-219
-6 4
-1 9 7
-158
-1 5 5
-8 0
-2 7 6
-7 8
-423
189
173
207
128
146
145
89
124
117
155
174
117
116
117
100
152
102
87
34
-2
90
12
29
45
-6 3
22
30
898
1,385
1,152
1,391
309
318
600
248
131
118
186
220
1,207 -1 ,0 7 6
-436
554
650
-4 6 4
397
-177
147
134
148
155
156
173
159
141
-9
-3 9
-11
14
sold abroad by U.S. corporations organized to finance direct investments
abroad.
N o te . —Statistics include transactions of international and regional
organizations.
JUNE 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 of dollars)
Ger
many
372
439
203
-5 1
2
39
1,218
52
19
-1 5
8
-2
78
2
-2 2
-1 2
'21
22
18
-1 5
13
19
-9
17
5
13
190
533
236
259
34
21
12
-1 5
Sales
14,361
12,762
7,552
12,173
9,978
7,095
2,188
2,785
457
1975—Jan.-A]
4,579
3,361
1974—A pr....
M ay...
June...
July.. .
A ug...,
Sept.. .
Oct___
Nov.. .
Dec__
577
576
521
508
580
447
673
604
450
559
591
513
510
502
445
695
616
429
1975—Jan.. . .
F eb ....
Mar.23.
Apr.p . .
731
1,383
1,148
1.318
541
849
913
1,058
197 2
197 3
197 4
Nether Switzer United
lands
land
King
dom
Net pur
chases or France
sales (—)
Pur
chases
Period
Other
Europe
Total
Europe
137
274
50
1,958
2,104
354
297
339
330
642
685
36
74
88
241
231
34
721
17
7
8
5
18
17
-3 0
1
13
35
29
33
39
16
21
9
-2
20
-3
5
11
-9
15
-6
-3 9
-3 5
-1 0
-1 4
-3 6
-1 8
-4 9
7
-2 2
-8 2
-51
-7 6
-3 5
-5
-3
3
-11
-3
11
4
9
21
19
16
2
64
-3
-114
-7 7
-3 0
15
25
11
23
8
14
40
26
42
115
40
44
-8
147
38
54
15
9
7
4
107
331
146
136
561
366
-304
Latin
Canada America
-7 8
99
-6
Asia Other1
256
577
131
83
5
10
42
-3 2
-1
-3 3
*
434
19
-1 0
-7
13
10
14
6
3
-2
14
2
-1 5
-7
-2
9
4
2
-5
10
3
-1 4
-1 5
-1 4
-1 0
-6
95
70
27
2
2
2
2
*
1
-7
1
*
12
20
15
-5
-1 5
18
-5
2
84
150
80
121
2
15
-1
3
1 Includes international and regional organizations.
1 6 . N ET P U R C H A S E S O R SA LE S BY F O R E IG N E R S O F U .S . C O R PO R A T E B O N D S , BY CO U N TR Y
(In millions of dollars)
Period
Total
197 2
.
197 3
.
Ger
France many
1,881
1,948
1,395
197 4
Other
Nether Switzer United
land Kingdom Europe
lands
336
201
96
77
-3 3
33
74
-1 9
183
135
307
96
367
275
352
Total
Europe
Latin
Canada America
315
473
-5 9
1,303
1,204
702
82
49
50
Asia
22
44
43
323
588
557
Other Intl. and
Africa countries
regional
2
*
8
*
*
10
10
148
52
34
1
-306
*
*
*
*
*
86
-3
56
-128
-3 6
130
79
-163
-173
' —120
' —189
10
-7
1975—Jan.-Apr.**
258
1
7
-2 6
53
-100
-1
-6 7
39
-1
592
1974—Ap r
May.........
June.........
July..........
Aug..........
Sept..........
Oct...........
Nov..........
Dec...........
203
66
242
-5
190
176
226
224
-11
60
10
5
-1
1
1
10
4
1
3
*
3
2
*
1
1
-1
*
8
28
15
2
-1
2
13
-1
1
26
19
64
36
29
54
6
-2 0
54
17
1
-1 7
-1 1
-9
-3
-5
-6
5
114
59
185
100
21
55
25
-2 3
56
4
3
1
1
2
4
18
11
-4
-1
5
4
5
4
2
5
1
17
*
3
-3
7
199
-1 5
100
398
93
*
*
*
*
♦
*
10
«
*
*
*
*
1975—Ja..............n '119
Feb........... -215
Mar.**. . . .
364
-11
Apr.*7........
2
-4
1
1
3
3
-1
2
*
«
116
72
1
-t
-1
2
-4
*
*
-1
-2 6
6
3
10
35
59
-8 3
23
-9 9
5
1
1
-8
74
-8 0
32
-9 4
14
16
4
5
-1
*
-4
3
152
37
322
81
*
*
*
*
*
1
*
*
N ote .—Statistics include State and local govt, securities, and securities
of U.S. Govt, agencies and corporations. Also includes issues of new
debt securities sold abroad by U.S. corporations organized to finance di
rect investments abroad.
18 .
FO REIG N C R ED IT A N D D EBIT
BALANCES IN BROKERAGE A C C O U N T S
(Amounts outstanding; in millions of dollars)
17 . N ET P U R C H A S E S O R SA LES BY F O R E IG N E R S OF
LONG-TERM FO REIG N S E C U R IT IE S, BY AREA
(In millions of dollars)
Period
Total
1972................
—622
1973................
—818
1974.. .
-2 ,0 5 8
1975—
Jan.-Apr.** -2 ,1 9 8
Intl.
and
re
gional
Total
foreign
coun
tries
Eu
rope
Latin
Canada Amer Asia
ica
Af
rica
Other
coun
tries
—90
-5 3 2
505
—957 -141
139
-6 0 -1 ,9 9 9 —544
—635 —69 -296
—569 -120 -168
138
1,529 -9 3
—66
3
7
29
37
22
-895
-1 ,3 0 4
-1 4 4
-745
-1 1 0
-328
-1 4 4
-6 6
-105
-146
-126
-3 5
-3 4 0
-5 6
-393
3
5
3
1
2
12
2
3
-9 5
-147
-71
-107
-147
-127
-4 7
-342
-5 9
-298
-8
-2 6
-7 5
-6 3
-3 5
-41
-81
-21
-2 7
-157
-3 5
-121
-108
-126
-3 7
-244
-8
-190
6
-2 2
-6
-9
5
#
—14
—25
12
10
94
24
42
22
-1 8
-21
-6 7
-1 ,0 8 5
1975—Jan,.
F e b ... .
-475
Mar.*7. . -4 7 6
Apr.®. .
-163
-5 7 2
-1 4 7
-1 1 7
-5 9
-5 1 4
-328
-359
-103
-41
19
-6 6
-5 7
-405
-159
-175
-6
-6 0
-2 8
-9 4
-9 7
- 3 -115
17 -5 9
1974—A p r... .
M ay. . .
Ju n e ...
July.. . .
Aug.. . .
Sept....
Oct......
N ov....
Dec.. . .
-1
20
*
*
1
— 1
—1
1
—1
2
12
4
*
3
*
3
1
3
2
3
*
20
2
-2
*
*
*
1
2
End of
period
Credit
balances
(due to
foreigners)
Debit
balances
(due from
foreigners)
1972—June...........................
Sept............................
Dec............................
312
286
372
339
336
405
1973—Mar............................
June...........................
Sept............................
310
316
290
333
364
243
255
231
1974—Mar............................
June...........................
Sept............................
Dec.**.........................
383
354
298
293
225
241
178
193
1975—Mar.*3.........................
349
209
N ote . —Data represent the money credit balances and
money debit balances appearing on the books of reporting
brokers and dealers in the United States, in accounts of
foreigners with them, and in their accounts carried by
foreigners.
A 70
INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 1975
1 9 a . A SSET S OF FOREIGN BR A N CH ES OF U .S . BAN KS
(In millions of dollars)
Claims on U.S.
Location and currency form
IN ALL FOREIGN COUNTRIES
Month-end
Payable in U.S. dollars...........................
IN BAHAMAS AND CAYMANSi
Total, all currencies.............................
For notes see p. A-74.
Total
Parent
bank
Other
Total
1972—Dec........... 78,202
1973—Dec........... 121,866
4,678
5,091
2,113
1,886
2,565 71,304
3,205 111,974
136,984
140,020
145,918
147,467
145,058
148,719
147,720
145,906
150,274
151,828
7,814
5,980
8,031
6,839
6,402
9,366
6,267
4,661
7,751
6,898
5,336
3,504
5,465
4,158
3,787
6,868
3,622
2,027
5,159
4,464
2,478
2,476
2,566
2,682
2,614
2,498
2,645
2,634
2,592
2,434
1975—Jan . r ........ 151,049
Feb........... 151,550
Mar.p....... 155,135
7,029
5,483
5,398
4,360
2,882
2,717
2,669 138,055
2,601 140,238
2,681 143,613
1972—Dec...........
1973—Dec...........
52,636
79,445
4,419
4,599
2,091
1,848
2,327
2,751
1974—Mar..........
Apr...........
M ayr ........
Juner ........
July r ........
Aug. r .......
Sept.r .......
Oct.r ........
Nov . r .......
Dec . r ........
92,910
94,292
100,266
101,704
101,534
105,827
104,345
101,977
105,066
105,893
7,396
5,621
7,685
6,518
6,110
9,055
5,990
4,379
7,445
6,601
5,252
3,456
5,417
4,107
3,738
6,816
3,564
1 ,970
5,105
4,428
1975—Jan.r ........ 105,687
Feb........... 104,249
107,456
Mar.?
6,705
5,139
5,084
1972—Dec...........
1973—Dec...........
43,467
61,732
1974—Mar..........
Apr...........
May..........
June..........
July...........
Aug...........
Sept..........
Oct............
Nov...........
Dec...........
Other
branches
of parent
bank
Other
banks
11 504 35,773
19 *177 56,368
Non Other
Offi
bank
cial
for
insti
tutions eigners
1 594 22,432
2 ’693 33,736
2,220
4,802
37,497
39,050
39,398
41,721
41,580
43,098
43,927
44,860
45,330
46,772
5,174
5,217
5,510
5,736
5,711
5,880
6,181
5,962
6,081
6,292
27,870 58,821
28,936 58,742
28,278 61,547
4,152 47,213
4,246 48,314
4,407 49,380
5,965
5,829
6,125
47,444
73,018
7,869 26,251
12,799 39,527
1,059 12,264
1,111 18,915
773
1,828
2,143
2,165
2,268
2,410
2,373
2,239
2,426
2,409
2,340
2,174
83,572
86,483
90,066
92,568
92,733
93,893
95,304
94,650
94,581
96,136
15,799
16,043
16,890
17,478
18,480
19,694
19,413
19,785
20,623
19,671
22,013
22,685
22,962
24,467
24,942
25,738
26,501
27,027
27,026
28,143
1,941
2,188
2,514
2,619
2,691
2,879
3,050
2,948
3,039
3,156
4,318
2,839
2,686
2,387
2,300
2,399
95,901
96,221
99,503
20,425 43,108
20,794 42,621
19,787 46,054
3,370 28,998
3,431 29,375
3,604 30,058
3,080
2,889
2,869
2,234
1,789
1,138
738
1,096
1,051
40,214
57,761
5 659 23,842
8,773 34,442
606 10,106
735 13,811
1,018
2,183
68,076
68,959
71,982
71.305
69,197
70,382
70,965
68,123
69,137
69,804
3,070
2,589
3,792
3,561
3,046
3,599
2,860
1,325
3,387
3,248
2,319
1,806
2,969
2,612
2.205
2,858
2,087
502
2,568
2,472
751
783
823
949
840
741
774
823
818
776
63,020
64,238
66,008
65,617
63,974
64,496
65,596
64,462
63,571
64,111
10,706
10,819
11,759
11,886
12,486
12,790
12,436
12,386
13,122
12,724
15,235
15,572
15,439
16,452
16,195
17,097
17,372
17,581
17,567
17,898
1,986
2,131
2,183
2,126
2,177
2,287
2,509
2,336
2,179
2,445
1975—Jan............
Feb...........
Mar.P.......
68,451
67,038
69,734
2,633
1,818
1 ,878
1,902
1,023
1 ,061
731
796
817
63,527
63,250
65,693
12,873 32,057
13,246 31,641
12,806 34,260
854 17,743
848 17,515
929 17,699
2,291
1,970
2,163
1972—Dec...........
1973—Dec...........
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—Mar...........
Apr...........
May..........
June..........
July..........
Aug...........
Sept..........
Oct............
Nov..........
Dec....... !.
46,062
46,419
49,654
49,363
48,158
49,406
50.075
47,968
48,710
49,211
2,967
2,499
3,693
3,462
2,958
3,507
2,774
1,235
3,277
3,146
42,212
42,895
44,825
44,774
44,061
44,677
45,960
45,421
44,198
44,693
8,240
8,386
9,285
9,425
9,932
10,529
10,305
10,234
10,796
10,265
25,:365
25,768
26,994
26,147
24,698
24,512
25,720
25,233
23,551
24,326
8,608
8,741
8,546
9,203
9,432
9,637
9,937
9,954
9,852
10,102
882
1,024
1,135
1,126
1,138
1,222
1,339
1,312
1,235
1,372
1975—Jan............
Feb...........
Mar.'’.......
47,769
46.019
49,018
2,542
1,697
1 ,767
43,959
43,244
46,039
10,421
10,615
10,373
23,271
22,575
25,610
10,268
10,055
10,057
1,267
1,077
1,212
1972_Dec ___
1973—Dec...........
12.642
23,771
1,486
2,210
214
317
1,272
1,893
10,986
21,041
12,974
4,322
8,068
170
520
1974—Mar..........
Apr...........
M ayr ........
Juner ........
July »•
Aue. r .......
Sept.r.......
Oct.r ........
Nov.r.......
Dec.r ........
28,446
28,778
30,864
31,219
30,403
32,317
30,080
30,071
32,313
31 ,731
3,360
2,390
3,302
2,427
2,380
4,624
2,315
2,206
3,299
2,463
1,973
956
1 ,836
981
870
3,153
750
711
1 ,816
1 ,081
1,386
1,434
1,467
1,446
1,510
1,471
1,564
1,495
1,484
1 ,382
24,475
25,765
26,817
28,005
27,208
26,914
26,910
27,075
28,130
28,453
15,404
16,086
17,035
17,643
16,822
16,157
16,014
16,280
17,193
16,854
9,071
9,679
9,782
10,361
10,386
10,757
10,896
10,795
10,937
11,599
611
623
744
787
815
779
856
790
883
815
1975—Jan.r ........ 33,129
Feb........... 33,532
Mar.^....... 233,791
3,223
2,563
2,405
1 ,594
1,072
839
1,629
1,491
1,567
29,068
30,135
30,669
16,864
17,389
17,595
12,204
12,746
13,074
838
834
716
1974— Mar...........
Apr...........
M ayr ........
Juner ........
July r ........
Aug.r........
Sept. r .......
Oct. r ........
Nov. r .......
Dec.r ........
IN UNITED KINGDOM
Total, all currencies.............................
Total
Claims on foreigners
123,997
128,823
132,377
134,891
132,945
133,473
135,272
135,284
136,442
138,639
60,563
62,901
64,693
64,441
61,949
60,524
61,301
59,617
58,727
60,248
22,397
23,119
24,583
25,120
25,726
26,428
26,322
26,958
28,366
27,542
43,273
44,919
47,373
47,819
46,422
45,681
46,517
44,832
43,741
45,032
36,192
36,775
37,920
36,468
34,575
33,942
34,959
33,608
32,128
32,701
3,539
3,753
3,703
3,610
3,689
3,423
3,721
3,849
4,019
4,077
2,487
2,835
2,841
2,803
2,889
2,780
2,873
3,006
3,192
3,289
887
1,073
889
812
718
666
829
887
753
788
Y
JUNE 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
Parent
bank
Other
Total
Other
branches
of parent
bank
Other
banks
Offi
Non
cial
bank
for
insti
tutions eigners
Other
Month-end
11,121 41,218 8,351 11,432
18,213 65,389 10,330 17,683
2,580
4,641
21,434
22.054
21,657
22,015
21,418
21,690
21,121
21,514
20,327
20,187
4,998
5,224
5,665
6,110
6,312
6,527
6,723
6,548
6,755
6,932
. 1974—Mar.
............Apr.
............May
............June
............July
............Aug.
............Sept.
............Oct. *
............Nov.'
............Dec.
5,476 132, (
5,404 133,036
6,554 133,476
64,093 21,682 19,924
26, S
28,154 63,327 21,950 19,605
28,148 63,442 22,567 19,319
6,532
6,505
6,254
. 1975—Jan.
............Feb.
............Mar.p
847
1,477
2,202
3,550
50,406
73,189
7,955 29,229
12,554 43,641
6,781
7,491
6,441
9,502
1,422
2,158
.1972- -Dec.
.1973—-Dec.
r107
n o7
6,528
6,640
7,685
8,414
9,494
*•8,786
*•9,294
*•9,905
*•11,215
*•11,435
2,227
2,378
3,021
3,279
4,160
*•3,932
*•4,833
*•5,650
*•6,023
r5,640
4,301
4,262
4,664
5,135
5,334
4,853
4,461
4,255
5,192
5,795
84,380
84,619
89,848
90,359
89,264
94,178
92,630
90,136
92,233
92,428
15,071
15,783
16,694
17,070
18,438
19,456
19,599
19,481
20,242
19,292
8,475
9,195
9,817
11,630
12,337
13,508
14,533
15,076
16,789
r17,443
11,947
12,794
12,490
12,750
12,721
12,821
12,478
12,889
12.054
12,070
2,501
2,662
3,181
3,529
3,675
3,945
4,080
3,893
3,979
3,950
. 1974—Mar.
............Apr.
............May
............June
............July
............ Aug.
............Sept.
............Oct:
............Nov.
............Dec.
108,
106,
109,
11,367
11,512
14,794
6,202
6,458
8,662
5,164
5,053
6,132
92,957
90,867
91,287
19,969 42,800 18,342 11,846
20.079 40.626 18,707 11,455
19;814 41^239 19,302 10,931
3,776
3,634
3,365
.1975—Ja n .'
............Feb.
............Mar.*
43,
61,
1,453
2,431
113
136
1,340
2,295
41,020
57,311
2,961 24.596
3,944 34,979
6,433 7.030
8,140 10,248
994
1,990
.1972—Dec.
.1973—Dec.
68,
68,
71,
71,
69,
70,
70,
68,
69,
69,
3,167
3,123
3,729
3.744
3,439
3,701
3,503
3,227
4,376
3,978
353
409
749
606
611
713
635
683
889
510
2,814
2,714
2,979
3,138
2,828
2,988
2,867
2,544
3,487
3,468
63.096
63,914
66,156
65,429
63,557
64,309
64,919
62,621
62,397
63,409
4,587
4,975
4,890
4,913
5,099
4,794
5,428
5,237
5.071
4,762
12,217
13,175
12,398
12,516
12.521
12,858
12,181
12,712
11.521
11,349
1,813
1,922
2,097
2,132
2,201
2,373
2,543
2,275
2,363
2,418
.1974—Mar.
............Apr.
............May
............June
............July
............Aug.
............Sept.
............Oct.
............Nov.
............Dec.
68,
67,
69,
3.804
3,826
5,095
873
913
1,224
2,931
2,912
3,871
62,360
61.096
62,443
4,567 30,266 16,419 11,108
4,693 29.207 16,517 10,677
4,630 30,070 17,305 10,438
2,287
2,117
2,196
.1975—Jan.
............Feb.
............Mar.*
30,
39,
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
4,287
6,152
535
870
.1972—Dec.
.1973—Dec.
45,
46,
49,
48,
48,
49,
50,
48,
49,
49,
2,927
2,878
3,481
3,516
3.176
3,448
3.177
2,988
4,037
3.744
329
384
724
579
568
692
605
651
865
484
2,598
2,494
2,757
2,937
2,608
2,756
2,572
2,337
3,172
3,261
41,708
42,453
44.625
44,214
43,528
44,654
45,550
44,033
44,256
44,594
3,063
3,234
3,083
3.255
3,364
3,278
3,667
3,690
3,557
3.256
6,830
7,401
7,468
9,137
'9,450
10,437
11,035
11,444
12,808
13,225
7,650
8,612
8,064
8,155
8,326
8,382
8.030
8,696
7,691
7,587
969
992
1,195
1,239
1,314
1,380
1,486
1,294
1,375
1,328
.1974—Mar.
............Apr.
............May
............June
............July
............Aug.
............Sept.
............Oct.
............Nov.
............Dec.
48,
46,
49,
3,599
3,614
4.805
854
895
1,189
2,744
2,719
3,616
43,578
41,900
43.625
3,172 19,061 13,736
3,266 17,673 13,932
3.072 19.208 14,<
7,609
7,029
6,658
1,313
1,184
1,183
.1975—Jan.
............Feb.
............Mar.p
78
121
3,501
r5,610
997
1,642
2,504 72,121
3,968 111.615
136
140;
145!
147;
145;
148;
147 ;
145 ;
150 ;
151 ;
7,100
7,210
8,275
9,028
10,129
9,419
9,981
10,449
11,901
11,981
2,429
2,558
3,218
3,488
4,373
4,123
5,058
5,853
6,249
5,807
4,671
4.652
5,057
5,540
5,757
5,296
4,923
4,596
5.652
6,173
151.
151 :
155 ;
11,830
12,010
15,405
6,354
6,606
8,851
54.
3,050
5,027
93,
94,
100,
102,
102,
80,
'106
r106
no3
124,887
127,586
131,978
132,328
128.616
132,774
131,016
128,910
131,619
132,915
21,073
22,688
23,941
24,234
25,313
26,007
26,337
26,619
27,717
26,903
71,530
71,232
74,193
71,692
66,855
68,772
66,071
62,606
63,596
65,642
48,886
47.847
50.848
48,909
45,768
48,394
46,020
42,690
43,147
'43,623
37,700
36,524
39.596
36,711
'34,393
33,920
33,766
30,621
30,352
32,040
24,164
23.207
26,010
23,669
'22,388
22,558
22,818
20,203
20,200
20,526
10,849
11,612
12,187
14,388
15,030
16,304
17,488
18,171
19,979
20,184
8,592
9,240
9,273
11,289
'11,543
12,737
13,544
14,051
15,454
15,258
.. 1972—Dec.
.. 1973—Dec.
12,
23,
1,220
1,573
11,260
21,747
1,818
5,508
8,105
14,563
1,338
1,676
163
451
.1972—Dec.
.1973—Dec.
28,
28.
30.
31.
30,
*•32!
'30
r30
'32
'31
2,351
2,283
2,567
2,855
3,684
*•2,909
'3,721
*•4,311
*•4,426
*•4,815
25,553
26,017
27,706
27,725
26,039
r28,670
r25,626
r24,995
*•27,107
*■26,138
6,608
7,102
8,255
7,642
7,663
8,079
7,072
7,211
8,538
7,702
16,853
16,809
17,217
17,593
16,223
18,403
16.259
15,650
16,427
16,426
2,091
2,106
2,233
2,490
2,153
2,188
2,295
2,135
2,141
2,011
543
479
591
639
681
738
73
765
799
778
. 1974—Mar.
............Apr.
............May
............June
............July
........... Aug.
............Sept.
............Oct.
............Nov.
............Dec.
5,036
5,243
7,228
27,341
27,496
25,873
8,269
8,975
8,498
16,852
16.260
15,132
2,220
2,262
2,243
752
793
690
. 1975—Jan.
........... Feb.
........... Mar.p
see p. A-74.
Location and currency form
IN ALL FOREIGN COUNTRIES
. . . Total, all currencies
. Payable in U.S. dollars
IN UNITED KINGDOM
.. .Total, all currencies
•Payable in U.S. dollars
IN BAHAMAS AND CAYMANSi
.. .Total, all currencies
INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 1975
21 .
2 0 . D E P O S IT S , U .S . TREA S. S E C U R IT IE S ,
A N D G O LD H ELD AT F .R . B A N K S FO R
FOREIG N O FFIC IA L A CC O U N T
SH O R T -T E R M L IQ U ID CLA IM S O N F O R E IG N E R S
R E P O R T E D BY N O N B A N K IN G C O N C E R N S
(Amounts outstanding; in millions of dollars)
(In millions of 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—May.
June..
July..
Aug..
Sept..
Oct...
Nov..
D ec..
429
384
330
372
411
376
626
418
54,195
54,442
54,317
53,681
53,849
54,691
55,908
55.600
17,021
17,014
16,964
16,917
16,892
16,875
16,865
16.838
1975—Jan ...
Feb. .
Mar..
Apr...
May.
391
409
402
270
310
58,001
60,864
60,729
60,618
61,539
16,837
16,818
16,818
16,818
16,818
End of
period
1 Marketable U.S. Treasury bills, certificates of in
debtedness, notes, and bonds and nonmarketable U.S.
Treasury securities payable in dollars and in foreign
currencies.
2 The value of earmarked gold increased because of the
changes in par value of the U.S. dollar in May 1972, and
in Oct. 1973.
Total
Short
Short
term Deposits term
Deposits invest
invest
ments i
ments 1
United
King
dom
Canada
19712
1,491
1,141
/1,648
\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
19722.................
1973 r.................
/ l , 965
12,374
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—Mar........
Apr.........
May........
June........
July........
Aug.........
Sept.........
Oct..........
Nov.........
Dec.........
3,678
3,581
3,669
3,661
3,771
3,504
3,073
2,696
2,996
3,293
3,011
2,967
3,037
3,049
3,223
2,941
2,491
2,130
2,378
2,572
99
60
76
62
74
51
30
25
15
56
348
346
329
369
341
369
362
324
325
403
219
209
227
181
133
144
189
216
277
261
1,372
1,487
1,441
1,418
1,441
1,436
1,194
1,118
1,283
1,340
1,027
930
980
927
828
872
864
835
942
943
1975—Jan..........
Feb.?___
Mar.P....
3,227
3,328
3,226
2,519
2,512
2,449
45
48
39
316
356
347
348
411
391
1,134
1,076
1,053
1,113
1,134
1,107
1 Negotiable and other readily transferable foreign obligations payable on demand
or having a contractual maturity of not more than 1 year from the date on which the
obligation was incurred by the foreigner.
2 Data on the 2 lines for this date differ because of changes in reporting coverage.
Figures on the first line are comparable in coverage with those shown for the preceding
date; figures on the second line are comparable with those shown for the following date.
N 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 of the
United States.
N ote .—Data represent the liquid assets abroad of large nonbanking concerns in
the United States. They are a portion of the total claims on foreigners reported by
nonbanking concerns in the United States and are included in the figures shown in
Table 22.
22.
SH O RT-TERM
L IA B IL IT IES TO AND CLAIM S ON FO R E IG N ER S R E PO R T ED BY
N O N B A N K IN G C O N C E R N S , BY TY PE
(Amount outstanding; in millions of dollars)
Claims
Liabilities
End of period
Total
Payable
in
dollars
Payable
in
foreign
currencies
Total
Payable
in
dollars
Payable in foreign
current:ies
Deposits with
banks abroad
in reporter’s
name
Other
1971—June.....................
Sept......................
J
TX 1
1
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
1972—Mar......................
June.....................
Sept......................
Dec.1r ................. 1f
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.r...................
June r ...................
Sept.r...................
Dec.r ...................
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.r...................
Juner ...................
Sept......................
Dec.P...................
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
i Data on the 2 lines shown for this date differ
because of changes in reporting coverage. Figures on
the first line are comparable with those shown for the
preceding date; figures on the second line are compa
rable with those shown for the following date.
JUNE 1975
d
INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 73
23. SHORTTERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS
(End of period. Amounts outstanding; in millions of dollars)
Liabilities to foreigners
Area and country
1973
1973
1974
M ar.r
Dec.r
Europe:
Austria....................................................
Belgium-Luxembourg...........................
Denmark................................................
Finland.................... .............................
Claims on foreigners
Juner
Sept.
De c.p
1974
Dec. r
M ar.r
Juner
Sept.
Dec.*’
Germany, Fed. Rep. of.........................
Greece....................................................
Italy........................................................
Netherlands............................................
Norway.................................................
Portugal..................................................
Spain......................................................
Sweden....................................................
Switzerland............................................
Turkey....................................................
United Kingdom.......... .......................
Yugoslavia..............................................
Other Western Europe..........................
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
1,8.71
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
Canada.......................................................
260
330
305
297
290
1,245
1,534
1,577
1,570
1,617
Latin America:
Argentina................................................
Bahamas.................................................
Brazil......................................................
Chile.......................................................
Colombia................................................
Cuba.......................................................
Mexico....................................................
Panama..................................................
Peru........................................................
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
Mainland)..........................................
China, Rep. of (Taiwan).......................
Hong Kong............................................
India.......................................................
Indonesia................................................
Israel.......................................................
Japan......................................................
Korea......................................................
Philippines..............................................
Thailand.................................................
Other Asia..............................................
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
Total................................................
700
844
1,054
1,089
1,240
1,646
2,089
1,850
2,043
2,246
Africa:
Egypt......................................................
South Africa..........................................
Zaire........................................................
Other Africa..........................................
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
Total................................................
168
212
206
172
193
216
253
314
325
378
Other countries:
Australia................................................
All other.................................................
118
12
134
22
94
24
128
32
132
30
97
25
110
31
117
39
134
44
120
49
T otal...............................................
130
156
117
160
162
123
142
157
178
International and regional........................
*
29
63
125
159
*
1
1
1
169
*
Grand total.....................................
4,094
4,523
5,248
5,747
5,929
8,512
10,503
11,071
10,725
11,286
N ote . —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. □ JUNE 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—Mar..
June.
Sept..
Dec.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
72
74
75
85
84
1972—Mar..
June.
Sept..
Dec.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
161
132
156
133
359
377
390
406
378
81
86
89
87
86
85
93
96
109
111
1973—M ar.r
Juner
Sept.r
Dec.r
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.r
Juner
Sept..
Dec.P
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 Data on the 2 lines shown for this date differ because of changes shown for the preceding date; figures on the second line are comparable
in reporting coverage. Figures on the first line are comparable with those
with those shown for the following date.
25. O P E N MARKET RATES
(Per cent per annum)
Canada
Month
United Kingdom
Treasury Day-tobills,
day
3 months1 money2
Treasury
Prime
bank
bills,
bills,
3 months
3 months
France
Day-today
money
Clearing
banks*
deposit
rates
Germany,
Fed. Rep. of
Day-to- Treasury
day
bills,
money3
60-90
days4
Netherlands
Day-to- Treasury
day
bills,
money5 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— M ay............
June............
July.............
Aug.............
Sept.............
Oct..............
Nov.............
Dec.............
8,22
8.66
8.88
8.76
8.70
8.67
7.84
7.29
7.48
8.36
8.52
8.83
8.84
8.56
7.86
7.44
13.31
12.61
13.21
12.80
12.11
11.95
12.07
12.91
11.36
11.23
11.20
11.24
10.91
10.93
10.98
10.99
10.72
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
9.50
12.90
13.59
13.75
13.68
13.41
13.06
12.40
11.88
6.63
5.63
5.63
5.63
5.63
5.63
5.63
5.13
8.36
8.79
9.13
9.05
9.00
8.88
7.20
8.25
7.00
7.00
7.50
7.50
7.42
7.38
6.72
6.69
9.00
8.98
8.57
7.09
5.08
7.81
7.00
6.96
6.50
6.50
7.00
7.00
7.00
7.00
7.00
7.00
1975—Jan..............
Feb..............
Mar.............
Apr.............
M ay............
6.65
6.34
6.29
6.59
6.89
6.82
6.88
6.73
6.68
6.88
11.93
11.34
10.11
9.41
10.00
10.59
9.88
9.49
9.26
9.47
8.40
7.72
7.53
7.50
7.81
9.30
9.50
8.22
7.09
6.25
11.20
9.91
9.06
8.34
7.56
5.13
3.88
3.38
3.38
7.54
4.04
4.87
4.62
5.32
6.60
6.56
5.94
5.53
3.82
6.18
7.33
5.87
4.13
1.98
7.00
7.00
7.00
6.50
6.50
1 Based on average yield of weekly tenders during month.
2 Based on weekly averages of daily closing rates.
3 Rate shown is on private securities.
4 Rate in effect at end of month.
5 Monthly averages based on daily quotations.
N ote .—For
description and back data, see “International Finance,”
Section 15 of Supplement to Banking and Monetary Statistics , 1962.
NOTES TO TABLES 19a AND 19b ON PAGES A-70 AND A-71, RESPECTIVELY:
1 Cayman Islands included beginning Aug. 1973.
2 Total assets and total liabilities payable in U.S. dollars amounted to
$30,097 million and $30,233 million, respectively, on Mar. 31, 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.
JUNE 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 o f May 31, 1975
Rate as o f May 31, 1975
Country
Per
cent
Country
Month
effective
Per
cent
Month
effective
Argentina......................
Austria..........................
Belgium.........................
Brazil.............................
18.0
6.0
6.5
18.0
Feb.
Apr.
May
Feb.
1972
1975
1975
1972
Italy...................
Japan.................
Mexico. .............
Netherlands. . . .
7.0
8.5
4.5
6.0
May
Apr.
June
Mar.
1975
1975
1942
1975
Canada..........................
Denmark.......................
France...........................
Germany, Fed. Rep. of
8.25
8.0
10.0
4.5
Jan.
Apr.
Apr.
May
1975
1975
1975
1975
Norway.............
Sweden..............
Switzerland........
United Kingdom
Venezuela..........
5.5
7.0
4.5
10.0
5.0
Mar.
Aug.
May
May
Oct.
1974
1974
1975
1975
1970
N o t e .—Rates shown are mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
govt, securities for commercial banks or brokers. For countries with
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts
the largest proportion of its credit operations. Other rates for some of
these countries follow:
Argentina—3 and 5 per cent for certain rural and industrial paper, de
pending on type of transaction;
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
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 of certain agricultural paper, 4V£
per cent for advances against government bonds, and 5l/ i per cent for
rediscounts of certain industrial paper and on advances against promissory
notes or securities of first-class Venezuelan companies.
27. FOREIG N EXCHANGE RATES
(In cents per unit of foreign currency)
Australia
(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—May.........
June.........
July..........
Aug..........
Sept..........
Oct...........
148.44
148.34
147.99
148.24
144.87
130.92
131.10
131.72
5.5655
5.5085
5.4973
5.3909
5.2975
5.4068
5.5511
5.7176
2.6559
2.6366
2.6378
2.5815
2.5364
2.5939
2.6529
2.7158
103.916
103.481
102.424
102.053
101.384
101.727
101.280
101.192
17.012
16.754
16.858
16.547
16.111
16.592
16.997
17.315
20.540
20.408
20.984
20.912
20.831
21.131
21.384
22.109
40.635
39.603
39.174
38.197
37.580
38.571
39.836
40.816
12.841
12.735
12.759
12.525
12.316
12.416
12.397
12.352
241.37
239.02
238.96
234.56
231.65
233.29
232.52
232.94
.15808
.15379
.15522
.15269
.15103
.14992
.14996
.15179
.35847
.35340
.34372
.33082
.33439
.33404
.33325
.33288
132.95
134.80
135.85
134.16
5.9477
6.0400
6.0648
5.9355
2.8190
2.8753
2.9083
2.8433
2.8631
100.526
99.957
99.954
98.913
97.222
17.816
18.064
18.397
18.119
18.299
22.893
23.390
23.804
23.806
42.292
42.981
43.120
42.092
12.300
12.550
12.900
12.686
12.391
236.23
239.58
241.80
237.07
232.05
.15504
.15678
.15842
.15767
.15937
.33370
.34294
.34731
.34224
.34314
Nether
lands
(guilder)
New
Zealand
(dollar)
Norway
(krone)
Portugal
(escudo)
Switzer
land
(franc)
United
Kingdom
(pound)
Period
Dec..........
1975—Jan...........
Feb...........
Mar..........
Apr...........
May.........
Period
134.04
Malaysia
(dollar)
6.0033
Mexico
(peso)
Canada
(dollar)
Denmark
(krone)
France
(franc)
24.655
Germany
(Deutsche
mark)
42.546
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—May.........
June.........
July..........
Aug..........
Sept..........
Oct...........
Nov..........
Dec..........
42.155
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
8.0000
38.509
37.757
38.043
37.419
36.870
37.639
38.438
39.331
146.07
145.29
145.15
143.73
139.64
129.95
130.42
130.56
18.771
18.410
18.519
18.246
17.993
18.165
18.404
18.873
4.1036
4.0160
3.9886
3.9277
3.8565
3.9246
3.9911
4.0400
148.78
148.86
149.73
146.83
142.69
142.75
143.88
144.70
1.7409
1.7450
1.7525
1.7466
1.7339
1.7422
1.7522
1.7716
23.388
22.885
22.861
22.597
22.333
22.683
23.175
23.897
34.288
33.449
33.739
33.509
33.371
34.528
36.384
38.442
241.37
239.02
238.96
234.56
231.65
233.29
232.52
232.94
1975—Jan...........
Feb...........
43.359
44.136
44.582
43.797
44.278
8.0000
8.0000
8.0000
8.0000
8.0000
40.715
41.582
42.124
41.291
41.581
131.72
133.30
134.31
132.66
131.66
19.579
19.977
20.357
20.049
20.198
4.0855
4.1139
4.1276
4.0596
4.0933
145.05
147.16
148.70
147.01
146.69
1.7800
1.7784
1.7907
1.7756
1.7871
24.750
25.149
25.481
25.171
25.422
39.571
40.450
40.273
39.080
39.851
236.23
239.58
241.80
237.07
232.05
Apr..........
May.........
N o t e . —Averages of certified noon buying rates in New York for cable
transfers. For description of rates and back data, see “International Fi
nance,” Section 15 of Supplement to Banking and Monetary Statistics, 1962.
A 76
BANK HOLDING COMPANY GROUPS □ JUNE 1975
BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1974
A. Details for §0 States and District of Columbia
Assets
Number of offices
Banks andLbranches
State, and class of bank
50 States and District
of Columbia—Total.
Member....................
Nonmember..............
Alabama—T otal.
Member..........
Nonmember...
Number of
companies1
Banks
Branches
As a
percentage
of all
commercial
banking
offices
Total
1,752
3,462
1,735
1,727
17,131
13,830
3,301
20,593
15,565
5,028
15
63
36
27
270
205
65
333
241
92
In
millions
of dollars
Deposits
As a
percentage
of all
commercial
bank
assets
640,082
566,963
73,119
47.3
60.7
30.0
5,687
4,560
1,127
In
millions
of dollars
As a
percentage
of all
commercial
bank
deposits
509,737
447,156
62,581
57.7
66.0
38.3
4,715
3,756
959
56.4
64.6
37.6
Alaska—T otal.
Member. . . .
Nonmember.
1
4
5
5.8
111
9.5
100
10.0
1
4
5
31.3
111
41.0
100
41.7
Arizona—T otal.
Member........
Nonmember..
6
2
4
259
137
122
265
139
126
59.2
47.3
81.8
3,870
2,215
1,655
54.6
42.3
89.2
3,122
1,729
1,393
54.7
41.7
89.1
Arkansas—Total.
Member..........
Nonmember...
21
23
10
13
54
38
16
77
48
29
14.2
19.7
9.7
1,322
1,035
287
21.0
26.9
11.7
1,104
858
246
20.3
26.3
11.3
California—Total.
Member............
Nonmember.. . .
43
46
16
30
3,079
2,762
317
3,125
2,778
347
85.1
91.4
55.0
90,915
85,183
5,732
93.8
97.2
61.5
73,980
69,226
4,754
93.4
97.0
60.8
Colorado—Total.
Member..........
Nonmember...
75
144
87
57
32
20
12
176
107
69
47.4
63.7
34.0
6,781
5,727
1,054
79.6
86.1
56.3
5,621
4,706
915
79.3
85.3
58.3
14
7
7
349
233
116
363
240
123
58.7
67.2
47.1
5,934
4,483
1,451
71.8
81.2
53.0
5,000
3,770
1,230
71.6
81.0
52.7
Delaware—Total.
Member..........
Nonmember...
3
1
2
32
2
30
35
3
32
23.6
33.3
23.0
377
12
365
15.9
21.4
15.8
334
11
323
18.2
22.4
18.0
District of Columbia—T otal..
Member...............................
Nonmember.........................
3
2
1
41
33
8
44
35
9
31.2
27.1
75.0
993
723
270
23.1
18.1
86.8
851
610
241
23.7
18.4
86.4
Connecticut—Total.
Member................
Nonmember.........
Florida—T otal..
Member........
Nonmember..
62
448
230
218
74
22
52
522
252
270
63.4
73.7
56.1
22,678
15,829
6,849
80.5
87.6
67.8
19,290
13,264
6,026
80.0
87.2
67.7
Georgia—T otal.
Member.........
Nonmember..
30
40
18
22
343
297
46
383
315
68
35.1
68.8
10.7
9,081
8,171
910
58.9
82.4
16.6
6,702
5,933
769
55.1
79.7
16.3
Hawaii—T o tal.,
Member
Nonmember.,
2
108
110
65.1
1,989
69.0
1,691
68.6
2
108
110
70.1
1,989
72.5
1,691
72.3
Idaho—T o ta l..
Member
Nonmember.
5
2
3
111
88
23
116
90
26
54.2
52.9
59.1
1,480
1,130
350
53.4
49.6
71.6
1,288
997
291
52.9
49.4
70.0
Illinois—T otal.
Member
Nonmember.
161
157
62
95
42
20
22
199
82
117
14.3
13.8
14.7
45,741
41,860
3,881
62.9
72.6
25.7
35,848
32,480
3,368
60.9
70.2
26.7
Indiana—T otal.
Member........
Nonmember..
32
29
14
15
261
206
55
290
220
70
23.2
33.1
11.9
7,601
6,429
1,172
38.2
48.5
17.6
5,670
4,665
1,005
34.3
43.8
17.1
Iowa—T otal... ,
Member........
Nonmember.,
147
179
52
127
150
59
91
329
111
218
31.3
42.5
27.6
5,099
3,032
2,067
42.0
52.9
32.3
4,345
2,489
1,856
40.9
51.5
32.1
Kansas—Total.
Member. . . .
Nonmember.
136
135
49
86
49
24
25
184
73
111
24.9
28.1
23.1
3,271
2,043
1,228
35.2
41.1
28.4
2,732
1,661
1,071
34.3
40.0
28.1
For notes see p. A-79.
JUNE 1975 □ BANK HOLDING COMPANY GROUPS
A 77
BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1974—Continued
A. Details for 50 States and District of Columbia—Continued
Number of offices
Assets
Banks and branches
State, and class of bank
Number of
companies1
Kentucky—Total.
Member.......... .
Nonmember...
Louisiana—Total.
Member.......... .
Nonmember...,
16
Maine—T o tal..
Member. . . .
Nonmember.
Banks
Branches
Total
As a
percentage
of all
commercial
banking
offices
In
millions
of dollars
Deposits
As a
percentage
of all
commercial
bank
assets
In
millions
of dollars
As a
percentage
of all
commercial
bank
deposits
9
5
4
97
92
5
106
97
9
13.1
26.8
2.0
2,315
2,236
79
21.4
35.5
1.8
1,676
1,606
70
18.4
31.6
1.7
17
7
10
118
76
42
135
83
52
17.1
25.4
11.3
4,900
3,911
989
36.7
47.7
19.2
3,802
2,986
816
34.5
45.4
18.4
26
14
12
202
101
101
228
115
113
70.4
64.6
77.4
1,541
832
709
72.0
65.2
82.2
1,305
710
595
71.4
64.5
81.7
Maryland—Total.
Member............
Nonmember.. . .
14
24
11
13
496
328
168
520
339
181
64.3
72.1
53.4
7,136
4,489
2,647
74.5
79.7
67.1
5,865
3,577
2,288
73.2
77.9
66.9
Massachusetts—Total.
Member.................. .
Nonmember.............
33
70
42
28
702
534
168
772
576
196
74.6
77.0
68.3
16,591
14,550
2,041
88.9
92.1
71.2
13,195
11,451
1,744
88.4
91.4
72.4
Michigan—Total.
Member..........
Nonmember...
45
101
71
30
876
785
91
977
856
121
53.6
61.7
27.8
24,059
22,762
1,297
72.6
79.5
28.6
20,090
18.940
1.150
71.5
78.6
28.6
Ill
231
107
124
26
13
13
257
120
137
33.0
48.4
25.8
12,160
9,948
2,212
71.5
84.6
42.1
9,549
7,583
1,966
68.7
82.4
41.8
4
3
1
70
69
1
74
72
2
10.9
26.3
.5
1,541
1,520
21
26.1
49.6
.7
1,316
1,300
16
25.6
49.1
.6
Minnesota—Total.
Member............
Nonmember.. . .
Mississippi—Total.
Member..............
Nonmember.
Missouri—T otal.
Member..........
Nonmember...
98
235
83
152
144
56
88
379
139
240
39.5
53.7
34.2
14,184
9,900
4,284
70.6
83.3
52.2
10.940
7,231
3,709
67.7
80.5
51.7
Montana—T otal.
Member..........
Nonmember...
32
65
43
22
8
6
2
73
49
24
43.7
45.8
40.0
2,049
1,777
272
68.4
72.1
51.4
1,775
1,534
241
67.9
71.4
51.5
Nebraska—Total.
Member..........
Nonmember...
140
138
41
97
50
30
20
188
71
117
35.1
40.8
32.3
3,943
3,040
903
58.0
70.0
36.8
3,219
2,410
809
55.8
67.3
37.0
3
2
1
74
63
11
77
65
12
68.1
69.1
63.2
1,295
1,087
208
64.8
65.7
60.6
1.151
965
186
65.7
66.6
61.0
17
13
4
30
26
4
47
39
8
26.0
30.5
15.1
654
436
218
37.5
41.4
31.5
558
367
191
37.1
41.2
31.1
Nevada—T otal.
Member.........
Nonmember..
New Hampshire—Total.
Member......................
Nonmember...............
New Jersey—T otal.
Member..............
Nonmember........
21
63
52
11
671
629
42
734
681
53
47.4
53.6
19.0
13,303
12,627
676
54.9
61.3
18.6
11,299
10,704
595
54.1
60.3
19.0
New Mexico—Total.
Member................
Nonmember..........
10
28
16
12
114
72
42
142
88
54
53.4
56.4
49.1
2,083
1,551
532
68.1
72.4
58.1
1,794
1,324
470
67.7
71.8
58.2
New York—T o tal.,
Member............
Nonmember.. . .
46
124
97
27
2,485
2,358
127
2,609
2,455
154
76.3
77.3
63.1
160,944
155,749
5,195
88.6
94.0
32.2
124,056
120,300
3,756
89.8
93.7
38.8
North Carolina—Total.
Member......................
Nonmember...............
10
13
6
7
978
656
322
991
662
329
60.5
83.9
38.7
10,425
8,388
2,037
72.3
89.7
40.2
8,490
6,726
1,764
71.0
88.9
40.2
For notes see p. A-79.
A 78
BANK HOLDING COMPANY GROUPS □ JUNE 1975
BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1974—Continued
A. Details for 50 States and District of Columbia—Continued
Num ber of offices
Assets
Banks and branches
State, and class of bank
Number of
companies i
nks
Branches
Total
As a
percentage
of all
commercial
banking
offices
In
millions
of dollars
Deposits
As a
percentage
of all
commercial
bank
assets
In
millions
of dollars
As a
percentage
of all
commercial
bank
deposits
North Dakota—Total.
Member.................. .
Nonmember.............
20
48
19
29
29
8
21
77
27
50
31.0
42.2
27.2
1,223
770
453
42.5
57.4
29.5
1,055
653
402
42.2
56.5
29.9
Ohio—T otal...
Member
Nonmember.
37
138
94
44
850
713
137
988
807
181
46.8
48.5
40.8
23,179
21,151
2,028
63.4
65.6
47.0
18,146
16,427
1,719
61.2
63.3
46.4
61
26
35
25
15
10
86
41
45
15.6
15.6
15.6
5,364
4,744
620
49.6
60.3
21 .0
4,386
3,836
550
47.6
57.9
21.2
6
3
3
310
277
33
316
280
36
67.5
94.3
21.1
5,811
5,418
393
81.6
97.4
25.3
4,564
4,240
324
80.8
97.1
25.2
Oklahoma—Total.
Member............
Nonmember.. . .
Oregon—Total.
Member
Nonmember.
Pennsylvania—T otal.
Member................
Nonmember..........
26
28
17
11
916
811
105
944
828
116
36.4
46.6
14.2
32,044
30,354
1,690
59.3
72.0
14.2
23,438
21,940
1,498
54.9
67.8
14.5
Rhode Island—Total.
Member..................
Nonmember............
10
10
4
6
198
112
86
208
116
92
90.8
98.3
82.9
3,652
2,631
1,021
96.2
99.6
88.3
3,071
2.184
887
96.2
99.6
88.8
8
4
4
304
242
62
312
246
66
46.9
76.6
19.2
2,494
2,131
363
53.9
81 .4
18.1
2,035
1,722
313
52.6
80.1
18.2
South Carolina—Total.
Member....................
Nonmember.............
South Dakota—Total.
Member..................
Nonmember............
29
41
23
18
82
72
10
123
95
28
45.1
67.9
21.1
1,778
1,544
234
60.9
72.9
29.2
1,582
1 ,370
212
60.5
72.6
29.2
Tennessee—Total.
Member.............
Nonmember.. . .
17
72
34
38
390
266
124
462
300
162
43.6
61 .7
28.2
9,384
7,787
1,597
63.9
77.8
34.1
7,666
6,279
1,387
62.3
76.7
33.6
Texas—Total..
Member
Nonmember.
93
235
131
104
30
4
26
265
135
130
18.7
21.8
16.3
29,660
25,848
3,812
58.5
69.7
27.9
23,934
20,587
3,347
56.3
67.5
27.8
15
8
7
163
120
43
178
128
50
74.8
88.3
53.8
2,771
2,107
664
81.3
87.8
65.7
2,393
1,821
572
80.9
87.6
65.0
26.8
Utah—T otal...
Member. . . .
Nonmember.
Vermont—Total.
Member..........
Nonmember...
3
30
33
20.0
374
26 9
332
3
30
33
32.4
374
37.4
332
37.3
Virginia—T otal.
Member........
Nonmember..
121
79
42
893
693
200
1,014
772
242
73.1
76.7
63.5
12,340
10,206
2,134
79.4
82.4
67.6
10,262
8,390
1,872
78.4
81.3
67.6
10
8
2
398
397
1
408
405
3
54.6
71.8
1.6
8,066
8,035
31
69.4
81.1
1.8
6,222
6,195
27
70.8
80.3
2.5
9
7
2
2
2
11
9
2
4.6
6.2
2.1
274
194
80
4.5
4.4
4.7
230
167
63
4.6
4.8
4.3
112
58
54
268
107
161
28.2
40.5
23.5
8,676
5,993
2,683
52.9
66.2
36.5
7,143
4,780
2.363
51.2
64.4
36.2
35
28
7
46.7
49.1
38.9
939
815
124
57.5
59.4
47.7
805
696
109
56.7
58.4
47.6
Washington—Total.
Member................
Nonmember..........
West Virginia—Total.
Member..................
Nonmember............
Wisconsin—Total.
Member............
Nonmember.. . .
62
156
49
107
Wyoming—Total.
Member. . . . . .
Nonmember...
22
35
28
7
For notes see p. A-79.
JUNE 1975 □ BANK HOLDING COMPANY GROUPS
A 79
BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1974—Continued
B. Summary totals and comparisons
50 States and District of Columbia
Holding
company
groups
All
commercial
banks
Holding company
groups as a per
centage of all
commercial
banks
Number of banking offices—Total
Banks.........................................
Branches...................................
20,593
3,462
17,131
42,761
14,465
28,296
48.2
Assets (millions of dollars)...........
Deposits (millions of dollars)........
640,082
509,737
920,001
748,341
69.6
68.1
i Data for individual States represent bank holding companies having
subsidiary banks in the respective States rather than bank holding com
panies whose principal offices are located in such States. Total does not
equal sum of State figures because it has been corrected for duplications;
that is, holding companies that have subsidiary banks in more than one
State are included in the total only once.
N ote .— Companies listed include those that have reported to the Board
pursuant to the requirements of the Bank Holding Company Act and
include some companies that have filed registration statements but whose
holding company status has not yet been determined by the Board.
(A list showing the names, offices, total assets, and total deposits of
the subsidiary banks in the holding company groups is available upon
request.)
C. Multibank and one-bank classifications
Number
Classification
Amount (millions of dollars)
Offices
Companies
Banks
Branches
Total
Assets
Deposits
1,752
3,462
1,735
1 ,727
17,131
13,830
3,301
20,593
15,565
5,028
640,082
566,963
73,119
509,737
447,156
62,581
Multibank..................................................................
Member..................................................................
276
2,122
1,223
899
8.887
7; 307
1,580
11,009
8,530
2,479
358,644
321,228
37,416
287,381
255,254
32,127
One-bank....................................................................
Member..................................................................
Nonmember...........................................................
1,340
1,340
512
828
8,244
6,523
1 ,721
9,584
7,035
2,549
281,438
245,735
35,703
222,356
191,902
30,454
14,465
28,296
42,761
920,001
748,341
Member..................................................................
N onmember...........................................................
N onm em ber.....................................................................
All commercial banks...............................................
N ote .— This table gives a further breakdown of totals into multibank
and one-bank classifications.
Multibank and one-bank classifications are based on the number of
banks controlled, directly or indirectly, by the top-tiered holding com
pany. Holding companies that are subsidiaries of other holding companies
are eliminated; therefore, the total number of multibank and one-bank
companies is lower than the total number of bank holding companies
shown above.
A 80
INSURED
IN C O M E, E X PE N S E S , A N D D IV ID EN D S O F IN S U R E D C O M M E R C IA L B A N K S, 1974
(Income, etc. in thousands, and asset and liability items in millions, of dollars)
All
insured
banks
Insured
nonmember
banks
All
member
banks
Large banks
Total
City of
Chicago
Other
All other
53,827,517
34,439,932
10,299,336
3,215,743
20,924,823
19,387,585
8,879,169
38,055,009
25,268,332
7,839,835
2,469,466
14,959,031
12,786,677
3,693,881
971,649
2,722,232
1,548,234
184,116
147,857
1,216,261
1,173,998
3,414,239
2,014,003
4,449,750
466,171
1,506,035
1,450,258
1,404,348
1,071,709
745,562
1,149,038
140,974
126,990
427,741
252,906
2,342,530
1,268,441
3,300,712
325,197
1,379,045
1,022,517
1,151,442
1,089,328
501,518
1,618,184
173,231
1,046,871
481,612
755,516
277,885
97,144
361,912
44,934
390,241
79,556
149,424
89,858
52,372
131,888
13,656
107,696
19,263
48,994
721,585
352,002
1,124.384
114;641
548,934
382,793
557,098
1,253,202
766,923
1,682,528
151,966
332,174
540,905
395,926
430,325
2,099,010
5,625
263,318
424,700
1,835,692
411,095
1,546,011
166,278
708,041
25,913
108,780
218,904
729,190
13,605
289,681
58,635,693
9,746,093
1,778,420
11,829,436
2,320,170
372,295
46,806,257
7,425,923
1,406,125
30,197,272
4,309,153
861,245
8,817,192
1,184,221
289,675
2,818,461
269,776
56,430
18,561,619
2,855,156
515,140
16,608,985
3,116,770
544,880
27,771,040
5,965,236
21,805,804
13,622,098
3,996,813
1,397,050
8,228,235
8,183,706
5,969,465
912,005
279,949
2,040,709
1,354,637
2,270,377
6,512,998
255,844
40,306
62,659
437,895
318,293
412,905
1,643,833
5,713,621
871,699
217,290
1,602,814
1,036,344
1,857,472
4,869,165
4,935,704
781,105
151,266
955,424
544,214
1,328,254
2,708,809
1,263,626
366,687
41,612
314,485
121,528
515,514
723,031
690,475
22,491
4,082
57,183
34,529
79,648
206,797
2,981,603
391,927
105,572
583,756
388,157
733,092
1,778,981
777,917
90,594
66,024
647,390
492,130
529,218
2,160,356
Income before income taxes and securities gains or losses............
Applicable income taxes..........................................................
Income before securities gains or losses.................................
Net securities gains or losses ( —) after taxes.........................
Extraordinary charges ( —) or credits after taxes...................
Less minority interest in consolidated subsidiaries...............
9,226,505
2,083,205
7,143,300
-87,380
11,881
357
2,205,245
492,595
1,712,650
-1 8,100
8,682
216
7,021,260
1,590,610
5,430,650
-69,280
3,199
141
4,242,660
1,058,381
3,184,279
-49,522
-6 ,9 8 6
96
1,482,174
389.524
1,092,650
-16,743
397,282
113,520
283,762
-4 ,0 5 3
2,363,204
555,337
1,807,867
-28,726
-6 ,9 8 6
96
2,778,600
532,229
2,246,371
-19,758
10,185
45
Net income.....................................................................................
7,067,444
1,703,016
5,364,428
3,127,675
1,075,907
279,709
1,772,059
2,236,753
Cash dividends declared:
On common stock....................................................................
On preferred stock....................................................................
2,757,928
2,430
487,636
1,285
2,270,292
1,145
1,438,461
467
454,365
132,242
851,854
467
831,831
678
2,083,205
492,595
1,590,610
1,058,381
389,524
113,520
555,337
532,229
-68,303
-256,051
-8 ,0 5 4
-42,724
-60,249
-213,327
-45,760
-148,848
-16,323
-47,627
-4 ,0 0 9
-27,503
-25,428
-73,718
-14,489
-64,479
178,016
147,558
76,503
5,505
345,809
110,382
Other U.S. Govt, securities (agencies and corporations).
Obligations of States and political subdivisions.................
All other securities................................................................
Trust department income........................................................
Service charges on deposit accounts.......................................
Other charges, fees, etc.............................................................
Other operating income:
Operating expenses—Total..........................................................
Salaries and wages of officers and employees.........................
Officer and employee benefits..................................................
Interest paid o n :
Time and savings deposits....................................................
Federal funds purchased and securities sold with re
purchase agreement......................................................
Other borrowed money........................................................
Capital notes and debentures..............................................
Occupancy expense of bank premises, net.............................
Furniture, equipment, etc.........................................................
Provision for loan losses..........................................................
Other operating expenses..........................................................
Memoranda items:
Income taxes applicable to 1974 operating income...............
Tax effect o f:
Net securities gains or losses ( —), etc.................................
Transfers—Capital accounts to IRS loan loss reserves 2. .
Total provision fo r income taxes , 1974 ....................................
Federal...................................................................................
State and local.......................................................................
1,758,851
1,356,661
402,190
441,817
378,428
63,389
1,317,034
978,233
338,801
863,773
600,328
263,445
325,574
82,008
456,191
453,261
377,905
75,356
1975
14,034,681
46,934,178
BANKS, 1974 □ JUNE
67,862,198
Operating income—Total..............................................................
Loans:
Interest and fees....................................................................
Federal funds sold and securities purchased with resale
agreement.......................................................................
Securities—Interest and dividends: 1
MEMBER
New York
City
AND
Item
Memoranda items (cent.):
Occupancy expense o f bank premises, gross...........................
Rental income from bank premises......................................
Net security gains or losses ( —) before income taxes...........
Extraordinary charges ( —) or credits before income ta x .. .
Reserves for losses on loans:3
Balance at beginning o f yea r ..............................................
Additions due to mergers and absorptions.....................
Recoveries credited to reserves..........................................
Transfers to reserves.............................................................
Losses charged to reserves..................................................
Transfers from reserves.....................................................
Balance at end o f y ea r ........................................................
N et loan losses ( —) or recoveries4 ..........................................
Reserves on securities:
Balance at beginning o f yea r ...............................................
Additions due to mergers and absorptions.....................
Recoveries credited to reserves..........................................
Transfers to reserves............................................................
Losses charged to reserves..................................................
Transfers from reserves.......................................................
Balance at end o f y ea r ........................................................
2,424,137
383,428
-161,640
17,838
495,833
57,938
-27,910
10,438
1,928,304
325,490
-133,730
7,400
1,174,509
219,085
-97,755
-4,5 1 3
361,634
47,149
-33,066
70,604
13,421
-8 ,0 6 2
742,271
158,515
-56,627
-4 ,5 1 3
753,795
106,405
-35,975
11,913
7,581,530
1,336,282
6,245,248
4,129,758
1,388,647
416,633
2,324,478
5,524
131,055
908,771
736,357
18,619
2,115,490
11,379
140,614
79,413
817
26,807
460,428
2,915,380
2,406,794
96,620
8,480,731
-1,952,744
172,980
23
1,651
21,852
3,120
24,702
-1,591,170
-1,088,657
55,984
116,996
58,474
15
547
9,368
865
6,466
6,978,608
8
1,104
12,484
2,255
18,236
4,697,642
52,955
5,843,843
1,819,750
4,024,093
2,098,592
105,458
15,829
10,581
24,443
1,737
16,357
180,164
95,406
157,392
15,366
14,588
1,154,234
14,216
299,193
8,436
957,011
488,396
2,614,852
7,487
50,987
58,522
190
1,611
980
4,859
425
3,446
52,955
8
124
7,435
1,830
7,113
57,146
126,386
1,015,195
1,925,501
-68,034
3,127,675
79,038
199,313
30,144
36,340
488,288
1,438,928
208,073
215,205
1,075,907
279,709
105,000
10,813
5,781
358,950
454,365
61 ,956
72,306
412,202
36,672
18,767
69,993
4,125
105,359
688,243
305,620
550,145
53,324
49,933
259,994
17,164
7,476
33,688
2,033
72,862
425,531
171,489
324,164
31,783
29,322
855,041
5,780
454,967
177
-605,302
2,280,966
-502,513
132,242
33,653
6,735
1,772,059
79,038
83,500
30,144
22,065
129,338
852,321
112,464
136,164
2,236,753
147,082
79,756
230,062
49,657
352,820
832,509
114,140
223,980
77,645
4,083
1 ,510
7,027
653
29,680
133,183
44,614
100,861
10,523
9,778
23,879
1,248
711
2,640
204
4,294
35,343
15,938
26,093
2,504
2,446
158,470
11,832
5,255
24,021
1,176
38,889
257,005
110,936
197,210
18,756
17,099
152,208
19,508
11,291
36,305
2,093
32,497
262,712
134,131
225,981
21,541
20,610
102,182
13
25,249
9
327,536
155
400,074
5,603
8 j 494
MEMBER
517,660
52,501
29,348
94,435
5,862
121,717
868,407
401,026
707,538
68,691
64,520
-415,321
AND
5,364,428
226,120
279,069
260,206
85,997
841,108
2,271,437
322,213
439,185
1,594,394
13,511
169,828
694,332
669,650
42,545
JUNE 1975 □ INSURED
1,703,016
252,709
75,388
300,815
35,322
231,175
488,921
111,340
178,414
1,752
51,196
625,097
466,517
5,781
980
5,049
425
11,123
110,101
Assets, deposits, and capital accounts:
Loans gross (includes Federal funds sold and resale
purchases)................................................................................
U.S. Treasury securities1 ...........................................................
Other U.S. Govt, securities (agencies and corporations)1. .
Obligations o f States and political subdivisions1.................
All other securities1 .....................................................................
Cast assets.......................................................................................
Total assets 5 ..................................................................................
Time and savings deposits...........................................................
Total deposits.................................................................................
Total capital accounts plus total reserves................................
Equity capital plus total reserves..............................................
BANKS, 1974
A 81
-361,574
1,502,123
7,276
193,630
1,674,482
1,282,287
25,217
58,583
7,067,444
478,829
354,457
561,021
121,319
1,072,283
2,760,358
433,553
617,599
For notes see p. A-87.
20,787
363,458
2,368,814
1,951,937
67,762
168,684
Total net changes in capital accounts ........................................
N et income transferred to undivided profits...........................
Common stock sold (n et)...........................................................
Preferred stock, capital notes, and debentures sold.............
Premium received on new capital stock sold.........................
Transfers from loan and securities reserves............................
Other increases..............................................................................
Dividends declared........................................................................
Transfers to loan and securities reserve (net o f tax effect). .
Other decreases..............................................................................
Number o f officers and employees................................................
Number o f banks..............................................................................
6,020
96,970
546,566
454,857
28,858
A 82
MEMBER
IN C O M E, E X P E N S E S , AND D IV ID EN D S, BY FED ERA L R E SE R V E D IS T R IC T
Item
Boston
New
York
Phila
delphia
Cleve
land
Rich
mond
Atlanta
Chicago
St.
Louis
Minne
apolis
Kansas
City
Dallas
San
Francisco
Operating income—T o ta l................................................................ 2,082,575 13,356,477 2,394,723 3,675,152 2,881,604 3,879,182 8,335,132 1,669,286 1,387,492 2,228,169 2,859,153 9,078,572
Loans:
1,500,458 9,955,606 1,712,691 2,446,988 2,056,689 2,598,725 5,881,762 1,045,556 943,313 1,443,320 1,867,507 6,602,394
Fed. funds sold and securities purchased with resale
67,162 200,723 282,792 378,825
69,991 310,346 118,679 240,854 158,142 282,100 462,144 150,474
agreement...........................................................................
Securities—Interest and dividends: 1
80,094 134,461
138,507 326,752
67,735 450,311 102,151 218.726 117,746 176,794 422,296 106,957
U.S. Treasury securities...........................................................
71,640
52,179
81,876 103,785 247,645
56,819
74,543 215,178
48,966 101,134
37,979 176,697
Other U.S. Govt, securities (agencies and corporations)...
98,087 174,512 247,008 391,041
117,598 634,059 164,286 310,917 208,929 308,250 524,380 121,645
Obligations of States and political subdivisions...................
85,074
6,989
8,234
24,147
7,085
5,127
11,872
47,326
20,023
29,653
8,901
70,766
All other securities....................................................................
76,708 213,067
29,685
24,518
48,442
55,288 151,345
99,532
59,767
64,128
96,482 460,083
T rust department income............................................................
32,207
29,903
56,207
62,292 244,757
34,732
63,148
68,733 110,014 123,226
37,501 159,797
Service charges on deposit accounts..........................................
38,344
63,332
60,873 262,493
75,402
31,663
62,857 100,083 158,387
39,551
58,440 200,017
Other charges, fees, etc................................................................
Other operating income:
8,991
11,413
73,877
10,493
33,951
15,733
28,059
17,489
27,443
13,583
14,440 169,228
On trading account (net)..........................................................
47,058 384,584
88,083 183,200
49,960
19,499
34,373
45,048
Other...........................................................................................
73,050 769,567
70,285
70,985
Operating expenses—T otal.............................................................. 1,840,257 11,529,037 2,125,513 3,084,288 2,465,376 3,455,325 7,264,187 1,452,898 1,182,863 1,876,536 2,398,445 8,131,532
347,164 1,711,372 326,106 491,455 465,017 584,623 999,468 236,380 172,732 328,932 357,362 1,405,312
Salaries and wages of officers and employees...........................
53,253
60,177 239,440
39,858
31,366
67,232
77,068 102,559 185,927
68,676 394,352
86,217
Officer add employee benefits......................................................
Interest paid o n :
729,791 5,256,905 968,105 1,500,973 1,054,383 1,465,882 3,669,878 617,770 600,174 841,369 1,105,019 3,995,555
Time and savings deposits.......................................................
Federal funds purchased and securities sold with repur
chase agreement................................................................
214,219 1,425,377 291,599 306,321 245,142 356,814 1,124,216 219,570 135,261 202,213 348,829 844,060
35,212 103,599
44,561
16,427
12,320
24,975
50,333
78,458
21,586
82,639
Other borrowed money............................................................
21,615 379,974
7,670
47,097
9,522
14,384
13,625
23,757
4,046
9,290
Capital notes and debentures..................................................
5,763
52,353
21,863
7,920
55.550 302,812
54,246
74,914
88,012 105,127 210,706
46,432
29,773
96,974
Occupancy expense of bank premises, net.................................
81,991 456,277
58,484 163,852
52,853
27,508
48,163
79.066
65,827 100.294 152.525
43.295
Furniture, equipment, etc.............................................................
47,621 196,856
65,081
77,926 303,245
25,211
62,959
70,494
86,548 177,834 195,765
Provision for loan losses..............................................................
94,227 603,773
94;409
Other operating expenses.............................................................
229,190 1,051,798 206,704 342,495 347,409 465,928 657,384 170,268 126,573 252,640 292,216 726,560
Income before income taxes and securities gains or losses.............
Applicable income taxes..............................................................
Income before securities gains or losses.....................................
Net securities gains or losses ( —) after taxes............................
Extraordinary charges ( —) or credits after taxes......................
Less minority interest in consolidated subsidiaries ..............
242,318 1,827,440
61,769 428,399
180,549 1,399,041
-4,1 8 2 -17,514
268
85
4
269,210
26,393
242,817
-564
541
107
590,864
115,575
475,289
-9 ,0 6 7
302
14
416,228
99,716
316,512
—7,418
318
423,857 1,070,945
53,052 254.223
370,805 816,722
-3 ,4 2 8 -10,534
4,414
396
19
216,388
48,573
167,815
-3 ,1 1 3
-1 1 9
-1 1
204,629
54,150
150,479
-1 ,8 0 8
596
351,633
78,784
272,849
-2 ,5 7 6
5,755
1
460,708 947,040
98,163 271,813
362,545 675,227
-6 ,3 8 3
-2 ,6 9 3
1,372 -10,729
7
Net income.........................................................................................
176,635 1,381,608
242,687
466,510
309,412
367,773
810,583
164,594
149,267
276,027
361,217
658,115
622,521
8
116,450
202,417
140
134,755
356
159,271
110
338,238
139
65,783
33
51,108
25
99,390
280
96,422
296,603
23
61,769
428,399
26,393
115,575
99,716
53,052
254,223
48,573
54,150
78,784
98,163
271,813
-3,9 1 7
-5,5 9 3
-18,004
-57,180
77
-6 ,8 8 5
-7 ,4 3 7
-9 ,2 6 2
-6,991
-11,435
-3 ,3 6 3
-8 ,9 1 8
-8,681
-49,208
-2 ,2 2 2
-5 ,9 5 4
-925
-7 ,6 0 3
229
-4 ,4 8 7
-2 ,0 0 5
-9 ,0 9 7
-7 ,0 1 0
-37,705
4 0 ,7 71
196,334
18,360
1,225
98,660
216
32,562
8,209
167,105
29,229
40,397
29,567
16,055
64,708
9,818
86,637
424
145,123
81,975
Cash dividends declared:
On common stock........................................................................
On preferred stock........................................................................
Memoranda items:
Income taxes applicable to 1974 operating income.................
Tax effect of:
Net securities gains or losses ( —), etc....................................
Transfers—Capital accounts to IRS loan loss reserves2. . ..
Total provision for income taxes , 1974 .......................................
Federal.......................................................................................
State and local..........................................................................
87,334
31
52,259
31,213
21,046
353,215
192,841
160,374
19,585
98,876
81,290
73,264
8,026
38,193
2,204
45,622
74,526
87,061
227,098
BANKS, 1974 □ JUNE 1975
(Income, etc. in thousands, and asset and liability items in millions, of dollars)
Memoranda items (cont.)’*
Occupancy expense of bank premises, gross.............................
Rental income from bank premises.......................................
Net securities gains or losses ( —) before income taxes............
Extraordinary charges ( —) or credits before income tax..........
Reserves for losses on loans: 3
Balance at beginning of yea r ....................................................
Additions due to mergers and absorptions........................
Recoveries credited to reserves...........................................
Transfers to reserves............................................................
Losses charged to reserves..................................................
Transfers from reserves.......................................................
Balance at end o f yea r ..............................................................
Net loan losses ( —) or recoveries 4...........................................
Reserves on securities:
Balance at beginning o f year ....................................................
Additions due to mergers and absorptions.......................
95,768 515,194
13,777
58,917
-8 ,0 5 9 -35,070
228
-363
235,967 1,777,289
1,812
17,152
105,372
106,351
5,539
4,515
72,459
736,376
578,830
13,910
248,413 1,997,899
-89,237 -506,371
1,066
3,839
26
Transfers to reserves............................................................
151
24
2
Balance at end o f y e a r .............................................................
1,239
Total net changes in capital accounts ..............................................
Net income transferred to undivided profits.............................
Common stock sold (net)...........................................................
Preferred stock, capital notes, and debentures sold.................
Premium received on new capital stock sold.............................
Transfers from loan and securities reserves...............................
Other increases.............................................................................
Dividends declared.......................................................................
Transfers to loan and securities reserves (net of tax effect).. . .
Other decreases.............................................................................
Assets, deposits, and capital accounts:
Loans gross (including Federal funds sold and resale pur-
83,209 .120,818 108,296
20,284
8,295
23,844
-648 -16,695 -14,307
702
216
493
136,300 252,148
41,442
31,173
-6 ,6 8 9 -19,770
294
4,969
53,449
7,017
-5 ,2 8 9
-165
41,290
11,517
-3 ,0 3 6
899
78,309
24,063
-5 ,4 2 6
8,834
97,732 345,791
42,182
42,979
-5 ,0 7 2 -13,669
1,746 -10,453
323,197
358,815 1,019,830
170,858
154,331
219,633
292,007 1,013,323
277,549
486
10,596
87,969
76,848
5,268
294,484
402,449
1 ,858
22,760
117,816
96,916
4,687
443,280
3,812
19,806
110,344
94,911
7,351
354,897
1,244
36,129
202,539
200,580
8,126
390,021 1,130,633
-66,252
-74,566
835
28,608
3,698
10,324
8
8
-75,247 -164,578 -180,603
553
20
661
100
8
696
2
982
12
351
995
1,124
3,737
927
28,328
1,942
9,278
187,157
280,315
299,553
349,554
108,025 1,159,645
176,635 1,381,608
626
15,431
15,547 108,580
1,027
57,343
5,539
14,571
23,491 445,606
87,365 622,529
5,941
75,986
21,534 164,979
242,687
3,539
47,860
10,495
5,268
14,231
116,450
10,690
9,783
466,510
3,863
3,686
10,602
5,669
31,170
202,557
15,294
23,334
138
43,912
301,843
224,464
10,626
598
304
1,348
309,412 •’367,773
35,020
53,287
14,276
38,791
30,480
61,477
8,475
9,474
48,508
67,900
135,111
159,381
13,526
16,944
22,496
48,308
18,683
700
17,982
72,336
63,361
3,667
194,848
70
10,146
42,367
36,610
1,506
168,798
75
21,376
76,230
81,739
2,017
233,558
894
27,866
102,457
95,723
2,742
5,183
63,274
413,165
295,604
2,323
324,759 1,197,018
-45,539
-26,504
-61,012
12,541
778
2,926
27,556
6,142
329
5,354
315
2,020
328
1,340
-68,925 -232,336
64
227
9
11,680
i ,577
2
2,890
250
362
208
315
11,226
496
3,015
30,904
7,329
545,774
130,580
111,849
209,998
306,700
334,943
1,520
335
8,188
810,583
19,345
16,477
23,145
18,814
82,696
338,377
58,310
28,599
164,594
6,719
1,175
10,682
6,557
23,670
65,816
9,911
7,090
149,267
4,862
5,236
6,793
1,732
11,114
51,133
9,685
6,337
276,027
10,478
3,279
17,894
2,332
21,724
99,670
7,715
14,351
481
361,217
20,022
14,065
14,465
4,762
49,126
96,422
22,996
37,539
658,115
52,928
10,097
15,803
2,804
21,872
296,626
75,215
54,835
15,290
1,095
534
2,544
140
3,694
24,746
9,954
20,040
2,021
1,928
102,218
6,776
2,939
12,811
1,035
34,612
174,661
65,061
135,833
14,013
13,096
19,452
1,657
721
3,635
418
3,614
31,226
15,174
24,565
2,552
2,259
28,594
3,417
1,400
6,608
299
5,771
48,589
23,642
38,969
4,228
4,116
22,839
1,797
1,170
4,529
124
5,099
37,107
16,476
30,325
3,008
2,814
28,469
2,821
1,473
6,295
329
7,240
48,828
21,256
39,762
3,922
3,724
64,140
6,405
3,505
11,099
970
13,242
104,247
52,231
83,731
7,852
7,503
12,799
1 ,669
1,034
2,639
110
3,352
22,652
9,507
18,146
1,791
1,720
11,021
1,241
742
2,083
57
2,242
18,473
9,239
14,966
1,406
1,272
16,826
2,052
803
3,769
112
4,648
29,329
12,503
24,251
2,400
2,265
21,394
2,059
1,083
5,418
169
6,443
38,194
15,447
30,964
2,971
2,854
69,161
5,684
3,364
8,563
363
15,402
110,192
55,131
88,593
7,160
6,383
Number of officers and employees................................................
Number of banks.............................................................................
40,417
203
165,584
320
40,050
265
59,237
458
59,196
401
84,875
645
114,211
935
30,606
430
20,865
504
39,118
821
42,777
658
158,105
140
For notes see p. A-87.
BANKS, 1974
A 83
JUNE 1975 □ MEMBER
U.S. Treasury securities 1............................................................
Other U.S. Govt securities (agencies and corporations) 1........
Obligations of States and political subdivisions 1.....................
All other securities 1....................................................................
Cash assets....................................................................................
Total assets 5................................................................................
Time and savings deposits..........................................................
Total deposits...............................................................................
Total capital accounts plus total reserves.................................
Equity capital plus total reserves................................................
A 84
IN C O M E , E X P E N S E S , A ND D IV ID EN D S O F LARGE M E M B E R B A N K S, BY FED E R A L R E S E R V E D IS T R IC T
MEMBER
(Income etc., in thousands, and asset and liability items in millions, of dollars)
Federal Reserve District
Item
New
York
Phila
delphia
Cleve
land
Rich
mond
Atlanta
Chicago
St.
Louis
Minne
apolis
Kansas
City
Dallas
San
Francisco
Operating income—Total.........................................
Loans:
Interest and fees.................................................
Federal funds sold and securities purchased
with resale agreement................................
Securities—Interest and dividends:1
U.S. Treasury securities.................... . .............
Other U.S. Govt, securities (agencies and
corporations)..............................................
Obligations of States and political subdivisions
All other securities.............................................
Trust department income.....................................
Service charges on deposit accounts...................
Other charges, fees, etc.........................................
Other operating income:
On trading account (net)..................................
O ther...................................................................
867,289 10,639,119 1,352,279 2,175,618 1,432,185 1,573,051 5,012,076
864.053
500,733
804,843 1,366,644 7,852,043
607,585 8,102,630 1,007,847 1,469,748 1,058,293 1,123,253 3,747,440
563,173
350,904
549,287
Operating expenses—Total..................................... .
Salaries and wages of officers and employees..,
Officer and employee benefits..............................
Interest paid on:
Time and savings deposits...............................
Federal funds purchased and securities sold
with repurchase agreement..................
Other borrowed money................................... .
Capital notes and debentures......................... .
Occupancy expense of bank premises, net.........
Furniture, equipment, etc................................... .
Provision for loan losses.......................................
Other operating expenses.....................................
Income before income taxes and securities gains or
losses...................................................................
Applicable income taxes......................................
Income before securities gains or losses.............
Net securities gains or losses ( —) after taxes...
Extraordinary charges ( —) or credits after taxes
Less minority interest in consolidated subsi
diaries .............................................................
943,833 5,744,339
29,698
189,281
72,772
154,080
62,269
116,178
257,140
89,378
27,278
82,341
133,858
333,961
25,213
297,951
27,836
85,867
42,615
46,910
176,498
29,997
11,882
29,889
49,733
264,937
13.683
43,875
2,209
49.684
5,272
33,385
100,984
380,066
45,579
395,456
87,425
156,355
6,403
67,564
8,739
48,583
17,747
19,819
49,674
171,304
11,373
74,214
27,175
45,917
24,589
97,340
3,859
40,735
32,531
32,555
17,023
84,558
11,260
38,343
32,931
40,879
77,698
238,801
37,585
156,435
49,608
95,222
17,027
48,087
2,979
20,269
13,243
24,575
8,449
20,522
1,459
17,884
4,657
18,061
3,902
46,906
2,050
32,173
8,883
24,638
7,517
106,556
3,171
39,620
9,652
34,921
174,569
312,605
42,968
133,475
192,488
229,189
9,475
47,210
167,612
715,780
17,483
57,486
27,415
58,851
10,882
26,517
8,890
52,826
33,263
142,385
15,483
39,842
28,003
11,634
9,035
15,739
11,195
26,588
72,359
351,153
782,401 9,127,651 1,224,176 1,838,480 1,222,073 1,435,798 4,421,842
797,809
433,246
50,691
9,379
711,737 1,163,937 7,038,122
103,528
133,069 1,165,328
200,481
24,948
17,223
462,633
852,068
488,733
525,883 2,124,829
268,804
167,889
273,087
492,177 3,514,245
278,061
41,978
17,763
40,746
22,681
52,573
99,789
267,290
71,844
4,116
54,289
39,288
61,061
172,637
173,316
12,002
8,999
43,716
28,276
36,911
169,196
241,582
71,164
7,887
38,517
37,560
86,547
168,423
998,347
35,365
11,759
110,889
74,598
120,655
334,717
204,044
11,062
2,728
23,044
23,231
47,672
83,602
116,631
22,244
4,845
7,234
5,918
8,359
40,056
145,958
8,029
4,737
17,484
18,715
26,607
96,369
288,325
30,750
3,859
11,079
24,557
35,893
119,280
783,932
100,250
38,408
251,842
126,608
269,893
587,135
128,103
337,138
210,112
54,183
155,929
-4 ,0 9 7
-2 6
137,253
590,233
13,361
52,883
-2,481
67,487
22,361
45,126
-318
93,106
202,707
45,510
157,197
-918
813,921
156,208
434,025
-5 ,2 1 7
-669
66,244
65,431
271,707
-6,951
117,856
264,756
151,806
117,627
428,139
50,413
44,808
79,546
156,279
553,361
34,793
18,940
37,744
39,910
258,187
1
243,010
305,698 4,146,052
137,820 1,300,398
367,994
8,423
42,641
3,524
329,237
27,347
127,013
15,769
527,259
54,824
757,110
80,495
84,888 1,511,468
394,994
18,003
66,885 1,116,474
-16,799
-3,059
-418
114.054
19,568
224,154
36,770
169,730
38,222
10,298
117,805
158
216,833
41,402
510,209
100,474
267,741
48,146
123,367 1,230,449
25,134
299,498
16,908
120,345
-2 ,7 1 8
18,114
74,992
-1 ,2 3 2
5,787
243,010
570,911
-5 ,8 9 0
-11,660
-1 1
107
Net income.
63,826 1,099,257
Cash dividends declared:
On common stock........
On preferred stock........
31,838
471,150
62,865
137,090
73,056
356
63,903
110
208,985
18,003
394,994
10,298
65,431
54,183
16,908
156,208
13,361
22,361
18,114
45,510
-2 ,6 0 3
-5 ,8 7 4
-1 ,5 2 5
-3 7 0
1,776
-1 ,2 4 3
-6 ,7 2 4
-2 ,7 4 0
-1 ,6 7 9
-291
-5 ,7 5 8
-34,976
8,197
899
12,732
7,580
17,529
2,070
38.509
Memoranda items:
Income taxes applicable to 1974 operating in
come ...............................................................
Tax effect o f:
Net securities gains or losses ( —), etc.............
Transfers—Capital accounts to IRS loan loss
reserve 2......................................................
Total provision fo r income taxes , 1974 ................
Federal................................................................
State and local...................................................
-2 ,6 5 4
-1,6 2 3
13,726
8,292
5,434
-16,725
-49,728
328,541
179,711
148,830
111
-5 ,9 0 3
-2 ,7 6 4
-2 ,2 5 3
7,645
57.275
6,516
1,129
57.275
-4 ,0 2 6
-1 ,8 9 3
-37,622
42,636
12,412
37,136
5,500
10,647
1,765
96,959
15,753
-7 ,5 2 1
112,712
9,096
20,312
19,599
38.509
201,310
126,825
74,485
BANKS, 1974 □ JUNE 1975
Boston
Memoranda items (cont.):
Occupancy expense of bank premises, gross. . . .
Rental income from bank premises................
Net securities gains or losses ( —) before income
taxes................................................................
Extraordinary charges ( —) or credits before in
come taxes......................................................
33,496
6,149
378,445
49,208
47,175
6,429
71,756
17,467
55,796
12,080
54,976
16,459
133,572
22,683
27,513
4,469
14,816
7,582
33,342
15,858
38,020
26,941
285,602
33,760
-5,713
-33,183
269
-12,854
-8 ,0 9 9
-5,321
-10,495
-4 ,0 0 6
-688
-2 ,8 5 0
-2,161
-12,654
-759
Reserves for losses on loans:3
Balance at beginning o f year .............................
Additions due to mergers and absorptions..
Recoveries credited to reserves....................
Transfers to reserves.....................................
Losses charged to reserves...........................
Transfers from reserves.................................
Balance at end o f y ea r ......................................
Net loan losses ( —) or recoveries 4 ....................
Reserves on securities:
Balance at beginning o f year .............................
Additions due to mergers and absorptions..
Recoveries credited to reserves....................
Transfers to reserves.....................................
Losses charged to reserves...........................
Transfers from reserves.................................
Balance at end o f y ea r .......................................
-47,635
Total net changes in capital accounts .......................
42,438
Net income transferred to undivided profits. . . .
Common stock sold (net).....................................
Preferred stock, capital notes, and debentures
sold..................................................................
Premium received on new capital stock so ld .. . .
Transfers from loan and securities reserves........
Other increases......................................................
Dividends declared................................................
Transfers to loan and securities reserves (net of
tax effect)........................................................
Other decreases.....................................................
96,131
759
8,131
57,241
55,766
3,317
1,443,372
1,752
53,934
640,892
484,064
6,681
103,179 1,649,205
-430,130
-5 0
147,862
239,977
5,003
58,333
52,974
4,182
10,695
68,344
55,351
1,863
1 ,990
7,806
51,619
41,988
1 ,084
-44,656
-34,182
154,042
-47,971
261,802
163,182
181,525
24,000
151
22
304
24,000
961,578
94,499
63,826 1,099,257
117,856
15,000
105,000
40,000
3,317
8,002
31,838
6,681
358,950
471,150
1 ,061
14,808
116,249
633,424
87,633
54,468
82,580
146,251
12,248
91,784
92,712
2,171
18,507
197,726
127,934
2,152
11,406
48,614
43,214
2,681
3,959
12,234
12,465
594
5,677
27,211
30,162
29
6,748
48,609
37,077
316
150,440
719,571
101,758
-80,464
-109,427
-31 ,808
2,243
7,487
8,987
848
107,673
-11,620
9,181
141,291
100
300
1 ,195
304
173
-1 ,265
56,679
190
7,677
57,602
-8 ,5 0 6
200
1 ,273
125
1 ,880
8,380
242,259
264,756
112
151,806
11,252
117,627
3,325
428,139
4,500
287
2,167
5,073
137,090
21,500
2,422
1,084
13,096
73,412
1 ,000
7,839
3,366
22,416
64,013
10,813
4,182
3,385
62,865
63,905
73,255
2,996
5,063
5,334
13,722
7,741
12,334
19,112
85,277
-24,485
27,622
50,413
10
44,808
1,250
9,829
47,446
208,985
31
4,561
4,520
34,793
2,750
594
3,443
31,438
39,638
9,845
4,321
1,309
893,587
2,775
49,516
371,875
248,580
147
164,215 1,069,026
-30,329
-199,064
15,316
441
301
3,105
328
55
75
66
1
18,656
823
55,182
121,663
79,547
4,084
253,638
156,279
5.000
553,361
49,505
18,940
6,720
29
3,259
37,744
6.000
2,000
382
10,569
39,910
8,095
148
11 ,572
258,188
2,196
644
315
398
10,063
8,594
67,060
43,795
5,729
400
80,401
4,384
10,367
461
16,428
1 ,309
11,030
637
11,466
768
38,201
2,569
6,533
495
3,760
186
5,967
411
10,281
753
59,830
4,723
213
914
46
1,533
9,641
3,444
7,255
794
739
1 ,563
7,414
664
30,145
137,393
46,753
104,191
10,853
10,092
90
1,430
137
15,975
6,020
11 ,117
1,267
1,029
655
3,552
171
3,573
27,601
12,090
20,855
2,413
2,356
348
2,077
53
2,790
17,810
7,145
14,134
1,414
1,286
221
1,706
161
2,795
18,265
6,816
13,675
1,414
1,296
1,054
4,871
337
8,281
58,889
26,375
44,328
4,230
4,034
250
1 ,009
49
1,941
11,012
3,582
7,904
807
756
124
421
15
962
6,250
2,098
4,209
468
397
54
1 ,021
35
1,944
10,024
3,504
7,692
773
700
118
2,369
59
3,322
17,886
6,252
13,293
1,304
1,239
2,788
6,904
304
13,399
94,786
47,409
75,510
6,047
5,400
Number of officers and employees..........................
Number of banks......................................................
12,046
4
107,797
16
18,373
6
28,420
16
26,372
14
36,432
20
51,865
24
14,249
15
5,495
8
11,409
18
14,226
17
128,283
19
A 85
BANKS, 1974
For notes see p. A-87.
2 ,Ml
JUNE 1975 □ MEMBER
Assets, deposits, and capital accounts:
Loans gross (includes Federal funds sold and re
sale purchases)...............................................
U.S. Treasury securities1.....................................
Other U.S. Govt, securities (agencies and
corporations)1................................................
Obligations of States and political subdivisions1
All other securities1..............................................
Cash assets.............................................................
Total assets5..........................................................
Time and savings deposits...................................
Total deposits........................................................
Total capital accounts plus total reserves...........
Equity capital plus total reserves.........................
A 86
MEMBER
IN C O M E , E X P E N S E S , AND D IVID ENDS O F O T H ER -T H A N -LA R G E M E M B E R B A N K S, BY FED ERA L R E S E R V E D IS T R IC T
Item
Boston
New
York
Phila
delphia
Cleve
land
Rich
mond
Atlanta
Chicago
Operating income—Total................................................................. 1,215,286 2,717,358 1,042,444 1,499,534 1,449,419 2,306,131 3,323,057
Loans:
Interest and fees........................................................................ 892,873 1,852,976 704,844 977,240 998,396 1,475,472 2,134,322
Federal funds sold and securities purchased with resale
86,774
95,873 165,922 205,004
40,293 121,065
45,907
agreement...........................................................................
Securities—Interest and dividends: 1
75,131 129,884 245,798
42,522 152,360
74,315 132,859
U.S. Treasury securities...........................................................
24,296
75,713
42,563
51,460
57,287
86,762 169,947
Other U.S. Govt, securities (agencies and corporations)___
73,723 253,993
96,722 139,613 111,589 223,692 285,579
Obligations of States and political subdivisions.................
4,375
12,887
47,489
6,692
25,187
20,914
8,650
All other securities...................................................................
25,318
19,032
38,365
56,632
46,798
64,627
15,545
Trust department income............................................................
72,372
35,973
36,202
77,083
32,229
73,618
16,985
Service charges on deposit accounts..........................................
43,662
30,302
59,204
29,485
25,055
11,844
63,165
Other charges, fees, etc.................................................................
Other operating income:
1,616
28
2,701
1,603
4,965
6
688
On trading account (net)..........................................................
12,134
18,531
25,840
53,787
12,799
Other...........................................................................................
35,257
40,815
Operating expenses—Total.............................................................. 1,057,856 2,401,386
223,797 480,923
Salaries and wages of officers and employees...........................
43,542
94,854
Officer and employee benefits......................................................
Interest paid on:
Time and savings deposits....................................................... 424,093 1,110,853
Federal funds purchased and securities sold with repur
76,399 124,979
chase agreement................................................................
13,192
11,980
Other borrowed money............................................................
2,239
9,712
Capital notes and debentures..................................................
54,644 127,040
Occupancy expense of bank premises, net.................................
31,852
69,843
Furniture, equipment, etc............................................................
39,403
76,514
Provision for loan losses..............................................................
148,695 294,688
St.
Louis
Minne
apolis
Kansas
City
Dallas
San
Francisco
805,233
886,759 1,423,326 1,492,509 1,226,529
482,383
592,409
894,033
923,674
858,055
61,096
39,884
118,382
148,934
44,864
76,960
54,613
73,558
4,106
9,416
18,964
13,769
68,212
43,730
77,565
3,668
6,634
25,246
21,490
104,572
52,917
127,606
4,939
16,269
47,324
38,694
88,774
67,026
140,452
8,701
15,668
52,640
25,952
61,815
40,609
78,436
4,358
17,870
52,269
33,304
250
10,118
56
7,865
-4 4
18,634
218
20,470
1,518
33,431
901,337 1,245,808 1,243,303 2,019,527 2,842,345
156,376 223,714 240,863 367,790 489,259
29,010
38,071
40,298
61,157
85,453
655,089
122,326
20,290
749,617 1,164,799 1,234,508 1,093,410
122,041 225,404 224,293 239,984
36,030
21,987
35,229
38,959
505,472
648,905
565,650
939,999 1,545,049
348,966
432,285
568,282
612,842
481,310
13,538
8,355
4,100
34,168
25,482
17,921
106,915
39,031
6,614
3,804
42,685
39,778
33,348
169,858
71,826
9,584
5,385
44,296
37,551
49,637
178,213
115,232
11,475
5,738
66,610
62,734
91,287
297,505
125,869
9,196
11,998
99,817
77,927
75,110
322,667
15,526
1,258
1,318
23,388
20,064
15,287
86,666
18,630
2,731
4,445
22,539
21,590
16,852
86,517
56,255
8,398
4,785
36,762
34,138
38,474
156,271
60,504
4,462
3,811
44,471
33,927
42,033
172,936
60,128
3,349
8,689
50,970
37,244
33,352
139,425
Income before income taxes and securities gains or losses.............
Applicable income taxes..............................................................
Income before securities gains or losses....................................
Net securities gains or losses ( —) after taxes............................
Extraordinary charges ( —) or credits after taxes......................
Less minority interest in consolidated subsidiaries....................
157,430
43,766
113,664
-1,123
268
315,972
33,405
282,567
-715
503
4
141,107
16,095
125,012
-7 2 2
541
253,726
50,144
203,582
-2 ,1 1 6
302
14
206,116
45,533
160,583
-3,321
344
286,604
36,144
250,460
-7 1 0
396
480,712
98,015
382,697
-5 ,3 1 7
5,083
19
150j144
35,212
114,932
-6 3 2
-1 1 9
137,142
31,789
105,353
-1 ,4 9 0
596
258,527
60,670
197,857
-1 ,3 4 4
-3 2
1
258,001
52,653
205,348
-1 ,7 7 5
1,372
7
133,119
28,803
104,316
-493
931
Net income.........................................................................................
112,809
282,351
124,831
201,754
157,606
250,146
382,444
114,181
104,459
196,480
204,938
104,754
Cash dividends declared:
On common stock........................................................................
On preferred stock........................................................................
55,496
31
151,371
8
53,585
65,327
140
61,699
95,368
129,253
139
30,990
33
32,168
25
61,646
280
56,512
38,416
22
Memoranda items:
Income taxes applicable to 1974 operating income.................
Tax effect of:
Net securities gains or losses ( —), etc....................................
Transfers—Capital accounts to IRS loan loss reserves2. . . .
Total provision fo r income taxes , 1974 .........................................
Federal........................................................................................
State and local.................... ......................................................
43,766
33,405
16,095
50,144
45,533
36,144
98,015
35,212
31,789
60,670
52,653
28,803
-1,263
-3 ,9 7 0
-1 ,2 7 9
-7 ,4 5 2
-3 4
-4 ,1 2 1
-1 ,5 3 4
-7 ,0 0 9
-2 ,9 6 5
-3 ,9 1 4
38,654
-6 9 7
-3 ,2 1 4
-5 5 5
-5 ,9 2 4
-1 ,5 4 7
-4 ,1 9 6
-286
-2 ,7 2 9
41,601
-2 ,8 0 7
-11,586
-7 6 2
-3 ,3 3 9
11,940
-7 6 0
-7 ,0 2 5
31,301
25,310
47,179
7,748
48,128
424
18,298
7,490
38,533
22,921
15,612
24,674
13,130
11,544
11,844
96
41,385
216
36,128
2,526
28,359
21,915
6,444
83,622
70,146
13,476
29,996
1,305
16,835
8,475
54,927
48,552
25,788
BANKS, 1974 □ JUNE 1975
(Income, etc. in thousands, and asset and liability items in millions, of dollars)
Memoranda items (cont.):
Occupancy expense o f bank premises, gross.....................
Rental income from bank premises..................................
Net securities gains or losses ( —) before income ta x e s...
Extraordinary charges ( —) or credits before income tax.
Reserves for losses on loans:3
Balance at beginning o f year ............................................
Additions due to mergers and absorptions.................
Recoveries credited to reserves......................................
Transfers to reserves.........................................................
Losses charged to reserves..............................................
Transfers from reserves...................................................
Balance at end o f yea r ......................................................
N et loan losses ( —) or recoveries 4 .......................................
Reserves on securities:
Balance at beginning o f year ............................................
Additions due to mergers and absorptions.................
Recoveries credited to reserves.......................................
Transfers to reserves.........................................................
Losses charged to reserves..............................................
Transfers from reserves....................................................
Balance at end o f y ea r ......................................................
Total net changes in capital accounts.........................................
Net income transferred to undivided profits.......................
Common stock sold (net)......................................................
Preferred stock, capital notes, and debentures sold............
Premium received on new capital stock sold.......................
Transfers from loan and securities reserves.........................
Other increases........................................................................
Dividends declared.................................................................
Transfers to loan and security reserves (net of tax effect).
Other decreases.......................................................................
62,272
7,628
-2 ,3 4 6
228
136,749
9,709
-1 ,8 8 7
396
36,034
1,866
-917
702
49,062
6,377
-3,841
493
52,500
8,204
-6 ,2 0 8
266
81,324
14,714
-1 ,3 6 8
294
118,576
18,759
-9 ,2 7 5
6,234
25,936
2,548
-1 ,2 8 3
-165
26,474
3,935
-2 ,3 4 8
899
44,967
8,205
-2 ,5 7 6
-347
59,712
15,241
-2,911
1,746
60,189
9,219
-1,015
1,167
139,836
333,917
129,687
162,472
160,015
217,524
386,406
83,225
99,863
137,053
145,756
119,736
1,053
9,021
48,131
50,585
2,222
145,234
2,763
18,525
95,484
94,766
7,229
348,694
486
5,593
29,636
23,874
1,086
140,442
1,858
12,065
49,472
41,565
2,824
181,478
1,822
12,000
58,725
52,923
6,267
173,372
1,244
23,881
110,755
107,868
5,955
239,581
138
25,405
104,117
96,530
8,474
411,062
700
6,576
23,722
20,147
986
93,090
70
6,187
30,133
24,145
912
111,196
75
15,699
49,019
51,577
1,988
148,281
894
21,118
53,848
58,646
2,426
160,544
2,408
13,758
41,290
47,024
2,176
127,992
-41,602
-76,241
-18,281
-29,910
-41,065
-84,114
-71,176
-13,731
-17,998
-36,527
-38,596
-33,272
1,066
3,839
835
4,608
3,698
8,081
11,196
3,554
778
2,926
12,240
5,701
1,066
26
553
20
661
3,737
392
2
678
4,328
12
351
995
1,124
1,942
8
498
4
153
8,430
1,330
335
511
11,680
304
2
1,010
2,846
9
64
227
496
50
362
83
315
2,940
28
2,249
315
1,954
12,248
164,066
191,880
292,875
303,515
111,468
84,227
154,816
65,587
198,067
100
927
92,658
112,809
626
547
1,027
2,222
15,489
55,527
4,880
6,726
282,351
15,431
3,580
57,343
7,890
86,656
151,379
12,081
91,724
124,831
3,539
7,860
10,495
1,086
10,846
53,585
4,720
201,754
3,751
3,686
10,315
3,502
26,097
65,467
9,960
9,612
9,561
695
320
1 ,630
93
2,161
15,105
6,509
12,785
1 ,227
1,190
21,817
2,392
1,376
5,397
371
4,467
37,268
18,308
31,642
3,161
3,004
9,085
1,196
631
2,205
281
1,437
15,251
9,154
13,448
1,285
1,230
12,165
2,107
746
3,057
128
2,198
20,988
11,551
18,114
1,815
1,760
11,808
1,160
822
2,452
71
2,309
19,297
9,331
16,190
1,594
1,528
17,002
2,052
1,252
4,588
168
4,444
30,563
14,440
26,087
2,508
2,428
28,371
199
57,787
304
21,677
259
30,817
442
32,824
387
48,443
625
7,694
157,606
23,768
17,291
28,058
7,391
35,412
61,699
5,785
10,162
250,146
49,962
13,276
53,638
6,108
45,484
95,368
13,501
16,870
382,444
14,845
5,664
23,145
8,985
35,250
129,392
18,672
18,754
114,181
6,709
1,175
10,651
1,996
19,150
31,023
5,590
5,781
104,459
3,612
5,236
4,043
1,138
11,114
32,193
7,489
5,693
25,939
3,835
2,452
6,228
633
4,961
45,358
25,856
39,403
3,622
3,469
6,266
1,174
784
1,630
61
1,411
11,640
5,925
10,241
984
964
7,261
1,054
618
1,662
42
1,280
12,223
62,346
911
16,357
415
185,037
1,285
480
6,506
81,305
196,480
6,394
3,279
11,174
2,303
18,465
61,926
7,400
13,953
204,938
15,022
8,065
12,465
4,380
38,557
56,512
12,933
28,945
104,754
3,423
10,097
7,708
2,656
10,300
38,438
8,155
11,040
10,757
938
875
10,859
1,575
749
2,748
77
2,704
19,306
9,000
16,559
1,628
1,565
11,113
1,306
965
3,049
110
3,121
20,308
9,195
17,672
1,667
1,615
9,331
961
576
1 ,659
59
2,004
15,406
7,722
13,083
1,113
983
15,370
496
27,709
803
28,551
641
29,822
121
Assets, deposits, and capital accounts:
Num ber of officers and employees..............................................
Number of banks...........................................................................
N o te .— Figures exclude 2 member banks located outside
the continental United States and 3 noninsured trust com
panies that are State members. Balance sheet figures shown
were obtained by averaging the amounts shown in each bank’s
official condition reports submitted for December 31, 1973,
June 30 and December 31, 1974. Savings deposits are in
cluded in the time deposit figures used in this table. The
number of officers and employees is as of the end of year.
Cash assets comprise cash, balances with other banks (in
cluding reserve balances), and cash items in process of col
lection. Equity capital and reserves include common and
preferred stock, surplus, undivided profits plus reserves
for contingencies, other capital reserves, and reserves on
loans and securities. Total capital accounts include equity
capital and capital notes and debentures. Details may not
add to totals because of rounding.
A 87
losses charged against reserve for losses on loans over re
coveries credited to these reserves for banks on a reserve
accounting method.
5 Including trading account securities.
BANKS, 1974
1 Excluding trading account securities.
2 Prior to 1969 transfers to IRS reserve for bad debt losses
on loans were deducted from operating income; beginning
in 1969, within prescribed limits, banks may deduct all or
part of the transfers to this reserve from income and treat
the balance, if any, as a transfer from capital accounts. (These
transfers are exempt from Federal income taxes.)
3 Includes reserve for bad debt losses and other reserves on
loans.
4 Sum of the expense item “provision for loan losses” for
banks not on a reserve accounting method and the excess of
7,141
JUNE 1975 □ MEMBER
Loans gross (including Federal funds sold and resale pur
chases)................................................................ .................
U.S. Treasury securities 1..........................................................
Other U.S. Govt securities (agencies and corporations) 1. . . .
Obligations of States and political subdivisions 1...................
All other securities 1..................................................................
Cash assets..................................................................................
T otal assets 5..............................................................................
Time and savings deposits........................................................
Total deposits.............................................................................
T otal capital accounts plus total reserves...............................
Equity capital plus total reserves..............................................
A 88
MEMBER
IN CO M E, E X P E N S E S , AND D IV ID E N D S , BY S IZ E O F BANK
(Amounts in thousands of dollars)
Operating income—Total....................................................................
Total i
Less than
2,000
5,00010,000
10,GOO25, 000
25,00050,000
50,000100,000
100,000500,000
500,000or more
129,796
552,669
2,571,951
2,930,607
3,341,152
8,489,732
35,765,504
2,345
67,596
309,827
1,551,865
1,876,695
2,193,836
5,674,203
26,360,744
1,304
20,203
65,622
217,430
192,200
196,682
535,529
1,482,516
838
271
82
72
143
83
17,811
9,187
5,170
970
43
4,412
2,918
64,911
37,930
37,670
3,510
482
17,918
9,146
246,963
143,893
230,150
18,470
5,918
85,573
42,997
220,207
137,046
280,230
22,536
24,337
90,999
51,121
216,967
144,970
309,434
29,469
53,379
96,211
59,048
450,094
255,118
686,714
67,721
245,085
204,920
219,454
1,120.752
538,439
1,749,931
181,789
1,047,583
521,470
766,009
156
1,486
5,653
21
28,671
415
34,821
137
41,019
14,119
136,775
410,008
1,586,263
Operating expenses—Total................................................................. 46,765,018
Salaries and wages of officers and employees............................... 7,416,026
Officer and employee benefits........................................................
1,405,112
Interest paid on:
Time and savings deposits.......................................................... 21,791,977
Federal funds purchased and securities sold with repurchase
agreement.................................................................................. 5,713,326
Other borrowed money...............................................................
871,586
Capital notes and debentures.....................................................
217,290
Occupancy expense of bank premises, n et...................................
1,600,501
Furniture, equipment, etc...............................................................
1,035,061
Provision for loan losses.................................................................
1,855,566
Other operating expenses................................................................
4,858,573
3,834
1,423
141
105,574
27,846
3,410
446,858
101,014
13,999
2,104,554
415,681
65,741
2,468,152
463,581
77,742
2,876,309
528,342
91,200
7,421,980
1,344,417
244,789
31,337,757
4,533,722
908,090
1,096
43,082
215,550
1,100,211
1,289,113
1,489,192
3,445,976
14,207,757
149
141
93
791
277
189
56
4,514
3,750
4,049
18,401
1,809
838
419
15,889
13,343
15,397
68,600
13,858
5 ’377
4 179
72,969
60,783
67,067
298,688
40,574
7,207
6,982
90,379
71,596
79,257
341,721
84,476
13,806
12,440
110,681
82,293
89,091
374,788
618,584
53,806
33,494
296,058
232,008
233,094
919,754
4,953,748
790,363
159,720
1,009,862
571,147
1,367,518
2,835,830
Income before income taxes and securities gains or losses................
Applicable income taxes..................................................................
Income before securities gains or losses........................................
Net securities gains or losses ( —) after taxes...............................
Extraordinary charges ( —) or credits after taxes.........................
Less minority interest in consolidated subsidiaries......................
7,021,687
1,590,474
5,431,213
-69,452
3,132
141
1,460
409
1,051
-2 6
-6
24,222
7,328
16,894
-102
112
105,811
28,842
76,969
-855
463
467,397
110,156
357,241
-2 ,9 6 9
1,752
11
462,455
93,307
369,148
-2 ,6 3 7
917
1
464,843
81,601
383,242
-2 ,7 1 1
1,753
16
1,067,752
189,042
878,710
-8 ,8 2 9
3,972
13
4,427,747
1,079,789
3,347,958
-51,323
-5,831
100
Net income............................................................................................
5,364,752
1,019
16,904
76,577
356,013
367,427
382,268
873,840
3,290,704
Cash dividends declared:
On common stock............................................................................
On preferred stock..........................................................................
2,269,901
1,145
205
4,009
18,983
89,765
53
118,307
131
139,862
123
378,719
481
1,520,051
357
1,590,474
409
7,328
28,842
110,156
93,307
81,601
189,042
1,079,789
-60,428
-213,160
-8
-4
-7 1
-2 4 8
-3 5 7
-1 ,6 5 8
-2 ,0 6 3
-1 0,447
-2 ,1 1 7
-1 1 ,7 0 7
-1 ,8 7 3
-13 ,4 9 8
-7 ,9 1 8
-24 ,9 8 3
-46,021
-150,615
6,478
531
24,406
2,421
87,351
10,295
68,628
10,855
53,982
12,248
126.370
29;771
610,543
272,610
53,786,705
Loans:
Interest and fees........................................................................... 38,037,111
Federal funds sold and securities purchased with resale
agreement.............................................................................. 2,711,486
Securities—Interest and dividends:2
U.S. Treasury securities..............................................................
2,338,543
Other U.S. Govt, securities (agencies and corporations)........
1,266,854
Obligations of States and political subdivisions.....................
3,299,381
All other securities......................................................................
324,537
Trust department income................................................................
1,376,827
Service charges on deposit accounts..............................................
1,021,646
Other charges, fees, etc....................................................................
1,150,776
Other operating income:
On trading account (net)............................................................
424,700
O ther.............................................................................................
1,834,844
Memoranda items:
Income taxes applicable to 1974 operating income.....................
Tax effect o f:
Net securities gains or losses ( —), etc........................................
Transfers—Capital accounts to IRS loan loss reserves 3........
Total provision fo r income taxes , 1974 ..........................................
Federal..........................................................................................
State and local..............................................................................
1,316,886
978,123
338,763
5,294
2,0005,000
397
365
32
7,009
26,827
97,646
79,483
66,230
156,141
883,153
BANKS, 1974 □ JUNE 1975
Size group—Total deposits (in thousands of dollars)
Item
Memoranda items (cont.):
Net securities gains or losses ( —) before income taxes..............
Extraordinary charges ( —) or credits before income tax............
1,925,943
325,442
158
9
4,748
234
16,973
1,084
77,781
4,812
99,986
9,607
129,746
19,065
366,317
70,259
1,230,234
220,372
-134,057
7,309
-3 2
-8
-184
123
-1 ,3 7 2
623
-4,871
1,591
-5 ,1 5 8
1,321
-4 ,6 6 9
1,838
-16,434
3,659
-101,337
-1 ,8 3 8
6,244,729
149
6,587
42,704
237,310
310,709
371,888
963,549
4,311,833
Reserves for losses on loans:4
Additions due to mergers and absorptions...........................
19,346
363,443
2,366,852
1,951,512
67,420
Balance at beginning o f year .......................................................
Additions due to mergers and absorptions...........................
Recoveries credited to reserves..............................................
Losses charged to reserves......................................................
Transfers from reserves...........................................................
Total net changes in capital accounts.................................................
166
6,699
20,517
18,969
763
520
29,908
96,742
91,414
4,176
589
30,951
111,519
108,426
7,237
1 939
27,939
122,452
116,637
9,221
6,663
63,093
295,358
283,555
14,566
9,457
203,443
1,715,991
1,328,542
31,286
-62,455
-77,497
1,030,542
-3 ,1 0 8
-12,995
398,360
-8 6
-88,698
-220,462
-1,125,099
116,996
3
251
1,808
8,461
14,572
8,554
29,327
54,020
40
1,559
85
1,220
26
45
50
207
335
309
3,164
1,327
3,116
679
5 083
125
11,489
8
1,104
12 484
2,255
18,236
136
8,155
43
50,354
268,890
338,105
8
1 427
167
944
999
216
1,424
4,880,896
110,101
3
253
1,730
8,755
14,896
7,939
28,357
48,168
3,835,380
1,083
13,971
65,264
311,637
305,849
361,421
293,059
661,991
2,812,526
5,364,752
155,755
279,069
196,219
85,655
784,383
2,271,046
321,860
437,547
1,019
32
75
33
27
421
205
10
309
16,904
674
150
1,308
187
1,723
4,009
918
2,048
Assets, deposits, and capital accounts:
Loans gross (includes Federal funds sold and resale purchases)..
U.S. Treasury securities2...............................................................
Other U.S. Govt, securities (agencies and corporations)2..........
Obligations of States and political subdivisions 2......................
All other securities2........................................................................
Cash assets.......................................................................................
Total assets 6...................................................................................
Time and savings deposits.............................................................
Total deposits..................................................................................
Total capital accounts plus total reserves.....................................
Equity capital plus total reserves..................................................
Number of officers and employees....................................................
Number of banks............................................. .................................
429,283,684
36,322,282
19,459,575
70,888,838
4,233,987
106,899,276
715,048,659
326,982,732
575,207,159
55,141,294
51,718,737
41,419
10,788
4,109
2,244
714
10,870
72,220
22,570
60,657
10,738
10,663
1,003,959
244,142
152,189
130,612
12,849
235,866
1,824,090
854,079
1,586,162
201,229
200,474
4,375,144
907,503
586,836
906,592
46,339
945,428
7,947,021
4,094,284
7,037,096
749,272
742,124
20,854,594
3,501,583
2,154,378
5,298,902
284,096
4,206.100
37,218,631
20,248,921
33,028,463
3,156,660
3,096,951
23,941,487
3,167,100
2,067,491
6,196,092
337,515
4,828,775
41,862,891
22,607,891
36,665,995
3,510,390
3,411,133
853,179
5,648
217
40
3,715
419
12,769
931
54,791
2,007
60,827
1,045
356,013
13,298
12,007
22,545
5,397
47,993
89,818
22,086
33,712
11,268
14,407
24,768
8,180
49,202
118,438
22,469
28,496
382,268
9,874
10,092
17,245
10,645
46,192
139,985
20,979
22,293
873,840
43,757
42,207
99,864
17,681
96,708
379,200
42,103
90,763
3,290,704
73,158
198,313
26,177
42,775
532,730
1,520,408
208,608
252,315
27,200,961 66,802,506 285,063,614
6,710,328 18,594,780
3,186,058
2,126,270
3,849,864
8,518,438
6,798,896 15,038,466 36,517,034
2,129,012
451,456
972,006
5,951,286 16,679,107 74,041,844
47,244,601 114,406,685 464,472,520
25,201,555 55,177,100 198,776,332
41,083,095 96,102,219 359,643,472
9,239,265 34,439,690
3,834,050
8,774,322 31,814,648
3,668,422
69,130
596
167,330
453
484,400
157
method and the excess of losses charged against reserve for losses on loans over recoveries
credited to these reserves for banks on a reserve-accounting method.
6 Including trading-account securities.
N ote .—The figures for assets, deposits, capital accounts, number of officers and employees,
and number of banks are as of the end of the year. Equity capital and reserves include common
and preferred stock, surplus, undivided profits plus reserves for contingencies, other
capital reserves, and reserves on loans and securities.
Details may not add to totals because of rounding.
BANKS, 1974
1 Total is for banks operating during the entire year, except that 2 banks located outside the
continental United States and 1 noninsured trust company that is a State member are excluded.
2 Excluding trading-account securities.
3 Prior to 1969 all transfers to IRS reserve for bad debt losses on loans were deducted from
income; beginning in 1969 within prescribed limits, banks may deduct all or part of the trans
fers to this reserve from income and treat the balance, if any, as a transfer from capital accounts.
(These transfers are exempt from Federal income taxes.)
4 Includes reserve for bad debt losses and other reserves on loans.
5 Sum of the expense item “provision for loan losses” for banks not on a reserve accounting
76,577 *
3,694
1,818
4,279
763
9,414
18,983
4,687
7,611
JUNE 1975 □ MEMBER
Net income transferred to undivided profits.................................
Common stock sold (net)...............................................................
Preferred stock, capital notes, and debentures sold.....................
Premium received on new capital stock sold...............................
Transfers from loan and securities reserves...................................
Other increases.................................................................................
Dividends declared.........................................................................
Transfers to loan and securities reserves (net of tax effect)........
Other decreases................................................................................
A 89
12
1,395
4,246
3,941
144
-1,590,400
6,975,438
Reserves on securities:
15
27
28
27
A 90
IN C O M E R A TIO S BY C U S S OF M EM BER BA N K , AND FOR ALL M EM B ER B A N K S, BY FEDERAL RESERVE D ISTR IC T
(Computed from aggregate dollar amounts; ratios expressed as percentages)
Federal Reserve district
Large
Item
City of
Chi
Other
cago
All
member
banks
Bos
ton
New
York
Phila
del
phia
Cleve
land
Rich
mond
At
lanta
Chi
cago
St.
Louis
Min
neap
olis
Kan
sas
City
Dal
las
San
Fran
cisco
Summary ratios:
Percentage o f equity capital plus all reserves:
Income after taxes and before securities gains
(losses)1.....................................................................
Cash dividends paid.....................................................
Percentage o f net income:
11.17
11.00
4.64
11.60
11.43
5.40
10.60
10.39
4.99
10.89
10.85
4.03
10.88
10.75
4.55
9.36
9.16
4.53
10.68
10.55
4.75
10.74
10.74
5.15
11.54
11.33
4.92
11.24
10.99
4.80
9.95
9.87
4.28
10.88
10.80
4.50
9.75
9.56
3.82
11.83
11.73
4.02
12.04
12.18
4.39
12.70
12.65
3.37
10.65
10.38
4.68
42.23
47.27
48.09
37.21
42.34
49.46
45.05
47.98
43.41
43.66
43.33
41.74
39.98
34.25
36.10
26.69
45.07
6.62
1.10
3.00
.23
2.29
7.73
7.97
.92
3.95
.16
2.94
9.09
7.24
1.31
3.21
.22
2.50
8.16
6.32
1.39
3.11
.24
1.58
7.37
6.80
1.28
3.17
.23
2.12
7.82
7.43
1.68
2.94
.33
2.48
8.41
6.60
1.20
3.00
.26
2.14
7.64
6.80
1.25
3.10
.23
2.22
7.66
6.34
1.18
3.08
. 19
1.89
7.56
6.64
1.46
2.84
.23
2.11
7.76
7.07
1.40
3.00
.21
2.46
7.94
6.96
1.13
3.52
.20
2.11
7.99
6.41
1.21
2.72
.20
2.28
7.36
6.40
1.10
3.24
.16
1.90
7.51
6.39
1.30
2.86
.18
2.05
7.59
6.27
1.09
2.89
.14
2.15
7.48
7.42
1.50
3.64
.27
2.01
8.29
.82
.80
.80
.79
.70
.69
.85
.85
.78
.78
.72
.71
.80
.79
.77
.77
.97
.96
.85
.83
.75
.75
.78
.77
.74
.72
.81
.80
.93
.94
.94
.94
.61
.60
77.90
81.39
77.30
72.00
75.75
75.40
76.86
76.47
73.13
76.86
74.26
76.11
71.64
72.82
73.78
75.20
76.89
2.69
2.79
3.44
6.46
4.35
3.25
3.37
4.26
5.95
4.08
4.55
5.06
6.40
5.77
6.03
4.84
3.59
.94
3.51
.43
.77
3.78
9.98
1.62
4.10
.42
.59
3.34
5.75
1.68
5.37
.54
1.82
2.62
7.23
3.95
8.67
.78
2.78
1.71
3.65
2.35
6.13
.60
1.89
2.56
6.37
1.82
5.64
.42
1.80
4.63
7.04
1.32
4.74
.52
1.19
3.44
8.56
2.04
6.86
1.23
1.45
2.67
5.02
2.75
8.45
.54
1.71
2.70
4.77
2.84
7.25
.28
2.38
2.07
4.24
2.67
7.94
.62
2.83
1.97
5.16
2.97
6.29
1.02
1.47
2.55
4.53
4.29
7.28
.42
1.92
1.77
6.28
3.76
7.06
.36
2.15
1.76
6.32
2.55
7.83
.31
2.52
2.17
4.81
2.60
8.63
.41
2.17
1.93
4.22
2.37
4.30
.52
2.69
1.66
7.98
Sources and disposition of income:
Percentage o f total assets:
Total operating expenses.............................................
Salaries, wages, and fringe benefits........................
Interest on time and savings deposits....................
Occupancy expense of bank premises, net............
All other operating expenses..................................
Income after taxes and before securities gains
Net income...........................................................
Percentage o f total operating income:
Interest, fees, and other loan income2......................
Securities—Interest and dividends:3
U.S. Treasury securities..........................................
Other U.S. Govt, securities (agencies and cor
porations). . ..........................................................
Obligations of States and political subdivisions. .
All other securities...................................................
Service charges on deposit accounts.........................
Trust department income...........................................
All other operating income.........................................
Total operating income...................................
100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Salaries and wages.......................................................
Officer and employee benefits.....................................
Interest on:
Time and savings deposits......................................
Borrowed money.....................................................
Capital notes and debentures.................................
Occupancy expense of bank premises, net................
Provision for loan losses.............................................
All other operating expenses......................................
11.49
2.81
8.38
1.75
13.64
2.46
16.07
2.81
13.79
2.61
16.66
3.29
12.81
2.95
13.61
2.80
13.37
2.34
16.13
2.67
15.07
2.64
11.99
2.23
14.16
2.38
12.44
2.26
14.76
2.38
12.49
2.10
15.47
2.63
38.80
15.82
.40
3.05
5.00
8.24
43.44
22.17
.12
1.77
2.47
7.55
39.32
16.12
.50
2.78
3.50
10.39
42.21
4.47
.34
3.33
2.72
13.72
40.51
12.23
.40
2.97
3.45
11.00
35.04
11.32
.27
3.93
4.52
13.34
39.35
13.51
.39
3.41
4.52
9.38
40.42
14.27
.91
3.12
2.94
10.69
40.84
10.46
.21
2.63
2.56
11.52
36.59
9.25
.49
3.05
3.00
14.38
37.78
11.32
.35
2.71
4.58
14.63
44.02
14.02
.28
2.52
2.34
9.76
37.00
13.89
.24
2.78
3.77
12.82
43.25
11.54
.66
2.14
1.81
11.16
37.76
9.81
.42
2.43
2.92
13.74
38.64
13.43
.26
1.94
2.72
12.31
44.01
10.43
.51
3.33
3.34
9.85
Total operating expenses.................................
85.61
87.65
88.71
85.67
86.96
88.37
86.32
88.76
83.93
85.56
89.08
87.16
87.04
85.26
84.22
83.89
89.57
Income before taxes and securities gains (losses). . .
Income after taxes and before securities gains
14.39
12.35
11.29
14.33
13.04
11.63
13.68
11.24
16.07
14.44
10.92
12.84
12.96
14.74
15.78
16.11
10.43
10.60
- .1 6
8.82
- .1 3
8.63
- .1 4
- .0 3
11.58
-.1 0
.05
10.08
- .1 2
8.66
- .1 9
.01
10.47
- .1 3
10.13
- .0 2
.02
12.93
- .2 4
10.98
- .2 6
.01
9.55
- .0 8
.01
9.79
- .1 2
.05
10.05
- .1 9
10.84
- .1 3
.04
12.24
- .1 1
.25
12.68
- .0 9
.04
7.43
- .0 8
- .1 1
10.44
8.69
8.46
11.53
9.96
8.48
10.34
10.13
12.69
10.73
9.48
9.72
9.86
10.75
12.38
12.63
7.24
Net securities gains or losses ( —), after taxes..........
All other income (net).................................................
Net income...................................................................
BANKS, 1974 □ JUNE 1975
New
York
City
All
other
MEMBER
Class of bank
Rates of return (per cent):
On securities— Interest and dividends : 3
U.S. Treasury securities.............................................
Other U.S. Govt, securities (agencies and cor
porations) .................................................................
Obligations of States and political subdivisions. . . .
All other securities......................................................
On loans:2
Interest, fees, and other loan income.......................
Net loan losses ( —) or recoveries4...........................
6.80
7.19
6.11
6.42
6.39
6.18
6.64
6.16
6.40
6.55
6.26
6.59
6.40
6.45
6.55
6.72
5.77
6.43
5.15
6.87
7.36
4.99
6.70
6.70
4.69
9.75
6.79
4.63
7.26
6.76
4.72
7.88
7.11
4.62
6.37
6.01
4.94
6.83
6.79
4.51
7.09
7.22
4.70
6.70
6.99
4.61
6.63
7.04
4.89
7.34
7.06
4.72
8.77
6.92
4.60
6.42
7.03
4.70
9.00
7.07
4.63
6.26
6.88
4.55
7.01
6.41
4.60
13.07
10.33
- .5 3
10.96
- .2 8
10.23
- .3 8
9.17
- .3 2
9.90
- .3 8
10.27
- .5 8
10.04
- .4 9
9.41
- .3 4
9.40
- .2 5
9.69
- .3 2
10.11
- .5 7
9.89
- .2 8
9.34
- .3 5
9.16
- .2 3
9.77
- .3 5
10.05
- .3 1
10.16
- .3 3
Ratios on selected types of assets:
Percentage o f total assets:
Securities:3
U.S. Treasury securities.........................................
Other U.S. Govt, securities (agencies and cor
porations) .............................................................
Obligations of States and political subdivisions. .
All other securities..................................................
Gross loans2................................................................
Cash assets...................................................................
Real estate assets........................................................
3.06
3.53
4.60
7.42
5.32
4.42
3.87
5.30
7.03
4.84
5.77
6.14
7.36
6.71
6.99
5.39
5.16
1.13
5.27
.49
58.29
22.28
.81
2.01
7.46
.57
67.56
12.14
1.20
2.04
9.34
.45
61.64
15.14
1.70
4.29
13.81
.79
57.93
12.36
1.86
2.72
10.17
.59
59.88
15.31
1.56
2.15
10.28
.56
61.78
14.92
1.97
1.68
7.33
.59
58.52
19.81
1.02
2.30
11.64
1.33
62.29
11.57
1.39
2.88
13.60
.61
58.84
11.87
1.45
3.15
12.20
.33
61.54
13.74
1.92
3.01
12.89
.67
58.30
14.82
2.15
3.36
10.64
.93
61.52
12.70
1.49
4.56
11.65
.48
56.50
14.79
1.66
4.01
11.27
.30
59.65
12.13
1.40
2.73
12.85
.38
57.36
15.84
1.76
2.83
14.18
.44
56.01
16.86
2.03
3.06
7.75
.33
62.72
14.00
1.90
Commercial and industrial loans...............................
Loans to farm ers.........................................................
Real estate loans.........................................................
Loans to individuals for personal expenditures.......
All other loans2..........................................................
49.76
. 17
9.92
6.75
33.40
51.91
.89
5.32
5.99
35.89
36.28
1.58
21.87
16.64
23.63
25.05
5.04
31.25
26.86
11.80
35.58
2.55
22. 12
17.93
21.82
41.30
.22
22.79
19.26
16.43
44.33
.30
15.88
11.05
28.44
32.04
.91
30.11
18.52
18.42
30.55
.96
26.09
23.42
18.98
28.52
1.05
25.90
29.17
15.36
30.25
1.07
22.07
29.51
17.10
35.18
2.34
23.66
15.84
22.98
28.67
3.64
23.34
23.38
20.97
30.04
10.40
26.04
19.80
13.72
26.61
14.65
16.08
22.34
20.32
34.99
5.26
14.43
18.98
26.34
33.85
3.57
27.69
16.12
18.77
Other ratios (per cent):
Interest on time and savings deposits to time and
savings deposits...........................................................
Income taxes to net income plus income taxes............
Time and savings deposits to total deposits.................
Total capital accounts and reserves to total assets 5. ..
8.95
23.23
44.23
7.90
8.76
22.67
61.08
7.08
7.43
20.47
56.24
7.30
6.10
16.84
59.35
8.19
7.14
19.71
55.54
7.74
7.33
22.83
49.66
8.16
8.07
20.36
47.89
8.02
6.37
7.46
61.77
8.17
6.34
17.48
60.66
8.70
6.39
20.80
54.33
8.10
6.89
9.97
53.45
8.03
7.02
19.49
62.37
7.53
6.49
19.70
52.39
7.90
6.49
23.40
61.73
7.61
6.72
21.25
51.55
8.18
7.15
19.42
49.88
7.77
7.29
25.65
62.24
6.49
Number of banks 6..............................................................
13
9
155
5,603
5,780
203
320
265
458
401
645
935
430
504
821
658
140
Percentage o f gross loans:2
1975 □ MEMBER
BANKS, 1974
A 91
JUNE
For notes see p. A-95.
A 92
MEMBER
IN C O M E RATIOS O F OTHER LARGE M E M B E R B A N K S, BY FED ERA L R E SER V E D IST R IC T
(Computed from aggregate dollar amounts; ratios expressed as percentages)
Summary ratios:
Percentage o f equity capital plus all reserves:
Income after taxes and before securities gains (losses)1.
Net income........................................................................
Cash dividends paid.........................................................
Percentage o f total operating income:
Interest, fees, and other loan income2..................................
Securities—Interest and dividends:3......................................
U.S. Treasury securities......................................................
Other U.S. Govt, securities (agencies and corporations).
Obligations of States and political subdivisions........ .......
All other securities...............................................................
Service charges on deposit accounts...................................
Trust department income...................................................... .
All other operating income....................................................
Total operating income.
Salaries and wages.......................................
Officer and employee benefits.....................
Interest on:
Time and savings deposits......................
Borrowed m oney.....................................
Capital notes and debentures.................
Occupancy expense of bank premises, net.
Provision for loan losses.............................
All other operating expenses......................
Kansas
City
Dallas
San
Fran
cisco
10.75
10.61
5.18
6.99
6.66
4.60
11 .37
11 .29
4.77
10.71
11.36
5.39
12.69
12.61
3.22
10.66
10.33
4.82
54.42
48.81
69.01
42.26
47.44
25.53
46.65
6.86
1 .46
2.74
.24
2.42
8.04
.87
.85
7.86
1 .41
2.87
.21
3.37
8.61
.65
.64
7.50
1 .03
3.60
.18
2.69
8.51
.73
.72
7.24
1.21
2.44
.20
3.39
7.84
.48
.45
6.93
.96
2.68
.11
3.18
8.01
.72
.71
7.10
1.20
2.72
.17
3.01
8.02
.74
.79
6.50
.88
2.75
.06
2.81
7.64
.87
.87
7.47
1.45
3.73
.26
2.03
8.34
.60
.58
74.63
78.24
78.79
79.89
75.52
75.52
78.47
78.85
77.41
3.94
2.28
7.87
.52
1 .24
3.41
6.11
2.97
1 .71
6.79
.26
2.27
2.84
4.92
2.98
1.08
5.37
.71
2.09
2.43
6.55
3.52
1 .55
4.76
.74
.98
3.12
5.44
3.47
1.97
5.56
.34
1 .53
2.34
9.27
2.37
1 .68
4.09
.29
.93
3.57
11 .55
3.71
.48
5.82
.25
1.10
3.99
6.18
3.63
.55
7.79
.23
.70
2.89
5.36
3.37
2.22
3.98
.54
2.45
1.69
8.34
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
12.55
2.82
12.30
2.21
15.65
2.56
13.78
2.63
10.17
2.00
13.19
2.26
10.12
1.87
12.86
2.13
9.73
1.82
14.84
2.55
38.96
15.68
.40
3.09
4.95
8.35
34.21
23.66
1.31
3.01
3.88
9.09
39.16
15.58
.18
2.49
2.80
9.79
34.12
12.93
.62
3.05
2.57
13.83
33.43
19.88
.50
2.44
5.50
13.12
42.39
20.62
.23
2.21
2.40
8.21
31.10
24.89
.31
2.66
5.51
12.42
33.52
27.73
.96
1.44
1.66
9.23
33.93
19.13
.58
2.17
3.30
14.34
36.01
23.34
.28
.81
2.62
10.56
44.75
11.26
.48
3.20
3.43
9.13
Cleve
land
Rich
mond
9.05
8.64
4.31
11.06
10.89
4.66
11.43
11 .45
6.10
11.53
11.23
5.81
12.12
11 .80
5.70
9.28
9.07
4.94
49.88
42.86
53.34
51.77
48.35
8.11
1 .54
3.17
.28
3.12
8.99
.69
.66
6.64
1 .11
3.01
.23
2.29
7.74
.81
.80
7.66
1.30
2.89
.25
3.22
8.46
.73
.73
6.66
1.14
3.08
.19
2.25
7.88
.98
.95
73.47
77.93
79.91
2.90
1.57
5.05
.25
.60
5.72
10.44
2.80
.94
3.57
.42
.82
3.71
9.81
2.05
.47
4.99
.64
1.31
3.59
7.04
100.00
100.00
14.22
2.89
11 .56
2.81
35.24
16.86
.40
3.15
6.32
11.14
Sources and disposition of income:
Percentage o f total assets:
Total operating expenses......... ........................................
Salaries, wages, and fringe benefits.............................
Interest on time and savings deposits.........................
Occupancy expense of bank premises, net.................
All other operating expenses.......................................
Total operating income....................................................
Income after taxes and before securities gains (losses)1
Net income........................................................................
Minne
apolis
Phila
delphia
Percentage o f net income:
Cash dividends paid.
St.
Louis
New
York
Boston
Atlanta Chicago
90.22
85.80
90.53
84.51
85.33
91.28
88.23
92.34
86.53
88.44
85.17
89.64
Income before taxes and securities gains (losses)..........
Income after taxes and before securities gains (losses).
Net securities gains or losses ( —), after taxes...............
All other income (net).................................................... .
9.78
7.71
- .3 6
14.20
10.49
- .1 6
9.47
8.71
15.49
12.48
- .3 2
14.67
10.88
- .2 9
8.72
7.65
- .1 8
11 .77
8.65
- .1 0
- .0 1
7.66
6.12
- .2 9
13.47
9.01
- .0 7
11.56
9.31
- .1 4
.71
14.83
11.50
- .0 7
10.36
7.27
- .0 9
- .1 4
Net income.......................................................................
7.35
10.33
8.71
12.16
10.59
7.47
8.54
5.83
8.94
9.88
11.43
7.04
Total operating expenses.
BANKS, 1974 □ JUNE 1975
Federal Reserve district
Item
Rates of return:
On securities—Interest and dividends: 3
U.S. Treasury securities..................................................................
Other U.S. Govt, securities (agencies and corporations).............
Obligations of States and political subdivisions...........................
All other securities..........................................................................
6.29
6.41
4.79
4.77
6.79
6.46
5.12
6.86
6.03
7.15
4.72
6.39
6.55
7.58
4.82
6.65
6.68
7.06
4.68
7.21
6.10
7.69
4.95
6.97
6.86
7.37
4.90
11.15
6.05
6.81
4.76
6.05
6.38
6.83
4.88
9.53
6.26
7.18
4.59
5.87
6.60
6.38
4.49
5.33
5.64
6.27
4.57
14.18
11.12
- .8 3
10.31
- .5 3
10.42
-.4 6
9.88
- .2 7
10.15
- .3 0
10.80
- .7 0
10.48
- .2 8
9.98
- .4 8
10.05
- .2 2
10.58
- .4 1
10.48
- .2 9
10.24
- .3 3
4.15
2.21
9.48
.47
59.42
15.90
1.95
3.19
1.13
5.39
.48
58.51
21.94
.84
2.88
.56
8.94
.85
64.89
13.62
.99
4.74
2.37
12.86
.61
59.52
12.94
1.28
3.57
1.95
11.65
.30
61.93
15.66
1.69
4.20
1.21
9.34
.88
62.77
15.30
2.23
4.36
1.78
8.27
.57
64.86
14.06
1.39
4.49
2.26
9.16
.44
59.32
17.62
1.63
2.97
1.97
6.72
.24
60.15
15.39
1.18
4.76
.54
10.18
.34
59.53
19.39
1.74
4.20
.65
13.24
.33
57.47
18.57
2.11
4.98
2.95
7.26
.32
63.08
14.16
1.78
Commercial and industrial loans...................................................
Loans to farmers.............................................................................
Real estate loans.............................................................................
Loans to individuals for personal expenditures............................
All other loans2...............................................................................
54.74
.04
8.53
10.56
26.13
49.22
.18
10.54
7.22
32.84
40.97
.07
18.32
13.42
27.22
38.23
.02
19.03
17.30
25.42
33.05
.34
21.71
26.11
18.79
34.87
.23
15.76
26.39
22.75
43.74
.67
14.98
9.55
31.06
36.63
.48
15.25
18.67
28.97
43.97
.79
12.88
14.26
28.10
29.65
5.66
14.04
20.39
30.26
39.79
1.05
12.27
11.80
35.09
35.13
3.11
27.00
14.44
20.32
Other ratios (per cent):
Interest on time and savings deposits to time and savings deposits,
Income taxes to net income plus income taxes.................................
Time and savings deposits to total deposits......................................
Total capital accounts and reserves to total assets5.........................
8.87
17.69
47.47
8.23
8.86
23.01
44.87
7.89
7.68
6.09
54.15
7.93
7.04
17.78
57.97
8.74
6.84
21.92
50.54
7.94
7.71
9.54
49.84
7.74
8.05
20.83
59.50
7.18
7.50
15.28
45.31
7.32
8.00
31.19
49.84
7.49
7.79
19.76
45.54
7.70
7.87
19.76
47.03
7.29
7.46
26.67
62.81
6.37
Number of banks6....................................................................................
4
16
6
16
14
20
24
15
8
18
17
19
On loans:2
Interest, fees, and other loan income............................................
Net loan losses ( —) or recoveries4................................................
Ratios on selected types of assets:
Percentage o f total assets:
Securities:3
U.S. Treasury securities..............................................................
Other U.S. Govt, securities (agencies and corporations)..........
Obligations of States and political subdivisions.......................
All other securities......................................................................
Gross loans2....................................................................................
Cash assets.......................................................................................
Real estate assets............................................................................
Percentage o f gross loans:2
For notes see p. A-95.
JUNE
1975 o MEMBER
BANKS, 1974
A 93
A 94
MEMBER
IN C O M E RATIOS O F O T H ER -TH A N -LA R G E M EM BER B A N K S, BY FED ERA L RESERVE D IS T R IC T
(Computed from aggregate dollar amounts; ratios expressed as percentages)
Boston
New
York
Phila
delphia
Cleve
land
Rich
mond
Atlanta Chicago
St.
Louis
Minne
apolis
Kansas
City
Dallas
San
Fran
cisco
Summary ratios:
Percentage o f equity capital plus all reserves:
9.40
9.39
5.03
10.16
10.15
4.35
11 .56
11 .46
3.72
10.51
10.31
4.03
10.31
10.30
3.92
11 .03
11 .02
3.72
11 .91
11 .84
3.21
12.03
11 .93
3.67
12.63
12.55
3.95
12.71
12.68
3.49
10.61
10.66
3.91
49.22
53.61
42.92
32.44
39.14
38.12
33.83
27.17
30.81
31.51
27.57
36.69
7.00
1 .76
2.80
.36
2.08
8.04
.75
.74
6.44
1 .54
2.98
.34
1 .58
7.29
.75
.75
5.93
1 .24
3.09
.20
1 .40
7.14
.96
.96
6.44
1 .45
2.93
.22
1 .84
7.51
.83
.81
6.60
1 .40
3.07
.21
1 .92
7.54
.81
.81
6.26
1 .26
3.40
.22
1 .38
7.32
.84
.84
5.62
1 .22
2.99
.20
1 .21
6.91
.98
.98
6.13
1 .17
3.53
.18
1 .25
7.25
.86
.85
6.03
1.35
2.94
.19
1 .55
7.37
1 .02
1 .01
6.07
1 .27
3.01
.21
1 .58
7.34
1 .01
1 .00
7.09
1.81
3.12
.33
1 .83
7.96
.67
.67
Interest, fees, and other loan income2.........................................................
Securities—Interest and dividends:3.............................................................
U.S. Treasury securities.............................................................................
Other U.S. Govt, securities (agencies and corporations)........................
Obligations of States and political subdivisions......................................
All other securities......................................................................................
Service charges on deposit accounts.............................................................
Trust department income...............................................................................
All other operating income............................................................................
76.78
72.64
72.01
70.95
75.49
71 .17
70.39
67.49
71 .30
71 .13
71 .86
73.61
3.49
I .99
6.06
.55
2.65
3.85
4.63
5.60
2.78
9.34
.92
2.66
2.37
3.69
7.12
4.08
9.27
2.00
1 .62
1 .49
2.41
8.86
3.43
9.31
.57
2.39
1 .68
2.81
5.18
3.95
7.69
.30
2.49
1 .31
3.59
5.63
3.76
9.69
.55
3.34
1 .66
4.20
7.39
5.11
8.59
1.42
2.21
1 .70
3.19
9.55
6.78
9.13
.50
2.35
1.16
3.04
7.69
4.93
8.74
.41
2.84
.74
3.35
7.34
3.71
8.96
.34
3.32
1.14
4.06
5.94
4.49
9.41
.58
3.52
1 .04
3.16
5.03
3.31
6.39
.35
4.26
1 .45
5.60
Total operating income.......................................................................
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
15.00
2.78
14.91
2.53
16.61
2.78
15.94
2.65
14.72
2.57
15.19
2.51
13.76
2.47
15.83
2.53
15.02
2.36
19.56
3.17
Percentage o f net income:
Sources and disposition of income:
Percentage o f total assets:
Total operating expenses................................................................................
Salaries, wages, and fringe benefits...........................................................
Interest on time and savings deposits.......................................................
Occupancy expense of bank premises net................................................
All other operating expenses....................................................................
Total operating income..................................................................................
Income after taxes and before securities gains (losses)1..............................
Net income......................................................................................................
Percentage o f total operating income:
5.90
1 .21
3.31
.22 :
1.16
6.83
.81
.81
Salaries and wages..........................................................................................
Officer and employee benefits........................................................................
Interest on:
Time and savings deposits.........................................................................
Borrowed money........................................................................................
Capital notes and debentures....................................................................
Occupancy expense of bank premises, net...................................................
Provision for loan losses................................................................................
All other operating expenses.........................................................................
18.41
3.58
17.69
3.49
34.89
7.37
.18
4.49
3.24
14.89
40.87
5.04
.35
4.67
2.81
13.46
48.48
2.10
.39
3.27
1.71
12.74
43.27
3.04
.25
2.84
2.22
14.02
39.02
5.61
.37
3.05
3.42
14.92
40.76
5.49
.24
2.88
3.95
15.67
46.49
4.06
.36
3.00
2.26
12.08
43.33
2.08
.16
2.90
1 .89
13.30
48.74
2.40
.50
2.54
1 .90
12.23
39.92
4.54
.33
2.58
2.70
13.41
41 .06
4.35
.25
2.97
2.81
13.90
39.24
5.17
.70
4.15
2.71
14.45
Total operating expenses....................................................................
87.05
88.38
86.47
83.08
85.78
87.58
85.54
81 .36
84.54
81 .84
82.72
89.15
Income before taxes and securities gains (losses)........................................
Income after taxes and before securities gains (losses)................................
Net securities gains or losses ( —), after taxes.............................................
All other income (net)....................................................................................
12.95
9.35
- .0 9
.02
11 .62
10.39
-.0 1
.01
13.53
11 .99
- .0 7
.05
16.92
13.57
- .1 4
.02
14.22
11 .07
- .2 2
.02
12.42
10.86
- .0 3
.01
14.46
11 .51
- .16
.15
18.64
14.27
- .09
-.0 1
15.46
11 .88
- .1 7
.06
18.16
13.90
- .1 0
.00
17.28
13.75
-.1 1
.09
10.85
8.50
- .0 3
.07
Net income......................................................................................................
9.28
10.39
11 .97
13.45
10.87
10.84
11 .50
14.17
11 .77
13.80
13.73
8.54
1975
9.55
9.48
4.66
BANKS, 1974 □ JUNE
Federal Reserve district
Item
Rates of return:
On securities—Interest and dividends: 3
U.S. Treasury securities...............................................................
Other U.S. Govt, securities (agencies and corporations)...........
Obligations of States and political subdivisions.........................
All other securities........................................................................
6.12
7.58
4.52
7.17
6.36
5.50
4.70
6.78
6.21
6.74
4.38
7.43
6.30
6.90
4.56
6.77
6.47
6.96
4.55
6.20
6.32
6.93
4.87
7.69
6.40
6.93
4.58
7.50
6.55
6.96
4.51
6.71
6.46
7.07
4.66
8.80
6.64
7.06
4.64
6.44
6.79
6.94
4.60
7.92
6.43
7.05
4.72
7.39
9.75
- .4 3
9.04
- .3 4
8.26
- .2 0
8.74
- .2 3
9.26
- .3 4
9.65
- .4 9
9.01
- .2 7
8.67
- .2 1
8.70
- .2 4
9.32
- .3 2
9.65
- .3 2
9.67
- .3 5
4.59
2.12
10.78
.61
63.29
14.30
1.98
6.41
3.69
14.48
.99
58.53
11.98
1.72
7.84
4.13
14.45
1.84
59.56
9.41
1.81
10.04
3.55
14.56
.60
57.96
10.47
1.69
6.01
4.26
12.70
.36
61.19
11.96
2.14
6.71
4.09
15.01
.54
55.63
14.54
2.09
8.45
5.40
13.73
1.39
57.18
10.93
1.62
10.08
6.73
14.00
.52
53.83
12.11
1.68
8.62
5.05
13.59
.34
59.40
10.46
1.51
8.15
3.87
14.23
.39
56.24
14.00
1.77
6.43
4.75
15.01
.54
54.72
15.36
1.95
6.23
3.73
10.76
.38
60.56
13.00
2.61
Commercial and industrial loans................................................. .
Loans to farm ers............................................................................
Real estate loans.............................................................................
Loans to individuals for personal expenditures.......................... .
All other loans2............................................................................ .
33.25
.33
31.34
24.48
10.60
26.31
.74
35.58
25.20
12.17
21.86
1.87
43.57
24.34
8.36
20.17
2.22
35.62
31.67
10.32
24.30
1.72
29.81
32.03
12.14
27.14
1.63
26.33
31.61
13.29
22.57
4.81
36.46
25.10
11.06
20.37
6.94
31.78
28.29
12.62
22.83
15.37
32.85
22.67
6.28
24.94
19.59
17.20
23.41
14.86
30.55
9.16
16.43
25.62
18.24
25.71
6.53
32.09
26.79
8.88
Other ratios (per cent):
Interest on time and savings deposits to time and savings deposits,
Income taxes to net income plus income taxes................................
Time and savings deposits to total deposits.....................................
Total capital accounts and reserves to total assets5.........................
6.51
25.46
50.91
8.12
6.06
8.03
57.85
8.48
5.52
8.72
68.06
8.42
5.61
17.09
63.76
8.64
6.06
19.69
57.63
8.25
6.50
10.18
55.35
8.20
5.97
17.94
65.61
7.98
5.88
21.51
57.85
8.45
6.05
19.50
66.38
7.67
6.31
21.84
54.34
8.43
6.66
19.15
52.03
8.20
6.23
19.75
59.02
7.22
Number of banks6...................................................................................
199
304
259
442
387
625
911
415
496
803
641
121
On loans:2
Interest, fees, and other loan income..........................................
Net loan losses ( —) or recoveries4..............................................
Ratios on selected types of assets:
Percentage o f total assets:
Securities: 3
U.S. Treasury securities............................................................
Other U.S. Govt, securities (agencies and corporations).......
Obligations of States and political subdivisions.....................
All other securities......................................................................
Gross loans2.................................................................................. .
Cash assets......................................................................................
Real estate assets.......................................................................... .
Percentage o f gross loans:2
on aggregates presented here, the experience of those banks in
each group whose figures are largest have a much greater in
fluence than that of the many banks with smaller figures.
Ratios based on aggregates show combined results for the
banking system as a whole, and, broadly speaking, are the
more significant for purposes of general analyses of credit
and monetary problems, while averages of individual ratios
are useful primarily to those interested in studying the financial
results of operations of individual banks.
BANKS, 1974
A 95
6 Excludes 2 member banks located outside the continen
tal United States and 3 noninsured trust companies that are
State members.
N ote .—The ratios in this and the preceding 2 tables were
computed from the dollar aggregates shown in preceding
tables. Many of these ratios vary substantially from the aver
age of individual bank ratios, (which will be published in a
subsequent issue) in which each bank’s figures—regardless of
size or amount—are weighted equally and in general have an
equally important influence on the result. In the ratios based
JUNE 1975 o MEMBER
1 Excludes minority interest in operating income, if any.
2 Loans include Federal funds sold and securities purchased
under agreements to resell.
3 Excludes trading-account securities.
4 Sum of the expense item “provision for loan losses” for
banks not on a reserve accounting method and the excess of
losses charged against reserves for losses on loans over re
coveries credited to these reserves for banks on a reserveaccounting method.
5 Includes capital notes and debentures and all valuation
reserves.
A 96
Board of Governors of the Federal Reserve System
F.
A r th u r
B u rn s,
R o b ert C. H o lla n d
J e ffr e y M . B u ch er
H enry
C.
J o h n M . D e n k l e r , M anaging
R o b e r t J. L a w r e n c e , D epu ty
D irector
M anaging
D irecto r
*Levon H. G
a r a bed ia n ,
A ssistan t M anaging
D irecto r
A ssistan t D irector
and P rogram D irecto r for
C ontingency Planning
W i l l i a m W . L a y t o n , D irecto r of Equal
E m ploym ent O pportunity
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 , P rogram D irecto r for
Bank H olding C om pany A n alysis
G ordon B . G r im w o o d ,
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 , A sso cia te D irector
t E . M a u r i c e M c W h i r t e r , A sso cia te D irector
W i l l i a m H . W a l l a c e , A sso cia te D irector
W a l t e r A . A l t h a u s e n , A ssista n t D irector
H a r r y A . G u i n t e r , A ssistan t D irecto r
T h o m a s E. M e a d , A ssista n t D irecto r
P. D. R i n g , A ssistan t D irecto r
P h ilip
W a llic h
OFFICE OF M A N A G IN G D IRECTO R
FOR O PE R A T IO N S
V ice Chairman
G eorge W . M itc h e ll,
Chairman
C o ld w e ll
OFFICE OF M A N A G IN G DIRECTOR FOR
R ESEA RCH A N D ECONOM IC POLICY
OFFICE OF BOARD MEMBERS
T h o m a s J. O ’C o n n e l l ,
E.
Counsel to the
Chairman
R o b e r t S o l o m o n , A d viser to the B oard
J o s e p h R . C o y n e , A ssistan t to the B oard
J o h n S . R i p p e y , A ssistan t to the B oard
J a y P a u l B r e n n e m a n , Special A ssistan t to
the
J. C h a r l e s P a r t e e , M anaging D irector
S t e p h e n H . A x i l r o d , A d viser to the B oard
S a m u e l B . C h a s e , J r ., A d viser to the B oard
A r t h u r L . B r o i d a , A ssistan t to the B oard
M u r r a y A l t m a n n , Special A ssistan t to the
B oard
B oard
J o h n J. H a r t , Special A ssistan t to the
F r a n k O ’B r i e n , J r ., Special A ssistan t
B oard
to the
N
ormand
R.
V.
B
ernard,
Special A ssistant
to the B oard
B oard
D o n a l d J. W
in n
,
Special A ssistan t to the
Board
LEGAL DIVISION
J o h n D . H a w k e , J r . , G en era l C ou nsel
J o h n N i c o l l , D eputy G eneral Counsel
B a l d w i n B . T u t t l e , A ssistan t G eneral
Counsel
C harles R. M
cN e il l ,
A ssistan t to the
General Counsel
A l l e n L . R a i k e n , A d viser
G a r y M . W e l s h , A d viser
DIVISION OF RESEARCH AND STATISTICS
L y l e E . G r a m l e y , D irector
J a m e s L . P i e r c e , A ssociate D irector
P e t e r M . K e i r , A d viser
J a m e s L . K i c h l i n e , A d viser
S t a n l e y J. S i g e l , A d viser
J o s e p h S . Z e i s e l , A d viser
J a m e s B . E c k e r t , A ssociate A d viser
E d w a r d C . E t t i n , A ssociate A d viser
J o h n H . K a l c h b r e n n e r , A sso cia te A dviser
J o h n J. M i n g o , A ssociate A d viser
E l e a n o r J. S t o c k w e l l , A ssociate A dviser
R o b e r t M . F i s h e r , A ssistan t A d viser
J. C o r t l a n d G . P e r e t , A ssistan t A d viser
S t e p h e n P . T a y l o r , A ssistan t A d viser
H e l m u t F . W e n d e l , A ssistan t A d viser
L e v o n H . G a r a b e d i a n , A ssistan t D irector
D IV IS IO N O F D A T A P R O C E S S IN G
O FF IC E O F S A V E R A N D C O N S U M E R A F F A IR S
D IV IS IO N O F IN T E R N A T IO N A L F IN A N C E
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 in 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 d viser
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 sso cia te 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 ssistan t A dviser
F rederic S o l o m o n ,
O FF IC E O F T H E S E C R E T A R Y
D IV IS IO N O F P E R S O N N E L
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 D irector
Secretary
A ssistan t Secretary
III, A ssistan t Secretary
T heo d o r e E. A l l iso n ,
G riffith L. G a r w o o d ,
^ R o b e r t S m ith
O F F IC E O F T H E C O N T R O L L E R
J o h n K a k a l e c , C on troller
T y l e r E . W i l l i a m s , J r . , A ssistant
D IV IS IO N O F B A N K IN G S U P E R V IS IO N
A N D R E G U L A T IO N
Controller
D IV IS IO N O F A D M IN IS T R A T IV E S E R V IC E S
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 ssista n t D irector
* Temporary appointment.
fOn leave of absence.
$On loan from the Federal Reserve Bank of Dallas.
A 97
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
J o h n N . L y o n , A ssistan t D irector
J o h n T . M c C l i n t o c k , A ssistan t D irector
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
J o h n E . R y a n , A d viser
A 98
Federal Open Market Committee
A r th u r
E rn est
T.
F. B u rn s,
C h airm an
B aughm an
Je f f r e y M . B
D a v id
R
ucher
P h ilip E . C o l d w e l l
obert
B ruce
A lfr e d
C. H
K.
G
M acL aury
eorge
H enry
W . M
it c h e l l
C. W a llic h
Economist
(International Finance)
E d w a r d G . B o e h n e , Associate Economist
R a l p h C . B r y a n t , Associate Economist
S a m u e l B . C h a s e , J r ., Associate Economist
R i c h a r d G . D a v i s , Associate Economist
R a l p h T . G r e e n , Associate Economist
J o h n K a r e k e n , Associate Economist
J a m e s L . P i e r c e , Associate Economist
J o h n E . R e y n o l d s , Associate Economist
K a r l O . S c h e l d , Associate Economist
Secretary
Deputy Secretary
N o r m a n d R . V. B e r n a r d , Assistant
Secretary
T h o m a s J. O ’C o n n e l l , General Counsel
E d w a r d G . G u y , Deputy General Counsel
J o h n N i c o l l , Assistant General Counsel
J. C h a r l e s P a r t e e , Senior Economist
S t e p h e n H . A x i l r o d , Economist
(Domestic Finance)
L y l e E . G r a m l e y , Economist
(Domestic Business)
urray
V ic e C h a irm a n
R o b ert P. M ayo
olland
R obert S o l o m o n ,
A rth ur L. B r o id a ,
M
H ayes,
P. E a stb u r n
A ltmann,
Manager, System Open Market Account
Deputy Manager for Domestic Operations
E. P a r d e e , Deputy Manager for Foreign Operations
A l a n R. H o l m e s ,
P e ter D . S t e r n l i g h t ,
S cot t
Federal Advisory Council
T h o m a s I. S t o r r s ,
D o n a l d E. L a s a t e r ,
G eor ge B . R o c k w e l l ,
fi fth f e d e r a l r es e rv e d is t r i c t ,
e ig h t h fe d e r a l r es erv e d is t r i c t ,
W ill iam
first f e d e r a l
G eor ge H. D i x o n ,
s e c o n d f e d e r al
RESERVE DISTRICT
J a m es F. B o d i n e ,
E u g e n e H. A d a m s ,
t h ir d f e d e r a l
B en
f o u r t h fe d e r a l
t e n t h f e d e r al
F. L o v e ,
e l e v e n t h f e d e r al
RESERVE DISTRICT
(Vacancy) t w e l f t h f e d e r a l
s ix th f e d e r al
RESERVE DISTRICT
n i n t h fed e r al
RESERVE DISTRICT
RESERVE DISTRICT
L awrence A . M errigan,
s e v e n t h fe d e r a l
RESERVE DISTRICT
RESERVE DISTRICT
C la ir E. F u l t z ,
F. M u r r a y ,
RESERVE DISTRICT
RESERVE DISTRICT
E ll m or e C. P a t t e r s o n ,
President
Vice President
RESERVE DISTRICT
H e rbe rt
V. P r o c h n o w , Secretary
Associate Secretary
W ill iam J. K o r s v i k ,
A 99
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
Robert E. Showalter
Robert D. Duggan
Jimmie R. Monhollon
Stuart P. Fishburne
Culpeper Communications
Center ................. 22701
ATLANTA ..............
30303
Birmingham .........
Jacksonville .........
Nashville ..............
New Orleans ........
Miami Office ........
35202
32203
37203
70161
CHICAGO* ............
60690
Detroit ...................
48231
ST. LOUIS ..............
63166
Little Rock ...........
Louisville ............
Memphis ..............
72203
40201
38101
MINNEAPOLIS
Helena ...................
KANSAS CITY
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 ...................
J. Gordon Dickerson, Jr.
H. G. Pattillo
Clifford M. Kirtland, Jr.
Frank P. Samford, Jr.
James E. Lyons
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
Vacancy
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. Boysen
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
Jeffrey J. Wells
George C. Guynn
W. M. Davis
33152
55480
90051
97208
84110
98124
Vice President
in charge of branch
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
Gerald R. Kelly
William M. Brown
A. Grant Holman
Paul W. Cavan
* Additional offices of these Banks are located at L ew iston, M aine 04240; W indsor L ocks, C onnecticut 06096; Cranford,
N ew Jersey 0 7016: Jericho, N ew York 11753; C olum bus, Ohio 43216; C olum bia, South Carolina 29210; D es M oines, Iow a
50306; Indianapolis. Indiana 46204; and M ilw aukee, W isconsin 53202.
A 100
Federal Reserve Board Publications
A vailable from Publications Services, D ivision of A d
m inistrative Services, B o a rd o f G overnors of the Fed
eral R eserve System , W ashington, D .C . 20551. W here
a charge is indicated , rem ittance should accom pany
request and be m ade p a ya b le to the order of the B oard
of G overnors of the Federal R eserve System in a form
collectible a t p a r in U .S. currency. (Stam ps and
coupons are not accep ted .)
T he
T he Performance of B ank H olding Companies.
1967. 29 pp. $.25 each; 10 or more to one address,
$ . 2 0 each.
T he F ederal F unds M arket. 1959. I l l pp. $1.00
each; 10 or more to one address, $.85 each.
Trading in Federal F u n d s . 1965. 116 pp. $1.00
each; 10 or more to one address, $.85 each.
B ank Credit-C ard and C heck -C redit Plans . 1968.
102 pp. $1.00 each; 10 or more to one address,
$.85 each.
S urvey of Financial C haracteristics of Con
sumers . 1966. 166 pp. $1.00 each; 10 or more
to one address, $.85 each.
S urvey of C hanges in F amily Finances . 1968. 321
pp. $1.00 each; 10 or more to one address, $.85
each.
Report of the Joint T reasury-F ederal R eserve
Study of the U .S. G overnment S ecurities
M arket. 1969. 48 pp. $.25 each; 10 or more to
one address, $.20 each.
Joint Treasury -F ederal R eserve S tudy of T he
Government S ecurities M arket: S taff S tud
ies— P art 1. 1970. 86 pp. $.50 each; 10 or more
to one address, $.40 each. P art 2. 1971. 153 pp.
and P art 3. 1973. 131 pp. Each volume $1.00;
10 or more to one address, $.85 each.
Open M arket Policies and Operating Proce
dures— S taff S tudies . 1971. 218 pp. $2.00; 10
or more to one address, $1.75 each.
Reappraisal of the F ederal R eserve D iscount
M echanism , Vol. 1. 1971. 276 pp. Vol. 2. 1971.
173 pp. Vol. 3. 1972. 220 pp. Each volume $3.00
each; 10 or more to one address, $2.50 each.
T he Econometrics of Price D etermination Con
ference , October 30-31, 1970, Washington, D.C.
Oct. 1972. 397 pp. Cloth ed. $5.00 each; 10 or
more to one address, $4.50 each. Paper ed. $4.00
each; 10 or more to one address, $3.60 each.
Federal R eserve S taff S tu dy : W ays to M oderate
Fluctuations in H ousing Construction , Dec.
1972. 487 pp. $4.00 each; 10 or more to one
address, $3.60 each.
Lending Functions of the Federal R eserve
B anks : A H istory, by Howard H. Hackley. 1973.
271 pp. $3.50 each; 10 or more to one address,
$3.00 each.
Introduction to F low of F u n d s . 1975. 64 pp. $.50
each; 10 or more to one address, $.40 each.
Federal R eserve S ystem— Purposes and
Functions . 1974. 125 pp. $ 1 .0 0 each; 10 or more
to one address, $.75 each.
A nnual R eport
Federal Reserve B u lletin . 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.
Federal R eserve Chart B ook on Financial and
B usiness S tatistics. 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 istorical Chart B ook . 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 he Federal R eserve A ct , as amended through De
cember 1971, with an appendix containing provi
sions of certain other statutes affecting the Federal
Reserve System. 252 pp. $1.25.
Regulations of the B oard of Governors of the
Federal R eserve S ystem .
P u b lish ed In te r p r e ta tio n s o f th e B oard o f G ov
ern o rs, as of December 31, 1974. $2.50.
Supplem ent t o B an k in g and M o n e ta r y S ta tis tic 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.
Industrial Production — 1971 Edition . 1972. 383
pp. $4.00 each; 10 or more to one address, $3.50
each.
Federal Reserve Board Publications A 101
STAFF ECONOMIC STUDIES
Studies and p apers on econom ic and financial subjects
that are of general interest in the field of econom ic
research.
Summaries O n ly P rin ted in t h e B u ll e t in
(L im ited supply of m im eographed copies of full
text available upon request fo r single copies)
T he Impact of H olding C ompany A cquisitions on
A ggregate Concentration in B anking , by
Samuel H. Talley. Feb. 1974. 24 pp.
Operating Policies of B ank H olding C ompanies—
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.
Printed in F ull in the B ulletin
Staff E conom ic Studies shown in list below.
REPRINTS
(Except fo r Staff P apers, Staff Econom ic Studies, and
some leading articles, m ost of the articles reprinted do
not exceed 12 p a g e s.)
S e a s o n a l F a c t o r s A f f e c t i n g B a n k R e s e r v e s . 2 /5 8 .
M e a s u r e s o f M e m b e r B a n k R e s e r v e s . 7 /6 3 .
R e s e a r c h o n B a n k in g S t r u c t u r e a n d P e r fo r m
a n c e , Staff Economic Study by Tynan Smith.
4/66.
A R evised Index o f M a n u fa c tu r in g C ap acity,
Staff Economic Study by Frank de Leeuw with
Frank E. Hopkins and Michael D. Sherman. 11/66.
U .S. I n t e r n a tio n a l T ra n sa ctio n s: Trends in
1960-67. 4/68.
E u r o -D o l l a r s : A C h a n g in g M a r k e t . 1 0 /6 9 .
R e c e n t C h a n g e s in S t r u c t u r e o f C o m m e r c ia l
B a n k in g . 3 /7 0 .
M easures o f S e c u r ity C red it. 1 2 / 7 0 .
M o netar y A ggregates a n d M o n ey M arket C o n
O p e n M a r k e t P o l ic y . 2 /7 1 .
C r e d it F l o w s , a n d M o n e t a r y A g
g r e g a t e s S in c e 1 9 6 4 . 6 / 7 1 .
In d u s t r ia l P r o d u c t io n — R e v ise d a n d N e w M e a s
d it io n s
In t e r e s t R
u r es.
in
ates,
7 /7 1 .
Revised M easures of M anufacturing C apacity
U tilization . 10/71.
R evision of B ank Credit S eries. 12/71.
A ssets and Liabilities of Foreign B ranches of
U .S. B anks . 2/72.
B ank D ebits , D eposits, and D eposit T urnover —
R evised S eries. 7/72.
Y ields on N ewly Issued Corporate B onds . 9/72.
R ecent A ctivities of Foreign B ranches of U .S.
B anks . 10/72.
R evision of Consumer Credit S tatistics. 10/72.
O ne -B ank Holding Companies B efore the 1970
A mendments . 12/72.
Y ields on R ecently O ffered Corporate B o nds .
5/73.
C apacity U tilization in M ajor M aterials In dus
tries. 8/73.
Credit-C ard and C heck -C redit Plans at Commer
cial B anks . 9/73.
R ates on Consumer Instalment Loans . 9/73.
N ew S eries for L arge M anufacturing Corpora
tions . 10/73.
M oney S upply in the Conduct of M onetary
Policy. 11/73.
U .S. E n ergy Supplies and U ses, Staff Economic
Study by Clayton Gehman. 12/73.
C apacity U tilization for M ajor M aterials: R e
vised M easures . 4/74.
N umerical S pecifications of Financial V ariables
and T heir R ole in M onetary Policy . 5/74.
B anking and M onetary S tatistics, 1973. Selected
series of banking and monetary statistics for 1973
only. 3/74 and 7/74.
Inflation and S tagnation in M ajor Foreign In
dustrial C ountries . 10/74.
R evision of the M oney S tock M easures and M em
ber B ank D eposits. 12/74.
Changes in T ime and S avings D eposits at Com
mercial B anks , A pril-J uly 1974. 1/75.
U .S. International T ransactions in 1974. 4/75.
M onetary Policy in a C hanging F inancial E nvir
onm ent : O pen M arket O perations in 1974.
4/75.
T he S tructure of M argin Credit . 4/75.
C hanges in B ank Lending Practices, 1974. 4/75.
N ew S tatistical S eries on Loan C ommitments at
S elected L arge C ommercial B anks . 4/75.
ANTICIPATED SCHEDULE OF RELEASE DATES FOR PUBLIC PERIODIC RELEASES1—
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Weekly releases
Approximate
release day
Date or period to
which data refer
Aggregate Reserves and Member Bank Deposits (H.3)
Tuesday
Week ended previous
Wednesday
Applications and Reports Received or Acted on and All Other Actions
of the Board (H.2)
Friday
Week ended previous
Saturday
Assets and Liabilities of All Commercial Banks in the United
States (H.8)
Wednesday
Wednesday, 2 weeks
earlier
1 Release dates are those anticipated or usually met. However, it should be noted that for some releases there is normally
a certain variability because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from
time to time, result in a release date being later than anticipated.
A 102
Federal Reserve Bulletin □ June 1975
Weekly releases (cont.)
Approximate
release day
Date or period to
which data refer
Capital Market Developments (H.16)
Monday
Week ended previous
Friday
Changes in State Member Banks (K.3)
Tuesday
Week ended previous
Saturday
Commercial and Industrial Loans Outstanding by Industry (H.12)2
Wednesday
Wednesday, 1 week
earlier
Deposits, Reserves, and Borrowings of Member Banks (H.7)
Wednesday
Week ended 3 Wed
nesdays earlier
Factors Affecting Bank Reserves and Condition Statement of Federal
Reserve Banks (H .4.1)
Thursday
Week ended previous
Wednesday
Foreign Exchange Rates (H.10)
Monday
Week ended previous
Friday
Money Stock Measures (H.6)
Thursday
Week ended Wednes
day of previous
week
Reserve Positions of Major Reserve City Banks (H.5)
Friday
Week ended Wednes
day of previous
week
Selected Interest and Exchange Rates— Weekly Series of Charts
(H. 13)
Thursday
Week ended previous
Saturday
U .S. Government Security Yields and Prices (H.15)
Monday
Week ended previous
Saturday
Weekly Condition Report of Large Commercial Banks in New
York and Chicago (H .4.3)
Weekly Condition Report of Large Commercial Banks and D o
mestic Subsidiaries (H .4.2)3
Thursday
Previous Wednesday
Wednesday
Wednesday, 1 week
earlier
Weekly Summary of Banking and Credit Measures (H.9)
Thursday
Week ended previous
Wednesday; and
week ended Wed
nesday of previous
week
Finance Rates and Other Terms on Selected Categories of Consumer
Instalment Credit Extended by Finance Companies (J.3)
20th of month
2nd month previous
Research Library— Recent Acquisitions (J.2)
1st and 16th
of month
Period since last re
lease
Assets and Liabilities of All Member Banks by Districts (G .7.1)
14th of month
Last Wednesday of
previous month
Automobile Loans by Major Finance Companies (G.25)
7th working day 2nd month previous
of month
Automobile Instalment Credit Developments (G.26)
6th working day 2nd month previous
of month
Bank Debits, Deposits, and Deposit Turnover (G.6)
25 th of month
Previous month
Changes in Status of Banks and Branches (G .4.5)
25th of month
Previous month
Consumer Credit (G.19)
3rd working
2nd month previous
day of month
Consumer Instalment Credit at Commercial Banks (G.18)
4th working
2nd month previous
day of month
Federal Reserve System Memorandum on Exchange Charges (K.14)
5 th of month
Semimonthly and bimonthly releases
Monthly releases
2On second Wednesday of month, contains monthly data (H. 12(B)).
3Contains revised H.4.3 data.
Period since last re
lease
Federal Reserve Board Publications A 103
Monthly releases (cont.)
Approximate
release day
Date or period to
which data refer
Finance Companies (G.20)
5 th working
2nd month previous
day of month
Finance Rate and Other Terms on New and Used Car Instalment
Credit Contracts Purchased from Dealers by Major Auto Fi
nance Companies (G .ll)
30th of month
Previous month
Foreign Exchange Rates (G.5)
1st of month
Previous month
Index Numbers of Wholesale Prices (G.8)
20th of month
Previous month
Industrial Production (G.12.3)
15th of month
Previous month
Interdistrict Settlement Fund (G.15)
15 th of month
Previous month
Interest Rates Charged on Selected Types of Bank Loans (G.10)
15th of month
2nd month previous
Loan Commitments at Selected Large Commercial Banks (G.21)
20th of month
2nd month previous
Maturity Distribution of Outstanding Negotiable Time Certificates
of Deposit (G.9)
24th of month
Last Wednesday of
previous month
Open Market Money Rates and Bond Prices (G.13)
6th of month
Previous month
Summary of Equity Security Transactions (G.16)
Last week of
month
Release date
U.S. Government Security Yields and Prices (G.14)
4th of month
Previous month
Bank Rates on Short Term Business Loans (E.2)
18th of
March, June,
September,
December
1st 15 days of Febru
ary, May, August,
November
Capacity Utilization in Manufacturing (E.5)
21st of Jan
Previous quarter
uary, April,
July, October
Quarterly releases
Flow of Funds:
Seasonally adjusted and unadjusted (Z .l)
'j
Seasonally adjusted only (Z .la)
Volume and Composition of Individuals’ Saving f
(Flow of funds series) (E.8)
J
Sales, Revenue, Profits, and Dividends of Large Manufacturing Corpo
rations (E.6)
15th of Febru Previous quarter
ary, May,
August,
November
10th of March, 2nd quarter previous
July, Septem
ber, December
Semiannual releases
Assets and Liabilities of All Commercial Banks, by Class of Bank
(E.3.4)
May and N o
vember
End of previous D e
cember and June
Check Collection Services— Federal Reserve System (E.9)
February
and July
Previous six
months
List of OTC Margin Stocks (E.7)
June 30, D e
cember 31
Release date
Assets, Liabilities, and Capital Accounts of Commercial and Mutual
Savings Banks— Reports of Call (Joint Release of the Federal
Deposit Insurance Corp., the Board of Governors of the Federal
Reserve System, and Office of the Comptroller of the Currency.
May and N o
vember
End of previous D e
cember and June
P u blish ed a n d d istrib u ted by F D IC .)
Annual releases
Bank Debits and Demand Deposits (C.5 and C.5a)
March 25
Previous Year
Member Bank Income (C.4)
End of May
Previous year
State Member Banks of Federal Reserve System and Nonmember
Banks that Maintain Clearing Accounts with Federal Reserve
Banks (G.4)
1st quarter of
year
End of previous year
15th of month
Previous month
(Supplements issued monthly)
A 104
Federal Reserve Bulletin □ June 1975
Index to Statistical Tables
References are to pages A- 2 through A-95 although the prefix “ A ” is omitted in this index
(For list of tables published periodically, but not monthly, see inside back cover)
ACCEPTANCES, 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
Federal Reserve Banks, 10
Nonfinancial corporations, current, 41
Automobiles:
Consumer instalment credit, 45, 46, 47
Production index, 48, 49
BANK credit proxy, 13
Bank holding companies, banking offices and deposits
of group banks, Dec. 31, 1974, 76-79
Bankers balances ( See also Foreigners) 16, 17, 20
Banks for cooperatives, 38
Bonds ( See also U .S. Govt, securities):
New issues, 38, 39, 40
Yields and prices, 28, 29
Branch banks:
Assets, 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
Federal Reserve Banks, 10
Central banks, 60, 75
Certificates of deposit, 22
Commercial and industrial loans:
Commercial banks, 13, 16
Weekly reporting banks, 18, 23
Commercial banks:
Assets and liabilities, 13, 14, 16, 17, 18
Consumer loans held, by type, 45
Deposits at, for payment of personal loans, 24
Loans sold outright, 25
Number, by classes, 14
Real estate mortgages held, by type of holder and
property, 42-44
Commercial paper, 23, 25, 27
Condition statements (S ee Assets and liabilities)
Construction, 50, 51
Consumer credit:
Instalment credit, 45, 46, 47
Noninstalment credit, 45
Consumer price indexes, 50, 53
Consumption expenditures, 54, 55
Corporations:
Profits, taxes, and dividends, 41
Security issues, 39, 40
Security yields and prices, 28, 29
Cost of living (S ee 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 (S ee specific types o f debt o r securities)
Demand deposits:
Adjusted, commercial banks, 11, 13, 17
Banks, by classes, 14, 17, 20, 21
Ownership by individuals, partnerships, and cor
porations, 24
Subject to reserve requirements, 13
Turnover, 11
Deposits (S ee also specific types of deposits ):
Accumulated at commercial banks for payment of
personal loans, 24
Banks, by classes, 14, 17, 20, 21, 30
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 (S ee Loans)
Dividends, corporate, 41
EMPLOYMENT, 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 Mortgage Corporation, 37, 42, 43
Federal Housing Administration, 42, 43, 44
Federal intermediate credit banks, 37, 38
Federal land banks, 37, 38, 42
Federal National Mortgage Assn., 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, 66, 67, 68, 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 Assn., 42
Gross national product, 54,'55
HOUSING permits, 50
Housing starts, 51
A 105
References are to pages A-2 through A-95 although the prefix “ A” is omitted in this index
INCOME, national and personal, 54, 55
Income and expenses:
Insured commercial banks, 80
Member banks, 80-95
Industrial production index, 48, 49, 50
Instalment loans, 45, 46, 47
Insurance companies, 31, 34, 35, 42, 44
Insured commercial banks, 14, 16, 17, 24, 80
Interbank deposits, 14, 20
Interest rates:
Bond and stock yields, 28
Business loans of banks, 26
Federal Reserve Banks, 6
Foreign countries, 74, 75
Money market rates, 27
Mortgage yields, 43, 44
Prime rate, commercial banks, 26
Time and savings deposits, maximum rates, 8
International capital transactions of U .S ., 61-74
International institutions, 60 -6 4 , 66, 6 7-69, 73
Inventories, 54
Investment companies, issues and assets, 40
Investments ( See also specific types of investm ents ):
Banks, by classes, 14, 16, 19, 30
Commercial banks, 13
Federal Reserve Banks, 10, 11
Life insurance companies, 31
Savings and loan assns., 31
LABOR force, 52
Life insurance companies (S ee Insurance companies)
Loans (S ee also specific types of loans):
Banks, by classes, 14, 16, 18, 30
Commercial banks, 13, 14, 16, 18, 23, 25, 26
Federal Reserve Banks, 2, 4, 6, 10, 11
Insurance companies, 31, 44
Insured or guaranteed by U .S ., 42, 43, 44
Savings and loan assns., 31
MANUFACTURERS:
Capacity utilization, 50
Production index, 49, 50
Margin requirements, 8
Member banks:
Assets and liabilities, by classes, 14, 16, 17
Borrowings at Federal Reserve Banks, 4, 10
Income and expenses, 80-95
Number, by classes, 14
Reserve position, basic, 5
Reserve requirements, 7
Reserves and related items, 2, 4, 13
Mining, production index, 49
Mobile home shipments, 51
Money market rates (S ee Interest rates)
Money stock and related data, 12
Mortgages (S ee Real estate loans and Residential mort
gage loans)
Mutual funds (S ee Investment companies)
Mutual savings banks, 20, 30, 34, 42, 44NATIONAL banks, 14, 24
National defense expenditures, 33
National income, 54, 55
Nonmember banks, 15, 16, 17, 24, 80
OPEN market transactions, 9
PAYROLLS, manufacturing index, 50
Personal income, 55
Prices:
Consumer and wholesale commodity, 50, 53
Security, 29
Prime rate, commercial banks, 26
Production, 48, 49, 50
Profits, corporate, 41
REAL estate loans:
Banks, by classes, 16, 18, 30, 42
Mortgage yields, 43, 44
Type of holder and property mortgaged, 4 2-44
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
SAVINGS:
Flow of funds series, 56, 57
National income series, 54, 55
Savings and loan assns., 31, 35, 42, 44
Savings deposits ( See Time deposits)
Savings institutions, principal assets, 30, 31
Securities (S ee also U .S. Govt, securities):
Federally sponsored agencies, 37, 38
International transactions, 68, 69
New issues, 38, 39, 40
Yields and prices, 28, 29
Special Drawing Rights, 2, 10, 58, 59
State and local govts.:
Deposits, 17, 20
Holdings of U .S. Govt, securities, 34, 35
New 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 ee also Securities):
New issues, 39, 40
Yields and prices, 28, 29
TAX receipts, Federal, 33
Time deposits, 8, 13, 14, 17, 21, 22
Treasury currency, Treasury cash, 2, 3
Treasury deposits, 3, 10, 32
Treasury operating balance, 32
UNEMPLOYMENT, 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
Dealer transactions, positions, and financing, 36
Federal Reserve Bank holdings, 2, 10, 11, 34, 35
Foreign and international holdings, 10, 66, 68, 72
International transactions, 66, 68
New issues, gross proceeds, 39
Open market transactions, 9
Outstanding, by type of security, 34, 35
Ownership, 34, 35
Yields and prices, 28, 29
Utilities, production index, 49
VETERANS Administration, 43, 44
WEEKLY reporting banks, 18-22
YIELDS (S ee Interest rates)
A 106
The Federal Reserve System
Boundaries of Federal Reserve Districts and Their Branch Territories
LEGEND
—
Boundaries of Federal Reserve Districts
----- Boundaries of Federal Reserve Branch
Territories
Q
Board of Governors of the Federal
Reserve System
®
Federal Reserve Bank Cities
•
Federal Reserve Branch Cities
Federal Reserve Bank Facilities
@FedFRASER